National Governance Association
Annual Report and Financial Statements
Year ended 31 March 2025
Company Registration number
03549029 (England & Wales)
Registered Charity Number 1070331
Feltons
Chartered Accountants
Birmingham
B13JR

National Governance Association
(A Company Limited by Guarantee)
Report and financial statements
Year ended 31 March 2025
Contents
Page
Reference and administrative details
Report of the trustees
Independent auditor's report on the financial statements
Statement of financial activities
incorporating income & expenditure account
15
Balance sheet
16
Cash flow statement
17
Notes forming part of the financial statements, incorporating
Statement of accounting policies
18
Other notes to the financial statements
22

National Governance Association
IA Company Limited by Guarantee)
Reference and Administrative Details
Trustees
Tim Brock
Janice Light
Lawayne Jefferson
Anthea Kenna
resigned 15 November 2024
resigned 15 November 2024
appointed Chair 12 De￿mber 2024
appointed Vice Chair 12 December
2024
appointed Honorary Treasurer 12
December 2024
appointed Vice Chair 12 December
2024
appointed 15 November 2024
appointed 15 January 2025
appointed Honorary Treasurer 15
January 2025
Bobby Thandi
Annie Mcmaster
Jane Edminson
James Tulley
Michelle Anne Foster
Alastair Cowen
Anthony Langan
Jeff Quantrill
Company se¢retary
Lara Angell-wood
Key management personnel
Emma Knights OBE
Chief Executive {resigned 10
September 20241
Chief Executive lappoinled 02
September 20241
Deputy Chief Executive
Emma Balchin
Sam Henson
Registered office
NGA Office
102 Colmore Row
Birmingham B3 3AG
Charity number
1070331
Company reg151ralion number
03549029
Auditor
Feltons
8 Sovereign Court
8 Graham Street
Birmingham B13JR
Bankers
HSBC Bank plc
130 New Street
Birmingham B2 4JU
Unity Tnjst Bank plc
PO Box 7193
Planetary Road
Willenhall VVV19DG
Page 1

National Governance Association
Report of the trustees
For the year ended 31 March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their
report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted
the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1 January 2015)
OBJECTIVES AND ACTIVITIES
The National Governance Association {NGA) aims to improve the educational well-being of children and young
people by promoting high standards in England's state funded schools by improving the effectiveness of their
governing boards. NGA is the charitable membership association for governors, trustees and governance
professionals in England's state schools and trusts.
Membership of the NGA is open to Governing Boards of single or federated schools (at a standard and a GOLD
ratel and of multi academy trusts {MATsl, to Associations of Governing Boards (normally covering a local
authority area but independent of the local authority), to individual governors, trustees, clerkslgovernance
professionals, and to public authorities and companies who have an interest in schoolltrust governance. We also
offer a range of professional development services for governors, trustees, chairs of boards, governance
professionals and executive leaders. Our e-learning- Learning Link is now the market leader.
At NGA we value:
Selflessness: We prioritise supporting governance to benefit children and young people, slaying true
to our purpose as a charity.
Integrity: We uphold the highest standards of credibility and trust, using evidence and objectivity to
give our members confidence in our work and actions.
Courage: We address challenges boldly, influencing and driving positive change for members.
Inclusivity: We value and promote diverse perspectives, ensuring every member is listened to,
valued and represented in shaping governance.
Innovation: We embrace creative solutions to better serve the sector and members, evolving needs
in an agile way.
We embrace:
The Nolan Principles of Public Life and
The Framework for Ethical Leadership in Education
Ensuring our work delivers our aims
We aim to be the go-to trusted and valued authority for school and Irust governance, and to ensure the voices of
those involved in school and trust governance are heard. We strive to influence relevant policy and shape the
practice and culture of governance in a way which strengthens accountability. We empower those in school and
trust governance with valuable resources. expert support and e-leaming so that pupils can flourish.
We review our three-year-strategy annually. looking at what we achleved and the outcomes of our work in the
previous 12 months. The review looks at the success towards achieving each strategic priority and the benefits
they have brought to those groups of people we exist to help. The review allows the trustees to ensure that our
strategy and aGtivities remain focused on our stated purpose, and the chief executive reports on that throughout
the year.
As part of NGA'S commitment to ongoing service improvement and listening to members, Trustees agreed to
invest in a series of technology-based improvements, under the title of Project Phoenix. The project will see the
consolidation of our existing member-facing online platforms. Our new platform will be Created in-house and
provide members with a streamlined portal to access our knowledge centre resources, guidance and eLearning
and reduce NGAS reliance on expensive external providers when we want to make changes or improvements.
Page 2

