2022-09-30-accounts - Netherhall Educational Association

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manAnieNt nverTide.. T(Tr address the risk c)f Man2Ment nverride of contr£ils, carried out testinK of joumal entties Ancl )thtT 2djii%tments for appr()priaten¢ss. ITlt also a8%es8ed management bias in Te12ti0n to tht accountitjg pcilicie5 Adopreil ancl in dtttrrnining Si1fiCant accotsnting estimates. including the valuation of ini'e5tmeAtS. B¢c2us¢ of the inherent knTni¢atic?n$ of 2n 2udii there is a risk that w¢ wdl nor deteci o]1 irrt%ulaiities, including thi)4¢ leding to a material misststement in the fJnJncial sr#t¢nients ur tJun-£onipbancc Tritl) r¢gulAttun. Ihis ri4k increA%e.4 the morc that complincc with a la ur ieMFulAttun Is rcmi?i'cil Irom the ¢vints and ttangactjljns reflecttd in thc finxnciAI statements. % bc Ic55 likely to bccutne aii'are of in4¢1£¢5 of nun-cumpli#nce.'I'he Tisk is also %tcattr rL'gArding irreIritIeS occu]rt due to fraud tather than error. a5 Ixaud InY¢Jits intentio] coftcealmtllL collusion, orni5si¢)n or mistcprcsentauon. A further description of our respoAsibth"ucs Js avxilable the FRC'S websiit ar.. https..//ivww.frc.(Jrg.ukl2uditors/alldit- ossurance/2uditor-s-respon5ibihts¢5-for-the-audit-of-tlie-fi/destriptiots-(>f-thc-xuditor.s-re5pnsibiiltiCs-fOr. This description forms part of our audItor'5 repott. Use of tsllr report This rtport is stsleli. to thc parent charitable CfJmpan} s membcrs. as i bod}.. In &ccntd#nce with C.haprer 3 of Parr 16 of the C.nmpnies Act 20(, and tti rhe parent chatitablt compani-'s trustees, as # b()d!', in accordance R¢giilation 10 of the f.harities Accountb (Scotland) Rcgularions 20116. Our Audit work has bcen und¢mken 50 that we might Sfaie to the parent charitable cnmpan}'s members and it5 trustees th()$e matiers we arc required rLS State to them in auditor'5 report and fut n ()rhet purpose. To the fullest cxtent peTmitted by law, wc do not accept nt #s%utne reSnSIbilIty to an}vne other than the parent charitable comp2ni- Rnd rhe patenr chai7rablc conip&n) s trtisttes 2% 2 bndi. ETrr oui audit .rk, tot this repnrt. or for Ihe upiniuns we have lonned. G4 (Serst0ZTAUdltorj Frjr and on behalf nf UHY Ross Brooke C.hAriered AtcountafttS Statutory iluditi)ts Suite I, Abin¥dJn Business Park Abiiigdon. OX14 1$1.

Consolidated Stat	ement	ofFinancial Activi	ties including	ties including	Income and	Expenditure	Account
		Unrestricted	Designated		Restricted	Total	Total
		Funds	Funds		Funds	Funds	Funds
	Note	2022	2022		2022	2022	2021
INCOME
Charitable activities		834,258				834,258	520,599
Donations and legacies
Regulat donations		1,195,555				1,1 95,555	1,309,598
One-off donations
and bequests	3/1 8				42,330	42,330	39,229
investment income
Investment properties		399,071	3,335			404,406	1,077,114
Interest and dividends		3,388		102	92	3,582	1,928
Other income		526,344				526,344	274,850
Total Income		2,958,616	5,347		42,422	3,006,475	3323,318
EXPENDITURE
Raising funds		(274,257)				(274,257)	(442,464)
Charitable activities
Residential activity
centres		(1,455,325)				(1,455,325)	(1,425,741)
Residential and non-
residential programmes		(448,407)				(448,407)	(383,661)
Clubs and study
centres	4	(595,7Ci3)				(595,763)	(467,638)
Grants	4/18						(96,297)
Programme related	10
ini estment properties Total Expenditure		(2,773752				~2,773,7527	~2,875,807
Unrealised gains/0osses)
Investment properties.	10	(8 16,400)				(816,400)
Listed investments Exchange differences	10	(327) ~723 571				(327) ~3.5711	19,454
Net
Income/(Expenditure)	8a	(655,434)	5,437		42,422	(607,575)	426,971
Transfers between
Funds	18	1,025,398	(1,025,398)
Net Movements in
funds		369,964	(1,019,9Ci1)		42,422	(607,575)	426,971
Balance Brought Forward		(580,569)	30,710,918		44,713	30,175,062	29,748,091
Total Funds	19/20	~7270.605	29,690,9»		87.135	29,567,48	30.175.062

