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2024-09-30-accounts

NETHERHALL EDUCATIONAL ASSOCIATION

(Limited by Guarantee)

Company No. 793583 Registered as a charity in England and Wales (No. 236586) and in Scotland (No. SC039209 )

TRUSTEES' REPORT

AND

AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30th SEPTEMBER 2024

Netherhall Educational Association

(Limited by Guarantee) Company Information

Trustees

X. Bosch, BA, FCA (chairman) A.J. Curtis, MA, PhD A.J. Hegarty, MA, DPhil R Rosales PhD (from 26 October 2023) E.A.V Thompson H Trust MA (from 25 January 2024) A. Tucker J. Valero, MSc, DIC

Secretary J.P. Covenden, BA, LL.B

Auditors

UHY Ross Brooke Suite I Windrush Court, Abingdon Business Park, Abingdon OX14 1SY Bankers HSBC Bank plc 69 Pall Mall London SW1Y 5EZ

Solicitors Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE

Registered Office 18a Netherhall Gardens London NW3 5TH

1

Netherhall Educational Association

(Limited by Guarantee)

Trustees’ Annual Report 30th September 2024

The Trustees, who are the company directors of Netherhall Educational Association (NEA), submit their Annual Report together with the Accounts and Auditors' report for the year ended 30th September 2024. Mr Tucker resigned as a Trustee on 29 May 2025, on which date Mr Valero also took over from Mr Bosch as chairman. Otherwise, the Trustees during the year ended 30th September 2024 were those listed on page 1 and remained unchanged at the date the accounts were signed.

Netherhall Educational Association is a company limited by guarantee (No. 793583), its governing document being the Memorandum and Articles of Association last amended on 16th March 2008. It is a registered charity in England & Wales (No. 236586) and in Scotland (No. SC039209). The financial statements have been prepared in accordance with the Companies Act 2006 and the Charities Act 2011.

The Trustees form the Council of NEA, which has power to appoint new Trustees who serve until such time as they resign or are required to withdraw as stipulated by the Council. New Trustees are recruited from among NEA's volunteers and supporters, with a view to achieving a balance of skills and talents. They are provided with Charity Commission guidance on the roles and responsibilities of charity trustees, and they also receive informal training designed to supplement the knowledge and training they have already received from participation in the activities of NEA.

Objects and Activities

The objects of NEA are the advancement of education and learning and the training of character in accordance with Christian principles and ideals.

To achieve this, NEA aims to provide all-round formation for people of all ages, especially the young, to help them develop their talents to the full and use them in the service of society.

This personal development is seen as a harmonious union of all the following components:

Activities and Public Benefit

To achieve the aims set out above, NEA

The Trustees confirm that in accordance with section 17 of the Charities Act 2011 they have due regard to public benefit guidance published by the Charity Commission. They confirm that the all-round formation imparted in and from the centres of NEA is for the benefit of the public in general.

All the activities – including those of religious formation, which are entrusted to Opus Dei, a personal prelature of the Catholic Church – are open to all who wish to participate, regardless of race, creed, or social background.

Outreach in the form of the promotion of formational activities outside NEA’s centres means that participation is available to many more people than those who live in the residential centres or attend the clubs regularly.

2

Netherhall Educational Association

(Limited by Guarantee) Trustees’ Annual Report 30[th] September 2024 (continued)

Strategic Report

Achievements and Performance

In order to assess how successful it has been each year in meeting its aims, NEA has established a number of measures for its rolling plan which is updated each year. Performance against the targets which were approved for 2023/24 is described under the four headings shown in the Review of Performance.

Plans for Future Periods

During the year 2023/24 NEA on the one hand continued to detail its plans for the development of halls of residence and residential conference centre; and on the other to identify sites for future centres in Glasgow and Birmingham. Future plans revolve around implementing the expansion of Wickenden Manor which will begin 2026, confirmation of planning consent for Grandpont House during 2025, and developing an architectural project for the Netherhall House site. In 2024 and 2025, properties in Glasgow and Birmingham respectively were purchased and activities begun ahead of future refurbishment works.

The Trustees view the long-term sustainability of the charity as demonstrated after the years of the pandemic. NEA continues to enjoy a wide base of supporters who work voluntarily in the delivery of its charitable objectives as well as advising and supporting the Trustees in governance and management. The Trustees greatly appreciate the help of generous individuals – often of modest circumstances – that have enabled the charity to go forward.

Review of Performance

The Activities of the Centres

Target : in each centre a programme of activities for the benefit of the charity’s beneficiaries.

NEA achieved this target through:

residential activity centres : the halls of residence, Netherhall House and Orme Court in London and Grandpont House in Oxford, provided full residential accommodation as well as programmes of lectures and seminars to supplement the formal academic studies for residents and others;

residential and non-residential programmes : courses aimed at character and spiritual development of men and women of all ages were organised at Crosmore and Orme Court in London, and at Wickenden Manor in Sussex;

clubs and study centres : Dunreath in Glasgow and Kelston in London provided academic and recreational activities for youngsters of school age, including summer social projects aimed at assisting the disadvantaged. The activities which formerly were carried out from NEA’s now-closed centre, Westpark, are now carried out from Elmore, the centre at 8 Orme Court;

The programme of events and activities in furtherance of NEA's aims is described and illustrated in greater detail through publications and web sites (links are provided from www.nea.netherhall.org.uk).