National Governance Association
Report of the trustees
Forthe year ended 31 March 2025
Project Phoenix also incorporates the18unch of our own Al based tool, enabling members to ask questions and
receive Al responses with links for further reading_ The platform will also include our own board management
system. where boards can upload meeting documents, add comments and post updates. The platform will not
only be a major step fonmard for NGA in terms of technology. but also a valuable asset to our members with our
sector leading governance knowledge and guidance at its core.
Most notably this year our leadership structure changed from Co Chief Executives to a single Chief Executive
model. Further, to free up resources to invest into our offer to members. NGA moved its office to a smaller, more
collaborative but fully serviced buildin9.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
Key achievements and successes during the period include the following:
The annual membership survey in autumn 2024 confirmed that NGA'S core services continue to be valued by
members. Learning Link was rated 4.3 out of 5, the highest of all service5. The Knowledge Centre followed with
4.2, while the Gold Advice Service and the weekly e-newsletler received 4.0. These results show consistent use
and satisfaction with NGA'S main member services.
NGA'S publications also scored well. The Chairfs Handbook, Welcome to Governance and Governing a Multi
Academy Trust all scored 4. The three publications continue to support governors, trustees, and governance
professionals by providing clear, practical guidance across key areas of governance.
The number of queries resolved by NGA'S Gold Advice line has continued to grow, with 71 % of queries from
trusts and academies. The Advice team has supported members in relation to a variety of topics, including
governance roles and responsibilities, admissions, exclusions, complaints, constitution of the board, and conflicts
of interest. Gold Advice is supported by leading education law firm Browne Jacobson, the approved legal partner
of NGA.
The membership survey also highlighted positive ratings for events, with virtual events maintaining their
popularity. Be￿een April 2024 and March 2025, we ran thirty-seven events consisting oftwelve webinars. twenty-
four other virtual events, and 1 in-person conference (The National Governance Conference for Schools and
Trusts). The overall attendance for this period totalled 4,972 for the year, with an additional 1760 post-event
views of webinar recordings. Post-event viewing figures were captured approximately 4 weeks after uploads,
meaning true long-term engagement is likely significantly higher as members Gontinue to a¢Gess recordings
throughout the year.
Professional development offer: Demand for our training and consultancy services is increasing significantly
year on year. This work continues to provide a useful insight to the challenges the sector faces as well as
informing NGA'S work. To increase capacity within the system. we extended our Leading Governance
development offer to include a programme for those new to or considering clerking as a career. Our MAT chairs
programme now better reflects the considerable responsibility this role holds. Our consultancy service continues
to be the largest supplier of external reviews of governance in the sector. New support products have been
launched to support the academy sector, and the overall seNice has seen considerable growth in the last ￿e1ve
months.
Our e-learning offer. Learning Link grew to over 99,700 registered users, an increase of close to 10,000 learners
or 100/0 on last year. 96 /0 would recommend it to others. New module releases this year include an introduction
to local governance, safer recruitment, handling complaints, a guide to Ofsled. NGA won a contract with the DfE
to design and host a module supporting governors and trustees regarding their responsibilities around school
food. This has been enormously successful with those that have completed it reporting 990/9 satisfaction.
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National Governance Association
Report of the trustees
For the year ended 31 March 2025
Services for differentschool structures: We continue to serve all governance structures through our guidance,
thought leadership and events. Our termly virtual governance forums and MAT specific neE￿orkS provide those
governing and executive leaders in similar school structures with a specific learning opporlunily. and a format to
share experiences and good practice. Specific forums are provided for local authority-maintained schools. single
academy trust (SATS), MAT trustees, and local academy committees. We consider each of these structures, and
the differing audiences for each area of content and development produced.
NGA has continued to be at the front of the cuNe on conversations and recommendations for best practice
regarding MAT governance. MAT members have benefited from our conference with a MAT specific conference
stream in July and we continue to run an enhanced series of MAT focused webinars.
In November 2024, NGA released 'The Mature MAT Model - an evidence driven report charting the academy
trust system's evolution, progress, and priorities for the future.
Working with partners: We work with many partners in the sector to further the effectiveness of governing
boards. Some of our content has been the result of collaboration with partners, with for example ASCL, NAHT.
ISBL and Browne Jacobson.
In December 2024, NGA, along with 12 other education bodies and national associations, reaffirmed their
commitment to fostering equality, diversity, and inclusion within the education sector by outlining new
commitments for action for 2024125. In April 2025, NGA contributed to a national school funding lobby on school
cuts, with the subsequent STRB pay award including a surprise announcement of some additional funding.
In the last year, NGA has continued to produce joint guidance with partners working together for the wider benefit
of the sector. This has included-.
Procurement guidance, Lspdated in collaboration with DfE {partly to reflect new Procurement Act)
January 2025
Good careers guidance.. monitoring toolkit - The toolkit was developed with support from The Careers
and Enterprise Company (CEC) and The Gatsby Foundation in the summer 2024.
PE and sport premium toolkit - this monitoring tool, produced in partnership with the Department for
Education IDfEI and the Local Government Association (LGA) in DeGember 24, sets out areas of focus
for governing boards evaluating PE and sport premium spending decisions.
Joint guidance from NGA and Parentkind was published in December 24, and explains why parent
participation in pupils, learning is important, actions schools and trusts can take, and how boards monitor
and support effective parental engagement.
Research and governance policy..
A5 well as developing new guidance, NGA has continued to produce thought leadership and research reports,
with the aim of using the role of governance and the voice of our members to inform national education policy
and support best practice.
In June 2024, NGA published a report that captures the slate of governance practice in England. The
report draws upon the analysis of external reviews of governance (ERG) reports from the National
Leaders of Governance INLG) programme and NGA'S wider sector-intelligence.
This was followed, also in June, when NGA published a report on the time it takes to govern in schools
and trusts, based on our own quantitative research and highlighting evaluations from other volunteering
workforces and wider sector research, providing valuable context around the expectations placed upon
governors and trustees.
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National Governance Association
Report of the trustees
For the year ended 31 March 2025
In July 2024, we published the annual governance suNey 2024, securing Media coverage and sector
attention. This forms the only significant data on the experiences of those who govern our schools and
trust and is used by many others, including the DfE.
Following the release of our MAT specific report, the Mature MAT model in October, we published a
report on governance professional perspectives in December, detailing the progress and potential of GP
roles in the sector.
Influence and representation:
NGA has continued to priorilise representing and creating change for the govemance Community as a core part
of our mission and in delivering on our charitable objective.
In May 2024, NGA helped to secure the then Minister for Schools, Damian Hinds MP, letter, written
directly to governors and trustees to thank them for their continued support in improving school
attendance.
Since the general election, NGA has secured one-to-one meetings with the Minister of Slate for School
Standards and the Parliamentary Under-secretary of State minister for early education. We have
increased our parliamentary focus, appointed a Head of External Affairs and Advocacy, and attended a
number of APPG'S, and provided evidence as a consullee to the STRB 2025 session.
Through our work. we have continued to be instrumental in informing and influencing policy, practice and
guidanGe changes. NGA continues lo be represented at many DfE meetings, both at roundtables and bilalerals.
SinGe the general election. NGA has engaged in an intensive period of securing greater presence al many DfE
stskeholder groups and policy influencing sessions, including..
Direct meetings with Ministers of stale for Education
Introductory meeting with the new HMCI Ofsted
Meeting with Lord Knight at the Houses of Parliament
One to one meelings with DFE directors and deputy directors
Improving Education Together sub-groups on workforce, accountability and SEND
The School Academy Funding Group
The Academies Finance and Assurance Steering Group
Ofsted stakeholder and responsible bodies stakeholder group
The DfE's flexible working advisory group.
DfE Al working group and workshop programme
Ofsted MAT expert advisory group
DFE National Associations meetings
DFE School and Colleges forum
Primary aged childcare steering group
DFE commercial and procurement
Ofqual Exam stakeholder group
Regular meetings with DfE governance unit and contributing to the DE Governance Sufficiency
programme
NGA responded to several formal consultations including..
STRB 2025 - Evidence summarises and validates NGA'S stance on teacher pay increase at a minimum
in line with inflation. NGA subsequently gave oral evidence
Education Select committee 2025- solving the SEND crisis
DfE accountability consultation 2025
Ofsted consultation 2025
Govemment consultation on reasonable force 2025
Child povety taskforce 2024
Government curriculum review 2024
Page 5