					Notes	2022	2022	2021	2021
Fixed Assets
Tangible assets					9		27,217,660		27,361,651
Programme related investments					10		5,049,584		9,464,273
Investments					10		5194289		5,455,994
							37,461,533		42,281,918
Current Assets
Debtors and Preps&snents					11	65,473		384,474
Cash at bank and in		hand			12	1,102,135		798,127
						1,167,608		1,182,601
Creditors: Amounts		falling		due
within one year					13	1,814,429		2,401300
Net Current Liabilities							646,821		1,218,599
Total Assets less Current
Liabilities							36,814,712		41,063,319
Mortgages and	other	loans			14		(7,247,225)		(10,888,257)
							29,567,487		30,175,062
Funds					19/20
Unrestricted:
General fund							(210,605)		(580,569)
Designated:
Jeremy White Memorial Fellowship Fund						538,809		533,474
Michael Richards Memorial				Fund		10,303		10,201
Propernes						29,141,845		30,167,243
							29,690,957		30,710,918
Restricted:
Jeremy White	Memorial		Bursary
Fund						9463		9,171
International	Projects					77,872		35,542
							87,135		44,713
							29,567,487		30,175,062

			Balance S	heet at 30th Septe	mber 2022
			Notes	2022	2022	2021	2021
Fixed Assets
Tangible assets			9		20,168,123		20,245,795
Programme related investments			10		5,049,584		9464273
Investments			10		13,140,306		13,412,951
					38,358,013		43,123,019
Current Assets
Debtors and Prepalments			11	65,473		384,474
Cash at bank and in hand			12	1,068,636		766332
				1,134,109		1,149,006
Creditors: Amounts		falling
due
within one year			13	2,671,706		~3,2tl8,7tl5
Net Current Liabilities					1,537 597		(2,059,699
Total Assets less	Current
Liabilities					36,820,416		41,063,320
Creditors: Amounts		falling
tliie
after more than one year
Mortgages and other		loans	14		(7,247,225)		(10,888,257)
					29,573,191		30,175,063
Funds			19/20
Unrestricted:
General fund					(204,901)		(580,568)
Designated:
Jeremy Wlute Memorial				538,809
Fellowship Fund						533,474
Michael lbchards	Memorial			10,303
Fund						10,201
Properties Reserve				29,141,845		30,167,243
					29,690,957		30,710,918
Restricted:
Jeremy White Memorial Bursary Fund				9,263		9,171
International Projects				77,872		35,542
					87,135		44,713
					29,573,191		30,175,063

	Notes	2022	2022	2021	2021
Net Cash Inflow from Operating
Activities	22		279,715		845,403
Returns on Investments and
Sen7icing ofFinance
Bank interest paid		(157,444)		(171,470)
Interest received		3,582		1928
Net Cash Outflow from Returns	on
Investments and Servicing of
Finance			(153,862)		(169,542)
Taxation
Capital Expenditure and Financial
Investment
Payments to acquire tangible fixed
assets		(278,090)		(219,122)
Payments on (acquisition)/disposal	of
Programme Related investments		261,378
Payments on (acquisition)/disposal Investment properties	of 4,414,689			~46,037
Net Cash Inflow (Outflow) from
Capital Expenditure
and Financial Investment			4,397,977		265,159
Net Cash Inflow (Outflow) before
Financing			4,523,830		410,702
Financing
New long-term loans
Repayment oflong-term loans	(4,219,822			~176,505
			(4,219,822)		(176,505)
Increase/(Decrease) in Cash			304,008		234,197
ReconciTiation ofNet Cash	Flow to Movement	in
Net Debt
			2022		2021
Increase/(decrease) in cash			304,008		410,702
New long-term loans
Repayment oflong-tenn loans			4/19,822		176,505
Movement in Net Debt in the Year			4,523,830		410,702
Net debt at 1stOctober (Note 22)			(12,231,654		~12,642,356
Net Debt at 30th September
(Note 22)			,707,824		12,231,654

