Registered Company Number. 03387540 QUEEN ALEXANDRA COLLEGE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 •AL*xLX49E¥ 1310412024 COMPANIES HOUSE A7
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coNTErS Chairfs Intrc#Juctory Stenwt Rep)rt oftrte GcNemors ALxlitorfs Retyl 18 Cortsc4id8j statem of FinarKd ALtNites ar¥J Irm aTrJ EwMlitureAcc(wnt 21 College Statement of ar Inccff£ E)lure A£wJ cOr1ad Bakrts Sheet College Balae Sheet 24 Consdidated Cash Fkxi Ststement Notes Ihe Finanad Sernents
QUEEN ALEXANDRA c(LEGE
CHAIR'S IPffiiOWCTORY STATEMEKr
During the 2022r23 finar1 y. OLrcrAlecb¥e thlcts ere dirthd aSJresgrJ i55LW Klentifigj by
Otsled aThJ we made svjnfficarrt steps fcfiyard. De5Prte marojirvj extremetytbJhl Iget5 ffinal
pressures, we expanded t1 benth.ng students and dÈnts ald
arKI parbaly sb3htgJ Fec lts3th wovthrs clthe 1&h, and SLWMt awkble lo In summary, the sear presatted a thallen arNJ rthvwds. bLA Wt us thtll lo on new organtsalN)nal stregy, takir#J us upto 2027. As ever, I must finish by expressiThJ my 9tude not onty to myfelkyw grm¢%5 fortha"r supp)rt and conlr)ution to ihe College thrcAJgh¢)Jt the but. pnmarty. tothe aff, *¥k tre• in their efforts to impm the lives ofthe young people in jrCare. lan Richards Chair of GoVerrS 18 March 2024
QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS The Govemots, vknL> are also Trustees. wesent their Iwt •d the slatements cl Queen Aknndra College {the'Cclege' orts'Cnyj ftjr the searended 31 JLty 2023. CONSTITUTION AND PRINCIPAL ACTMTIES Queen Alexandra Cc4kge IQACI is a SFeoalL8t Cc41 for y¢w •)d wAth (lis4yMw. The ¢cYnpany r6 lThrted by gu1 aThJ has M) share capital. Tr 5"1ty of rnrthr shal not eXcd £1. The ccynpany was incryjrated on 17 June 17 IC(ympany No.. 033875401 and Ls go1 by its Vmorandum an(1 Artic5 of Asscciatth, as anendwj by speoal resolutKNlS daed 29 sept[ 1997. 13 Juty 1998 and 6 December 1999. The Company is a r83iStered charty, number 1C65794. Colkge was part of BirminglHm Royal Insbluts the BliTrY {BRIB) until 31 Dnber 1997 when rts OFerabons transferred to a separe wnpany. Principal Connected a as fobM.' 8irniingham Royal Institution forthe Blind {BRIBI Bimingham Royal lnstitijlx fthe Blind vwns ts man ¢anpus EiSeS by the Colty. They ch¥ge rent for vse of the pranises and me grants lo suwyi the cl the Cc45ege. main grant lo the College of £736,947 12022," £584,320} is gwi lo cover ts rent ch¥pJ in resFect of the COle main premises in accUdanWrth an agreement dated 31 DecgnlH 1937. In additiyi. BB gave grarrts wth a combined value of£160,430 {2022'. £80.392} tofuThS campus Thprcwements ar¥J lo purchase a minknus for community serv. The Cclege prowjes antIrj serVeS to 8RIB under a serwce Ve1 4reement. The BRIB Board L8 made up of nine Govemors, three clwhom are appointed by Fcu5 Blmingh. three by Queen Alexatxlfa Cdlege and three bythe mters of BRIB. The Cdlege t5 very gratefvl to BRIB ts ts ccM)ti)u&4 SUPFQrt and hdp, esFeckally over the last year. Focus Birn)ingham FuS Bimiingham was also part of BRIB uth"131 1997when it te a separate charityto provth and promcle serwces lo blirKI aThJ parbaly styjhted Fe)F4e n Ihe ccfnmunty.11 lo) has been granted a brKJ kase by BR18 on part of ts Hartr¥)me srte. beneffts frcrfn furKlirg ccffrwntrnents made by BRI8 and. l(yJether wrth QAC, appc4.nls thw Govemors lo BRIB Board (see a1. The Cde prOdeS a contr&ted mantenance service to FcS Binningham. RE ERVE The Cdlege has unrestrbled fuThJs and a number of luThJs. unrestrtted funds Inde mulated
REPORT OF THE GOVERNORS GOVERNORS The administrath?n ofthe Colge Is dteded by a PId Gr)IS Iw18 Tru&s of tre chty arml directc ofthe Company) and tFb)se hebj offe during the r. arJ tothe date ofthis rwr( were." - I Rthards IChar} RosemaryAdams Mark Bxhe (Resigned 25.10.221 Simon 8L7y IResKJned 6.11.231 Gareha OrAnneGr Or Ewan Hamnett Khalid Javaid (Resigned VJ.C6.231 Bevedey Jesscp" Naresh Kum Akx lle {ReSwd 26.05.23) - Arnda MeGeew (Wte Chair) Lorraine Moses-ccFnan {Resuned 12 05 231 Pavan Pd IWinbJ 24.10.23) DrA Jul Regj Jerwnywcoj IApF(Jinted 4.12.23) Gove¥?15 ha no benefickil interest in the Cc4bF and al yhl rUat. wth the excepts'on of the three Staff g¢)vemors I" atJvel. Tw) ofll GI)rS {- rnl a currvrtjy ncYnined bythe Cole to the BRI8 Board, whith cornprises nine GownNs in l(Aal. Insurance is purchawy to protec# Cc41ege frn k6ses ¥in9 frcrfn neglect or defautt of its GovemcKs. offiws and empl¢)yees. and to iThJemnfy the Goverry)r5. offrer5 and emF+JyEe5 wJainsl the conseqLnces of neglect d8fwtt ¢)n their pwL The arKJunl paKI the WaS wlhIn the Cdlege's ovw41 Combined Ccfflmercial Pc4w and cost C8nrKrt be separatety The Smt (rf ThJwnThty is £5.(W,000121Y22.. £5,OCQ.CQO). Finance and General Purposes Committee KhalbJ JaThd IReswJwY 09.1.23) 8everky Jesscp Matthew Mangan {lndeFeidI- 03.07.23) 'Rhard Percwal Ichairl lan Rhd$ Monique (Irndent) Julie Reed SwrK¥n B (ResKJy 6.11.231 Ewan Hamnett 'AmaTrJa eeVer (Chair) x Iwet01.09.22- ReswJn&J 26.05.231 Imtety TEmey Curriculum & Quality Committee YiosemaryAdarr6 (Chair frn 01.09.22) SV Gaha DrAnne Green (ch.1 til 31.08.221 Beverfey Jessop Naresh Kumar lan Rithards Audit Cixnrnittee RosemaryAdams Mart Bthe (ResYJned 25 10 221 NroLa C¢)ynte {Apnted 5.12.22} "Helen Parks In* Edrrtsj (Chair) IlndepEr¥Jentl
QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS VERN - Continuod Search & Govemance Committee RosemaryAdams (wef 01.09.22) OrAnne Green IC&Q Chw"r hand&J 31.09.22) Arnanda McGe Rhard Perava 'lan RhardS (Charl lthalJ Javaid {Resigned 09 C6.23) "AmarKla Geever ICh&r) DrA Julie Re&J OFFICERS AND ADVISERS Principal arKI Chf Ex&ub4e Company Secre Akn Lsylon (Resigned 05.C6.231 Paul Waker ( 05.(6.231 External Audrt5 CrrJ UK Black Cwnty House Rcxjrnls Green Road okJijry 8692 Internal Auditors 45 Church Str Birmirgham B3 2RT Fr¢¥n 23 VaKkra Unit 3 crOmpt Cwrt WS7 3GG Prirtipal Bank Bar PLC PO Box 125CoknNe Row BYmirgh•n B3 2DS Ir$urae Advisers FE PrCAt Kiby L32 8SF Inveslmenl Man4er5 Evttyn P•tws 9 Cc4mcYe Ro4V Bwmiryham 8328J Registered Offe 49 Crt O Ro•J BwmirvJhar B179TG
QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS PUBLIC BENEFIT & REVIEW OF ACTIVITIES {continuedl The extended curriculum and enrichment activities I'club'l s invaluable and is offered lo bclh day and residential Students. Club is designed to offer a range of actNits vthich develcy community, sccial and independence skiSls, promote sports, the arts.. leisure actm.ties and develop wellbeing, confidence and friendships. The Cdb3e continues to prOe resKlentsal semees lo stLthnts ry$ appft)ximatdy 38 reshdenll 5LPPOrt staff. The reshjentd pro¥AsKJn at QAC continues to be gratsl as '¥). by CQC (Care Qualty Ccrnmi5sionl whts make UnanncnCed inspeCtS throughout the year. The Cdl&Je also wovthj 29 pLxe5 to lTrJependence Plus clhg)ts based in houses in the tral crynmunty. Achievement on aredited main prcgrammes rernair largely the same, 89% wrth slight increase from previous year and is above College KPI for achievement of 850A cffl main programmes. Maths ¢)verall achievement is al 810h, a notable 5Ph increase. this was attributed to a curriculum decision to offer akernalive 'slepping stone, qualffication. that readies the students for the slep up to Level 1 from Entry qualification. English aehievemenl is al 78.2%, a de¢rease of 1.8% whh remains gocd. bul the percentage decrease is also attributed to a number of student withdrawaL8. the same ones who have inpacted on the maths overall fwure, haviThJ disengaged from their main prcgramme. Target achievement continues to be measured for rth-accredited MIng programmes IRARPA IReeognL¥ing and Recording Progress and Achievementl). This successfulty captUS EHC plan outcomes in a meaningful and transparent way and is supported by the Local Authorits in Annual Reviews. QAC i8 in Its ninth year of using the FiARPA system, whieh is %*ll emtredded and undersloc•J by the teaching staff. The % achwement rate has reduced by 0.4% to 88% which is in line with other specialisl FE provhders. The use of non-accrediled programmes within the curriculum results in an eduCatnal experien that challenges arnerS who have signrficant barriers to convenbonal qualificaln learning. The RARPA prcLes5 IS twjhlly Monito and audited as wlh all accdI1ed prcgrammes to ensure rt thallenges and slretehes students and the process aligns with EHC plan outcomes The rctjust monitoring is oVeeen by some of our leaching staff vtho have achieved the Q2 ststus. who are RARPA ChamphMs, and they support the Inlemal veAr10n pr$$. QAC continued lo provklg 'best practice, support lo l¢xal GFE PTowsion for their RARPA preSseS and has their processes moderated through a structur&J Peer Revww and Developffent grp. Success al QAC is not measured solely in temis crf outcome success rate5. Students have a comprehensive Indivhlual Learning Plan %Mlh a range of nwraled challerging iargets. Prc¥Jress is measured on a regular basis and new tsrgels are sel and agreed as appropiiale,. value added. and di5tsnce travelled are important measures of achievement. Annual reviews were continued forall students with a fccus on the transition journey through College into independen, further educalion and employment. Safeguarding analysis across college and residenlial services is carried out against protected characteristics which enable us lo monrtor any pattems in safeguarding Issues and respond as required. There is a robust safeguarding process in place wth 10 staff hawng responsibilrty for safeguarding, one of whom is the lead designated safeguarding officer. wi(h others acting as depulw, there is a weekly rota in place for swft interventions when needed. Staff team5 are effectively trained in managing safeguarding issues Wth a regular. mandatory ongoing programme of training on all aspects of safeguarding in place, both via online training". workshop sessions and now Includes surveys. A govemor saleguarding kad liaises wrth the college safeguarding team ensu$ safeguarding updates are reported regularfy and Main high on the govemors, agenda. A Car audit trail of safeguarding is maintained and Ported iegularty to the govemors. whh ensures due process i% followed by the college. Prevent Duty training is embedded into Safeguard lrnining at Inductron and ongoing.