National Governance Association
Report of the trustees
For the year ended 31 March 2025
Priority topics, in addition to our manifesto mentioned above:
1. We have continued to raise the awareness and understanding of the role of governance in schools and
trusts, through building a new Case for Governance, timed to reestablish a governance narrative with
the new Labour government.
2. Governance recruitment
following extensive feedback on this issue directly from members, at
networking events and in our survey, we have continued to push this area of priority, attempting to gain
more sector, press and DfE attention.
3. Pupils, Communities and families- this was a multi-focused agenda, from SEND, poverty to attendance
and behaviour- activities ranged from utilising a consistent narrative on schools as the 4th emergency
service, upping our focus on child poverty, including speaking at events on the topic, and we have worked
with stakeholders across the sector, including the DfE, Well Schools, The Children's Commissioner's
office, and NFER on attendance. In May 2025, we focussed on resetting the narrative in a new webinar.
NGA ran its online SEND conference, which was a great success.
4. Collaboration - we have positioned ourselves as the 'go to, voice for the DfE on school collaborations,
commissioning research which will be published in June 2025.
5. School funding - as mentioned above, we have altered our approach, choosing to Goncentrate efforts in
a combined campaign with leaders and teaching unions for the Schools Cuts Campaign.
Staffing," With NGA'S long standing Chief Executive, and latterly Co-chief Executive, leaving in August 2024,
Emma Balchin (previously Co-chief Executive), became full time Chief Executive. This followed a 12-month
transitional job share arrangement instigated and overseen by trustees following a recruitment process the
previous year. An external review of Marketing and Comms was done leading to a new post of Director of
Marketing and Communications, filled in April 2024. A further post to cover External Affairs and Advocacy was
recruited to in December 24.
The board would like to thank staff fortheircontinued hard work and support making a yearoftransition incredibly
successful. Despite the major changes, staff continue to go above and beyond. The board are also very proud of
the SLrpporl for governance within our staff with many governing either al school or trust level themselves.
FINANCIAL REVIEW
Principal funding sources
We would like to take this opportunity to thank our partners for promoting NGA membership and services
alongside their own during the year. NGA values these partnerships and is looking forward to continuing to work
closely with our partners in the coming year.
Investment policy and obje¢tive5
The trustees have full powers under the Memorandum of Association to make ethical investments on behalf of
the charity. The trustees. having regard to the liquidity requirements of the NGA'S operations, have operated a
policy of keeping available funds in shorÈ-term interest-bearing deposit accounts and seek to achieve the best
available market return on such deposits, commensurate with the requirement for absolute security of capital.
Reserves policy
The National Governance Association has a reserves policy to help secure the Association's viability beyond the
immediate future and to provide reliable services over the longer term. NGA has set a reserves policy based on
a review of income, expenditure, projects and risks which is regularly reviewed. In March 2025 the trustees
revised the level of fixed reserves required at £250,000 and free reserves at £350,000. The trustees revised the
level of reserves required to reach £391.550. The NGA'S board reconsiders the level of any legal requirements
in the event of any potential winding-up of the NGA on an annual basis.
Page 6

National Governance Association
Report of the trustees
For the year ended 31 March 2025
Financial review
The Statement of Financial Activities for the year ended 31 March 2025 shows total incoming resources of
£3,378.016 (2024.. £3,339,031) and total resources expended of £3.080,841 (2024.. £3,229,840) generating net
incoming resources of £297,175 (2024 net income resources £109,191). Membership subscriptions, increased
during the year ended 31 March 2025 from £1,626,739 (2024) to £1,708,858.
Total funds at the year end were £903,813 {2024 - £606.638) representing the total of unrestricted funds
carried fotward.
FUTURE PLANS
NGA will prioritise continuing to provide excellent support and ServI￿S to existing members & Learning Link
customers to retain members and extend our services to others. While we wish to reach governing boards that
are not currently engaged with our work to improve governance, this must be achieved in a way which is
sustainable for the NGA as well as value for money for all types ofschools, and which does not detract from the
services delivered lo existing members. We anticipate the number of MATS and Gold memberships growing after
recent and ongoing reviews, and improvements to our products and services. New technology has increased
functionality to drive better use of all our resources, and we have further plans to improve our offer in the coming
year.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The National Governance Association (NGA) is a company limited by guarantee (registered number 03549029)
which was incorporated on 20 April 1998 and which achieved charitable status on 1 July 1998 {registered
number 1070331).
The NGA was established under a Memorandum of Association which established the objects and powers of
the NGA and is governed under its Articles of Association. In the event of the NGA being wound up members
are required to contribute an amount not exceeding £1.
Recruitment and appointment of new trustees
The governance of the company is the responsibility of the Directors who are elected and appointed under the
lerms of the Articles of Association. Under charity law the directors are deemed to be trustees of the charity. All
trustees give their time voluntarily and receive no benefits from the charity. Any expenses reGlaimed from the
NGA are set out in the notes to the financial statements.
The Board of Directors contains a maximum of nine elected Directors and up to four further co-opted Directors.
The current Board will continue in office until the next Annual General Meeting of the NGA to be held in
November 2025.
The NGA has worked hard to ensure that there are some elections held each year and that together with the
limits on length of service ensures there should always be a mix of new and more experienced trustees. We are
also conscious of diversity on the board and regularly make efforts to ensure the diversity of the board,
particularly as regards ethnicity and age.
Page 7

