OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Queen Alexandra College

2024-07-31-accounts

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

REGISTERED CHARITY NUMBER: 1065794 REGISTERED COMPANY NUMBER: 03387540

CONTENTS

Pages
Chair’s Introductory Statement 1
Report of the Trustees 3
Auditor’s Report 19
Consolidated Statement of Financial Activities and Income and Expenditure Account 22
College Statement of Financial Activities and Income and Expenditure Account 23
Consolidated Balance Sheet 24
College Balance Sheet 25
Consolidated Cash Flow Statement 26
Notes on the Financial Statements 27

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

CHAIR’S INTRODUCTORY STATEMENT

The 2023/2024 financial year saw our collective efforts directed towards addressing issues identified by Ofsted. The hard work and commitment of all stakeholders was recognised in June 2024, when QAC was awarded a ‘good’ inspection outcome across all areas.

I am happy to report that Ofsted recognised the importance played by QAC’s governance, and the improvements made by our senior leaders, “Governors provide effective oversight. They have extensive experience and appropriate expertise. They hold senior leaders to account and challenge leaders to improve the quality of education. Governors have an accurate understanding of strengths and weaknesses of the college.”

I would like to thank everyone involved in the improvements made and the strong culture of progress, learning and achievement evident throughout which makes QAC such an amazing and important place. We continue to improve, consolidate and strengthen our services and are never complacent.

Once again despite managing extremely tight budgets amidst societal financial pressures, we further expanded the reach of the charity, benefiting students and clients alike. College staff continued to manage the pressures following continuous growth in staff and student numbers and maintain a high-quality experience. Community Services remains strong with much interest and residential placements remain stable, with respite and supported living continuing to be very popular. Enterprises faced a huge challenge this year with a main customer going into administration, however, senior leaders and the All-Formats team worked through the challenges and against what appeared to be a huge problem, ultimately turned a healthy profit which supported the charity’s bottom line, a tremendous achievement. We also celebrated 30 years of Sight Village with a well-attended event in Birmingham that valued people and sponsors involved in the journey of our Sight Village exhibitions over the years.

A significant milestone for QAC this year was the organisational rebrand, reflecting our growth and renewed focus across our four service areas: College, Community, Residential, and Enterprises. Now operating as The Queen Alexandra Charity, Birmingham, QAC’s rebrand aligns with our 2023-2027 strategic plan, establishing distinct identities for each service area to drive strategic growth, support income generation, and enhance our presence in the Birmingham community and beyond. The four service areas are College, Community, Residential and Enterprises.

Our aim is to be recognised as a leading Birmingham-based charity serving people with disabilities, inspiring funders, sponsors, employers, and trusts to support our expanding initiatives for students and clients. The new brand reflects the forward-looking and inclusive ethos of our charity, projecting a positive and modern identity that resonates with today’s values. Developed through a collaborative effort with staff and stakeholders, the refreshed branding has been positively received, laying a strong foundation for increased engagement and support in the years to come.

As always, students and clients continue to achieve amazingly well and we were proud to see the QA Charity’s own band, ‘The QA Collective’, perform at the Royal Albert Hall in London as part of the Youth Proms as well as a long feature on ITV’s evening news. Huge congratulations to all involved in a quite excellent performance and the exciting promotion of the Community Services inclusive night club, ‘Come as you are’ held monthly in Birmingham city Centre which is still going strong and enjoyed by many.

I would like to thank the hard work of governors, a few who have now served their full terms of office. To Ian Richards, Amanda McGeever and Anne Green, we all thank you for your belief, commitment and support for QAC over many years and the invaluable service you have given to the charity. The leadership remains strong, focused and enthusiastic and our staff as ever, committed to the values of the organisation and the students and clients they support. While we lose much valued expertise and experience in these departures, we have also been successful in attracting strong trustee candidates and we ended the reporting year continuing our efforts to make yet further appointments of well-qualified people whose skills add to those of the existing governance team.

1

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

CHAIR’S INTRODUCTORY STATEMENT

Finally, demand for our provision continues to show the confidence that stakeholders place in us across education, community and residential services. We look forward to continuing to work through our strategy and make improvements to our estates to maximise the experience for our students, clients and staff in the future, making the Queen Alexandra Charity, Birmingham an even better place for all who benefit from what it offers.

Mark Abrams Chair of Trustees 19[th] March 2025

2

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

The Trustees present their report and the audited financial statements of Queen Alexandra College (the ‘Charity’ or the ‘Company’) for the year ended 31 July 2024.

CONSTITUTION AND PRINCIPAL ACTIVITIES

Queen Alexandra College (QAC) is a Specialist College for young people and adults with disabilities.

The company is limited by guarantee and has no share capital. The liability of each member shall not exceed £1. The company was incorporated on 17 June 1997 (Company No: 03387540) and is governed by its Memorandum and Articles of Association, as amended by special resolutions dated 29 September 1997, 13 July 1998 and 6 December 1999. The Company is a registered charity, number 1065794.

The Charity was part of Birmingham Royal Institution for the Blind (BRIB) until 31 December 1997 when its operations were transferred to a separate company.

Principal connected organisations are as follows:

Birmingham Royal Institution for the Blind (BRIB)

Birmingham Royal Institution for the Blind owns the main campus premises occupied by the College. They charge rent for the use of the premises and make grants to support the work of the Charity. The main grant to the Charity of £697,091 (2023; £736,947) is given to cover the rent charged in respect of the College main premises in accordance with an agreement dated 31 December 1997. In addition, BRIB gave one further grant £100,000 (2023; £160,430) to fund campus improvements. The BRIB Board is made up of nine Trustees, three of whom are appointed by Focus Birmingham, three by Queen Alexandra College and three by the members of BRIB. The Charity is very grateful to BRIB for its continued support and help, especially over the last year.

Focus Birmingham

Focus Birmingham was also part of BRIB until 31 December 1997 when it became a separate charity to provide and promote services to blind and partially sighted people in the community. It too has been granted a long lease by BRIB on part of its Harborne site, benefits from funding commitments made by BRIB and, together with QAC, appoints three Trustees to the BRIB Board (see above). The Charity provides a contracted maintenance service to Focus Birmingham.

RESERVES

The Charity has unrestricted funds and a number of restricted funds. The unrestricted funds include accumulated surpluses, and the restricted funds consist of monies received for specific purposes, less expenditure to date.

3

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

TRUSTEES

The administration of the College is effected by a Board of Trustees (who are directors of the Company) and those who held office during the year, and to the date of this report, were:

Mark Abrams (Chair - Appointed 01.07.24) Beverley Jessop ** Ian Richards (Chair) (Resigned 01.07.24) Naresh Kumar Rosemary Adams Amanda McGeever (Vice Chair) (Resigned 01.07.24) Simon Blay (Resigned 6.11.23) Pavan Patel (Appointed 24.10.23) Sherv Garcha Richard Percival Christopher Gaffney (Appointed 08.04.24) Dr A Julie Reed Dr Anne Green (Resigned 01.07.24) Kimberly Tierney* Dr Ewan Hamnett Jeremy Wood (Appointed 4.12.23)

Trustees have no beneficial interest in the College and all served without remuneration, with the exception of the three staff trustees ( above). Two of the trustees (* above) are currently nominated by the College to the BRIB Board, which comprises nine Trustees in total. The board are entitled by the Articles of Association of the Birmingham Royal Institution for the Blind (BRIB) to nominate three trustees to its board. Those nominated are indicated below.

Insurance is purchased to protect the College from losses arising from neglect or default of its Trustees, officers and employees, and to indemnify the Trustees, officers and employees against the consequences of neglect or default on their part. The amount paid for the year was included within the College’s overall Combined Commercial Policy and the cost cannot be separately identified. The limit of indemnity is £5,000,000 (2023; £5,000,000).

Trustees have set terms of office and a maximum total term. Trustees sit on sub-committees which advise the full Board on matters of policy and management.

Finance and General Purposes Committee

Student Services Forum

Mark Abrams (Appointed 01.07.24) Beverley Jessop Matthew Mangan (co-optee) (Resigned 11.11.24) *Richard Percival (Chair) Ian Richards (Resigned 01.07.24) Monique Royle (co-optee) (Resigned 17.06.24) Julie Reed

Simon Blay (Resigned 6.11.23) Ewan Hamnett *Amanda McGeever (Chair) (Resigned 01.07.24) Kimberly Tierney

Curriculum and Quality Committee

*Rosemary Adams (Chair) Christopher Gaffney (Appointed 13.05.24) Sherv Garcha Dr Anne Green (Resigned 01.07.24) Beverley Jessop Naresh Kumar Ian Richards (Resigned 01.07.24) Elly Tobin (co-optee)

Audit Committee

Rosemary Adams Nicola Coombe (co-optee) Christopher Gaffney (Appointed 13.05.24) *Helen Parks (Chair) (co-optee) Pavan Patel (Appointed 04.12.23) Amanda McGeever (Resigned 01.07.24)

4

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

Search and Governance Committee

Mark Abrams (Chair - Appointed 01.07.24) Rosemary Adams Amanda McGeever (Resigned 01.07.24) Richard Percival Ian Richards (Chair) (Resigned 01.07.24)

Remuneration Committee

*Amanda McGeever (Chair) (Resigned 01.07.24) Richard Percival Dr A Julie Reed Ian Richards (Resigned 01.07.24)

Birmingham Royal Institution for the Blind

Mark Abrams (Appointed 17.10.24) Amanda McGeever (Resigned 01.07.24) Richard Percival (Appointed 17.10.24) Ian Richards (Resigned 01.07.24) Beverley Jessop ( Appointed 24.04.24)

OFFICERS AND ADVISERS

Principal and Chief Executive

Company Secretary

External Auditors

Internal Auditors

Principal Bank

Insurance Advisers

Investment Managers

Registered Office

Beverley Jessop

Paul Walker

Crowe UK Black Country House Rounds Green Road Oldbury B69 2DG

Validera Unit 3 Crompton Court Attwood Road Burntwood WS7 3GG

Lloyds Bank PLC PO Box 908 125 Colmore Row Birmingham B3 2DS

PIB Insurance Brokers Poppleton Grange Low Poppleton Lane York North Yorkshire YO26 6GZ

Evelyn Partners 3[rd] Floor 9 Colmore Row Birmingham B3 2BJ

49 Court Oak Road Harborne Birmingham B17 9TG

5

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

STRATEGIC REPORT

PUBLIC BENEFIT & REVIEW OF ACTIVITIES

Queen Alexandra College (QAC) is a registered charity and an independent specialist residential college (ISC) based in Birmingham. It provides education and training for students and clients with a wide range of disabilities and learning difficulties. QAC operates three services – College, Community and Residential, all of which operate within the values of ‘Respect, Collaboration, Integrity, Enabling, Inclusion and Excellence’. The mission statement of QAC is ‘QAC empowers young adults with learning difficulties and disabilities to achieve their ambitions and to lead fulfilling lives.

