VICTORIA COLLEGE LIMrrED (A Company Llmlted by Guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Charfty Commlsslon Numbar.. 1191415 Company Limlted by Guarnnt•• Registration Number." 11188465 (England & Wales)
VICTORIA COLLEGE LIMtfED CONTENTS Page Reference and Adnin.ISira&ive Details Trustees, Report Statement of Trystees. Responslbilitles Independeryt Audr9 Report on th8 Finandal Statements stst8ment of Flnanclal A(alvltle8 14 Balance Sheet 15 Statenent of Cash Fio 16 Notes to th8 Flnandal Statements 17
VICTORIA COLLEGE LIMrrEO REFERENCE ANO ADMINISTRATIVE DEfAIL3 OF THE COLLEGE TRUSTEES AND ADVISORS momra P Singh Garclo G Coffey C Lane {Chair to 27 Septsmber 2023) G Coffey (Executlve Headteacher and Accountlng Officer) S 8olt A Bame8 (resigned 11 Awll 2023) J Rodway (Chair from 28 Septèmber 2023) R Meechan (appointed 28 SeFkniber 2023) Company Socrntary P kld(enna Sonlor Manag•ment Team Executlve Hoadteacher G Coffey Hoad of Cdhg• Chl•l Flnanc• Offlc Clork to th• Board SIPS EdUcaOn Prfnclpal and R•glst•r•d offi Vkkniia College Nothfi8ld BSm)lTrJham B311LD CoffinY R•gl•tratlon Nurnb•r 11188465 Indapandent Audltor• UHY Hacker Young (Bifmlngham) LLP 11 Vfftorla Street Blmikwhem B13ND Bank•r• Bank plc Cammerdal Banking FIO 8ox 1CLIO BXI 1LT
VICTORIA COLLEGE LIMrrED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The trustees present thelr annual r8POrt together V7 the f.2cl ststem8•lts ap.0 aLidilurf8 report of the tr..artable company for trie yea". eno 31 i,, ry 2023. 71 IÉ Gtiarlty ape,"aies as an ind8pa.ndel s-ecialist tsllege, for sludoD.iS agftd 9 tro 25 witii proloJr,o a.?d miiltlip18 levfn4ng. diY¢L'lties a", COfP.Pi8X W.8dical ne&Js and phys1 disabilities. I he college has 35 (2fJ22'. 01) swdep.'s on rcl,, at 1 Sepleinber 20?2. STRUCTURE, GOVERNANCE AND IAANAGEMENT Con¥titutlon The College Is a cornpany lirprtèd by Gtsa".ante8 no Sha c8pitsi {ReglstratiDn Number.. 41188485) and is an Èxempt chaity. The char.tslie cornpar,Vs me.¢?.drn and aitd8s of associaln ar8 Ihe primary governing docijments of the College. I he Inistees e.: V';ctO. ia College are also diroAo,'8 of th8 charitab18 cLJmpany for the purposes of compeny law. Ttrie chaiitable company is known as Vlctoria College. D8t811s of the tristees vhK) served during the year exw>t as noted are induded in the Ref8rence and Admlnlstratlve Detalls on page 3. Members, Llablllty Each menber of Ihe charitable company undertakes to corylJibiJte '&0 the assets ol the chartable company In tlie eveyt of it being wound up vthile they are a member, or witnin one year after t1&Y cease •0 b8 a membèr, SUGI 8moLn'i as may be requir8d, not exceeding £10 fo,. the debts and liabllltles contracted b8fore they ceased Io k)8 a member. Tru8tee8' Indemnltl•s Victori8 College has in place dlrector3 and trustee's li8bHty InSUr8n Ind8mnlty cover to 8 Ilmit of £5rn. Method of Recrultment and Appolntrngnt or Elocllon ol Trust•es There are clearly deflned and approved procedurès '.or Ihe selecllon and appointment ot trust888 which are ou•llneO in the company's Arlcies ol Assodaton. These Include appllcation, 8hort1181ing and InteNiew procedLsres. Consld8ra•4lon Is given trio skllls ol trustees which would enhan the effect1versS of the Wlth regard to tnastees. procedures are in place for rmInab.0n and elecllon of the trustees. Pollcles and prOdr•S Adopted for the Inductlon and Tralnlng of Truste0• Newly appointed Irustees are provkjed w•h informatK)n about their role as truste88 and basic Informatlon about the CA)Ilege and tb.e governing body. A range of Iralning Is also off8r8d tru8t8es 88ch year. Trainlng undertaken wll depand on tt)elr expeln(. Organlsatlonal Structure The structure consisis of levels.. the trustees and the Senlor L6ad8rship Team. The alm of th8 management stTuciurn is to devolve responsibiity and encourag8 In%r>lvem.8nt in d8dslon making at all The truslees are ffjsponslble for setting genar8! policy, adoptSr,g an annual plan and budg8t, monrtorfng the college throdgl th8 use of bL,d9e:s and maklng major decisions about th8 dlr8Ctlon of tha college. capital expènditure aqd staff appolnkn8ntS. The Sentor Leader8 are the Executfve Headteache.. tb.e Head of College and Ihe Chlef Flnance Offlcer. Th8se18aders control the college at an executfve level. implernenb'ng the policias laid down by the truste8S and reportiyg b8¢k +0 them. As a group. the Senior Leaders ara responslble for the aLrthorlsal¥)n ol snding wlthin agreed budGets and th8 8ppolntrn8nl of stsff. Arrangements for setting pay and remunèration of key managam8nt personnel When setting pay for i(ey management personnel, Ltye College consid8rs the lales: Colleg8 Teachers, Pay and Conditions provisions. In dolng so. it consideT5 the pemianent rponsIbIlI8$ of each role, the specific challenges lo eacl role as well as all other releyant (x)nsideofvons. Orye Siich element of this18 the nurnber of 5tud6nts that the COle is responsible for. Tis incoryx>r8tes the laarning needs of students witriin the Co51ege. The pay of key management per)ne1 also refle¢As the perf0Mn of eath member of stsff on an annual basis. The College will continue lo use exterr,al nstionai and sub-natiop.al bencnmarklng analysis to compara fts pay structure against that of other $G>.ls and colleg8s as it has done In Ib.e past. Connect8d Organlsallon$, Includlng Rolated Party Relatlonships The Federation of clrry Oak School and Victoria School are organisations connected to Victorfa College.
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VICTORIA COLLEGE LIMITED TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2023 (cont'd) OBJECTIVES AND ACTIVITIES Objects and Aims
The College Trust's objects are specifically restricted to the following:
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(a) to advance for the public benefit education in the United Kingdom, in particular but without prejudice to the generality of the foregoing by establishing, maintaining, carrying on, managing and developing a College offering a broad and balanced curriculum for students with profound and multiple learning difficulties;
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To achieve this, the college identified the following priorities for the year:-
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To ensure that all students develop their communication skills so that they can influence the people with whom they interact, take part in community enrichment and promote their health and wellbeing.
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To ensure that all students receive a broad and balanced education which facilitates community enrichment and work experience opportunities.
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To ensure that all students receive a holistic education that supports their communication, cognition, independent living skills, community enrichment, health and employment awareness.
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To develop the learning-centred leadership skills of all staff and trustees to a consistently outstanding quality.
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,■ To develop that baseline assessment to enable teachers to use this information for informed target setting.
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To develop the RPSHE curriculum to support students to develop self regulatory skills to reduce some behaviours.
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To introduce a digital platform, WE TRACK ME to record evidence of progression for each student.
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• To ensure the students are safe in college and beyond, through informed and trained staff in both safeguarding and health and safety.
Principal Activities
At Victoria College, we work in partnership with young people, parents and carers to ensure that every student will:
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Enjoy high quality learning opportunities.
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Feel challenged and inspired to participate in their learning
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Become confident, enterprising, creative learners, ready for adult life.
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Become fully-rounded and responsible citizens, making a positive contribution to the College and their community
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Feel safe, happy and healthy.
Objects, Strategies and Activities
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To meet these priorities the college has adopted a number of strategies and activities that include:
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To ensure that all students make progress towards the adult outcomes identified in their Education Health and Care Plans (EHCPs)
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To ensure that the learning and teaching model used at the College engages all learners and encourages active participation.
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To ensure a coordinated approach to the continuing development of self-regulation to enable learners to manage their behaviour effectively.
