2021-09-30-accounts - Netherhall Educational Association

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															T	t	I	TOt I
									P	d		F	d		0	d		F d
							N	t	2021		2021	2021			2021			2020
INCOME										520,599							I 0,599	644,699
								3	1,309,590							1,309398		1,170,9GO
							3/ 18						392 9				39E29	78,000
									1,077,114							1,077,114		1,135PIX
										1,7M	1st						1,928	,276
Otl										269,568	5,28						274,850	u9,791
Tot ll									3,\78615		5,383		39,320			3,223,318		3,151,652
EXPENDITURF.
										442,464							142,(td	122,407
								4 4	1,4,741 383,661							1,425,741 383,6GI		IP53,898 3'4893'7
								4		467,638							IG7,638	671,029
	G						4/ 18						96,	07			96,297
							10											1,000,000
Ttlnm			dm						2,719,504				96,	97		-"815.801		3829 2G6
								10										(880,697)
										19,454							19.454	(30,013)
N	tI«/(0			p	dlt	)		8		470,565	5,383		(56,977)				IM,971	(I, 88,324)
								18		(279,810)	79,866			(76)
NtM«Ill					d					198,725	8A249		(57,003)				421,971	(1,588,324)
EGI		E	sat	p	6 d					079,P)I)	30,4'thG69		)01,71G			29,748,091		31,33G,415
Tot ) lt		6					19/20		~580 5G9		30710918		41713			3017506		29748091

					Notes	2021	2021	2020	2020
Fixed Assets
Tangible assets					9		27,36(,fi51		27,626,864
Pmgmmmc related mvestmentv					10		9,164,273		9,421,236
Investments					10		5,455,994		5,431,540
							42,281,91tl		42,481,640
Current Assets
Debtors and Prepayments					11	384,474		312,619
Cash at bank and m hand					12	798,127		955,197
						1,182,601		1,267,816
Creditors: Amounts	falling due
mithin one year								2,608,537)
Net Current Liabilities							1,218,599		1,340,721
Total Assets less Current Liabilities							41,063,319		41,140,919
Creditors: Amounts	falling		due
after more than one year
Ivfortgages and other(cans					14		(I0,888,257)		(I1,392,828)
									29748091
Funds					19/20
Uttrestncte&l.
General fund							(580,569)		(779,294)
Destgnated
Jeremy 5V(ute Ivlemorial		I'cgotvslup		I'und		533,474		528,192
Ivltchacl Ihchards ikdemo«ial			Fund			10,201		10,100
Properttes						21,48ZF96		21,202,530
Investment propcrnes		revaluation		rcscrve		8,(84,847		8,684,847
							30,710,918		30,425,669
ltestrtctcd.
Jeremy IVhite lvlemonal		Bursar) Fund				9,171		9,080
Intemanonal Pro(ccts						35,542		92,636
							44,713		101,716
									29,748,091

					Notes	2021	2021	2020	2020
Fixed Assets
Tangible assets					9		20,245,795		20,411,529
Prohnammc reLated investments					10		9,464,273		9,423,236
Investments					10		13,412,951		13,545,614
							43,123,019		43,380,379
Current Assets
Debtors					11	384,474		312,619
Cash at banli and in hand					12	764,532		921,533
						1,149,006		1,234,152
Creditors: Amounts	falling due
within one year								3,473,610)
Net Current Liabilities							(2,059,699		(2,239,458
Total Assets less Current			LiabiTities				41,063,320		41,140,921
Creditors: Amounts	falling due
after more than one year
Mortgages and other	loans				14		(10,888,257)		(11,392,829)
Nct Assets
Funds					19/20
Unrestricted:
General							(580,568)		(779,293)
Designated:
Jeremy Wlute Memorial			lieHoivslnp	Fund		533,474		528,192
hlichael Btchards Ivlemorial Fund						10,201		10,100
Properries						21,482,396		21,202,530
Investment properties		revaluation		rescrvc		8,684,847		8,684,847
							30,710,918		30,425,669
Restricteih
Jeremy White Memorial			Bursary Fund			9,171		9,080
International Projects						35,542		92,636
							44,713		101,716

