2020-07-31-accounts

QUEEN ALEXANDRA COLLEGE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 Registered Numbers: Company: 03387540 Charity: 1065794

QUEEN ALEXANDRA COLLEGE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020 CONTENTS Page8 Chairfs Introductory Stslement Report ofthe Govemors Auditorfs Report 15 Consolidated Statement of Financial Activf(ies and Income and Expenditure A¢￿Unt 18 College Statement of Financial Acb'vib"es and Inwme and Expendilure Actounl 19 Consdidated Balance Sheet 20 Colkge Balance Sh&t 21 ConsolKlated Cash Flow Statement Notes on the Financial Stsiements 23

QUEEN ALEXANDRA COLLEGE CHAIR'S INTRODUCTORY STATEMEI Adaptation and Innovation The 2019120 %8dern￿ year has been a year of adaptation and innovabon. The strategy to ensure that the College continues lo flourish In an environmentof continued funding pressures, whilst remaining essential, haj lo take wond pbce for 8 while as we very quickly adapted to allow sludenis to leam from home during the tockdown. I coukl not be prouder of the way that staff, students and Ca￿rS rose to the consKlerable challenges involved. Teaching continued for all students ￿ther online, via paper based infomialK)n or a mixiure of tx)th and stsff recorded numerous hours of virtual lessons and aclwilies. Given that our cohort of students have such a wide variety of needs and a wide stkctrum of silualK)ns al home. stsff adapleoj their approach to ensure that work was avaiL8ble and that the (x)ll￿e stayed in touch wrth all karners. The team We￿ well aware ofthe challenges of home studying, enabling support stsff and the behavDurteam lo work wth carers lo ensure that students remained safe and engaged during this t'me. During lockdown we also wotked wlh Natpsec and other Nalspec member colleges to capture and share effethve leaming at home for young people with special educ2b.onal needs and disabilth'es ISENDI. Seven QAC staff memters were noted as supporting the research into best prath'￿ of remote learning. Natspec's ne￿Y developed Home Learning websrte provided advice, guidance. tools and resour￿ on ￿arnIng materials, monitoring prcgws, support for familEs and wellbeing, therapy provision and Iransrtion in and out of college. Not business a8 usual As well as the effect on students, the pandemic and lockdown had a huge impact on our subsidiary company, QAC Enterprises, wrth exhibili)ns such as s￿h1 Village and Autism Central having to be Frf)sW)ned. As well as leawng a hole in the income ofthe organisabon, delaying these eventswas a real blowto disabled members oflhe public. their carers and professional stsff as the exhibitions are a key source of information about prcllucts and services av8ilable. s a direct consequence, we hosted our first virtual Sight Village event in July featupng pre-r￿[ded promot'onal vKleos from 23 exhibitors. The event was eXt￿melY popular and the Facebook posts on the QAC page across both days reached 24.333 people, wth 2.039 resFcnding posih'vely. We also saw a 168010 increase in 'page likes" for the Sight VilLege F￿1)Qok page and a 2020/0 Increase in page views compared to the prevk)us month. The vKleos upbaded lo YouTute cumulab'vely achieved 5.816 vEws, and those uploaded to Fa￿￿￿)k achEved 8,758 views. AIIFormats, our transcripb'on service, saw a lemtK)rary ￿Ssab.0n of worf( whiL%l safe wotking praCti￿S lo allow ft)r social distancing were imp￿Mented and then work resumed using shrft working and bubbles as well as other measures lo safeguard stsff. These measures enabled us quickly lo retum lo nomial levels of aclwity. Natspe¢ Awards 2020 We were delighted lo be shortlisled in the inaugural 2020 Nalspec Awards, under the category of WdltrEing and Mental Health,. These awards aim to reccgnise and celebrate innovation and excellent pfftct￿e in the specialist further education sector. Sadly, QAC didn't wn bul rt was a great achievement to be shortlisled and recognised in such a way. Governance The College continues lo be overseen by the Board of Govemors, supky)rted by our G0Veman￿ Director, and reinfor￿ by key sub<ommittees covering Curriculum & Quality, Finance & General Purposes, Sludenl SeN￿s and Search & Governance. OurAudil Committ* includes ￿ indeFendenl members, one ofwhom is ils chair, wh￿h provides addibonal scruts'ny. I should like to thank all of the board and committee members for their ￿nStruct￿e support and dedicab.on thr(}ugh￿t this year. The Board ofGovemors continues lo evolve as people reach the end of their lems ofoffice. Bill Houle, a bng serving member, left al the end of the year and I would like to thank Bill for his contribution to the Board, and part￿ul8r1Y ft)r his enthusiasm and his wllingness to share his knowledge on propety matters. During the year we saw the resignats'on of Dur academic Staff Governor Ben Turner and I should like lo express our thanks to him for the work he put in. Further, Work has b￿n taking place on our succes3K)n plan, wh￿h will help lo improve the diversity ofthe Board and better to refl￿t the local community. Our intemal and extemal auditors have gThien approprigte assuran￿ as tothe effectweness ofour systems of internal contrc4.

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QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS The ())vernors. who are also the Trustees. present their report and the audrted finanaal statements of Queen Akxandra Cdlege Ilhe'college, or Ihe'company'l for the year ended 31 July 2020, CONSTITUTION AND PRINCIPAL ACTIVITIES Queen Alexandra College IQACI is a Speu8list College for young people and adults di%abililies. The cornpany is limited by guarantee and h8s no share capitsl. The liabilty of each member shall not exceed £1 The company was incorporated on 17 June 1997 IComp8ny No." 033875401 and is govemed by its Memorandum and Arts'cles of Assoa2b"on. as amended by special resolutions dated 29 Septemter 1997, 13 Juty 1998 and 6 December 1999. The Cunpany is a registered charity, number 1(A5794. The College was part of Bimingham Royal Insli(ulion for the Blind IBRIBI until 31 December 1997 when its operations were transferred to a separate company. Principal Connected organisalions are as follows.. Birniingharn Royal Institution for the Bllnd {BRIBI Bimiingham Royal Instrtution for the Blind owns the main campus premLses cccupied by the College. They charge rent for the use of the premises and make grants to SUPFX)rt the work of the College. The main grant lo the Cdlege of £584,320 12019", £535.6271 is gwen to cover the rent charged In resFecl of the College main premLses in accordance with an agreement dated 31 December 1997. In addib'on BRIB gave a grant of £15,38012019, £14,098) to cover an element of the rent charged in respect of Oakwood House and 8 fijrther grant of £67,667 to support wlh QAC'S devebpment of the Pinewood sile 12019," £1,519 grants for smaller iniliab'ves}. The College prOV￿e$ accounts'ng serVI￿S to BRIB under a servre level agreement. The BRIB Board is made up of nine Govemors, three of whom are appointed by F(us Birmingham, three by Queen Alexandra College and three by the members of BRIB. The College is very grateful lo BRIB for ts continued support and help, especially over the last year. Focus Bimingham Focus Bimingham was also part of BRIB until 31 D￿M￿r 1997 when rt be¢ame a Separate chanty lo provide and promote ￿rViceS to blind and partially sighted people in the communty. Ittoo has been granted a long lease by BRIB on part of its Harborne sile, tEnefits from funding commtrnenls made by BRIB and. together wrth QAC, appoints three Governors lo the BRIB Board Isee atKsvel. The College provides a contr&ted maintenance service lo Fctus Bimingh8m. RESERVES The Col*e has unreslricled funds and a number of restricted ftjnds. The unrestricted funds include accymulated surpluses and the reslncted funds consist of monies re￿Ned for SFE¢ific purposes, bss expenditure lo date. GOVERNORS The adminrstrab'on of the College is effected by a Board of &)vemots {who are Trustees ofthe charity and directors of the Company) and those who held office during the year, and lo the date of this report. We￿.. lan R￿hardS (Chairl Rosemary Adams Andrew Billingham 'Chris 8rddshaw DrAnne Green Dr Ewan Hamnett William Houle IResvJned C￿.07.20> Samantha Jackson Iwef (%.07.201 Khalka Javaid {wef 12.og.19) Bevedey Jessop Janel Mccall Dr Steve Mccall Amanda McGeever (VI￿ Chairl Paula Moran (Resigned 20.01.201 Jane Morel IresKJn&J 08.07.191 Andrew Morris Lorrane Moses-Coper..ian Professor John Penny Dr A Julie Reed Garelh Robinson Kimterfy Tiemey Iwef C6.07.20} Ben Tumer IResigned 03.02.201 Patr'ck Wing Nwe of the Govemors has any benefictal interest in the College and all served wthout remuneratr)n. Two of the Governors {' atM)vel are currently nominated by the College to the BRIB Board. which comprises nine Govern￿ in toL21.

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS Icontinuedl GOVERNORS contlnued Insurance is purchased to Fxotect the College from kJsse5 arising from neglect or default of its Governors, offi￿rS and employee5, and to indemnfy the Governors, officers and employees against the consequen￿5 of neglect or default on their part. The amunt paKI for the year was induded wrthin the College's overall Combined Commercial Policy and the cost cannot be sep8rately identified. The limit of indemnity is £5.000.00012019.' £5,000.0001. Govemors have sel temis of Offi￿ and a maximum total temi. Governors silon sutKommitteeswhich advise the ftjll Board on matters of policy and management Each committee meets al regular intervals throughout the year. The following seTved on these committees at the dale ofthis rerxjrt. Flnance and General Purposes Commlttee Student SeNice$ Forum Andrew Mo￿lS {Chairl William Houle (Resigned C6.07.201 Khalid Javaid Iwef 12.09.191 Beverfey Jessop Professor John Penny lan Richards JulE Reed Iwef 01.09.201 Gareth Robinson Amanda McGeever (Chairl Ewan Hamnett Lorraine Moses£opeman DrA JulE Reed {unbl 08.20) PaIr￿k Wing Qmtet1y Ttemey Iwef ￿.07.20) Currlculum & Qualty Committee Audit Committee DrAnne Gfftn Ichairl Rosemary Adams Chns Bradshaw Janel Mccall Dr Steve Mccall lan Richards Elly Tobin Ilndependentl Bevertey Jessop Samantha Jackson Iwef 06.07.201 Ben Tumer lunti 03 02 201 Richard Percival Ichairl Ilndependenti Helen Edmonds IlrKJependenll Rosemary Adams Iwef 01.09 201 Amanda McGeever Paula Moran (Resigned 20.01.201 Professor John Penny SearGh & Governance Committee Remuneration Committee lan R￿hardS (Chair) DrAnne Green Willk8m Houle IResigned 06.07.201 Amanda McGeever Andrew Morris Amand8 McGeever (Chairl Khalid Javaid Andrew Morris John Penny DrAJU1￿ Reed lan r.ichards Garelh RO￿.ns0n