Analysis ofExpenditure	2021/22	2021/22
	Genets. ti s		Residential t ts 2	Residential &non- 2' I	G bs& studs * t	S pp n C sts	2022Total
	Note
Staff costs	6a		482,989	123,338	165,145	122,850	894,322
Depreciation	9	5,104	216,524	33,596	165,312		420,536
interest paid	5	79,065	20,531	14,313	40,042	3,494	157,445
Catering			190,827	42,320	58,880		292,027
Idght &heat		5,414	170,402	43,362	26,516		245,694
Rent &rates		1,791	4,396	7,584	7,359		21,130
Maintenance		134,154	154,426	16,590	39,687		344,857
Replacements					1,202		1,202
Other costs		30,957	120,926	138,248	53,015	30,045	373,191
Audir						23,348	23,348
Support Costs
allocated pro rata on		17,772	94,304	29,056	38,605	(179,737)
other expenditures.
		274,257	1,455,325	448,407	595,763		2,773,752
Charitable Grants	18
Total 2022							2,773,752
Analysis ofExpenditute	2020/21
	Ganesa-d~ fu ds		Residential aniao t	Residential S non- tesidentiu	Clubs Ib StUd) ee tes	Suppou Costs	2021Total
	Note
Staff costs	6a		381,733	97,308	71,776	161,349	712,166
Depreciation	9	34,531	231,145	38,253	180,406		484,335
Interest paid	5	132,397		35,691		3,382	171,470
Catering			165,722	26,527	55,935		248,184
Light &heat		5,788	117,491	30,592	29,940		183,811
Rent &rates			2,316	4,504	7,372		14,192
Maintenance		204,777	84,792	8,675	22,307	11,790	332,341
Replacements			2,242	12,215	4,997		19,454
Other costs		24,403	309,578	94,719	52,029	37,408	518,137
Audit						35,414	35,414
Support Costs
allocated pro rata on		40,568	130,722	35,177	42,876	(249,343)
other expenditures.
		442,464	1,425,741	383,661	467,638		2,719,504
Charitable Grants	18						96,297
Total2021							2,515,551

				2022	2021
Group
Depreciation				420,537	484,335
Auditor's	remuneration	—audtt	services	23,348	35,414
Auditor's	remuneration	-other
Loss on	disposal ofTangible Fixed Assets			1,545
Loss on	disposal ofProgramme		Related Investments	816,400
Gain on	disposal ofInvestment		Property	~261,378
				1,045,452	519,749

Tangible Fixed Assets	Tangible Fixed Assets
		Land sr,	Furnitute &	Motor
		Buildings	Fittings	Vehicles	Total
Group
Cost or valuation:
At 1stOctober 2021 (restated)		34,414,506	66,910	164,542	34,645,958
Additions during the year Disposals		274,130		3,960 ~22.575'	278,090 ~22,575
At 30th September	2022	34,688,636	66,910	145,927	34,901,473
Depreciation
At 1st Ocrober 2021 (restated)		7,114,217	63,039	107,051	7,284,307
Charge for the year Depreciation on disposal		397,096	3,604	19,836 ~27,030	420,536 ~21.03u
At 30th September	2022	7,511,313	66,643	105,857	7,683,813
Net BookValue
At 30th September	2022	27,177,323	267	40,07tl	27,217,66tl
At 30th September	2021 (restated)	27,300,289	3,871	57,491	27,361,651
Company
Cost or valuation:
At 1st October 2021 (restated)		25,017,191	66,910	164,542	25,248,643
Additions during the veer D is p os ala		274,130		3,960 ~22.575	278,090 ~22.575
At 30th September	2022	25 291 321	66,910	145,927	25,304,158
Depreciation
At 1stOctober 2021 (restated)		4,832,758	63,039	107,051	5,002,848
Charge for the year Depreciation on disposal		330,777	3,604	19,836 (21,030)	354217 ~23,030
At 30th September	2022	5 163.535	66,643	105,857	5 336.035
Net BookValue
At 30th September	2022	20,127,786	267	40,070	20, 68, 23
At 30th September	2021 (restated)	20,184,433	3,871	57,491	20,245,795