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To ensure provision is personalised to the needs of all learners.
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To ensure consistently outstanding pastoral care.
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To ensure high quality schemes of learning to deliver quality teaching with a clear focus on developing holistic learning and preparation for experiences beyond College.
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To ensure there is appropriate intervention, provision and support for learners to enable all to experience success.
STRATEGIC REPORT
Achievements and Performance
Victoria College is a Specialist Post 16 Institution (SPI) having previously been under Local Authority control. The college remains a vital part of the Cherry Oak and Victoria School Federation and we continue to work closely together.
Priorities Going Forwards • Federation
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ensuring that the Federation continues to work together to provide the best outcomes for students and staff;
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supporting budgetary control through Federated support services.
VICTORIA COLLEGE LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 (confd) Priorities Golng Forwards . Federatlon (cont'd) to revi8w and upjate the Federalion's MissiM, viSK and Vakw statem8nt with stakehokler support, so t81 :"t r8fl8cts tye work av055 ai. s8U'-,.gs". bL'ild resilen.ce ior ttrie '.iiiur8 ct the FederaiiU4 by arraThJing mutsuy oe.iefic',al training for all Skakeholo8rs op. a i)dry)ber o.: lorA', aio n81or.a', Il L'aknves. Key Porformanco Indlcator8 I'he br.$. 8Stablished a fian1 budg8t at the 81art of i8 year ayd tr,eY rnop.ilored perfo.allco ayairyst budset during mts perd. Cons dera woVrf is undertake.ry li for8t£Ing t0 8nsdre the contlnueo. financial viability of the College. Tnie'S k4ay a Key roie ip. hold,'?g t8 SenK)r Leader.ip Team to acLount in i(ey financial matters. 2023 37 262Yo 74% 76% £919 2022 Student numbers Staff cos18 as a Oh of revenua ',noJme recaived from ESFA StaYI costs as a O/a of total revenue gran4 income S$ff costs as a % of totsl costs Capital expendlture per sludent Golng conrn Afler maklng appropriate enqulri8S, the Board of Tntsteas has a reasonable eXpectaon t.81 the Lollege has adequatè resources to continue In opera'iiona! existence for the foreseeable future. Fo", tfjjs reason, I. continues lo adopt the going concem basis ID preparing the fiyancl85 statements. Ftirther detalls regarding the adoption of the going concem basis can be found 1.7 •the StataTent of Accounting pollcles. FINANCIAL REVIEW Overvlow The prin&'pal Source of fbndlng for the college Is EleToryt 1 & 2 Hlgh Needs Fundiw from the ESFA and element 3 'top-Jp' fuTrd?ng vth;'ch Is receNed Via the relevant local auttrthty. Most of the co118g8's income Is obtain8d from the ESFA and the local authorlties in the form of recurrent grants, the u88 of whlch resL'jcled to partlcular purp08eB. The grants rec81ved durtng the year ended 31 July 2023 and Le associaled expendire are Sh as restri&ad luna8 in the stslement of finaryclal adivities. During the year 8nded 31 Juty 2023. total e%dItUre of £1.389.CKJO (2022: £1.171.000) was less than the recurr8nt g?nt funding from the ESFA and othèr incoming resour¢8& resulty in a surplus bofor8 tr8nsfars for the y88r of £95.0¢)J (2022: £53,000 defKi.t). At 31 Juty 2023 the net book valu8 of fixed asseis was £59.000 {2022: £47,000) and movements Ip, tanglble fixed assets are shovm in note 12 to the finan.cial statemer.ts. The assets were used exclusively for proviaing education and the assoryated suFwt SeesS to the stddents of th8 College. Some of the slaff at VKtoria School wlll be ernpw al Wictorfa Cdlege have rK)t sfjl had tt18lr employmen& rfghts traftsferred over urKr Transfar of Undevtsi(ings {Protectk3n of Employmeni) Regulations 2tXI6. As a result, the Local Gov8mmenl Pension Sd)eme Irdbilty for th8 proposed 8mployeas has Dot yet been tr8nsf8rred. Flnanclal and Rlsk Management Objoctlves and Pollchs The Trust's financial and fisk rriar,8gement objectives aro d0Mented in Its: OffiGlal budsets Scheme ol degatIon Financial regulatKJns Risk management policy These docijments are aval1a'e on request, and particular items thIch wairant spedfic disclosiJre are noted wlthln this annu81 repM)rt. Reser8 Pollcy Th8 trustees r8vlew Iy•.e reseNe levels of the college afjiualty. Thi5 reviaw enCO.PasSes the nature of income ad eXpe1(e str8am.s, the n88d to ma ch incoTr.e eom.nmi ients and the nature of reserS. ponneo capr.al expend5wre; irnyoye the quality of leaming and social spaces within the college., 257% 79% 74% £876
VICTORIA COLLEGE UMrrED TRUSTEES. REPORT FOR THE YE1 ENDED 31 JULY 2023 (confd) Resory Pollcy planned SPI conversion costs", forecast in¢mses in employer (XKrfTibthI to the Loc41 (knrnment Pension Scheme. Reserves as at 31 July 2023 wwe £.(KKI (2022: £421.OIXI) Flnanclal Posltion The college treld fund balances at 31 JLIty 2023 of £564,OLK) (2022: £469.000). comprising £425,IJOO (2022: £360.000) of restricied funds, £64,(KK) (2022: £48,C) of fix&g assets funds and £75.LX)0 (2022". £61.(XM)) of unrestrkt&J g8n8ral funds. Inv•8tm•nl Pollcy All inv88bnentS are made In a(XLwdan(x the policy of the tru8L Tha trusf8 pollcy on investments ara e of rninirnurn rlsk vllh all investments belng held ¥th the trusvs bkers. The trust ¥lll neverthdess $98k to maximisa interest recelpts w4thin arrangement Investments are made wlth regard to Charity Comml8sion guKlance In relation to investments. PRINCIPLE RISKS AND UNCERTAINTIES The b08rd has conskJ8red tho risks facay by the trust thrght its ncxmal op8rattonal buskne88. It has 80ught to address th8 risks faced by the ITUSt by establtshiThJ approwe govemance and manag8m8nt 8rrangoments, includlng tha appolntrnent of senlor staff and other managers, and 8Stabllshing robust op8rational pollci88. The board conskler8 that these arrangements have been effective throughout the perkyj balng reported. The board kntsnd8 to bulld on th18 SUL%e80 by establlshlng a formal rfBk m8n8gemént pollcy. vthlch VAII fonnally document th8 managerlal 8cdon that Is takino place, and Shk1 enable future risk management to be mre systematlc. Ai the tkne of reportlng, the trusfs kJentifd key rlsks aro.. The risk of reduc¥d student numbers 8nd therefore income" Loss of p6rsonal and sensltive Infomiallon: Chenge8 to rules and regulatt. The rlsk of national and local lundir¥J reductions: The future financlal posltlon of tha LGPS penslcm scheme; and The rf8k of unfore888n buildlng m8intenence $ts. MltlgatlTrJ athn. both current and pnn, h88 bean Sdenttn8d to addr888 th888 rf8ks. Th18 b8 also of all other rlsk8 that have been form8My identified vthith have a Jw IMI of impact andlor likelihood. Rl8k Man•g•ment The major rlsks to vthich the College is exposed have been id6ntifigd on the cL)Ilege's R18k Register. Truste8s have reviewBd the rlsks to cti the Colb8ge 18 expo a1 8m5 and procedure8 have been put in place to manag8 thw. Fundralslng Under the prov181ons of the Charf1188 (Prolectlon and Sodal Inv88knent) Act 2018 the colleg8 approath to fundr818kng practlcAs18 from tlm8 to Its, cnllege 11 run fuTrJr8b8lrvJ events to ralse money for other charitles or for the colw itseff. The colege does not thDrk vAth any prthlonal fundral8er8 but do86 meke payment for th8 servic88 of a Fundr818er employed by Victorla Sdth. No donations are compulsory from sludents or parentslcar8rs for any fundr8islng event and there is th8 right to optrfxrt for any event. The college has 8 complaints wlicy is publicjy available on the cnkge Plans for Future Pèrlod• Tha college VAII continue to clos8ly monttor local and nstional funding developments and the impact that this may have on the College's finanaal b[. The Cole wll also remain cognisant of kncal thanges rythin Birmingham that could affect the colege and explore opporbjnrties kn gr(y1.