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS (continued) FFICERS AND ADVISERS Principal and Chief Execub"ve Beverley Jessop Company Secretary AFson Lydon Exlernal Auditors BDO LLP Two Snowhill Birmingham 84 6GA Internal Auditors M8zars LLP 45 Church Strerf Birmingham B3 2RT Principal Bank Lloyds Bank PLC PO Box 908 125 Colmore Row Birmingham B32DS Insuran￿ Advisers FE Protect Cherryfield Drive fkby LNer[￿l L32 8SF Investment Managers Smith & WillKamson 3td Floor g Colmore Row BirmirKJham 83 2BJ Registered Office 49 Court Oak Road Harbome Bimingham B179TG

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS (continued) STRATEGIC REPORT PUBLIC BENEFIT & REVIEW OF ACTIVITIES Queen Aexandra College IQACI is a registered charty and an Inde￿ndent Spec￿1151 residenb.al college IISCI based in Birmingham.11 provvjes edLKalk)n and training forstudents and clientswilh a wide range of disatslilies and leaming difficulties. QAC operates three Servi￿s-co11ege, Communityand Residential, all of which operalewilhin the values of 'ResFeCt, Collaboration, Integrity, Enabling. Inclusion and Excellen¢e'. The missx)n ststement of QAC i8 'To create challenging leaming opportLJnilw for people with a visual impairment andlor other disabilities to realise their potentk41 to work and lo Iwe Independenfjy. The col￿e'S students and clients diwde into main groups.. those aged 16 to25 who are fvjnded by a combination of the Education and Skills Funding Agency IESFAI and be￿en 25 to 30 Local Eduration Authorities and dienls attending Independen￿ Plus11P1 funded by Swial SeNicesltkrsonal payments. The College aC￿sseS 8 range of funding from external Sour￿ including statutory and charitab￿ bodjes. The COl￿e continues to offer a ￿Ve1 of respf(e provision and plans to expand this further in futu￿. Priorto being offered a pla￿ atthe College, all individuals tenefil from a thorough assessment of their needs to ernsu￿ they are pla￿d on the most appropriate programme The assessments, in combinab'on the Educab'on Hea￿h and Care plans IEHCPI are also intended lo idenlty the approprk7le level of holist￿ support needs for each student (many requiring 1 to 1, 1 to 2, or 110 3 staff to sludenl rab"osl. The College wekomes students and cl￿nts from all backgrounds. An individual's economic status, gender, elhnDty, race, religion, sex or Sexual orientstion do not fomi part of our assessment prcmxses. In setting the College's objectives, and planning aclbvilies, the Govemors have given careftjl consideralDn lo the Charity Commission's general guidan￿ on public benefit and in part￿ular lo its supplementsry public benefrt guidan￿ on advancing education and on fee charging. The College achieved its mission during the year by providing educ*'on, training and independent INing skills to 301 students lirLluding 28 Residenliall, reducing to 291 by year-end. This represented an increase of 25 on the prevM)us Academic Year. Recruitsrent remains strong, with student numbers being the highest QAC has ever known. The curriculum al QAC is bro￿1 and ambitious and meets the diverse need$ of each student. The curriculum is desLqned to maximise adult life opportijniliesforall students. Opportunities may be through increased independen￿. higher academic achievement or through skills that enable employment. The image on page 4 provides a visual overview of the Curriculum which covers academic, Iherapeulic and supplyt provision, all of which are essential components for success for QAC students. All QAC students are in recEipl of an Edueab"onal, Health and Care plan IEHCPI. The colÈge offers 8 broad range ofcourses from pre-enlry to level 3 in the following V(￿ational areas.. Art and Desgn, Sports. Trades, Veh￿￿ Mechanics, Health and Social Care, Perfomiing Arts, Media, Hosytality and Information & Communicalvjn technologies IICTI. The Preparabon for knfe IPfLI pathway offers a dnierse range of tasters and independence skills development and for some students. leads into LEAP (Leaming for Employment and Prcgressionl which will specialise in certain areas and have a focus on employment or hKJher v(￿￿'onal study. Supported Internships are well established at QAC, with work experience being expected for a51 students from year 1 onwards The Aecess lo College programme, a bespoke 1-year programme suptorts schwl non-attenders back into leaming and has gained in tM)pularity year on year wf(h the local authoritie5 and young people. The college has a diversity of $￿cIalIst suptM)rt services, which are an essential and integral part of each studenfs curriculum offer, ensuring individual student needs are met and achievements maximised. Support Services consist ofspeech and language therapy. wcupalional Iherapylspecialisl sensory.. physiotherapy, counselling and mentoring, educational and clinical psychology, Posth"ve Behaviour Support a rehabilitation and travel training department., Braille, dyslexk4 and assistive & augmented technology servi￿. In addrtion there LS a Resource Centre. a Health Care Centre and College 'buddy dogs,.

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS Icontinuedl PUBLIC BENEFIT & REVIEW OF ACTIVITIES continued The extended curnculum and enrichment a¢tNrties I'club'l offered lo both day and residential strjdents consist of a range of activities wh￿h develop communty, ￿)co1 and independence skills. promote sports, the arts,. leisure tivilies and develop wellteing, cOnfkYen￿ and friendships. The College providett 28 platss to resNJentsal EFSA funded students and employs approximatety 35 resKlenlial support staff. The residenti41 provision * QAC continues to be graded as'good, by cac (Care Qualty Commission) who make unannounced inspections throughout the year. The College aLso wovided 29 pla￿S to Independen Plus clients based in houses in the local communty. Aehievemenl on accredited main prcgrammes remained outstanding al 95.40/0, an increase of4.2Vo on the previous year. QAC'5 KPI for SU￿$$ is 850/0 on main programmes, wh￿h we exceeded by 100/0. Maths has reduced sligttlly 10 88.7Vo this year. This is slighuy lower than the last year195.30/0l and can be attributed to student withdrawa15 from College Despite this, maths resultswere stsll gcod and in line orslohlly above national aver4e. English achievement was al 84Qlo, which likewise remains good bul the overall figure is similarfy slighuy lower than 2018J19189.50/0l as the result ofwlhdrawals. Target achievement continues lo be measured for non-accredited learning programmes and QAC continues lo use the RARPA I'Recognising and Recording Progress and AchEvemenl'l system. The Suc￿$ r8te remains high at 92.6Q/o which is al, or slightly above nats'onal benchmark. The use of non-accredited programmes as 'fvll offerf continues as a growing area al QAC in line with changing student needs. The collgje was inspected by Otsied in July 2016 and judged to be GOOD Success al QAC is not measured solely in tsrms of outcome SLuess rates. Students have a ￿MprehenS￿e IndNidual Leaming Plan wrth a range of negolialed challenging targets. Progress is measured ¢)n a regular basis and new targets are set and agreed as 2ppropriale, value added and distance travelled are important measures of achievement Annual reviews were continued for all students witt) a focus on the transitson journey through College into independence, further education and employment. There i% a robust safeguarding process in pla￿ with 8 stsff having reswnsibility for safeguarding, one of whom is the lead designated safeguarding Offi￿r, with others ath'ng as depub'e5. Stsff teams are effectively trained in managing safeguarding issues with a regular, mandatory ongoing prcyJramme of training on all aspects of safeguarding in pla￿, both via online training", workshop sessions and this now includes surveys. 1000/0 of staff have had relevant safeguarding training. A clear audi( trail of safegkjarding is maintained and reported regularly to the Govemors, which ensures due process is followed by the college. Prevent Duty training is embedded into Safeguard training al IndUCt￿n and ongoing A Governor safeguarding lead liaises with the colkge safeguarding team and ensu￿5 safeguarding updates are reported ￿gulartY and reniain high on the Govemors. agenda. Student involvement is huh with students continuing lo have the opportunity to apply for the posth'ons of Student Council reps and College Ambassador and lake part In a selection interview prcrfEss with underpinning employment skills being developed. Such roles enhance their Self-conr￿en¢e and ability lo engage compelenlly wth professional rEople wf(h students making excellent use of established opportunit￿S lo palticipate and be invofved in col￿ge tivit￿S and forums. The students pLay an imFX)rtant part In the college around markeb.ng and fundrai51r campaigns. Through the promotion of the sludenl voice, students contribute to the day-t(￿daY 0￿ratiOn of the College such as col*e 'values' planning, ￿eaS for new enrichment groups, important considerations linked lo building developments and imwoved food choi￿$ Residenlk41 students also have a signffieant role to pL4y and the residentsl fctus group ￿ntr"nues to have a positive impact on astÈcts of residential lrfe such as improving Wi41 across all houses, new fvmiture and estsblishing ru of eb"quette and ac￿Ptable noise kvels.

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS leontinued) RESPONSE TO COVID-19 QAC. like the restoflhe UK, was in Icckdown from M8rch 2020 following govemmentdireclion. QAC reopened more wMJely in early September 2020 under strict COVID precaulnns and risk assessments. All staff conts.nued to work and business services operated dunng the closure period. albert in a reduced way for sC￿e Enlerpffts. Some operab.ons were maintained such as face lo fa￿ learning for students of 'key workin9 parents and also SupFX)rted Living. Education and business support serV￿S OFEraled using drfferenl online mediums. This worked effectively and the learning for all students wa5 maintained through online, creative leaming melhcMYs impd pO$￿'VelY on learning and achievements (x)ntinued. Atthough the lockdown had an impact on many of the tradrtional experietKes of the College, the core business was maintsined and achieved as planned. QAC leajers and managers adapt￿ their (Jjrriculum so that students coukl continue with their leaming during the pandern￿. Staff combined home leaming packs and online resources to take arnount of sludenys indwi(Sual learning and support needs. The polenbal for further disruption to face-It>face ￿arnIng is considered and planning in pla￿. For example, ￿arnIng activities in September have tttn rearraryJed so that Students can quickW extend their digrtal knowledge and navigate online learning platfoms. We are planning for future 'blended' programmes that include faTrlo-face and remote learning. We have a150 appointed staff as 'home leaming champK)ns' to develop addthnal online resour￿. The lack of contact v￿th staff and friends had a negab've im￿1 on some students, mentsl he8￿h during bckdown In such cases, the college's health and well-being teams are workn'ng wlh students and their families to support their retum to leaming. In contrast, staff report that some students have enjoyed the experien￿ of working remotely and have become more motivated to learn. For examp￿, a local football club foundab'on that partnets wlh the college is currenljy providing the delivery of all ils swrt contentonline. This has included activities such as quesb'on and answer sessions with British wheelchair athletes. 11 is identified that the thaSlenges now faced in securir@ appropriate work placements for students and inlems will be compluled. Key staff al QAC are continuing to work wrth employers to idenbfy local job opportunities and prowde up lo dale c2reers adv￿ and guidan￿. Safeguarding arrangements conb'nued during lockdown and college holidays. A Red Amber Green IRAGI rating system was used lo idenlifythe most vulnerable students there the level ot 1..1 contact was determined and reviewed on a Week￿ basis Contscl Was either via telephone or Vid￿ conference During the summer lem the team were ats￿ to carry out some home visits. THE FUTURE Inevitabty the College's Irajilional fvnding streams remain Un￿rtain and more so dufing 2020. Changes in funding models, drfering inlerpretalions by local authorities of funding and SEND (Special Educati)n Need$ and DisabililEsl legislatDn. together with a Folicy of funding specialist provision after other options have bn expk)red have reSu￿ed in less certainty in student numbers and levels of income. This in tum ￿adS lo difficulb.es in budgeting, more students with complex needs being sent lo independent specialist Col￿g&s. and a [￿luction in resKJential numbers. Despite these challenges, QAC c£sntinued to maintain its posthn in 2019120 and recruthient in 2020121 is positwe. QAC'S has a 5 year strategy to the end of 2024125. QAC'S aim is to te reccEnised as a ￿ading, nat￿nal spea'alist provider for independen￿, educztion and training and employment. The College will do this through 3 strateg pathways Residential Servi 2. Curriculum Services 3. Communty SeNiees