		Notes	2021	2021	2020	2020
Net Cash Inflou from Operating Activities		22		845,402		622,529
Returns on Investments and
Servicing ofFinance
Bank tnterest paid			(171,470)		(183,245)
Interest recco ed			1,928		2,276
Net Cash Outflow from Returns on
Investments and Servicing	ofFinance			(169,542)		(180,969)
Taxation
Capital Expenditure and Financial Investment
Payments to acquirc tangtble	fixed assets		(219,122)		(867,867)
Payments to acquire propertl'	investmcnts		(46,037)		(I22 324)
Net Cash Inflow (Outflow)	from Capital Expenditure
and Financial Investment				(265,159)		(990,191)
Net Cash Inflotv (Outflow)	before Financing			410,701		(548,631)
Pinancing
New long-term loans					680,0UU
Ncw CBII.Sloan					500,000
Repayment oflong-term loans			(567,771)		(176,505)
				(567,771)		1,003,495
Increase/(Decrease) in Cash				157070
Reconciliation ofNet Cash Flow to Movement		in Net Debt
				2021		2020
Incrcasc/(decrease) in cash				(157,070)		454,8G4
New long-term loans Repayment. oflong-term loans				567,771		(1,180,000) 17G,505
Movement in Net Debt in the Year				410,7U1		(548,631)
Nct debt at 1stOctober (Note 22)				(12,642,356)		(12,093,725)
Net Debt at 30th September	(Note 22)			12231655		12642 35fi

Analysis ofExpe	2	020/21
				0	tig kuuds	I' 'ty	iteside tial & id iisl P g'		CI	G 4	S ppcn c t	2021 i.otal
			Note					A'
Staff costs			6a			381,733		97,308		71,77G	161,349	712,166
Depreciition			(j		34,531	231,145		38,253		180,406		484,335
Intcrcst paid			5		132,397			35,G91				171,470
Catering						165,722		26,527		55,935		248,184
I.ight &heat					5,788	117,491		30 5()2		29,940		183,811
Rent gr rates						2,31C)		4,504		7,372		14,192
Ilamtcnancc					204,777	84,792		8,675		22,307	11,790	332,341
Replacements						2,242		12,215		4,997		19,454
Oilier cot&					24,403	309,578		()4719		52,029	37,4US	51(l,137
Aucht											35,414	35,414
Support Costs allocated other cspnditures.	pro	rata on			40,568	130,722		35,177		42,876	(249,343)
					442 4G4	1425 741		3836GI	467 638			2,719,504
Charitable Grants			18									96 2r)7
Total 2021												2,815fl01
Analysis ofExpenditure	2019/20
						R side uei	Resid ti I&		CII d		Suppc t	2020
							o	- esneudsl		I dy	C I	Total
						t	pogs es		e	t«
				(restat d)		(restated)	(restated)		( e	tat d)	(restated)
			Note
StaFFcosts			6a			319,134		72,133		63,232	159,127	G13,G26
Deprccianon			9			216353		G5,668	101,171		34,583	417,775
Interest paid			5		137,119			42,804			3,322	183,245
Catering						131,302		36,973		60,595		228,870
Light &heat						117,574		33322		34,573		185,4C)9
Rent dr rates						5,341		10,112		14,456		29,909
Ilamtenance				35G,742		78,0fi1		48,657		24,722		508,1(12
Rcplaccmcnu						19,124		1,229		11,657		32,010
Other costs						su3,531		9,704		40,835	207,758	591,828
Aurht Support Cosa asocatcd pro other expndrtures		fata oil			91,718	226,G52		59,541		C)5,231	38,352 (443,142)	,352
				585 579		1 447 U72		380 143	416472			2 82r) 266
Chantablc Grants			18
Impmrment loss on programme rehvied investment propernes			10									1,000,000
Total 2020												3829 2GG