VICTORIA COLLEGE LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 (confd) Audltor8 In so far as the Ju8t8es are avrdrft.. its,e,'e Is no r8ievant 811 infom18)on of whth the tharitable companvs auditor is unawaffj: the triis ees nave tai(fJn a,'I sleps ha& thos1 Okn'g44 Ic lave tai(e,- to make themselves are of 8ny relevant aiJdit inforrnaion and i+0 eslabl,'s, ihai Lhe diKlilof is aware of that InJOIIT¢itior.. Tb.e audllors, UHY H8d(er Young {Birmingham} LLP. a willing +0 cor,tiiiJ8 in office. .e Trus4ee5' ReDor*. IncgTro,-ating a strategic report Nyas approved by the boaxs of trus:ees, as the company dire@rS 07 7 enber 2023 and signed on their behalf by. J Rodway Chalr of Truslees
VICTORIA COLLEGE LIMrrED STATEMENT OF TRUSTEES. RESPONSIBILMES FOR THE YEAR ENDED 31 JULY 2023 The trustees acl as govemcu5 of VKtoria Co118ge arKI are also the directors of the dritable company for the purposes of MpanY law) are responsible for preparing the Trustees, Report and Ihe financial statements In a(wdarKe imth the United Irdn Ac%¥Junting Stsndath (Un6ted Klngdom Gen8ralty Accepted AC)15ng Practi) arKI appkcable law and regulations. Company law requlres the trustoes to prepare financ4al ststements for eath financ481 year. Undèr company law th8 trustees must not approve the financial stat8m8nts unless Ih8y are satisfied that they glve a true and falr vlew of the 8tat8 of affairs of th8 charltable c4mpany and of Its nmIng reg(NJr(%s and application of re8ourrn8, Induding Its inc(wne aTrJ 8xp8ndlture, for that pwlod. In preparlng th888 financial 8tatem8nts, the tru8te88 are requlred to: obs8rv8 th6 methods arKY sxincaples in the Charities SORP 2019; make judgments and estlmatss that are reasonab and prudent state whether applicable UK Accounting Standards FRS102 have been folbvffjd, subjed to any material departures dlsdos8d and explained in the financial stst6ments', and prepare the flnancial statements on the going )nC•M basls unless it Is inapprowkts to presume that the college vlll (x¥rtlnue In business. The trustees are responslble for keepky adequale accouniry reo)rds that are 8uffKbent to show 8xpl8ln the charftable companV3 transactions and di8ch)8e reasonablè accuracy at any tlm8 th8 flnand81 posltlon of the d)arEtsble company and enable them to 8nsure that th8 finand81 813tenwts comply 1th Ihe Compenl88 2006.Tlw aro 8180 r88pon8ibl8 for safeguardkng the ass8ts ol the charftable company and hence for laklng r8a8(rnNe Bt&P8 for the w8ventlon and datecli of fraud and 0th8r lrregujartt$. Th8 truste68 ar8 responslble for ensurlng that In Its conduct 8fKI oper8tK)n tho charltabK8 company applles financial and other controls, which conform wth the requirennts both of propriety arKI of gc¥yJ iTr)anclal management. Tlw are also responsible for en8urkng grants recelved from the ESFAIDE have been applied for the Kwrpoges intsnded. Th8 triistea8 are rèsponslble for tho maintenance and intsgrlty of the corporat8 and fknancl81 Infomwtion induded on th8 tharttable companV8 webstte. Leglslatlon in the Unfted Klrydom govemirvJ the weparatlon and di868rnlnatlon of finandal 8tatem8nts May dlffer from legislation In other lurf8dlctlon8. Approved by order of the membws d the board of tru8tee8 on 7 Da(*mber 2023 and slgThgd t)n Its behalf ty. JRO Chalr of Tru•te•8 7 D•wnb•r 2023
VICTORIA COLLEGE LIMITED 10 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE LIMrrED FOR THE YEAR ENDED 31 JULY 2023 Oplnion W8 have aLMJiled th8 firi8nci -! st2@rnents 0¢ VI&s"i8 College Limited (the ¢hartt8bl8 company) for the year endad 3., .liJly 2023 Vrfth::th CAJmpri.qe stslem.ent of finar.aali Ar4ivft4ieS, t.0 B2la?ce Shoet and th8 otalem.ent of Casb. Flov and not65 to the firi.anc.A. statsment ip.dJding srfJnlKant accoJitng po!i¢les. The f:-..anv.ai reporting '.ranew&th that h25 boen applied in ltheir preperaLion is applica0 law and up.ited Kingdom Accoiints'ng SlarKlards. including FRS 102 Tha Financial Reporting Stand2rd appiicaij'e in tr.e UK and Republic of Ireland (United K'pgdom Gep.eralty Acce#.ed A(XoUntig Practice), indudlng Financial Reporting Standard 102 The Financial Report':ng Stsnclard applicable in the UK ap.a Republic ol Iland, the Cha.Iti8s SORP 2019. In our opiilon the financlal staleTrients: give a tNe ar.d fair w.ew of the s.ate c¢J thè Vlctoria Colleg8 Limlted's affairy a8 at 31 July 2023 and of ils incoming r8sources and appli¢aL'on of r8sourc88, :fiduding income an.d 8XO8ndilur8, for the year then ended; have beep property proparnd in accordarLe Llnited Kkngdom Generally Accepted Accountlng Practlce: ar.d have been prepered in aC¢cKd8n- the requir8Thnts of the Ccynpanles Act 21X)6. trie Charlli8s SORP 2019. B••l• for oplnlon We conducted our 8udlt In accordap.ce with Intemational Standards on Auditing (UK) IISAS (UK)) and appllcablo law. Our responsibilities under ttvxe standards are lurtrier descrioed In the Audltoes responsibiliiie8 for the audi of tha finaricial statements secti.on of our report. We 8re indepep,d8nt of the thadtable company In accordan ivlth the ethlcal reqli1[rlents that are levant +40 our audit of the flnancial 8lai8men18 In Ib8 UK, l.rydudlry tha FRC'S Ethical Standard, and have fulfilled our other ethlcal respofjsibilitbes In accordance IMth these requirements. We belleve that the audlt evidence have obtslied is sUffiCnt and appropriate to provvle a basls for our oplnion. Conclu8lons rolatlng to golng concorn In audi:ing the fina1ciai S'at8ments, lave cA)ndud8d Ihat the tru8t88S' U88 of the golng concern bas18 of accourytlng in the preparation 0¢ the financl81 staterr.ent Is appropriate. 8a8ed on the wo* have perfoffld. have not KIentifd any material uncertalnties relang to events or conaltlo4s that: individually or collectlvely, may cast slgnlfunt doubt on the victoria College Umited's 8bilty to conts'nue as a going o)ncern for a penod of at least iwelve months from when Ihe .Inanc',al staternents are authorised for issue. Our respons;'biliti8s ana L8 respsnsibillties of the trustees vath respect to going Con)rn are descyibed in the relevant sectk)ns of Ihis report. Other Inlomiatlon The other Infomiation comprises Ihe infomation indud8d in the 8nnual report other than the flnancial stslements 2nd our auditor s report thereon. The trustees are responsible for tle otner informatlon contained wi..thin the fjnanrial slateménts. Odr opinion cn the financial stsLements does nul cover the other information and, except to the extent otheTrvts8 explscitly ststed In ou." report. we do not express any fom Oi as&•rap.c8 conduslop. thereon. Our Tesponsibilty is to read the other Informatk)n and, in doing go. consider bthether the other InforTnation ss m8teralty incortsstent with the fifjancial statements or our knowledge obtained in Ihe course of the aud'.t. o,. Otherwise appears to be materially missta:ed. If we IdeTYI fy such material inconsisteicoes or apparent matsrial missts:ements, we are required to determine whether there is a rnaterial misstatement in the finap.cial stalements o,- a materal misstaierr.ent osi the other information. If. bas8d on tb.8 have perforyTr8d we ojnoude that there Is a material mlsstatement of thls other infowation. w8 ar6 reouired to repor.tr tb.at fact. We lave nothing &0 report. 1.7 trtis '.8gaftl.