Target : each centre to work within its headline (break-even) budget carrying out prudent measures for the upkeep of the fabric and equipment.

during 2023/24 the Trustees worked with the management committee of each centre on producing budgets and cash-flow forecasts which reflected the current reality of income, expenditure, and charitable support available to enable the delivery of the centre’s charitable activities. The budget included routine maintenance work, with advice where necessary from suitable professionals.

Support for International Projects

Target : obtain funding to provide support for selected projects consonant with NEA’s objectives.

During 2023/24, NEA received donations for International Projects, including associated GiftAid , of £7,055. From funds collected NEA’s Trustees made an award £5,510 to the Pontifical University of the Holy Cross in Rome after the established checks had been carried out to ensure that the recipient was a bona-fide not-for-profit body with aims consonant with those of NEA.

3

Netherhall Educational Association

(Limited by Guarantee)

Trustees’ Annual Report 30th September 2024 (continued))

Financial Review

Financing

Target : raising of donations that will enable the repayment of the loans by which NEA has financed the acquisition of its premises and major refurbishments.

During the year donations from supporters of £1,746,010 compared to £1,074,685 the previous year. Through the local management committees, the Trustees are reviewing the balance between regular and one-off donations with a view to ensuring a year-on-year increase in the former. They are aware that there is a wide base of supporters who contribute to the funds of NEA as well as working voluntarily in the delivery of charitable objectives. They expect the charity will be able to go forward with their generous help.

Target : the administration of other income streams which enable capital repayments to be made.

Income from Charitable Activities and Investments amounted to £1,772,007 in 2023/24 compared to £1,578,947 the previous year. Taking into account operational expenditure and investment revaluations, NEA was able to add £837,712 to its reserves compared with £99,854 the previous year. The Trustees welcome this.

The administrative costs of running the charity continue to be very low, due to our broad base of skilled volunteers who carry out much of the work for each of the centres and for the running of the charity as a whole: Note 6 to the Accounts reflects the fact that only one of the nine centres has paid administrative staff, and the head office functions with only two paid employees.

Development of existing and new centres

Target : the development of existing and new centres with funding arranged and repayment plans in place.

The preliminary professional works for the implementation of the expansion of Wickenden Manor continued alongside refined planning for the operation of the conference centre. Works are planned to begin in April 2026. NEA continued to work towards the confirmation of planning consent for Grandpont House, and the development of the architectural project for the Netherhall House site. Both are expected in 2025. With the assistance of local supporters and appropriate professionals, NEA identified sites for future centres in Glasgow and Birmingham. During 2024 (Glasgow) and 2025 (Birmingham), properties in those cities were purchased and activities begun ahead of planned refurbishment works.

Risk Management

The Trustees are aware that NEA's activities depend for their continuance on voluntary income from regular and one-off donations. By the nature of NEA and its work, these donations proceed in the main from long-term supporters committed to on-going help for the activities carried out from the centres which they are funding. The Trustees make extensive efforts, personally and through others, to maintain a continual relationship with these supporters and to increase their number.

The Trustees have furthermore undertaken an assessment of the risks, both operational and financial, to which NEA is exposed. They believe they have procedures in place to manage and reduce risks:

The Trustees believe they are thereby addressing the main risks to the continuance of NEA and its activities and taking measures consistent with the nature of the Charity and its resources.

4

Netherhall Educational Association (Limited by Guarantee)

Trustees’ Annual Report 30th September 2024 (continued)

Review of Subsidiaries

Netherhall Residences plc and New Netherhall Residences plc – whose principal activity was the provision of the rented accommodation aspect of the hall of residence at Netherhall House – agreed to surrender their leases on parts of Netherhall House to the Charity with effect from 30 May 2022 and cease trading. The provision of accommodation would subsequently be carried out by the Charity. At the time of signing these accounts approval was awaited from HMRC for their liquidation; and the charity’s investment in these subsidiaries is still reflected in the balance sheet of the Charity for 30 September 2024. These financial statements are therefore for the Charity alone.

Netherhall International College’s intended principal activity is the provision of short courses in English during summer vacations at Netherhall House. The Company was dormant in 2023/24.

Investment Policy

During 2011/12, NEA was gifted UK and overseas equities with a market value at the time of acceptance of £71,348. At that time the Trustees decided to retain these holdings in the expectation of annual income and capital growth. They review this decision regularly.

In 2001 and 2003, NEA purchased 3 and 2 Orme Court, London W2 with the intention of transferring ownership of these properties at a future date to Dawliffe Hall Educational Foundation, another registered charity with similar objectives, so that the two charities can run joint projects. At 1st October 2023 NEA’s books still showed the loan of £5,099,874 from the other charity used to purchase the properties. The transfer of this programme-related investment to the other charity was completed during 2022/23 for nil consideration and writing back the loan. The bank loan has been repaid using income from renting the properties. This is detailed in Note 10b.

NEA also holds as investments buildings which it has acquired on sites adjacent to its operational properties. The rental income from these properties have helped service the mortgage or other loans with which the properties were purchased. In the longer term these properties may become premises from which NEA will carry out its charitable activities.