National Governance Association
Report of the trustees
For the year ended 31 March 2025
Organisational structure
Each December the Board of L)irectors appoints, from its members, four or five honorary officers.. The Chair or
co-chairs, one or Vice-chairs, a Treasurer and an Honorary Secretary. The ofFicers' group acts as a staffing
committee when necessary. The board's meetings are 5UPPOrted by the company secretary who is externally
appointed.
The Directors meet five times during the year as a full board, in person, if possible. to confirm a strategy to guide
the organisation's work and to monitor its implementation. The board also holds two specific shorter virtual
'strategy and risk, meetings which successfully enable more generative discussion.
Operational implementation of the strategic objectives is delegated lo the Chief Executive, who is responsible
for ensuring that the charity delivers the services specified and that key performance indicators are met. To
facilitate effective operations, the Chief Executive also has authority, within terms of delegation approved by the
Directors, for operational matters including finance, employment and service delivery.
Induction and training of new trustees
New board members undergo an induction training session before their first board meeting to brief them on their
legal obligations under charity and company law, the content of the Memorandum and Articles of Association,
the schedule and structure of meetings, board protocols and the organisation's strategic plan. This is usually led
by the Chair (if elected at the timel and its Chief Executive and, or the Company Secretary. During this session,
new trustees meet the staff of the organisation and are briefed on their roles, A trustees, section of the NGA'S
SharePoint contains past and forthcoming papers, relevant policies and other useful resources.
Board development
The Board undertake an annual Development Day at the start of each autumn term, in re¢ognilion of the
impoilance of regular whole-board training to ensure trustees remain focused on Iheir core mission and have
the necessary skills and knowledge to be effective in their role. The training is provided by external experts in
the charity governance field. Every three years the board also undertakes an external review of governance
from an independent, externally appointed charity governance expert to enable them to plan for continual
improvement.
Key management remuneration
In the trustees, opinion, the key management personnel of the NGA responsible for the direction,
control, running and operation of the NGA on a day-to-day basis consists of the Board of Trustees.
and the Chief Executive.
mana
ement
ersonnel - trustees
All trustees give of their time freely and no trustee received remuneration during the year.
Details of trustees, expenses and related party transactions are disclosed in the financial statements.
There were no trustees, remuneration or other benefits for the year ended 31 March 2024.
mana
ement
ersonnel- Chief executive and de
The pay ofthe NGA'S senior staff is reviewed annually following the organisation's pay policy, normally
increased by the cost of living where the board of trustees decides that is affordable. In April 2024 the
board of trustees decided the cost-of-living increase was affordable 2nd so it was awarded to all staff.
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National Governance Association
Report of the trustees
For the year ended 31 March 2025
Risk management
The trustees have a duty to identify and review the risks lo which the charity is exposed and to ensure
appropriate controls are in place to provide reasonable assurance against fraud and error. The Chief
Executive reviews the risk assessment at regular inteNals and reports on any changes in this risk
assessment to the Board.
Progress against the priorities in the strategy forms the basis of Ihe exception rèporting by the Chief
Executive to each meeting of the Board. The annual budget. first considered before the start of each
financial year, is agreed by the Board at its March meeting and is monitored through quarterly reports
to trustees. Internal risks are minimised by sound financial procedures.
Page g

National Governance Association
Statement of Trustees Responsibilities
For the year ended 31 March 2025
The trustees (who are also the directors of National Governance Association for the purposes of
company law) are responsible for preparing the Report ofthe Trustees and the financial statements in
accordance with applicable law and United Kingdom Accounting Standards {United Kingdom
Generally Accepted Accounting Practice). including Financial Reporting Standard 102 "The Financial
Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give
a true and fair view of the state of affairs of the charitable Company and ofthe incoming resources and
application of resources, including the income and expenditure, of the charitable company for that
period. In preparing those financial statements, the trustees are required to
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charity SORP.,
make judgements and estimates that are reasonable and prudent,.
prepare the financial slstemenls on the going concern basis unless it is inappropriate to presume that
the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the charitable company and to enable them to ensure
that the financial statements comply with the Companies Act 2006. They are also responsible for
safeguarding the assets of the charitable company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
In so far as the trustees are aware..
there is no relevant audit information of which the charitable company's auditors are unaware., and
the trustees have taken all steps that they ought to have taken to make themselves aware of any
relevant audit information and to establish that the auditors are aware of that informatian.
Approved by order of the Board of Trustees on 9 July 2025 and signed on its behalf by..
Lawayne Jefferson - Trustee
Page 10

