VICTORIA COLLEGE UMrrED (A Company Umlled by Guaranl•o) ANNUAL REPORT AND FINANCIAL STATEMEps FOR THE YEAR ENDED 31 JULY 2024 Clwlty Commlsslon Numb•r.' 1191415 Comp•ny Ufftlted by Guarnntee Reglstradon Numbor. 11188465 (England & Wales)
VICTORIA COLLEGE LIMITED GONTENTS Page Reference and Administrative 08ts118 Trusts8s' Report Statement of Trustees. ResponsbIles Independenl Auditorfs Report on the Financlal Stal8ments 10 Statement of Financial Activi158S 14 Balance Sh881 15 Statement of Cash Flows 16 Notes to the Flnanclal Ststements 17
VICTORIA COLLEGE UMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COLLEG4 TRUSTEES AND ADVISORS C Lane P SirvJh Garcha G Coffey J R(X* (Chalr frni 28 Saptambar2023) C LAne (Chair to 27 S8ptemb8r 2023) G Coffey {Executlve Headtsth wNJ A(x(wntlng Officer) S Bolk)n R Meechan (appointed 28 September 2023) P Kalnth (appointed 1 F6bnMry 2(r24) Comp•ry socrotsry 8onlor Managoment Team Exocutlve Headt•achor H•ad of Coll•g• Chl•f Fln•nu omc•r P M(a(enna Chrk to tho Bo•rd SIPS Educatk)n Prfnclpal Regl•t•rod Offl¢e Vlctorfa College Bell Hlll Nrythfield Birmlngham B31 1LD Company R•gl•tratlon Numb•r 11188465 IrKlopond•nt Audftor• UHY Hackeryoung (Blrn)Inghwn) LLP 11 VlttcKla Street Bimingham B13ND Bankern Uoyds Bank plc Commwraal Banki PO Box 1000 BX11LT
VICTORIA COLLEGE LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The trustees present their ann'Ja; report logether wth the financial statements arKI auditor's report of thé charitable company for the year èndéd 31 July 2024. The liarity OD8rates as ar.. independent spectalist college, for sludents ag8d 19 to 25 wth profound and mum1 leaming dIffittleS or cop{eX medical needs and physical disabillti6s. Thé co118ge b.as 29 (20?3" 35) stLMJents on roll at 1 September 2023. STRUCTURE. GOVERNANCE AND MANAGEMENT Constltutlon Th8 College is a wmpany Ilmiled by guarantee no share cawtal {R8gistratson Number.. 11188465) and is an 8xernDt charity. The charitable company's memorandum and articles of association ar8 th8 primary gov8ming documents of the Cdlege. The trustees ol Victcria College are also the directors of the charitable company for the purposes of cmPanY law. The tharilable company is kntrwn as Victoria Colw. Dètails of the trustees bvho 58Tv8d durtng the year except as notsd are induded In the R8f8r8nce and Administrative Details on page 3. M•mb•r8' Llablllty Each member of the charstable company und8rtak8S to (xjntribute to the assats of th8 chadtable cornpany In the event of it being WOUTKI up whll8 they are a member. or within one year after th.ey c8as8 to b8 a m8mb8r, such amount as may be required, not exceeding £10 the debts and Ilabilib8s contracted before they cgased to be a m8mb8r. Trusto88' Indemnltl•• Victoria College has In place dirgCtor8 and trustee's li8bilty inSurara Indemnity cover to a Ilmlt of £5m. Method of R•cruttm•nl and Appointm•nt or Elg¢tlon of Tru8tee• There are clearfy defined and approved procedures for th8 S8leKtion and apwlntmenl of truslees vthlch aro outlined In th8 companvs Artides of A3socialion. These indude application, 8hortlisting and int8rview procedures. Consideration 1$ g.'ven to the thlls of trustees whlch wjId enhaft the effectiveness of the trusl. With regard to trust888. procedures are In ace for nomination and oleclon of the Irust88S. Poll¢los and Procedures Adoptod lor thè Inductlon arKI Tralning of Trustees NeY appointod truste8s are provided vth inf0mtIOn about their role as trustses and basic infomatkjn about the college and the govèming body. Arange of tralnlng 18 also offered to lrnstees each year. Tralnlng undertaken wlll depend on their expedenco. Organ18atlonal Structur• The structure consists of two levels: the trustees and the Senlor Leadership Téam. Th8 aim of the management Structure Is to devolve responsibility ana encourage Invofvement in declsbn maklng al all levols. The truste88 are responsit4e for setting general policy, adopting an annual plan and txjdget, monitoring the college through the use of budgets and making major decisIc8 about the direction of the cole, capital expendlture and stsff appoinlments. The S8nior LeadeT8 are the Executivo Headteacher. the Head d Cdlap ano. the Chief Finance Officer. These leaders control the college at an executive 18v81, irnplernenting the policies laid down by the trustees and reporting back to them. As a group. the Senlor Leaders are responble for the authorisatlon of 8p8nding within Bgr86d budgets and the appointm8nt of sts. Arrangem•nts for sottlng pay and remunoratlon of k•y managernert pernonnol Wh6n setting pay for key manag8ment Pere1, the College considers the latest College Teachers, Pay and Condlilons provisions. In doing so, it consbjers the permanent respOr1b1l[tieS of each rol6. tho specific challenges to each role as well as all other relevant considerations. On8 such element of this is the number of students that the College is responsth fcff. This ir•es the18amlng no6ds of studènts wilhin the CcAlege. The pay of key managemenl perSne1 also refie(s the perf0mnC0 of each m8mb8r of stsff on an annual basis. The College will continue to use external national arKS sUbational benchmarking analysis to compare its pay strJCture against that of other schods and cdl8g8s as it has done in the past. Connectèd Organisatlons, Includlng Rolatod Party Relattonshlps The Federation of Cheryy Oak School and Victoria School are organisation5 connected to Victsia Colleg8.
VICTORIA COLLEGE LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 Icqrfd) OBJECTIVES AND ACTMTIES Objocts and Alms The College Trust's obj'ects are speufKaly restricled to the fc4l¢Mng."- (a) to advance for the public bel edu¢ati¢)n in United lfjngdLKn, in partKxilar but vAthout prejudi to th8 generaltty of Ihe foregolw by establishlrNJ. malnlalnlng. carrylng on, managing and doveloplng Cdlege offerlng a broad and bal•d rrluM for st18nts profound 8nd mult¥lè 18amlng difficajttles: To achleve thls, th• collego klenffied tho folltymng prlorhtes f(Y tho yo8r.- to ensure that all students develop their communication skills so that they can influence the pecyle m they interact, tak8 part In a¥nKInIty enrichrnent arKI pr(xnLe th8ir health and VlIbeIng. to ensure that all students a broad and balanced educat which facilitates oynmunity eNlchment and w)rk experfence opportunNles. to ensure that all studènts rAVe a holistic 8duc8tion that $w)pts their communicati. wnluon. Indepdent Ilvlng SlIS, cornmunty 8rwSchrn8nt. health and 8MpIo>Th awaren8s8. to develop the leaming-LYntred leadership skils of all staff and trusto08 ) a o)n$lstently outstandlng quallty. to rrK)nlior the recenlly devdoped b86eline 868e88ment to Wble to U80 thij infomth for Informed target setting. to monltor the Impact d the d0ve1owrts of tho RPSHE cunlculum arKI embedded ula of bohavknr rf8k reductlon plans to support stud8nts to d8v8lop sdf regulatory skill& to reduce some behavl(MJrn. to monitor the digltal plalforrn, WE TRACK ME to rèctyd èvidènce (rf wogression for each studenL to ensure the sbjdents are safo kn txllage and beyond, throuth infomied arKI trained staff In both 8afeguardlng and heallh and sakn. Prlnclpal Actlvltl•• At Vlsxorla College. wo vrk h Pthrshl) Vlth y(wtvJ pe(¥Jle. parwts and ¢8rer¥ trj 6n8ure that 8VWy student erloy hlgh qualty leornlry opprytynllle8. fool challengod and Inspired to participate in their reaming ba(x)mo confldenl. 8nt8rprlslw, <x8aVve18arners. ready for adult Ilh. fijlly-rounded 8rKI r88pon8ibl8 cittzen8. making a ctbu110n to tho College and cammunlty feel 88fe, happy VAKI healthy. Objects. Strat•gl•$ and Actlvlti To meet these prlorftles the collegè has adopted a number of strgles acllvltth that Include: . to ensure that all sludents me pr(NJess trdS the adult (Mrt(xrn idenlified in th8ir Educ81ion Health and Carè Plans (EHCPS) to enswe that the learnlng and teod¥ry nN)del used at the College eryages all leamers and en(rage$ arap participation. to ensure a coordinated apprr)ach to th8 contIIng of 88ff-r8wlallon to enable leamer8 to manage thelr behavlour effect. to ensure provision is personall8 to the need8 of dr knm8rn. to en8ure conslstently outstandlng pa8t(Yal rxre. to ensure high qualty sch8m88 of leaming to dellver qualty a clear focus dev8boping hollsJc learning and preparation for experiences beyorKI Collage. to en5we there Is 8ppfopTiats Irterthn. prtrmion and supwi for loamerg to ble all to experience suctsss. STRATEGIC REPORT Achl•vom•nts and Perfomian¢• Victoria Cole is a slarIst Post 16 Institution (SPI) haNlro bggn under Local AutlKty ojntrol. The college remalns a vltal part of Ihe Chery 08k and Vi¢Aoria ScKM]l Federation and wa contlnue to work close twher. Prlorlllm Golng FOrrdI - Fad•ratlon ensurlryJ that th8 Fed8rath)n ttjntlnues to work tog6therto proth the bostoutrnes for students and Btaff, Sup[ting iwdg8tary contrd thraugh Federated suptxyt seTric8S.
