2021-07-31-accounts - Victoria College Limited

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

				Page
Reference	and Administrative		Details
Trustees'	Report
Statement	ofTrustees'	Responsibilities		10
Independent Auditor's		Report	on the Financial Statements
Statement	ofFinancial	Activities		15
Balance Sheet
Statement	ofCash Flows			17
Notes to the Financial		Statements		18

Chief Finance Officer	Chief Finance Officer			P McKenna
Clerk to	the Board			R Moore
Principal	and Registered		Offlce	Victoria College
				Bell Hill
				Northfield
				Birmingham
				B311LD
Company	Registration	Number		11188465
Independent Auditors				UHY Hacker	Young (Birmingham)	LLP
				9-11Viitoria	Street
				Birmingham
				B13ND
Bankers				Lloyds Bank	pic
				Commercial	Banking
				PO Box1000
				BX11LT

viability of the coll financial matters.	ege. Trustee's p	lay a key role in holding the Senior Lea	dership Team to account	in key
			2021	2020
Student numbers			30	29
Staff costs as a '/0	of revenue income received from ESFA		195'/0	160'/0
Staff costs as a 'k	oftotal revenue	grant income	65'/0	55'/o
Staff costs as a '/0	oftotal costs		72'/0	68'/0
Capital expenditure	per student		f1 150	F379

(Including Income	and Ex	pendit	ure A	ccoun	t)
						Restricted
					Restricted		Fixed
				Unrestricted		General	Asset		Total	Total
					Funds	Funds	Funds		2021	2020
			Note		8'000	8'000	6'000		6'000	8'000
Income from:
Donations and capital grants			3					37	37	12
Charitable activities:
- Funding for the College Trust's
educational operations						1,060		1,060		1,007
Other trading activities									9	10
Investment income
Total					9	1,060		37	1,106	1,029
Expenditure on:
Raising funds
Charitable activities:
-College Trust's educational
operations			7&8			947		14	961	820
Total						947		14	961	820
Net income					9	113		23	145	209
Transfers between	funds		15
Other recognised	gains and losses
Actuarial loss on	defined	benefit
pension schemes			24
Net movement in	funds				9	113		23	145	209
Reconciliation of	funds
Total funds brought forward					21	332		24	377	168
Tofflf d 1	df	d	15		35	445		43	522	377
All ofthe College Trust's activities			derive	from	acquisitions	and continuing		operations	during the above
financial period.

			Note	2021	2020
				8'000	8'000
Fixed assets
Tangible assets			12		23
					23
Current assets
Debtors			13	425	382
Cash at bank and in hand				285	75
				710	457
Current liabilities
Creditors: amounts	falling due within one year		14	(231)	(103)
Net current assets				479	354
Total assets less current liabilities				522	377
Defined benefit pension scheme		liability
Total net assets				522	377
Funds ofthe College:
Restricted funds
- Fixed asset fund			15	47	24
-Restricted income	fund		15	445	332
- Pension reserve			15
Total restricted funds				492	358
Unrestricted income fund			15	30	21
Total unrestricted	funds			30	21
Total Funds				522	377

						Notes	2021	2020
							5'000	5'000
Cash flows from operating		activities
Net cash provided by/(used		in) operating		activities			207	(150)
Cash flows from investing	activities					20
Cash flows from financing	activities					21
Change in cash and cash equivalents			in	the reporting	period		210	(159)
Cash and cash equivalents		at 1August				22	75	234
Cash and cash equivalents		at 31 July				22	285	75

NO	TES TO THE FINANCIAL	TES TO THE FINANCIAL	TES TO THE FINANCIAL		STATEMENTS FOR THE	YEAR	ENDED	31JUL	Y2021 (c	ont'd)
6	INVESTMENT INCOME
						Unrestricted		Restricted		Total		Total
							Funds		Funds	2021		2020
							6'000		6'000	6'000		5'000
	Bank interest	received
7	EXPENDITURE
						Non Pay Expenditure				Total		Total
					Staff Costs	Premises		Other	Costs	2021		2020
					6'000		E'000		6'000	6'000		5'000
	Expenditure	on	raising	funds
	- Direct costs
	-Allocated support costs
	College's educational			operations
	-Direct costs				634				98	732		529
	-Allocated support costs				60		52		117	229		291
					694		52		215	961		820
							52		215	961		820
	The expenditure		was 5961,000(2020:f820,000) of			which	ENil (2020:ENII)		was unrestricted,		6947,000	(2020:
	6812,000)restricted and			614,000(2020:68,000) restricted			fixed assets.
												Total
												2020
	Net income/(expenditure)				for the year includes							6'000
	Depreciation											8
	Fees payable	to	auditor for:
	-audit
8	CHARITABLE ACTIVITIES
										Total		Total
										2021		2020
										5'000		K'000
	Direct costs - educational				operations					732		529
	Support costs	- educational			operations					229		291
										961		820