Independent Auditor's Report to the Trustees of
National Governance Association
{A Company Limited by Guarantee)
Opinion
We have audited the financial statements of National Governance Association (the 'charilable company,) for the year
ended 31 March 2025 which Gomprise the Statement of Financial Activities. the Balance Sheet, the Statement of Cash
Flows and notes to the financial statements, including significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reportin9 Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of
Ireland {UnitÉd Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements
give a true and fair view of the stale of the charitable company's affairs as at 31 March 2025. and of ils
incorning resources and application of resourGes, including ils in¢ome and expenditure, for the year then
ended",
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.,
and
have been prÈpared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKI) and applicable law.
Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit of the
financial slalements section of our report. We are independent of the charitable company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting
in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as
a going concem for a period of at least ￿e1ve months from when the financial statement5 are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant
sections of this report.
other Information
The other information comprises the information included in the trustees annual report, other than the financial
statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within Ihe
annual report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon.
Page 11

Independent Auditor's Report to the Trustees of
National Governance Association
{A Company Limited by Guarantee)
(continued)
Our responsibility is to read the other information and. in doing so, consider whether the other information is materially
inconsistènt with the financial statements or our knowledge obtained in the course of the audit or othemise appears lo
be materially misslaled. If we identify such material inconsistencies or appaienl material misstatements, we are
required to determine whether this gives rise to a material misstatement in the financial slalemenls themselves. If,
based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion. based on the work undertaken in the course ofthe audit..
the information given in the Trustees, Report for the financial year for which the financial statements are
prepared is consistent with the financial slalements., and
the Trustees. Report have been prepared in accordance wth applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the campany and its environment obtained in the coursa of the
audit, we have not identified material misslatements in the Trustees, Report.
We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us
to report lo you if. in our opinion..
adequate accounting records have not been kept, or
the financial statements are not in agreement with the accounting records and returns-, or
certain disclosures of trustees, remuneration specified by law are not made- or
we have not received all the information and explanations we require for our audit., or
the trustees were not entitled to prepare the financial slalements in accordance wlh the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the
requirement to prepare a Strategic Report.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement {sel out on page 5). the trustees (who are also the
directors of the charitable company for the purposes of company lawl are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view. and for such internal control as the
trustees determine is necessary to enable the preparation of financial stalernen15 that are free from material
misslaternenl, whether due to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to
ontinve as a going concern, disclosing, as applicable, mallers related lo going Goncern and using the going con￿rn
basis of arLounting unless the trustees either intend to liquidate the charitable company or to cease operations, or
have no realistic alternative but to do so.
Page 12

Independent Auditor's Report to the Trustees of
National Governance Association
(A Company Llmited by Guarantee)
(continued)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstalernent, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with
ISAS (UK) will always detect a material misstatement when il exists. Misslatemenls can arise from fraud or error and
are considered material if, individually or in the aggregate. they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line
with our responsibilities, outlined above, lo detect material misslalement5 in respect of irregularities, including fraud.
The specific procedures for this engagement and the extent to which these are capable of detecting irregularities.
including fraud is detailed below.
We reviewed the company's control and risk management procedures and planned ourwork based on our
assessment of those controls and procedures.,
This review included an assessment of the risk of material misstatement due to errors, fraud and management
override of controls for all material areas in the financial statements.,
We made enquiries of managernent and the company's lawyers regarding any actual or potential litigation
andlor claims.,
Financial statements disclosures were reviewed and checked for compliance with applicable laws,-
Detailed testing was conducted on balances and transactions including unusual items and those of individual
significance to the financial statements.
Data analylics were used in order to identify unusual or significant trends.,
Communications with management and those charged with governance regarding relevant matters was
undertaken throughout the audit and on completion.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases
the more that compliance with a law or regulation is removed frorn the events and transactions reflected in the
financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater
regarding irregularities ocurring due to fraud rather than error. as fraud involves intentional concealrnent. forgery.
ollusion, omission or misrepresentation.
A further descriplion of our responsibilities for the audil of the financial statements is located on the Financial
Reporting Council's webslte at www.frc.org.uklauditorsresponsibilites. This description foms part of our auditorfs
report.
Page 13

Independent Auditor's Report to the Trustees of
National Governance Association
(A Company Limited by Guarantee}
(continued)
Use of our report
This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of
the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's
members those matters we are required lo stale to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and
the charitable company's members as a body. for our audit work, for this report, or for the opinions we have forrned.
David W Farnsworth FCA (Senior Statutory Auditor)
For and on behalf of Feltons, Statutory Auditor
8 Sovereign Court
8 Graham Street
Birmingham B1 3JR
Date =
13.J.::14.45...................
Page 14

National Governance Association
(A Company Limited by Guarantee)
statement of financial activities
for the year ended 31 Ivlarch 2025
Unrestricted
funds
Restricted
funds
Total
2025
Total
2024
Notes
Income
Income from charitable activities
Income from trading activities
Investment income
Other income
3,263,779
8.570
14.081
g1,586
3,355,365
8,570
14.081
3,305,568
15,122
4,926
13,415
Total income
3,286,430
91,586
3,378,016
3,339,031
Expenditure
Chantable activities.-
Operational and 5UPPQrt costs
2.989.255
91,586
3.080.841
3,229,840
Total expenditure
2,989,255
91,586
3,080,B41
3,229,840
Net incomel(expenditure) before
transfers
297.175
297,175
109,191
Gross transfers between funds
18
Net movement in funds
297,175
297.175
109.191
Reconciliation of funds
Total funds brought foward
18
606.638
606.638
497.447
Total funds carried forward
903,813
903,813
606,638
All income and expenditure derives from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year.
Page 15