VICTORIA COLLEGE LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 (confd) Prlorftlès Going Forwards - Federatlon {cont'd) o review and update the Federation's Mission, ar.d Values statement with stakeholder support. 80 that it reflects th8 work across all settirKJs,' buikj resili8nce for th8 firture of the Federati by arranging mutually benefla1 training for all stakeIderS on a number of local and national Initiatives. Key Perfomianco Indlcators Th8 trust establish8d a financial budget at Ihe start of thè yearana then monrtored performanc8 agalnst budget during the period. Cons',deraDle work is un08rtaken in forecasting to ensure the continued financial viabiltty of the colleg8. Trustee's rAay a key role in hdding th6 Sènior Leadershtp Tearr, to account In key finan¢lal matters. 2024 2023 33 37 262% Student numbers staff costs as a % of revenu8 iricome received from ESFA Staff costs as a % of total revenue grant income staff costs as a % of total costs 213% 74% 73% 76% Capital expenditure per Student Golng CorbCOrn After making appropriate enquiries, 'J)e Board of Trustees has a reasonable expectation that th8 Co118ge has adequate resources to continue in operational exist8nce lor the ft)rgseoable future. Forthis reason, li continues to adopt th8 going concem basis in prep8dng thè financial statements. Further d8talls regardlng the adoptlon of the gng concern basis L¥n be found kn the Sialemfrnt ofAccounllng pollaes. FINANCIAL REVIEW Overvlaw The prlnclpal Source of funding forthe coll89818 Element 1 & 2 Hl9h Needs Fundlng from the ESFAand elgment 3 'top.up' fiJndin9 which is racelved vla the relevant local authority. Most of the ccAlege'$ mcome 1$ obtained from the ESFA and the local 8uthoritl6s In the fomi of ffjcurrent grants, the use of 4thlch is restricted to particular purposes. Tne kyants received during the year ended 31 July 2024 and the associated expenditure are shown as rgstrlcted funds In the statement of financial activities. During the year endgd 31 July 2024, totsl expenditure of £1,431,Ixio (2023.. £1,389,000) w8s less than the recurrènt grant funding from the ESFA and other Incomlrvj resources, resulllng In 8 surplus before transfers for the year of £186,000 {2023.' £95,000 surplus). At 31 July 2024 the net br value ol ftx8d assets was £70.0(K) {2023: £59,000) and movements in iangible flxed assets are shown in note 12 to thè financial statements. The assets were used ex¢luslvety for provlding aducatron and the assodatsd support $ervl¢e$ to tbe Stlents of the Coll898. Sorne of the staff at Victoria SctrK)oi who will be employed at Victorla College have not Y had their employment rights transferred over under Tr8nsfer of Urrtlertakings (Proiection of Emploent) Regulations 2006. As a result, the Local Gov8mment Pension Scheme Ilabilty for tho proposad èmpk)yees has not yet been transferred. £1,181 £919 Flnanclal and Rl$k Managemonl Objectives and Pollclqs The Trusvs financial and risk management obJ8CtiV8s ar8 documented In rts- Official budgets Schame of delegatio Financl81 regulat)nS Risk manggement pollcy These docurnents are available on requ8sL and parti¢Lilar items which warrant spoufic disclosurg are Th)ted within this annual report. Roserves Pollcy The trustegs review the reserve lovels of the college annually. This review encompass6s the nature of income and expenditure streams, the need to matth incTrme wtth commitm8nts arKI the nature of reservgs. Planned capital eXpdIture. improve the Quality of learning and sctial spaces within the coll8g8,'
VICTORIA COLLEGE LIMrrED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Iconfd) RTy09 Pollcy planned SPI conversion cos. forecast incTeases in ernpbyer c(xilMrtKXlS to ts LoL¥I GTnent PensK>n Scherne. Reserves as at 31 July 2024 were £654.0(KI (2023: £5(K).O(K)) Flmnclal Po•hlon The college held fund balances at 31 Jthy 2024 of £750.000 (2023: £564.000). comprising £569.000 (2023.. £425,000) of re8blcted fiJnds. (2023: £64.000) fixed a8sots fvnds and £85,000 (2023: £75,01)O) of uryestrleled g8n8ral funds. Invostment Pollcy JI investments are made in accordan vfith the wjlicy of the tnJsL The lJusVs policy on investrnents are one of minlmum rlsk wlth all Investm bekYJ held with the trusfs bkern. The trust will nevertheless seek to maxlmise Int8r8st receipts within this mng8menL Inveslments are mad8 with r8gard to Charity Cunmwion guldance In relatton to Invèstmbnt& PRINCIPLE RISKS AND UNCERTAINTIES The board has considered the risksfaced by the tnjst throughcrtrt its nom)al operatlonal l)usines8. It ha8 80ught to address the risk3 f8c8d by the trust by eslablishiNJ wpropriat8 govemgnce and man8g8m8nt 8rrangemants. Indudlng the appolntment of 86nbor 8taff and other managar8, and estat1&hIng robust operatlonal pc4lcl88. The bo8rd ¢¢Ybslders that the•0 arrangemont8 hove boon offectlve througlKxA thg perfod b8lng report8d. The board Intendg to bulld on thls succes8 ty e8tabllshlw a formal dgk management policy, whith will ftYm81 document the managerlal actlon that18 t&kYJ place. and should enth future rf8k management to be rrKJre At the tSme of rep(KUng. the trusfs kjenttfied key rfsks are: the risk cl reduced student numbers and therefore Irtlyno; k>88 of p8r8onal arKI Sensi Infomth: changes lo rules and regulalm: the rlsk of natlonal and local fundlng reductths,. Iha ftrturo flnanclal tIOn of the LGPS pen81on 8ch8m•; and tho rfgk of unfore8eon bulldlng Malrrt6n cogt8. MbJatSng adion, both current and planned. h98 beon klentlfi8d to oddr8SB tthe rtsks. Th1818 al true of an Other rtsks that have been l¢)rmally Iderrtm8d vthlth have a lower level of Impact andlor Ilkellhood. Rllk Manag•m•nt The major risks to whith the Cdlege is exposed have been identified on the college's Risk R8gist8r. Trustees have revithvèd tho risks to ¥thi¢h tho Colknge is exposod and Systwns and pro¢eduro5 have bean put In place to manage these. Fundralslng Under the provisions of the Ch[1185 (Protection and Soc4al Investrnert) Aci 2016 th8 college appro8ch to fundralslng pradlces Is from timè to Ume, th8 cdlage wlll nm fimdralslrvJ events to rabse money for other charttl88 or for the college itself. The (¥)Ileg8 do88 rt YKk with wrfe88ional fundra180rs but doos mako payment tho 8ervlc68 of a Fundral8er employ1 ty ITK)rf8 SC. No donatlcns are compulsory from skn18nts or parentslcarers for any fuTharalslng event and there is the right to opt-out for any event. colleg8 ha8 a comkqalnts Poll ththlch18 wbllcly avallable on the college webslte to ensurn any concems can bo rewlAI. Plans for Future Periods The college 111 conttnue to dosely mltOr local national fundiry developments and the impact that this may have the College's financia FK)sitI(. The colkge will also reman cognisant of local chang8s wthin Birningham that rJ)uld affect the lge and explore op&m)nItIeS f(Y fft.