The Charity’s students and clients divide into two main groups: those aged 16 to 25 who are funded by a combination of the Education and Skills Funding Agency (ESFA) and between 25 to 30 Local Education Authorities and clients attending Independence Plus (IP) funded by Social Services/personal payments. The Charity also accesses a range of funding from external sources including statutory and charitable bodies. The Charity continues to offer a level of respite provision and plans to expand this further in future. Prior to being offered a place at the College, all individuals benefit from a thorough assessment of their needs to ensure they are placed on the most appropriate programme. The assessments, in combination with the Education Health and Care plans (EHCP) are also intended to identify the appropriate level of holistic support needs for each student (many requiring 1 to 1, 1 to 2, or 1 to 3 staff to student ratios). The College welcomes students and clients from all backgrounds. An individual’s economic status, gender, ethnicity, race, religion, sex or sexual orientation do not form part of our assessment processes.

In setting the Charity’s objectives, and planning activities, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education and on fee charging.

The Charity achieved its mission during the year by providing education, independent living facilities, and a community service provision.

COLLEGE

The curriculum at QAC is broad and ambitious and meets the diverse needs of each student. The curriculum is designed to maximise adult life opportunities for all students. Opportunities may be through increased independence, higher academic achievement or through skills that enable employment. The curriculum covers academic, therapeutic and support provision, all of which are essential components for success for QAC students. All QAC students are in receipt of an EHCP.

The College offers a broad range of courses from pre-entry to level 3 in the following vocational areas: Art and Design, Sports, Trades, Vehicle Mechanics, Health and Social Care, Performing Arts, Media, Hospitality and Information & Communication technologies (ICT). The Preparation for Life (PfL) pathway offers a diverse range of tasters and independence skills development and for some students, leads into LEAP (Learning for Employment and Progression) which will specialise in certain areas and have a focus on employment or higher vocational study. Supported Internships are well established at QAC, with work experience being expected for all students from year 1 onwards. The Access to College programme, a bespoke 1-year programme supports school non-attenders back into learning and has gained in popularity year on year with the local authorities and young people.

The College has a diversity of specialist support services, which are an essential and integral part of each student’s curriculum offer, ensuring individual student needs are met and achievements maximised. Support Services consist of speech and language therapy, occupational therapy/specialist sensory; physiotherapy, counselling and mentoring, educational and clinical psychology, Positive Behaviour Support; a rehabilitation and travel training department; Braille, dyslexia and assistive & augmented technology services. In addition, there is a Resource Centre and a Health Care Centre.

6

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

PUBLIC BENEFIT & REVIEW OF ACTIVITIES Continued

The extended curriculum and enrichment activities (‘Club’) is invaluable and is offered to both day and residential students. Club is designed to offer a range of activities which develop community, social and independence skills, promote sports, the arts; leisure activities and develop wellbeing, confidence and friendships.

At our college, students thrive in an environment dedicated to excellent teaching and real-world preparation. Our skilled educators equip students with the knowledge and tools they need to succeed in life after college. Beyond academics, students grow in confidence during their time with us. Our supportive staff and mentors are always there to guide them, providing a range of appropriate technologies and tools that further their independence and give them transferable skills for life away from college.

We also prioritise personal development. Through regular discussions about healthy relationships, students learn about positive friendships, consent, and how to address concerns about others' behaviour. These valuable lessons equip them with the knowledge to form safe, meaningful connections in all areas of life.

Students love being part of our college community. They demonstrate that they are eager to learn, grow, and embrace new challenges. By the time they leave, they have developed lifelong habits for learning, socialising, and thriving as independent adults.

Success at QAC is not measured solely in terms of outcome success rates. Students have a comprehensive Individual Learning Plan with a range of negotiated challenging targets. Progress is measured on a regular basis and new targets are set and agreed as appropriate; value added, and distance travelled are important measures of achievement. Annual reviews were continued for all students with a focus on the transition journey through College into independence, further education and employment.

Safeguarding analysis across college and residential services is carried out against protected characteristics which enable us to monitor any patterns in safeguarding issues and respond as required. There is a robust safeguarding process in place with 10 staff having responsibility for safeguarding, one of whom is the lead designated safeguarding officer, with others acting as deputies, there is a weekly rota in place for swift interventions when needed. Staff teams are effectively trained in managing safeguarding issues with 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 governor safeguarding lead liaises with the college safeguarding team and ensures safeguarding updates are reported regularly and remain high on the governors’ agenda. A clear audit trail of safeguarding is maintained and reported regularly to the governors, which ensures due process is followed by the college. Prevent Duty training is embedded into Safeguard training at Induction and ongoing.

Student involvement is high with students continuing to have the opportunity to apply for the positions of Student Council reps and College Ambassador and take part in a selection interview process with underpinning employment skills being developed. Such roles enhance their self-confidence and ability to engage competently with professional people with students making excellent use of established opportunities to participate and be involved in College activities and forums. The students play an important part in the College around marketing and fundraising campaigns. Through the promotion of the student voice, students contribute to the day-to-day operation of the College such as College ‘values’ planning, ideas for new enrichment groups, important considerations linked to building developments and improved food choices.

Residential students also have a significant role to play, and the residential focus group continues to have a positive impact on aspects of residential life.

7

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

OFSTED

Following the inspection by Ofsted in June 2024, QAC was judged to be ‘good’ across all areas. Quality of Education, Behaviour and Attitudes, Personal Development and Leadership and Management; provision for Learners with High Needs is good overall. Safeguarding at QAC is effective. A sample of the positive comments:

RESIDENTIAL

The Charity continues to provide residential services to students and employs approximately 38 residential support staff. The residential provision at QAC continues to be graded as ‘good’ by CQC (Care Quality Commission) who make unannounced inspections throughout the year. The Charity also provided 30 places to Independence Plus clients based in houses in the local community. This provision will expand in 2024/25 as a new house that will accommodate 3 clients was added to the portfolio during the year.

COMMUNITY SERVICES

Since its conception, the Community Services provision has grown into a popular provision, and during a recent visit from Birmingham City Council was recognised as a unique quality provider for its contribution towards the needs of Birmingham citizens. It provides a base for Day Opportunities, Personal Assistant and Peer Support services seven days per week and an increasing offer of after college activities for QAC students and other members of the QAC Community.

Like many charities the Community Services provision is not able to cover its costs, and continued budget deficits are having to be funded by charity reserves whilst measures are taken to improve the financial viability of the service. One of those measures implemented this year resulted in a relocation of the service to our Umberslade Campus, a rural idyll in an urban setting that offers beautiful surroundings for our clients to spend their time, this site not only improves the provision for the clients, but it also supports the growth strategy with space for a further 40 clients, which in turn will improve the financial viability of the service.

8

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

The service has become invaluable to our users and therefore it is imperative that a break even position is reached. All efforts will continue to be committed to achieving this in the coming year.

Services provided by Community Services are listed below:

Personal Assistant (PA) / Day Opportunities service

The PA and Day Opportunities service provides person centred support to an increasing cohort of young adults from Birmingham and a number of neighbouring local authorities.

Some clients accessing PA services are current QAC students, who access services evenings, weekends and in the holidays. We also provide support to some Independence Plus clients, and former residential students who are transitioning to Independence Plus and who need additional 1:1 support to facilitate activities. Many former QAC students access the PA and Day Opportunities services seeking a range of different support including support with work and volunteering, with social and leisure opportunities, with the development of independent living skills and taking part in cultural or faith-based activities. A number of young adults who have no previous connection to QAC are choosing to use their direct payments to access QAC Community Services.

Peer Support / After College / Weekend Activities

This year has seen our provision of social opportunities continue to go from strength to strength. Our client services and engagement have continued to grow and develop and the demand for social opportunities is really high.

As well as men’s and women’s groups (inclusive of cis and trans individuals), we offer a weekly communitybased LGBTQ+ group which has good attendance from current QAC students and clients, alumni, and external attendees. We’ve also started to run a midweek social group which usually comprises members of both the men’s and women’s groups, every three weeks, following the success of our monthly Saturday Socials. The midweek social group tends to either be a group activity (for example a film night or our massively popular Christmas craft night) or a trip out for a pub meal. The Saturday Social traditionally always involved going out and about, but last year we started to intersperse a regular ‘Saturday Social Lunch Club’ which encouraged attendees to get involved in preparing and cooking a shared meal together - this has been really popular and we plan to run more! All of the peer groups are open to all individuals aged 18 and over with autism or other support needs. Social Saturdays are for anyone who wants to come along, and PAs, carers, parents are also welcome to attend. These events provide an opportunity to meet in a relaxed setting with some support.

Come As You Are, our inclusive nightclub, is now a well- established and much-loved monthly club night, supported generously by The Night Owl nightclub in Digbeth. With the Night Owl’s help we are able to offer opportunities for DJs with support needs to play sets in a real nightclub setting. We have also started to showcase musicians with disabilities - we are very proud that our ‘band in residence’, the QA Collective, have gone on to play the Royal Albert Hall and are looking ahead to record some material, which we are intending to launch with an event at the Night Owl later this year. We have set up a working group comprised of regular club goers and clients and are planning all manner of exciting events.

This year we are also excited to be starting a year long project with Spectra - Wild Possibilities - which will see our clients taking part in the design and construction of a roundhouse for the outdoor space at Midland Met hospital in Birmingham.