National Governance Association
(A Company Limited by Guarantee)
Company Number: 03549029 1 Charity number . 1070331
Balance sheet as at 31 March 2025
2025
Totsl
funds
2024
Total
funds
Unrestricted
funds
Restricted
funds
Notes
Fixed assets
Tangible assets
12
24.220
24.220
8,301
Current assets
Stock
Debtors
Cash al bank and in hand
13
14
6,327
368,984
995,589
1,370.900
6.327
368,984
995.589
1.370,900
9,409
423,878
717,771
1,151.058
Creditors: amounts fallin9
due within one year
15
1491,3071
1491,3071
1552. 1211
Net current assets
879.593
879.593
598.337
Net assets
903.813
903,813
606.638
Funds of the charity .
Unrestricted fund
18
903,813
606,638
Total funds
903.813
606.638
These a¢¢ounls have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to
small companies.
The notes on pages 18 10 30 form part of these accounts.
The finanGial statements were approved by ihe board of trustees on
by..
9th July 2025
and were signed on Its behalf
Bobby Thandi
Trustee
Page 16

National Governance Association
(A Company Limited by Guarantee)
statement of cash flows
for the year ended 31 March 2025
Notes
2025
2024
Cash flow from operating activities
20
289,410
111,8161
Net cash flow from operating activities
289,410
111.8161
Cash flow from investing activities
Payments to acquire tangible fixed assets
Interest received
{25,6731
14,081
4,926
Net cash flow from Investing activities
{11,59?1
4,926
Net increase l (decrease) in cash and cash equivalents
277,818
(6,8901
Cash and cash equivalents at 1 April 2024
717.771
724.661
Cash and cash equivalents at 31 March 2025
995.589
717.771
Page 17

National Governance Association
{A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025
1. Accounting policies
al General information and basis of preparation
National Governance Association is a charitable company limited by guarantee. In the event of the charity
being wound up, Ihe liability in respect of the guarantee is limited to £1 per member of the charity. The
address of the registered office is given in the charity information on page 1 of these financial statements.
The nature of the charity's operations and principal activities are the encouragement and maintainance of
good school governance, and the support, by the provision of relevant information and other means, of school
governors.
The charity conslilutes a public benefit entity as defined by FRS 102. The financial statements have been
prepared in accordance with Accounting and Reporting by Charities.. Slatemenl of Recommended Practice
applicable to charities preparing their accounts in aocordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard
applicable in the United Kingdom and RepLJblic of Ireland IFRS 102), the Charities Act 2011, the Companies
Act 2006 and UK Generally Accepted Accounting Practice.
The significant accounting policies applied in the preparation of these financial statements are set out below.
These policies have been consistently applied to all years presented unless otherwise staled
b) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no
material uncertainties exist. The trustees have considered the level of funds held and the expected level of
income and expenditure for a period of 12 monlhs from the date of aulhorising these financial statements. The
budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue
as a going concem.
c) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general
objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unreslricled funds that have been sel aside by the trustees for particular
purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or
which have been raised by the charity for particular purposes. The cost of raising and administering such
funds are charged against the specific fvnd. The aim and use of each restricted fund is set out in the notes lo
the financial statements.
dl Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally
entitled to the income after any performance conditions have been met, the amount can be measured reliably
and it is probable that the income will be received.
Page 18

National Governance Association
{A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
1. Accounting policies (continued)
d} Income recognition (continued)
Grants receivable
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of
income received for specifie purposes but not expended during the period is shown in the relevant
funds on the balance sheet. Where income is received in advance of entillemenl of receipt its
recognition is deferred and included in creditors as deferred income. Vvhere entitlement oocurs
before income is received, the income is accrued.
Trading activities
Income from trading activities includes income earned from activities to raise funds for the charity.
Income is received in exchange for supplying goods and services in order to raised funds and is
recognised when entitlement has occurred.
Charitable activities
Income from charitable activities includes membership fees, project. training and consultancy work
undertaken and the sale of publications.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the charity., this is normally upon notification of the interest paid or payable by the bank.
Other income
Other income, including the hire of facilities, is recognised in the period il is receivable and to the
extent the goods have been provided or on completion of the service.
e) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate
all cost5 related to the category. Expenditure is recognised where there is a legal or constructive obligation to
make payments to third parties. it is probable that the settlement will be required and the amount of the
obligation can be measured reliably.11 is calegorised under the followrng headings..
Costs of generating funds
These are costs incurred in attracting voluntary income, and those incurred In trading a¢livilies that
raise funds.
Charitable activities
These are costs incurred in activities undertaken to further the purposes of the charity and their
associated support costs.
Governance costs
These include the costs allributable to the trust's compliance with constitutional and statutory
requirements, including slrateglc management and trustees, meetings and reimbursed expenses.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Page 19

National Governance Association
(A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
q. Accounting policies {continued)
Allocation of support costs
Support costs a￿ those that assist the work of the charity but do not directly represent charitable a¢livilies
and include office costs, governance costs and administrative payroll costs. Where support costs cannot be
directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on
charitable activities. The bases on which support costs have been allocated are set out in note 7.
91 Tangible fixed assets
Items of computer equipment and fixtures and fittings individually costing in excess of £500 are capitalised
and carried on the Balance Sheet.
Tangible fixed assets are slated at cost lor deemed cost) or valuation less accumulated depreciation and
accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of
operating as intended.
Depreciation is provided on all lartgible fixed asse15. at rates calculated to write off the cost, less estimated
residual value. of each asset on a systematic basis over its expected useful life as follows..
Fixtures and fittings
Computer equipment
259A per annum on a straight line basis
33 /0 per annum on a strai9ht line basis
h) Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items.
il Debtors
Operational and other debtors are recognised at the seltlernenl amount due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
j) Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three
months or less from the date of acquisition or opening of the deposit or similar account.
k) Llabilities
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, il is
probable that a transfer of economic benefit will be required in settlernent, and the amount of the selllement
can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to
settle the debt or the amount il has received as advanced payments for the goods or seNices it must provide.
Page 20