	2021	2020
	171,470	183,24
	2021	2020
	G 2,301	5G1,147
	44,078	38,8 0
	14,987	13,F79
	712,166	613,676
	2021	2020
A	t	At
	9	5
	37	32
	2	I
	18

																						2021			2020
																						g
																						484,335			417,775
																						357111			32,108
																									5,745
																									1,000,000
																									I
9	T gbl			B		dA		I					I	d	d		P					M I
																	d	Htt	g*			VMI
	AtltOtb					2020(		I td)						34,160,385				66P19				135,217			34,362,521
															109,797							29,325			219,122
	At 'loth	S		pl		b	2021							34,350,182				66,919				161,512			34,501,643
	Atl to		t		b	2020(		tet d)						6,613,571				55,817				66,261			6,735,657
	Ch~	f			th										444,546			7,211				32,570			484,335
	At30d	3		pt		5	2021							7,058,125				63,028				98,839			7,219,992
	N ta At30tl	kV S*pt				I b	2021							27	212057		~3891					G5,703			27,361,651
	At30thS			pt		»5	21120(							27,546806				11	102			68P15G			27F26861
	Th	tt				t	It	gt thp	y	'0	d	t	nlrt	t t»sb«g		It	fld	Islt	.	t.	gtl	ttd	tb	3

Tangible Fixed Assets (continued)	Tangible Fixed Assets (continued)
		Land and	Furniture	Motor
		Buildings	and Fittings	Vehicles	Total
Company			A'	L
Cost or valuation:
At 1st October 2020 (restated)		24,763,070	66,919	135,217	24,965,206
Adrhtions during the Iear		189,797		29,325	219,122
Disposais
At 30th Scptcmbcr	2021	24,952,867	66,919	164,542	25,184,328
Depreciation
At 1stOctober 2020 (restated)		4,431,610	55,806	GG,2G1	4,553,677
Charge for thc year		345,0G7	7,211	32,578	384,856
Depreciation on chsposal
At 30th September	2021	4,776,677	63,017	98,839	4,938,533
Net BookValue
At 30th September	2021
At 3tlth September	2020 (restated)		11113

The restatements	relating	to the preiuous		years' 6xcd assets	are in relauon	to items being reclassiFied whilst rrumtanung	to items being reclassiFied whilst rrumtanung	the	same total
net bonk value
The details of Fixed msets		are as follows	—thcsc revaluations		have been taken as deemed cosrs following		the trannuon	to I'RS102.
						Group	Company
					2021	2020	2021		2020
						(restated)			(restated)
Irod siid isddiiigr					A'
At cost					24,770,248	18,4fi7,fl23	24,771 774		18469 34ii
Transfers to Programme		lielatcd Property		lrn cstmcnts	(6,1 12,628)	(fi,112,628)	(6,112,62f!)		(6,112,628)
Ai Trusteed valuatii&n		—2018			GG7,562	667,562	6G7,562		6G7,5G2
At pmfessional	valuation	—199G			11,000,000	11,000,000	1,601,159		l,fi01,159
At professional	valuation	—1993			4,025,000	4,025,000	4,025,000		4,025,000

				Group		Company
				2021	2020	2021	2020
At 30th Scptcmbcr, fixed			asset mvestments
comprised	thc followmg
Investment Propcrtics Listed mvestmcnts at market value				5,390,000 65,994	5,385,000 46,540	5,390,000 f)5,994	5,385,000 46,540
Inveitmcnts		m subsidiary	undenakmgs			7,956,957	8,114,074
Programme		Related Property Investments				Group and Company 2021 2020
							A'
B/fwd						9,423,236
Transfcc at		1October 2019 &om Fixed assets/investment		properties			10305912
Additions						41,037	117,324
Impairment		on Onne Court property					(1,000,000)
C/Fwd

Investment	Properties			Group and	Company
				2021	2020
8/fwd				5,385,000	10,518,275
Ttansfcr at	1 October 2019to progmmmc	related investments			(4,257,578)
Addiuons				5,000	5,000
Disposals
Revaluation	in hne with open market vduations		for		(880,1971
adjoining properties.

