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 2025
Netherhall Educational Association
(Limited by Guarantee) Company Information
Trustees
J. Valero, MSc, DIC (Chairman) X. Bosch, BA, FCA A.J. Curtis, MA, PhD A.J. Hegarty, MA, DPhil R Rosales PhD E.A.V Thompson H Trust MA A. Tucker (resigned 29 May 2025)
Secretary A. Tucker
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
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Netherhall Educational Association
(Limited by Guarantee)
Trustees’ Annual Report 30th September 2025
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 2025. 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 2025 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:
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academic and professional development which enables men and women to do their work well, and to be more aware that study and work are principal means both of personal growth and of serving others;
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social development which promotes understanding and empathy with others regardless of background, race or creed, and fosters friendships and co-operation across cultural divides;
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character development which is founded on human virtues such as sincerity, loyalty, self-discipline, service to others and a spirit of hard work, with a deep appreciation of personal freedom and the corresponding responsibility; and
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spiritual development which allows men and women to find God in their family and working lives and to practise Christian principles and ideals.
Activities and Public Benefit
To achieve the aims set out above, NEA
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owns and operates a variety of centres in Great Britain, including halls of residence for students in higher education, clubs with study facilities for young people, vocational training centres, and venues for residential courses and seminars;
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supports a number of educational and social projects outside Great Britain whose aims are consonant with its own.
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.
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Netherhall Educational Association
(Limited by Guarantee) Trustees’ Annual Report 30[th] September 2025 (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 2024/25 is described under the four headings shown in the Review of Performance.
Plans for Future Periods
During the year 2024/25 NEA on the one hand continued to detail its plans for the development of halls of residence and residential conference centres; 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 late 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 2024/25 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 Local Projects
Target : obtain funding to provide support for selected projects consonant with NEA’s objectives.
During 2024/25, NEA received donations for local projects of £8,456.26. This comprised £1,000 from Fundación Linguam in support of the Grandpont Summer School and £7,456.26 from Fundación Bosch Potensa in support of the Grandpont Project. The funds were awarded by NEA's Trustees following appropriate due diligence.
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Netherhall Educational Association
(Limited by Guarantee)
Trustees’ Annual Report 30th September 2025 (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 amounted to £1,451,696 compared to £1,746,010 in the previous year. Through the local management committees, the Trustees continue to review the balance between regular and one-off donations with a view to ensuring a sustainable year-on-year increase in recurring contributions. They recognise and greatly appreciate the wide base of supporters who not only contribute financially to the work of NEA but also volunteer their time in furtherance of its charitable objectives. The Trustees remain confident that, with the continued generosity and commitment of supporters, the charity will be able to continue progressing its mission effectively.
Target : the administration of other income streams which enable capital repayments to be made.
Income from Charitable Activities and Investments amounted to £1,787,029 in 2024/25 compared to £1,613,035 the previous year. Taking into account operational expenditure and investment revaluations, NEA was able to add £3,668,118 to its reserves compared with £678,740 the previous year. The increase in reserves was driven by the realised gain on the disposal of fixed asset properties and investment movements. The Trustees welcome the strengthening of the charity's financial position while continuing to focus on maintaining sustainable income streams to support its long-term charitable activities.
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 commence in April 2026. NEA obtained confirmation of planning consent for Grandpont House and continued the development of the architectural project for the Netherhall House site, which is expected to progress further during 2025.
With the assistance of local supporters and appropriate professionals, NEA also identified sites for future centres in Glasgow and Birmingham. During 2024 (Glasgow) and 2025 (Birmingham), properties in those cities were purchased and activities commenced ahead of the 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:
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to human life and welfare, by the adoption of health & safety policies and training;
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to young or vulnerable people, by having in place suitable policies and procedures;
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to incoming resources from non-charitable rental income, by suitable insurance;
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to operational and investment tangible assets, by appropriate maintenance and insurance; and
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to charity resources, by appropriate control procedures.
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.
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Netherhall Educational Association (Limited by Guarantee)
Trustees’ Annual Report 30th September 2025 (continued)
Review of Subsidiaries
Netherhall Residences plc and New Netherhall Residences plc – whose principal activity was the provision of rented accommodation at Netherhall House – had previously surrendered their leases on parts of Netherhall House to the Charity with effect from 30 May 2022 and ceased trading activities, with the provision of accommodation subsequently being undertaken directly by the Charity.