National Governance Association
{A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
1. Accounting policies (continued)
l} Operating leases
Rentals payable under operating leases are charged to the SOFA on a straight line basis over the period of
the lease.
ml Taxation
The charity is an exempt charity within the rneaning of schedule 3 of the Charities Act 2011 and is considered
tc pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a
charitable company for UK corporation tax purposes.
n) Pension costs and other post-retirement benefits
Contribulions to the personal pension Schemes of certain employees are charged lo the Statement of
Financial Activities in the period lo which they relate. The assets of these personal pension schemes are held
separately form those of the charity in independently administered funds.
o) Employee benefits
When employees have rendered service lo Ihe charity, short-temi employee benefits to which the employees
are enlilled are recognised at the undiscounled amount expected to be paid in exchange for that service.
Termination benefits are recognised imrnedialely as an expense when the charity is demonstrably commilled
to terminate the employment of an employee or to provide termination benefits.
Page 21

National Governance Association
(A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 {continued)
2. Prior year Statement of Financial Activities (year end 31 March 20241
Unrestricted
funds
Designated
fund
Restricted
funds
Total
2024
Income
Income from charitable activities
Income from trading activities
Investment income
Other income
Total income
3,305,568
15.122
4.926
13,415
3.339.031
3,305.568
15.122
4.926
13.415
3.339,031
Expenditure
Charitable activities
Total expenditure
3,229,015
3.229.015
825
825
3,229.840
3.229.840
Net Incomel(expenditurel before transfers
110.016
18251
109,191
Gross transfers between funds
Net movement in funds
110.016
18251
109,191
Reconciliation of funds
Total funds brought forward
496,622
825
497,447
Totsl funds carried forward
606.638
606.638
3. Income from charitable aetivities
Unrestrieled
funds
Designated
fund
Restricted
Total
2025
Total
2024
funds
Membership fees
Project income
Training and Consultancy income
Publications income
Miscellaneous income
NLG income
1,708,858
1,708.858
91.586
1.509.659
15.555
29,707
1.626,739
150
1,423.840
40.089
13.884
200.866
91,586
1,509.659
15.555
29,707
3,263.779
91,586
3,355.365
3,305.568
Page 22

National Governance Association
(A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
4. Other trading activities
Unrestricted Restricted
funds
funds
Total
2025
Total
2024
Advertising income
8.570
8,570
15,122
8,570
8.570
15.122
5. Investment income
Unrestricted Restricted
funds
funds
Total
2025
Total
2024
Bank interest receivable
14.081
14,081
4,926
14.081
14,081
4,926
6. Expenditure on charitable activities
Core
activity
Total
2025
Total
2024
Operational and support costs
Direct staff costs
Other operational costs
Support costs (see note 7)
Govemance costs {see note 7)
1,505.557
585.434
951,517
38,333
1.505.557
585,434
951.517
38,333
1,600.660
669.385
929.653
30.132
3,080,841
3.080,841
3.229.840
Total expenditure on charitable activities was £3,080,797 (2024 £3.229.840) of which £2,989,211 12024
£3.329.015> was unreslricled and £91.586 {2024- £825) was reslricted.
Page 23

National Governance Association
(A Company Limited by Guarantee}
Notes to the financial statements for the year ended 31 March 2025 (continued)
7. Analysis of support and governance ¢osts
Basis of
allocation
General
support
Governance
function
Total
2025
Total
2024
Salaries
Social security
Pensions
Office rent and services
Office expenses
Dilapidalions
Marketing and publicity
Insurance
Professional developmenl
IT equipment and expenses
Bank charges
(Recoverable)Ilrrecoverable VAT
Depreciation
Trustees expenses
Audit fees
Professional fees
Board expenses
Clerk to the Board
Staff lime
Staff lime
Staff time
Usage
Usage
Usage
Usage
Usage
Usage
Usage
Usage
Usage
Usage
Governance
Governance
Governance
Governance
Governance
338.387
38,830
22,964
134,636
47.861
60.000
76,526
7.214
21,471
195.143
5.452
16.1211
9,754
338,387
38.830
22.964
134,636
47,861
60,000
76,526
7.214
21.471
195,143
5,452
16.7211
9.754
4.204
6.900
10.976
6,522
9,731
989,850
281,226
30,091
18,118
168,170
146,632
82.470
7.995
6.969
201,097
7,601
{34.4001
13.694
4,083
4.980
8.611
2,738
9,720
959.795
4.204
6.900
10,976
6,522
9.731
38,333
951.517
8. Net incomel(expenditurel for the year
Net income l {expendilure) is slated after charging l (crediting):
Total
2025
Total
2024
Depreciation of tangible fixed assets
Auditors remuneration
9,754
6,900
13,694
4.980
Page 24

National Governance Association
(A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
9. Trustees and key management personnel remuneration and expenses
The trustees neither received nor waived any remunerallon during the year (2024- £nill.
During the year ended 31 March 2025 expenses totalling £4,204 (2024 £4.0831 were ￿1mbur$ed or paid directly
10 7 trustees (2024- 9) for travel. susbsislence. telephone and other items performed on behalf of the charity.
The Trust considers ils key management personnel comprise the board of trustees. the Chief Executive Officer
and the deputy Chief Executive Officer. The total amount of employee benefits received by key management
personnel was £204.348.
10. Analysis of staff costs and numbers
Staff costs .
Total
2025
Total
2024
Wages and salarie5
Social security costs
Defined contribution pension schemes
1,624.930
170.091
110.717
1.905,738
1.651,606
167,172
111.317
1,930.095
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was-.
2025
Number
2024
Number
£60.001- £70.000
£70.001- £80,000
£80.001- £90.000
Staff numbers .
The average monthly number of employees
during the year were as follows..
2025
Number
2024
Number
Headcounl
43
43
46
46
Page 25