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS Icontinuedl THE FUTURE continued In ach￿ving its aims. QAC will provide the following across all servies.. 1. A highly skill￿, flexible and fulfilled workforce 2. EffectNe financial strength, that is sustainable and has fiexibility lo ￿hleve its goals 3. The hvJhesl standards and recognition for Equality, Dwersity and Inclusion 4. The hghest standards and re(x)gnilion for invesb'ng ln high qualty staff 5. Al ￿2Mets, dEnls and staff supported within safe and w811-resourced environments Each of these pathways and objectives has a number of clear actions and targets. The Govemors are confKlenl that the strategy is aMb￿.ouS bul xhievable and that the College's sound financial positron wll en8ble rt to overcome any uncertainbes and lo maintsin the serviTr i( prowdes to an ever4ncreasing range of Clients. Achieving the strategy wll require investment expenditure over the next to three years and some of the Chanty's reserves will be required for this purFX)se. The Col￿ge wll continue lo challenge its students and dients, wot*ing wffh them to enhance their lives. promote their achievements and overcome their disabilities. FINANCIAL SUMMARY The conSol￿ated financial resuts of the College and its subsidiary company IQAC Enterprises Limited) for the year ended 31 July 2020 show nel movement in funds ofa surplus of£565.319 compared lo a surplus of £492,090 in the previous finanaal year and generated a posilwe cash flow of £973,78012019,' inflow of £571,7S41. These accounts are prepared for the 12 months to 31 Juty 2020. Income increased from £12,002.884 to £12,779.622 te￿n 2018119 and 2019120 The fvJures are not directly cornparab￿ as 2018119 only covered an 11 month peri¢)d. In 2018119 the College changed ts year-end from 31 August lo 31 July in order to align wf(h Education Skills Funding Agency IESFAI and other FE Colleges. Expendrture in¢reased from £11,601,99910 £12,113,150. Again, the figures are not stridy comparable, as 2018119 was an 11-month period. Going forward, il remains 2 challenge to fund continued increases in staffiryj and rek4ted costs against a background of constrained sour￿$ of funding. QAC uses a number of intemal financial Key Perfom)ance Ind￿alOrS IKPlsl, including underfwng cash flow. aged debts, fundraising income and staff cosisl ovetheads as a proportion of income. These are scored as RAG (Red, Amber, and Greenl based on the management accounts and are reported lo the Board of Governors throughout the year. Desple the disruption caused by COVID-19, QAC consistenuy achieved or exceeded ts finanoal targets in the last year, the key ones being", College and Group Surplusl IDeficttl Underlying cash flow before working capital movements Staff costs as a percentsge of income GREEN rating GREEN rating GREEN rating RESERVES POLICY As at 31 July 2020, the College and its sUbs￿lary company have unrestricted general frJnds of £10,995,815,12019,' £10,476,163) and restricted funds of £1.254.96712019, £1.209,3001. Totsl reserves, including restricted funds, are £12,250,78212019.' £11,685,463). The analysis of net assets betr￿en funds is sel out in Note 17 to the Financial Statements. Ofthe lotsl unreStr￿ed reserves of £10,995.81 S. £6.937.658 is held as tangible fixed assets, leaving free resefves (including investments) of £4.058,157 (2019; £3.390.6451.

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS Icontinued} RESERVES POLICY continued The Govemors carried out a review of QAC'S reserves policy in light of QAC'S deveh)ptng &year strategic pLan and the current fvnding climate in 2019. Followng that ￿VIeW the Govemors concluded that QAC shouky aim to have free reserves held in long temi investrrents lincluding cash held by investment managers) equal lo, or in eX￿sS of £1,750,00012019", £1,750.0001. This enables QAC to protect 115 services. and therefore those whom the ch8rity aims to suppx)rt in the event of s￿nIficant risks arising. 11 also supports QAC'S strategic p&n if needed. Al 31 July 2020, free reserves hekj in long-term investments represented 1090/0 of this figure12019', 1120kl. At their dBcretion, &)vemors may designate further unrestricted funds for sFecfft purFM)ses. Governors review the appropriateness of reserves policy annually based on an assessment ofthe key risks faced by the Charity. INVESTMENT POLICY The Governors have an agreed investment KX)licy for the College aimed at providing long-term capital groW(h with medium risk. Smith & Willk2mson act as Investment Managers to the College to manage investments under this policy INVESTMENTS Queen Alexandra Col*e owns the whole of the issued share capital of 100 sha￿$ of £1 each of QAC Enterprises Limited, a company incorporated in England & Wales (Company Number 19863891. The Company operates three distinct businesses. a stEryalisl transcription serVI￿S I"All Formats I, the sale of canes for the visually impaired and the Sight VilL4ge" series of exhibitions for the blind and visually impaired. All profits from the businesses are Gift ded lo the College. The turnover forthe year ended 31 July 2020 was £523,47012019", £537,249) and expenditure was £320,81612019, £285,859). The Grft payment was £202,65412019', £251,3C JI. QAC Enterpr￿e8 Limrted had nel aS￿ts and reserves of£10,100 al the year-end12019', £10,1001. Queen Alexandra COl￿e also owns the whole of the issued share ￿prtaI of 1 share of £1 of QAC Sight Village Limtted and the whole of the issued share capital 011 share of £1 of Sight Village Limited. These companies are incorporated in England & wa￿ and have remained dormant since their incorwralion on 6 February 2010 and 16 July 2012 respecb"vely. RISK ASSESSMENT AND MANAGEMENT The Govemors have considered risks and risk management throughout the year as part of the business of the fijll Board and su￿mm￿lee meetings. QAC has a fomial rvsk management process for the College and QAC Enterprises- Ihls is managed by the College Management Team and Govemors via the Audf( SutFCommittee. As of ils risk management Pro￿S, the Governors assessed QAC'S risk appeth. QAC is generalty risk averse and has no appeb'le for risk exFosure that reSU￿S in signff￿nt Irn￿t on the delivery of ouroperabonal core ath'vil￿$ Idelivery of education and provision of carel. It is also caub.ous in the pursurt of existing expansion plans and exiernally focussed commercial activities. However, QAC is willing lo accept, in some circumstan￿, risks that may result in some financial loss or exposure to its financial reserves, provided that such risks are idenb.fied and managed wrth Management and Board oVers￿ht and contribute to QAC'S overall strategic objectives. The Govemors have assessed the major risks to which the College is exposed, in particular, those related to the operab.ons and finances of the organisation, and are satisfied that systems and pro¢e5ses are in place lo mth'gate the College's exposure to these major risks. The Board of Governors have identified the folk)wing key Strateg￿ risks lo the charty. Act￿)nS to mib.gate against these risks are also detailed.. Risk: NalKJnal and L￿al Govemment Inilialives resultin9 in a reduction in ir￿rne and a bng-temi risk to the financial stability of QAC {especially wlh the risk of CQVID-191. This risk Is managed by monitoring of proposed legal and regui4tory changes, regular communicab.on wth key fuThJing bodies and careful resou￿ ￿annIng via QAC'S strategic pL8n. Mitigation.. 10

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS Icontinuedl RISK ASSESSMENT AND MANAGEMENT continued Risk: Mitigation: Fire, Heatth and Safety and the Environment (including infectDn control and response) This risk is managed through a wKle range of measures induding publicised poliryes and procedures. regular monitoring and scrutiny from Board level downwards. empbying skilled and experience staff as well as extemal advisers and an ongoing programTr oftraining and awareness. Failure of new projectsl developments. whth are key to achieving the COl￿ge'S strategic plan. This risk is managed through the College's dedicated Estates and IT staffing. investsnent appraisal and business pLgnning processes and targeted supsx)rt from extemal ￿nSumanIS Whe￿ needed. Rlsk: Mltigation: BOARD OPERATION AND MEMBERSHIP The comwsib.on of the Board is a&8essed by a Search & Govemance committee, which reviews the methcxjs ol recruiting new Governors and advises the Board as to new appointments. GoVerr￿r induction pro￿ureS seek to ensure that all new 3PPDintmenls lo the Board gain a good understanding of different aspects of College life. Govemors are encouraged lo visit the College outskye formal meetings lo ensure that they remain In touch wth students and staff and a link programme also exists this purpose. Govemor lTrining needs are periodically reviewed and appropriate training undertaken. The Board re￿iVeS regular and limety infornalion on the overall financKal perfOMan￿ of the College and subsidiaries together wrth other infomiatK)n such as performan￿ against targets, ￿arnIng outcomes, admis&ons and deslinalions, Safeguarding and Prevent Issues, complaints. prop)sed capital expenditure, quality matters and rsonnel matters. During the k)ckdown wkly meetings were he￿ be￿￿n the Chair, vi￿£hair, Principal and Governance Director and notes of these meetings were shared wth all Governors and Independent Directors. All scheduÈd meetings were held using online methods to ensure that relevant information was shared and discussion and debate (tuld take place. The Board drives the strategy and quality of the College and monitors outcomes. Scrutiny is also proved by specrf Governors wlh responsibility for health & safety, safeguarding and diversity. Further, scrutiny is proV￿ed by ils committees. Each of the committ￿5 through which business Is Conducted has terms of referen￿, which have tRen approved by the Board as well as an annual business cycle. All decisions of a malenal nature are made or ralffied by the Board and a schedule of matters reseNed for the Board has abo been approved by the Board lo ensure clarity in this regard. The pay for key management personnel is proFX)5ed to the Board by the ReMUneral￿n Committee following discussh)n, which lakes Into account relevant benchmark infotmth'on including the AsS￿latiOn of coll￿e$ IAOCI pay survey as well as the Performan￿ of the individuals concemed and ihe financial FN)silion of the College as a whole The agreed Princip￿ is that senior poslholders will be awarded the same pay nse as the majority of staff un￿sS there is a specific reason for variance from this Dunng the year the Principa¥CEO saL9ry was a Mu￿P￿ of 4.7 of the figure for the majority of stsff pro rata. The Colkge has undertaken a detailed intemal review of its Complian￿ with the Charitses Governance Code for Larger Charits"es and applies all the princ5ples to its work. The College also complies with the bulk of the relevant recommended prath'ce of the Ccxje. ￿VernOrS undertake an annual assessment against this Code and the Aoc Code for English Colleges and has a pkan lo implement l eVIden￿ any addibonal recommended practi￿ tx)inls. An audtt of governan￿ is planned fof 2020121 and a full external review, which was dekyed due lo IcKkdown. wll be planned. The Code requires Charrties lo dtsdose rf the Trustee's Maximum Temi of offi￿ ex￿ed 9 years. The maximum term of Offi￿ for College Governors is cu￿entlY set at 10 years based on numerous faetors including specialist skills requirements for some posth"ons. In order lo allow for ordeily SUC￿s1On planning, some Governors are completing their final term based on the dale ￿51 appointed. During this transrtion period the size of the Board is larger than nomial as sU￿Ssion plans are completed 11