VICTORIA COLLEGE LIMITED 11 INDEPENDENT AUDrfoR% REPORT TO THE MEMBERS OF VICTORIA COLLEGE UIArrED FOR THE YEAR ENDED 31 JULY 2023 leont'd) Oplnlons on other matters praW1b by tho Companlas Act 21M)6 In <)ur cyin#)n, based on the uThJertaken in the Urse of (r audlt. the infomiation given in the trust8es' report (incorporatirvJ the Strateglc Report, arKI the Trustses Report) for the financial year for which th8 financial statements are prepared rs CLThlsterrt wlth the financk?I slatem8nts: 8n(J the tru8t888' report has boen prepared In acconlarKa th appli(xble legal requlrement8. Matt•rn on whlch w• are r•qulr•d to r•port by •XC•Pllon In the bght of tha kncMl8dg8 arKI understandlng of the itharltabb company and its anvronmont obtalned In the course of the 8udlt. we have not id8ntlll8d material mlsstatemants in the trustees, rew)rt. We have rK)thing to rep(t in re5t of the followiry matters where the Companies Act 2L requires us to rewrt to w)u11. In our oplnion: adequate 8ccountlrYJ records have rx)t been kept. or retums adequate for our audlt have not been rec8lved from brarKes not MsltÉd by us: or tha financial stslements are not in 8greement iih the accwn1j r8cords and retu or certaln dlsclosures of tru3te6s' remuneration speclfied by law are not made; or have not received all the knforrn8tk)n and explanatlcTh require for our audlt; or RMpon8lbllftle• ol tru#t•o8 A8 explained more fulty in tha tru8tee8' rosponslblliti88 8tatement 861 out on paga 9, th8 tru8t888 aro resw)th for the prepara11( of ts finandal statem8nts aThJ tr bel s8tisfiad that they glve 8 true and fair vl8W, and for 8uch Sntemal control as the Iru8te8s detemiine Is necessary to enable the prep8ratlon of flnandal ststements that are free from malefial mlsstatament, wthather due to fraud ar error. In preparing the fin8nclal slat8Tr, the trust8e8 are r88FM)n81bl8 for a888sslng th8 Victorla Collego Llmited's ablllty to c¢)ntlnue 88 a goiThJ c1¢8m. dlsdoslr¥J. 88 apphcable, matters r8laied to going concem and usiNJ the 901T concem b8818 of 8ccounlSng un1883 th8 IAuste88 ther Intend to Ilqukjale the charttable company or to cea8e operalkJn8, or havo no rnaN8tlc altemallve but to do 80. Audltoes rMponslblllil•• for th• audlt of th• flnanclal •l•t•m• Our objactlves are to obtsin re8son8bbe 8ssur8nce about wthether the finandal statements as a wtK)1g are free frorn matedal misstatement. lthether dug to fraud or error. and to iswe an audlto¢s rep th81 In(aKles our opInk. Re8sonabJe assuran(%4 is a hlgh IMI Lrf assuranL¥. t1 Is not a guarantee that an audlt conducted in ac(yxdan with ISA5 (UK) 111 detect a materlal mlsststement vthen11 exists. Misststements can arlse from fraud or erTor and are iffisidered materlal tl. Individually or in the aggregate, they could reasonabty be expected to 1nfiUen Ihe economic decisions of uws taken ¢)n the b88is of these finanoal 8tstements. Irregularfties. Indudlng fraud. are Instan of non<omplIan and regulatlons. We d8n ocdures In Iln8 vAth our r88porwlilliles. arttined abov8. to deted materlal misstaloments In r88pect of irr8gularitles, induding fraud. The axient to whlch our wocedure8 are capable of detecthg rregularlties. Including fra1 is detailed belovr. Bas8d on our understsnding of the Wthia College Limlted aThJ the irKIusty In ttIch il operates, v Identlfied that the principal risks of rMplianCe ith la8 and regulatlons related to the acts by the VKknia Cdlege Limlted, we contrary to applkable 18WS 8fKI r8gulalts indudkng fra, and wo tnsIdered the extent to whith ncTrrnmpliance mrght have a matarfal effect on the finandal statements. We a180 consldered those laws and regulations that have 8 direct lrnpad on th8 prepalkin of the financial statern suth as th8 Companies Act 2006, Charities SORP 2019 and Charlties Act 2011. We ovaluated managemenfs incenlivas arKI opwtunitlos for fraudulent manipulation of the flnancial Statements (including the rlsk of override of L¥)ntrols), and determined that the prbndpal risks re related to Kfflat8d re%wnue and ts Wmknia College Limiled's not in(x for the year.
VICTORIA COLLEGE LIMrrED 12 INDEPENDENT AUDITOR'S REPORT TO ThE MEMBERS OF VICTORIA COLLEGE LIMITED FOR THE YEAR ENDED 31 JULY 2023 {confd> AJI dit proceddres perfiO,ryned Incli.ded: re'iiew of tthe fbD.ar.%l statern8nl OiSCiOSLITes :o underlySng 'PiryJrting d=cuw.eryr2tion, fevi8w uf cDryesoop,der.ce wi+h a-,,d rypOr to the regulators. SncliJdi rresponoence w..'th tne EcLcaLion ana Sk:'Ils kup.d:.ng Ageiicj, ;eview ?! coespondenc6 will logal a(ivisors, 6nqLil8 of managem.er.t and rewew Of irtemal audfi reports in so far as they related to the nancial stateTr.ents, an,d tesli.-,g of jOLirnals evaluating 4there was 6W•oence of bias by the trLlSte8S that represented a risk of malerial missial8ment dJe fraud. There are inl8reni limrtati.ons Ir. the procèdur8s described above and tb8 furth8r removed nor>- comp15dYce th laws and regula+ions Is from the ev6nts and tr8n52asons refjected in tbe financial statements, the less Ilkely vle woukl t)ecome aware of It. Aso, the risk of p.ot detecting a Ma+rIal mlsstatemeni aug +0 trdud is hkJh8r than the risk of no; detecng one resulliro fram error, as fraud may Invofve d81iberate concealrrienl by. foi 8xampl8, forgery or 1nt8nts.onal rrylsrepr888r,Atlons, or through o)IIu810n. part of an akndit '.n sCdanCe with ISAS {UKI, w8 exercise professlonal judgmenl and maintaln prof8ssional scepticlgrn throughout the 8udit. We also: lder.tify 8nd assess the rlsks of material mlsstalem8nt of •he financial siatem8nts, vthetkier due to fraud or erro." design and perfoTh aL#Jrt proc8dur8s responsive to those riSKS. and obtain audit evid8nce ihat 18 SUfflent and approprlale to provid8 a basis for odr ooinlon. The flsk of not detectsng 8 mal8rial Mtatement resuyiog from fraud is hh38r than for on8 r88ulting from error, 88 fraud may involve collusion, forgery, Inlentlonal omissions, misrepresentstlons, or the overrtde of Internal cop.tfOI. Obtaln an understandlng of iryt8mal control relevant to the audit In order to design audit procedLres that are appropriat8 1? Iha circumstances, but not th8 purpose of expressing an oplnion on tt)e 6ffectiveness of the academy trust's int8rnal control. Evaluate the approprlateness of accounting pollcle8 used and the rea8onablen8s8 of 8CCtwnti estimate8 and r818ted di8closures mad8 by the tNste8S. CondLide on tha appropriateness of the trustees, u88 o+ Iha going concern basls of accoundng and, based on the audit evidenc8 obtaine(I, vthether a matarial uncertainty exists related to events or conditlons that may cast Sig?lIcan dbI on the acadèmy trust's abil',ty lo continue as going concem. If condL'd8 that a ma+erial unc8rtainty exist8, we arè r8qulrnd lo draw attentlon In our audltols report to the related dlsclosuffjs In the finaricial 8tatements or, ff such dlsGIosL4res are Inadequal&. to modify opinlon. Our conduslons are based on the audlt evtdence obtalnej up to the date of our audiiorfs rep1. Fiowever, future events or condlt may cause the academy Irust to cease to continue as a going concem. Evaluate the overall presentalion. struCtlTe and cont6nt os the finan&'al statements, induding tha disclosures. and ether the Ilnanci81 statements present the underlylng transactions and events In a rnanner that athleves faiT presentstion.