The derails of	fixed assets	are as follows	—these revaluations	have been taken as deemed costs	have been taken as deemed costs	following the	transition to
FRS102:
				Group		Company
				2022	2021	2022	2021
					(restated)		(restated)
Ltrnd und Itusfds'ngs
At cost				25,108,702	24,834,572	25,110,228	24,838,098
Transfers to Programme		Related Property	Investments	(6,112,628)	(6,1 12,628)	(6,112,628)	(6,112,628)
At Trustees' valuation		—2018		667,562	667,562	667,562	667,562
At professional	valuation	- 1996		11,000,000	11,000,000	1,601,159	1,601,159
At professional	valuation	- 1993		4,025,000	4,025,000	4,025,000	4,025,000
				34,688,636	34,414,506	25,291,321	25,017,191

						Group	Group	Company	Company
						2022	2021	2022		2021
							(restated)			(restated)
Freehold						26,501,617	26,604,725	19,452,080		19,488,869
Long	leasehold					675,706 2717732'I	695,564 27300289	675,706 20127786		695,564 20184433
10	Fixed Asset		Investments
	At 30th September,			fixed asset	investments	comprised	the following:
						Group			Company
						2022	2021	2022		2021
	Investment	Properties				5,128,622	5,390,000	5,128,622		5,390,000
	Listed investments			at market value		65,667	65,994	65,667		65,994
	Investments		in subsidiary
	undertakings							7,946,017		7,956,957
						5,194,289	5,455,994	13,140,306		13,412,951
	Programme		Related Property		Investments			Group	and Company
								2022		2021
	Brought forward							9,464,273		9,423,236
	Additions									41,037
	Disposal of	The Cedars School						644146897
	Canied forward							5,049,584		9,464,273

Netherhall Educational Associati Notes to the Financial	on - Year to 30th September 2022 Statements (continued)
Investment Properties	Group and	Company
	2022	2021
Brought forward	5,390,000	5,385,000
Addiuons Disposals	~26 38	5,000
Carried forward	5,128,622	53901100

Details o follows:	fthe investmen	ts in which the company	holds 20%or more	ofthe nominal value	ofany class of
				Proponion
			Holding	ofVoting Rights and Shared	Natute of Business
				Held
Subsidiary	andi sra/sings
Netherhall	Residences	pic	Ordinary shares	100%	Property Rentai
New Netherhall Residences pic			Ordinary shares	100%	Property Rental
Netherhall	International	College Limited	Ordinary shares	100%	Fducation

Results ofS	ub	sidiaries		f	or the Year
								Neth erhall Residences pic	New Netherhall Residences pic	Netherhall International College Limited	Total
								30th hfsip.	30th hfay	30th Sept
									2022	2022
Turnover Cost ofSales								107,979 ~115,371	181,691 ~124622		289,670 ~239.993
								(7,392)	57,069		49,677
Administrative		expenses						(32,889)	(33,431)		(66,320)
Other operating		income
Profit/(Loss)	on ordinary			aciiidties before		taxation		(40,281)	23,638		(16,643)
Taxation
Retained Profit/(Loss)			for		year to 30th September
2022								(40,281)	23,638		16,643
Retained Profit/(Loss)			for		year to 30th September
2021								(30,947)	11,129		19,817
Assets Liabilities								3,685,746	4,259,474 ~613	2,705	7,947,925 ~P,6 3
~* 6 * /35		87d		8	d 31188*9	6*	2022	3685746	4,251,861	2,705	7,940,312
Net Assets/Shareholder				Funds 30th September			2021
(restated)								3726027	4228224	2,705	7,954,252