IXIEEN ALEXANDRA C
QUEEN ALEXANDRA COLLEGE SeNw promded by Conmnunty ser are IL8ted bekx. peal Assistsnt IPA) l Day oPrtunil10s service The PA and Day OFF1nS se prove$ rer$( cwrtred swyt lo irYrniYJ cohut of adutts fran Birmir¥Jham and a numLwd neNJhb>JiirrfJ kxal 8uUJyrt' ies. Scffie dienis accessirg PA are current QAC sbJJents, xess se5 evenrys, weekends and in the hc4iday5. We atso provkje SUPFUt lo scrne Inde Pkts dients. and f(ymer residenti'al siudents who are Iransthoning to Independence Plus and need 1..1 SUPF(¥t lo ath"wtes. Many fonner QAC sIJeIS axess the PA and Oay OFPQMtunthes seNtes seekirnJ a raroe of drfleml wpkx)rt iluding sUprt wth worf( ènd vdunleering, wrth srtial and letsU opp)rtunrties, wth the of irendent liwng skills and taking part in culural or farth-basoJ A number of yx)urg aduts vtho have previous nneth"on lo QAC are ehc•Jsing lo use 'r direct pawngmts lo OAC Conmunty SwKes. Pegr Support l After Collegol Weekend Activities This year has seen our prowsion of sla1 opportun"eS continue to go frC strength to strength. Our client services an¢J engagement have continued lo grow and devebp and the demand for $al opportunrties is really high. As well as men's and women's groups (inclusi4E of Cis and trans individuals), we ¢)ffer a weekly communty- based LG8TQ+ group which has golxl attendan from current QAC sludents and ¢InIs. alumni, and external attendees. We've also started to run a mthleek Sockal group which usualty comprises members of both the men's and women's groups. every three weeks, following the suc¢ess of our monthly Saturday Socials. The MJWeek social group tends to either be a group a¢tiwly (for example a film nwJM or our massivety popular Christmas craft nightl or a tTV Out for a pub meal. The Saturday Social tradiiionally always Involved going out and about, but last year we started to intersperse a regular 'Saturday Sccial Lunch Club. whh encouraged attendees 10 get involved in preparing and cwking a shared meal together - Ihis has been really popular and we plan lo run morel All of the peer groups are open to all indNKJuals aged 18 and over with autism or other support needs Sccial Saturdays a for anyone who wants to ccme along. and PAS. carers. parents are also welcome to attend. These events provKJe an Oppnty lo meet in a reLaxed setting with some support. Corne As You Are. our irluSive nb3htdub. is ncyw a weil- estsblished and much-loved fflonthty club npjhl, supported generously by The NwJht Owl nightclub in Digbeth. With Ihe Night OYA'S help are able to offer opportunrties for DJS with support needs lo play sets in a real nNJhtdub setting. We have also started lo showcase musicians wr(h disabilities - we are very proud that our'band in residence,, the QA Collective, have gone on to play the Royal Albert Hall and are k)oking ahead lo record some material. which we are intending to launch with an event at the NvJhl later this year. We have sel up a working group ¢ompri5ed of regular dub goers and clients and are planning all manner of eXcn9 events. This year we are also excited to be starting a year loThJ woiecl Mth Spectra- Wild Possibilittes- vthich will see our clients taking part in the design and cOnstructn of a rndhOuSe for Ihe ouldcor space at Mhdland Met hospftal in Bifmingham. Holiday provision Al present we are unfund8J for JaY pro¥i5)n, amtwh our swe ha5 rThi gro•vn conshderabty and dcnt really have capty lo run a hclklay dub ung Cc(vnty sere$ staff any rnCe as there are Simp t¢XJ many clients {in the best p)SSib way!). Durir¥J the sJJmmw crf 2023 ran a very I"mited prOvisn which allothed for a small numter of addrtional aCeS wthin our daity dient Prcgrammè to te made aVaILab for a limited number of Sessi$. Our trKJpe 15 to Source fundirg to run ts)hday provists 1n during the $Lynmer this at all
QUEEN ALEXANDRA COLLEGE THE FUTURE In Ihe summer d 2023. the Board a n&Y strgy the September 2023 to August 2¢)27. The keyot4"ectNes we.. 1. Be recognised as a leading Birrningham4>ased organisation supporting young adults with learning difficulties and learning disabilities: 2. Be an excellent provider of educational. comrnunity and residential provision and serrfiees: 3. Undertake organisational repositioning to promote growth. clarity and divernity of services" 4. High levels of student and cllent satisfactlon achleved., S. For the student and client population to benefit from safe, high quality and well4dapted provision and physical eststes across 8imiingham: 6. Maintain financial viability. 7. Be recognised as an excellent ernployer; and 8. Lead by example in sustainability, diversity and specialist high need provision A5 B the case in ¢hwity se¢tcY, maftsining finanua ¥0bilty is ots'&ve where may fac the bvJgesl chalknge. TrrtIal fUrlI¥j slreams rgnain uncertain, aTrd r&ent events al 8irmingharn Cty Council vthere a sectn 114 nclte was ued, highlghl just Irtt luThJiry 15 availab in the envir¢Ment f¢x our servw. Trre a also Pressu costs. We seen ur¢JrecedenleJ iruease5 in utilty tM'IIs. signthcant pressu on ge bills due to emptys hawng the tIEwwaythTOLpah the cost-of-ng cri5i5, and continue to see the imp&a of inliin C rgen 05. Th Ixing saKI, the Govemots a thent that the slrategy is but xhpRble. In order lo achieve fnancial Mabilty growth ts essentsal. arxl thts ¢CAIb"nL lo be str¢ry a QAC. sIe 2021 our student numtets have Ireased by approximety 36%. The cdlege rematns fc¢ussed erwrirvJ the p05rtTh remains resilient ugh lo over¢wie the exlwna uncertairtls, the strategy has a strong fttus ensuring the finances will support gro%h in demand that ¥v& forecast. li is important to rth th dew. e BYmir4hn CitYcne1 ssuirvJ a sth 114 V+e hase had eonfirnal th because the prowde is essential. and is peop. th&e wll be no iMt on r fundiThJ. It wll conkn'nue as n¥1. In ryder lo support grh, and the new slralegy, our iorts to reNe fmartol viabilty have shfflt& sl@My. We a now looking al Measu to dwsfy our inccme Stre$. We recentty increased our investrnenl in In Oct 2023 purchased a new proptyfor<xw 1TrJep Plu5 servi, and rt 15 estniataj that a further propety wll be requi ¥i the nexl 24 year FUrthem, v will need to eL)ntinue inskn"ng w) the Colb3e estste to ertsure we can provide Safe, hNJh qua well-aclapted premises to swjt ¢JJr Inereang nurnte. In 2022 we started a large caprtal project at our Umbetslade Campus. and work eonts"nLkS into the arerl&l 31 Juty 2024. wIn ccrnete this srte wil ommc•Je to 60 *mers. 10
REPORT OF THE GOVERNORS FINANCIAL SUMMARY The consc4idated financial cl the Cc4bJe and ts sthslory C4Jnpany IQAC Enterprises Lvnitedl for the year ended 31 July 2023 shy44 net m¢1 in lurKfs of a def¢rt of £158.916 con9a to a surplus of £218,121 In the prewous financral year. and there was an ¢)verall negthe cash ojtllow of £1,175,27112022', of £371,789). 2Q3 was a challengirvJ year. and the first year lor a number d sears vA)ere have exrerwced an oPeratg dèficf(. Atthough challenging the resum was tettef than ld teen forecast. Deftits yre fcecast for the ar entsj 31 Juty 2023 tecause increases in inc(¥ne We rnt keeping wth irueasèj costs. 21r23 saw pressure5 from ttr miiimLm wap irreaSe genal ey¥thdrture wuease5 due to Iwgh infl. ItKome frcm £14.5,352 to £15.501.354 b#M&een 2021r22 and 2022123 as a resutt of ts signfficant ireaSe in sludenl numbers. but a5 Ste¢J at¢)ve, eyndrture increa at afaer r. ExpeThJiture in¢r&15ed frcrn £14.113.50510 £15,617.946. Staffing c£sts the mft expendrture fcrf QAC and Ihs year as in previous yea there have been ¢(ts'ned increases in stsffing aThJ costs. Tr ncre&& c£6ts ore partty drbven by IF Irease in slaff numWs. but they a al dri by an (wall increase in the minTh(m w and the College's ¢xn rates of pay We reccgnEe the chalthJes cwr WyeeS are f"ry the cosl-of.k"ving crist5 and have PTOVKled a cost of Imng uplfft than preVS yEar5. Whjbt thi5 has put aldnal pressure effj the Cole's finarKes the Board ajreed twasthe nght[se This¥nst a badrofcLStrained sourcesoffundirg creates chalknge. These ¢halenges are address the strategy bytr Bo¥d in the sunwnerof 2023. OAC uses a number of intemal fala1 Key PerfCIr lTrJul¢x5 IKPlsl, irlAyIr uThaetyin9 cash fthv, aged debts. fundraisng inccrfne KI staff costslcNertals as a prcpxtDn of irKLne. Tlw a s¢d as RAG IR&J, Amber, and Greenl based the maneMent aCcnts are rerJtèJ to Board of GovernLYS throughout the Staff costs asa pwcenf4E dirwne iStheKPlWeh fryJTrJtrnK6t thrwgholrt the yeara5 h teen pOrting a hvjherratethan isdeg'red. Then setbngthe202W24 bLSJet rtwas a keyfccusto briro the budgeted Costs inline with this KPI. This has been twh reassessr#J and ty l.1$$1ng enCeS generated by process and system devekJpm. Atthwgh the ¢)verall cash outlknv of £1,175,271 LS not desrabk. are atle to attrbuie a krge prokx)rtw)n of thi% OLrtnThv lo the $¢gnrfunt caprtal inveslment in our Umter5We pus. vthih has teen fund8J by reslncted fvnds. RESERVES POLICY As al 31 July 2023. the Colege is subsK4wry c¢#mp have urttred general lunds d£10.626,83912022,' £10,4W,5191. unrestncte(I deswJnated fvThJs of £1.1¢r2.OCQ (2. £1.385.C(Joi and reslrictsj fLnds of £1.142.672 12022, £1.255,912). T1 rese. rKILvJirvJ re$lted funds, a £12,871,511 (2022. £13,041,431). The anatysis of rt assets tetsleen fvnds is set Cmrt in Ncle 16 to the Finaroal Statements. Ofthe total unrestitted reserves of £11,728,839, £6,797.463 s helj as trn9ib fixed assets and £1,102,000 is ld in desgnated funds, leamng free reserves (including investments) of £3.829.376121)22.' £3.620.1841. These free reserve5 are essentsal due to the Cde beng a pC61b where defKats in excess crf£51Xrf( are fcKèxt oNErthe next years. DurirrfJ the yew under GOrr¥>$ carrvJ¢xrta re<ewofQAC's reserves polwlowwre i(sUff'enfysuPportS QAC'S strategic , the current fv1j cknale aTrJ ts rths the Co eyjsed lo. Following that review t Govemor5 ccluded that OAC slKxJkJ am to a bas41 fuure for fr88 reseNes of £2,3.0 12022.. £2,390,1) plus an aJd1kal ccnb'ngery that represents the vakp unreaised gwns on Investrnents that are irkIded on the Cdkges Balartt sheet. By a(hJng thB cryrt1ngy. the 15 mrtuating against the KJktsl((y of stcck markets ensuring the free reserves Can SL&ain sunrfKant flLKtuathJns. Thi$ ccth"rvJerKy equates to £31C Vthh in ium Uts in a ccmbin&J free see tty of £2,7C•J.ClJO. 11