At 30 September 2025, the subsidiaries remained in liquidation. Both companies were subsequently dissolved in March 2026
Netherhall International College’s intended principal activity is the provision of short English language courses during summer vacations at Netherhall House. The company remained dormant throughout the year ended 30 September 2025.
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.
During the year, the Trustees invested £2 million in UK Government gilts as part of the charity's investment strategy. The investment was made to preserve capital while generating a secure level of income, in line with the Trustees' objective of managing the charity's funds prudently and maintaining sufficient liquidity to support its charitable activities. 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 2025 amounted to £34,019,902 (2024 £30,351,784) of which £9,545 (2024 £45,027) were restricted. The Trustees have designated £575,951 (2024 £570,249) for three named memorial funds generally in support of students, and £31,602,299 (2024 £23,133,018) representing the net book value of NEA's operational and investment properties less associated outstanding borrowings. Therefore, NEA’s free unrestricted funds stood at £1,832,107 (2024 £6,603,490 – as restated – see Prior year adjustment in accounting policies on page 13). This represents just over two years’ annual expenditure and will be reduced to pay for future capital development. NEA's longer-term policy is to work towards a situation where yearon-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 2025 (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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP FRS102;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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they have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Date: 21.07.26
Jack Valero Chairman
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 2025 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:
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give a true and fair view of the state of the charitable company’s affairs as at 30 September 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006, the Charities SORP 2019, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
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:
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the information given in the trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees’ report has been prepared in accordance with applicable legal requirements.
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:
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adequate and sufficient accounting records have not been kept by the charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
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the charitable company’s financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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.
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
24.07.2026
9
Netherhall Educational Association - Year to 30th September 2025 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 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 24 Total Expenditure Realised gains/(losses) Fixed asset Investment property Unrealised gains/(losses) Investment properties. Listed investments Exchange differences Net Income/ (Expenditure) Transfers between Funds 19 Net Movements in funds Balance Brought Forward Total Funds 19/20 |
Unrestricted Designated Restricted Total Funds Funds Funds Funds 2025 2025 2025 2025 £ £ £ £ 1,046,834 - - 1,046,834 1,401,696 - 50,000 1,451,696 678,409 - - 678,409 55,989 5,702 95 61,786 91,344 - - 91,344 219,796 - - 219,796 3,494,068 5,702 50,095 3,549,865 (140,572) - - (140,572) (1,545,200) - - (1,545,200) (358,952) - - (358,952) (965,369) - (965,369) (316,655) - (85,577) (402,232) (3,326,748) - (85,577) (3,412,325) 3,516,791 - - 3,516,791 25,000 - - 25,000 (37,000) - - (37,000) 22,365 - - 22,365 3,422 - - 3,422 3,697,898 5,702 (35,482) 3,668,118 (8,469,281) 8,469,281 - - (4,771,383) 8,474,983 (35,482) 3,668,118 6,603,490 23,703,267 45,027 30,351,784 1,832,107 32,178,250 9,545 34,019,902 |
As restated Total Funds 2024 £ 836,685 1,746,010 762,571 13,779 52,091 - |
|---|---|---|
| 3,411,136 | ||
| (93,581) (1,348,467) (318,174) (1,040,819) (8,700) |
||
| (2,809,741) | ||
| - - 70,378 4,016 2,951 |
||
| 678,740 - |
||
| 678,740 29,673,044 |
||
| 30,351,784 |
10
Netherhall Educational Association - Year to 30th September 2025 Balance Sheet at 30th September 2025
| 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 Assets / (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 |
2025 £ 280,571 872,947 1,153,518 (744,240) 555,135 10,615 10,201 31,602,299 9,545 - |
2025 £ 27,589,239 7,356,958 34,946,197 409,278 35,355,475 (1,335,573) 34,019,902 1,832,107 32,178,250 9,545 34,019,902 |
As restated 2024 £ 240,808 708,204 949,012 (2,016,383) 549,639 10,510 10,100 23,133,018 9,450 35,577 |
As restated 2024 £ 21,144,183 12,599,341 |
|---|---|---|---|---|
| 33,743,524 (1,067,371) |
||||
| 32,676,153 (2,324,369) |
||||
| 30,351,784 | ||||
| 6,603,490 23,703,267 45,027 |
||||
| 30,351,784 |
The notes on pages 13 onwards form part of these financial statements.