11	Debtors and Prepayments	Debtors and Prepayments	Debtors and Prepayments	Group		Company	Company
				2022	2021	2022	2021
	Tax recoverable			105,825	167,751	105,825		167,751
	Other debtors			(60,758)	196,317	(60,758)		196,317
	Accruals and prepayments			20,406	20,406	(20,406)		20,406
				65,473	384,474	65,473		384,474
12	Cash at bank and in hand			Group		Company	Company
				2022	2021	2022	2021
	Rcstncted			87,135	44,713	87,135		44,713
	Unrestricted			1,015,000	753,414	981,501		719,819
				1,102,135	798,127	1,068,636		764,532
13	Creditors: Amounts falling due			Group		Company
	within one year			2022	2021	2022	2021
	Secured mortgage loans	(Note 15)		299,035	454,514	299,035		454514
	Other unsecured loans (Note 16)			1,263,699	1,687,010	1,263,699	1,687,010
	Other taxes and social security			18,776	15,093	18,776		15,093
	Other creditors			74,030	53,376	74,030		53,376
	Accruals and deferred income			158,889	191,207	151,275		179,065
	Amounts owed to subsidiaries					864,891		819,647
				1,814,429	2,401,200	2,671,706	3,208,705
	There ts a bank overdraft		facility available	to NEA that is secured by a	floating charge over certain ofthe group's			assets.
	Deferred Rental Income
					Group and Company
					2022	2021
	Balance as at 1stOctober		2021		38,693	38,693
	Released during the year				(38,693)	(38,693)
	Deferred during the lear				34,167	38,693
	Balance carried forward	at 30th September		2022	34,167	38,693

Creditors:	Amounts falling due	Amounts falling due		Group and Company	Group and Company
after more	than	one year	2022	2022	2021	2021
Secured mortgage		loans (see Note 15)
- repayable	after	more than one
year but within five years			1,152,934		1,860,122
—repayable	after	more than five
veats			5,850,859		8721,496
				7,003,793		10,581,618
I.lnsecured	loans	(see Note 16)
—repayable	after	more than one
year but within five years			243,432		306,639
—repayable	after	more than five
years
				243,432		306,639
				7,247,225		10,888,257

15	Secured Loans
	All secured loans are secured on the freehold property of	both the tangible		assets and programme related property
	investments. Interest is payable at both fixed and variable	tates which,	as	at 30th September 2022, ranged between
	1.86%to4.0%above bank base-rate.
	Secured loans due after more than one year are repayable	by instalments	until they ate fully paid offin 2042.
				Group and	Company
				2022	2021
	Amounts falling duei
	in one year or less on demand			299,035	454,514
	in more than one year but not more than two years			307,767	466,036
	in more chan two years but not more than five years			845,167	1,394,086
	in more than five years			5,850,859	8,721,496
	Total Secured Loans			7,302,828	11,036,132
	Less: included in creditors— amounts faBing due within one year (Note 13)			~299.0357	~&5,514
				7,003,793	10,581,618
16	Unsecured Loans			Group and	Company
				2022	2021
	Amounts falling due:
	in one year or less on demand			1,263,699	1,687,010
	after one year but within five years			243,432	306,639
	in more than five years
	Total Unsecured Loans			1,507,131	1,993,649
	Less: included in creditors— amounts falling due within one year (Note 13)			«7.263.699	~7,687,070
				243,432	306,639


Analysis ofDesignated	and	Restricted Resources 2021/2022
		Opening Balance 1stOct 21	Donation incl GiftAid		Income Credited	Payments	Transfers	Closing Balance 30th Sep 22
a~id r r
Jeremy White Memorial
Fellowship Fund		533,474			5,335			538,809
Michael Richards Memorial
Fund		10,201			102			10,303
Fixed Assets		42,215,924					(4,820,059)	37,395,865
		12,048,681					3,794,661	8,254,020
TOTAL DESIGNATED		30,710,918			5,437		1,025,398	29,690,957
Restricted Funds
Jeremy White Memotial
Bursaty Fund		9,171						9,263
International Projects
KDT - Ugwuoma Study
Centre, Nigeria
Pontifical University ofthe
Holy Cross
Fundacion Cardenas Rosales		325	42,150					42,475
Saxum Project, Jerusalem		35,217		180				35,397
TOTAL RESTRICTFD		44,713	42,330		92			87,135
Analysis ofDesignated	and	Restricted Resources 2020/2021
		Opening Balance 1stOct 20	Donation incl GiftAid		Income Credited	Payments	Transfers	Closing Balance 30th Sep 21
Deviated F~und
Jeremy White Memonal
Fellowship I'und		528,192			5,282			533,474
Michael Richards Memorial
Fund		10,100			101			10,201
Fixed Assets		42,435,100					(219,176)	42,2135924
		12,547,723					499,042	(12,048,681
TOTAL DFSIGNATED		30,425,669			5,383		279,866	30,710,918
R ' de' d
Jeremy White Memorial
Bursary Fund					91			9,171
International Projects
I~T —Ugvmoma Study
Centre, Nigeria		57,669				(57,643)	(26)
Pontifical University ofthe
Holy Cross			5,000		-	(5,000)
Fundaci6n Cardenas Rosales			33,979			(33,654)		325
Saxum Project, Jerusalem		34,967		250				35,217
TOTAL RESTRICTED		101,716	39,229		91	(96,297)	(26	44,713