QUEEN ALEXAN()RA COLLEGE RESERVES POUCY Continued The Governors also remd the desJndted to assess whhw the use and waue Mwned appropriate. The outcome ofvthith ts daiW bek Site Expansion Fund £1m set asKle lo suppJrt the n&e55ary investrnert in srte expan5pJn that wll be rf the colbJe ts lo achieve rts objedves in its Strateg plan. Wrth in student nUrnte te"rvJ a Sh3nrfnt element of the Strateg plan (( is estimated that in exc£ss of £1m )rth Lrf inbestrnerrt fr1 resfftswll be ruIred in orderto the f&ilrties Community SeNice In 2021r22 £33Sk was deSnated to SUFPJt Cijmmunty Serv. one of the chitse servi QAC operates. Sirte the ser¥e wa5 cfened n 2021 rt ha5 exwEnc8J h#3h demaTrJ, and has torne an invaluatle servi10 ts users, bul lo date has not been lo rLNer ts costs. The b[ theref(Ye thts fund to provbje supp)1 whist the se estlL8hes itseand b&emes ffinarrially sustaine. In the year lo 31 July 2(r23 the ser CC6t the d)arty £233k therth the eYpeTrjrtu altfxd lo that fund eqyab the same. Thi5 kaves a bae this fvThJ of£11)2k. Infomwtion Technology DeveloeTht Fund Lkjring IPe yearlhe rewue expdU Ct impowryd IT W)frathat QAC &¥ce £5C, thereth thi%full fuThJ has been appld lo iebenue expendrture to ccffith"bLrte to thjse costs. There ts no rmv de$NJnatt al the erKI ofthis financAI year. INVESTMENT POLICY The G¢)verrM)rs have an Teed Innent Ccege aimed * prwding lor#J.temi capital grovrth with medium risk. Ey Partners act as Investmenl Mwwgers to the Cdkge to manage in¥Rstments under this p)liw. INVESTMENTS Queen Alexandra Cole the VA)0 ofihe i55wJ Share caWI cl 100 5hare5 of £1 e&h of QAC Enterprises Linited, a company wiu)rporaied in ErKJlarKJ & Wales Ictsnpany Number 13891. The c¢Jnpany yrates three distinct businesses". a SFeoali8t trarwptK)n swtes rfvj Fc#inatsl, Ihe sale crfca for the vwally Impaired and trE"Sight Vil. series cl exhtjits for the and ValY rnpargj. Al prc¥rt$ frryn the buwnesses are Grfl Aided to the Cc41ege The tumoverfor the ended 31 Juty 2023 vras £760,02312022,' £W.582) and GrftAKI payTrEnt was £185.83512022., Q02.2421. QAC Enlerpw had net assets and reserves of£10.1tXJ atthe yeard 12022,. £10,1CQI. Queen AkxarKJo College also rJ•ms the vhcAe of the tsSLd Sha o)lal of 1 share of £1 of QAC Swjhl VIlL8ge Lwnrted the wh)le of the ssued Sh captal of 1 sh of £1 of SKJht Vill¥ Mited. These c()mpanes a irKorwral&l in Engtsnd & Wales arnl haNe (knnant SI their (x16 February 2010 and 16 JLty 2012 respectNety. 12
QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS RISK ASSESSMENT AND MANAGEMENT The Govemus have congder&l rkS and mern thrwJhcArt tre ye as part of busitws of the fLdl Board and Sittee rrI$. QAC has a fcrfmal rtsk man•3anent prttess for the Ce and QAC Enterprises. this is managed by the ManwnertT&¥n Gfftrr via theAudl Sub£(Thmrttee. As ffj of rts risk rnaroJt prcKess. tre GoNm asseswj QAC'S iisk Wte. QAC v4 generalty risk aber5e and has noappetrte for nsk eyrosurethat resuts SP3nffjKant inpact ddwy OfrCperatnal core actmtses (delivery of edLKalK)n and provi5bJn of Ca). tt ts aly) wrsurt of e$ti.ng expanOn plans and extemally knssed c¢Jnmeroal thts. QAC ISlI1n9 lo W. in SL¥ne crcumstances, rth that may resu in some finwcd kiss ¢yexFosure to ts financol feseThes. prwded that sLh nsks are JentrfÈd arJ man4ed The Govemors have assessed the mqc¢ risks lo the Cobje is exF¢)s&J. in partuilar, those rdated to the operations and finae$ ofthe Organ0t. aThJ we salBfEd th$ystemsand p[cseSare in pLeto mthgate the Cdlege's exposure to these major risks. The Board of GoverrK>rs have KIerf1r the f&kn•A"rwJ key str8tegt nskstothe chanty. AAcfis lo mitwjate agallt these risks are also detaId.. Major change in finances resulling in a threat to k9 term oryani&ional viability Resrn Folicy th sets asK fvnds kryer term anS & reasonable operating", Devebpment of lern [CHI plan.. FrAnC aFvrasal of thJef.term committi'ng opportunites. Sensitwty anatys"s crf charKJes in costs affec"ng line., OrHJThrKJ Montsng of expendrtu against tNdgets'. Revtw of budgets iwpar lo #lwtrfy cost &ivings can be m&Je,' Fomal rewrts'ng to F&GP varianceS. MitEgation'. Failure of strategi¢ initiatlves across Ser¥Ke areas Iumberthw Pinthvood Communty SeNi¢esl ResidentFal SetvKes) Control of aFpl¢3n and asseSSn W." panel meetirgs.. SMT meeliros., resh4Jing of curitulum and tinetab to ma¥mise reswrce use," ¢Jev of ne•¥ camwses.. estates planning and Mitigation- Risk.. Miligalion: Inadequate reporting to the Board Strategic pknning, cbJ"ectNe seth.ng & b5et1)g prc£esses," timety & &curate reportirvJ', timely preparatN)n of rets.. trKwnvirate rr"n¥j reg cont&i beWeen 8oar(Ysenior staff. Reg Board & AC mthngs SAR presentaj to 8oard. Projress trJair£l KPIS preswled wularfyto Risk: Miligation: H&S risk to the organisatlon H&S Officers in pe at QAC wsure Cnpl1 with I & reg$. Pllbked H&S pol$,. Regular insFectTh & lesb'ng of onces. Fmcke arvJ ffire alarms.. Trained first aidersifrained fire matshals. Fire safety trainirKJ. i119 w of ekn'ThJuishers. Fire all areas.. Evacuation ar&." Fire. H&S used wularly. Rtsk Assessments k>Jged into ntral system.. H&S group meetings that rW to Ccmp¥9Ke Commirtee in atteThJance,' Regular evacuatJn drills.. Safeguartling risks to the wjanisati Rcèu5t 5afeguardirvJ policy & wE(tsYures." for s3uar(ling', E.s' tcd,. Rcknisl trainry prcgnme frALL Staff. Miiigation: IT and cyber security disaster recovery IT Ctsnuty n. ffirwll in pe.' cyb Seaty Plus achie4Ed (A 23),. Daily da kup$. duMents recovery predUleS.. eWx)n crf baed up da'. apprcw*e soknre to m'gate,. Mitigation: 13
QUEEN ALEXANDRA COLLEGE RISK ASSESSMENT AND MANAGEMEPff -continu•d Risk: Miligation: Loss of key staff Undertake an annual str4egr Trainry Ne8ts Analy$ alKJ to the Stte9 plan, 4)prntsal infonnation best Career patlTrHays in certain areas frcTh grtyJnd Ihreugh to rn¥ent pOSrtKS * wJproiyietrw"nng * eath a9e0fdeveent. Board aware ofCMT (Colege ManageMt Team) Stnth & C(lIren¢t5 for PrirKlaThpty cover. Rrsk: Miligalion: Curriculum not meeting needs of students sIrateg Curriculum fevthv and we." a ne4¥ Strre arKI fcfftwl cl Strateg CuryKum', trainiry to all stalF, rctKJst intsl do3nosb"c lesb.ng and baseline assessmert cL4rily c ¢xrtcLYnes frx exh studeAt. SAR (Self Asse5rn1 Review), QIP (Quality Improvement Prc•3rammel, PLAP lPerfC¥m ImprOent A Plan). Maintaining a high quality ofedU&itIIexPifoII(1rvj succe5sfvI ofsted nltOrIng visit and increasing student numbu5 MaiAtafi 8Cth)ns kn TeachirvJ and LearrMr¥J thrO(h the QIP mnf(cfftJ,' Corrtlnld PRD %KJrking wth other organis4Kms.' fulty staffed dem managem1 team,. SAR process and College SAR & QIP.. increased qualty aCtk for reviwng mlM.. restrudure of acad8mi¢ managwnenc Nthing wih exlemJ wtscts bwKhmarks and suppyt Mitigation: Risk: Mitigatit)n: AdveTre Publicty autk response straty in Fe fc( dealir¥J wth alvee e01 mèlia comments or negatNe PLknhty, Maintaming of links.. FdbMAcCNatw PR guthnts. BOARD OPERATION AND MEMBERSHIP The comwson ol Board ts assessed by a Search & G¢)vernae ccrnrtiee. whth rewts the mettrKJds of recrurting new Govemots and the Board as to new apFothents. Govemor induth.on prttedures seek lo ensu that all ne aprrf)intrnents to the Board gain a ndStandirj of dffterent asFeds of College lrfe. lknmors a en¢(raged to wsrt the Cc4lege t$Je fomal meetsngs lo ensure that they remain w) touch wrth sludenls and staff and a hnk prc#3ranme aL exists for this purFA%e Gownofs und•lake u1artralnin9, and Uir training are FeriCjty artd wrcpr add31 underten. The Board receives regular and b'mety tre tyerall fin•co1 perfomarxe Df tr and subsK4k?ries Icgethef wth other infc¥rnabffi sh 8$ pwfmrte agamsl tsrgets. leaming outCAXS, adm¢ssions aThJ destinations, SafeguardiNJ aTrJ Prevent ts$, Cijnplaints, prorKtsed caprtal exFertditu. qualty mters and personnel matters. The rwJularmeetirys W betrn the Chair, Vt&Chwr, Princpal G0Vem 're¢l0rthat %%tre eSL%hed during thkdown have ¢c4ts'nued and rx)tes of tlw meetings We shared bvith all Governors and InderkMdenl Directors. S¢WuW meth'ngs wwe hek4 in peFson. usiThJ online melhcds c as"hlorid" meetiros to ensu IW levant In1(yn was shared, •YJ disC4tsStffj arhy deb ctthd ta(e pL¥e. The Board drives strat8Jy aThJ quaIty0ft Colge monrtors rtCU7. Scrutiny i8 akn provthl by specrf Govemors respxxsibilty heth 8 safety, safegudwig, delty arKI %ln. Further, scrutiny is provided by rts committees. Each ofthe ccmmrtt thwhwhth busness ts haslems of reference, which have been aFPfoved by the Board as well as an alnual buyrss Al Nons cl a material nau are made crf rfied by the Board a Schedu of matters resaNed for the Board has atso tttn approved by Board lo ertsU clgniy in thi% regard. The pay key manageffent persMnel is PfoFQ5&J to the Board by Remurwatbjn Crmmrttee fc4bwng discussion, wh lakes into &cwnt reknnl berthmark informattfj indLNJirMJ the A55C¢Otion of Cdleges IAOCI pay survey as vll as Il perfcrnr of Ihe iTrjwVaIS ce[r and the fInar pxrtb)n of the College as de. The agree¢J Prilple is that senu FrfJS1 hold5 be awarded Ihe same pay rtse as the rnaN)rity of staff unless there is a s[eCrf reason fUVarian frun this. In 2022 the undert¢)J( a deta"bJ intml cl ts C¢Thnce vthh the ChaTrts Govemanee Cc•Je for Larger Chants"e5 and applE5 all the to rts wjrk. The also ccES wth the bul( of the revartI recommended prth cl the Cc*Je. Go¥Rrrb)rs uTrJertake an annua assessment against this Code and the Aoc Coje fcrf English Colleges and has a plan to pknntI ewthn any aJdt1CaI recommended points. An extemal audrt of 9)VeMa tcd( pla 2022 aThJ rned a rwt d goc¥J gOVerrnCe wth a numbw of recommendatDns fcf cngoing Ynprovement. A pkn to wnpthent these reccxnInS, as VRII as a number of further imp(oVen1s. VA8 inpthented to be ¥Ied. 14
QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS Code requwes Charitw to disck)se rf tr% Truskn's fvfjaximun Twn crf oifu exceed 9 yews. The rnML lemi of offre for C¢Jlege Goverrm is currentty set at 10 years based nunkycmts f&tors induding specHIi5t sklls reqU1ments fof scme WiorB. In ¢yderto succeswn pknniig. some Governors mptej the final lem based on tr)e date Last ¥wnted it 7KdS agre&J that t)th the Chair and Wtychair wld remain in Frti until 2024 to SLPPNt iydety succetsth. FIXED A ET All tgIbIefiXed assets are hekl forthepUrF)seofcawg Cc4kge's man d)Jthes. The Govemu5 believe Ihe market value of the Cdlege's freehcJ and buikjings lo be more than ther W twk value, allhough dependt vdualions have been cl)tain. as i( 15 CC$ered that ts o)sl clcrtaning these LS Qut of proports.on lo EMPLOYEES WITH DISA8IUTIES Qun Alexandra College aims lo ensure its recnitrrf celpt aid relent is exerrolary. T College is a'Dis8bi&ty Ccffjhjenl EMF>. a'Mffj(fful Empbyerf in Octcter 2021 was award the presluious 'Leaders in Dwersrty Aw.. We eftSU wrcYle siwm to dtsabkd at the aFvlub"on stsge Ilo ensu ess n$ for intavth¥ a meti throffjh to $eSSIv1 inlwvp4¥ SUFPOrt as an empbyee. Ouf pracb ensures no parttukr gfOUP N Th1NKiud ts treale(I me ty fawrabty based on Ihe ChaCterlies defined n the EqualtyAct 2010. Equaltyal Thversty i% wntddgJ into lthe Cc4's thecollege'S Equalty and Oiversrty iepjrt is fomaty rth¥ed by G(mor$ annLy. The College wll do ts utsmosl to iThJMdua needs are r in ts KIrk, whethw through assisty'v technology. ergOr, ccyJnsdlirKJ, fiexiblevnkirrfJ orc¢her iThYivpJual rulnent. All pYeeS, dk8ed orrmx disabled are offered qualty cltraniThJ, c¥eer delEkl CPFofvnits. EMPLOYEE CONSULTATION Numerous eonsuhation prttesses tske pÈcethrvxohout Colege r. AJcint tssulktive CcffjrnAte2 made up of managers and emptye union repre$W mectto dtscuss ncrt onty leS cond$ of emF4ownenl but f&tors affecting the fx¢wKsion as awhcAe. There are