VICTORIA COLLEGE LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 20241¢onfd) Audltor5 In so far as the trastees are awar8'. there is no r818vant audit inforynatk)n Gf bthich kn.e charitablo company's auditor is unaware; the trustees have +Ake4 all steps that they ought to have tskey to make themsefves aware of any relevant audit infom).ation and to gstablish thai Ihe aLKlitor is aware of that infomiation. The audilors. UHY Hacker Young (Blrninghaml P, are willing to continue in offi(x. The Trustees, Report incorp(ating a strategic re £pproved by the board of trustegs, ss the company directors on 5 r)ecember 2024 anc signee CD their behalf by: J Rodway Chalr of Th11tso•
VICTORIA COLLEGE LIMITED STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 JULY 2024 Th8 Tnjstees, who are dso the Director5 of charitable (4)mpany for the purposes of company law. ore rasponsibla for preparYvJ the TNstees' Report and the financivj statements in aCrdance the Annual Accounts Dkection issued by thè Educatlon Sklls Funding Agency. United Kwudom Accounting Standards (Un11 lfjngdom Generally ePted Aixxwnting Prad1) and awAicable and regulations. Cunpany require8 the Trustee5 to prepare flnarKI statements for each financlal year. UrKler company law the Trustges must rt apprthB the flnanclal stat6ments unl888 th8y are sat18fi6d that they glve a true and falr vl8w of th8 state of affairs of the dwrttable (xynpany and of As IncomlThJ resources and appfi(xtion of ro8our8, rudIng Its In&Th and expend118. for Ihat perbd. In pryrlng these fln8nrial stat8ments. tho Tntsla8s are requir1 to: select suitable accounting policies and then apply conslstenty, • observe the m8thods and prlnos Charlkn SORP 2019 and tho Academi98 A¢(xKJnts Dlrecth)n 2023 to 2024; • makè judgments and estlmates Ihal are reasonable arKI pnJ • state thar appIlble UK A¢ntIng Slandards FRS102 hm boon folld. subject to any materfal d8pare8 dlsclosed and explained in the fin8ndal statements; and wepare the financial 8tatsm6nts on tr golw concern ba81$ u¢8 tt Is InapKYoprfate to prosume that tho charltable company 11 contlnue In txMlne88. The Tru8tsos arn r88pon$lble adequate accountlrv reLxxd& that orn suindent to Bhow and explaln the charitsble companV8 tr8ns8cons and disck)se wlth reasonabb8 accuracy at any tlme the financial position of the charftal)le nY and enable them to enswe that the finani>al Statements CMPlY vlth tha Companlo8 Act 2006. They are also responsible for safeguarding the assets of the dwritable company and hence for taklng roa80nat40 steps for tho prevth and detactlon of fraud and othar Irregularftles. The Trustees are r8sp(mlbl8 f¢Y en$urlNJ that In tts condurt arKI opwauon the ¢hartsblg Company applles finandal arKI oth8r o)ntro18, which Trf(M to the requirements tx)th ol prwkty and of good finanryal management. They are a180 resP1t• for an8wlrvJ grants r•c4lvtAI from th8 ESFWDIE h8v8 b88n appll8d for the purpose8 Intarthd. TNSto08 aro responslble for the malnt8nanc4 and Intsgrlty of the )rpOrate and financlal InfrThallon Indudéd on the ¢haritable companys webslie. Legislalion In the Un*ed Kjngdom govemlng the preparadon arKI dis88mination of financ481 statements may differ from legislation in other lurisdSctions. Approved by order of the mambor8 of tha Board of Truslee8 on 5 December 2024 and slgnod on Its behati J Rodway Chalr of Tru8to0s
VICTORIA COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE UMITED FOR THE YEAR ENDED 31 JULY 2024 Oplnlon We have audited Ib.e financial statements of Vthria College Limrted for the year enrJ8d 31 July 2024 whic comprise Statement of FiD.anu81 Aclivitses, the Balance Sheet and the Statement of Cash Flows ar.d notes to the financial statement, jTKluding signfficant accounting poliaes. The financial reporting framevnrk ttriat has been applied in their preparation is applicable law and Uni16d 'ngdoM Accounting Standards, including FRS 402 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom. Generally AcLepled Accounting Practicg), +he Charities SORP 2019. In our opiniop. the financial ststem8nts- give a true and fair eW of the stste of thevlctoria Collega Limited's affairs as at 31 Juty 2024 arKI of tts incoming resources and application of resources, induoing Irorn0 and 8xpenditure. for the year then 10 have been properly prepared in accordance wlth Unitod lQrTrgdom Generally Acc8pt8d Accountlng Practl¢e,' and have been pr6pared Sn accordance vAth the requirements of tho Compan$ Act 2(NJ6 and the Charli188 SORP 2019. Ba615 lor oplnlon We ndUcted our audtt In accordance vllh Intemational Stsndards on Audlilng (UK) (ISAS (UK)) and applicable law. Our r88ponsibilities under those starKlards are further described in the Auditorts reBponsibillties lor the audit of the finanal slatem6nts Section of our rep)rt. We are independent of the charltable company In a¢¢ordance with the ethlcal r8quir8m8nts that are relevant to our audit of the flnanclal ststements In the UK. including the FRC'S Ethul Standard, and we have fulfilled our other 8thlcal responsibilities in accordance wlh these requirements. We boli6ve that the audit ewdence we hav8 obtain8d Is sufficient and appropriate to provlde a basis for our opinion. Concluslons relatlng lo golng cortcorn In audlting the '.inancial 51atemenls. have conclud8d Ih2l tha Trustees. use of the golng concem ba818 of accountlng in the preparation of the financlal slatamenl is appr¢¥wiate. Bas8d on th8 work we have perfomed. we have not identified any material unc8rtainties relatlng to events or condltlons that. individually or collecllvely, may cast signffl¢anl doubt on the Victoria College Llmlted's ability lo ConnUe as a golng conc6m for a perK)d of at least twelve morrths frcxn when the finanual statements are authorisod for issue. Our responslbllitles and the responsibilities 0¢ the Trustees *ith respect to going concer4 are descrfbed In Ihf rdevant sections of this reporL Oth•r Informatlon The other information comprises Ihe Inf0MlI0n induded in the annual report other than the financial statements and our audilofs report trreon. The Trustees are responsible for the other infomiation contalned within the financial Slaternents. Our opin'.on on th8 financial statements does not cover the other information arKI, except lo the exteTrt otherwise explidtly stated in our report, we do not express any fonn of assurance conduslon thereon. Our responslblllty is to read the other informauon and, in dolNJ so, consld8r whether th8 other InfoatIon is materialty inconsistent bmlh the financ4al statements or our knowledge ¢)bt8ined in the course of the audit, or othep•Ase appears to bo matèrialty misststed. If we Klentrfy such material inconsistencies or apparent material mlsstatements. we are required to determine %thether :.h8re is a material mi$ststement in the financial staternents or a material misststement of the olher Infomation. If. baséd on the Vrk we have perfomied, we conclude that thor8 is a material misstatem8nl of this other informati1. we are required to report that fact. We have nothing to report in Ihis regard.