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS Icontinuedl FIXED ASSETS All tangible fixed assets are held for the purw5e of carrying out the College's main Obl￿tiVeS. The Governors telieve the market value of the College's treeholrJ18nd and buildings lo te more than their nel book value, athough no independent valuab'ons have been obtained, as it is consmlered that the cost of obtainiiig these Is out of prow1K)n to the usefulness of the infom)ats'on. Govemors approved the sale of 494498 Bearwwd Road al their 4th July 2019 meeb"ng. The propety was held as 8 current asset I"Propety Held for Sale") as at 31 July 2019 and was sokl on 13 March 2020, EMPLOYEES WITH DISABILITIES Queen Alexandra COl￿e aims to ensure its recrurtmenl, devebpmenl and retention pracb.ce Is exemplary. The College is a 'Disability Confident Employerf, a 'Mindful Employerf and has been wognised as a level 'lnveslor in Diversity,. We are now working towards being a Level 3 Leader In Diversity. We ensure appropriate support to disabled people al the applirab'on stage Ilo ensure access needs for inteNiew are metl through to successful interview and support as an employee. Our practi￿ ensures no parbcular group or indivKtual is treated moTe or less favourably based on the characteristics defined in the Equality Act 2010. Equalty and Diversity is embedded into the College's management and the College's Equality and Diversty ￿port is formally reviewed by Govemor5 annually. The College wll do its utmost to ensure individual needs are met in the Workpla￿, whether through assisb.ve technology, ergOnoM￿S, o)unselling, flexible working or other individual requirement. Al employees, disabled or non- disabled are offered equality of training, career devebpmenl and promokn'on 0PF()rtun￿es. EMPLOYEE CONSULTATION Numerous consutslK)n proTrsses tske thro￿hOUt College year. A Jointconsuhab've Committee m*e up of managers and employee union representatwes meet lo discuss not onSy terms and conditions of ernpbymenl bul factors affecting the organisat￿n as a whole. The￿ are managemenustaff 'feedback' and'diary meeb'ngs, which take Pla￿ weekly as well as staff survey and consultal￿n$. Employees also provide input into Folicies and the Principal shares slralegtc and extemal influen￿, which affectthe College business with the whole stsff group. The Colkge's Senior Management Team have regular open doorf sessions whereby 1ndThi￿U8l staff members ¢an di￿uS$ any issues one lo one with a member ofthe Senior Management T￿rn. The Colège's Staff Forum I'staff Voice") brings together interested staff from all areas of QAC lo participate in decision-making and has eK)ntinued to prove Suc￿sful and attract favourable comments from staff. FUNDRAISING Section 162a ofthe Chanbes Act 2011 requi￿$ Char(b"es to make a statement regarding fund￿lSIng ath'vrties. Although the College does not undertake widespread fundraising from the general public, r( dcEs undertake fiJndrai5ing to sUPPOrt spea'fic projects Ilargety from Charitable Trusts and Foundalionsl as well as its day-l¢>day aclwilies. The College is very gralefvl to all donors and sponsor5. Such amounts receivable a￿ presented in the accounts as"Donalk?ns and Legacies" The day-l04ay management of all Income generab.on is del4ated lo the College Management Team. The College has a Fundraising Policy, which is approved by Govemors and re¥￿Wed regularfy.. with Govemors, recewing regular reports on fundraising acb'vity and perfomance. The College has a dedicated fundraising team. which is led by a qualified fvjndraiser. who is a mernber of the Institute of Fundraising. The College manages all fundraising in house Ihout invo5vemenl of c4Jmmercial parts'cipators, external fundraisers or any other third party. 12

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS {contlnued) FUNDRAISING continued The College is registered with the Fundr8ising Regulator and complies fully with the Regulalorfs Stsndards and Code of Fundraising Practice. QAC does not make unsolicited approaches to members of the public and 8￿yS gels cA)nsenl from individuals before approaching them for supwrv involvement. QAC trias recewed no complaints in reklh)n to fundraising acliwties and the pclicy requires staff tr) behave reasonably at all b'mes. VOLUNTEERS The College is committed to providing opportunities forvolunleering. pkcements and work exkErience lo people from all walks of life. Many ex-students come back to volunteer. as do trainee teachers, sockgl workers and people who just want to give something back to society or test out a new career in education or care. We provKle projects for organisalions looking lo deliver to Corporate Swal Responsibility agendas and have enjoyed produclwe partnerships with local and national businesses that enhance the overall experien￿ of our students. Volunteer application forms are available on our website. In accL)rdance with DBS guidan￿, our volunteers are all subject to slringenl background checks. STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors are restx)n5ible for preparing the Strategic Rewrt and the financk81 statements in aco)rdance with applicable law and regu￿11¢￿5. Company law requires the Govemors to prepare financial statements for each finanaal year in accordance with United Kingdom Generally A(￿epted Accounting Practice Iuniled Kingdom Accounting Standards and applicable lawl. Under (x)mpany law, the Governors musl not approve the financial slalements dnless they are satisfied that Ihey give a true and fair view of the stale of affairs of the group and charity and of the incoming resources and applicatson of resoLirces. including the in(x)me and expèndrture, orthe group and charity for that teriod. In preparing these financkql S￿eMents, the Govemors are required to.. se￿cl surtable accounb'ng polioes and then apply them consistenuy., makejudgerfjenls and account'ng esb'mates that are reasonable and prudent stste whether applicable UK Accounb'ng Standards have been ft)Ilowed, subject to any material departures disclosed and explained in the financial slatemenls. prepare the financial statements on the going GOn￿M basis unles5 rt is inappropriateto presume that Ihecharty will conb.nue in business. GOING CONCERN The Goveinors are reswnsble for keeping adequate 8CCCAJnling record5 that are suftienl to show and expLqin the charty's transactions and disdose wrth reasonable accuracy al any ts.me the financial position of the COl￿e and enable them lo ensure that the financial statements compty wf(h the Companies Act 20C6. They are also responsible for safeguarding the assets of the College and hence for taking reasonab￿ steps forthe prevenlh)n and deteCt￿n of fraud and other irregularib'es. In preparing the financial statements. the Govemors have consKlered whetherthe going cOn￿M basis Df preparab'on for these accounts remains appropriate. To make this assessment, and ￿flectIng the uncertainty associated with Covid19 on the College and the economy. the college has mOdel￿d a numbei of financial scenarios including expected base case. worst case and break case assessments to February 2022. Taking into account the above, Induding the level of cash and near IiquKI investments, the Governors believe that whilst uncertainty exists, tris does not wse a malenal uncertainty that would cast doubl on the College's ability to continue as a going eoncem for the foreseeable fvture. which Is a period of al least 12 months from the signing of the accounts and audrt reFX)rt. The Govemors therefore consider Il appropriate for the accounts lo ￿ prepared on a going concem basis. 13

QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS lcontinu￿> STATEMENTS A DISCLOSURE OF INF MA IONTOA ORS l ofthe current Govemors have tsken dl the steps thatthey ought to have taken lo make theMSe￿e$ èbydre of any IwmatKJn ty the company's Audrttrs fr)r the purFose of thwi audrt and to eStabl￿h thar the Auditots are aware of that infonraton The lvem(Ys are not aware of any rdevant Infomyti￿ of whth the Audrtots are rK)t aware The Board ofGovemors approvetheAnnual ReportarKY, in theircap aBoampany d¥e(kn5 approvethe Stratea Repx>rt Irwrporated there￿. On teha￿of the Govem£rfs. Atson Lydon SecTEtary 29 January 2021 Register&J Officè 49 Court Oak Road Hafoome BiFmingham B17 9TG Registered Corryny Nuntsr 03387540

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ALEXANDRA COLLEGE Opinion We have audrted the financial statements of aueen A￿xandra Col￿ge {"Ihe Parent Charitable Company) and its subsidFaries I'the Group I for the year ended 31 July 2020 whrh comprise the Consolidated Statement of Financial Actwilies and Income and Expenditure Aecounl, the College Statement of Finarrial Aclwib"es and Income and Expenditure Account, Consolidated and the College Balance Sheets, the Consolidatod Cash Flow Statement and notes lo the financial statements, including a summary of significant accounting policies. The financral reporb.ng framework that has been applied in their preparat￿n is applicable law and United ￿'ngdoM Accounting Stsndards. including Financial Repo￿.ng Standard 102 The Financial Reporting Stsndard appI￿able in the UK and Republic of Ireland (United Kingdom GenerallyAcceptedAccounting pract￿). In our opinion the financial slalements.. give a true and fair view of the Slate of the Group's and of the Parent Charitsble Company's affairs as at 31 July 2020 and of the Group s incoming resources and application of resources, and the Parent Charitable Company's incoming ￿SOurCeS and application of resources for the year then ended., have ￿en properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracb'ce., and have been prepared in accordance with the requirements of the Companies Act 2006. Basi$ for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the Group and the Parent Chari18ble Company in accordance with the ethical requirements relevant lo 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 obtsined is sufficient and appropriate lo provide a basis for our opinion. onclusions related to going concern We have nothing to rekN)rt in respect ofthe follo￿ng matters in relation lo which the ISAS IUK) require us to rewrtto you where.. the Trustees, use of the going concern basis of accounting in the preparation of the fin8ncial statements is not appropriate., or the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubl 8boul the Group or the Parent Charitsble Company's ability lo continue to adopt the going concem basis of accounting for a period of at least tsvelve months from the dale when the financial statements are authorised for issue. Other information The other infomialion comprises the information included in the Report and Financial Statements, other than the financial slalements and ourauditor's report Ihereon. The other information comprises. Chair's Inlroduclory Statement and Report of the Govemors. The TriJstee5 are responsible for the other information. Our opinion on the financial statements does not cover the other infoimab'on and, except to the extent otherwise explicidy staled in our report. we do not express any form of assurance conclusion thereon. 15