Approved and authorised by the Council on 21 July 2026
Trustee
Company Number 793583
11
Netherhall Educational Association - Year to 30th September 2025 Cash Flow Statement
| 12 Notes 2025 £ Net Cash Inflow from Operating Activities 22 Returns on Investments and Servicing of Finance Bank interest paid (96,655) Interest received 41,077 Net Cash Outflow from Returns on Investments and Servicing of Finance Taxation Capital Expenditure and Financial Investment Payments to acquire tangible fixed assets (1,120,329) Payments on acquisition of Listed investments (2,000,000) Receipts on disposal of Investment properties 105,000 Receipts on disposal of tangible fixed assets 5,018,293 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 (1,304,739) 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) |
2025 £ (477,904) (55,578) - 2,002,964 1,469,482 (1,304,739) 164,743 2025 £ 164,743 - 1,304,739 1,469,482 (2,447,597) (978,115) |
2024 £ (115,276) 13,779 (1,452,134) - - - - (285,589) |
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) | |||
Netherhall Educational Association - Year to 30th September 2025
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:
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ownership of various properties, the financing of the related mortgages, fund-raising activities, and general administration are the responsibility of the Association;
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the properties are run as independent centres and their operation is the responsibility of the various local management committees; they are run according to the principles of the Association, and to achieve its objects.
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 of accounting is appropriate and have considered possible events or conditions that might cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.
In making this assessment, the Trustees have considered the charity's forecasts, budgets and cash flow projections, including the reduction in voluntary income during the year, together with the timing of future income and expenditure. They have also considered the charity's available cash resources and the profile of its outstanding loan repayments, noting the significant reduction in borrowings during the year.
NEA continues to benefit from a wide base of long-term supporters who contribute through voluntary donations and, in some cases, interest-free loans in support of the charity's activities.
Having reviewed these matters, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for twelve months from the date of these accounts. Accordingly, they continue to adopt the going concern basis in preparing these 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 and were dissolved in March 2026. NEA’s other subsidiary company is dormant. Thus, as in 2023/2024, these accounts are those of Netherhall Educational Association alone, and comparative figures given relate merely to this Company.
Prior year adjustment
During the year, an error was identified in relation to income recognised in the prior year. A duplicate sales invoice of £117,772 and an incorrectly issued invoice of £41,200 had been recognised as income. The comparative figures have been restated to correct the overstatement of income and debtors by £158,972.
13
Netherhall Educational Association - Year to 30th September 2025
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 2025
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:
-
investment properties are revalued, and the aggregate surplus or deficit is transferred to the investment property revaluation reserve; where the total of the investment property revaluation reserve is insufficient to cover a deficit the excess is charged in the Statement of Financial Activities; and
-
no depreciation is provided in respect of freehold investment properties.
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 2025
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 11 for the net carrying amount of the debtors.
Note 3 Donations
Donations include £183,740 (2024 – £278,705) for donations received by the various centres. No legacies were received during the year (2024 – 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
| 2024/25 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 24 Total 2025 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 24 Total 2024 |
Generatin g funds £ - - - - - - 120,362 - 4,579 - 15,631 140,572 Generatin g funds £ - - - - - - 81,349 - 4,078 - 8,154 93,581 |
Residential activity centres £ 398,683 136,119 - 314,209 150,801 2,754 171,125 2,865 196,816 - 171,828 1,545,200 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 & non- residential activities £ 70,667 29,223 - 41,064 49,645 - 24,166 - 104,271 - 39,916 358,952 Residential & non- residential activities £ 94,015 29,223 - 45,779 44,559 - 24,491 2,786 49,596 - 27,725 318,174 |
Clubs & study centres Support Costs £ £ 331,788 126,428 174,431 - 84,981 11,674 67,544 - 41,944 - 14,831 17,073 79,486 5,003 300 - 62,714 159,314 - 15,233 107,350 (334,725) 965,369 - 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 - |
2025 Total £ 927,566 339,773 96,655 422,817 242,390 34,658 400,142 3,165 527,694 15,233 - |
|---|---|---|---|---|---|
| 3,010,093 402,232 |
|||||
| 3,412,325 | |||||
| 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 |
16
Netherhall Educational Association - Year to 30th September 2025
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 |
2025 £ 96,655 2025 £ 841,864 71,317 14,385 927,566 2025 Actuals 10 38 3 51 |
2024 £ 115,276 |
|---|---|---|
| 2024 £ 860,849 56,300 13,885 |
||
| 931,034 | ||
| 2024 Actuals 9 37 2 |
||
| 48 |
No employee earned £60,000 per annum or more (2024 nil).