Holiday provision

At present we are unfunded for holiday provision, although our client service has now grown considerably and we don’t really have capacity to run a holiday club using Community Services staff any more as there are

9

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

simply too many clients (in the best possible way!). During the summer of 2024 we ran a very limited provision which allowed for a small number of additional places within our daily client programme to be made available for a limited number of sessions. Our hope is to source funding to run holiday provision again during the summer this year if at all possible.

THE FUTURE

We are currently in year 2 of a strategy which the covers the period September 2023 to August 2027. The key objectives of that strategy are:

1. Be recognised as a leading Birmingham-based organisation supporting young adults with learning difficulties and learning disabilities;

2. Be an excellent provider of educational, community and residential provision and services;

3. Undertake organisational repositioning to promote growth, clarity and diversity of services;

4. High levels of student and client satisfaction achieved;

5. For the student and client population to benefit from safe, high quality and well-adapted provision and physical estates across Birmingham;

6. Maintain financial viability;

7. Be recognised as an excellent employer; and

8. Lead by example in sustainability, diversity and specialist high need provision

In 2023/24 we made good progress against these strategic objectives. We completed a re-brand which is part of our organisational repositioning, we experienced further growth in student numbers, and as has previously been commented on in this report, we were graded GOOD by OFSTED in June 2024.

The focus for 2024/25 is to work on improving the charity’s financial resilience, and devising plans to increase capacity of our physical estates to ensure we can meet future demand for our services.

Financial Resilience

This continues to be a challenge. ESFA and Local Authority funding has not kept pace with increased staffing costs, which are being driven by National Living Wage Uplifts and Employers National insurance increases. Therefore, to remain financially viable, the charity needs to diversify its income streams and make efficiency savings where possible. In 2023/24 much emphasis was placed on driving efficiencies and making cost saving. Whilst there were savings generated by these efforts; they were not sufficient to bring the 2024/25 budget back into balance. We will therefore need to draw from our balance sheet reserves to bring the budget into balance. Whilst there are sufficient reserves to enable this, it is not a sustainable model in the long term, and therefore we are looking at other ways to bring us back to balance.

Increase the Capacity of Physical Estate

We have seen growth in student numbers year on year, and we expect this to continue. The Court Oak Road Campus has now reached its capacity, so it is important that we devise firm plans to ensure we can meet demand for student places in future years. We have reserves designated of £1m for site expansion, but we know this will not be sufficient to complete the works that will be required. This year we will therefore be focused on developing the estates and fundraising strategy to progress with this strategic objective.

10

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

Curriculum Appropriateness

We will continue to monitor curriculum appropriateness, but with the good OFSTED result we remain confident that we have developed an ambitious curriculum vision which is based on five curriculum pathways, meeting the needs and aspirations of students. Each pathway has a clear purpose, which ranges from preparation for life, to preparation for vocational qualifications and employment. Students are clear about the purpose of the curriculum they are studying and how it relates to their long-term goals via preparation to adulthood. The curriculum will continue to be monitored and reviewed routinely

FINANCIAL SUMMARY

The consolidated financial results of the College and its subsidiary company (QAC Enterprises Limited) for the year ended 31 July 2024 show net movement in funds of £54,438 (2023, £158,916 deficit), and there was an overall negative cash outflow of £1,040,772 (2022; of £1,175,271).

2024 was a challenging year, and the second year in a row where we have experienced an operating deficit. The National Living Wage increase of 9.7% had a significant impact on the 2023/24 results, and created a number of challenges as listed below:

  1. Wage Compression : When the lowest-paid employees received a significant pay increase, the gap between their wages and those of slightly higher-paid employees narrowed. This led to wage compression, where the differences in pay between various levels of staff become smaller.

  2. Pressure to Adjust Salaries : To maintain wage differentials and reward experience or higher responsibilities, we had to increase the salaries of higher-paid employees as well. This compounds the impact of the increase, and lead to significant increases in the wage bill, beyond the impact of just those who were on the national living wage.

  3. Recruitment and Competitiveness : This has been very challenging, and even more so when larger, ‘for-profit’ organisations can afford to pay above the national living wage. This has led to increased recruitment costs, and posts have been left vacant for longer, meaning more money was spent on agency costs.

Increased staffing costs have been our main financial challenge, but we have had other challenges to overcome this year that have had a negative impact on the financial result for the year. Two of the key ones are listed below:

1. A major customer of All Formats, a business enterprise which is part of QAC Enterprises Limited, went into administration during the year. Meaning we had to write off a bad debt of £120k.

2. Birmingham City Council Funding

Income has increased from £15,501,354 in 2023 to £16,423,695 in 2024. This increase is mostly driven by lagged funding, as we experienced a significant uplift in student numbers in 2023. The real income per student has decreased, which is putting significant pressure on the charity.

11

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

FINANCIAL SUMMARY - Continued

QAC uses a number of internal financial Key Performance Indicators (KPIs), including underlying cash flow, aged debts, fundraising income and staff costs/overheads as a proportion of income. These are scored as RAG (Red, Amber, and Green) based on the management accounts and are reported to the Board of Governors throughout the year.

Although the overall cash outflow is not desirable, we are able to attribute a large proportion of this outflow to the significant capital investment in our Umberslade Campus, and the purchase of a new property for our IP provision.

RESERVES POLICY

As at 31 July 2024, the College and its subsidiary company have unrestricted general funds of £9,996,919 (2023; £10,636,723), unrestricted designated funds of £1,943,000 (2023: £1,102,000) and restricted funds of £994,034 (2023; £1,143,792). Total reserves, including restricted funds, are £12,933,953 (2023; £12,882,515).

During the year under review Governors carried out a review of QAC’s reserves policy to ensure it sufficiently supports QAC’s strategic plan, the current funding climate, and the risks the College is exposed to. Following that review the Governors concluded that QAC should aim to have a baseline figure for free reserves of £2,427,000 (2023: £2,390,000) plus an additional contingency that represents the value of unrealised gains on investments that are included on the Colleges Balance sheet. By adding this contingency, the College is mitigating against the volatility of the stock markets and ensuring the free reserves can sustain any significant fluctuations. This contingency equates to £273k which in turn results in a combined free reserve target of £2,700,000.

The Governors also reviewed the designated reserves to assess whether the use and value remained appropriate. The outcome of which is detailed below.

Site Expansion Fund

£1m set aside to support the necessary investment in site expansion that will be required if the college is to achieve its objectives in its strategic plan. The college is currently reviewing the site for development opportunities, and whilst the costs of development required to accommodate the estimated growth in students numbers is likely to greatly exceed £1m, at present this is the amount that has been designated from free reserves as it is felt prudent to do so. During the year a site feasibility study will be completed.

Community Service

In 2023/24 the trustees designated £102k to support the planned deficit of Community Services, one of the charitable services QAC operates. During the year to 31 July 2024 the service made a deficit of £107k and therefore the full designated reserve was utilised.

It remains the plan to bring this service to a break even position, but with increasing staff costs, particularly as a result of the large increase in the National Minimum Wage in April 2024, this continues to be a challenge. As a result there is a planned deficit of £43k.

The trustees have therefore designated £43k from general reserves to fund this deficit.

12

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

Financial Resilience Fund

During the review of designated funds, the Trustees agreed to create a new designated fund to support financial resilience. This fund has been created to present a transparent view of the Charity’s reserves. Over the next 4 years the Charity is forecasting losses in excess of £900k, it therefore feels prudent to designate reserves to the value of £900k to ensure the Chairty remains financially resilient whilst management address the losses and produce strategic plans to bring the charity back into a balanced budget position.

Reserves Policy Summary

The charity holds total unrestricted reserves of £11,939,919, £7,260,000 is held as tangible fixed assets and as a result of the annual review of the reserves policy there is now £1,943,000 held in designated funds, which leaves free reserves (including investments) of £2,736,919 (2023; £3,829,376).

The reserves target is £2.7m, meaning the Charity has free reserves in excess of the free reserves target of £36,919.

INVESTMENT POLICY

The Governors have an agreed investment policy for the Charity aimed at providing long-term capital growth with medium risk. Evelyn Partners act as Investment Managers to the College to manage investments under this policy.

INVESTMENTS

Queen Alexandra College owns the whole of the issued share capital of 100 shares of £1 each of QAC Enterprises Limited, a company incorporated in England & Wales (Company Number 1986389). The company operates three distinct businesses: a specialist transcription services (“All Formats”), the sale of canes for the visually impaired and the “Sight Village” series of exhibitions for the blind and visually impaired. All profits from the businesses are Gift Aided to the College. The turnover for the year ended 31 July 2024 was £887,953 (2023; £760,023) and the Gift Aid payment was £209,146 (2023; £185,835). QAC Enterprises had net assets and reserves of £10,126 at the year-end (2023; £11,105).

Queen Alexandra College also owns the whole of the issued share capital of 1 share of £1 of QAC Sight Village Limited and the whole of the issued share capital of 1 share of £1 of Sight Village Limited. These companies are incorporated in England & Wales and have remained dormant since their incorporation on 6 February 2010 and 16 July 2012 respectively.

RISK ASSESSMENT AND MANAGEMENT

The Trustees have considered risks and risk management throughout the year as part of the business of the full Board and sub-committee meetings. QAC has a formal risk management process for the Charity and QAC Enterprises - this is managed by the College Management Team and Trustees via the Audit SubCommittee.

As part of its risk management process, the Trustees assessed QAC’s risk appetite. QAC is generally risk averse and has no appetite for risk exposure that results in significant impact on the delivery of our operational core activities (delivery of education and provision of care). It is also cautious in the pursuit of existing expansion plans and externally focussed commercial activities. However, QAC is willing to accept, in some circumstances, risks that may result in some financial loss or exposure to its financial reserves, provided that such risks are identified and managed with Management and Board oversight and contribute to QAC’s overall strategic objectives.

13

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

RISK ASSESSMENT AND MANAGEMENT – continued

The Trustees have assessed the major risks to which the College is exposed, in particular, those related to the operations and finances of the organisation, and are satisfied that systems and processes are in place to mitigate the Charity’s exposure to these major risks.

