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|||||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|
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|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|||
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|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|
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|(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.|||||||||||
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||||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|
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|||||||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|
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|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|
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|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|
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|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|
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|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||||||
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|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|
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|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|
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