m¥weMVstaff yeedba, and'diary meetings, whoh take place weekly as wdl as staff sury and consutst)ns. Emph)$ aL%o prowde input aThJ the Pri1paI shares $tr4egic and extemal influences, whh affthe bu5irE55lih theth4e staff grwp. The Colw's Senr Management Tean ha regular'ow dcrf sessh)ns vA)er staff members &in dBcuss any i8sues lo orE wth a meMterOf Sew Man4aMt Tean. The cole'S Staff Fonjm rstaff Vcts") bn'ngs ttsjethef Irterest slaff trn all areas of QAC to pa"cipate i) FUNDRAISIN S)n 162a ofthe Charits Acl 2011 rewres Chartrs to me a regardiThJ fundrai5irvJ xtivth"es. Alhough the Colkge does L¥Klwtake Ie$VeI ftmdrays1j frLrn the we1 publ. * does undertake fundraisiry to support Sffic prcyecls IW frn charrtal Trusts aTrJ Fourthtv)nsl as %ll as ts day-l¢>day Imties. The Cdlege is very graietul to all d5 * SFWWS. &xh arrwts re) are presented in th8 ounts as.DatkVfj and Legwes.. The daY.ld8Y managwwt ofafl inc(me getwabon is delegated to the Cdlege Manernent Ten. The Coll&ae Pkgs a Fundrai8irKJ Policy, vthich ts approved by GO)15 and revi&1 wulady,. wth Gfftmots, reing regular reports on fundraising activty Fforma. The Crjkge has a dedated fvrJTasing tearn, 15 by a qualffied furxlratser, WIK) is a mwir crf the InstitLrte of FuThJraising. The Cc4 Mane$ all fuThlraising in lse wthout invofvement ofccrnnrckal tiPatS. exterr¥31 lU1ra6erS or any th third party. The Coibje is regisleredwth the FundraLyng Regulatorand lullyvrith the RegUOrf$ Stathrds and Code of Fundrai%ing Practi. QAC dces not rne unsokited approaches to manters d the publ and aVaYS gets ceA)sent frcyn indMdu beth appro*ir#J lh for SLPP)rtl inNr4Kvnent QAC has receNed no ¢aints rela1)n to fuThJraisng a#iviiEs ar¥J requKes slaff to behave rea$Y * all times. 15
QUEEN ALEXANDRA cLEGE REPORT OF THE GOVERNORS VOLUNTEERS TheCole 6 CnMit1ed IowovKlirvJ(yoknitsforlunteeriry. pen1$al Irk experwceto people from all Vfdk5 of lrfe. Many eX.$t1ents cm to 4unteer. as (kj trai leas. swl wthers aThJ peopk who just wanl to give $cethIrj lo sc<ty u test ¢t a career in •J(Kaln or Care. We prowde prgects fc( organ(8ations lookng to defver to Cate Restmknilty 4endas have enjoyed prc1jLt}ve partnerships wilh local nats'onal businesses enha ts overall exFr of our students. VOluntr appl¢catKsn forms are aval m our vthite. In CdarKe with tBS guthr. wr vdunteer5 are all subject to slrinyent 9(¢Jnd th$. STATEMENT OF GOVERNORS. RESPONSIBIUTIES applicable k8w and wulakns. Ccmpany Lv requires to financd staemerts for year v) accordan wth Unrted KingJc¥n Generalty Acwtèa Acctsjntry Prth {UntsY lfjrgdcrfn Actountirg Stsndards aj applb lawl. UNJer company law, the GcNemus must not the fnanciJ slatemts unless ttw are satisfied th they gNe a true and fair vw of the e of th(s of the group and chaty and of the inccYniThJ resources and apICation of resour. indudiry the InccY aid eXFen¢J1tu. ofthe groLP arKI charty tor that Ferod. In preparing these firwual ststements, the are Tg]uYed to.. seknt suitable accountirrfJ pdies and then aFpty them ¢¢SiSte, makejudgements and ountrnQ estims that a a$oftab ald pnjdent". stale vthether appIrab UK Acctij Star¥Jard5 he teen fc4kNBJ. Su4"& to any material departures discbsed and ewained in the finar1 statmrts," Pa Ihefinanaal ststerr•ts trÈgcrf#J basisuns itis inarvcyketo presume that the charty I continue in business. GOING CONCERN The GoverrKYs are keeF4ng a(kqvate counting rec(xds that are sfftiwt to aThJ explain the chantys transxb.ons and discbse th aab at any time the finalla1 Fothji d the Cdlege and enable them to ensurelhatlhe finala1 stwnentsccmptywith lheCp3nie$t2c(6. They arealso responsible for safeguarding the asset$ ofthe WKI for lthro reasryth St forthe Weventn and deteth.on of fraud and other irregulanb"es. In prepariro thefinancd stements. theGcfftvncAs hc(sleredythertrgQng cCern basis of pparatIon fortSe mn$ wrOe. To me thts assesgnenl tr Grr1r$ have re¥ short-medium lemi financial forKasts and c8shff(yw forecasts. and ccmwed a re ofthe reseNes rdicy. The outcome ofthat is that at nopoinl therext 12 months, tylhemed1nern ICK1 tl)ecd breach rts free reseNes pO$rtn. Taking into colt atrthe, the W cl cash •)d near Instmts, the GwrKxs believe thal vthilsl InhenI uncertainty exists, this ies not a materd uncertairtty that cast ¢&xJbt on the Cole's abilrty lo contsnue as a goirYJ cceM fc f¢¥eseeth fvture, whrh is a peritry cl at ast 12 months from the signing of the xcounts and art ieport. The G(wwnus theretse cJJ)sKler rt amyopriate for the COUnt$ to be prepared on a wng c(NKem bags. 16
QUEEN ALEXANDRA COLLEGE REPORT OF THE GOVERNORS STATEMENTS AS TO DISCLOSURE OF INFORMATION TO AUDtroRS All of current GovenNys have tsken all steps that they wght to have taken io make them5efves aware of any infomalion needed by Ihe o)mpanls Audrtorn for pwN)se of thw audit aThJ to establish that the Audrt5 a re of that information. The Gov¥nors are t aware of any reant rfonnatI of the &ilorS are not The Board of Goverrm approve tr Anrwol ReF WKI. their cap• as ?panY direclors. approve the strateg Report inc¢yKwate(J tlwen. On tehalf of Ihe GoverNxs. Paul Walker Secretsry 18 March 2024 Regtered l) 49 C¢yJrt Oak Road Harborne Biningham 817 9TG Rdistered cpanY NumtrH 03387540 17
INDEPENDENT AUWORE REPORTTO THE MEMBERS OF We have aL•Jledthefinancial statwlts Akykn Cclege Dhe chantsbte ccrfnpanrf) and ts subsid1e5 (Ihe group'l for the year erNJed 31 Juty 2023 whth cunwse eortscltht&a statement of finartial actMtEs. consolhdat&Y bala sheet. conSoat9 statemwrt of cash 11cv aTrJ to the financHI statements, inctuding gnfficanl &counts"ng p)Ines. The financBI refxyting franeADrk that has applied in their preparatKsn 15 alab lawand Unrted Kiry(th A0nts.ng stand5, i1r0 Rep)rtir¥J star 102 The Financk?I Repong StsThJard aFWrJk in ts UK RepxA)It d Irdand (Lkntsd ng(sn Genwalty Accq)l&l Ac£ounling pract). In our opinion Ihe financial statements.. give a true and fair view of the state of the group's and the chaiitable companls affairs a5 at 31 July 2023 and of the group's incone and expenditure, for the year then ended.. have been pr¢perly prepared In accordance with Uniied Kingdom GenerallyApted Accounting Pwlice., aThJ have been prepared in accordance th the requirements of the Ccmpanies Acl 20C6. Basis for opinion We condueled our audrt in accordance wrth Intemational Standards on Audrting IUKI {ISAs IUKII and appIable law. Our re5ponsibilrties under those $tandard$ are further described in theAuditor'$ responsibilities for the audit of the financial statements seCtn of our report. We a independent of the group in accordance with the ethical requirements th are relevant to our audrt of Ihe financial slalements in the UK, including the FRC'S Ethical Standard, arKI we have fUilled our other eth1 responsibilrtie$ in accordance with these requirements. We believe that the audit evthn¢e we have obtw"ne(l is sufficienl and appropriate lo provide basis for our opinion. Conclusions relating to going conwn In auditing the financial stalemenls, we have nCluded that the trustee's use of the going concern basis of accounting in the preparation of the financ1 statements is appropnate. Based on the Wofk we have perfomed. we have ncl identffid any material uerta1ntS reLg1ing to events or Conditn$ that, indimdually or eolleetively, may casl signjfunt doubt on Ihe charitable company's or the group's ability to continue as a wng concern for a per of at least tswelve months from when the financial statements are authorised for issue. Our responsibililvès and the $1)nSibIlitIeS of the govemors wrth respect to g(Mng concern are described in the relevant sections of this rew Other inforniation The governors are responsible ftjf Ihe other infomiatK)n contained I1h1n the annual report. The other information comprises the infomiKtrn included in the annual rep)rt, other than the financkgl statements and our auditor's report thereon. Our opinion on the financial ststemenls does not cover the other inforrnalion and. except to the exient otherwise exPlrtIY ststed in our pOrt, v do not expfess any fom of assurance onclusion thereon. Our responsibility is to read the other infomiatKJn and. in doing so, n$er whether the other infomalion is materially inconsistent wrth Ihe financial statements or knwledge obtained in the audrt or otherwise 8ppeats lo be materially misstated. If we identify such material inconsistenc$ or apparent material misstatements. we are required lo determK whether this gives rise lo a material misstatement in the finaneial statements themsefves. If, based on the work we have perfomed, we conclude that there is a material misstatement of thi$ other infomiion. we are required to report that t. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken the course of our audit the informati¢)n given in the govemors. rewrt, whKh indudes the directors. report and the Strateg report prepared for the purposes of company law. for Ihe financial year for wtth the finanoal statements are prepared is consistent wrth the finanoal ststements.. and the strategic report and the 1CtOrs. pOrt induded within the goverrS. rewrt have been prepared in accordance with appluble *al requirwments." 18
DEPENDEKf AUt>lTORE REPORT TOTHE MEMBERS OF fXJEEN ALEXANDRA COLLEGE Matters on which we are required to report by exceptio In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not idenlrfied material misstatements in the strategic report or the directors, report incbjded wthin the go¥emors' report. We have nothing to reF4)rt in SpeCt of the folkxiing matters in relalion to which the Companies Act requires us lo report to you if. in our opinion". equate and proper aUting Tecorfs have not been kep(" or the financial statements are ncrt in agreement V*ith the accounting rordS and retums" or certain di5cbsures of governors. reMUneran spled by law are not made.. or we have not rece(ved all the infomatK)n and explanations wuire for our audit. Responsibilities of govemors As explained more fully in the govemors. resp¢xsibilities statement set 1 on page 15. the governors {vtho are also the directors ol the chantable cornpany for the purwses of company lawl are responsible for the preparation of the financial statements and for bein9 SatLsfied that they give a true and fair view. and for such inlemal Control as the governors delemine Is necessary lo enab the preparalK)n of financial statements that are free frcyn malerk?I misstatement, whether due to fTaud or error. In preparing tho financial statements, the governors are respJnsible for assessing the Charitable company's ability lo continue as a gtyng concern. disckJsiThJ. as applicable. matters related lo going concern and using the going concern basis of accounting unless the govemors either intend to IBJuKlate the charitable company or lo cease operations, or have no realist attematNe but lo do so. Auditorfs responsibTrlities for tho audit of the finala1 statemonts Ourobjectives are lo oblwn asOnab assurance aboLrt whether the financial slalemenls as a whole