Reserves Policy

Total reserves at 30th September 2024 amounted to £30,510,756 (2023 £29,673,044) of which £45,027 (2023 £44,933) were restricted. The Trustees have designated £570,249 (2023 £564,603) for three named memorial funds generally in support of students, and £23,133,018 (2023 £23,089,361) representing the net book value of NEA's operational and investment properties less associated outstanding borrowings. Therefore, NEA’s free unrestricted funds stood at £6,762,462 (2023 £5,974,147). This represents just over two years’ annual expenditure and will be reduced to pay for future capital development. NEA's longerterm policy is to work towards a situation where year-on-year surpluses can be added to the free reserves to support both NEA's on-going operations and its commitments in respect of its fixed assets. This policy will be reviewed annually.

As explained in Note 2 to the Financial Statements the Trustees take the view that the NEA is a going concern. NEA enjoys a wide base of supporters who work voluntarily and give generously to the Charity and therefore continues to adopt the going concern basis in preparing its financial statements.

5

Netherhall Educational Association (Limited by Guarantee)

Trustees’ Annual Report 30th September 2024 (continued)

Statement on Fundraising

NEA obtains its voluntary income predominantly from its supporters and those who participate in its activities. It does not make appeals to the general public. The Trustees are satisfied that they comply as applicable with the requirements of The Charities (Protection and Social Investment) Act 2016. In this context there are no participators, vulnerable persons are protected, and no complaints have been received.

Statement of Trustees' Responsibilities

Auditors

UHY Ross Brooke have indicated their willingness to continue in office and in accordance with the provisions of the Companies Act 2006 it is proposed that they be re-appointed auditors for the ensuing year.

Statement of Trustees' Responsibilities

The Trustees (who are also directors of Netherhall Educational Association for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Date: 10.6.25

By Order of the Council

X Bosch

X Bosch Director

6

Independent Auditor’s Report to the Members and Trustees of Netherhall Educational Association

Opinion

We have audited the financial statements of Netherhall Educational Association (the ‘charitable company’) for the year ended 30 September 2024 which comprise of the Statement of Financial Activities, the charitable company Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP 2019.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements 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 concern for a period of at least twelve months from when the financial statements 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 annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the 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 thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statement or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements 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.

7

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the sector in which it operates and considered the risk of the charitable company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, and tax legislation. In relation to the operations of the charitable company this included compliance with Companies Act 2006, Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005.

8

The risks were discussed with the audit team, and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management and officers of the charitable company and a review of legal fees in the period.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates, including the valuation of investments.

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 from 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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor’s-responsibilities-for. This description forms part of our auditor’s report.

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 state to the charitable company’s members and its trustees those matters we are required to state 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

C Webster

Caroline Webster FCA (Senior Statutory Auditor)

For and on behalf of UHY Ross Brooke Chartered Accountants Statutory Auditors

Suite I, Abingdon Business Park, Abingdon, OX14 1SY 12/6/25

9

Netherhall Educational Association - Year to 30th September 2024 Statement of Financial Activities including Income and Expenditure Account

Note
INCOME
Charitable activities
3
Donations and legacies
3
Investment income
Investment properties
Interest and dividends
Other income
Gain form transfer of 2
and 3 Orme Court
10b
Gain on liquidation of
two subsidiaries
10d
Total Income
EXPENDITURE
Raising funds
4
Charitable activities
Residential activity
centres
4
Residential and non-
residential programmes
4
Clubs and study
centres
4
Grants
4/18
Total Expenditure
Unrealised
gains/(losses)
Investment properties.
10
Listed investments
10
Exchange differences
Net Income/
(Expenditure)
8
Transfers between
Funds
18
Net Movements in
funds
Balance Brought
Forward
Total Funds
19/20		 Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
Funds
2024
2024
2024
2024
£
£
£
£
836,685
-
-
836,685
1,746,010
-
-
1,746,010
921,543
-
-
921,543
8,039
5,646
94
13,779
52,091
-
-
52,091
-
-
-
-
-
-
-
-
3,564,368
5,646
94
3,570,108
(93,581)
-
-
(93,581)
(1,348,467)
-
-
(1,348,467)
(318,174)
-
-
(318,174)
(1,040,819)
-
(1,040,819)
(8,700)
-
-
(8,700)
(2,809,741)
-
-
(2,809,741)
70,378
-
-
70,378
4,016
-
-
4,016
2,951
-
-
2,951
831,972
5,646
94
837,712
(43,657)
43,657
-
-
5,974,147
23,653,964
44,933
29,673,044
6,762,462
23,703,267
45,027
30,510,756		 Total
Funds
2023
£
901,686
1,074,685
677,261
91,775
50,290
20,713
2,816,410
(159,902)
(1,602,699)
(374,152)
(783,510)
(5,510)
(2,925,773)
150,000
13,656
45,561
99,854
-
29,573,190
29,673,044

10

Netherhall Educational Association - Year to 30th September 2024 Balance Sheet at 30th September 2024