VICTORIA COLLEGE LIMITED INDEPENDENT AUDOR.5 REPORT TO THE MEMBERS OF VICTOR COLLEGE LIMrrED FOR THE YEAR ENDED 31 JULY 20241corfd) Oplnlon8 on other mattern prucrlbed by th• Cornpanlos Act 2006 In our opinion, based on the urKJertaken in the coutse of ow audit ttbe infonnatlon glven in the Truste85' report {irKorporating tho Strateglc Report. and the Trustees Report) for the financial year for whith the finandal ststements are txepared is wnsistent wth the financlal 8tatem8nts; and the Trustees, report has been prepllrwj in acuJrdaThx 7Mth appli(xble legal requirgmgnts. +• Matt•rs on whlch wo are requlred to report by exceptlon In the Ilght of the knowlèd and und8rstandlng of th8 tharftab18 ¢mp and Its anrOnment obtalned In th8 course of the audit. we ha identlfied material mlsstatements kn the Truste8s' reporl. We hav8 nothi to r8Fth in r88P8Ct of th8 fdkphlNJ matt8rn where the can189 Act 2006 requires us to rewt to you rf. In our opinion.. adequate accounllng records hrn rnl been kept. ¢x retums thiuate for our audlt hav8 not recelved from branch8s not vi&knl by . or Ihé flnancial statements are rK)t in agreement vfith the acc¢)untir¥J ra)rdS and reknm8; or cwtsln discl¢Jsures of Trustees, remunwalion SP8L?figd by law are not made", or wo have not recelved 811 the In11alK)Tr and 8xpl8natlon8 we raquke for our aLKlIt; or Ro•pon•lblllllu ol Tru•t•8• A explalned more fulty In the Tnth. re8ponslbllltl88 Statement 8et (Mjt on page 9. the Tru8t808 are r8sponslle for the preparallon of the flnancjal statements and for beir¥J 5atisfi8d that they give a true and falr vl8w. and for Such ntemal t4Jntrol 8$ the TTUSt8es dèter+A187rnine 1$ necèssary to enable t praparatlon of flnanclal statements that free from matsrfal ml8Staternent. wh8th8r due to fraud or 8rror. In preparlng the financlai ststements. the Tru8t88s are r8SF4Mslbl8 for a858881ng the VltKia Cole Llrnited's ability to conUnue as a gcATrJ rnncem, dlsdosing, as appli(¥ble. matters re18ted to gang concem and using the golng concem basls of ac(xwtlng unless the Trustees etther Intend to Ilquldgte the charitabl8 company or to cea88 op8ratlon8, or have IK) realith attematlve txrt to do Audltorf• r••pon•lbllftl•• for th• audft of th• flnanGlal •tat•mwt• Our objedves are to obtaln rea80nabla a88uranc4 abwt vthothar the Ilnandal statements a8 o bthole are free from rnaterlal m18Statoment, ether due to ftaud or error, to188ue an audStorf8 report that Includa8 our oplnlon. Reanable assuran 18 a high levet of 86Bw8n¢e, but is not a guarantea that an audlt conduthd In accordanc8 With ISA8 (UK) VAII always del8d a material misstatsment when It 8x]8ts. Misstatements can arise from fraud error and are Casidered m8teri81 ff, irdMdualty or h the aggregate, they could reasonably be expected to Infvence the ec¢)rnmk decisKTh of users L9ken on the l)asis of these finan(xal statsments. Irregularities. Induing fraud. are instanc88 of non4pIlanca ilh la¥ts and regulations. We deslgn procedures In Ilne wth our re8ponslNIUes. ¢xrtllnod above. to detKI material mlsstatements In respect of irregularitie8, includin9 fraud. The extenl to thich our pro(xdures are capable of detacting rregularitiès, Includlng fraudlg detslled b(.
VICTORIA COLLEGE LIMITED 12 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE LIMITED FOR THE YEAR ENDED 31 JULY 2024 (cont'd) Basèti on our und8rstanding of the Victoria Colleg8 umltad and ihe industry in wttlch it ODerates, we Identrfs8d that th.e principal rysks of non-compliance wth laws and regulatjons rel8teG lo the acts by the Victoria College Limited. which bre contrary to applKable laws and regulations including fraud, and w8 consid8red the extent to lch rIorcOmplIance might hav8 a matsrial effect on the financial statements. We also consldèred those laws and regulations Iha+ have a direcl impad on the preparation of the financlal statements such as the Compani8s 2006. Charities SORP 2019 and CharitBs Act 2011. We evaluated ni8nag8m8nt's incentives and OPDOrtunities for fraudulent manipulation of the financial statements (ip.cluding the r.sk of OV8fride of coritrols! and deternined inat th8 prin(xpal risks were related to Irfflat8d revgnue arKI the Oria Collège Limited's net income for the yèar. ALt procedures performed Inclu(58d: review of Ihe financial statement disclosures to underlwng SUPPOrtlng documentation, review of corresFrtYKlence with and reports to the regulalors, indiJding correspondence with the Education and Skills Funding Agency revi8w of coffespondence with. legal advisors. 8nqulrl88 of managemènt ana raview of internal audlt reports in $0 far as they related to th8 financial Statements, and tosting of journals and evaluatlng ther there was 8vid8nce of bia5 by the TNste8s t4at represented a rlsk of rnaterial mi55talement due lo fraud. There are inherent lirp.ltstions in th8 audlt proc8dure8 described above and th8 further removed non- compliance wth laws and regulations i8 from th8 events and transactions refi8Ct8d in the financial stat8ments, the less likèly we would become aware of it. Also. the rlsk of not detecting 8 material mlsstatem8nt due to Iraud is hlgher than the risk of not detecting one resulting from error, as fraud may Involv8 deliberate CODcealment by, for example. forgery or int8nti¢xal rnisreprese4tations, or through coIIu810n. As part of an audit In accordayce with ISAS {UK), we exerdse prof88810nal I[gment and malntsin professional sc8pticism throughout the audlt. We also: Id8ntlfy and asse&8 the tsks of material misststement of the financlal ststements. whether due lo fraud or error, d8sign and perform audlt proceduies responsive to th058 risks, and obtsin audit evld8nce that is sufflclent and appropriate to provlde a i)8sis for our oplnion. The risk of not detecting a materlal misstatament resuKing from fraud is hhar than for one resulting from error, as fraud may involve collusion, lorg8ry, intentional omlsslons. mlsrepresentatk)n8, or the override of Intemal control. Obtaln an understandlng of intemal control relevant to the aLbJlt Ir. order to design audlt procedures that ar8 appropriate in the circumstances, but not for Ihe wrpose of expressing an opinion on the effectlveness of the College's intemal cntrol. Evaluate the approprlateness of accounting pdici8s us8d and the reasonableness of attountlng eslimates and related disclosures made by the Tnistees. Conclude on the approprlateness of the TNstee8' use ol the going concern basis of accounting and. based on the audit evid8nce obtained. thffiether a material uncertainty 8sts related to gvents or conditlon5 that may cast signrficant doubt on the Colw's abiKty to continue as a going concern. If v conclude that a material uncertalnty eSts, we are requlred to draw attention In our auditor's report to the related disclosures In the fin2ncial statements or, rf such dixlosures are inadequate. lo modlfy our OFMnion. Our condusions are based on the audit emdence obtained up to the date of our audllorfs report. However, futur8 8vents or conditions may cause the 011ege to cease to contlnu8 as a going concem. Evaluate the overall presentat. structure and content of the financial statemen15, includlng the dsclosures, and vtheth8r th8 financial ststemgnts represent the under"ng transactions arKI eveni8 in a manner that athleves fair preSenOn.