The Board of Trustees have identified the following key strategic risks to the charity. Actions to mitigate against these risks are also detailed:

Risk: Major change in finances resulting in a threat to long term organisational viability
Mitigation: Reserves policy that sets aside funds for longer term plans & reasonable operating;
Development of medium- term financial plan; Financial appraisal of longer-term committing
opportunities, Sensitivity analysis of changes in costs affecting bottom line; Annual financial
business planning process; On-going monitoring of expenditure against budgets; Review of
budgets in-year to identify where cost savings can be made; Formal reporting to F&GP of
variances.
Risk: Failure of strategic initiatives across Service areas (Umberslade/ Pinewood/
Community Services/ Residential Services)
Mitigation: Control of application and assessment process; panel meetings; SMT meetings; reshaping
of curriculum and timetable to maximise resource use; dev of new campuses; estates
planning and project management controls.
Risk: Inadequate reporting to the Board
Mitigation: Strategic planning, objective setting & budgeting processes; timely & accurate reporting;
timely preparation of reports; triumvirate meetings/ reg contact between Board/senior staff.
Reg Board & AC meetings. SAR presented to Board. Progress against KPIs presented
regularly to Board. Periodic governance reviews where reporting is assessed.
Risk: H&S risk to the organisation
Mitigation: H&S Officers in place at QAC who ensure Compliance with law & regs; Publicised H&S
policies; Regular inspection & testing of appliances, smoke and fire alarms; Trained first
aiders/Trained fire marshals. Fire safety training, including use of extinguishers. Fire notices
in all areas; Evacuation areas; Fire, H&S consultancy used regularly. Risk Assessments
logged into central system; H&S group meetings that report to Compliance Committee
where a governor is in attendance; Regular evacuation drills;

Risk:		 Safeguarding risks to the organisation
Mitigation: Robust safeguarding policy & procedures; Governor lead for safeguarding; E-safe’
monitoring tool; Robust training programme for ALL staff; annual safeguarding audit
performed by external provider.
Risk: IT and cyber security disaster recovery
Mitigation: IT Continuity plan; firewall in place; Cyber Essentials Plus achieved (Aug 24); Daily data
backups; documented recovery procedures; encryption of backed up data; appropriate
software to mitigate; JISC runs DDOS service to circumvent cyber-attacks; cyber-attack
insurance held, 24/7/365 MDR (Monitor, Detect, Respond) service implements in Aug 2024.
Risk: Loss of key staff
Mitigation: Undertake an annual strategic Training Needs Analysis aligned to the strategic plan,
appraisal information and best practice. Career pathways developed in certain areas from
ground through to management positions and appropriate training at each stage of
development. Board aware of CMT (College Management Team) structure & contingencies
for Principal/Deputy cover.
Risk: Curriculum not meeting needs of students
Mitigation: Strategic curriculum review and update; a new structure and formal model of strategic
curriculum; training to all College staff; robust initial diagnostic testing and baseline
assessment; clarity of outcomes for each student; SAR (Self Assessment Review), QIP
(Quality Improvement Programme), PIAP (Performance Improvement Action Plan).

14

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

RISK ASSESSMENT AND MANAGEMENT – continued

Risk: Maintaining a high quality of educational experience following successful Ofsted visit and increasing student numbers

Mitigation: Maintain actions for Teaching and Learning through the QIP and monitoring; Continued PRD working with other organisations; fully staffed academic management team; SAR process and College SAR & QIP; increased quality actions for reviewing curriculum; restructure of academic management; working with external contacts for benchmarks and support

Risk: Adverse Publicity Mitigation: Quick response strategy in place for dealing with adverse events/social media comments or negative publicity; Maintaining of positive public links; Follow AoC/Natspec PR guidance.

STRUCTURE, MEMBERSHIP AND OPERATION OF THE BOARD OF GOVERNORS

During the 2023 to 2024 financial year, the Board of Governors fulfilled its duties through formal mechanisms, determining college strategy and monitoring implementation and outcomes. It was supported in this work by its Curriculum and Quality Committee, Finance and General Purposes Committee, Remuneration Committee, Audit Committee, Search and Governance Committee and Student Services Forum.

The membership of the Board of Governors and of its committees, and committees’ terms of reference, was reviewed by the Search and Governance Committee and recommendations were made to the Board of Governors. These recommendations included retaining the committee structure. The Search and Governance Committee also: reviewed the methods for recruiting governors and co-optees; fielded panel members for the interview of prospective trustees and co-optees against criteria for skills and experience and a role description; and made recommendations to the Board of Governors on the re-appointment of existing trustees and co-optees.

Governors were encouraged to visit the college informally to ensure that they remained in touch with students and staff, while lead governors undertook a programme of formal monitoring for strategic priorities and nationally recognised areas of importance. During the reporting year, these related to: safeguarding; personal, social and health education; health, safety and estate; residential; careers education and advice; English; and work placements. These lead governors provided written reports to the Board of Governors.

Governors undertook training and their further training needs were reviewed as part of annual appraisals. During the reporting year, the Board of Governors adopted a governance mandatory training programme to start on 1 September 2024.

The Board of Governors received regular and timely information on: human resource matters; the financial performance of the college and its subsidiary, including capital expenditure; on education matters including the quality of teaching, performance against targets, student learning outcomes, admissions, student destinations after college; and on student and client safeguarding, including the Prevent Duty and the handling of parent, student and client complaints.

Each of the committees through which business was conducted had terms of reference approved by the Board of Governors and the Audit Committee, Curriculum and Quality Committee and Finance and General Purposes Committee provided further scrutiny of the executive in line with a governance annual business plan. All decisions of a material nature were made in accordance with a schedule setting out which decisions could be made at which level, including those matters that were reserved for the Board of Governors to determine.

15

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

Outside the strictures of board and committee meetings, the monthly ‘Triumvirate’ meetings held between the Chair of Governors, the Principal and Chief Executive and the Director of Governance (that the Vice-Chair of Governors also attended) provided an informal environment for strategic discussion. A note of each of these meetings was made available to all governors.

The starting compensation and any later changes to it for those employees designated by the Board of Governors as ‘senior postholders’ was proposed to the Board of Governors by its Remuneration Committee, after that committee had considered benchmark information. This included the Association of Colleges (AoC) pay survey, as well as the performance of the employees concerned and the financial position of the college. The agreed principle for annual ‘cost of living’ pay reviews remained that senior postholders would be awarded the same percentage increase as was the majority of staff, unless there was a reason for variance from this.

The college continued to apply all the principles of the Governance Code for Larger Charities to its work. It also complied with the bulk of the Code’s relevant recommended practice. Governors undertook an annual assessment against this Code, together with the AoC Code for English Colleges. An external audit of governance had taken place during 2022 and returned a report of ‘good’ governance, with recommendations for improvement. A plan to implement these recommendations, as well as further improvements, continued to be implemented during the reporting year.

The AoC Code for English Colleges required charities to disclose when any governor’s cumulative terms of office had added up to nine or more years. The maximum term of office for college governors was 10 years, based on factors that include specialist skill requirements. To allow for orderly succession planning, some governors completed their final term based on the date last appointed and both the Chair of Governors and the Vice-Chair of Governors had remained in their positions until they retired in July 2024.

FIXED ASSETS

All tangible fixed assets are held for the purpose of carrying out the Charity’s main objectives. The Trustees believe the market value of the Charity’s freehold land and buildings to be more than their net book value, although no independent valuations have been obtained, as it is considered that the cost of obtaining these is out of proportion to the usefulness of the information.

EMPLOYEES WITH DISABILITIES

Queen Alexandra College aims to ensure its recruitment, development and retention practice is exemplary. The College is a ‘Disability Confident Employer’, a ‘Mindful Employer’ and in October 2021 was awarded the prestigious ‘Leaders in Diversity Award’. We ensure appropriate support to disabled people at the application stage (to ensure access needs for interview are met) through to successful interview and support as an employee. Our practice ensures no particular group or individual is treated more or less favourably based on the characteristics defined in the Equality Act 2010. Equality and Diversity is embedded into the College’s management and the Charity’s Equality and Diversity report is formally reviewed by Governors annually.

The Charity will do its utmost to ensure individual needs are met in the workplace, whether through assistive technology, ergonomics, counselling, flexible working or other individual requirement. All employees, disabled or non-disabled are offered equality of training, career development and promotion opportunities.

16

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

EMPLOYEE CONSULTATION

Numerous consultation processes take place throughout the College year. A Joint Consultative Committee made up of managers and employee union representatives meet to discuss not only terms and conditions of employment but factors affecting the organisation as a whole. There are management/staff ‘feedback’ and ‘diary meetings’ which take place weekly as well as staff survey and consultations. Employees also provide input into policies and the Principal shares strategic and external influences, which affect the College business with the whole staff group. The Charity’s Senior Management Team have regular “open door” sessions whereby individual staff members can discuss any issues one to one with a member of the Senior Management Team.

The Charity’s Staff Forum (“Staff Voice”) brings together interested staff from all areas of QAC to participate in decision-making and has continued to prove successful and attract favourable comments from staff.

FUNDRAISING

Section 162a of the Charities Act 2011 requires Charities to make a statement regarding fundraising activities.

Although the Charity does not undertake widespread fundraising from the general public, it does undertake fundraising to support specific projects (largely from Charitable Trusts and Foundations) as well as its day-today activities. The charity is very grateful to all donors and sponsors. Such amounts receivable are presented in the accounts as “Donations and Legacies”.

The day-to-day management of all income generation is delegated to the College Management Team. The Charity has a Fundraising Policy, which is approved by Trustees and reviewed regularly; with Trustees, receiving regular reports on fundraising activity and performance. The Charity has a dedicated fundraising team, which is led by a qualified fundraiser, who is a member of the Institute of Fundraising. The Charity manages all fundraising in house without involvement of commercial participators, external fundraisers or any other third party.

The Charity is registered with the Fundraising Regulator and complies fully with the Regulator’s Standards and Code of Fundraising Practice. QAC does not make unsolicited approaches to members of the public and always gets consent from individuals before approaching them for support/ involvement. QAC has received no complaints in relation to fundraising activities and the policy requires staff to behave reasonably at all times.