Notes
Fixed Assets
Tangible assets
9
Investments
10a
Current Assets
Debtors and Prepayments
11
Cash at bank and in hand
12
Creditors: Amounts falling
due
within one year
13
Net Current Liabilities
Total Assets less Current
Liabilities
Creditors: Amounts falling
due
after more than one year
Mortgages and other loans
14
Funds
19/20
Unrestricted:
General fund
Designated:
Jeremy White Memorial
Fellowship Fund
Michael Richards Memorial
Fund
Richard Stork Memorial
Fund
Properties Reserve
Restricted:
Jeremy White Memorial
Bursary Fund
International Projects		 2024
£
399,780
708,204
1,107,984
(2,016,383)
549,639
10,510
10,100
23,133,018
9,450
35,577		 2024
£
21,144,183
12,599,341
33,743,524
(908,399)
32,835,125
(2,324,369)
30,510,756
6,762,462
23,703,267
45,027
30,510,756		 2023
£
78,956
978,774
1,057,730
(2,150,929)
544,197
10,406
10,000
23,089,361
9,356
35,577		 2023
£
20,040,446
12,524,946
32,565,392
(1,093,199)
31,472,193
(1,799,149)
29,673,044
5,974,147
23,653,964
44,933
29,673,044

The notes on pages 13 onwards form part of these financial statements.

Approved and authorised by the Council on 4 June 2025

X Bosch Director X Bosch

Company Number 793583

11

Netherhall Educational Association - Year to 30th September 2024 Cash Flow Statement

Notes
2024
£
Net Cash Inflow from Operating
Activities
22
Returns on Investments and
Servicing of Finance
Bank interest paid
(115,276)
Interest received
13,779
Net Cash Outflow from Returns on
Investments and Servicing of
Finance
Taxation
Capital Expenditure and Financial
Investment
Payments to acquire tangible fixed
assets
(1,452,134)
Net Cash Inflow (Outflow) from
Capital Expenditure
and Financial Investment
Net Cash Inflow (Outflow) before
Financing
Financing
New long-term loans
-
Repayment of long-term loans
(285,589)
Increase/(Decrease) in Cash
Reconciliation of Net Cash Flow to Movement in Net
Debt
Increase/(decrease) in cash
Write down of long-term loans
Repayment of long-term loans
Movement in Net Debt in the Year
Net debt at 1st October (Note 22)
Net Debt at 30th September
(Note 22)		 2024
£
1,568,650
(101,497)
-
(1,452,134)
15,019
(285,589)
(270,570)
2024
£
(270,570)
-
285,589
15,019
(2,462,616)
(2,447,597)		 2023
£
(154,918)
(236,030)
-
(268,695)		 2023
£
569,782
(154,918)
-
(236,030)
178,834
(268,695)
(89,861)
2023
£
(89,861)
5,099,874
268,695
5,278,708
(7,741,324)
(2,462,616)

12

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements

Note 1 Objects and Organisation of the Association

The Association is a registered charity for the advancement of education within the Christian ideal, incorporated under the Companies Act 2006, limited by guarantee and having no share capital. (As from 15th October 1980, the word 'Limited' is omitted by licence of the Secretary of State for Trade.) It is organised as follows:

Note 2 Accounting Policies

Accounting Convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) and the requirements of the Companies Act 2006.

The Charitable Company is a public benefit company as defined by FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006, the Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

Going Concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of NEA to continue as a going concern for at least another 12 months from the date of approval of the financial statements. In particular, they have considered NEA’s forecasts and projections and have taken account of pressures on income and cost-of-living concerns. The Trustees take the view that, with suitable cash-flow management, these do not threaten long-term sustainability of the charity. NEA enjoys a wide base of supporters who work voluntarily and give generously to the Charity, a number of whom have made interest-free loans. The Trustees are aware over the years NEA's net current liabilities have been negative. This results from those loans from supporters being payable on demand. Having reviewed forecasts, cashflows and budgets for at least 12 months from the date of signing these accounts to determine the going concern status, the Trustees conclude that there is a reasonable expectation that NEA has adequate resources to continue in operational existence for the foreseeable future. NEA therefore continues to adopt the going concern basis in preparing its financial statements.

Notes on Accounts of Subsidiary Companies

As noted in the section on Subsidiary Companies in the Trustees’ Report, NEA’s two plc subsidiaries ceased to trade in 2021/2022 and are in liquidation. NEA’s other subsidiary company is dormant. Thus, as in 2022/2023, these accounts are those of Netherhall Educational Association alone, and comparative figures given relate merely to this Company.

13

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Accounting Policies (continued)

Pensions

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charity to the fund.

Depreciation of Fixed Assets

Freehold land is not depreciated. The Trustees have used the transitional arrangements of FRS102 with regards to revalued assets to be carried at deemed cost. The cost or valuation of other tangible fixed assets is depreciated by annual instalments over their expected useful lives as follows:

Long leasehold buildings 50 years Freehold buildings 50 – 200 years Furniture and fittings 10 years Motor vehicles 4 years

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the general reserve.

The carrying values of tangible fixed assets are reviewed for impairment in periods where events or changes in circumstances indicate that the carrying value may not be recoverable.

.

The capitalisation threshold is set at £2,500.

Financial Instruments

The charity has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all its financial instruments (and has no instruments required to be accounted for under Section 12 “Other Financial Instruments”). Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual obligations of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right of set off and an intention to settle the net amount. With the exceptions of prepayment, deferred income and balances due to/from HMRC, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. Other financial instrument assets include investments which are measured at fair value, with movements in unrealised gains as disclosed in note 10.

Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Programme related investments – properties

Properties which are used to help fulfil the charity's objectives are initially recognised at cost and measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect if necessary for any impairment. Any impairment losses are immediately recognised in the Statement of Financial Activities.

Investments

Some of the group's properties are held for long-term investment. The costs of investment properties include, where

14

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Accounting Policies (continued)

appropriate, interest on capital employed, capitalised during their development periods. Investment properties are accounted for in accordance with FRS 102, as follows:

The carrying values of investments in subsidiaries are reviewed for impairment annually if events or changes in circumstances indicate the carrying value may not be recoverable.

Income

All income is included in the Statement of Financial Activities on a receivable basis. Where income is received in advance, it is carried forward as deferred income and is released in the period to which it relates.

Allocation of Costs

Charitable expenditure includes salary costs of staff employed at the centres, depreciation of fixed assets owned by NEA, interest paid on NEA's loans and other charitable expenditure. Support costs include the salary costs of the finance staff, depreciation of computer and other equipment and other administration expenditure. They are re-allocated to the other activities in line with expenditure on those activities. Governance costs comprise audit fees and other compliance costs.

Expenditure is charged on an accruals basis. Grants payable are included in the Statements of Financial Activities when approved and communicated to a third party to create a constructive obligation.

Foreign currencies transactions

Unsecured loans expressed in foreign currencies have been translated into sterling at the rates of exchange ruling at the year-end date. All exchange gains/losses have been reflected in the statement of financial activities.

Fund Accounting

Unrestricted general funds are funds that can be used in accordance with the charitable objects at the discretion of the Trustees. Designated funds are funds that are set aside by the Trustees out of general funds for specific future purposes or objects.

Restricted funds are funds that can only be used for specific purposes within the objects of the charity. Restrictions arise when specified by the donor(s).

Liabilities

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

Critical accounting estimates and judgements

In the application of NEA’s accounting policies, the Trustees are required to make judgements, estimates, and assumptions about the carrying amount of assets and liabilities, that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

Useful economic lives. The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

15

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Provisions. The Association makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience. See note 14 for the net carrying amount of the debtors.

Note 3 Donations

Donations include £278,705 (2023 – £243,142) for donations received by the various centres. No legacies were received during the year (2023 – nil). NEA is able to recover tax on donations received under GiftAid.

Income from charitable activities relates to residential fees, charges for courses and activities, and subscriptions.

As a charity, the Association is not liable to taxation on its income provided this is fully applied to the furtherance of its objects.

Note 4 Analysis of Expenditure

2023/24
Note
Staff costs
6a
Depreciation
9
Interest paid
5
Catering
Light & heat
Rent & rates
Maintenance
Replacements
Other costs
Audit
Support Costs
allocated pro rata
on other
expenditures.
Charitable
Grants
18
Total 2024
2022/23
Note
Staff costs
6a
Depreciation
9
Interest paid
5
Catering
Light & heat
Rent & rates
Maintenance
Replacements
Other costs
Audit
Support Costs
allocated pro rata
on other
expenditures.
Charitable
Grants
18
Total 2023		 Generatin
g funds
£
-
-
-
-
-
-
81,349
-
4,078
-
8,154
93,581
Generatin
g funds
£
-
-
4,570
-
4,492
-
107,567
-
30,601
-
12,672
159,902		 Residential
activity
centres
£
378,699
142,067
-
182,635
208,290
2,929
92,905
15,720
207,720
-
117,502
1,348,467
Residential
activity
centres
£
472,669
154,665
27,808
192,447
197,404
4,337
118,655
12,767
298,632
-
123,315
1,602,699		 Residential
& non-
residential
activities
£
94,015
29,223
-
45,779
44,559
-
24,491
2,786
49,596
-
27,725
318,174
Residential
& non-
residential
activities
£
113,686
29,097
-
42,229
22,775
7,216
22,031
4,602
102,865
-
29,651
374,152		 Clubs &
study
centres
Support
Costs
£
£
305,293
153,027
177,107
-
109,190
6,086
84,560
-
37,825
-
19,589
-
132,148
5,847
18,315
-
66,098
49,415
-
29,700
90,694
(244,075)
1,040,819
-
Clubs &
study
centres
Support
Costs
£
£
195,436
127,301
175,973
-
97,754
24,786
65,669
-
49,830
-
5,765
-
16,426
-
8,826
-
105,738
43,217
-
32,427
62,093
(227,731)
783,510
-		 2024 Total
£
931,034
348,397
115,276
312,974
290,674
22,518
336,740
36,821
376,907
29,700
-
2,801,041
8,700
2,809,741
2023 Total
£
909,092
359,735
154,918
300,345
274,501
17,318
264,679
26,195
581,053
32,427
-
2,920,263
5,510
2,925,773

16

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Note 5 Mortgage and loan interest
Interest on mortgages and bank loans
Note 6a Staff Costs
Wages and salaries
Social security costs
Employer's pensions contribution
The average weekly number of employees during the year was as
follows:
Charitable work: activities and operational
domestic/catering
Management and administration
No employee earned £60,000 per annum or more (2023 nil).		 2024
£
115,276
2024
£
860,849
56,300
13,885
931,034
2024
Actuals
9
37
2
48		 2023
£
154,918
2023
£
845,473
50,326
13,293
909,092
2023
Actuals
10
35
2
47

Note 6b Governance Structure and Key Management Personnel

The Association considers its key management personnel to be its Trustees. As set out in Note 7, their total employment benefits including employer pension contributions were £nil (2023: £nil). The Trustees delegate the day-to-day running of NEA to an Executive Committee of Trustees including the Chairman. They are in frequent contact and must refer major and strategic decisions to meetings of all the Trustees. For many years, there has been no chief executive; the two members of "headquarters" staff reporting to the Executive Committee. Each of the Association's centres has a Management Committee - formed of volunteers or employed staff as appropriate to the centre - with authority to run the activities in and from that centre in accordance with plans and budgets agreed with the Executive Committee.