									Proportion of
									Voting Rights	Nature of
Company								Holding	and shares held	Business
nabri//drip	s//din/is	Aigi
Neth«rhall	Residences pic		Companl	Number.		2845358		0rdmaiy		Property
								shares	100%	Rental
New Nethcrhall		Resirlences pic	Company	Number		2845287	Ordinary			Property
								shares	100%	Rental
Netherhall	Intcmational		Company	Number.		3023523	Ordmary			lsducation
I;ollege Linutcd								shares	100%
Ncthcrhalf	Residences pic and New Nethcrhall				Residences pic provide			rental sccommndauon for stuiients.

Results ofS	ubs	idiaries	Forth	e Y	ear to 30th September 2	021
						Netherhall	New	Netherhall
						Residences pic	Netherhall Residences pic	International College Limited	Total
Turnover						99,298	172,562		271,860
Cost ofSales						(182,136)	(183,998)
						(82,838)	(I1,436)		(94,274)
Administmtivc	expenses					(54,479)	(55 2(&2)		(109,771)
Other opemting		income
Protit/(I. oss)	on	ordmary	acnvuies		beFore taxanon	(137317)	(6F,728)		(204,045)
Taxsuon
	n/i						66 728		204045
							11129		19817
Assets						3,730,557	4,235,837	2,705	7,969,100
Liabiliues									(12,143)
Nct Assers/Shareholder			Funds	311thSeptember 2021

n	Debtors and Prepaymcnts	Debtors and Prepaymcnts	Debtors and Prepaymcnts	Group		Company
				2021	2020	2021	2020
						A'
	Tax recoverable			167,751	142,123	167,751	142,123
	Other rlcbtorv			196,317	170,496	196,317	170,496
	Accruals and prepaymcntv			20,406		20,406
						384 474	31261tl
12	Cash at bank and in		hand	Group	Group	Company	Company
				2021	2020	2021	2020
				A'
	Restricted			44,713	101,716	44,713	101,716
	Unrcsmcted			753,414	853,481	719,819	819,817
							921533
13	Creditors: Amounts		falling due	Group		Company
	trdthin one year			2021	2020	2021	2020
	Secured mortgage	loans (Note 15)		454,514	374,155	454,514	374,155
	Other unsecured	loans (Note 16)		1,687,010	1,830,571	1,687,010	1,830,571
	Other tares and sonal		security	15,093	16,399	15,093	16,399
	Other creditors			53,376	97,154	53,376	91,716
	Accruals aod defcrrcd		mcome	191,207	290,258	179065	270,750
	Amounu owed to subsidiaries					819647	890019
							3473610

		Group and	Company
		2021	2020
		A'
Balance	as at 1stOctober 2020	38,693	131,828
Rclcased	during thc year	(38,693)	(131,828)
Defened	durmg the lear	38,693	38,693
Balance	cerned fonvmd at 30th September 2021

Creditors:	Amounts falling duc	Amounts falling duc		Group and	Company
after more	than	one year	2021	2021	2020	2020
					&Restated)
Sccurcii mortgage		loans (sccNote 15)
- repayable	after	more than one year but witlun
five years			1,860,122		1,898,648
- repayable	after	more than five years	8,721,496		9,085,451
				10,581,618		10,984,099
Unsecured	loans	(see Note 16)
—repayable	after	morc than onc year but within
five years			306,639		321,478
-repayable	after	morc than five years			87,251
				306,639		408,729

			Group and	Company
			2021	2020
Amounts falhng due;
in one yern or lcm& on demand			454,514	374,155
&n more than	one year but not more	than two years	466,03f&	473,861
in more than	two years but not more	tlmn five years	1,394,086	1,424,787
m more than	five yeais		8,721,496	9,085,451
			11,036,132	11,358,254
Lem: included	in creditors —amounts	falling duc &vitlun one year (Note 13)
Unsecured Loans			Group and	Company
			2021	2020
Amounts falling duc:
in one year or	less on demand		1,687,010	1,830,571
after. onc year	but witlun five years		306,639	321,478
in more than	five years			87,251
			1,993,649	2,239,300
Less: included	in creditors —amounts	falling due within onc ycm (Note 13)