INDEPENDETr￿ AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ALEXANDRA COLLEGE (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, con51der whether the other information is materially inconsislenl with the fi'n8ncial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify sueh rnaterial inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslalemenl in the financial stslemenls or 8 material misslalement of the other iiifomialton. 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. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the woll( undertaken in the course ofthe audit.. the information given in the Trustee5' Report. which includes the Directors, Report and the Strategic report prepared for the purposes of Company Law. for the financial year for which the financial statements are prepared is consislenl with the financial statements., and the Strategic report and the Directors, Report, which are included in the Trustees, report, have been prepared in accordance with applicable legal requirements. Mattets on which we are required to ￿POrt by gxcoption In the lightoflhe kno￿edge and understanding oflhe Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have notKlenb"fied materi81 misstatement in the Strategic reFQrtorthe Trusl*'s rewrt. We have nothing lo report in respect of the following matters in relab.on to which the Compan￿5 Act 2006 requires us lo rewrt lo you if, in our opinion", adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us.. or the Parent Charitable Company financial statements ale not In agreement with the accounting records and returns,. or certain disclosures of Directors, remuneration specified by law are not made., or we have not received all the informab'on and explanalions we require for OUT audrt. Responslbilittes ol Trusteeg As explained more fully in the Trustees, responsibilities slalemenl, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the fi'nancial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the Trustees determines Is necessary to enable the preparation of financial stslement8 that are free from material misslalement. whether due to fraud or error. In preparing the financial statements. the Trustses are responsible for 3ssessing the Group's and the Parent Charitable Company's ability lo continue as a going eoncem, disclosing, as appli¢able, matters related lo going concern and using the going con￿rn basis of accounting unless the Trustees either intend lo liquidate the Group or the Parent Chari18ble Company or to cease operations. or have no realistic alternative bul to do so. Auditovs responsibilities forthe audlt of the financial statements We have been app)inled as auditor under the Compants Act 20Cfi and reFX)rt in aC£Ordan￿ with the Act and relevant regulations made or havin9 effect Ihereunder. 16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF QUEEN ALEXANDRA COLLEGE (continued) Our obFctThies are to obtain reasonable assurance about whelhef the finanryal statements as a ¥thole are free from malerk41 rnisstalemenl, whether due lo fraud or error, and to Issue an auditor's report that inciudes our opinion. Reasonable assurance is a hvJh level of assuran￿, but is not a guarantee that an audr( o)nducted in acc￿rdance wrth ISAS IUKI will always delecl a material misstalemenl when il exists. Misstslemenls can arise from fraud or error and are conS￿ered material If. individually or in the aggregate, they could reasonably be expected lo in1luen￿ the economic decisons of users tsken on the basis ofthese finanaal statements. Afijrther descriptK)n of our responsibililiesfor the audftof the financial statements is I￿ated atthe Financial Reports'ng Council's I"FRC's°I websrte al.. h s.1￿.1rc.0r uklauditorsres nsibilibes. This description forms part of our audilorfs report. Use of Our Report This report is made solely lo 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 stste to the Charitable Company's rnembers those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Ebo Kyla Bellingall (Senior Slalutory Audilorl for and on behalf of BDO LLP, Statutory Auditor Birmingham United lQngdom Dale." 15 February 2021 BDO LLP is a limited liability partnership registered in England and Wales Iwrth registered number OC3051271 17

QUEEN ALEXANDRA COLLEGE CONSOLIOATED STATEMENT OF FINANCIAL ACTfviTIES AND INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 JULY 2020 Eleven Year Months Unrestricted Restricted 31 Jul 2020 Unrestricted Restricted 31 Jul 2019 Funds Funds Total Funds Funds Total Income Noteg Charitable Activities 11.335.472 11.335.472 10A66,846 10,566,846 l)onations and legacies Grant BRIB Rent Other Donations and Grants 599,700 7,507 607,207 599,700 205,235 804,935 549,711 5,197 554,908 549,711 1--34g 677,061J 197,728 197,728 122,152 122,152 Other Tradlng Activitles Sa￿$ in Enterprises Other Trading IncA)me 523,470 64.364 587,834 523,470 64,364 587,834 537,005 173,255 710,260 537,005 173,255 710.260 Investment Income Interest Investrnent 1ftc￿e 4,659 46,722 51.381 4,659 46,722 51,381 5.311 43.407 48,718 5.311 43.407 48,718 Total In¢ome 12.581.894 197,728 12,779,622 11,880,732 122.152 12.002,884 ExpendSture charitab￿ Acb'vil￿s Raising Funds Loss on Disposal of Fixed Assets Total Expendltu 11,575,737 456,432 746 80,235 11,655,972 456,432 746 10,694,024 $81,388 328.587 11,020.611 581,388 12.032,915 80,235 12,113,150 11,275,412 326.587 11.601,999 Net In¢omellExpenditurel before movements on Investment Assets {LossesllGains on Investment Assets Net Incomel{Expenditure) Transfers belween Funds Net wM)vement in Funds 548.979 117.493 666.472 605.320 1204,4351 400,885 101,153 447,826 101.153 565,319 91.205 696.525 {204.435 77,189 177,1891 T13.714 (281.6241 91.205 14 117N93 71,826 519,652 171,826) 45,667 565,319 492,090 Funds at31 Juty 2019 Funds at 31 July 2020 10,476,163 1,209,300 11,68S,463 10,995,815 1,254,967 12,250,782 9,702.449 1,490,924 11.193,373 10A76.163 1,209,300 11,685,463 14 There are no recognised gains or losses other than those shown at()ve. l of the Group's acb'vilies during the year ended 31 July 2020 are conts"nuing. The notes on pages 23 to 35 fomi part of these financial statements. 18

QUEEN ALEXANDRA COLLEGE COLLEGE STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 July 2020 Eleven Months Unrestrfcted Restrlcted 31 Jul 2019 Funds Funds Total Year Ni)tes UnrgStri¢t8d Rgstrictgd 31 Jul 2020 Funds Funds Total In¢om¢ Char112ble Activ5ties 11,335,472 11,335,472 10,566.846 10,566.846 Donatlons and legacles Grant. BRIB Rent Other Donats'ons and Grants 599,700 210,161 197,728 809,861 197,728 599,700 407,889 1,007,589 549,711 256,587 806,298 549,711 378,739 928,450 122,152 122,152 Other Trading Adivities Other Trading Income 113,582 113,582 223.144 223,144 Investsnent Income Interest Investsnent Inojme 4,659 46,722 51.381 4659 46,722 51A81 5,311 43,407 48.718 5,311 43,407 48,718 Total Income 12.310,296 197.728 12,508.024 11.845.006 122,152 11,767,158 Expenditure Charitsble Activities Raising Funds Loss on Disposal of Frxed Assets Total Expenditure 11,575.737 184.834 746 80,235 11,655,972 184,834 746 10,694,268 345,418 326,587 11,020,855 345.418 11,761,317 80.235 11,841,552 11,039,686 326,587 11,366,273 Net Incomel(Expenditurel before movements on Investment Assets {LossesyGains on Investrnenl Assets 548,979 117N93 666,472 605.320 1204,4351 400,885 101,153 101.153 91,205 91.205 Net IncomellExpenditurel 14 447.826 117,493 565.319 696.525 1204,43SI 492,090 Transfers beiween Funds 71,826 71,826 77.189 77,189 Net movement in Funds 519,652 45,667 10 466 163 1209,300 10,985,815 1.254.967 565,319 11675463 T13.714 9,692,449 10466 163 {281,6241 492,090 1,490.924 11.183,373 Funds at31 Juty 2019 Funds at 31 Juty 2020 14 12 .782 1,209,300 11,675,463 There are no reeognised gains or bsses other than those shown above. All of the Charity's actiwlies during the year ended 31 July 2020 are conb'nuing. The surplus for the year for Companies Act 2006 Pufposes excludes un￿aliSed losses on investrnents of£88,38012019', gains £95,442) and amounts to a surplus of £853,69912019, surplus £396,648). The notes on pages 23 10 35 fomi part of these financial stalemenls. 19

31 JiLY2420 J1W 1.c62.￿2 5.359.337 54597.CQl 785.050 49.a)7 276. 42.144 7S20674 In20S41 934121$ gfrn.485 io 467. ?2.416 9871 IXX), 7.￿)S9 1￿7PAI cash8￿k 1.054 .449.432 12 2M,561 2081 B7e 12210783 TO￿ PA¥J¥s 12250782 116954S> 14 10.995.015 1254.*7 10.47E.163 12250 182 VK¥Chll

ai i.ow. 5.497.028 7&509) 49207 270.543 1￿.$3$ 7.Sal.874 I WJ5295 s.￿3S87 9.341.317 io 2.314 1 S.C67 C3sh8te￿k￿ knlknj 7.7.140 4 In.1é6 927 1Z 701 2.899.4 11 675463 10.9&5ffjlS 10,4w 183 14

QUEEN ALEXANDRA COLLEGE CONSOLIDATED CASH FLOW STATEME FOR THE YEAR ENDED 31 JULY 2020 El8ven Months 31 Jul 2019 Year 31 Jul 2020 Cash flows fn)m Operating A¢tivities 872,801 894,082 Cash flows from Investing Activities: Dividends and Interest from Investments Pr￿eedS from the Sale of Fixed Assets Purchase of Fixed Assets Proceeds from sa￿ of Investments Purchase of Investrnents 51,381 .168,613 1402,5181 201,175 {217,6721 48,718 1294,6CEI 150,558 1226,988} Change in Cash and Cash EqurdaleDts in the reporting pgri¢)d 973.780 571,764 Cash and Cash Equivalgnts atthe bgginning oftho rgPQrting period Cash and Cash Equivalents at the ènd of the reportlng period 2,019,339 1.447,575 2,993,119 2,019,339 Notes to the Consolldated Cash Flow Statement 1. Reconciliation of Net Income to N9t Cash Flow frcyn Operating Activities Net Income for the reporting FEriod Adjusknenls for.. Depreciation Charge Impairment Charge Losses I (Gains) on Investments Dividends and Interest from Investments Loss on Disposal of Fixed Assets Decrease I Ilncreasel in st￿ks Ilncreasel in Debtors (Decreasey Increase in Creditors 5,319 492,090 554,165 500,892 212,959 191,2051 148,7181 101.153 {51,381 746 7.079 1250,5871 153,6931 1911 1220,1121 48,267 Net Cash Provided by Operating ACtiV￿.eS 872,801 894,082 2. Analysis of Changè in Cash and Cash Equivalents At31 Juty 2019 Cash Flows At 31 July 2020 Cash al Bank and in Hand Short term DeFX)sts 1,054,803 964,536 2,019,339 848.957 124.823 973,780 1,￿3,760 1,089,359 2,993,119 The notes on pages 23 to 35 foryn part of these financial statements 22