VOLUNTEERS

The Charity is committed to providing opportunities for volunteering, placements and work experience to people from all walks of life. Many ex-students come back to volunteer, as do trainee teachers, social workers and people who just want to give something back to society or test out a new career in education or care. We provide projects for organisations looking to deliver to Corporate Social Responsibility agendas and have enjoyed productive partnerships with local and national businesses that enhance the overall experience of our students. Volunteer application forms are available on our website. In accordance with DBS guidance, our volunteers are all subject to stringent background checks.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming

17

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) REPORT OF THE TRUSTEES

resources and application of resources, including the income and expenditure, of the group and charity for that period.

In preparing these financial statements, the Trustees are required to:

GOING CONCERN

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing the financial statements, the Trustees have considered whether the going concern basis of preparation for these accounts remains appropriate. To make this assessment the Trustees have reviewed short-medium term financial forecasts and cashflow forecasts, and have completed a review of the reserves policy. The outcome of that review is that at no point in the next 12 months, or the medium-term forecast does the charity breach its free reserves position.

Taking into account the above, including the level of cash and near liquid investments, the Trustees believe that whilst inherent uncertainty exists, this does not pose a material uncertainty that would cast doubt on the Charity’s ability to continue as a going concern for the foreseeable future, which is a period of at least 12 months from the signing of the accounts and audit report. The Trustees therefore consider it appropriate for the accounts to be prepared on a going concern basis.

STATEMENTS AS TO DISCLOSURE OF INFORMATION TO AUDITORS

All of the current Trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company’s Auditors for the purpose of their audit and to establish that the Auditors are aware of that information. The Trustees are not aware of any relevant information of which the Auditors are not aware.

The Board of Trustees approve the Annual Report and, in their capacity as company directors approve the Strategic Report incorporated therein.

On behalf of the Trustees,

Mark Abrams, Chair of Trustees 19[th] March 2025

Registered Office 49 Court Oak Road Harborne Birmingham B17 9TG

Registered Company Number 03387540

18

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) EXTERNAL AUDITORS REPORT

We have audited the financial statements of Queen Alexandra College (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 July 2024 which comprise consolidated statement of financial activities, consolidated balance sheet, consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 July 2023 and of the group’s income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report.

Other information

The governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the governors’ 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 consistent with the financial statements; and

the strategic report and the directors’ report included within the governors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 identified material misstatements in the strategic report or the directors’ report included within the governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of governors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

19

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) EXTERNAL AUDITORS REPORT

Responsibilities of governors

As explained more fully in the governors’ responsibilities statement set out on page 15, the governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Health and Safety and Employment legislation, Ofsted and CQC Regulations for service providers and managers’.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

test risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of grant and contract income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing procedures over grant and contract income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

20

QUEEN ALEXANDRA COLLEGE (Known as QUEEN ALEXANDRA CHARITY) EXTERNAL AUDITORS REPORT

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Melon. bruncell?

Helen Blundell (Senior Statutory Auditor) For and on behalf of

Crowe U.K. LLP

Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 7 April 2025

21

QUEEN ALEXANDRA COLLEGE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024

Income
Notes
Charitable Activities
3

Donations and legacies
Grant: BRIB Rent
Other Donations and Grants

Other Trading Activities
Sales in Enterprises
Other Trading Income

Investment Income
Interest
Investment Income

Total Income
Expenditure
Charitable Activities
4
Raising Funds
5
Profit on Disposal of Fixed Assets
Total Expenditure
Net Income/(Expenditure) before
movements on Investment Assets
Gains/(Losses) on Investment
Assets
Net Income/(Expenditure)
13
Transfers between Funds
Net movement in Funds
Funds at 31 July 2023
Funds at 31 July 2024
13		 Year
Unrestricted Restricted 31 Jul 2024
Funds
Funds
Total

£
£
£
14,457,203
77,491 14,534,694
697,091
-
697,091
13,936
111,155
125,091
711,027
111,155
822,182
887,953
-
887,953
99,792
-
99,792
987,745
-
987,745
3,397
-
3,397
75,677
-
75,677
79,074
-
79,074
16,235,049
188,646 16,423,695
15,596,274
197,693 15,793,967
865,023
-
865,023
(231)
-
(231)
16,461,066
197,693 16,658,759
(226,017)
(9,047)
(235,064)
286,502
-
286,502
60,485 (9,047)
51,438
140,711
(140,711)
-
201,196
(149,758)
51,438
11,738,723
1,143,792 12,882,515
11,939,919
994,034 12,933,953		 Year
Unrestricted Restricted
31 Jul 2023
Funds
Funds
Total
£
£
£

13,548,219
92,805
13,641,024

736,947
-
736,947

431
188,101
188,532

737,378
188,101
925,479

760,023
-
760,023

99,230
-
99,230

859,253
-
859,253
11,838
-
11,838

63,760
-
63,760

75,598
-
75,598
15,220,448 280,906 15,501,354

14,684,065 188,001
14,872,066
746,977
865
747,842
(1,962)
-
(1,962)

15,429,080
188,866
15,617,946

(208,632) 92,040
(116,592)

(42,324)
-
(42,324)

(250,956)
92,040
(158,916)

204,160
(204,160)
-

(46,796)
(112,120)
(158,916)

11,785,519
1,255,912
13,041,431
11,738,723
1,143,792 12,882,515

There are no recognised gains or losses other than those shown above.

All of the Group’s activities during the year ended 31 July 2024 are continuing.

The notes on pages 27 to 39 form part of these financial statements

22

QUEEN ALEXANDRA COLLEGE COLLEGE STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 July 2024

Year
Notes Unrestricted Restricted
31 Jul 2024

Funds
Funds
Total
Income
£
£
£
Charitable Activities
14,457,203
77,491
14,534,694

Donations and legacies
Grant: BRIB Rent
697,091
-
697,091
Other Donations and Grants
223,082
111,155
334,237
920,173
111,155
1,031,328
Other Trading Activities
Other Trading Income
208,097
-
208,097

Investment Income
Interest
3,397
-
3,397
Investment Income
75,677
-
75,677

79,074
-
79,074
Total Income
15,664,547
188,646
15,853,193
Expenditure
Charitable Activities
15,596,274
197,693
15,793,967
Raising Funds
293,542
-
293,542
Profit on Disposal of Fixed Assets
(231)
-
(231)
Total Expenditure
15,889,585
197,693
16,087,278
Net Income/(Expenditure) before
movements on Investment Assets
(225,038)
(9,047)
(234,085)
Gains/(Losses)on Investment Assets
286,502
-
286,502
Net Income/(Expenditure)
13
61,464
(9,047)
52,417
Transfers between Funds
140,711 (140,711)
-
Net movement in Funds
202,175 (149,758)
52,417
Funds at 31 July 2023
11,727,719 1,143,792
12,871,511
Funds at 31 July 2024
13
11,929,894
994,034
12,923,928		 Year
Unrestricted
Restricted
31 Jul 2023
Funds
Funds
Total
£
£
£
13,548,505 92,805 13,641,310
736,947
- 736,947
186,266
188,101
374,367

923,213
188,101
1,111,314
208,590
-
208,590
11,838
-
11,838
63,760
- 63,760
75,598
- 75,598
14,755,906
280,906 15,036,812

14,684,065
188,001 14,872,066

282,802
865
283,667
(1,962)
-
(1,962)

14,964,905
188,866 15,153,771

(208,999)
92,040
(116,959

(42,324)
-
(42,324)

(251,323)
92,040
(159,283
204,160
(204,160)
-
(47,163)
(112,120)
(159,283)

11,774,882
1,255,912 13,030,794

11,727,719
1,143,792 12,871,511

There are no recognised gains or losses other than those shown above.

All of the Charity’s activities during the year ended 31 July 2024 are continuing.

The surplus for the year for Companies Act 2006 purposes excludes unrealised gain on investments of £272,723 (2023; loss £42,324)) and amounts to a loss of £220,306 (2023; loss £116,959). The notes on pages 27 to 39 form part of these financial statements

23

QUEEN ALEXANDRA COLLEGE CONSOLIDATED BALANCE SHEET 31 JULY 2024

31 Jul 2024 31 Jul 2024 31 Jul 2023 31 Jul 2023
Notes £ £ £ £
Fixed Assets
Tangible Assets: 8
Land and Buildings – Freehold 1,323,995 976,627
Land and Buildings – Leasehold 4,907,140 5,013,886
Fixtures Fittings and Equipment 1,338,211 1,292,411
Motor Vehicles 63,605 52,288
Computer Equipment 320,860 262,161
Assets in the Course of Construction 178,769 144,535
8,132,580 7,741,908
Investments 9 3,036,089 2,685,587
Total Fixed Assets 11,168,669 10,427,495
Current Assets
Stock 6,458 4,604
Debtors 10 2,390,932 1,830,918
Short term Deposits 79,502 1,079,789
Cash at Bank and In Hand 1,133,209 1,173,694
Total Current Assets 3,610,101 4,089,005
Liabilities
Creditors: Amounts falling due
within one year 11 (1,844,817) (1,633,985)
Net Current Assets 1,765,284 2,455,020
Total Assets less Current Liabilities
12 12,933,953 12,882,515
Total Net Assets 12,933,953 12,882,515
Funds
Unrestricted Funds
General 9,996,919 10,636,723
Designated 1,943,000 1,102,000
13 11,939,919 11,738,723
Restricted Funds 13 994,034 1,143,792
12,933,953 12,882,515

19[th] March 2025 and signed on their behalf by:

Wade Nome Mark Abrams Chair

Richard Percival Vice Chair

The notes on pages 27 to 39 form part of these financial statements

Registered Company Number 03387540

24

QUEEN ALEXANDRA COLLEGE COLLEGE BALANCE SHEET 31 JULY 2024

31 Jul 2024 31 Jul 2024 31 Jul 2023 31 Jul 2023
Notes £ £ £ £
Fixed Assets
Tangible Assets: 8
Land and Buildings - Freehold 1,323,995 976,627
Land and Buildings - Leasehold 4,907,140 5,013,886
Fixtures, Fittings and Equipment 1,338,211 1,292,411
Motor Vehicles 63,605 52,288
Computer Equipment 320,860 262,161
Assets in the Course of Construction 178,769 144,535
8,132,580 7,741,908
Investments 9 3,036,191 2,685,689
Total Fixed Assets 11,168,771 10,427,597
Current Assets
Debtors 10 2,392,501 1,864,295
Short term Deposits 79,502 1,079,789
Cash at Bank and In Hand 1,088,172 1,123,096
Total Current Assets 3,560,175 4,067,180
Liabilities
Creditors: Amounts falling due within
one year 11 (1,805,018) (1,623,266)
Net Current Assets 1,755,157 2,443,914
Total Assets less Current Liabilities 12,923,928 12,871,511
Total Net Assets 12,923,928 12,871,511
Funds
Unrestricted Funds
General 9,986,894 10,625,719
Designated 1,943,000 1,102,000
13 11,929,894 11,727,719
Restricted Funds 13 994,034 1,143,792
12,923,928 12,871,511

19[th] March 2025 and signed on their behalf by: Wed Nome Mark Abrams Chair

Richard Percival

Vice Chair

The notes on pages 27 to 39 form part of these financial statements.