vicroRIA COLLEGE LIMITED 13 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE uAirrED FOR THE YEAR ENDED 31 JULY 2023 (cont'd) U•e of our report This report is made solely to the V4Aoria Cofiage Llmrted's nnb, as 8 tM)rty, in acoxdantx Chapter 3 of Part 16 of the Companies Ad 2006. Our audit M)rk h88 boon undertaken so that mlght state to the Vthria College iimrted's members those matters are required to state to them In an reFKWt and for no other purpose. To the fullest extent peitted by law. Vb do not accept or ossum8 responsiblllty to anyone other than the Vthia Col8 Llmited's and the Victoda Colege Llmited's members a8 a bth. f<x our audit *Drk. for th18 rewt, or for the opink)ns ha% fomied. Malcolm Wlnston Senlor Statutory Audltor UHY Hacker Young (Blrmlngham) Lknv, 8tstutory Audltor 9-11 Vlttorla Str••t Blrnilngham B13ND 7 D•camber 2023
VICTORIA COLLEGE LIMITED 14 sTATEMEr OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 JULY 2023 (Including Income and Expendtture Account) Restrict•d Restrlcted Fixed Unrestrlcted General Asset Funds Funds Funds £'ooo £'ooo Totsl 2023 £'ooo Total 2022 £'ooo Nots Incomo frorn: no4ations ar,d c8pi181 grants Charllable actvties: Funriing for th8 College Tru8f8 educationa: operations Other tradlng ac+.ivili8S Inyestrnent Income Total 38 53 42 1.424 1.424 1,064 12 14 38 Expondltur• on: Ralslng f'Jnds ChaDtsb actlvities: - College Trusfs educalional operations 7&8 1,367 1,389 1,171 Tolal Net Incom•l(•xp•ndltur•) 14 65 16 96 Tran8fer5 between funds 15 Oth•r recognl8•d galn• and loss•• AL'arIal Ios5 on detlned benefft pension 8chem88 24 Not movement In funds 14 65 16 Reeonclllatlon of fund3 Total lunds brought forward 61 469 522 Total funds carrled forward 15 75 425 469 All of the College Trusys 8CtiVitles deflve from acquisitions and coTrtinLling op8rations durip.g the above rinanGtal period.
VICTORIA COLLEGE LIMITED
15
BALANCE SHEET AS AT 31 JULY 2023
| Note | 2023 | 2022 |
|
|---|---|---|---|
| £'000 | £'000 |
||
| Fixed assets | |||
| Tangible assets | 12 | 59 | 47 |
| 59 | 47 |
||
| Current assets | |||
| Debtors | 13 | 298 | 300 |
| Cash at bank and in hand | 469 | 434 |
|
| 767 | 734 |
||
| Current liabilities | |||
| Creditors: amounts falling due within one year | 14 | (262) | (312) |
| Net current assets | 505 | 422 |
|
| Total assets less current liabllities | 564 | 469 | |
| Defined benefit pension scheme liability | |||
| Total net assets | 564 | 469 | |
| Funds of the College: | |||
| Restricted funds | |||
| - Fixed asset fund | 15 | 64 | 48 |
| - Restricted income fund | 15 | 425 | 360 |
| - Pension reserve | 15 | ||
| Total restricted funds | 489 | 408 | |
| Unrestricted income fund | 15 | 75 | 61 |
| ---- | |||
| Total unrestricted funds | 75 | 61 | |
| ---- | |||
| Total Funds | ===5=64= | ===4=6=9 |
The financial statements on pages 14 to 29 were approved by the trustees and authorised for issue on 7 December 2023 and signed on their behalf by: ·--�. .��--� - - ':i J Rodway Chair of Trustees
VICTORIA COLLEGE LIMITED 16 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 Not•5 20?.3 £'ooo 2022 £'ooo Cash flows Irom operatlng aetlvitie8 Net cash provided by operating adiylties 19 31 152 Cash flows fr(Nn investing a(thiti8S (3) Cash flows finanung 8Ctlvttles 21 Change in cash and cash equlvalents in the rewknng period 35 149 Cash and cash equlvalents at 1 August 22 434 285 Cash and cash equ18t5 at 31 Juty 22 469 434
VICTORIA COLLEGE LIMrrED 17 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 1 Staternent of Accountlng Policl•s A summary of prinopal accounting poliaes adopted (ICh have been applied consK8tenty. except ere rted). judgem8nts and key swrces of estImati7 urKitsinty. is Set out b&kTw. Basls of Preparatlt) The fjnanraal statements of the Cdl8ge trusL vthich is a public benefft 8ntity under FRS 102, have been prepared under the historical (x>st conventmjn in accordance th th8 Financial Reporting StarMJard Applicable in the UK and Republlc of Ireland (FRS 102). the Accounting and Raporting by Charities . Stat8m8nt of R8commend•J Practlce applkable to charities preparlng thelr a(xx)unts In accordance wlth the Financial R8portlng Stsndard applicable in the UK and Republic of Ireland (FRS 102) (Charltle8 SORP (FRS 102)), the Charttles A<a 2011 and the Compan188 Aca 2006. Vlct¢xia College meets tho definitk)n of a wblic benefft entity under FRS 102. Golng Conc•rn The trustees assess wthether the usa of golng cA)ncern 16 apwoprlate l.e. thether there are ary m8terlal uncertaindes related to events or nditI)n6 that may <xst sJnificant dbI on the abrlty of the Crnpany to continue as a going (x)ncem. The trustees make this assessment in re5ct of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the College Trust ha8 adequate r860urces to contlnua In owational 8sten frx the fare888oble futyre and there are no materlal uncertalntle8 about the College Tru8f8 abthty to continuo a8 a golng corrtem. thu8 they conknuo to adopt the golng COnL bas18 of aCunting In prnwlng tho finandal statem8nts. Income I Incomlng resources ar8 recognw en the College Trust h88 enfjtlem8nt to the funds, the receipt Is probable and Ihe amount Can be measured rellaity. Grants are Induded In the Ststem8nt of Fin8ndal Actlbltl88 on a recelvable ba818. The balanc of incom8 received for specific purposes but not exp8nded during the peflod 18 shown In the relevant funds on tha balance sheet. Where Ino)me is received in advan(x of meetw any perf0Mnc&relaled CCrfMIItK)ns there Is not Unc(KIttIOnal entluement to the Inme and Its reLX)gnition Is deferTod and indudod In uedilor8 88 deferred Income unlll the perfomi8ncfrrn18ted conditlon8 are MOL Where oniluemont occurn before hcome 18 re(lv8d, the Incom018 accrued. Gener81 Annual Grant is recognlsed in full in the Statement of Financlal Activrties in year for whth It18 r8celv8ble and any abatement in r88pe(# of the per dedu(J from Income and re¢gnISed a8 8 liablllty. Capltal gr8nts are r8cognls8d kn full vthen there is an enilllem8nt and are r1 deterred over the Ibfe of th8 asset on which they are exp8nded. Unspent amounts of catAtsI grant are refi8Cted In the balance sheet In the resIr1 tsed as8et fund. Sponsornhlp Incom• Sponsorshlp income provided to the College Trust hich amounts to a donatlon 18 recognlsed in the Statement of Flnandal Activitles In the p8rK)d In whlch it18 rlable, *there recelpt18 probable and it can be m&88urod rellably. • Donallon• Donatlons are recognlsed on a recefvable basis wthere therè is certainty of recelpt and the amunt can b8 rellably measured. Olher incorne, induding the hire of fadllll8s, Is recognlsed in the PWKXJ It Is roceivable and to the extant th8 College Trust has provided the g(KrfJ8 or seNces.