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2020 ACCOUNTING POLICIES la) Basis of Ac¢ountlng The fin8nci81 statements have l)een prepared underthe hi*orical wst¢onvenb'M, modified to include the revaluats)n of certain as5els and in accordance with the Statement of Recommended Pracb'ce, 'Accounling and RetK)tting by Charities" preparing their accounts in accordance with the Financial Reporting S18ndard applicable in the UK and Republic of Ireland IFRS 1021 (Second edition October 20191- (Charities SORP IFRS 102)), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. the CompanEsAct 20Ck5. the Charity's goveming d￿￿mentS, and aptAuble Accounting Standards. Queen AÈxandra College meets the definilKJn of a publ￿ benefit enb.ty under FRS 102. Assets and liabilities are inibally rewgnised al historical cost or transaction value unless otherwise stated in the rekvanl acrL)unting policy notes. Comparative figures for 2018119 are for an 11 month period as the College changed its yearond dale to align wth Education Skills Funding Agency IESFAI and other FE Colleges. Ibl Going Concern In preparing the financial statements, the Govemors have ccnsidered whether the going cOr￿M basis ofpreParat￿n for these a(￿unIS remains appropri4le. To make this assessment, and refleth.ng the Un￿rtaInty associated wi(h Covid19 on the college and the economy, the college has rnodelled a nurnt￿r of financk41 S￿naTh)S including expected base case, worst f2se and b￿ak ease assessments to February 2022. Taking into account the above, induding the level of cash and near liquid investments. the Govemors belwe that whilst Un￿rtaInty exists, this does not pose a material uncertainty that would cast doubt on the College's abIl￿ty lo continue as a going concem for the foreseeab￿ future, which is a period of al least 12 months from the signing ofthe accounts and audit report. The Govemors therefore consider rt appropriate for the accounts to be prepared on a going concern basis. {cl Judgements in Apptying Accounting PolKies and Key SourGes of Estimation Uncertainty In preparing these financial stalernents. the Governors a￿ required to make judgements, estimates and assumpb'ons about the carrying amounts of assets and liabilities that a￿ not re8dily apparent from other sources. The eslim81es and associated assumptions 8re based on historical experience and other factors that are considered to be relevant. Actual results may drffer from those estimates and underlying assumptions are continually reviewed. The following is a critical judgement that the Governors have made in the proces5 of applying the accounting policies. Determining whether leases entered into by the group either as lessor or a lessee are 0￿ratIng leases or finance leases These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis. Other Key sources of estimation uncertainty. Tangible ffxed assets {see note 8}. Tangible fixed assets are depreciated over their useful Iwes taking into account residual values where appropnale. The actual lives of these assets are assessed annually and may vary depending on a number of factors. In assessing asset lives, factors such as life cycle and rna1ntenan￿ programmes are taken into account. Residual value assessments consider issues such as the remaining life of the asset and project disposal values. Trade debtors (see note 111. At each reporting dale, trade debtors are assessed for recoverability if there is any evidents of impairmenL the carrying amount of the debtor is redu¢ed to ils recoverable amount. The impairment Ioss 15 recognized immediately in the income statement. Idl Basis of Consolidation The group financial ststements consolidate the financial statements of the College and QAC Enterprises Limited Intra group Iransacb'ons are fully eliminated on consolidation. The Govemors consKler that the presentation of the consolidated statement of financial activities and income and expendrture account, prepared on a line+by.line basis, gives a Iwe and fair view of the group's resuts. 23

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS leontinuedl YEAR ENDED 31 JULY 2020 AcCOUTr￿1NG POLICIES continued (el Tangible Flxed Assets Tangib￿ fixed assets are recorded at cost on 31 December 1997, when they were allc£ed to the College by Bimiingham Royal Insb'lution for the Blind, plus addth'ons sin￿, al cost. Expenditure of ￿sS than £1,000 on plant fumilure, fixtures and fittings and educational equipment is charged to revenue in the Fer#)d of acquisrtion. The equivalent figure for computer equipment ts £600. Fixed assets funded by specfft donalM)ns are capitalised and depreoated in line wth the normal depreciation rates shown below. Specffic donations to acqui￿ such assets are brought into the Statement of Financh81 Actwities when rr￿able and included in restn'cted funds. Depreciation is charged wf(hin the Statement of Fin3ncL31 Ath'vilies under the appropriate fund heading. Deprecpats"on is provided on 811 tsngible fixed assets al rates calculated to write off the cost of each asset less its esb'maled residual value over its expected useful life as folbws.. Freehokl land Freeho￿ and Leasehokl Prop&ty Fixtures and Fithngs Computer Equipment Motor Vehicles 20/0 on cosL or if shorterthe remaining peri(xJ of the lease 100/. - 200A on cost 33 113 /0 on cost 200/0 on cost The carying value of the Charity's assets are reviewed al each b8￿n￿ sheet date to detemine ￿ether there is any indication of impaiment If events orchanges in circumstsnees indicate an impaimenl, the assevs recoverable amount Is estimated. The recoverable amount of an asset is the higher of fair value less costs lo sell the asset and its value In use. Shortfalls ￿e￿en the carrying value of fixed assets and their recoverable amounts are recognised as impairnents. Impairment losses are recognise£l in the Statement of Financial Acbvty. lfj Income Income is reeognised when the charity has enlthmenl to the furKls, any perfomian condib.ons attached to the item(51 of income have be&n mel, il is virtually certain Ihal the income will be recewed and the amount can be measured reliably Income frtsm ESFA and Lctal Aulhonty Fees, Govemmenl and other grants whether 'capital' grants or 'revenue' grants is recognised when the chanty has entitlement to the ftjnds and il is il is virtually ￿rtain ihal the income will be received. Income from other sources Is recognised when the charity has enliuemenl to the Jnds. Income receNied in advance of provisun of a specified Servi￿ Is deferTed until the criteria for in￿rne recognibon are mel. {g} Expendlture Expendrture is a￿Unted for on an accruals basis. The cost of If￿0verable Value Added Tax is included wth the item of expense lo which il relates. Chantsbk activrts indude expenditure assiKialed with the chanty's Objects including both the d1￿ct costs and support costs relating to these activities. Costs of ￿K51ng ftjnds are those costs incurred in attracb'ng voluntary income and those incurred in trading ath'vities that raise fvnds including income from QAC Enterprises. Overt)eads are not apportioned be￿een chantsble, fund generating and govemance acb"vits"es as the sums involved are deemed immaterial and all the functions other ihan chantable &b"vilies have the primary function of Sup￿rting those Chartsb￿ athvrties. {hl Operating Leases Operating lease costs are charged to the Statement of Finanaal Acb'vilies as incurred. A lease is classrfEd as an 0￿rating lease if il does not transfer substankn'ally all the risks and rewards inudental to ownership. {1) Flnancial Instruments The Charity only has finanual assets and liabilthes ofa kind tha qualify as basic finanaal instruments Basic financhql instruments a￿ inibally recognised al transaction value and subsequently measured al their setuement value. til Stocks and Assets Held for Sale Stocks and Assets Held for Sale are staled at the k)wer of cost or net realisabk value. 24

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS Icontinued) YEAR ENDED 31 JULY 2020 ACCOUNTING POLICIES continued Ikl Invostmgnts Investrments are stated al market value al the balanTr sheet date. Any gain Of loss on revaluaty'on is taken to the Statement of Financial Aclivits'es. Inveslrnenls in subsKliaries are shown at cost. {11 Pension Cost8 Rebrement tenefftsto leaching staff are provided by the Teachers, Pension Scheme I'TPS'I. This is a defined benefit scheme and the assets are held separately from those of the College. The TPS is an unfunded scheme and contributions are calculated so as lo spread the cost of pensions over empk)yees' working lives with the College in such a way that the pension cost is a substanlkqlly ￿Ve1 percentage of current and future pensionable payrdl. The conlribulion5 8re determined by the Govemmenl Actuary on the basis ofquinquennial valuations using a prospethve benefit meth(xJ. The TPS is a mullimpbyer scheme and the College is unable to idents'fy ts share ofthe underlying assets and liabil￿e5 of the scheme on a consislenl and reasonable basis The TPS scheme is therefore treated as a defined contribution scheme and conlribub.ons are reccMJnised as they are paid each year. The Cole also operates tNo separate defined conlribut'on schemes for non-teaching staff. The cost lo the group of Fension contributions is shown in note 7 to the financial statements and the group had no arrears of contributions al the year*nd. {ml Funds Restricted Funds These consist of monies received by the College for specff￿ purrx)ses less exFendf(ure to date. Unrgstricted Funds This fund represents the accumukted surpluses arising from the Cdkge's activthes. (nl Voluntary Hèlp and Gifts in Klnd No finanaal value has been attributed to the voluntary help re￿iVed by the ColÈge dunng the year Any other in kind LS valued when r￿1Ved and is includ￿1 ill the Statement of Financial ActThiilies. lol Recognition of LiabllitSe6 Al known liabilities al 31 July 2020 have tEen provided for in these accounts. CHARITABLE STATUS Queen Aexandra Coll￿e is a registered chanty and is exempl from Income Tax and Capital Gains Tax provided its income and gains are applied for Chartsb￿ purposes. 25

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL sTATEmE￿s Icontlnued) YEAR ENDED 31 JULY 2020 CHARITABLE ACTIVITIES INCOME Eleven Month8 31 July 2019 Year 31 July 2020 Income from Charitable Activitigs: Education and Skills FurTrding Agency Student Funding Education and Skills Funding Agency Free Meals Funding Educats'on and Skills Funding Agency Capital Maintenan Funding Education and Skills Fundiro Agency Teachers Pension Funding Total Education and Skllls Fundlng Agency Local Authorities Student Funding Other Employment Programmes Income Independence Plus cl￿nt Social SetviceslPrivale Income Respite Care & Private Sludenl Fee In(￿rne Student Transport Fees Calenng Income Other Charrtabk activib.es InctYI Total Inccyne from Chantable Activib'es 3,111,140 82,199 2,749,322 33.539 70.410 98.117 75,042 3,338,791 7,129,881 607 731,502 84,087 7,473 40,691 2,440 11,335,472 2,880.978 6,782,288 18,135 718,047 52,715 39,844 71.628 3,211 10,566,846 CHARITABLE ACTIVITIES EXPENDITURE Eleven Months 31 Juty 2019 Year 31 July 2020 Exp¢nditure from Charitable Activ6ties Unrestricted Funds Direct Teaching and Support Staff Costs Indirect Stsff Costs lo support Charitable Acbvthes Other Employee Related Costs Premises Costs Catering and Cleaning Depreciation EquiFyment Maintenance Exam Fees and Course5 Subscripbons Student Transwrt 8nrJ Other Allowances Student BUrsar￿S Medical Costs Learning Equipment , Consumables and AclivfiEs Educational Subcontract Fees Student Support Professional Fees Staff Travel Expenses College Transport Printing, Stationery, Postage and Computing Consumables Marteb'ng and Advett'sing MI￿lIaneoUS Legal. Professional & COnsu￿.n9 Fees and Charges Extemal Audit Fee5 Development Volunteers, ExtEnses Books and Publicab"ons 6,653,231 1,614,959 114,255 1,112.581 649,367 524,411 85,009 13,707 15,912 132,388 19,709 16,933 39,643 41,993 57,125 4,126 17,245 328,906 29,098 8,221 49.803 31,210 2,010 10.313 3,582 11,575,737 5,933,939 1,485,762 113,444 972,473 674,345 431.013 59.625 14,201 12,545 333,442 20,194 16,011 49,380 33.279 42,863 8,438 24,931 288,255 38,837 12,454 77,509 20.957 9.8L 18.125 2,1 10.694,024 Restricted Funds Depreciation Impairment charge Learning Equipment and Consumables Staff Costs 29,7S4 87,323 195.515 41.171 2,578 326,587 50,481 80,235 Total ExFenditure from Cha¥itable ActivrtEs 11,655,972 11.020,611 26