Note 7 Emoluments of Trustees

No Trustee received any remuneration for his services during the year (2023 - nil). During the year 2023/24 NEA paid the travel costs of one Trustee amounting to £112 (2023 – one Trustee £757).

Note 8 Net income

Net income is shown after charging;

2024 2023
£ £
Depreciation 348,397 359,735
Auditor's remuneration - audit services 29,700 23,348
Loss/(Gain) on disposal of Tangible Fixed Assets (2,445) 44,533
Loss/(Gain) on disposal of Programme Related Investments - (50,290)
Loss/(Gain) on Liquidation of Subsidiaries - (20,713)

17

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Note 9 Tangible Fixed Assets

9 Tangible Fixed Assets
Cost or valuation:
At 1st October 2023
Additions during the year
Disposals
At 30th September 2024
Depreciation
At 1st October 2023
Charge for the year
Depreciation on disposal
At 30th September 2024
Net Book Value
At 30th September 2024
At 30th September 2023		 Land &
Buildings
£
25,511,376
1,447,955
-
26,959,331
5,494,260
336,027
-
5,830,287
21,129,044
20,017,116		 Furniture &
Fittings
£
66,910
-
-
66,910
66,910
-
-
66,910
-
-		 Motor
Vehicles
£
141,744
4,179
-
145,923
118,414
12,370
-
130,784
15,139
23,330		 Total
£
25,720,030
1,452,134
-
27,172,164
5,679,584
348,397
-
6,027,981
21,144,183
20,040,446

The details of fixed assets are as follows - these revaluations have been taken as deemed costs following the transition to FRS102:

Land and buildings
At cost
Transfers to Programme Related Property Investments
At Trustees' valuation - 2018
At professional valuation - 1996
At professional valuation - 1993		 2024
£
26,778,238
(6,112,628)
667,562
1,601,159
4,025,000
26,959,331		 2023
£
25,330,283
(6,112,628)
667,562
1,601,159
4,025,000
25,511,376

18

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Included in land and buildings is an amount of £2,069,644 (2023 – £665,937) in respect of modification and refurbishment projects in progress, which is not depreciated. Subject to planning permissions these projects should be completed within five years.

A number of charges are in existence over the individual properties held by the organisation, as described in Note 15.

The net book value of land and buildings comprises:

The net book value of land and
buildings comprises:
Freehold
Long leasehold		 2024
£
20,549,868
579,176
21,129,044		 2023
£
19,418,634
598,482
20,017,116

Note 10a Fixed Asset Investments

At 30th September, fixed asset investments comprised the following:

Investment Properties (Note 10c)
Listed investments at market value
Investments in subsidiary
undertakings
10b Programme Related Property Investments
Brought forward
Disposals
Carried forward		 2024
£
5,349,000
83,339
7,167,002
12,599,341
2024
£
-
-
-		 2023
£
5,278,622
79,322
7,167,002
12,524,946
2023
£
5,049,584
(5,049,584)
-

Note 10b Programme Related Property Investments

The 2023 disposal refers to 3 and 2 Orme Court, London W2 which were transferred to another charity.

19

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Note 10c Investment Properties

10c Investment Properties
Brought forward
Trustees’ Revaluation
Disposals
Carried forward		 2024
£
5,278,622
70,378
-
5,349,000		 2023
£
5,128,622
150,000
-
5,278,622

Note 10d Investment in Subsidiary Companies

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

capital are as follows:
Proportion of
Holding Voting Rights
and Shared		 Nature of
Business
Held
Subsidiary undertakings
Netherhall Residences plc Ordinary shares 100% In
Liquidation
New Netherhall Residences plc Ordinary shares 100% In
Liquidation
Netherhall International College Limited Ordinary shares 100% Education

Since their incorporation Netherhall Residences plc and New Netherhall Residences plc had had leases on parts of Netherhall House and rented rooms to student residents. On 30 May 2022 they decided to surrender the leases to the Charity and cease to trade from that date, the provision of accommodation subsequently being carried out by the Charity. At the time of signing these accounts approval was awaited from HMRC for their liquidation; and the Charity’s investment in these subsidiaries is still reflected in the balance sheets for 30 September 2023. A surplus of £20,713 arising from this transaction has been taken to Statement of Financial Activities for 2022/23.

The intended business of Netherhall International College Limited is English language courses. The Company is dormant.

All of the subsidiaries are incorporated in England and registered in England and Wales.