VICTORIA COLLEGE LIMrrED 18 NOTES TO THE FINANCIAL STATEMENTS FOR I'PIE YEAR ENDED 31 JULY 2023 (convd) Donatso goods, facllities and seNIc•s Goods ¢or..a'4ec fo¥ resale are gGldded at fair value. being Ihe expeded protseds from sale less the expected costs of sale. If it Is practical to assess the fair value at rlpt, It is recognised in stock and 'Income from other trading actiNities'. Uwn sale. the value of the stock is charged agalnst 'lncome from other trading actlvities, and th8 proceeds are recogr.i8ed as 'lncJrne fro OLhts Irading 6Ct vltles,. Wh8re It Is Impr8Ctica, io ',8if value the i18Tr.s dJe lo tne votUrn8 of low. value ite.tns they :?oi recogilsed ill the fipAncial statements iintil tney are sold. This kncone renised wtb.;n 'lncome from Oirier Ir8d.9 actItI88,. Vh8r8 the doneted good is 8 fixed asset ,:t Is measured al far value, unless li Ss ifflpractlcal to measure thls rellably. i.? Vdhich case tr,e cos• of Ll)e rtefp. to the donor sfK>uld be tis&l. The gain is recognlsed ai¥ Income frorr, dona'Lions ana a wrespopding aff.4ount s ir.duded ir. tbe appropnale fixèd a5$8t category and deprecl8ted over the usefJ. etrJr4omio Ifie accoraance +the College TrL'St'S a1ntIng policies. Transfers ofloasehold property L8asehdd propety •rans!erred to the Col.e from the local authority at IMde or no consideratk)n Nllll b8 rev81ued at fair value :n accord8nc wlth FRS 102. This value wll be recogni88d as inwTr.ip.g resoiirce5 in the Stelement o¥ FiP.anciai Atr,iviti6s and 117 Je Induded in the appropriate fixed a858ts category and d8preclaled over the life of the188se. Expendlture Expenaiiure ts rewgnlsed once th8re 18 a legal or construcfv8 obllgation ta transfer econoffjic oan.ftflt to a third paty, it18 p,'obable Inat a transier of economlc benellts will be reqknired ip 88ttlement and the amodnt of the obllgatlon can be measured reliably. Expendllure is das&lfied by actlv,ty. The costs of each activly ar8 made Ji p of the total of direct Gcsts aid shared costs, indudinG support costs Involved in undertaking each actsvity. Direct Costs attributabl8 '.0 a single adivrty are 81iocaled dir8cLI o that aaidty. Shared costs which contribule to mo than one activlty and support co$t8 w,th are not attrlbutable lo a sinGI8 aCt.ty are 8PPOrtioned Daeen those acllvllies on a b8818 consAtent th8 use of res(xJrces. C8ntral Staff co8 ar8 allocated on the ba81s of tlrne spent. and depredation charges allocated on the portlon of the asset'8 use. Expenditure on Ral8lng Fund• This indud8s all expendlture incurred by the Colleg8 Trust to raise fund8 for its charitable purposes and Includ8S Costs of 811 f.ndra1s.ng actiw+le8 ev8nls and non-chaDtabl8 trading. Charitable Actlvttl•s These are costs i4curred on the Colknge Tnjst's educa181 operaticns, IncludlThJ support costs and costs relatlng to the governance of the Colk8ge Trust apportloned lo charitable aCtIties. Atl resources expended are induslve of Irre(x)VeI8 VAT. Tanglble Flxed Assets Assets cosling £1,000 or more afe capitalssed as langible fixed assets ap.d are carded at Cost, net of depreciation and aDy provision for impaimnI. whe tsngible fixed assots have be8n ecquired 1th the aid of speofic grants. eltber from the government or from the privale sedo". they are ifjdud8(i in ttyè Balance Sh8et at cost and depreciated over their expected useful economic Ilfe. Where there are spectfic Cx)nditlons atta¢ld to the funding requiring the continued use of the asset, the relatea 9ranls are ¢reiiited to a strIct&d fixe(7 assel fund In &he S+tervIen1 of Finandal Activities and carried fofvrard In the Balanc6 Sheet. Deprécialion on the relevaY• assets is charged dir8dty to the reslrlcled fued asset fund In Ihe Statemer.t of Financral Acfvites. Wh8ro tang',ble fixed asseis have b88n acquired with unrestrthd funds, depreciath)n on such 8sse45 is charg8d to th8 uryostricted frJnd Depraciation is provided on a strai5ht lina basis on the cost of tsnslble f.xèd assets, to thrlte them dvn to thalr es4imated reslauaS values over their expected useful lives. No deDr8tialon is provideé on leasehold land where the lease 15 more than 29 year5 The principal annual rates used for other assets are.. Motor venicles umiture aia equlpment Corpputer eou PTr,enk and sofware 20% 10% to 33°/0 25YJ
VICTORIA COLLEGE LIMITED
19
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd)
ets Tangible Fixed As
Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are brought into use.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. 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 Activities.
Leased assets
Rentals under operating leases are charged on a straight line basis over the lease term.
Financial Instruments
The College trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the College trust and their measurement basis are as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 13. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
- Financial liabilities trade creditors, accruals and other creditors are financial instrument, and are measured at amortised cost as detailed in note 14. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Taxation
The College Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the College Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Pensions Benefits
Retirement benefits to employees of the College Trust are provided by the Teachers' Pension Scheme {'TPS') and the Local Government Pension Scheme ('LGPS'). These are defined benefit schemes.
All staff are employed by Victoria School under a service level agreement with the College. As a result no staff have been transferred under Transfer of Undertakings (Protection of Employment) Regulations 2006 and there are therefore no TPS or LGPS liabilities at the College for this year.
Fund Accounting
Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the College Trust at the discretion of the trustees. Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by funders where the asset acquired or created is held for a specific purpose.
Restricted general funds comprise all other restricted funds received with restrictions imposed by the funder/donor and include grants from the Education and Skills Funding Agency/Department for Education.
Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 JULY 2023 (confd) Crltlcal accouriting e¥timate8 and assumptlons The College "frust makes esiimat8s ano assunoL'oTrs conceming the ffjture. The resulting acLouint..ng esbn72ies and assumptions wi I, bi defin,lion. seldom. eqJal the rek.ed a&aal wults. -he es:i•ates and asSU.?t ops •tr.al have a slgp.Wl¢aYt risk 0.2 caLlS.'fjg a ma:8ri81 adjustrrjent Ic the (aryiyg aTounts cf ass8ts and liabilities wlthln the next tlnancia.: ye.ar a discLssed belo,. 20 The critscal ar8as of 'udGer.* are accoJnli-.o for goverryryenl srants. accvafjtin.g for th.e wrrte down Oi asse through deprecia11. Governn grants are a¢onted for as restricted ¢iunas. Deprecatlon rates are based on tha axpaed lrfe of the asseL Critical area# of Judgement The critica,: judg8ments ltr,at Ihe Trustees have made In the proc£ss of applylng the College Trusfs accountlng policies Ihat have the most significa-. t effect on the amounts recognised in L4e siakntory financSal ststemenls are discussed below.. In assessing vth8th8f there have been any Indicators of ImpalmnI assets, the Truste8s have consldered both external an.d Internal sources d infcnnation suth as Tafket coYdi&ions, counterparty crealt ratin.gs and 8xperlance of recoverability. There have been no indicalors of Impaimients idenlfied iJJring th8 curent fin8nclal year. Agoncy arrangements The College Trust acts 88 an agent In dlstributlng 16-19 bursary funds from the ESFA Payments recelved from the ESFA and subsequent dlsbursements to studeryts are excluded fn)m the statement of financial actlvltles as the trust does not have conlToI over the charitable apolicallon of the funds. The '4w$I cannot use any of the alloGalion to¥vards its own 8dmlnlsJl atK)n costs. The fLwKls r8cAived and pald and any baLqnces held are dlsclosed In note 27.
VICTORIA COLLEGE LIMITED
21
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd)
2 POST 16 HIGH NEEDS FUNDING GRANT
Under the funding agreement with the Secretary of State the College Trust was not subject to a limit on the amount of Post 16 High Needs Funding that it could carry forward at 31 July 2023 (See note 15).