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 JULY 2020 CHARITABLE ACTIVITIES EXPENDITURE continued Insuran￿ is purchased lo prow the Col￿ge from losses arising frcffi neglect or default ol ts Govemors. office and employees. and to indemn¢fy the Govemors, officers and employees against the consequences of neglect or default on their part The amount paid for the year was Includ￿ within the College's overall Combined Commercial Policy and the cost cannot be separately idenb'fied. The limit of indemnity Is £5,ODO.C()012019,' £5,000,000). COST OF RAISING FUNDS Eleven Months 31 Juty 2019 Year 31 July 2020 Enterprises Salanes Premi￿$ Costs Cost of Goods Sold ALrt and Ac£ounling Fees Other Costs 227,426 14,500 48,778 5,744 24,368 320,816 190,590 15,463 58,160 3.662 17,984 285,859 Othgr Costs of Ralslng Funds Stsff Costs Catering Costs Management Charges Investsnenl Funds Cost of Gckxls Sold Other C¢)sts 91,046 3.(￿0 8.663 11,190 21,657 135,616 194.996 2,396 7,675 13,340 77,122 295,529 Total Costs of Raising Funds 456,432 581,388 NET INCOME Eleven Months 31 July 2019 Year 31 July 2020 Net Income is stated after charging.. 0￿rating Leases.. Rent Hire of Equiwient Staff Costs Auditors, Remu￿ration". Extemal Audit SerVI￿s Other Ser￿￿S Depreciation of ￿ned Assets Impairment Charge 687.201 6.333 8,586,662 35,669 1,500 554,165 657.382 5,077 7,807,865 23,411 10,432 500.892 212,959 STAFF COSTS Eleven Months 31 Juty 2019 Year 31 July 2020 Stsff Costs.. Wages and Salaries Social ￿￿rty Costs Other Pension Costs AgerLy staff costs 7,480,159 583,559 425.653 97,291 8,586,662 6.824,597 540.863 309,587 132,818 7 807 865 Staff Costs of£8,586,662 {2019,' £7.807,8651 include ex graa and redundancy costs of £18.OiY212019.' £140.719}. 27

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS {contlnu•d YEAR ENDED 31 JULY 2020 STAFF COSTS continued Eleven Months 31 July 2019 Number Year 31 July 2020 Number The average weekly number {ftJll b.me eqU￿8￿nI) of employees during the year was as follows.. Teaching and Support Staff Care Staff Office and Management QAC Enlerpnses maintenan￿ Stsff 169 37 333 314 The numberofemployees included above whose eamings lincludin9 taxable beneffts in kind, ex gralk? and redundancy costs) exceeded £60,000 were.. Year 31 Juty 2020 Eleven Months 31 Juty 2019 Number Nurnber £60,CKJo lo £69,999 £80,00010 £89,999 £90,00010 £99,999 The College also made penS￿n (x)nlributsons in respect of 312019,. 21 of the 312019,. 21 empbyees noted above. Conin"bulions into pension schemes for higher paid empkiyees amounted to £39,32812019, £16,794) The key management personnel of the College are the Principal. Deputy Prinupal, the Director of Govemance and the Director of Finance and Resources. The employee benefrts ofkey management Fersonnel were £2￿,187(2Ol9,. £333,892} No remunerab.on was paid to any Govemor. During the year no Govemor claimed any exFenses12019," 2 Govemors claimed a total of£40 for travel and other expenses). All expenses are incurred wholly and exclusively in ￿rying OLrt dut'es as Governors of the College and are in accordance wth the College conststulion. FIXED ASSETS Freehold Land and Buildings Leasehold Land and BuSldings Flxtures and Fittings Motor Vehicles Group and College Computer Equipment Total Cost 31 July2019 Additions Disposals 31 July 2020 Depreciation 31 July 2019 Provided in the Year DisFK)sals 31 July 2020 Net Book Values 31 July 2020 31 July 2019 1,497,608 6,934,569 2,771,597 203.347 594.827 6,934,569 2,380.117 254,294 15.000 2,482,439 159.763 25,809 2,616,393 13,940.507 378.110 620,636 13,697,981 1,497,608 269,294 407,148 28,458 1.437.541 1,9￿,547 138,691 187,303 593,268 1,576,232 1.580,582 205.087 21.763 2,205,896 177,950 25,809 2,358,037 6,242,219 554,165 619.077 6 177,307 435,6( 226.850 1.062,002 1.090,460 5.3>8.337 5,497,028 799,535 785.050 42,444 49,207 258,356 276.543 7,520,674 7.Eiod,28ti 28

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS Icontinuedl YEAR ENDED 31 JULY 2020 FIXED ASSETS Continued The Nel Book Value ofAssets that are subjecttodeprec1al￿n asat31 July 2020 vrds£7.445,99912019, £7,623.6131 INVESTMENT Group and College Queen Alexandra College owns the whole of the issued share capital of 1fJ) shares of £1 &7ch of QAC Enterprises Limrted, 8 company incorporated in England & Wales (Company Number 1986389). The C(￿panY operates th￿e distinct businesses." a specialist transcripb.on servi￿$ I"All Formals I, the sale of canes for the visually IM￿1red and the 'SMJhl Village" series of exhibth'ons for the blind and visually impaiied. AJI profrts from the businesses are Gift Aided lo the College. The turnover for the yearended 31 July 2020 was £523,47012019,' £537,24918nd the GfftAid payment was £202,65412019', £251,390). QAC Enterprises had nel assets and reserves of£10,100 at the ye8rend 12019, £10,100) Queen Alexandra College also owns the whole of the issued share capital of I shafft of £1 of QAC Sight Village Limited and the whole of the issued share capital of 1 share of £1 of Suhl Village Limited. These eompanies are incnrporaled in England & Wales and have remained domianl Sin￿ their incorporation on 6 February 2010 8nd 16 July 2012 respecbvely. Invesknents Unrestricted Fund Movements in the Investment Fund managed by Smrth & Vmlliamson weE.' Eleven Months 31 July 2019 Year 31 July 2020 Market Value al beginning of the yoar Addits'ons to investment al cost Diswsals al market value Net realised and unrealised investment Ilo&¥llgain Total Inve51menl Fund Shares in subsidiary ¢ompanies Closing BaLgnce 1,905,197 217,672 1201,1751 101,153 1,820,541 102 1,820,f>43 1,737,562 226,988 1150,5581 91.205 1.905,197 102 1.9D5,299 At 31 July 2020 one investment represented in eX￿sS of 50/0 of the portfolio. This was Edgewood L Select US Se Gromrth al £106,170 which is 5.83 /0 of the portfolio. At 31 July 2019 one investment represented in excess of S°/0 of the portfolio. This was Polar Capital Technology Trust Ordinary GBPO.25 shares at £107,424 which was 5.640/0 of the portfolio. Cash held by the Investhenl Fund managers Smith & Wiliamson al 31 July 2020 of £78,34412019', £56,791) has teen induded on the balan￿ sheet under short-temi deposits within current assets. 31 July 2020 31 Juty2019 Li%led SecuritEs Total Investments in Inveslnknt Fund QAC Enterprises Limited QAC Sight Village Limited Sight Village Limited Total Investments 1.820,541 1,820.541 11X) 1.905,197 1,905,197 100 1,820,643 1,905,299 29

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS {continued} YEAR ENDED 31 JULY 2020 10. PROPERTY HELD FOR SALE IN 2018119 During the year the 494498 Bearwood Property was sold for gross sale proceeds of £475,CL)O. Fixed asset equipment with a net book value of£22,347 at 31 July 2020 was also transferred before the sale from the Beawod ProtEty lo be used at the main campus. The onginal purchase of the property and equipment was largely funded by a Demograph￿ GrovAh Capital Fund 2012-2013 grant from the Department for Education. The Department ft)r Educab'on has provided wntten approval that the property could be sokl on condition that the receipt is appropriately reinvested to suppx)rt ongoing educatk)n provision forwhich there Is a clear need. The cash from the saleof £475,000 plus nel tx)ok value of equipment transferred of £22,347 a￿ held as restricted fvncs assets at 31 July 2020. 11. DEBTORS: Amounts fallln due wlthin one oar 31 July 2020 31 Juty 2019 Group College Group College Amount due from BRIB Trade Debtors Amounts due from Subsidiary Prepayments Accrued Income Other Debtors 428 291,163 428 132,760 354,619 189,261 640.787 8.212 7,326,067 11,929 308.297 11.929 164.465 292,464 190,747 377,334 7,825 189,934 710,727 8,212 1,200.464 198,187 423,639 7,825 949,877 12. cRED￿ORS. Amounts fallln duo Within one ear 31 July 2020 31 Juty 2019 Group College Group College Tfade Credi(ors Amount due to BRIB Amount due lo Subsidjary Other Loan Tax and Sooal Secunty Pensions Contributions Other Creolilors Accruals Fees in Advance 201,394 190.953 360.510 10,845 340.450 10,845 244 15,587 194,098 55,815 5,360 525.324 186.854 1,334,577 15,587 194.098 55,815 5.360 529,151 196,088 1,367,454 239,098 60.694 12.973 689.436 85.758 1.289,353 239,098 60,694 12,973 683,225 85,758 1,272,701 Deferred income relates to income fr(Th the Educats'on and Skills Funding Agency, L(￿al AuthorilEs and other sources received in advance. The movement on the defenEd income account during the year was.. Group Collrye Balan￿ al 1 July 2019 Amounts released in the yea Amounts dèferred In the year Ba&nce a131 July 2020 1*,088 1192.9351 82,605 85,758 186,854 1183,7011 82,605 85,758 30