Note 6b Governance Structure and Key Management Personnel
The Association considers its key management personnel to be its Trustees and Chief Executive Officer. As set out in Note 7, the Trustees received no remuneration or employment benefits during the year (2024: £nil). On 1 December 2025, after the period of these accounts, NEA appointed Andrew Tucker as Chief Executive Officer following a project managed by Saxton Bamfylde to help NEA conduct a full, fair and open recruitment process
During this year the Trustees delegated 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 "headquarters" staff members have reported directly to the Executive Committee. From next year onwards the management will be led by the new Chief Executive Officer.
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 (2024 - nil). During the year 2024/25 NEA paid the travel costs of one Trustee amounting to £288 (2024 – one Trustee £112).
Note 8 Net income
Net income is shown after charging;
| Net income t income is shown after charging; |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Depreciation | 339,773 | 348,397 |
| Auditor's remuneration - audit services | 15,233 | 29,700 |
| Loss/(Gain) on disposal of Tangible Fixed Assets | (3,516,791) | (2,445) |
| Loss/(Gain) on Liquidation of Subsidiaries | (219,796) | - |
17
Netherhall Educational Association - Year to 30th September 2025
Notes to the Financial Statements (continued)
Note 9 Tangible Fixed Assets
| 9 Tangible Fixed Assets | ||||
|---|---|---|---|---|
| Cost or valuation: At 1st October 2024 Additions during the year Transfers from investments Disposals At 30th September 2025 Depreciation At 1st October 2024 Charge for the year Depreciation on disposal At 30th September 2025 Net Book Value At 30th September 2025 At 30th September 2024 |
Land & Buildings £ 26,959,331 1,093,829 7,166,002 (2,007,305) 33,211,857 5,830,287 328,109 (505,803) 5,652,593 27,559,264 21,129,044 |
Furniture & Fittings £ 66,910 - - - 66,910 66,910 - - 66,910 - - |
Motor Vehicles £ 145,923 26,500 - - 172,423 130,784 11,664 - 142,448 29,975 15,139 |
Total £ 27,172,164 1,120,329 7,166,002 (2,007,305) |
| 33,451,190 | ||||
| 6,027,981 339,773 (505,803) |
||||
| 5,861,951 | ||||
| 27,589,239 | ||||
| 21,144,183 |
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 from investments Transfers to Programme Related Property Investments At Trustees' valuation - 2018 At professional valuation - 1996 At professional valuation - 1993 |
2025 £ 25,864,762 7,166,002 (6,112,628) 667,562 1,601,159 4,025,000 33,211,857 |
2024 £ 26,778,238 - (6,112,628) 667,562 1,601,159 4,025,000 |
|---|---|---|
| 26,959,331 |
18
Netherhall Educational Association - Year to 30th September 2025
Notes to the Financial Statements (continued)
Included in land and buildings is an amount of £2,236,384 (2024 – £2,069,644) 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 |
2025 £ 26,980,088 579,176 27,559,264 |
2024 £ 20,530,562 598,482 |
| 21,129,044 |
Note 10a Fixed Asset Investments
At 30th September, fixed asset investments comprised the following:
| Investment Properties (Note 10c) Listed investments at market value (Note 10b) Investments in subsidiary undertakings 10b Listed Investments Cost or valuation Brought forward Additions Disposals Other movements – interest received and management fees Revaluation gains Carried forward |
2025 £ 5,232,000 2,123,958 1,000 7,356,958 2025 £ 83,339 2,000,000 - 18,254 22,365 2,123,958 |
2024 £ 5,349,000 83,339 7,167,002 |
|---|---|---|
| 12,599,341 | ||
| 2024 £ 79,322 - - - 4,017 |
||
| 83,339 |
Note 10b Listed Investments
19
Netherhall Educational Association - Year to 30th September 2025
Notes to the Financial Statements (continued)
Note 10c Investment Properties
| 10c Investment Properties | ||
|---|---|---|
| Brought forward Trustees’ Revaluation Disposals Carried forward |
2025 £ 5,349,000 (37,000) (80,000) 5,232,000 |
2024 £ 5,278,622 70,378 - |
| 5,349,000 |
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 |
Netherhall Residences plc and New Netherhall Residences plc ceased trading on 30 May 2022 following the surrender of their leases to the Charity, after which accommodation services were provided directly by the Charity. At 30 September 2025, the subsidiaries remained in liquidation. Both companies were subsequently dissolved in March 2026, resulting in the write-off of intercompany creditor balances and a surplus of £219,796.