20

Netherhall Educational Association - Year to 30th September 2024 Notes to the Financial Statements (continued)

Note 11 Debtors and Prepayments
Recoverable from HMRC
Other debtors
Prepayments
Note 12 Cash at bank and in hand
Restricted
Unrestricted
Note 13 Creditors: Amounts falling due within one year
Secured mortgage loans (Note 15)
Other unsecured loans (Note 16)
Other taxes and social security
Other creditors
Accruals and deferred income
Amounts owed to subsidiaries
Deferred Rental Income
Balance as at 1st October 2023
Released during the year
Deferred during the year
Balance carried forward at 30th September 2024		 2024
£
192,918
206,680
182
399,780
2024
£
45,027
663,177
708,204
2024
£
186,703
644,729
5,173
73,613
911,373
194,792
2,016,383
2024
£
38,693
(38,693)
38,693
38,693		 2023
£
67,872
11,084
-
78,956
2023
£
44,933
933,841
978,774
2023
£
450,496
1,191,745
22,721
91,663
198,912
195,392
2,150,929
2023
£
34,167
(34,167)
38,693
38,693

21

Netherhall Educational Association - Year to 30th September 2024 Notes to the Financial Statements (continued)

Note 14 Creditors: Amounts falling due after more than one year

2024
£
Secured mortgage loans (see Note 15)
- repayable after more than one
year but within five years
859,807
- repayable after more than five
years
359,827
Unsecured loans (see Note 16)
- repayable after more than one
year but within five years
1,104,735
- repayable after more than five
years
-		 2024
£
1,219,634
1,104,735
2,324,369		 2023
£
592,908
876,415
329,826
-		 2023
£
1,469,323
329,826
1,799,149

Note 15 Secured Loans

All secured loans are secured on the freehold property. Interest is payable at both fixed and variable rates which, as at 30th September 2024, ranged between 1.86% to 4.0% above bank base-rate.

Secured loans due after more than one year are repayable by instalments until they are fully paid off in 2042.

Amounts falling due:
in one year or less on demand
in more than one year but not more than two years
in more than two years but not more than five years
in more than five years
Total Secured Loans
Less: included in creditors –
amounts falling due within one year (Note 13)
Note 16 Unsecured Loans
Amounts falling due:
in one year or less, or on demand
after one year but within five years
Total Unsecured Loans
Less: included in creditors –
amounts falling due within one year (Note 13)		 2024
£
186,703
199,165
660,642
359,827
1,406,337
186,703
1,219,634
2024
£
644,729
1,104,735
1,749,464
(644,729)
1,104,735		 2023
£
450,496
151,707
441,201
876,415
1,919,819
(450,496)
1,469,323
2023
£
1,191,745
329,826
1,521,571
(1,191,745)
329,826

Note 17 Taxation

As a charity NEA is exempt from both income and corporation tax as set out in Section 505 of the Income and Corporation Taxes Act 1988.

22

Netherhall Educational Association - Year to 30th September 2024 Notes to the Financial Statements (continued)

Note 18 Analysis of Designated and Restricted Resources

2023/2024
Designated Funds
Memorial Funds
Jeremy White Fellowship
Michael Richards
Richard Stork
Fixed Assets
less debt associated with assets
TOTAL DESIGNATED
Restricted Funds
Jeremy White Memorial
Bursary Fund
International Projects
Saxum Project, Jerusalem
TOTAL RESTRICTED
2022/2023
Designated Funds
Memorial Funds
Jeremy White Fellowship
Michael Richards
Richard Stork
Fixed Assets
less debt associated with assets
TOTAL DESIGNATED
Restricted Funds
Jeremy White Memorial
Bursary Fund
International Projects
Fundación Cardenas Rosales
Pontifical University of the
Holy Cross, Italy
Saxum Project, Jerusalem
TOTAL RESTRICTED		 Opening
Balance
1st Oct 23
Donation
incl.
GiftAid
Income
Credited
Payments
Transfers
Closing
Balance
30th Sep 24
£
£
£
£
£
£
544,197
-
5,442
-
-
549,639
10,406
-
104
-
-
10,510
10,000
-
100
-
-
10,100
25,269,068
-
-
-
1,156,344
26,425,412
(2,179,707)
-
-
-
(1,112,687)
(3,292,394)
23,653,964
-
5,646
-
43,657
23,703,267
9,356
-
94
-
-
9,450
35,577
-
-
-
-
35,577
44,933
-
94
-
-
45,027
Opening
Balance
1st Oct 22
Donation
incl.
GiftAid
Income
Credited
Payments
Transfers
Closing
Balance
30th Sep 23
£
£
£
£
£
£
538,809
-
5,388
-
-
544,197
10,303
-
103
-
-
10,406
-
10,000
-
-
-
10,000
37,395,865
-
-
-
(12,126,797)
25,269,068
(8,254,020)
-
-
-
6,074,313
(2,179,707)
29,690,957
10,000
5,491
-
(6,052,484)
23,653,964
9,263
-
93
-
-
9,356
42,475
-
-
(42,475)
-
-
6,875
-
(5,510)
(1,365)
-
35,397
180
-
-
-
35,577
87,135
7,055
93
(5,510)
(43,840)
44,933

23

Netherhall Educational Association - Year to 30th September 2024 Notes to the Financial Statements (continued)