National Governance Association
(A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
11. Pension commitments
The charily contributes lo the individual pension plans of certain employees. The assels of these schemes are
held separately from those of the Association in independently administered funds.
Total contributions for the year ended 31 March 2025 amounted lo £110,71712024 £111,317) and outstanding
contributions as al 31 March 2025 amounted to £12,484 (2024 - £13.985}.
12. Tangible fixed assets
Fixtures &
fittings
Computer
equipment
Total
Cost
Al 1 April 2024
Addilions
Disposals
At 31 March 2025
4,495
76.482
25,673
80.977
25,673
4.495
102.155
108.650
Depreciation
At 1 April 2024
Charge for the year
Released by disposals
At 31 March 2025
4,288
207
68,388
9,547
72,676
9.754
4,495
77.935
82,430
Net book values
At 31 March 2025
24.220
24,220
At 31 March 2024
207
8.094
8,301
13. Stocks
Total
2025
Total
2024
Books and publications for resale
6,327
6,327
9,409
9,409
14. Debtors
Total
2025
Total
2024
Debtors from operations
Prepayments
Accrued income
277.394
80.258
11,332
368.984
300,076
105.961
17,841
423,878
Page 26

National Governance Association
{A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 {Gontinued)
15. Creditors - amounts falling due within one year
Total
2025
Totsl
2024
Creditors from operations
Taxation and social security
Accruals
Deferred income
Dilapidations provision
Other creditors
103.088
45,497
77,593
196,373
60,000
8.756
491,307
182,064
41,166
68,276
248.432
12,783
552,721
Deferred income
Deferred income at 1 April 2024
Resources deferred in the year
Amounts released from previous years
Deferred income at 31 March 2025
248,432
196,373
1248,43?}
196,373
182.110
248.432
{182,1101
248,432
At the balance sheet dale Ihe charity was holding funds received in advance for membership fees £103,381
(2024 - £113.125), professional and development fees £90,212 (2024 - £130,307) and other income £2.780
(2024 - £5.0001.
Following the charity's departure from its previous office premises in September 2024. a provision of £60,000 has
been recognised for expected dilapidation costs under the terms of the lease. The amount represents
management's best estimate of Ihe cost lo restore the premises to the required condition, and is expected to be
sellled within the next 12 months.
16. Commitments under operating leases
Al 31 March 2025. the charitywas committed to
ffiaking the following paymenls under non-
cancellable operating leases
Total
2025
Total
2024
Within one year
Within two to five years incluslve
In over five years
45,370
45.370
The charity vacated ils previous office premises in September 2024 upon the expiry of ils lease. In October
2024, the charity entered into a new licence agreement for office premises. The new agreement does not confer
exclusive use and 15 therefore treated as a service contract rather than an operating lease (see note 17).
Page 27

National Governance Association
(A Company Limited by Guarantèe)
Notes to the financial statements for the year ended 31 March 2025 (continued)
17. Other financial commitments
At 31 March 2025, the charity was commilled to
making payments under a licence agreement for
office premises erblered into in October 2024. The
estimated commitment under this agreement is as
follows..
Total
2025
Total
2024
Within one year
Within two to five years inclusive
In over five years
100,250
160,000
260.250
18. Analysis of funds
Balance at
1 April
2024
Balance at
31 March
2025
Incoming
resour¢es
Resources
expended
Transfers
Restricted funds
Food Project
91.586
91.586
{91,J8GI
191,5861
Unrestricted funds
General fund
606,638
606,638
3.286,430
3,286,430
12.989,2551
12,989.25Jl
903,813
903.813
Total funds
606.638
3.378,016
13,080,841)
903.813
Name of fund
Des¢ription, nature and purpose of fund
Restricted general fund
Money given lo the charity where the donor requires that a grant or donalion
be spent for a specific project. The Food Project income received from the
DfE relates to an e-learning development proje¢l supporting school
govemance around food quality and curriculurn, with the corresponding
expenditure also reslricled lo this purpose.
Unrestricted general fund
The free reserves of the charity which are not designated for particular
purposes.
Page 28

National Governance Association
(A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
18, Analysis of funds Icontinuedl
Comparative movement in funds is as follows..
Balance at
1 April
2023
Balance at
31 March
2024
Incoming
resources
Resources
expended
Transfers
Restricted funds
ASCL - joint publication
825
825
18251
18251
Unrestricted funds
General fund
Designated fund
496.622
3.339.031
13,229.01Jl
606.638
496,622
3,339,031
?,229,0151
606,638
Total funds
497,447
3,339.031
13,?29.8401
606.638
19. Analysis of net assets be￿een funds
Fund balances at 31 March 2025
are represented by..
Unrestri¢ted Designated
funds
fund
Restricted
funds
Total
fund5
Tangible fixed assets
Current assets
Currenl liabilities
24.220
1.370.900
1491.3011
24.220
1,370,900
1491,3071
Total net assets
903.813
903.813
20. Re¢oneiliation of net incomellexpenditurel to net cash flow from operating a¢tivities
Total
2025
Total
2024
Nel incomel(expendilure) for the year
Depreciation
Interest re￿1vable
(Increase) I decrease in stock
(Increase) I decrease in debtors
Increase l (decrease) in Creditors
297,175
9.754
{14,0811
3,082
54.894
(61.4141
109.191
13,694
14,9261
378
133.257
1263.4101
Net cash flow from operating activities
289,410
(11,8161
Page 29

National Governance Association
(A Company Limited by Guarantee)
Notes to the financial statements for the year ended 31 March 2025 (continued)
21. Ultimate controlling party
The charity is controlled by the truslees listed in the reference and administrative details on page 1.
22. Related party transactions
There were no related party transactions for the year ended 31 March 2025 {2024 - none).
Page 30