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 2025
Notes to the Financial Statements (continued)
Note 11 Debtors and Prepayments
| Recoverable from HMRC Other debtors Amounts owed from subsidiaries 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 2024 Released during the year Deferred during the year Balance carried forward at 30th September 2025 |
2025 £ 195,503 43,429 2,696 38,943 280,571 2025 £ 45,122 827,825 872,947 2025 £ 198,740 316,749 14,101 59,168 155,482 - 744,240 2025 £ 38,693 (38,693) 37,324 37,324 |
As restated 2024 £ 192,918 47,708 - 182 |
|---|---|---|
| 240,808 | ||
| 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 |
21
Netherhall Educational Association - Year to 30th September 2025 Notes to the Financial Statements (continued)
Note 14 Creditors: Amounts falling due after more than one year
| 14 Creditors: Amounts falling due after more than | one year | ||
|---|---|---|---|
| 2025 £ Secured mortgage loans (see Note 15) - repayable after more than one year but within five years 916,312 - repayable after more than five years 103,888 Unsecured loans (see Note 16) - repayable after more than one year but within five years 315,373 - repayable after more than five years - |
2025 £ 1,020,200 315,373 1,335,573 |
2024 £ 859,807 359,827 1,104,735 - |
2024 £ 1,219,634 1,104,735 |
| 2,324,369 |
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 2025, 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 2033.
| 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) |
2025 £ 198,740 212,106 704,206 103,888 1,218,940 (198,740) 1,020,200 2025 £ 316,749 315,373 632,122 (316,749) 315,373 |
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 |
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 2025 Notes to the Financial Statements (continued)
Note 18 Analysis of Designated and Restricted Resources
| 2024/2025 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 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 |
Opening Balance 1st Oct 24 Donation incl. GiftAid Income Credited Payments Transfers Closing Balance 30th Sep 25 £ £ £ £ £ £ 549,639 - 5,496 - - 555,135 10,510 - 105 - - 10,615 10,100 - 101 - - 10,201 26,425,412 - - - 6,395,827 32,821,239 (3,292,394) - - - 2,073,454 (1,218,940) |
|---|---|
| 23,703,267 - 5,702 - 8,469,281 32,178,250 |
|
| 9,450 - 95 - - 9,545 35,577 50,000 - (85,577) - - |
|
| 45,027 50,000 95 (85,577) - 9,545 |
|
| 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 |
23
Netherhall Educational Association - Year to 30th September 2025 Notes to the Financial Statements (continued)
Note 19 Movement on Reserves
| 2024/2025 Unrestricted: General Designated Restricted: 2023/2024 Unrestricted: General Designated Restricted: |
At 1st October 2024 Income Expenditure Realised and unrealised gains and losses Exchange differences Transfers in Year At 30th September 2025 £ £ £ £ £ £ £ 6,603,490 3,494,068 (3,326,748) 3,527,156 3,422 (8,469,281) 1,832,107 23,703,267 5,702 - - - 8,469,281 32,178,250 45,027 50,095 (85,577) - - - 9,545 |
|---|---|
| 30,351,784 3,549,865 (3,412,325) 3,527,156 3,422 - 34,019,902 |
|
| As restated As restated At 1st October 2023 Income Expenditure Realised and unrealised gains and losses Exchange differences Transfers in Year At 30th September 2024 £ £ £ £ £ £ £ 5,974,147 3,405,396 (2,809,741) 74,394 2,951 (43,657) 6,603,490 23,653,964 5,646 - - - 43,657 23,703,267 44,933 94 - - - - 45,027 |
|
| 29,673,044 3,411,136 (2,809,741) 74,394 2,951 - 30,351,784 |
24
Netherhall Educational Association - Year to 30th September 2025 Notes to the Financial Statements (continued)