3 DONATIONS AND CAPITAL GRANTS
| DONATIONS AND CAPITAL GRANTS | Unrestricted | Restricted | Total | Total |
| Funds | Funds | 2023 | 2022 | |
| £'000 | £'000 | £'000 | £'000 | |
| ESFA capital grants | 38 | 38 | 23 | |
| Donations | 7 ----- |
8 ----- |
15 | 19 ___ .....;.. |
| _____ 7;;... | 46 | 53 | ___ ...;;,42 ___ |
The income from donations and capital grants was £53,000 (2022 : £42,000) of which £7,000 (2022: £19,000) was unrestricted, £8,000 (2022:£Nil) restricted and £38, 000 (2022: £23,000) restricted fixed
4 FUNDING FOR THE COLLEGE TRUST'S EDUCATIONAL OPERATIONS
| 4 | FUNDING FORTHECOLLEGE TRUST'S EDUC | ATIONAL OPERA | TIONS | ||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 2023 | 2022 | ||
| DfE/ESFA grants | £'000 | £'000 | £'000 | £'000 | |
| Post 16 High Needs funding | 382 | 382 | 321 | ||
| Free School Meals | 7 | 7 | 6 | ||
| Teachers Pension Grant | 14 | 14 | 10 | ||
| 403 | 403 | 337 | |||
| Other Government grants | |||||
| High Needs Top Up grant | 1,019 | 11019 | 718 | ||
| 1,019 | 1,019 | 718 | |||
| COVID-19 DfE/ESFA additional funding | |||||
| Other DfE/ESFA COVID-19 funding | 7 | ||||
| 7 | |||||
| Other income from the College trust's educational | |||||
| operations | |||||
| Pupil catering income | 2 | 2 | 2 | ||
| 2 | 2 | 2 | |||
| 1,424 | 11424 | 11064 | |||
| The income from the College Trusts' educational operations was restricted for both 2023 and 2022. | |||||
| 5 | OTHER TRADING ACTIVITIES | Unrestricted | Restricted | Total | Total |
| Funds | Funds | 2023 | 2022 | ||
| £'000 | £'000 | £'000 | £'000 | ||
| Lettings | 6 | 6 | 9 | ||
| Other income | 1 | 1 | 3 | ||
| 7 | 7 | 12 | |||
| The income from the College Trusts' other trading | activities was unrestricted for both 2023 and 2022. | ||||
| 6 | INVESTMENT INCOME | Unrestricted | Restricted | Total | Total |
| Funds | Funds | 2023 | 2022 | ||
| £'000 | £'000 | £'000 | £'000 |
Bank interest received
VICTORIA COLLEGE UMITED NOTES TO THE FINANCIAL STAI'EMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd) 7 EXPENDITURE Non Pa endlturo Total Premlses Other Costs 2023 £'ooo £'ooo Total 2022 £'ooo staff Costs £'ooo Expendlture on ral$lng funds - Dlre¢t cos - AllcrAt8a Siippon costs Colley's educatlonal op•ratlon8 - Dired. costs . Auocated supwt costs 976 82 144 116 1,120 71 71 272 71 260 The 8xpenditur8 was £1,389,000 {?022' £1.':71,000) of whlch £Nil {2Q22. £NII) was L. (2022.. £'.,149,QOO) restrict8d and £22,000 {2022: £22.000) restricted flxed assets. Ireslrict8d. £I,367,01)0 Total 2023 £'ooo Totsl 2022 £'ooo Not (Incorn811oxpendlturo for thé yoar Includes: Operati.",g lease rentals Depr8ci8Yon Fees payable to audito." for. -aud 10 8 CHARITABLE ACTMTIES Total 2023 £'ooo 1,120 269 Total 2022 £'ooo 899 272 Dlr8Ct costs - educational operations Support C08ts - eclucational operation8 Analysls of Support Costs Support stsff costs Oepredation Technology wsts Premis8s costs Legal cost5 Othep support QO8ts Governance 82 80 19 103 14 272 91 15 269 9 STAFF COSTS Total 2023 £'ooo 614 Total 2022 £'ooo 507 41 159 707 Stsfj costs dJrlng the year YRre". Wages and salaries Sodal 8ecurity costs Pension costs 183 Agency 8taff costs Slaff restwduring costs 213 867
VICTORIA COLLEGE LIMITED
23
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd)
9 STAFF COSTS (cont'd)
b Staff severance contractual payments
The college trust paid Nil (2022: Nil) severance payments in the year, disclosed in the following bands:
2023 2022
0-£25,000 £25,001 - £50,000 £50,001 - £100,000 £100,001 - £150,000 £150,000+
c Special staff severance non contractual payments
Included in staff restructuring costs are special severance payments totalling £Nil (2022 : £Nil).
d Staff numbers
The average number of persons {including senior management team) employed by the College during the year ended 31 July 2023 expressed as whole persons was as follows:
the year ended 31 July 2023 expressed as whole persons was as follo |
ws: |
|
|---|---|---|
| Total | Total | |
| 2023 | 2022 | |
| £'000 | £'000 | |
| Charitable Activities Teachers Administration and support -including Teaching Assistants |
No 2 30 |
No 3 24 |
| Management | 3 | 3 |
| 35 | 30 |
e Higher paid staff
The number of employees whose employee benefits {excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
national |
insurance contributions) exceeded £60,000 |
was: |
|
|---|---|---|---|
| No | No | ||
| £60,001 | -£70,000 | 1 | 1 |
| £70,001 | - £80,000 | ||
| £90,001 | -£100,000 |
f Key management personnel
The key management of the college trust comprise the trustees and the senior management team as listed on page 3. The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the College Trust was £88,711 (2022: £84,407).
10 RELATED PARTY TRANSACTIONS-TRUSTEES' REMUNERATION AND EXPENSES
No trustee has been paid remuneration or has received other benefits from an employment with the College Trust.
During the year ended 31 July 2023 and 31 July 2022 there were no travel and subsistence expenses reimbursed to the trustees in their role as trustees.
Other related party transactions including trustees are set out in note 26.
11 TRUSTEES' AND OFFICERS' INSURANCE
In accordance with normal commercial practice the College has purchased insurance to protect trustees' and officers from claims arising from negligent acts, errors or omissions occurring whilst on College business. The insurance provides cover up to £5,000,000 on any one claim. The cost of this insurance cannot be disaggregated and is included in the total insurance cost.
24
VICTORIA COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd)
12 TANGIBLE FIXED ASSETS
| Cost At 31 July 2022 Additions rnsposals At 31 July 2023 Depreciation At 31 July 2022 Charged in year Disposals At 31 Juiy 2023 Net book value At 31 July 2023 At 31 July 2022 13 DEBTORS Prepayments andaccruedincome Leasehold Land& Buildings £'000 Computer Furniture & Equipment Equipment £'000 £'000 38 33 2 32 40 65 13 13 10 10 23 23 17 42 25 20 14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accruals Deferred income Deferred Income Deferred income at 31 July 2022 Resources deferred in the year Amounts released from previous years Deferred income at 31 July 2023 Motor Vehicles £'000 28 28 26 2 28 2 2023 £'000 298 298 = 2023 £'000 1 95 166 262 2023 £'000 |
Total £'000 99 34 133 52 22 74 59 47 2022 £'000 300 --�30 -0 2022 £'000 37 125 150 312 = 2022 £'000 |
|---|---|
At the balance sheet date the college was not holding any funds received in advance for 2023/24 or 2022/23.
VICTORIA COLLEGE LIMITED
25
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd)
15 FUNDS
The income funds of the College comprise the following balances of grants to be applied for specific purposes:
| The income funds of the College c purposes: |
omprise the | following balan | ces of grants t | obe applied | for specific |
|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Gains, | Balance at | |
| 1 August | Resources | Expended | Losses & | 31 July | |
| 2022 | Transfers | 2023 | |||
| Restricted general funds | £'000 | £'000 | £'000 | £'000 | £'000 |
| Post 16 High Needs Funding (note i) | 360 | 382 | (325) | 417 | |
| Other ESFA Covid-19 funding | |||||
| Fre School Meals (note ii) | 7 | (7) | |||
| High Needs Top Up grant (noteiii) | 1,019 | (1,019) | |||
| Teacher Pension Grant | 14 | (14) | |||
| Catering income | 2 | (2) | |||
| Donations | 8 | 8 | |||
| 360 | 1,432 | {11367} | 425 | ||
| Restricted fixed assetfunds | |||||
| DfE fixed assets donation ESFA capital grants |
2 40 |
38 | (2) (17) |
61 | |
| ESFA donated assets (noteiv) | 6 | {3} | 3 | ||
| 48 | 38 | (22} | 64 | ||
| Restricted pension scheme liability Pension reserve |
|||||
| Total restricted funds | 408 | 1,470 | (1,389) | 489 | |
| Unrestricted funds | |||||
| Unrestricted funds {note v) | 61 | 14 | 75 | ||
| Total unrestricted funds | 61 | 14 | 75 | ||
| Total funds | 469 | 11484 | (11389} | 564 |
Notes
-
i) Post 16 High Needs Funding Grant must be used for the normal running costs of the School. Under the funding agreement with the Secretary of State, the College Trust was not subject to a limit on the amount of grant that it would carry forward at 31 July 2023. (see note 2)
-
ii) Free school meals grant has been used to support young people from low income families placed at the College.
-
iii) High needs top up grants from Local Authorities have been used to support pupils with learning or behavioural issues by providing teaching and teaching assistant support.