VICTORIA COLLEGE LIMITED 13 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTOR COLLEGE LIMrrED FOR THE YEAR ENDED 31 JULY 20241cont'd) Usg of our report Thls reFKYi Is made solely to thé Vkknta Lomtted's mambers. as a tNJdy, In a(ordan( Chapt8r 3 of Part 16 of the Companies Act 2(M)6. Our audii *x)rk has been undertaken $0 that we mighl state to the Vthria Colleg8 Limited'8 m8mb8rn tIK>se matters arg required to ststg to them in an auditorfs r8port and for no other purpose. To the fullest exient pernilttad by law, we do not accept or assume resp)nsibilty to anyvne other than the Wctorla Cdlege Llmlted's members those mattws are required to stale to them In an audltorfs report and for no other purp08e. To the fulk88t 8xtent P8miltt8d by law, V do not accept or assume responsibilty to anyone other than the Vidoria College Limited's and the Victoria College Lirnited's rnemb8rs as a body. for our audit M)rk. thts reporL or for the opinions have fomed. Malcolm Wln•ton S•nlor Statutory Audltor UHY Hacker Young (Blrnilngham) LLP, Statutory Audltor 9-11 Vlttorla Slroet Blmilngham B13ND S D•c•mber 2024
VICTORIA COLLEGE LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 (Including Incom? and Expendituro P¢count) 14 Rostrlct•d Fixed Unrestrlcted Funds £'ooo General Funds £'ooo Total 2024 £'ooo Tolal 2023 £'ooo Funds £'ooo Income from: Donalfons and ¢apitsl grants 29 33 53 Charitable activitie8: - College Trust's educational operations Other trading activities Inveslment income 1.577 1.577 1,424 Total 10 1.578 29 1.617 1A84 Expendlture on: Raising funds Charitabla actlvllles: - College Trust's educatlonal operatlons Total 1.403 28 1,431 1,431 1,389 1,403 28 Nel Incom81(•xpendttur•) 10 175 186 95 Transf8r8 bel¥ fund8 15 131) 31 Not movemont In fund• 10 144 32 Rè¢on¢lllatlon ol funds Total funds brought forward 15 75 426 Total funds carrl•d loard 15 $69 96 750 All of the Victorla College Llmitad's activitles derive from acquisitions and continulng oporations during the above two financial periods.
VICTORIA COLLEGE LIMITED 15 BALANCE SHEEf AS AT THE YEAR ENDED 31 JULY 2024 2024 2023 rooo Flx•d a88ets Tangible assets 12 70 70 59 Current a•8ot• Dabtor8 Cash at bank and In hand 13 1TI 606 783 767 Currnnt Ilabllltl•8 Credltors: Arnounts falllng due thIn one er Not curr•nt a$set8 14 103 680 262 505 Total ass•ts1o•• current Ilabllllla• 750 Total N•t A•••t• 750 Fund• of th• Coll•g•: RtrIcted funds FIA8d asset fund . Restrirted Inc¥Jme fund Totsl R••trl¢l•d Fund• 15 15 569 42S Unrn•trlct•d Incom• fund Totsl Unr••trICt Fund• 15 75 75 Total Fund• 750 The flnanclal ststements on pages 14 to 28 *Ere approved by the trustees and authorlsed for Issue on 5 Dmbar 2024 and signed on their behaw by.. Chalr
VICTORIA COLLEGE LIMITED 16 STATEMENT OF CH FLOWS FOR THE YEAR ENDED 31 JULY 2024 Notes 2024 £'ooo 2023 £'ooo Cash flows from oporaling actlvltles Net cash provided by operating acbwties 19 144 31 Cash flows from investing activities 20 (n Cash Ilows from firan(arvJ activltle8 21 Change In cash and cash equivalents in the rewting p8rlLYI 137 35 Cash and cash equivalenls at 1 Sept8mb8r Cash and cash equlvalents at 31 August 22 606 469
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMEIITS FOR THE YEAR ENDED 31 JULY 2024 17 1 Statement of Accountlng Polld A sumrnary of principal actounting poIleS adopted (thith have ba8n appli8d nSIstentIy. 0pt vthere rM)t8d), judgements and key Sour of esllmation uncertainty. is set Jt below. Ba818 of Preparntion The financial 8tatsments of the COle trusL ¥•thich k8 a public b8n8fft antity undar FRS 102. have b6&n pr8pared under the historfc41 ¢08t conventlon In accordance lh the Flnanclal ReportlrvJ Standard Applicabl8 In th8 UK aThY Rèpublic of Ireland {FRS 102), the Accountlng and Reportlng by Ch8ritio5 .' statsrn of Rocx)mmgnded Pra(ts appllc4bl8 to dwrltles FYeparir¥J their a(%ounts In ac(x)rdance tha FncIal Rewrting Stsndard applicabl8 in the UK and of Ireland (FRS 102) (Chaith8s SORP (FRS 102)). the Charitres Ad 2011 and the comp185 Ad 2LTh. Vlctorka College meets the defn1l1 of a public benefft entity under FRS 102. Golng Concom The tru8tees assass vkn8ther th8 usé of goirvJ con(xm is approFrriate i.e. thether there are any material uncertaintles related to events ( ¢onditions that may cast sigr¥fi(xnt doubt on the ability of the o>rnpany to continue as a going concern. The ITUStees make Ihis assessment in respect of a period of at lea8t one r from the dat8 of author18atkn tr i88ue of the financlal 3tatements and have conduded that the Collega TN8t h88 adequat8 re8<)urcas to continue in oporntional existen(x for the fore8e8able fuiure and there are no mat8d81 uncertaSntl8s abcmrt the Colge TruBt's abilty to continue as 8 going (xyKem, thui thoy contlnu8 to adopt th8 golry LX)fK¥m ba81s of accountlThJ In preparfng financlal statements. Income Al Incomlng re80urces are re(xyJnlsed the College Tiust has enbllernent to the funds, the rgc8lpt Is probgble and the amount can be measurnd rellaLty. Grants Grants are kLKIed In the statem of Flnan(xal Activflles on a receivable basis. The bala of Income received for specific purp08es bui not experKled the period 18 shown tn the relevant lund8 on the balance sheei Where Income 18 recelved kn advanco of m8ètlng any partnCe- related condltlons thore18 not uncondllional entitlement to Ihe In(xxne and It8 recognltton Is deferred and Induded in creditor8 a8 deferred Income unll the porfomiancHelatsd conditions are m8L Where onUUement occurs beforo Income Is recofvod, the Income18 acCnd. Genwal Nnnual Grant 18 re(xJgn1l In full in the Statement FInal Actlvlile8 h tha year for wh1( tt Is receivable and any abatement in respact of the peri(xl 18 dluc from income and r8(x)gni8ed as a liablllty. Caprtal grants are recognised In ful when there Is an entrllement aThl are not deferred over the I8 of the asset on whlch they are expended. Unspent amounts of pits1 grant are refiected in balan 8h8at in the restricted fixed asset fu1. Spon•or•hlp In¢om• Spon8or8hlp Income provtded to the Coll8ge Trnst which anKwnts to 8 donation 18 recx)gnised in Ihe Stalement of Flnandal Actiwde8 in tro perlod In whlch R ts recelvable, ere recalpt is probable and It can be m8asured reliably. Donatlons DatiOnS are recognbed on a recelvable ba8ls there Is cert• of recelpt and the amount can be reliably mèasured. othor Incom• ot1r Incom8, Indudlng twre of fa(altti88, is recogrmsed in ts period it Is r1Vable to the extent the College Trust has rrfovlded the goods or seThi$.