Registered Company Number 03387540

25

QUEEN ALEXANDRA COLLEGE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JULY 2024

Year Year
31 Jul 2024 31 Jul 2023
£ £
Cash flows from Operating Activities (88,103) (395,436)
Cash flows from Investing Activities:
Dividends and Interest from Investments 79,074 75,598
Proceeds from the Sale of Fixed Assets 231 1,962
Purchase of Fixed Assets (967,974) (748,765)
Proceeds from Sale of Investments 360,481 -
Purchase of Investments (424,481) (108,630)
Change in Cash and Cash Equivalents in the reporting period (1,040,772) (1,175,271)
Cash and Cash Equivalents at the beginning of the reporting 2,253,483 3,428,754
period
Cash and Cash Equivalents at the end of the reporting period 1,212,711 2,253,483
Notes to the Consolidated Cash Flow Statement
1. Reconciliation of Net Income to Net Cash Flow from Operating
Activities
Net Income for the reporting period 51,438 (158,916)
Adjustments for:
Depreciation Charge 607,010 539,585
(Gains)/Losses on Investments (286,502) 42,324
Dividends and Interest from Investments (79,074) (75,598)
Profit on Disposal of Fixed Assets (231) (1,962)
(Increase)/Decrease in Stocks (1,854) 1,868
(Increase) in Debtors (560,014) (537,889)
Increase/(Decrease) in Creditors 181,124 (204,848)
Net Cash Provided by Operating Activities (88,103) (395,436)
2. Analysis of Change in Cash and Cash
Equivalents
At 31 July Cash At 31 July
2023 Flows 2024
£ £ £
Cash at Bank and in Hand 1,173,694 (40,485) 1,133,209
Short term Deposits 1,079,789 (1,000,287) 79,502
2,253,483 (1,040,772) 1,212,711

The notes on pages 26 to 38 form part of these financial statements

26

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES

(a) Basis of Accounting

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain assets and in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities” preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second edition October 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, the Charity’s governing documents, and applicable Accounting Standards.

Queen Alexandra College meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

(b) Going Concern

In preparing the financial statements, the Governors have considered whether the going concern basis of preparation for these accounts remains appropriate. To make this assessment the Governors have reviewed short-medium term financial forecasts and cashflow forecasts and have completed a review of the reserves policy. The outcome of that review is that at no point in the next 12 months, or the medium-term forecast does the college breach its free reserves position.

Taking into account the above, including the level of cash and near liquid investments, the Governors believe that whilst inherent uncertainty exists, this does not pose a material uncertainty that would cast doubt on the College's ability to continue as a going concern for the foreseeable future, which is a period of at least 12 months from the signing of the accounts and audit report. The Governors therefore consider it appropriate for the accounts to be prepared on a going concern basis.

(c) Judgements in Applying Accounting Policies and Key Sources of Estimation Uncertainty

In preparing these financial statements, the Governors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates and underlying assumptions are continually reviewed.

The following is a critical judgement that the Governors have made in the process of applying the accounting policies: Determining whether leases entered into by the group either as lessor or a lessee are operating 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:

(d) Basis of Consolidation

The group financial statements consolidate the financial statements of the College and QAC Enterprises Limited. Intra group transactions are fully eliminated on consolidation. The Governors consider that the presentation of the consolidated statement of financial activities and income and expenditure account, prepared on a line-by-line basis, gives a true and fair view of the group’s results

27

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES (continued)

(e) Tangible Fixed Assets

Tangible fixed assets are recorded at cost on 31 December 1997, when they were allocated to the College by Birmingham Royal Institution for the Blind, plus additions since, at cost. Expenditure of less than £1,000 on plant, furniture, fixtures and fittings and educational equipment is charged to revenue in the period of acquisition. The equivalent figure for computer equipment is £500. Where assets are bought in bulk, but individually fall below these limits, they will be capitalised if considered to be a capital investment.

Fixed assets funded by specific donations are capitalised and depreciated in line with the normal depreciation rates shown below. Specific donations to acquire such assets are brought into the Statement of Financial Activities when receivable and included in restricted funds. Depreciation is charged within the Statement of Financial Activities under the appropriate fund heading.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset less its estimated residual value over its expected useful life as follows:

Freehold land Nil
Freehold and Leasehold Property 2% on cost, or if shorter the remaining period of the lease
Fixtures and Fittings 10% - 20% on cost
Computer Equipment 33 1/3% on cost
Motor Vehicles 20% on cost

The carrying value of the Charity’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If events or changes in circumstances indicate an impairment, the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of fair value less costs to sell the asset and its value in use. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activity.

(f) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is virtually certain that the income will be received and the amount can be measured reliably. Income from ESFA and Local Authority Fees, Government and other grants whether ‘capital’ grants or ‘revenue’ grants is recognised when the charity has entitlement to the funds and it is it is virtually certain that the income will be received. Income from other sources is recognised when the charity has entitlement to the funds. Income received in advance of provision of a specified service is deferred until the criteria for income recognition are met.

(g) Expenditure

Expenditure is accounted for on an accruals basis. The cost of irrecoverable Value Added Tax is included with the item of expense to which it relates. Charitable activities include expenditure associated with the charity’s Objects including both the direct costs and support costs relating to these activities. Costs of raising funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds including income from QAC Enterprises. Overheads are not apportioned between charitable, fund generating and governance activities as the sums involved are deemed immaterial and all the functions other than charitable activities have the primary function of supporting those charitable activities.

(h) Operating Leases

Operating lease costs are charged to the Statement of Financial Activities as incurred. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership.

(i) Financial Instruments

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

(j) Stocks and Assets Held for Sale

Stocks and Assets Held for Sale are stated at the lower of cost or net realisable value.

28

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

1. ACCOUNTING POLICIES (continued)

(k) Investments

Investments are stated at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Investments in subsidiaries are shown at cost.

(l) Pension Costs

Retirement benefits to teaching staff are provided by the Teachers’ Pension Scheme (‘TPS’). 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 to spread the cost of pensions over employees’ working lives with the College in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. The TPS is a multi-employer scheme and the College is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS scheme is therefore treated as a defined contribution scheme and contributions are recognised as they are paid each year.

The College also operates two separate defined contribution schemes for non-teaching staff. The cost to the group of pension contributions is shown in note 7 to the financial statements and the group had no arrears of contributions at the year-end.

(m) Funds

Restricted Funds

These consist of monies received by the College for specific purposes less expenditure to date.

Unrestricted Funds

This fund represents the accumulated surpluses arising from the College’s activities.

(n) Voluntary Help and Gifts in Kind

No financial value has been attributed to the voluntary help received by the College during the year. Any other gift in kind is valued when received and is included in the Statement of Financial Activities.

(o) Recognition of Liabilities

All known liabilities at 31 July 2024 have been provided for in these accounts.

2. CHARITABLE STATUS

Queen Alexandra College is a registered charity and is exempt from Income Tax and Capital Gains Tax provided its income and gains are applied for charitable purposes.

29

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

3. CHARITABLE ACTIVITIES INCOME

Income from Charitable Activities:
Education and Skills Funding Agency Student Funding
Education and Skills Funding Agency Free Meals Funding
Education and Skills Funding Agency Capital Maintenance Funding
Education and Skills Funding Agency Teachers Pension Funding
Education and Skills Funding Agency 16-19 Tuition Fund
Total Education and Skills Funding Agency
Local Authorities Student Funding
Other Employment Programmes Income
Independence Plus Client Social Services/Private Income
Respite Care & Private Student Fee Income
Community Services Income
Student Transport Fees
Catering Income
Other Charitable activities Income
Total Income from Charitable Activities		 Year
Year
31 July 2024
31 July 2023
£
£
4,455,904
4,206,019
42,709
27,492
246,363
242,081
140,633
116,830
77,491
82,561
4,963,100
4,674,983
7,256,464
7,184,384
29,235
21,900
1,209,366
1,088,544
308,924
167,703
685,043
397,746
885
17,716
67,091
62,982
14,586
25,066
14,534,694
13,641,024
4.
CHARITABLE ACTIVITIES EXPENDITURE
Expenditure from Charitable Activities
Unrestricted Funds
Direct Teaching and Support Staff Costs
Indirect Staff Costs to support Charitable Activities
Other Employee Related Costs
Premises Costs
Catering and Cleaning
Depreciation
Equipment Maintenance
Exam Fees and Courses
Subscriptions
Student Allowances
Student Bursaries
Medical Costs
Learning Equipment , Consumables and Activities
Educational Subcontract Fees
Student Support Professional Fees
Staff Travel Expenses
College Transport
Printing, Stationery, Postage and Computing Consumables
Marketing and Advertising
Miscellaneous
Legal, Professional & Consulting Fees and Charges
External Audit Fees
Development
Volunteers’ Expenses
Books and Publications
Restricted Funds
Depreciation
Learning Equipment and Consumables
Student Support Professional Fees
Staff Costs
Total Expenditure from Charitable Activities		 Year
Year
31 July 2024
31 July 2023
£
£
9,074,053
8,629,834
2,088,218
1,912,239
195,420
163,692
1,598,972
1,519,488
992,956
900,247
532,640
482,033
148,148
89,991
18,323
19,837
30,131
23,410
44,802
68,175
550
813
22,998
28,583
84,050
62,581
34,495
39,995
51,312
53,873
33,816
24,364
57,839
40,669
447,071
451,568
25,940
49,567
10,299
7,709
73,504
85,002
29,766
24,240
-
1,601
150
180
821
4,373
15,596,274
14,684,065
74,370
57,552
18,548
53,506
8,493
8,210
96,282
68,733
197,693
188,001
15,793,967
14,872,066

Included in the above expenditure are support costs of £3,083,134 (2023: £2,791,552) and governance costs of £140,703 (2023: £126,003).