are free from material misstst•Jnent, whether due to fraud or error, and to issue an audrtorfs report that includes our opinion. Reasonable assurance is a hKJh level of assurance. but is not a guarantee that an audrt conducted in aceordance wth ISAS (UK} will aKvays detect a materKal mvsstatement when rt exists. M15slalemenls can arise frcm fraud or errtx and a considered material rf. indimdually or in the aggregate, they could reasonably be expected to influence the econorn decJsKJns of users taken on the basis of these financ1 slalements. Details of the extent to whrh the audit was consKlered capable of detecting irregularrtie5, including fraud and non-complianee wrth18ws and regulalM)ns are sel out below. A further description of ¢)ur responsibilities for the audit of the finala1 statements is located on the Financial Reporting CouncA's websi(e at." bvww.frc.or .uklauditors nsibilities. This description foms part of our audilo¢s report. Extent to which the audit was consldered capable of delecting Irregutarities. including fraud Irregularities, ineluding fraud, a instances of non-complK?nce wrth laws and regulation5. We hlenlified and assessed the risks of material misstatement ofthe financKAI slalements from irregulanties, whether due to fraud or error. and discussed these between our audit team members. We then designed and performed audit procedures responsive lo those risks. including obtsining avdtt evidence sufficient and appropriate to provh4e a basi$ for our opinion. We obtained an understanding of the legal and regulatory frameworks wthin which the charitable company and group operates, focusing on Ih05e laws and regulations that have a direct effect on the delemination of material amounts and disclosures in the financial statements. The laws and regulatn$ we consKlered in this context were the Companies Act 2006, the Charities kt 2011 together wrth the Charrties SORP IFRS 1021. We assessed the required Comp1K4n th these IS and regulatKJns as part of our audit prlxedures on the rdaled financial statement r(ems. In addition. we consN4ered piovisions of other laws and regulations that do not have a direct effect on the financial slalements but eompliance Nwth which might be fundamentsl to the charitabk MpanY s and the group's ability to operate or to avohd a material penalty. We also c0nshled the OPFQrtunilEs and incentives that may exist wrthin the charitable cc¥npany and the group for fraud. The kiws and regulations we considered in this eontext for the UK operations were General Dala Prolectson Regulation {GDPRI. Heatth and Safely and EMplOnI legislation, Ofsled and CQC Regulations for seNce prowders and managets.. Auditing standards limit the required audrt preeedures to idenlrfy non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, rf any. 19
INDEPENDENT AurxroR'S REPORT TO THE MEIIBERS OF QUEEN ALEXANDRA COLLEGE We identrfied the greesl risk crfmalerial impact on financial sLements frcm Irul3ntW. including fraud. lo be within the timing of rec&anrtion of grant and contrad income and the oVerre of controls by management. Our audit procedures to respond lo these risk5 included enquiries of management and the Audrt Committee about their own idenlificalion and assessment of the nsks of irwularrt*s. sample tesliThJ on the posting of journals. designing prwedures over grant and contract income. ovbtrmng accounting estsmates for biases, reviwng regulatory wespondence with the Charity Commissh)n and reading minutes of meetings of those Charged with governan. Owing to Ihe inherent limrtations of an audit. Ihere an UrVoIdab1e risk that we may not have detected some material misslalements in the financ7 statements. even though we have properly planned and perfomied our audit in &cordance with audrting slandard$. For example, the further removed non+compliance wrth laws and regulations lirregularitiesl is from the events and transactions refiected in the financial statements. the less likely the inherently limited Pfocedures required by auditing stsndards ¥Uld identfy it. In addrtion, as with any audit. there remained a higher risk of non4election of irreguLArrtES. 0$ these may involve collusion. forgery. inlenl¢onal ¢)missions. misrepresenlalions, or the override of inlemal controls. We are not responsible for preventing non<omplianee and cannot be expected to detecl non<P11ance wilh all laws and regulation5. Use of our report This report is made SOlY lo the eharitsble ccrtnpans mwmbers. as a bcéy. in xcordance wlh Chapter 3 of Part 16 of the CompanEs Act 2006. Our audrt V•Y)rt has been undertaken so that we might stale lo the harrtable cornpany's members those matters we ale required to state lo them in an auditorfs report and for no other purpose. To the fullest ex1ent permitted by law. we do not accept or assume responsibilrty to anyone other than the charitable company and the charrtable Compan$ M)be as a y, for our audit work, for this report, for the winion$ we have formed. Kerry BT¢)wn {sen Statutory Audrtor) For and on behaff of Crowe U.K. LLP Stalulory Auditor Black Country House Rounds Green Road Oldbury Wesl Midlands 869 2DG Date: 11 Awil 2024
QUEEN ALEXANDRA COLLEGE CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES AND INCOME ANO EXPENDrruRE ACCOUTr FOR THE YEAR ENDED 31 JULY 2023 Yr Year Unrnstricted Restric 31 Jul 2023 unvestri Restricted 31 Jul 2022 FurMIs Funds Total Funds Funts Totsl Income Noles CharStable Activlties 13.54219 91805 11641.024 11873.4SS 83.945 12.957.400 Donations and 1ogxi•s Grant.. 8R18 Rent other and Grants 736.947 431 737.378 7%,PA7 188.532 925A79 584,320 31.308 615.628 584,320 211,796 796,116 188.101 188.101 180,488 180.488 Oihor Tradlng A¢tNit19S Sales in Enterprises Other Tr•Jirg Inc¢e 7FJ).023 99.230 859.253 760.023 99.230 859,253 604.582 82.224 686.806 604.582 82.224 686,806 Investment Income , Interest Investment 11.838 63.7FJ) 75.598 11.838 63.7 75,598 6.436 53.604 6.436 53.6C4 Total Income 14220.448 200.16 1S.S01.354 14.2920 264.432 14.500.362 Expenditure Charrtable A1ve$ Raising Funds Profft on Dw)sal of Fmed Assds Total Expendi 14.684,C65 746.977 I1.) 15.429.080 188,1 14.872,C66 747,842 {1.2) 188,866 15.617.946 13.381.195 551,924 {3CK]I 13.931819 179.498 13,560.693 1,188 553,112 {3¢J)) 180.686 14.113.505 Net In¢omellExpenditurnl befove movements on Investment Assets GainsllL05sesl on Inve5trnent Assets Net Incom6llExpendituft) IXA.632 92.040 1116A 83.746 386.857 42,324 {250,956) 42,324 91040 {158,9161 204,160 12fy1.1eJ)I 146.796) {112.1XII {158J161 1S9.736 134,375 168.736 218,121 13 83.746 Transfers tetrften FuThJs Net movement in Funds 91.372 225.747 191.372)) {7,6261 218.121 Funds at 31 July 2022 Funds at31 Juty 2023 11.785,519 1255.912 13,041.431 11.738.723 1.143.792 12,881515 11.S59.772 1.263.538 12,823.310 11.785,519 1.255.912 13,041.431 13 There a no recognoed gar6 k)sses ctherthan t ato%e. All ofihe Group's actimttes durirwJ areThJ 31 Jutry 2023 are ccitnuing. The notes pages 26 to 38 fc¥m part dthese finarrnl stemts 21
QUEEN ALEXANDRA COLLEGE COLLEGE STATEMENT OF FINANCIAL ACTIVITIES AND INCOME A) EXPENfxTURE ACCOUNT FOR THE YEAR ENOED 31 2023 Year Year N(kns ilnrestiicted Restri 31 Jul 2023 unrestrIrt Restricted 31 Jul 2022 Fun¢ts Funds Total Funds Funds Total Incomo Charitable Adivities 13.548.505 91805 13.641.310 11873.455 83.945 12,9S7,400 Donations and legacies Grant.. BRIB Rent Other Oonatiorts and Grants 7.947 1.266 188.101 923213 188.101 736,947 374. 584.320 232.912 817232 584,320 413,400 997.720 180.488 180.488 OtherTrading kntivitie5 OtherTraJing Inco 154022 154,822 Investment Income Interest Investment Inccme 11.838 63.760 75A98 11,838 63.7eAJ 7598 6.436 53.6f 6.436 53,604 Total Income 14.755.% 280.9% 15.036,812 13.905.SSO 264,432 14.169.982 Expenditure Charitats ActwrtEs R8isirwJ FuThJs Profrt (y) Disposal ol Fixed Assets Total Expenditure 14.684.5 188.1 282.W2 1,2 14.964.905 188M6 14.872.Cfj6 283.FA7 13.381.194 222.182 179.498 13.560,693 1.188 223,370 300 180.687 13,783,763 1&1S3.771 13.603.076 Net In¢omeIlExnditurnl before movements on Investmenl Assets Gainsl{Losseslon InstmentAssets 1208.999) 92.040 42,324 1116.959) 302,474 81746 3.220 168.736 Net IncomellExpenditurel Transfer5 betr Funds 13 1251A23) 92.040 11S9.283) 133.738 83.746 217A84 204,160 204,1 Net m¢)vement in Funds {47.163) 1112.120 11774882 1 1159.283) 225.110 17.6261 217A84 1263 538 12 813 310 Funds al 31 July 2022 Funds at 31 July 2023 13 11727 719 1143 792 11774.882 1.255.912 13.OXI PJ4 There are rK) reCl)Jned garts or Ic6ses ctsthan tlw shwi th. All ofthe Charitls Vit0$ durir4 the Ytted 31 23 *e cMtiiury. The Surplus for the yearfor CpanES Aci 2C(6 PLWFoses ex unredL8ed k)ss <Jn estM ¢)f £42,32412022.' loss £143.82611 a1 mnt$ to a of£116.959 (2022.. wrplus £361.310). The notes on pages 25 10 37 fonn part d IW finanual statemerts
CONSOLIDATED BALANCE SHEET 31 JULY 2023 31 Jul 2023 31 Jul 2022 Fixed Assets Tangib Assets.. Land ané BuildirvJs- Freehokl Land and Buildings- Leasehc4d Fixtures Fitb'ngs and EqUipff1 Mclor vehS Computef Equipmw 976,628 5.013.884 1.418.4W2 52.289 2.705 1,005,086 5,154,C63 1,055,387 24,067 289 751 7.741.8 2.685,$87 10,427,495 7,528,354 2619282 10.147,638 Investsnenls Total Fixed Assets Current Assets 6,472 1,293,029 1.129,948 2,298,806 4.728,255 Debtors Shart temi DeF¢Jsts Cash * Bank and In Hand Total Cumt Assets 10 1,830,918 1.079,789 1.173.694 4,089,1]05 Liabilities Credrtors.. Amourts falliry due wrthin one year 1.633,985 1.834.460 Net Current Assets 2,455,020 2.893,795 Total Assets less Current Liabilities 12 8tr2,515 12.8S2,515 13 041.431 13041 431 Total Net Assets Funds UnreStrted Funds General Deswaled 10,636.723 10.4CKJ,519 13 11.738.723 11.785,519 Restricted Funds 13 1 143 792 1255 912 12.W2,515 13.041,431 The Financial Statements cn kHJes 21 10 38 wwe appr aThJ issue by the GOrnts on 18 March 2024 and SKJrÉd c<¢ their lhal ty. lan Richs Chair Amanda MeGeeber Chair Tre notes pages 25 to 37 fom) part dtheSefnWi statamerts Registw&J Ccmpany Number 03387540 23
QUEEN ALEXANDRA COLLEGE COLLEGE BALANCE SHEEr 31 JULY 2023 31 Jul 2023 31 Jul 2022 Fixed Assets Tangble Assets.. Land and BuildirrfJs- Freehokl Land and PAJildin9s- Leasehjhj Fixtu, Fitti'ngs and Equwent Motor Veht Cemputer Equiwnent 976.628 5.013.884 1.418.402 52,289 2,705 1,005,086 5.154,t63 1.055.387 24,C67 289 751 7.741, 2.685.689 10,427.597 7,528.354 2.619,384 10,147.738 Investrnen15 Total Fixed Assets Current Assets 10 1,864295 1.079.789 1.123. 4.C67.180 1.323.011 1.129,948 2.249,798 4.702,757 Short le DeEit$ Cash at Bank and In Harvj Total Currtnt Assets Uabllities Credf(ors.' Arrthnts fdlThJ due Wt one yeaf 11 1819.701 Net Current Assets 2.443,914 2,883.056 T¢)tsl Assets less Current Uabilities 12.871.511 13,030.794 Totsl Nel Assets 12.871,511 13 030.794 Funds UnreslrirAed FuTrJs GeneTrl 10.Q5.719 10,389.882 13 11.727.719 11.774.882 RestrKaed FuThds 13 1,143.792 12.871.511 1.255,912 13.030.794 The Financial SMnrts P•3es 21 to 38 ve •KI arthoTwI issue by the GowrKs on 18 2024 and sgned on tehaff ty. lan Rithard5 Chair Arnanda eeW Chair notes on JeS 25 to 37 fcxm part ofthese fManc1 slatemerts. Registwed Company Number 03387540 24