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 18 Donated goods. facililies and 8ervtces Goods donated for Sale are inckKled at fair valua, beip.g the expected proceeds from sale18S.8 the expected costs of sale. If it is practlcal to assèss th8 fair value at receipt, it is reCnISed In stock anrj 'Income from other trading activit,es'. Un sale, the value of the stock is charged 898insl 'lnrxime from other trading activities. and the prOed5 are reccgnised as 'lncome from other trading activities,. wtte it is Impractical to fair value the items due to the voltsme of low value items they are not recognised in the Ilnancial statements until they are sold. Thls Incom8 Is reccAJnis8d wthln 'lncome from olhL¥ trading actwtiie8'. Where the donat8Q gix)tt i8 a fixed asset It ts measured at fair value, unless it is imprathcal to measure this reliably, in ¥hlch cas8 the cost of tile iiem to Ihe donor should be us6d. Tha gain is recogni8ed as income from donations and a coTh8sponding amount is included in the appfoprialo flxed asset category and depreciated over the usèful 0cxJnom h'fe in arxordance 1th the College Trust's armuntin9 polld8s. Tran•f•r8 of leasehold property Leasehold propety transferrod to th8 College frn the loL¥l authority at litt18 or no consldératlon be revalued at fair valu8 in accordance with FRS 102. This value will be regnIsed as incoming r8sourc8s in the Statement of Flnancial Activities and wlll ba Indudod n the appropriate re0 a88ets category and depreciated over the life of the lease. Exp•ndltur• Expenditure is recognised once thern Is 8 legal or o)nstnKtive obligation to transfer economlc benefit to third party, It ,'s probable that a trar,sfer of economk beneflts WHI be required in settlement and the amount of the obligation can t mèasured reliably. ExperKlilure is d8sslfied by actlvlty. I'he costs of aach activity are made LIP of the lotal of direct costs and shared costs, including support costs Involved in undertaking each activity. Dlre¢t ¢osts attnbutablo to a single aCtty a allocated directy to thai activity. Shared costs whlch contribute to more thon one a¢Uvlty and support costs whlch are not attdbulable to a single activity are apportioned betsyeen those activities on 8 basis consistent wth the use of resources. Central stsff Costs are allocated on the basis of time spent. and depreaabon charges glk)c8ted on the rx)rtlon of the asset's use. Exynditure on Ralslng Funds This includes all experKIltur8 inajrred by the Co118Ge Trust lo raise funds for Its charttat48 purpo888 and inclLths costs of all fundraising activities events and non4haritable trading. Charitable Actlvltlos These are cx)sts Incurrad on the Coaege Trust's educatlonal operations, Indudlng support costs and costs relating to the govornance of ts Collège Trust apportioned to dritable actitIes. All resources expended arè inclusive of iThecoverable VAT. Tanglblo Flxad Assets Assets costing £1,000 or more are capitalised as tsngiblg fixed assets and are carrkd at cost. net of depreciation and any provision ft)r impairment. Where ianglble fixed assets have been acquired ryth the aKJ of specmc grants, eith8r from the govemment or from the wivate sector. they are included in the Balance She8t at cost and depreciated over their expected useful economic lrfe. Where there are specific condltions attached to the funding rèqulring the continued use of the asset, the relal8d grants are credite(S to a restricted flxèd asset fund in tha Statement of Financial Aclivibes and carried forward in the Balance Sheet. Depreciation on the relevant assets is charged diroLW to th8 restricted fixed asset fund in the Statsment of Flnanclal Activlties. Where tangible fixed assets hav8 been acquired ryth unrestriced funds, dweclatlon on such assels is charged to the un.restticted fund. Depreciation is promded on a Straight line basis on the cost of tangible fixe(l assets, to write them down to their estimated residual vaSu8S OV8r their expected usefij,, lives. No depreciation is provided on leasehold land where the lease is more thari 20 years The prfrdpal annual rates used for other assets are:
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19 Tangibl8 Hx8d Assets (confd) Motor hIcleS Furnliure arKI equipment Computer equipment arKI 8oflwa Assets in the o)urse of constructN)n are w)duded at C08t. DePrJaIl( on th080 as8ets is rw)t thrged untll thay are brought Into usé. A ravlaw for impairment of o fed 8sEet is carrd oui rf events or thanges in cirmstanCeS indlcate that th8 carrylng valu8 of any a888t may not b8 recovèrab. SIKthlls beiw88n the canyng valu8 of fixed ass8ts and theSr r8coNwth nounts ar8 r8cognIsl as Impalnnents. Impaimi8nl losses are recxwnised in the Statement of Fincial Adivil. Leased assats R8ntals under OPerang leases we cFwged a strakjht Ilne ba over the lease lemi. Flnonclal In•trumonts Th8 Coll8ge trust only holds baslc knstruments as deltr In FRS 102. Th8 flnancl818888ts and finan(id liabil88 of the College tnmt and their mog8uroment ba818 ar8 a8 follM.' Financial 8&8•t8 - trade and other debtors are basic finandal In8truments and are debt in8trumont8 measured at amortlsed cost as detalled In note 13. PrepaYnts we not finandal In8trument8. Cash at bank - Is dassified as a baslc fir)anclal instrument arwj is rnasured at face value. 20% 10% to33% 25% Flnanclal 118blllti8s - trade cyedltin. accrual$ and other (xedtors a flnan¢lal knstrument. and ar8 measured at arnorttsed cost as d8ts118d In note 14. TaYAtI( and 8odBI se¢urlty are not Induded In the finandal Instruments dlsdosure defini1x. DeferTed income Is )1 deemed to be a fhancial Ilablllty, 88 tho ¢a8h settlement has dready tskan place and Ihore Is an obllgath)n to dellver servlcs rather then cash or another financlal instrUmL Taxatlon The Collogo Trust 58 con81der•d to pa88 tho tosts 8Ot wt In Parar 1 Schodulo 8 of the Flnancp Act 2010 and therefore It meets the definilion of a tharitabla ts)mpany for UK corporation tax purpo888. Accixdlwly, tt)0 College Trust li wenfjalty axempt from taxatlon In respect of Incomo or capllal galns recelved wlthln categorles mvered by Chapter 3 Part 11 of the Cryratlon Tax Act 2010 or Section 256 of the Taxation of Chargèable Gains Act 1992, to the ext8nt that 8uch incom8 or galns are applled excluslwty to charttable purpc68s. PoMion• Benefits Retirement bènefits to employees of the College Trust ar8 proNryded by the T8achers' Penslon Sthome (TPS.) and the Local Goverrment Penslon Scheme {'LGPS'). These are defined benefft schemes. All staff are employed by victoria School uThler a seThico18v81 agreement ith tho Co10. As a resutt no staff been trarferred under Transfer of UrKlertaklngs {Protoctkn of Empbyment) Regulatk)ns 2008 and thern are therefore no TPS ( LGPS labillues at tho Colleg8 thii year. Fund Accountlng Unrestrlcied Income funds rewesent those resources vthlch may b8 used towards meetlng any of the charftablg objects of the College Trust at the discretion ¢A the trustees. RestrKted frAed asset funds are resources vthich are to be aFvlied specific capital purposes wnposed by funders where th8 a858t acqulred or created Is held a specthc purpose. Restricted general funds (x)mwise all ottrr restricted funds reIved *ryth restrictions imposed by the fund?rldonor and indude grants from the Education ar#J SknILs Fundiry AgencylDepartment for Education. Crltlcal accountlng o•tlrnat•• and arm• of Judg•mont Estimates and judgements are contmually evaluated 8fKI are bgs8d on historical experience WKI other factors, wKludlng expectatlon8 d fure 8vents Ihat aro b8118v8d to be reasonable under the drcumstancas.