30

QUEEN ALENDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

4. CHARITABLE ACTIVITIES EXPENDITURE (continued)

Insurance is purchased to protect the College from losses arising from neglect or default of its Governors, officers and employees, and to indemnify the Governors, officers and employees against the consequences of neglect or default on their part. The amount paid for the year was included within the College’s overall Combined Commercial Policy and the cost cannot be separately identified. The limit of indemnity is £5,000,000 (2023; £5,000,000).

5. COST OF RAISING FUNDS

5.
COST OF RAISING FUNDS
Enterprises
Salaries
Premises Costs
Cost of Goods Sold
Audit and Accounting Fees
Bad Debt Expense
Other Costs
Other Costs of Raising Funds
Staff Costs
Management Charges Investment Funds
Cost of Goods Sold
Other Costs
Total Costs of Raising Funds
6.
NET INCOME
Net Income is stated after charging:
Operating Leases:
Rent
Hire of Equipment
Staff Costs
Auditors' Remuneration: External Audit Services
Other services
Depreciation of Owned Assets
7. STAFF COSTS
Staff Costs:
Wages and Salaries
Social Security Costs
Other Pension Costs
Agency staff costs		 Year
Year
31 July 2024
31 July 2023
£
£
363,081
311,711
50,958
43,503
41,519
34,723
10,935
6,213
94,202
51,417
119,091
125,968
679,786
573,535
106,468
100,681
13,170
12,373
-
3,383
65,599
57,970
185,237
174,307
865,023
747,842
Year
Year
31 July 2024
31 July 2023
£
£
918,912
931,843
21,137
21,421
11,776,021
11,061,493

33,992
29,240
4,011
1,200
607,010
539,585
Year
Year
31 July 2024
31 July 2023
£
£
9,941,971
9,386,474
827,353
785,115
586,345
540,230
420,352
349,674
11,776,021
11,061,493

Staff Costs of £11,776,021 (2023; £11,061,493) include ex gratia and redundancy costs of £10,000 (2023; £12,796).

31

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

7. STAFF COSTS (continued)

The average weekly number (full time equivalent) of employees
during the year was as follows:
Teaching and Support Staff
Care Staff
Office and Management
QAC Enterprises
Maintenance Staff		 Year
Year
31 July 2024
31 July 2023
Number
Number
205
214
87
85
38
40
13
14
13
9
356
362

Average headcount throughout the year was 436 (2023:442) employees.

The number of employees included above whose earnings (including
taxable benefits in kind, ex gratia and redundancy costs) exceeded Year Year
£60,000 were: 31 July 2024 31 July 2023
Number Number
£60,000 to £69,999 1 3
£70,000 to £79,999 2 -
£100,000 to £109,999 - 1
£110,000 to £119,999 1 -

The College also made pension contributions in respect of 4 (2023; 4) of the 4 (2023; 4) employees noted above. Contributions into pension schemes for higher paid employees amounted to £53,777 (2023; £44,535)

The key management personnel of the College are the Principal, Deputy Principal, the Director of Governance and the Director of Finance and Resources. The employee benefits of key management personnel were £355,918 (2023; £323,421)

Trustees have no beneficial interest in the College and all served without remuneration, with the exception of the three staff trustees. During the year one trustee claimed travel expenses £60 (2023: nil). All expenses are incurred wholly and exclusively in carrying out duties as Trustees of the Charity and are in accordance with the Charity constitution.

8. FIXED ASSETS

Group and College
Cost
31 July 2023
Additions
Disposals
Transfers
31 July 2024
Depreciation
31 July 2023
Provided in the Year
Eliminated on
disposal
31 July 2024
Net Book Values
31 July 2024
31 July 2023		 Freehold
Land and
Leasehold
Land and
Fixtures
and
Motor
Computer
Assets
Under
Buildings
Buildings
Fittings
Vehicles
Equipment
Construction
Total
£
£
£
£
£
£
£
1,497,608
7,008,937
3,421,209
276,822
3,139,101
144,535
15,488,212

375,827
-
214,266
34,940
233,416
139,233
997,682
-
-
-
(3,300)
-
-
(3,300)
34,057
52,397
18,545
(104,999)
-
1,873,435
7,042,994
3,687,872
308,462
3,391,062
178,769
16,482,594
520,981
1,995,051
2,128,798
224,534
2,876,940
-
7,746,304
28,459
140,803
220,863
23,623
193,362
-
607,010
-
-
-
(3,300)
-
-
(3,300)
549,440
2,135,854
2,349,661
244,857
3,070,202
-
8,350,014
1,323,995
4,907,140
1,338,211
63,605
320,860
178,769
8,132,580
976,627
5,013,886
1,292,411
52,288
262,161
144,535
7,741,908

The Net Book Value of Assets that are subject to depreciation as at 31 July 2024 was £8,057,905 (2023; £7,667,233).

32

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

9. INVESTMENTS

Group and College

Queen Alexandra College owns the whole of the issued share capital of 100 shares of £1 each of QAC Enterprises Limited, a company incorporated in England & Wales (Company Number 1986389). The company operates three distinct businesses: a specialist transcription services (“All Formats”), the sale of canes for the visually impaired and the “Sight Village” series of exhibitions for the blind and visually impaired. All profits from the businesses are Gift Aided to the College. The turnover for the year ended 31 July 2024 was £887,953 (2023; £760,023) and the Gift Aid payment was £209,146 (2023; £185,835). QAC Enterprises had net assets and reserves of £10,126 at the year-end (2023; £11,105).

Queen Alexandra College also owns the whole of the issued share capital of 1 share of £1 of QAC Sight Village Limited and the whole of the issued share capital of 1 share of £1 of Sight Village Limited. These companies are incorporated in England & Wales and have remained dormant since their incorporation on 6 February 2010 and 16 July 2012 respectively.

Investments

Unrestricted Fund

Movements in the Investment Fund managed by Evelyn Partners were:

Market Value at beginning of the year
Additions to investment at cost
Disposals at market value
Net realised and unrealised investment gain/(loss)
Total Investment Fund
Shares in subsidiary companies
Closing Balance		 Year
Year
31 July 2024
31 July 2023
£
£
2,685,587
2,619,282
424,481
108,630
(360,481)
-
286,502
(42,325)
3,036,089
2,685,587
102
102
3,036,191
2,685,689

Cash held by the Investment Fund managers Evelyn Partners at 31 July 2024 of £68,467 (2023; £68,768) has been included on the balance sheet under short-term deposits within current assets.

Listed Securities
Total Investments in Investment Fund
QAC Enterprises Limited
QAC Sight Village Limited
Sight Village Limited
Total Investments		 31 July 2024
£
3,036,089
3,036,089
100
1
1
3,036,191		 31 July 2023
£
2,685,587
2,685,587
100
1
1
2,685,689

33

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

10. DEBTORS

0.
DEBTORS
Amount due from BRIB
Trade Debtors
Amounts due from Subsidiary
Prepayments
Accrued Income
Other Debtors		 31 July 2024
31 July 2023
Group
College
Group
College
£
£
£
£
100,000
100,000
191,540
191,540
823,777
659,263
602,165
397,230
-
254,038
-
372,245
497,451
480,973
262,536
251,674
930,237
863,764
688,612
617,225
39,467
34,463
34,381
34,381
2,390,932
2,392,501
1,830,918
1,864,295

Prepayments includes £151,419 (2023:£nil) in respect of periods of over one year.

11. CREDITORS: Amounts falling due within one year

Trade Creditors
Tax and Social Security
Pensions Contributions
Other Creditors
Accruals
Fees in Advance		 31 July 2024
31 July 2023
Group
College
Group
College
£
£
£
£
545,414
537,215
292,637
290,148
205,346
205,346
225,587
225,587
70,744
70,744
62,486
62,486
45,941
45,941
84,477
84,477
711,758
691,383
695,324
687,150
265,614
254,389
273,474
273,418
1,844,817
1,805,018
1,633,985
1,623,266

Fees in advance relates to income from the Education and Skills Funding Agency, Local Authorities and other sources received in advance. The movement on the deferred income account during the year was:

Balance at 1 July 2023
Amounts released in the year
Amounts deferred in the year
Balance at 31 July 2024		 Group
College
£
£
273,474
273,418
(273,474)
(273,418)
265,614
254,389
265,614
254,389

12. FINANCIAL INSTRUMENTS

Financial Assets
Financial Assets measured at fair value through SOFA
Cash & Cash Equivalents
Financial Assets that are Debt Instruments Measured
at Amortised Cost
Financial Liabilities
Financial Liabilities Measured at Amortised Cost		 31 July 2024
31 July 2023
Group
College
Group
College
£
£
£
£
3,036,089
3,036,089
2,685,587
2,685,587
1,212,711
1,167,674
2,253,483
2,202,885
1,893,481
1,657,490
1,568,382
1,240,376
6,142,281
5,861,253
6,507,452
6,128,848
1,303,113
1,274,539
1,072,438
1,061,775

Financial assets measured at fair value through the SOFA comprise fixed asset investments in a trading portfolio of listed company shares and unlisted securities, which are valued at the quoted market price. Financial instruments measured at amortised cost comprise trade debtors, accrued income and other debtors. Financial assets also include cash and cash equivalents. Financial liabilities measured at amortised cost comprise trade creditors, other creditors, other loans and accruals.