QUEEN ALEXANDRA COLLEGE CONSOUDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2023 Year 31 Jul 2023 Year 31 Jul 2022 {395.436) 1.117,370 Cash flows frorn Investing Activities: [KIendS and Interest frcffl Investments preedS fr¢Jn the Sak of Fixed Assets Purchase of Fixed Assels PrC(eIS frn Sale cl In¥estrnents Purchase of Investhents 75.598 60,040 13(X)I (756.7251 245,182 1293,7781 1748.7651 {1(.630) Change In Cash and Cash Equival1$ in the reporting perd {1.175.2711 371,789 Cash and Cash Equivalents at the beginning of the rel)11j period Cash and Cash Equivalents at the ond of the repDrting peiiod 3.428.754 3.056,965 2,253.483 3.428.754 Notes to the Consolidated Cash Fknl Stateme 1. Reconciliation of Net Income to Net Cash Flow from Owating Acti¥itie5 Net InCe f the reWrvJ peTh) Adjustsments for.. Depreci*KJn Charge IGainsllLosses Investments Eh'vidends and Itrteresl tr Investments Profrt on Di¥osal of FrAed Assets (Increaseecrea$e in Stctks Ilncreagel n Debt¢ys IncreasellDecreasel li Credittrs (158,916) 218.121 539,585 42,324 (75,5981 11,9621 1.868 (537,8891 {204.8481 543.118 168.736 {60,¢)401 {5081 2,323 245.320 Net Cash Prtimd by OperatwwJ A£tNitss 395.436 1,117.370 2. Analysis of Change in Cash and Cash Equivalents At 31 Jufy Cash At 31 Juty 2023 Cash at Bank in Short terni Deposrts 2,298,8C6 (1,125.1121 50.159 1 175.271 1,173.694 1,079.789 2.253.483 3,428,754 The neles on p•Jes 26 to 38 frm part dthese finartial statwnents 25
QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMEI YEAR ENDED 31 JULY 2023 ACCOUNTING POUCIES lal Basis of Accountl The finanaal statefflents h•4e prepar1 uThr¢he his1cff cosiccrfNeniTh. mcJffied to Idelhe revaluatb)n ofcertain assets and in accorda wth the Ststement of Recommended Prxtiee."A¢countsng and Rewting by Charities" preparing their ac¢ounls in ¥wdance wrth the Financial Reporting Standard applicab in the UK and Republic of Ireland IFRS 102) ISe¢on¢J edrtw CktcJer 2019} - {Charit5 SORP {FRS 10211. the Financial Reporting Slandafd appIab in the UKand Republc oflreland IFRS 1021. theCCffiS kt20t6. thechtrws goveming Lkxuments. appItab Accountir@ Staxlards. Queen Aknndra College rreets the definitrm ot a I)er errtty under FRS 102. Assets WKI lbilrts are inrtolly at histrrial Cost u transxtK)n Val Un (Xhemse atgJ in ts reknnt cOUntIng pol Ib) Going Concem In preparing the finarThl slalements. the Governo ha¥Econsthredwhthrlhe g(yng concem basis of PParatiOn forthese accounts remains approprHte. Tomake th15 assessmentthe Gon5 have rewewed slM)rt-medium lenn fInCIal forecasis and cashfiow fcrferasts aTrJ have ccfflpkted a review of the reserves Fdicy. The 1Xrtne of that ew is thatat no tK4nt n the next 12 rrw)nths. uthe medwm-teTh foreca5tikes the ccwe LYea¢h itsfree reserves positic. Taking into xcount the akrf. idij tts cash arJ new ld inVestr. the GeMOr$ believe that whilst inherent unwlwnty e1$. this thes ncrt Fose a merial unwtainty that VKyJkl cast doubt ¢Jn the College's abilty to continue as a going nCern for ts foreseeable future. is a per¥)J of at lea5112 months from the suning of Ihe ants and audrt repryt Tr rrlS therefore con&der it appwiate for the ac¢cnts lo be PT8p¥gJ a rj ccywn basè. Ic} Judggmants Applying Accounting PolKies and Key Sources of Estimation Uncertainty In preparing these financk81 sLitements. the Governo are required to make ILeMentS, estimates and assurnplions about the carrying amounts of assets aThY liabilitie5 that are rK)t really apparent other sources. The estimates and asscckaled assumptions are based on hislorrAI experience and other factors that are considered to be reVant. Actual resulls may differ Irc those eslifflates and undedwng as5umplN?ns are ontinually revwed. The following is a critical judgement that the Govemor5 have made in the prctess of applying the accounting poliCs.. DeteInIng whether leases entered into by the group e[ as or a Sessee a operating leases or finance leases. These decisions depend on an assessment of whether the r and rewards of ownership have been transferred from the le5x lo the lessee on a aSe-bY4ease basrs. l)Iher Key sources ol estirnathjn uncertainty.. Tangible fixed assets (see nole 81. Taryible fwl assets are depr&1 over their useful h'ves tsking into account residual values where apwcyth. The actual INe5 of these assets are assessed annually and May vary depending on a numter of f&tors. In assessing asset Irves, f&tors such as lrfe Cle and maintenance pryrammes are taken into accryjnt. Re5KJual value assessments cortsider issues such as remaining lrfe of the asset and wqecl disposal values. Trade debtrys Ifpee note 10). At exh rep(xts"ng date, trade dEbtor5 are a5sess6Y for recAwerabilty rflhere i8 any evidence ol impairment, the carying amount of the deblor 15 TedLed to its r0verab 0nI. The impairment kjss 15 rwnized ¥nmgJHtety in the income statertt. Idl Basis of Consolidation The group financol $tentS ccrfsdidate finarKtal statents cl the and QAC Enterprises L1rnit. Intra group transacb'ons are fijly eliminated cn The (>e)rS ¢(Sr that the presentth.on of the Consolated statement of finartk4 athvities arNJ irm aThJ expeThJiture )unt, prepar1 on a line-by-line basis. gNes a true and la.rwi¥ clthe grw's resth.
QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENCED 31 JULY 2023 ACCOUNTING (e) Tangible Fixed Assets Tangle fLwJ assds are at cL%l w 31 Cwnber 1937. tlw ar£¢216 to the Cd by 8irmingham Royal Institution for the Blind. ptus adrtK)ns at cosL Ev1ure of kss than £1.OW on plant. fumrture, fixtures and fftb"ng5 educ3tic%l u1)ent is chargèj to rwue in the perioJ c4 aUl$rtI0n. The equivalent fyure for cclnputer equpment is £5CQ. Wh assets are boL¥Jhl in bulK. but indmdually fall tebw these linits, they will te capitalwl rfCons?d to te a captsl in4Eslmert. Fixed assets funded by specthc [alK)n$ are ¢aprt4tsed aTrJ depreciaied in line wth Ihe normal deprecob.on rates sh(hvn tebw. Speofic ¢J¢)natk)ns lo acquire such assets are brcwht into the Statement of Finanual Ath'rties when ¢eNab and indu in Strthd fu1$. Deprec01 ts charged within the Statement of Finrtd Ath"vies under the ¥Jpropnate luThl headng. Depreci?tsc ss prowded on al tangible fL¥ed assets at rates (zkxlat8J to wrrte ¢Af ltre ctst of each ils estimated le5Ju31 Va ¢)vw its exFethd usefvl lrfe as f¢Jfw6' Freehold knd Freehold and LeasehokJ Prcpety Fixtures and Fitti'n9S Ccmnputer Equwnl MotorVehKles Nl TA on cos( ry rf Shter ts rwnainirKJ FerKd of the lease 1LPh. 2CPh cost 33 on c(6t The carThJ ve of tr Charws assets e rernej at each balarte de to det sthether there is any irKItn of impairment. If or charrfJes in C¥CLwrtstartts ryidtate an inpamenl. the asset's recoverable arnount is estinated. The reccverable amount of an asset is the hpJher of far vahje 5S Costs lo sel the asset and rt$ value in use. Shortfalb etsn the Carrg Vall of fL¥&J assets th&r recovernble amunts are recognised as wnpairments. Imparmert losses are rwnised m the Slatanert of Final1 knty. (fj Income Inc(yne 6 reccgnised when the charty S enternent to the funds. any perfcamance Cond"0n5 attached to the rtemlsl of incune have Len met, it i% ¥irtualty certain that the irwme 11 te and the amount can be measured lbly. Inc(Mne ESFA and Lctsl Authtyty Fees. Gtyentt7nt and other grants whether 'c¥rtal' grants or'revenue, grants is reCffjnls when the ctsrty has entitent to funds and it is rt 1$ virtualty certain that the inceme will be feceNed. IrKeme frcm ottrw sources ts rwntsed wthen the charty has enlrtiement the funds. Income reeeNed in varte of CA a spetsfod Se is delerred unbl criteria for income recognlion are mel. Ig) ExpendiiuTE Expendrture is ?nted C an xcruafs basis. The c05t of irreccNerae Value Added Tax is included with the item of expense to ¥thh it rdales. Char¢able xtmtses ilK expeTrJrture asscaataj wrth the chartys ObJ"eL5 induding toth the direct costs and SUPFYt costs relng lo these Costs ¢S rais¥ig funds are thc6e costs Incur in a¢tractirKJ voluntary irwne and t)se irKurTed in trirKJ athwtts Ihal raise fuThJs induding income frc QAC Entefprises. Ovetheads are not apportbThd bejfften chartable. gew#iro and 9ManCe aththes as the sums invold are deemed rnmaterol and al the furrtrxts ots than charitable have the prmary functK)n of supportirYJ those chantabie acbvds. Ihl Operating Leases (er'ng lease costs are charged to the Ststwert d Financial ActNrts as incurred. A lease is cL3ssnled as an OFer'ng lease rf it does not transfer substant4ty all the rtsks and rewards incidental lo (pAnership. lil Financial Instruments The Charity onty has fina81 assets albilit£S ofa knd th qualify as trJ3s£ fCIal instrumenis. Basicfinan¢&?I inthmenls are inrtialty reccgnts&l at transacth)n Val and subwuentty measurèj at Ihwr setuement value. I Stocks and Assets Hekl for Sale St(th Assets Hdd fc* Sale are sLqt8J atthe bhwof¢ost or net realtsablè val. 27
QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL sTATEME1s YEAR ENDED 31 JULY 2023 ACCOUNTING P(XICIES continu (kl Investments Investrnen15 are ststed at marf(et value at the balan sheet date Any gain LY b)ss revalUth"C is taken lo the Statemert of F4)anco1 klMts. Inveslmwts ¥1 a at cosL 111 Pension Costs Rets"remenl benefrtstoleaching slaff are provthd bylhe Tethrs. pens Sclwe ITPS). This ts adered benefit scheme arKI the asset5 are hekj SepatelY frcm those of the Cole The TPS is an unfunded scheme ar%1 conlnbutsons are calcuLited so as lo spreaj the cost of penshS over empbyees, with the Cole in such a way thal Ihe pen5Dn cost is a sub5tantslty level pwcenta3e of current aThJ fvlure pensole payroll. The conlribub'ons are detemiin&J bythe G0MMentActLWY cffl the bas.s dquinquennl valuations using a prospecve benefrt metW. The TPS Ks a MUemPer scheme aThJ the Col unable to Identify ts share ofthe under'n9 assets and liabiltss of the sctrwe m a ¢$stent and reas basis. The TPS SChe is therefore treated as a defined conlributKM scheme and o)nlnbutixs are recCNJniS as they are paid eh year. The Colkge aLs0 operales separate defined contrbutTh schemes for rK)n.lethg staff. Tt cost to the group ofpension contriTrxJtN)r6 6 Sh in 7 to the sLments the grow) had r¥J WTear5 of ¢tributionS ai Ihe year-end. Im) Funds Restricted Funds These consist of rec8ved by College for SFth purF4)ses kn eyEthJrture to date. Untricted Funds This fund represents the xcumulatej surF4use5 arrAry frcffi the Col&3e's In) Voluntary Help and Grfts In Kind No finarKial Wah has l)w attributed to the NDlurtary by the Col&aeduring the year. Any other gnl in kind is valLRd vthen receNeJJ is in tr Ststen*rt Finarrial Al#it$. (o) Recognition of Llabilitie5 All kncwn lth.ltss at 31 Juty 2023 have been nIs. CHARITA8LE STATUS oUn Alexandra College is a registw&J charty arnj ts ex8W frLyn In)re Tax aThJ C•tsl Gains Tax pThided its income and gans are applied for charrtable pUe$.