-
iv) A fixed assets donation of £Nil (2022: £Nil) was received and used to fund capital expenditure
-
v) Unrestricted funds have been derived from lettings and other trading activities.
26
VICTORIA COLLEGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd)
15 FUNDS (cont'd)
| 15 | FUNDS (cont'd) | |||||
|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Gains, | Balance at | ||
| 1 August | Resources | Expended | Losses& | 31 July | ||
| 2021 | Transfers | 2022 | ||||
| Restricted general funds Post 16 High Needs Funding (note t) Other ESFA Covid-19 furding |
£'000 45 |
£'000 321 7 |
£'000 (406) {7) |
£'000 | £'000 360 |
|
| Free Schooi Meals {note il) | 6 | (6) | ||||
| High Needs Top Up grant (note iii) | 718 | (718) | ||||
| Teacher Pension Grant | 10 | {10) | ||||
| Catering income | 2 | {2) | ||||
| 445 | 1,064 | (1,149) | 360 | |||
| Restricted fixed asset funds | ||||||
| DfE fixed assets donation | 8 | (6) | 2 | |||
| ESFA capital grants | 30 | 23 | (13) | 40 | ||
| ESFA donated assets (note iv) | 9 | {3} | 6 | |||
| 47 | 23 | {22) | 48 | |||
| Restricted pension scheme liability Pension resere |
||||||
| Total restricted funds | 492 | 408 | ||||
| Unrestricted funds | ||||||
| Unrestricted funds (note v) | **30 ** | 31 | 61 | |||
| Total unrestricted funds | 30 | 31 | 61 | |||
| Total funds | 522 | 1,118 | {11171) | 469 | ||
| 16 | ANALYSIS OF NET ASSETS BETEEN FUNDS | |||||
| Fund balances at 31 Ju!y 2023 are represented by: | ||||||
| Fixed | ||||||
| General | Assets | |||||
| Unrestricted | Restricted | Restricted | ||||
| Funds | Funds | Funds | Total |
|||
| £'000 | £'000 | £'000 | £'000 | |||
| Tangible fixed assets | 59 | 59 |
||||
| Current assets | 75 | 687 | 5 | 767 |
||
| Current liabilities | (262) | (262) | ||||
| 75 | 425 | 64 | 564 |
|||
| Fund balances at 31 July 2022 are represented by: | ||||||
| Fixed | ||||||
| General | Assets | |||||
| Unrestricted | Restricted | Restricted | ||||
| Funds | Funds | Funds | Total |
|||
| £'000 | £'000 | £'000 | £'000 |
|||
| Tangible fixed assets | 47 | 47 |
||||
| Current assets | 61 | 672 | 1 | 734 | ||
| Current liabilities | (312) | (312) | ||||
| 61 | 360 | 48 | 469 |
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 JULY 2023 (cont'd) 17 CAPITAL COMMITMENTS 2023 £'ooo 12 27 2022 rooo ContratXed for, but not provided in the financ481 ststements Authorised by trustees. but not yel o>ntracted 18 COMMrrMENTS UNDER OPERATING LEASES Operdtlng leases At 31 July 2023 the total of the Colleg8 Trusfs future mlnlmum lease pa>Thents under non4anelabl8 operatlng leases which 8xpire: 2023 Other £'ooo 2022 Othar £'ooo Wtthln one year 8elw88n two to five years After15ve years The land and buildlngs OcpIed by VJct(la College ar8 provided by Birmingham Clty Coundl under Ilcence vth no rent being payable. 19 RECONCILIATION OF NET INCOMEI(DEFICffj TO NET CASH FLOW FROM OPERATING ACTIVrnES 2023 £'ooo 95 2022 £'ooo (53) Net incomel(deflcltl for the reportlng perkxl (as per the statement of financlal a¢tivtties) Adjusted for: Depreclatlon (note 12) Capltal funding receiv8d from ESFAll)IE Decxease in debtors (Dec¥ea8eylncre8se In credltors Net ca•h provld•d by operatlng aclMtIo• 20 CASH FLOW8 FROM INVESTING ACTivrnE8 (38) 123) 125 81 152 50 31 2023 £'ooo (341 2022 £'ooo {26) Purcha88 of tsnglble fixed assets Capltal fundlng received from ESFAIDfE Receipts from sale of tsngible flxed &88 Net cash provlded byl{u8ed In) iTrv•sting actfvltl 21 CASH FLOWS FROM FINANCING ACTMTIES Repayments of borrowng Cash InfloA8 from new bOrrtyng N•t cash provlded by flnanclng actMII•s 22 ANALYSIS OF CA8H AND CASH EQUIVALEp¥rs At 31 July 2023 £'ooo 469 At 31 Juty 2022 £'ooo Cash in hand and at bank Total cash and cash equivalonts 469
28
VICTORIA COLLEGE LIMITED
| VICTORIA COLLEGE LIMITED | VICTORIA COLLEGE LIMITED | VICTORIA COLLEGE LIMITED | VICTORIA COLLEGE LIMITED | 28 |
|---|---|---|---|---|
| NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd} | ||||
| 23 ANALYSIS OF CHANGES IN NET DEBT | At 31 | July | Cash | At 31 July |
| 2022 | Flows | 2023 | ||
| £'000 | £'000 | £'000 | ||
| Cash at bank | 434 | 35 | 469 | |
| Overdraft | ||||
| 434 | 35 | 469 | ||
| Loans within one year | ||||
| Loans within more than one year | ||||
| 434 | 35 | 469 |
24 CONTINGENT LIABILITIES
During the period of the Funding Agreement, in the event of the sale or disposal by other means of any red either to re-invest the asset for which a Government capital grant was received, the College is req;. i proceeds or to repay to the Secretary of State for Education the same !)roportion of the proceeds of the sale or disposal as equates with the proportion of the original cost met by the Secretary of State.
Upon termination of the Funding Agreement, whether as a result of the Secretary of State or the College serving notice, the College shall repay to the Secretary of State sums determined by reference to :
-
a) the value at that time of the College's site and premises and other assets held for the purpose of the Coilege: and
-
b) the extent to which expenditure incurred in providing these assets was met by payments by the Secretary of State under the Funding Agreement.
As at 31 July 2023 there are no employees on the payroll of Victoria College Umited. Ali staff costs come via recharges from Victoria SchooL As such is it not possible !o reliably estimate the LGPS Pension valuation. When staff TUPE over from Victoria Schoo! to V!ctoria College Limited, an obligation for Victoria College Limited to meet the future pension benefits of these staff will be created.
25 MEMBERS' LIABILITY
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.
26 RELATED PARTY TRANSACTIONS
Owing to the nature of the College Trust's operations and the composition ot the board of trustees being drawn from local public and private sector organisations, it is ir.evitable that transactions will take place with organisations !n which a member of the board of trustees may have an interest. All transactior.s involving such organisations are conducted in accordance with the College trust's financial reguiations and normal procurement procedures relating to connected and related party transactions. The following related party transaction took place in the period of account:
Victoria College made the followlng purchases at arms' iength in accordance with the financial regulations, which the following related parties below neither particlpa!ed in, nor influenced.
G Coffey is Executive Headteacher across Victoria College, Victoria School and Cherry Oak School. Victoria College purchased goods and services from Victoria School. Total expenditure for the year ended 31 J..ily 2023 was £1,158,267 (2022: £811,922), ofwhlch £120,724 (2022: £160,102) was outstanding at the year end. Victoria College also receives lettings income from Victoria School totalling £Nil (2022: £8,739), of which £Nil {2022: £2,913) was outstanding at the year end.
Victoria College purchases goods and services from Cherry Oak School. Total expenditure for the year e:,ded 31 July 2023 was £23,350 {2022: £12,826), of which £Nil (2022: £7,799) was outstanding at the year end.
VICTORIA COLLEGE LIMITED
29
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 (cont'd)
27 AGENCY ARRANGEMENTS
The College trust distributes 16-19 bursary funds to students as an agent for the ESFA. In the accounting year ended 31 July 2023 the College trust received £4,129 (2022: £3,644) and disbursed £3,498 (2022: £4,265) from the fund. An amount of £2,962 (2022 : £2,331) is included in other creditors relating to undistributed funds repayable to the ESFA.
28 EVENTS AFTER THE END OF THE REPORTING PERIOD
There are no material adjusting or non adjusting events arising after the balance sheet date.