Note 20 Analysis of Assets between Funds
as at 30th September 2025
| Unrestricted: General Designated (see Note 18) Restricted: |
Fixed Assets £ 2,124,958 32,821,239 - 34,946,197 |
Current Assets £ 565,326 575,951 9,545 1,150,822 |
Creditors: Amounts falling due within 1 year Amounts falling due after 1 year £ £ (542,804) (315,373) (198,740) (1,020,200) - - (741,544) (1,335,573) |
Total £ 1,832,107 32,178,250 9,545 |
|---|---|---|---|---|
| 34,019,902 |
as at 30th September 2024
| Unrestricted: General Designated (see Note 18) Restricted: |
Fixed Assets £ 7,318,112 26,425,412 - 33,743,524 |
As restated Current Assets £ 903,985 - 45,027 949,012 |
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) |
As restated Total £ 6,603,490 23,703,267 45,027 |
|---|---|---|---|---|
| 30,351,784 |
Note 21 Related Party Transactions
Mr X Bosch is a trustee of the Opus Dei Charitable Trust which paid £nil (2024 - £31,000) 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 2025 had made an unsecured loan of £16,508 (2024 - £43,133) 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.
Andrew T resigned as a trustee on 29 May 2025 and was appointed as a consultant on an arms length, commercial basis with effect from 1 July 2025. At the year end the amounts outstanding in respect of these services was £nil.
25
Netherhall Educational Association - Year to 30th September 2025
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.
| Net income for the year Interest receivable Interest payable Unrealised gain/(loss) on investments Depreciation Realised gain investments Gain on disposal of fixed assets Decrease/(increase) in debtors and prepayments (Decrease)/increase in creditors and accruals Investment fees and interest within investments Net cash inflow from operating activities (b) Analysis of changes in net debt. Cash at bank and in hand Debt due within one year Debt due after one year Net debt |
At 1st October 2024 £ 708,204 708,204 (831,432) (2,324,369) (2,447,597) |
2025 £ 3,668,118 (41,077) 96,655 14,635 339,773 (25,000) (3,516,791) (39,763) (956,200) (18,254) (477,904) Cash Flow £ 164,743 164,743 315,943 988,796 1,469,482 |
As restated 2024 £ 678,740 (13,779) 115,276 (74,395) 348,397 - - (161,852) 676,263 - |
|---|---|---|---|
| 1,568,650 | |||
| At 30th September 2025 £ 872,947 |
|||
| 872,947 (515,489) (1,335,573) |
|||
| (978,115) |
Note 23 Operating lease commitments
At the reporting end date NEA had contracted - with minimum lease payments as shown, with the following:
| 2025 £ Cognita Limited for Southbank School at 16 Netherhall Gardens, London NW3 Within one year 320,000 Between two and five years 1,253,333 In over 5 years - Total 1,573,333 |
2024 £ 320,000 1,280,000 293,333 |
|---|---|
Within one year Between two and five years In over 5 years Total |
|
| 1,893,333 |
Note 24 Grants payable
| Grants to Siddington Trust Grants to Associazione ISSAF Other grants Total |
2025 £ 315,000 85,577 1,655 402,232 |
2024 £ - - 8,700 |
|---|---|---|
| 8,700 |
26
Netherhall Educational Association - Year to 30th September 2025 Notes to the Financial Statements (continued)
Note 25 Post Balance Sheet events.
Subsequent to the year end, the Charity's subsidiary companies, Netherhall Residences plc and New Netherhall Residences plc, completed the liquidation process and were dissolved following members' voluntary liquidations. In addition, during the period after the year end, £500,000 of the Charity's gilt investments matured in November 2025, with the remaining £1.5 million due to mature in July 2026.
27