QUEEN ALEXANDRA COLLEGE
NOTES TO THE FINANCIAL STATEMEpirs
YEAR ENDED 31 JULY 2023
CHARITABLE ACTMTIE
Year
31 Juty 2022
31 Juty 2023
Income fr(xrt Charllable A¢O¥lUes."
Educatsn and s1$ FuTrlirg StLxlent Furnthrfj
Educat"on and SkJThs FuThJiro Agency Free VeaLs FuTrJirg
EduL8ton and S11$ FurnJirYJ maintWae
Educab'on a1 ShilL% Furdiry Poency Tethr5 Pewwfj FLTh3ir(J
Educaton aThJ S.1 Fur1 pCY Ma55 Te5trJ Fthl
Educabon aTrY s'lL$ FuThYir¥J Wcy 1&19 Tur0 FWKJ
Totsl Educat1 and Skills FundingAgen
Local Au)ntsts Student Fundir
EEN ALENDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENCED 31 JWY 2023 CHARITABLE ACTNMES EXPENDITURE Continued InsUrCe is purched to protect tr Cot Irn k)sse5 r crf ddauk of is lknmors, ofticers and empbyees, and to irthmnfy the (knus. cler5 tsnpbw &Jèinst the c(M)sequences of reglecl or default on Iheir part. The amount paid for the year was indud&J 7MihT'n cole'S oNerall Ccthbined Commercial Policy and the cost Cann be separatety KknlrfEd. The limrt cl irYemnty is £S.000,(XJ) {2(r20, £5,iXJO,WOI. OST OF si 31 July 2023 31 July 2022 Enterprises Salartes Premises Costs Cost cl Gctsjs Sokj ALJf( and Accountir4J Fees Baj Debt E>wse Other Costs 311.711 43,503 34,723 6213 51.417 125. 573,535 286,723 6,579 19,016 6,200 103,822 402,340 Othercosts of Raising Funds Staff C¢xts Caterir@ Cc6ts Management Cwes Investrnert Funds Cost of Gcojs Sokj Other Costs 1.681 87.739 12,373 3,383 13,132 47.264 150.772 174.307 Totsl Costs of RaL%irg FuTrJs 747.842 553,112 NETINC Year 31 2023 Year 31 July 2022 Net Inccffie is stat8J after chargityJ'. OperabrrfJ Lease5.' Rent Hire of Equipment Staff Costs Auditors, Remunefttion". Extemal Audit se5 Other servtes Depreckation cl Assets 931.843 21,421 11,C61.493 29.240 1,200 539 585 747,735 11.086 9,835.258 29,600 543.118 STAFF COSTS Year 31 Juty 2023 Year 31 July 2022 Wages SaL¥ies Social Securty Costs Other Pens Costs Agency staff costs 9,.474 785,115 .230 349.674 11.C61.493 8.421.433 707,349 498,277 208,199 9,835,258 Staff Costs of£11,C61.493 {2022, £9.83S,257) IUde ex gja aThJ Tedundarryts of £12,7*12022; £niQ.
QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2023 STAFF COSTS continued Year 31 Juty 2022 Number 31 Juty 2023 Number The eekty numtr (fl lime equNaknl) Ll empbyees during the year was as fdky14S'. Teaching and Staff Care Staff Offr£ and marnag QAC Enlefprises Maintenanee Staff 214 14 10 329 Avw heount th[w9ut the ywvtas 44212022.'4231 wnt4)yees. The nUrter0fnFtyes In¢ded atthewtrK6eeamIJ$ {indudirvJ taxe benefits in kirvj. ex gratk? a1 Jur9ar¢y costs) exceeded £60,000 were. Year 31 Juty 2023 Year 31 July 2022 Number Number £60,00010 £69,999 £100,0) lo £109,999 The College also m>Je FensK)n ecrt>ulThs n resFect of 412025., 51 of the 412022.. 51 empbyees noted ate. c0nlrtutn5 into per sd)ws for h>Jher pahj pe$ nounted to £44.53512022." £45.65n The key mana3ement per50nnd of the Colge are the PrirK3pal, Deputy Priral. Ihe Direct of Govemance and the Directorof Finare arJ Resources. The employee berthsofkeymanwent personnet Vre £323,421 (2022", £311.11XI No remunerat was pawj lo any Gwnci. Dumg Ihe Y m C)verTrJr dawned any expenses12022'. nill. All exFensesare incurr&J exdLIY ncaThyry CKrtdulE5asknm(xs Llthe C01kgear are in with Ihe College nS'tU1. FIXED ASSETS Freehold Land and 8uiklings Leasehokl Fixtures Land and Buiklings Assets Motor Computer Under Fittings Vehicles Equipment Constrnction Group and College Total 31 July 2022 Additions Oisp05al$ Trnnsfer5 31 July 2023 Oepreciation 31 July 21Y22 Provided in Ihe Year Elinwnated on disposal 31 July 2023 Net Book Values 31 July 202J 31 thjly 2022 1.497,PA 7.Th)8.937 2.8CQ.59) 238.234 424.494 2.3.185 145,522 218,519 14.735,073 144.535 753,139 188.125 7 CrfJ8.937 3.421.2Q3 276.822 18.519 144.535 15.488.212 1.497.eA)6 3139 101 492.522 28.459 1.854.874 140,177 1.911.328 187.470 214.1eA% 10.368 2,703,829 173,111 7,2C6.719 520.981 1.935.051 2.128.faB 224.534 2.876.940 7,746.304 978.827 1.(X)5.086 5.013. 5,154,C63 I,2W2.411 7.262 52.288 24.(b8 262,161 259,356 144.535 7.741,9)8 218,519 7.528,354 The Net8cok Value ofAssetsthatare SU41t0dep13las a 31 july23 was £7,667,23312022.. £7,453,679). 31
QUEEN ALEW40RA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENt)ED 31 JULY 2023 INVESTMENTS Group and College Queen Akxandra Colege ct•ms the clthe share of 1¢)) shares of£1 e&h of QAC Enlerprtses Limrt8I, a company incorpyaed in ErrfJland & Waks Iccfflpany Nwnter 13891. The cernpany operaies three distinct t1jneSSes". a spec&alist transcrplbjn se1¥1 Fonnats), the s& of canes forthe wsually impaired and Ihe'sight Vilkge. series of exhrt$ for b111 arKI visualy nred. pTrfts bLL8irwses a Gft Akded to the College. The lumover the yEar eThJed 31 Juty 2023 was £760,023 {2022., £604.$821 and the Grftd payment was £185,83512022. £202.242). QAC EntSe5 net&sets and reseNes of£11.105 al the year-end 121r22, £10,738). Queen AXanrn aso tr•ms tre whole d the issued Sha capita of 1 share £1 crf QAC Suh¢ Village Limrted and the of ¢ssued share eaFMta of 1 she of £1 S@hl Vile Limled. These compans a inCrIxated in ErKJland & Wates and have remain&J tknnarrt SI tsr on 6 Febnèry 2010 16 ju 2012 respecbvety Investments Unwtricted Fund ovements in the Investrment Fund manag6y by E*i Parlners Year 31 July 2023 Year 31 July 2022 Market Value at ginning of y AddilK)ns to investmenl at cost Dtsp¢)sals at marf(el Value Net reaised and unwlised investsmwrt gal1$) T¢Ja Invesbment Fun Shares in substdwy ccThpan Ckjsing Balance 2,619.282 108,630 2,739.424 293,776 {245.1821 168.736 2.619,282 102 2,619,384 42.325 2,685,587 102 2,685,689 Al 31 Juty 2023 no wivestments repSefited in excess d 5% ofthe p12022. r¥ll. Cash hehy by the Investsnenl FuTrJ manaws Smth & wilMS0n at 31 Juw 2(Y23 of £68.76812022." £118,930) has teen InCded on the baknce Sh Und short4erm dep. s wthin current assets. 31 Juty 2023 31 July 2022 Lislaj Secullbes Total Investments in Inrrt FuThJ QAC Enterprises Limrted QAC SKJhl VIlLwJe Limited Sohl Village Linrted Tclal Inve5trnents 2,685,587 2,685,587 10) 2,619,282 2,619,282 100 2.685.689 2.619,384
QUEEN ALEXANDRA COLLEGE NOTES TO THE HNANCIAL STATEMENTS YEAR ENDED 31 JULY ¥J23 10. DEBTORS: Amounts falli due within one 31 Juty 2023 lege 31 July 2022 College Group Group Amount due frcyn BRIB Trade Debtor5 Amounts d( SUbsl8ry Prepayments Accrued Income Other Debtor5 191.540 e4)2.165 191,540 397,230 372,245 251,674 617.225 34,381 1,864,295 1.431 414,672 1,431 259,804 319,129 256,080 471,763 14,804 1.323,011 267,017 595.105 14.804 1.293,029 688.612 34.381 1.830,918 11. CREOITORS: Amounts falli due within ong 31 Juty 2023 College 31 July 2022 College Group Group Trade Credtots Amount due to 8R18 Amount due to Subsbjiary Offter Lcon Tax and Social SerJJnty Pensions Contributi)ns er Credrtors Atcruals Fees in Advance 292.637 ,148 468,501 464.051 225.587 225.587 62,486 84,477 687,150 273,418 1.623,2e6 218.686 71.515 90.449 745.348 239.1 1.834.460 218,686 71,515 90,449 738,039 236,9S1 1.819,701 695.324 273.474 1.633.985 Deferred income rdates to •rCe frun the Edlt and Skdb Fundir#J Agerq. L¢xal AUlhl and other Sour receNed in add. The movrnt the defetred irKrYne 9)Unt duriryJ the year was.. Group College Balan a 1 Ju5y 2022 Amounts relea in ltr y mounts deferrad in the Jpar Balance at 31 July 2023 239,961 1239,9611 273,474 273,474 335,788 1332,1101 236 280 239,1 1Z FINANCIAL INSTRUME 31 Juty 2023 College 31 July 2022 College Group Group FinarKial Assets Financial Assets measur&J at fair value through SOFA Cash & Cash EquNalents Financial Assets that * Ciebt Insbuments Measured atAmortLs&J Cc61 2.685.587 2.253.483 2.685,587 2.202,885 2,619.284 3,428.754 2.619,284 3.379.749 1.568.382 6,507,452 1.240.376 6,128,848 1024.581 7,072,619 746.371 6,745,SD4 FInrIal Liabifrt Financral LiabilrtEs Measured atKlI3 C(6t 1072.438 1.C61.775 1.292 539 Financial assets measured at faw Vall through the SOFA c(Mnpwffixed asset investments in a trir#J FortfofD of listed company shares and unli%ted securities. whh are vald at the qLMX8J martet pre. Financial instruments nwsured al am¢yb"sed cc61 tmpretr debtors. inccfneaTrJ her$ebt0f$. Finala1 assets also indude cash and cash equivaknts. Financd Ik4biltss meJred at amotsed c05t eomprise tr* credrtors, other credrtors, other k)ans and acwals.