Movement o	n Reserves 2	021/2022
Group	At 1st October 2021	Income	Expenditure	Investment (Loss)/Gain (unrealised)	Exchange differences	Transfers in Year	At 30th September 2022
Unrestricted:
General	(580,569)	2,958,616	(2,773,752)	(816,727)	(23,571)	1,025,398	(210,605)
Designated:	30,710,918	5,437				(1,025,398)	29,690,957
Restricted:	44,713	42,422					87,135
	30,172,062	3,006,475	2,773,752)	(816,727	(23,571		29,567,487
Company	At 1st 0ctobet 2021	Income	Expenditure	Investment (Loss)/Gain (unrealised)	Exchange differences	Transfers in Year	At 30th September 2022
Unrestricted:
General	(580,568)	2,668,946	(2,478,379)	(816,727)	(23,571)	1,025,398	(204,901)
Designated:	30,710,918	5,437				(1,025,398)	29,690,957
Restticted:	44,713	42422					87,135
	30,175,063	2,716,805	2,478,379	816,72	23,571		29,573,191

Movement o	n Reserves 2	020/2021
Group	At 1st October 2020	Income	Expenditure	Investment (Loss)/Gain (unrealised)	Investment Properties Revaluation	Transfers in Year	At 30th September 2021
Unrestricted:
General	(779,294)	3,178,615	(2,719,504)	19,454		(279,840)	(540,569)
Designated	30,425,669	5,383				279,866	30,710,918
Restricted:	101,716	39,320	96,297			(26	44713
	29,748,091	3,223,318	2 815801	19,454			30,175,062
Company	At 1st October 2020	Income	Expenditure	Investment (Loss)/Gain (unrealised)	Investment Properties Revaluation	Transfers in Year	At 30th September 2021
Unrestricted:
General	(968,122)	2,906,754	(2,258,814)	19,454		(279,840)	(580,568)
Designated	30,425,669	5,383				279,866	30,710,918
Restricted:	101,716	39,320	(96,297			26	44,713
	29,559,263	2,951,457	(2,355,111	19,454			30,175,063

Notes to the Statem	ent ofCa	sh Flows
(a) Reconciliation of	net income	for the year to	net cash inflow		from		operating		activities.
									2022	2021
										S
Net income for the year									(607,575)	426 4)71
Interest receivable									(3,582)	(1,928)
Interest payable									157,444	171,470
Realised gain on investments
Unrealised gain/floss)	on investments								327	(19,454)
Depreciation									420,536	484,335
Impairment ofasset
loss on disposal offixed assets Decrease/(increase) in debtors and prepayments (Decrease)/increase in creditors and accruals								1,545 319,001 ~907		(71,855) (144,136)
Net cash inflow from operating		activities							279,715	845,403
(b) Analyas ofchanges in net debt.				At 1st						At 30th
				October					Cash	September
				2021					Flow	2022
Cash at bank and in hand					798,127				304,008	1,102,135
					798,127				304,008	1,102,135
Debt due within one year Debt due after one year Net debt				(2,141,524) ~10,888,257 (12,231,654					578,790 3,541,032 4.5 3.830	(1,562,734) ~247 225 ~7.707.824
Operating lease commitments		and Post Balance Sheet events.
At the reporting end	date NEA	had contracted	—with minimum			lease	payments		as shown, vdth the following:
									2022	2021
C ' ' 't f r Southbank		School at 16Netherhafl		ardens		Ix8ndon		NW
Within one year									320,000	320,000
Between two and five & ears									1,280,000	1,280,000
In over 5years									933,333	1,253,333
Total									2533.43:!	2853333
wit	n I			I		r	on
Within one year										240,000
Between two and five I'ears										960,000
In over 5years										3,900,000
Total										5,100,000
Total										7 953333