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20 Crftlc81 accounting estlmates ap.d a8sumptlons The Colloge Trust makes estimates and assiimptions concerning tr,e futur8. The resuliing accounting estlmates and assumptlons will, by def',nition. seldom eqknal Ihe lated actual resutts. The estlmates and assumptions that have a signrficant risk of causing a material ad1vsknent io the rying amounts of assets and liats'lities bMlh*n Ihe next financial y8ar are discussed below. The Cfltlcal areas of judgement are acCounn9 for government grents. a(%ounting frff the wrlte down of assets through depreciation. Govemment grants are ac4x)unted for as restricted fuThJs. Deprecation rates are based on the expected lile of Ihe 8SS8L Crltlcal araas of Judg•mant The critical judgements that the Trustees have made kn the process of applwng the College Tru81'8 accounting poliues that have the most significant effect on the amounts recognised in the statutory financial ststements are dlscuss8d belw. In assesslng whether therè have been any indicators of impaim)8nt a5setS, the Trustees have considered bot4 external and internal SorCeS of Infofjn8tion such as market condltlons. counterparty credit ratings and experience of rocov6rabilty. There have been Indicaiors of impaiments identified during tha urrent financi year. Agency arrangemont• The College Trust acts as an agent in diStribub'n9 16-19 Ixjrsary funds from the ESFA Paymènts received from the ESFA and subsequent disbursements to S;LNl8nts are excluded from thg Statement of finanoiai activities as the trust does nol have c¢)ntrol over the ch8ritable application of the funds. The tru81 cannot use any of the allocatlon towards Its (Ywn adminlstration costs. The fund8 r8C8iv8d and pald and any balances held are disckjsed In note 27.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (convd) 2 GENERAL ANNUAL GRANT (GAG) Under the funding agroement 1th tha S8cr8tsry of Stat8 th8 VK*oria Coll8g8 Limited was not subje(# to a Ilmit on the affunt of Post 16 High Needs Fund#vJ grant ttt it could cary forward at 31 July 2024 (see note 15). 3 DONATIONS AND CAPITAL ORAP 21 Total 2024 £'ooo Total 2023 £00 Funds rooo Fund• £'ooo DIEIESFA capltal grarrt8 15 30 The IrKxJma from donalkins arKI ca&Mial grants vras £33.000 (2023: £53,000) of whlch £3,000 (2023: £7.lJlJ)) vms Unstricted, £1.000 (2023.. £8,000) restricted and £29.000 (2023.. £38,000) restrict] fixed assets. 4 FuNG FOR THE ACADEMY TRiisfs CHARITABLE AcnvmES 33 Total 2024 rooo Funds Fund• rooo 2023 DIEIESFA grants Post 1&1g coro gr8nt Other DfEIESFA grants Frne s¢h¢Jol meals grant Teacher8 penslon grant 19 492 19 492 14 Othor Governmont grants Hlgh n88d8 top up grant 1,019 1,084 Oth•r Incorn• from th• eoll•g•'• •ducatlonal opwatlon•: Pupll caterlng Income 1577 24 The income from the ciAlege's educaknal yratM$ was r98tr1(aed for bolh 2024 and 2023. 5 OTHER TRADING ACTMTIES Unrostrfctèd R•strlct•d Funds Fund• £00 rooo Total 2024 Total 2023 Hre of fa¢ilitre8 Cxhgr incomg Tho income from the coll8ge'8 othw tradlng acti1188 was unr881rk for both 2024 and 2023. 6 INVESThENT INCOME Total 2024 rooo Funds rooo Fund• rooo 2023 rooo Bank Interest receid The inwme from the college's irwe611 a(al¥1 Unrest for both 2024 and 2023.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Iconvd f EXPENLXTURE Non Pay Expendlturo Total Staff Costs Promises Other Costs 2024 £00 rooo £'ooo Total 2023 ExndIture on ralslng lunds Direct costs - Allocaled support costs College's edu¢atlonal oparation¥ Diretst Costs - AloGat0d support costs 1,141 290 1,120 269 1,389 87 72 72 131 311 72 311 Tho expenditure was £1,431.000 (2023.. £1,389,000) of vthich £Nil (2023: £Nil) wa8 unrestricted. £1.403.000 {2023: £1,367,000) restricted and £28,000 (2023.. £22.000) restricted fixed assets. 2024 £'ooo 2023 £'ooo Not (In¢ome>lexpendltur• for the year Includ•s: Operating leases rentals D8pr8c1aOn Fees payable to audltor for.. audit 10 10 8 CHARITABLE ACTIVITIES Total 2024 rooo 1,141 290 Total 2023 £'ooo 1,120 269 Dlrect cost8 - educatkinal operation8 Support costs- education81 operations Totsl 2024 eooo 87 Total 2023 £'ooo Analys18 of Support Costs Support staff costs Depreciation Tecbnology costs Premises costs Legal costs - other other support costs Governan costs 22 20 25 71 15 290 15 269
VICTORJA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEIAEpifs FOR THE YEAR ENDED 31 JULY 2024 (¢onVd) STAFF COSTS Total • Staff costs and •mploy•o benofits 2024 Slaff (x)sts durfng the year vrnre: rooo Wages and salari8S 661 &xial SéCUTity costs 55 Penslon (%)sts 167 Other 8mploy8e ben8f6ts Total 2023 614 hoency Staff costs Staff r8struGturing (x)sts 165 213 b Slaff sovernn¢e contractual and non contractual paymonts The cdl8ge pald no Severan payTnents in the year {2023: Mne) c Speclal staff sorance non contr•dual paymonl• Induded in staff restructuritYJ cxjsts Ihere 8rn no non 8latsknyhTh (y)ntractual speclal severanc payments (2023: £nM). d Stsff numbers Tho average number of person8 0ndlIng Schod L8ader8hlp Toom) ompbyod by tho colleg8 durfng Ihe year ended 31 Juty 2024 8xpr888ed as whole persons was as fOltr. 2024 2023 Charftabl• Actlvltl•s Teachers Admlnlstratlon arKI support- IrKIlIrrfj Teachlng A8slstants Mryement Hlgh•r pild •iaff The number of employBe8 vtho80 ployee benefits {exdudkvJ emplwr pen8kM costs and ornployor national Insurance contrlbutlon8) exceeded £60.000 was: No £60,1)01- £70,000 £70,001- £80,000 f Koy management per¥onng1 The key management of the colege corn$e the trustees and the Sonlor L8ad8rshlp Team as11gted cffi page 3. The total am(wnt of ernOYae benefits {indudirvJ empbyer pension cyjntritrArfions and empbsw nats'onal insurance ntributions) rec4lvad by koy managem1 per8onnel for thalr sarrf1 to the kademy Tru8t wa8 £98,219 (2023: £88.711). 10 RELATED PARTh TRANSACTIONS- TRU8TEES' REMUNERATION AND EXPENSES No trustse has been paid rneratI or has reIved other benefils from an employment 1th the COlge. other related party transaction8 hx*KlYYJ directors are (Krt in nole 26. 11 TRUSTEES, AND OFFICERS. INSURANCE In a(y))rdance with nomial commerraal practke the College has wrchased Insurance to protect trustees, and officers from daims ariswvJ from negligent acts. errors or omlsslons occurrlng whllst on Collegè buslné86. Thè insuranca provKles ry)ver up to £10,000,(KK) on any cme clalm. The cost of thls Insurance cannot ba dl8aggregated enl18 Kuded In the total In8urnrKe (x)st.
VICTORIA COLLEGE LIMIIED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 {conVdl 12 TANGIBLE FIXED ASSETS 24 Comput•r Fumilure & Ewwnt Equlpmeth Motor V•hlclè* rooo rooo 65 28 Total eooo 133 39 172 Cost At 1 August 2023 Additions At 31UlY 2024 40 41 103 28 Déprgciatlon At 1 August 2023 Charged in year At 31 July 2024 23 11 28 74 28 102 17 28 Not book value At 31 July 2024 At 31 July 2023 63 70 59 17 2024 £YJoo 1TI 1TY 2023 £'ooo 298 298 13 DEBTORS Prepayments and accrued Income 14 CREDITORS.. AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 £'ooo 2023 £'ooo I'rade cr8ditors Oth8r credltors A¢¢ruals 32 71 103 95 166 262 At the balance sheet date the college not holding any furKls rerxived In advan for 2024125 or 2023124.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 20241conVd) 15 FUNDS The In(>Jm8 funds of the college ap18 spedfic wrFh)ses are as follo. Balance al Incoming Re8ourca8 25 Galn•, Balance at 31 July 2024 rooo 2023 rooo 417 Trnn6fars rooo (31) R8•trlctod g•noral lund• Post 16 Hlgh Needs FurKllng (note l) Freg School Mea18 <note11) High Needs Top Up grant (not8 wi) Teachor Penslon Grant (note vi) CaterirvJ Income (note vlll tkM)akns (not8 wii) Total general fund• R•strfthd flxod a8$0t funds ESFA rApital grants (note Ix) Expenditure from ravenue fund8 <rKJto ESFA donaled assets (noto iv) Total ffx•d ••••t fund• rooo (281) {9} (1,084) (19) (1) 19 31 61 {24) {4) 26 Total r••trfctsd fund• 1.607 11831) Unrn•trlct•d fundg Unrestricted funds (note v) 75 10 Total unrogtrfctod fund• Totsl fund• 75 10 85 750 Not•s l) Post 16 High Neadi FwKllng Grant rnU8t bo u80d for Iho rbjmial runnlng c08ts of tho School. Under the fundlng agreement wilh the Secretary of Stats. the College Trust wa8 not subjecl to lknlt on the amount ol grant that it would carry forward at 31 JY 2024.188e rKJte 2) ) Free sthool meals grant has been used lo support y(wng pwle from low income famlllos placed at th8 Colege. lli) High need8 top up grants fr(xn Lal Authorities have bgen to support pupils wtth 18aming or behavloural Issues by pYThfjdlrrfJ teachlng and teachlng a8slslant supporL Iv) A Ilxed assets donation of £NiS (2023.. £Nil) was re1Ved and used to fund capltal expendlture. v) Unrestricted funds have been dedvod from lottlngs, oth8r trading a1vitI85 and Inv8stm8nt vl) Teachers. pension grant PdeS fundlng to to cover Incraa8ed 8mploy8r ConbUt10nS to tho teachers, pen81on Schomo (rps). vii) Caterlng Income Is generated through sale of meals to sluderrtB. 