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMEfrifs Icontlnuei.) YEAR ENDED 31 JULY 2020 13. FINANCIAL INSTRUMENTS 31 July 2020 31 Juty 2019 Group Coll8gg Group College Financial Assets Finanaal Assets measured al fair value through SOFA Cash & Cash Equivalents Financial Assets that are Debt Instruments Measured at Arnortrsed Cost 1.820,541 2.993,119 1,820.541 2.846,099 1,905,197 2,019,339 1,￿5.197 1,891.575 1,010,530 5.824,190 782,187 5,448,827 751,690 4,676,226 1,553 4,358.325 Financial Ltabililies Financial Liabilth'es Measured at Amorbsed Cost 903 803 887,151 921,453 897,566 Financial assets measured at fair value through the SOFA comprise fixed 2sset investments in a trading porffolio of ltsled company shares and unlisted SeCur￿es, which are valued al the quoted market price. Financial instruments measured atamortised costcomprise trade debtors, accrued income and otherdeblors. Financial assets also include cash and cash equivalents. Financial liabilities measured al amorb'sed cost comprise trade creditors, other credrtors, other loans and accruals. 14. RECONCILIATION OF MOVEMENT IN GROUP AND COLLEGE FUNDS Unrestricted Fund Restrithd Funds 31 2020 31 July 2019 Total Total As at 31 July 2019 College Subsdiary Group Movement in the Pgriod Nel Ineome Col￿ge Subsidiary Group Transfers behveen funds Cdkge Subskyklry Gr¢)Jp As at 31 July 2020 College Subsidiary Group 10,466.163 10,(X)O 10476.163 1.209,3CK) 11,675,463 10,1)00 11,685,463 11,183,373 10.000 11,193.373 1.209,3¢XI 447.826 117,493 565,319 492.090 447.826 117.493 565.319 492,090 71.826 (71,8261 10,98S.815 10000 10.995.815 1,254,967 12,240,782 10,000 72,250.782 11,675,463 10,CX)O 11,685.463 1,254,967 31

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEmE￿rs {continued YEAR ENDED 31 JULY 2020 14. RECONCILIATION OF MOVEMENT IN GROUP AND COLLEGE FUNDS contlnu¢d The balances on Restricted Funds and their movement during the year are as follows." At 31 Juty 2019 At 31 July 2020 Other Expenditure Transfers Income Deprg¢latlon Social Demogophr Fund ISP Maintenance Fund Community Cafè Fund After Col￿ge Clubs Fund Communty IntegralDn Fund Community Services Fund IndeFendence Plus Refvrbishmenl Fund Indoor Climbing Fund Infectnn Conlrol Fund LJC Sludenl Swrts Fund Minibus Fund Music Devebprnenl Fund National Express Supported Intems Ould(x)r Teaching Spa Performing Arts Fun Pinewood Refurbishment Fund BRIB Pinewood Reftjrbishmenl Fund Clolhwot1¢ets Sensory Cabin Fund Sensory Garden Fund StM)rt & Recreation Fund um￿r$lade Fund Yoga and Meditation Fund Others13S fvndsl TOTAL 502,076 369,957 208,536 (11,929} 110,2211 17,6041 7,200 359,736 200.932 4,950 4.950 6,71)) 8.922 6,241 11,716} 8.922 5,OlXI 3.000 25,816 15,943 5.000 S770 22,575 2.951 4,318 17 188 6.332 5,369 33,913 12.3881 13,2411 18651 110,7851 3,816 4,318 18,601 11,4131 13,668) 10,000 9,168 31.500 2,iJ)2 13.7991 411 53,805 {20,1131 {33,6921 18,133 6,605 13.050) (15,0831 9,036 4,150 7.639 20,935 4.857 35,511 1.209,31XI 15.641 1,650 6,708 11,409 4.179 28.852 1.2￿,￿7 12,5¢)01 19311 (1,308) 16781 11.110 50,481 132 (8,3SOI 9.679 197.728 5,228 {71,826 29.754 There has ben £79,026 transferred frorn restrpcted funds to unrestricted funds in respect of8ssels purchased during the year and the restriction has been salisfi*J by the purchase of the asset There has also been a transfer of£7 200 from general ftjnds lo the Social Oemcgraphic fund so that at 31 July 2020 the balan￿ of £497,347 on the fund represents the gross sale prcceeds on the sale during the year of 494498 Bearwood Road of £475,000 plus the nel book value of equipment transferred lo k used al the main campus of £L,347. There are other ftjnds wrth balan￿5 greater than £50,000 al 31 July 2020 and these are in respect of funds which have been used for large capital projects where there is an ongoing reslrictson in ￿spect of the use of the assets purchased.

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS Icontlnugdl YEAR ENDED 31 JULY 2020 15. GUARANTEES AND OTHER FINANCIAL COMMITMENTS Financial commthents under non<ancelL3ble operating ￿aSeS will result in minimum lease payments falling due in the folk)wing peric(Is 31 July 2020 Land and Equipment & Buildlngs Fixtures 31 July 2019 Lond and Equipment & Buifdings Fixtures Not later than one year within 2-5 years 666,823 28,332 13,475 19.211 672,900 67.656 4,W1 1,253 Included in lease cornmitments not Lgterthan one yearis a lease from BRIB forthe College's main prem15es £584.320 12019, £584,320). Under an agreement dated 31 December 1997 BRIB ha5 undertaken to provide an annual grant to cover this cost 16. CAPITAL COMMThMEWJ 31 Juty 2020 31 Juty 2019 Authorised and contracted for bJt not prowded for in the financBI statements. 8,011 176,874 The commitmentsforG4Prtal projects al 31 July2020 of£8,011 include £1.248 in respect ofarchitect fees and £6,763 in resttct of IT projects. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Fund Restricted Funds Total Group Fund balances al 31 July 2020 are represented by.. Tangible Fixed Assets Investments Current Assets Current Liabilities 6,937,658 1,820,541 3,509,112 1.271.496 10,995,815 583.016 7,520,674 1,820,541 4,198.920 1.289,353 12,250,782 689,808 17.857 1,254.967 College Fund t)alances al 31 July 2020 are represented by.. Tangible Fixed Assets Investments Current Assets Current Liabilities 6,937,658 1,820,643 3,482.358 1.254,844 10,985,815 583,016 7,520.674 1,820,643 4,172,166 1,272,701 12.240,782 689,808 17,857 1254,967 33

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS leontSnu¢dl YEAR ENDED 31 JULY 2020 17. ANALYSIS OF NEf ASSEfs BETWEEN FUNDS eoTrtinued Unrgstslcted Fund Restrietgd Funds Totsl Group Fund balances at 31 July 2019 are represented by.. Tangible Fixed Assets Investments Current Assets Current ￿abilItieS 7,085,518 1,905,197 2,822,114 1.336,666 10,476.163 612,770 7,698,288 1,905,197 3,449,432 1,367,454 11,685,463 627,318 30,788 1,209,300 Col￿ge Fund balan￿S at 31 July 2019 are represented by.. Tangible Fixed Assets Investments Current Assets Current Liabil￿"e8 7.085,518 1.905,299 2,779,135 1.303,789 10,4e6,163 612,770 7,698,288 1.905,299 3,4C6,453 1,334,577 11,675,463 627,318 30,788 1,209,300 18. RELATED PARTIES The principal o)nnected organisats'ons are as ft)Ilows.' Blmiingham Royal Institution forthe Blind IBRIB) During the year Birmingham Royal Institution for the Blind charged aueen Alexandra College £627,70012019'. £575,392) in respect of rent and made grants of £667,36712019", £551,2H) to the College in respect of rent and one-off grant support for QAC'S development al Pinewood. Queen Alexandra College also received a total of £5,000 12019., £3.4241 from BRIB in respect of accounting seryices provided by the College under a Service Level Agreement. At the year end the net amount owed by the College lo BRIB was £1.489 12019., BRIB owed the College £1,084). Focus Bimilngham Queen Alexandra College received a total of £1,684 12019,. £1,895) from Focus Bimingham in respect of maintenance services provided to rts sites by contract and other sundry services. During the year QAC received no other income from Focus Birmingham12019', £2,$00 in respect of Fitness memberships). At the year end the nel amount owed by Focus Birmingham lo the College was £2,600 {2019,' £4.5271. The National Association of Spe¢ialist Colleges Bev Jessop is a Director of The National Association of Specialist Colleges INATSPECI. Ounng the year NATSPEC charged the College £5,872 12019., £5,957) in respect of membership sub5criplions and Irainingl conferences. Queen Alexandra College received during the year £1,009 {2019,. £3441 from NATSPEC in respect of services supplied. At the yearend there were no balances outstanding with NATSPEC12019,' £nil). Warwick8hire College Group Chris Bradshaw is a Governor al Warwickshire College Group. During the yecir QAC purch85ed garden products tolalling £740 from the Group12019, £5041. Al the year-end there were no balances oulslanding with the Warwickshire College Group12019,' £nill.

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS {continued) YEAR ENDED 31 JULY 2020 18. RELATED PARTIES continued Assoclation of Colleges Elly Tobin is a Director of The Association of Colleges IAOCI. During the year AOC charged the College £3.095 (2019,. £3,417) in respect of membership subscriptions and trainingl conferences. At the year-end AOC owed the College £35912019, £nill. The Dystonia Socioty Chris Bradshaw is a Trustee 8nd Chair of The Dystonia Society. During the year the College Teceived £944 from the Society in respect of room hire and Catering services12019," £nill. At the year-end there were no balances outstanding with The Dyslonia Society12019,. £nil) Governor Donations One Governor of QAC Enterprises Limited made a donation of £2,500 to the College during the year There were no other donations from Governors in the year, other than individual sponsorships and tickets for fundraising events12019.' £nill. The College has taken ajvantage oflhe exemptions ojnferred by FRS102 not to disdose transactions with memters of ttTre group headed by Queen Alexandra College on the grounds that 100¥0 of the votsng rohts in the Charity are control￿d wthin that group and the Charity is included in the consolidated financBI statements. 19. POST BALANCE SHEET EVENTS There are no post balance sheet events that require adjustment or disclosure in these financial statements. The outbreak ofthe CovKY-19 pandemic has not a signfftanl impact on the operation ofthe Chanty. CONTINGEvf LIABILITIES The col￿ge, as with other care providers, has 8 risk of potential back pay It8bility as a result of outcomes from Employment Tribunals in reLatson to sleepin shifts. In the Employment Appeal Tribunal of Mencap vs Tomlinson- Blake, Ihejudgemenl was that care prowders musl pay the Nat￿nal Minimum Wage throughout a s￿8p-In shift rather than a fixed allowan￿ as is cutrenuy the case. However, the Court of Appeal Judgement overtumed that decision by deciding that the minimum wage does not have lo be paid for all s￿eping hours, only for those who undertake actual work rather than those who a￿ simply available for work. The current ¢ase is complex and is currently awaitsng the oknlcome of an appeal al the Supreme Court (heard in February 20201. If theiL#Jgement upholds the orginal deasion in full, QAC coukl have a back pay liability of be￿een £440.000 and £480,Oc￿. This is c0nsKle￿d possible, bul not probable and hence is not reffeeled in these financial stalemenls. 35