EEN ALEXANDRA COLLEGE PIOTES TO THE FINANCIAL STATEMENTS YEAR ENtED 31 JULY 2023 13. RECONCIUAnON OF MOVEMENT IN GROUP AND COLLEGE FUNDS Fund Fund 31 July 2023 31 July 2022 Total Total Funds As at 31 July 2022 College subSlary Growi fvlovement in the l>oriod Net IncLYne Cc41ege Subsidiary Group Trdnsfers between lunds Cdlege Subsidiary Grc4JP As at 31 July 2023 Cdlege Subsidiary Grc4JP 10.389.882 10.638 10,4CMJ.520 1.385.CO) 1,255.912 13.030,794 10,638 13.041.432 12,813.310 10.000 12,823.310 1,38S,OC 1,255.912 31.671 {283.CKQI (159,2831 367 158916 217,484 638 218 122 283C 204,1 {204,160} 204 160 10.S25,719 11,005 lo..724 1,102,CO) 1.143,792 12,871,S11 11,005 12,882,516 13,030,794 10,638 13.041,432 1.102.OC 1.143.792 PURPOSE OF DESIGNATED FUNDS Site Expansion Fund £1m set ade lo support necessary inveslmert in srte exparwi wll te rquir rfthe l)e ts to achieve its rtJjectNes in ts Strateg plan. Wth In udent num1 Lw a snfftant ekn)enl d the strate9ic pkn rt is estimated that in excess of£lm of In$1)ent frcffl se5 be IVire in order to pyovth the f&ilities neetsj to xcommc<Jate the gr0h. Communty SeThice In 21r21.22 £335k was desvJnat&J to support cnunty vw, of the chwiable servrEs QAC cfws. Sincethe seNte was opened In 2021 rt has exper¢nd hgh demKI, arKI has an invaluable setvre to ils users, bul lo dale has not alye lo cthef its costs. L)3rd trrelL¥e designatay thig fund to provide support whist the sere establshes rtsell becrynesfjnlY sustsinabfe. In the year to 31 JLty 2023 serVe cc6t Ihe cw £233( experKlrture alkxabj to that fund equals Ihe same. Thi% knes a balae in deswnated fund of£11f2k. InfomHtKtyn Technology C)evelQwnt Fund During year the revwue expendrture on ¥nprovirvJ the IT ra$1ru at QAC exceedgj £50k. therefore this full fund has been aFW*d to venue experNJiture to corrtrtKts to se costs. Tre is no new desvJnatM)n at the end ofthis finanryal year.
QUEEN ALEXANDRA COLLEGE 140TES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JLiY 2023 RECONCIUAnON OF MOVEMENT IN GROUP AND c(LEGE F NDS in The balances cn Restricted Funds th&r mOt thJrirYJ rare as fc4thts." At 31 July 2023 31 July 3)22 Social DemogWi¢ FLd ISP maintenan Fund Corrwnunty Café Fund Corrmunty Integratn Fund Communty SerVes FuThJs ESFA 1&19Tuthn Fund Indtr)r Climb9 Fund Minibus Fund Musie Dèvelopment Fund NalKJnal Express Supwrted Intems Outd¢XJrTeathiro Spe Perfoming Arts Ftjnd Sensory Cabin FuThJ Sensory Garden Fund Sport & Recreat"on Fund Umberswe Fund Envsronmental Projects Others135 funds) TOTAL 479.483 339.294 185.724 16.816 (39.7271 (10.2211 (7,604} 439.756 329.073 178.120 13,025 52,439 7.218 102 3,000 13,019 9,2 10,628 17,948 5,254 1.650 3.648 19,126 7.400 32,824 1143.792 217 65.881 82,S$1 {4,CQ81 (28.3621 ie6,9781 15441 1&8,5881 18.3651 12.6351 3.281 3.CQO 15.105 13,955 10,628 13,539 15.641 1.650 4,738 38,070 7,4CO 34.080 1.255,912 17681 14,3931 {1.3181 15,6491 (2,2251 {9,9421 {8,1621 (1.¢MJI 14,2941 120. 1135,150} 11.747 280.906 131314 204.160 eofR ial D9m hic Fund AgnI receNedlocrgate a wuthryedLa1 sitefiyQAC Thtsa$ intslfy usedtopurchase 491498 BeaThvocwJ Road where a dual-purpose retsil unrt and oynmercaaveducatrnal café VAS created. In Marth 2020 this propety was sold for£475,CQO. Trgrantor0xfmj to luThJ fvIl dl-srte devewnents. In 2021122 the Cole ent into a kyig-tenn kase for Umberskde sile that f( has previwsly ¢)led. T srte has Ixen KJenlrfd as a srte thwitl) devek4xnent ccwkj nrn0J3te 60 leamers. A5 the devetjpmenl of the srte fils the cnteria of the Demcgrapht Fund it was agre8J that e¥perKlrture ¥elaling to the r&JeveWnenl of Umberslade y1 albcated to IhLS fvTra. The prqe¢lcommenced June 2022 arkj £472,4% has been spent on Umberslade from IF £475,O¢JO BeaTrj Road ses wtteeds lo theend of 31 Juty2023. Ai 31 July 2023 the fund balance of £439.7 B represented by net Val ol Lknber5bJe red assets of £436,116, the net book val ofassets that were fUled by this gwt and transleffed to the man srte of £1,136. aTra cash of£2,504. ISP Maintenance Fund The Independent Specialist Providers BuikliNJ Condrfiw ImpYosema)t Fund VAS receNed to fund refurfothment of the educationa buikjings kno* on srte as SprrKJbwd arxl Ewjuti Café Fund A Grant receNed lofvftdthe da nvwdual purFX)se ryFsrte retail unrt. a canmunty caféarKI a senxry room.
QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENCEO 31 JULY 2023 14. ARANTEES AND OTHER FINANCIAL commmENTs FInCIal ccwrnitments uThJw nOn<ancelL cer"rj leases ill resuYI in mLn ase payTrents falkng due in the follcN4ry per)Js 31 July 2023 Equipment & Fixtur•s 31 Juty 2022 Land and Equiwnent & Buildings Fixtures Land and Buildings Not L3terthan wrthin 2-5 year5 Over 5 years 915,260 1C6.C(KI 17.747 25.89) 761,320 158,833 7,462 932 Included in leoseccmmfft laterth ¢yeyear is a leasefrcffl BRIBfcYtrCcA's maini premtses £697,091 {2022.' £584.3201. UThJer an agreement dated 31 Decwmber 1997 BRIB ha5 urhgerten lo provide an annual gr3nl to cowthis cost. 15. CAPITAL COMMITMENTS 31 Jufy 2023 31 July 2022 AUrised and for bLI for in the fin¢ Stat)ts. 76.343 The ccrnmilrnenls caprta pr(¥ at 31 Juty 2023 of £76.343 inckJe a fina Inlment of £19,422 for a garden rojn * Lknber5LJe 8rKI £26.701 fc¢a man carws da$STh refiwbtslwnent. 1& ANALYSIS OF NET ASSETS BETWEEN FUNDS Total Furrfl Fund Funds Group Fund balarw at 31 Juty 2023 rewesented by. TaTrJ1b Fixed Assets Investments Current Assets Current LHbilrt 6,797.463 2.685.587 2.788,218 1.633.425 10,637 843 914,445 7,741,908 2.685.587 4.089.005 1.633.985 12.882.515 1.102,C 198.787 1.102.(KX) 1.142.672 College Fund bakgnces at 31 July 2023 are rewesethj ty. Tangib Fixed Assets Investments CuirenlAssets Current Lwbli(Es 6,797,463 2.685,689 2.7&S,393 944,445 7.741.908 2.685.689 4.067.180 1,623.266 12.871,511 1.102,C 198,787 560 1142,672 10.626,839 1,102,otx)
(XJEEN ALEXANDRA COLLEGE NOTES TO THE FINAhtlAL STATEMEPs YEAR ENCED 31 JULY 21Y23 16. ANALYSIS OF NET ETWEEN FUNDS Continued Unrestyicted ()gslgnaled Restricted Fund Fund Funds Total Grnup Fund ba$ at 31 Juty 2022 we reFWted by. Tangib Fixed Assets Investments Current Assets Current LiabilrtEs 6.780,335 2.619.282 2.835.362 1,834,460 10.4CX),519 748,019 7,528,354 2,619.282 4.728,255 1,834,460 13 041,431 1,385,OOJ $07,893 1,385,OthJ 1,255.912 College Fund baknces al 31 Juty 2022 are repreIe by. T8ryible Fix&J Assets Irwestr)wls Current Assets Current Liabilrts 6,780,335 2,619,384 2.809,864 1.819.701 10.389.882 748,019 7,528,354 2,619.384 4.702,757 1,819.701 13,030,794 1.385,ChXJ $07,893 1.385,OCQ 1.255,912 17. RELATED PARTIES The prinopal conned ianal$ are as fofrtMS". QAC Enterpiises Limited Isubsidiary Company) tring the financol year ended 31 July 2023 the follwng tranwtions cUrred befvRen Queen Axandra College Ilhe College) and rts subsidiary company. OAC Enterprises Linited.. Management hargeS of £109.361 12022.. £72.5981 to cover staff and other costs. incurred dunng the year by the Cole. on behaw of QAC Enterprises Limited. QAC Enterprises made a Grft DiStributn of £185.83512022.' £201,604) to the College Al 31 July 2023 QAC Enterprises rnrted the College £423,¥28 (2022: £319.7671 Birniingham Royal InstUl10Th forthe Blind {8R18) During the year Bimingham Royal Instituti for the Blind Charged Queen Alexandra Cole £790.57112022", £627,700) in fespecl of nI and made 9ranls of £736,947 {2022'. £584.320) to the College in respect of rent. BRIB also rnade grants to Queen Alexandra Cole of £120,000 for the Umbetslade Campus Development and £38.588 for a Community SeNKes Minibus. Queen Alexandra Cdlege also weived a total of £3,529 12022.. £5,200) from BRIB in respect of aecounlin9 servw provide(I by the College under a Service Level Agreement. Al the year end the amount owed by BRIB to the College was £191.540. Al 31 July 2022 the nel amount by the Col* lo BRIB was £9,413. Focus Blmilngham Focus Birmingham considered a related paty as like QAC they have a controlling interest in BRIB. a charity they both used to be part of. During the year QAC receNed £11.931 (2022.. £12.025) frcln Focu5 8irmingham in respect of reeharging gas eost5 and £592 {2022". £nill in respect of maintenance charges. At the year the nel amount 0 by Fcrus B"trmingham to the College wa5 £Nil12022." £Nil). 37
QLEEN ALEXANDRA COLLEGE NOTES TO THE FINAKIAL STATEMENTS YEAR ENfED 31 JiLY 2023 17. RELATED PARMES The National Association of Speclalist Colleges Bev Jessop is a Director of The National Asscciation of Specoh'st Colleges INATSPECI. During the year NATSPEC charged the College £8, 15212022. £6.6761 in respect of membership subscripli()ns and Irainingl conferences. Queen Akxandra College received during the year £20012022", £nill from TSPEc in respect of services supplied. At the yearond the amounl owed by the colge to NATSPEC was £nil {2021'. £481. Governor t)onalions There were no donations from Govemors n the yEar. other than indivhjual sponsotships and tKkets fc fundraising ovents12022' £nil). 18. POST BALANCE SHEET EVENTS On 10 January 2024 a key customer of the tradg sul)SK1iary QAC Enterprtses Limrted went into administration. QAC Enlerprises Irade detrtors at 31 Juty 2023 indudes £234,233 0Ed by that customer. £182.550 ofthe debtors was receNed afterdate. and prior to the company going into admintstration. but a bad debt provision of £51.683 has teen indud&J in these finar1 Statefflts to reflect the loss that will be suffered. A further £120.000 wll be lost in relatn to this (stOrner for the year to 31 Juty 2024. This loss refiects work completed wst 31 Juty 2023 f(x vthich payTr*nt vras not receNed wior to the company goiThJ into administration. Neither of these losses have an Impact on the goiry corwn ofQAC Enlerwises LYnit&J.