34

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

13. RECONCILIATION OF MOVEMENT IN GROUP AND COLLEGE FUNDS

As at 31 July 2023
College
Subsidiary
Group
Movement in the Period
Net Income
College
Subsidiary
Group
Transfers between funds
College
Subsidiary
Group
As at 31 July 2024
College
Subsidiary
Group		 Unrestricted
Fund
Designated
Fund
Restricted
Funds
31 July 2024
Total
31 July 2023
Total
£
£
£
£
£
10,625,719
1,102,000
1,143,792
12,871,511
13,030,794
11,005
-
-
11,005
10,638
10,636,724
1,102,000
1,143,792
12,882,516
13,041,432
120,464
(59,000)
(9,047)
52,417
(159,283)
(979)
-
-
(979)
367
119,485
(59,000)
(9,047)
51,438
(158,916)
(759,289)
900,000
(140,711)
-
-
-
-
-
-
-
(759,289)
900,000
(140,711)
-
-
9,986,894
1,943,000
994,034
12,923,927
12,871,511
10,026
-
-
10,026
11,005
9,996,919
1,943,000
994,034
12,933,953
12,882,516

TRANSFERS FROM RESTRICTED FUNDS

During the year under review there was a transfer from Restricted funds to unrestricted funds of £140,711. These funds have been transferred as the restriction is no longer in place at the year end.

PURPOSE OF DESIGNATED FUNDS

Site Expansion Fund

£1m set aside to support the necessary investment in site expansion that will be required if the college is to achieve its objectives in its strategic plan. With growth in student numbers being a significant element of the strategic plan it is estimated that in excess of £1m worth of investment from reserves will be required in order to provide the facilities needed to accommodate the growth.

Community Service

Community Services is an invaluable service that despite significant efforts in the year to reduce costs, is still forecasting budget deficits. The Board of Trustees recognise the value and impact the service delivers, and therefore continues to support the service by funding the deficit from reserves. A designated fund of £43,000 has been set aside to fund the budgeted deficit for the year to 31 July 2025.

Financial Resilience Fund

During the review of designated funds, the Trustees agreed to create a new designated fund to support financial resilience. This fund has been created to present a transparent view of the Charity’s reserves. Over the next 4 years the Charity is forecasting losses in excess of £900k, it therefore feels prudent to designate reserves to the value of £900k to ensure the Chairty remains financially resilient whilst management address the losses and produce strategic plans to bring the charity back into a balanced budget position.

35

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

13. RECONCILIATION OF MOVEMENT IN GROUP AND COLLEGE FUNDS (continued)

The balances on Restricted Funds and their movement during the year are as follows:

Social Demographic Fund
ISP Maintenance Fund
Community Café Fund
Community Integration Fund
Community Services Funds
ESFA 16-19 Tuition Fund
Indoor Climbing Fund
Minibus Fund
Music Development Fund
National Express Supported Interns
Outdoor Teaching Space
Performing Arts Fund
Sensory Cabin Fund
Sensory Garden Fund
Sport & Recreation Fund
Umberslade Fund
Environmental Projects
Washroom Projects
Others (34 funds)
TOTAL		 At
31 July
2023
Income
Depreciation
Expenditure

Transfers
At
31 July
2024
£
£
£
£
£
£
439,756
-
(58,468)
-
-
381,288
329,073
-
(8,298)
-
-
320,775
178,120
-
(7,604)
-
-
170,516
13,025
-
-
(5,513)
-
7,512
52,439
(9,039)
-
(23,804)
(11,602)
7,994
7,218
77,491
-
(84,709)
-
-
102
-
-
-
-
102
3,000
-
-
-
-
3,000
13,019
-
-
(2,684)
-
10,335
9,562
-
-
(2,547)
-
7,015
10,628
-
-
-
-
10,628
17,948
-
-
(1,358)
-
16,590
5,254
-
-
-
-
5,254
1,650
-
-
-
-
1,650
3,648
1,273
-
-
-
4,921
19,126
(10,000)
-
-
(7,148)
1978
7,400
-
-
-
-
7,400
100,000
-
-
(100,000)
-
32,824
28,921
-
(2,708)
(21,961)
37,076
1,143,792
188,646
(74,370)
(123,323)
(140,711))
994,034

Purpose of Restricted Funds

Social Demographic Fund

A grant received to create a secondary education site for QAC. This was initially used to purchase 494-498 Bearwood Road where a dual-purpose retail unit and commercial/educational café was created. In March 2020 this property was sold for £475,000. The grantor confirmed the funds could be retained to fund future off-site developments.

In 2021/22 the College entered into a long-term lease for the Umberslade site that it has previously occupied. The site was identified as a site that with development could accommodate 60 learners. As the development of the site fits the criteria of the Social Demographic Fund it was agreed that expenditure relating to the redevelopment of Umberslade would be allocated to this fund. The project commenced in June 2022 and £475,000 has been spent on Umberslade from the £475,000 Bearwood Road sales proceeds to the end of 31 July 2024. At 31 July 2024 the fund balance of £381,288 is represented by net book value of Umberslade fixed assets of £381,288.

ISP Maintenance Fund

The Independent Specialist Providers Building Condition Improvement Fund was received to fund the refurbishment of the educational buildings known on site as Springboard and Evolution.

Community Café Fund

A Grant received to fund the creation of a new dual purpose on-site retail unit, a community café and a sensory room.

36

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

14. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

Financial commitments under non-cancellable operating leases will result in minimum lease payments falling due in the following periods


e following periods
31 July 2024 31 July 2023
Land and Equipment & Land and Equipment &
Buildings Fixtures Buildings Fixtures
£ £ £ £
Not later than one year 921,411 18,111 915,260 17,747
1-2 years - - - -
within 2-5 years 67,500 8,791 106,000 25,890

Included in lease commitments not later than one year is a lease from BRIB for the College’s main premises £697,091 (2023; £697,091). Under an agreement dated 31 December 1997 BRIB has undertaken to provide an annual grant to cover this cost.

15. CAPITAL COMMITMENTS

Authorised and contracted for but not
provided for in the financial statements.		 31 July 2024
31 July 2023
£
£
302,819
76,343

The commitments for capital projects at 31 July 2024 of £302,819 include £185,309 for an extension at 150A Wentworth Road and £56,220 for the final instalment for the Washrooms refurbishment project.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group
Fund balances at 31 July 2024 are represented by:
Tangible Fixed Assets
Investments
Current Assets
Current Liabilities
College
Fund balances at 31 July 2024 are represented by:
Tangible Fixed Assets
Investments
Current Assets
Current Liabilities		 Unrestricted
Fund
Designated
Fund
Restricted
Funds
Total
£
£
£
£
7,260,000
-
872,580
8,132,580
3,036,089
-
-
3,036,089
1,539,873
1,943,000
127,228
3,610,101
(1,839,043)
-
(5,774)
(1,844,817)
9,996,919
1,943,000
994,034
12,933,953
7,260,000
-
872,580
8,132,580
3,036,191
-
-
3,036,191
1,489,947
1,943,000
127,228
3,560,175
(1,799,244)
-
(5,774)
(1,805,018)
9,986,894
1,943,000
994,034
12,923,928

37

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

Group
Fund balances at 31 July 2023 are represented by:
Tangible Fixed Assets
Investments
Current Assets
Current Liabilities
College
Fund balances at 31 July 2023 are represented by:
Tangible Fixed Assets
Investments
Current Assets
Current Liabilities		 Unrestricted
Fund
Designated
Fund
Restricted
Funds
Total
£
£
£
£
6,797,463
-
944,445
7,741,908
2,685,587
-
-
2,685,587
2,787,098
1,102,000
199,907
4,089,005
(1,633,425)
-
(560)
(1,633,985)
10,636,723
1,102,000
1,143,792
12,882,515
6,797,463
-
944,445
7,741,908
2,685,689
-
-
2,685,689
2,765,273
1,102,000
199,907
4,067,180
(1,622,706)
-
(560)
(1,623,266)
10,625,719
1,102,000
1,143,792
12,871,511

17. RELATED PARTIES

The principal connected organisations are as follows:

QAC Enterprises Limited (Subsidiary Company)

During the financial year ended 31 July 2024 the following transactions occurred between Queen Alexandra College (the College) and its subsidiary company, QAC Enterprises Limited:

At 31 July 2024 QAC Enterprises Limited owed the College £253,497 (2023: £432,928).

Birmingham Royal Institution for the Blind (BRIB)

During the year Birmingham Royal Institution for the Blind charged Queen Alexandra College £751,606 (2023; £790,571) in respect of rent and made grants of £697,091 (2023; £736,947) to the College in respect of rent. BRIB also made grants to Queen Alexandra College of £100,000 for the Washrooms project. Queen Alexandra College also received a total of £nil (2023; £3,529) from BRIB in respect of accounting services provided by the College under a Service Level Agreement.

At 31 July 2024 the net amount owed by BRIB to the College was £27,260 (2023: £181,540).

Focus Birmingham

Focus Birmingham is considered a related party as like QAC they have a controlling interest in BRIB, a charity they both used to be part of. During the year QAC received £9,350 (2023: £11,931) from Focus Birmingham in respect of recharging gas costs and £1,694 (2023: £592) in respect of maintenance charges. QAC Enterprises Limited received £456 (2023: £nil) from Focus Birmingham in respect of Sight Village Exhibition income. Focus Birmingham charged Queen Alexandra College £17,585 (2023: £3,091) for transport services.

At the year end the net amount owed by the College to Focus Birmingham was £937 (2023; £3,091).

38

QUEEN ALEXANDRA COLLEGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

17. RELATED PARTIES (continued)

The National Association of Specialist Colleges

Bev Jessop is a Director of The National Association of Specialist Colleges (NATSPEC). During the year NATSPEC charged the College £7,726 (2023; £8,152) in respect of membership subscriptions and training/ conferences. Queen Alexandra College received during the year £nil (2023; £200) from NATSPEC in respect of services supplied. At the year-end the amount owed by the College to NATSPEC was £nil (2023; £nil).

Governor Donations

There were no donations from Governors in the year, other than individual sponsorships and tickets for fundraising events (2023; £nil).

18. POST BALANCE SHEET EVENTS

There were no post balance sheet events to report.

39