8	CHARITABLE AC	TIVITIES (cont'd)
			Total	Total
			2021	2020
	Analysis ofSupport Costs		f'000	f'000
	Support staff costs		60	90
	Depreciation		14	8
	Technology costs		3	5
	Premises costs		38	31
	Legal costs		17
	Other support costs		73	73
	Governance		24	84
			229	291
9	STAFF COSTS		Total	Total
			2021	2020
a	Staff costs during	the year were:	F'000	F'000
	Wages and salaries		450	399
	Social security costs		36	28
	Pension costs		124	106
			610	533
	Agency staff costs		84	25
	Staff restructuring	costs
			694	558

during the y	ea	r ended 31 July 2021 expressed as who	le persons was as follows:
			Total	Total
			2021	2020
			f'000	f'000
Charitable	Activities		No	No
Teachers			3	3
Administration		and support	20	15
Management			3	3
			26	21

TANGIBL		E FIXEDAS	SETS
			Leasehold
			Land &	Computer	Furniture 6	Motor
			Buildings	Equipment	Equipment	Vehicles	Total
			6'000	6'000	6'000	6'000	E000
Cost
At 31 July		2020		2		28	39
Additions				30			34
Disposals
At 31 July		2021		32	13	28	73
Depreciation
At 31 July		2020				14	16
Charged	in year					6	14
Disposals
At 31 July		2021				20	30
Net book		value
At 31 July		2021		28
At 31 July		2020					23

13	DEBTORS	DEBTORS				2021	2020
						8'000	F'000
	Prepayments and accrued				income	425	382
						425	382
14	CREDITORS: AMOUNTS			FALLING DUE WITHIN ONE YEAR		2021	2020
						8'000	8'000
	Trade creditors					17
	Other creditors					103	70
	Accruals					111	33
	Deferred	income
						231	103
	Deferred	Income				2021	2020
						8'000	8'000
	Deferred	income at 31 July			2020		28
	Resources deferred in the				year
	Amounts	released	from previous years				(28)
	Deferred	income at 31 July 2021

15	FUNDS (cont'di
				Balance at		Incoming	Resources	Gains,	Balance at
				1 August		Resources	Expended	Losses &	31July
				2019				Transfers	2020
	Restricted general	funds		6'000		6'000	6'000	6'000	6'000
	Post 16High Needs	Funding		(note i)	137	338	(143)		332
	Free School Meals (note ii)					2	(2)
	High Needs Top Up	grant (note iii)				659	(659)
	Teacher Pension Grant					8	(8)
					137	1,007	(812)		332
	Restricted fixed asset funds
	Fixed assets donation		(note iv)		20		(6)		14
	ESFAcapital grants					12	(2)		10
					20	12	(8)		24
	Restricted pension	scheme		liability
	Pension reserve
	Total restricted funds				157	1,019	(820)		356
	Unrestricted funds
	Unrestricted funds (note v)					10			21
	Total unrestricted	funds				10			21
	Total funds				168
16	ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Fund balances at 31 July 2021 are represented				by:
								Fixed
							General	Assets
						Unrestricted	Restricted	Restricted
						Funds	Funds	Funds	Total
						F'000	6'000	F'000	6'000
	Tangible fixed assets							43	43
	Current assets Current liabilities					30 -	676 ~231	4 -	710 ~231
						30	445	47	522
	Fund balances at 31 July 2020 are represented				by:
								Fixed
							General	Assets
						Unrestricted	Restricted	Restricted
						Funds	Funds	Funds	Total
						6'000	E'000	6'000	F.'000
	Tangible fixed assets							23	23
	Current assets Current liabilities					21 -	435 ~103	1 -	457 ~103
						21	332	24	377

VICTORIA COLLEGE LIMITED	VICTORIA COLLEGE LIMITED	VICTORIA COLLEGE LIMITED	VICTORIA COLLEGE LIMITED	VICTORIA COLLEGE LIMITED	VICTORIA COLLEGE LIMITED	VICTORIA COLLEGE LIMITED						29
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED							31JULY 2021		(cont'd)
17 CAPITAL COMMITMENTS										2021		2020
										f'000		f'000
Contracted for, but not provided	in the financial			statements						Nil		Nil
Authorised by trustees, but not yet contracted										Nil		Nil
18 COMMITMENTS UNDER OPERATING LEASES
Operating leases
At 31 July 2021 the total of the		College	Trust's		future	minimum	lease payments			under	non-cancellable
operating leases was:
										2021		2020
									Other			Other
Operating leases									f'000			f'000
- Within one year
-Within two to five years
-After five years
The land and buildings occupied		by Victoria		College		are provided		by Birmingham		City	Council	under
licence with no rent being payable.
19 RECONCILIATION OF NET INCOME TO			NET CASH FLOW FROIN OPERATING						ACTIVITIES
										2021
Net income for the reporting period (as per			the						f'000
statement offinancial activities)										145
Adjusted for:
Depreciation (note 12)										14		8
Capital funding received from ESFA/DfE										(37)		(12)
Increase in debtors										(43)		(280)
Increase/(decrease) in creditors										128		(105)
Net cash provided by/(used in)	operating		activities							207		(180)
20 CASH FLOWS FROM INVESTING ACTIVITIES										2021		2020
									f'000			f'000
Purchase oftangible fixed assets										(34)		(11)
Capital funding received from ESFA/DfE										37		12
Receipts from sale oftangible fixed assets
Net cash provided by investing		activities
21 CASH FLOWS FROM FINANCING ACTMTIES
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by financing		activities
22 ANALYSIS OF CASH AND CASH		EQUIVALENTS						At 31		July	At 31July
									2021			2020
									f'000			f'000
Cash in hand and at bank										285		75
Total cash and cash equivalents										285		75