11) Restri¢ed donatlons haNp been applled tr the Intended purp. ix) ESFA capital grants are devoW fonn(Aa cpital and 8(ool ndion5 allowan( gwts from the ESFA to $upptrt eXpwMUre capilal items. x} Expenditure from revenue furKls is the expendlture to meot tha ongolng and day to day running costs of the College in the provision of educatp)n to its students.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STAYEMENfs FOR THE YEAR ENDED 31 JULY 2024 (convd) 15 FUNDS Icont'd) Comparative infonnation in respect of tr.e preceding period is as follovts.. Balance at Incomlng R•sourca$ Galns, Balancè at 1 August Rosources EXPOnd Losses & 31 July 2022 Transfors 2023 £'ooo £'ooo 417 Rostricted g•neral funds Posl 16 High Needs Funding (not8 i) other ESFA Covid-19 lunding Free School Meals (note ii) High Needs Top Up grant (note lil) Teacher Pen51on Grant {note Catering income {rK)te vii) Donations (note 11) Total gènèral fund* Rastrlcted flxod as$o1 fund• DIE fixed assets don8tion {note iv) ESFA capital grants (not8 ix) ESFA donated assets (note tv) Total flxed assot fund• Rostrlctod pon•lon •ch•mè Ilablllty Penslon reserve 382 1325) (7) (1.019) <14) {2) 1.019 14 360 425 (2) (17) (31 22 81 Total rogtrlctod funds Unre8trlct•d lund• Unrestrfcted funds Total unro•trlclod fund• Total fund8 408 1,470 11,389) 489 61 61 469 14 14 75 75 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balance8 at 31 July 2024 are repr8sent8d by. Flxèd Penslon Goneral Assets Unrestrlclod Rastrlctod R•stricted Restrlcted Funds Fund$ Funds Funds eooo £'ooo £00 70 26 Total £'ooo 70 783 103 750 Tangible fixed assets Current assets Current liatxlitie8 672 103 569 85 96 FurKI balances at 31 July 2023 are represented by. Flx•d Pen$lon Gonoral Assets Unrnstrleled Restrlcted Restricted Restrlcted Funds Funds Funds Funds eooo £'ooo Total £'ooo Tangbi le fixed assets Current assets Current liabilities 75 687 262 425 767 262 75
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMEp¥fs FOR THE YEAR ENDED 31 JULY 2024 (cont'd) 17 CAprrAL 2024 £'ooo 27 2023 Contracted for, but not WOVKl8d in th8 financial statemerts 12 18 LONG TERM COMmITMEPS INCLUDING OPERATING LEASES Opwitlng leas At 31 July 2024 tho totsl of ts (¥)leg8'8 firturo mlnlmum l•ow payments under non-¢Ilable op8rntlng188888 was: 2024 Oth•r 2023 othor £'ooo Amounts du8 wthin one year Amounts duo betweèn one and fNe yoars Amounts due more than five JEars 19 RECONCILIATION OF NET INCOME TO NEf CASH FLOW FROM OPERATING ACTNinE8 2024 £'ooo 2023 Net Incorne for the reportlng pwkmd (a8 P8r the statement of finan081 activities) Adluste(I for.. Dewedallon (note 12) Capltal grants from DIE and other cathl Income Interest receivable Decreale In debttY8 Decrea88 In credllor8 N•t ca•h provld•d by op•ratlng actMII•• 20 CASH FLOWS FROM INVEST114G {29} 159 144 2024 31 2023 Interest receivèd Purchase of tanglble flxed 8s9ots Catytsl grants from DfEIESFA Not cash (us•d In)Iprovidod by Invosllng o¢tMIIo• 21 CASH FLOWS FROM FINANCING AcllviTIES 139) 2024 rooD 2023 rooo Not ca•h provld•d byl{u••d In) flnandng 4¢tlvlU 22 ANALYSIS OF CASH AND CASH EQIMVALEPJ At 31 July At 31 July 2024 rooo Cash in hand and at bank Totsl cash arKI cash equlvalerrt¥ 23 ANALYSIS OF CHANGES IN NEr DEBT At1Aug 2023 rooo Cash At 31 Juty Flow8 2024 rooo 137 Cath at bank
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 (confd) 24 CONTINGENT LIABILITIES During the period of the fundlr.g agreemènt betsveen the Vlctoria College kimiled and Ib.e Secretary of State. In the event of the sal8 or disposal by ottr,ei means of ap.y assèt for whith a Govemment capltal grant was recelved, the Vic+.oria Co118ge Limited is require(1 &'ther lo reinvest thé proc88ds or repay to Ihe Secretary of State for Education. the same prop)rtion of te proceeds of the sale or disposal as equates th8 prorM)rtion of the gInal cxjst mat by the Secrel8ry ol State. 28 Upon termination of the funding agreeme.4t. wtr.8ther as a fesutt of tne Secretary of Stats or the Victoria College Limlted serving nollcè, the VKwria Colleg8 L:.rnited is oblwJed to repay to the Secretary of Stal8 sums determined by reference to: a) the value at that time of the tOrIa College Limiied's sitss and wemises and other a8sets held for the purpose of the Vlctoria College Limited; and b) the extent to vthlch exp8nditure inwrr8d in proding Ihose assets was rnet by paym8nts by the Secretary of Stst8 under the funding agreement. 25 MEMBER LIABILrrY Each memb8r of the Vlctorla Cotlege Limited urKl8rtak86 to rtrIbUte to Ifs ass8ts In Ihe ovent of it balng wound up bthlle h81she is a membar. or wthin one yéar aftar halshe (8ses to De a memb8r, suth amount as Tr.ay be r8quir8d. not exceediThJ £10 for the debts and liabllities contracted béfore h81she ceasas to be a memb6f. 26 RELATED PARTY TRANSACTIONS ONing to the nature of the College Trusvs operatlDns arKI the comp0shk of the board of trustees belng drawn Irom local Publ arml private sector organisations. li is inewtable that transactions will tske plac8 wlth organlsations in vthich a memb8r of the board of tnjstses may have an Intèr881. All transactions involvlng such or9anisats.ons are conducted in ac(x)rd8nce wilh the College trusvs financial rogulations and nomal procur8ment wocedures relatlng to Connected arKI related party Iransaction8. The folln9 related party transadim look place in th8 priod of a¢¢ount: Victoria College made the folloving purthase5 at ams, length in accordance with the flnanclal regulati¢)ns. which the fdlowing rolaled partles beSJw neith8r parbcipoted In. nor Influenced. G Coffey is Executive Headt6acher across WKtoria College, Victoria School and Chery Oak School. Vlctoria College purchased goc#ls and sorvw from Victorfa School. Total expenditrJre for the year ended 31 July 2024 w8$ £1.104,208 (2023: £1,158.267}. of Mthich £NII {2023.' £120,724) was outstandlng at the year end, Vlctoria College purchases goods arKJ semces from CtRry Oak School. Total expenditure for the year and8d 31 July 2024 vras £NII (2023.. £23,350), ol vkni(* £Nil (2023.. £Nil) was outstanding at the year end. 27 AGENCY ARRANGEMENTS Thè college distrlbut8s 1&19 bursary fun¢s to students as an agent for the ESFA In the accounting porfod ending 31 July 2024 th8 trust re1Ve £5.602 (2023.. £4,129) and disbursed £1,581 12023: £3,498) from the fund. An amount of £6.983 (2023". £2,962) is included in other creditors relating to the undistribuied funds that 18 repayat4e to the ESF 28 EVENTS AFfER THE END OF THE REPORTING PERIOD There are no material adjusting or non adjusting events arising after the balan stl date.