Movement	Movement	on Reserves	2020/2021
Group			At 1st	Income	Expenditure	Investment	Investmcnt	Transfers	At30th
			October			(Loss)/Gain	Properties	in Year	September
			2020			(unrealised)	Revaluations		2021
							A'		A'
Un estricted:
Ciencral			(779,294)	3,178,615	(2,719,504)	19,454		(279,840)	(580,569)
Designated:			30,425,669	5,383				279,866	30,710,918
Restricted:			101716	39,32tl				26	44713
									30175,062
			At 1st	Income	Expenditmc	Investmeut	Investment	Transfers	At30th
Company			October			(Loss)/Gain	Properties	in Year	September
			2020			(umealised)	Revaluations		2021
		(Restated)
Unrestricted:
Geneml			P79,293)	2,90C,754	(2,258,814)	19,454		(279,840)	(391,738)
Designatnl			30,425,669	5383				279,866	30,710,918
Restricte.			101,716	39,320				26	44,713
						19,454			30,363,893
Movement		on Reserves	2019/20
Gronp			At ht	income	Expenditure	Investment	Investment	Transfem	At 30th
		October				(Loss)/Gain	Properties	in Year	Scptcmber
			2019			(unrcalised)	Revaluations		2020
Unrestncted:
Geneml			(415,118)	3,145,092	(2,829,266)	(30,013)		(649,989)	(779Z94)
Deugnatcd			31,652,719	5,330	(1,000,000)		(880,697)	648,317	30,425,C)69
Restrictedi			98,814	1,230				1,fi72	101,716
									29,748,091
			At 1st	Income	Expendinue	Investmeat	Investmcnt	Transfers	At 30tl
Company		October				(Loss)/Gain	Properties	in Year	Scptcmber
			2019			(unrealised)	(Loss)/Gain		2020
Unrestricted:
General			(415,118)	2,660,016	(2,344,189)	(30,013)		(649i789)	(779,293)
Designat	d		31652719	5,330	(1,0()0,000)		(880,697)	648017	30,425,669
Restncted			98,814	1,230				1,672	101716
									29748092

(a) Reconc)Tiation ofnet mcome for thc year to net cash mflow &om operating	(a) Reconc)Tiation ofnet mcome for thc year to net cash mflow &om operating	(a) Reconc)Tiation ofnet mcome for thc year to net cash mflow &om operating
			2021	2020
Net income for thc year			426,971	(1,588,324)
Interest receivable			(1,928)	(2,276)
Interest payable			171,470	183,245
Realised gain on investmcnts				880,697
Unresliscd gam/goss) on mvestments			(19,454)	30,013
Deprewation			484,335	417,775
Impairment ofasset				1,000,000
loss on rhsposal offixed assets			(2)	1
Dccreme/(tncrease) in debtors and prepayments			(71,855)	(157,053)
(Dcrxcasc)/increase m crcrhtors	and accruals
Net cash inflow from operating	activities
(b) Analysis ofchanges m nct debt.		At 1st		At 30th
		October	Cash	September
		2020	Flow	2021
Cash at bank and in hand		955,198	(157,071)	798,127
		955,198	(157,071)	798,127
Debt due withm one year		(2,204,726)	(&3,202	(2,141,524)
Debt duc after one year			504,571	(I0,888,257)
Net debt

				2021	2020
('o ta Liuuted for Sounthbank	School at 16Nethmhall	Gardens	london NW3
Wtduu one year				320,000	320,000
Benveen two and five yems				1,280,000	960,000
In over 5 years				1,253,333	1,893,333
Total
with PA(T Educations& Tru~t I	imited for The (.'cdars School Cro		don
Within one year				240,000	240,000
Beuveen uvo and five years				960,000	960,000
In over 5 years				3,900,000	4,140,000
Total