Note 19 Movement on Reserves

2023/2024
Unrestricted:
General
Designated
Restricted:
2022/2023
Unrestricted:
General
Designated
Restricted:		 At 1st
October
2023
Income
Expenditure
Investment
(Loss)/Gain
(unrealised)
Exchange
differences
Transfers
in Year
At 30th
September
2024
£
£
£
£
£
£
£
5,974,147
3,564,368
(2,809,741)
74,394
2,951
(43,657)
6,762,462
23,653,964
5,646
-
-
-
43,657
23,703,267
44,933
94
-
-
-
-
45,027
29,673,044
3,570,108
(2,809,741)
74,394
2,951
-
30,510,756
At 1st
October
2022
Income
Expenditure
Investment
(Loss)/Gain
(unrealised)
Exchange
differences
Transfers
in Year
At 30th
September
2023
£
£
£
£
£
£
£
(204,902)
2,793,771
(2,920,263)
150,000
59,217
6,096,324
5,974,147
29,690,957
15,491
-
-
-
(6,052,484)
23,653,964
87,135
7,148
(5,510)
-
-
(43,840)
44,933
29,573,190
2,816,410
(2,925,773)
150,000
59,217
-
29,673,044

24

Netherhall Educational Association - Year to 30th September 2024 Notes to the Financial Statements (continued)

Note 20 Analysis of Assets between Funds

as at 30th September 2024

Unrestricted:
General
Designated
(see Note 18)
Restricted:		 Fixed
Assets
£
7,318,112
26,425,412
-
33,743,524		 Current
Assets
£
1,062,957
-
45,027
1,107,984		 Creditors:
Amounts
falling due
within 1 year
Amounts falling
due after 1 year
£
£
(1,048,358)
(570,249)
(968,025)
(1,754,120)
-
-
(2,016,383)
(2,324,369)		 Total
£
6,762,462
23,703,267
45,027
30,510,756

as at 30th September 2023

Unrestricted:
General
Designated
(see Note 18)
Restricted:		 Fixed
Assets
£
7,296,324
25,269,068
-
32,565,392		 Current
Assets
£
448,194
564,603
44,933
1,057,730		 Creditors:
Amounts
falling due
within 1 year
Amounts falling
due after 1 year
£
£
(1,770,371)
-
(380,558)
(1,799,149)
-
-
(2,150,929)
(1,799,149)		 Total
£
5,974,147
23,653,964
44,933
29,673,044

Note 21 Related Party Transactions

Mr X Bosch is a trustee of the Opus Dei Charitable Trust which paid £31,000 (2023 - £5,000) to NEA towards the expenses of running 4–6 Orme Court. Mr Bosch and Mr J Valero are trustees of the Greygarth Association which at 30th September 2024 had made an unsecured loan of £43,133 (2023 - £69,133) with NEA.

Mr Bosch, Dr Curtis, Dr Hegarty, and Mr Valero are members of the resident management teams of some of the centres of NEA. They are required to live in, and receive free accommodation at, the centre whose activities they help organise. This is on the same basis as other non-trustee members of those management teams.

25

Netherhall Educational Association - Year to 30th September 2024

Notes to the Financial Statements (continued)

Note 22 Notes to the Statement of Cash Flows

(a) Reconciliation of net income for the year to net cash inflow from operating activities.
2024
£
Net income for the year
837,712
Interest receivable
(13,779)
Interest payable
115,276
Unrealised gain/(loss) on investments
(4,017)
Depreciation
348,397
Revaluation of investments
(70,378)
Loss on disposal of fixed assets
-
Decrease/(increase) in debtors and prepayments
(320,824)
Disposal of programme related assets
-
(Decrease)/increase in creditors and accruals
676,263
Liquidation of subsidiaries
-
Net cash inflow from operating activities
1,568,650
(b) Analysis of changes in net debt.
At 1st
October
Cash
2023
Flow
£
£
Cash at bank and in hand
978,774
(270,570)
978,774
(270,570)
Debt due within one year
(1,642,241)
810,809
Debt due after one year
(1,799,149)
(525,220)
Net debt
(2,462,616)
15,019		 2023
£
99,854
154,918
(13,656)
359,735
(150,000)
3,972
(13,483)
(50,290)
199,445
(20,713)
569,782
At 30th
September
2024
£
708,204
708,204
(831,432)
(2,324,369)
(2,447,597)

Note 23 Operating lease commitments

At the reporting end date NEA had contracted - with minimum lease payments as shown, with the following:
2024
2023
£
£
Cognita Limited for Southbank School at 16 Netherhall Gardens, London NW3
Within one year
320,000
320,000
Between two and five years
1,280,000
1,280,000
In over 5 years
293,333
613,333
Total
1,893,333
2,213,333		 At the reporting end date NEA had contracted - with minimum lease payments as shown, with the following:
2024
2023
£
£
Cognita Limited for Southbank School at 16 Netherhall Gardens, London NW3
Within one year
320,000
320,000
Between two and five years
1,280,000
1,280,000
In over 5 years
293,333
613,333
Total
1,893,333
2,213,333

Within one year
Between two and five years
In over 5 years
Total
2,213,333

Note 24 Post Balance Sheet events.

During 2023/24, NEA entered into an agreement to sell the property at 1 Leopold Road, London W5 in which it operated its former centre, Westpark; completion on the sale took place in December 2024. In March 2025 NEA purchased a property in Birmingham for use as a centre for activities. NEA has also transferred the property at 1 Orme Court to another charity, after which it made a £2m fixed-term investment.

26