VICTORIA COLLEGE UMrrED (A Company Umlled by Guaranl•o) ANNUAL REPORT AND FINANCIAL STATEMEp￿s 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. ResponsbIl￿es 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 dIffi￿ttleS or co￿p{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 c￿mPanY 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 inSurar￿a 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 w￿jId 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 Ne￿Y appointod truste8s are provided v￿th inf0m￿tIOn 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 decisIc￿8 about the direction of the col￿e, 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 respon￿ble 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 Per￿￿e1, the College considers the latest College Teachers, Pay and Condlilons provisions. In doing so, it consbjers the permanent respOr￿1b1l[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 perS￿ne1 also refie(*s the perf0m￿nC0 of each m8mb8r of stsff on an annual basis. The College will continue to use external national arKS sUb￿ational benchmarking analysis to compare its pay str*JCture 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 ￿rr￿luM for st￿18nts 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¥n￿KInIty enrichrnent arKI pr(xnL*e th8ir health and V￿lIbeIng. to ensure that all students a broad and balanced educat￿ which facilitates oynmunity eNlchment and w)rk experfence opportunNles. to ensure that all studènts r￿AVe a holistic 8duc8tion that $w)p￿ts their communicati￿. wnluon. Indep￿dent Ilvlng S￿lIS, cornmunty 8rwSchrn8nt. health and 8MpIo>Th￿ awaren8s8. to develop the leaming-LYntred leadership skils of all staff and trusto08 *) a o)n$lstently outstandlng quallty. to rrK)nlior the recenlly devdoped b86eline 868e88ment to W￿ble to U80 thij infomth for Informed target setting. to monltor the Impact d the d0ve1owr￿ts 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) V*lth 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, 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 b￿kern. 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 estat￿1&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 Malrrt￿6n￿ 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 r￿t *YKk with ￿ wrfe88ional fundra180rs but doos mako payment tho 8ervlc68 of a Fundral8er employ￿1 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 m￿ltOr 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 ￿l￿ge 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 aC￿rdance the Annual Accounts Dkection issued by thè Educatlon Sklls Funding Agency. United Kwudom Accounting Standards (Un1￿1 lfjngdom Generally ￿￿ePted Aixxwnting Prad1￿) and awAicable and regulations. Cunpany require8 the Trustee5 to prepare flnarK*I statements for each financlal year. UrKler company law the Trustges must r￿t 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 ro8our￿8, r￿￿udIng Its In&Th and expend1￿18. for Ihat perbd. In pryrlng these fln8nrial stat8ments. tho Tntsla8s are requir￿1 to: select suitable accounting policies and then apply conslstenty, • observe the m8thods and prlno*s Charlkn SORP 2019 and tho Academi98 A¢(xKJnts Dlrecth)n 2023 to 2024; • makè judgments and estlmates Ihal are reasonable arKI pn*J • state ￿t￿har appIl￿ble UK A¢￿￿ntIng Slandards FRS102 hm boon foll￿*d. subject to any materfal d8pa￿re8 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$lble adequate accountlrv reLxxd& that orn suindent to Bhow and explaln the charitsble companV8 tr8ns8c*ons and disck)se wlth reasonabb8 accuracy at any tlme the financial position of the charftal)le ￿nY and enable them to enswe that the finani>al Statements C￿MPlY vlth tha Companlo8 Act 2006. They are also responsible for safeguarding the assets of the dwritable company and hence for taklng roa80nat40 steps for tho prevth and detactlon of fraud and othar Irregularftles. The Trustees are r8sp(mlbl8 f¢Y en$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 resP￿￿1t￿• 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 Ir￿orn0 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 finan￿al 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 Con￿nUe 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 Inf0M￿lI0n induded in the annual report other than the financial statements and our audilofs report tr￿reon. 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 Info￿atIon 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$ststement in the financial staternents or a material misststement of the olher Infomation. If. baséd on the V￿rk we have perfomied, we conclude that thor8 is a material misstatem8nl of this other informati1￿. we are required to report that fact. We have nothing to report in Ihis regard. VICTORIA COLLEGE LIMITED INDEPENDENT AUD￿OR.5 REPORT TO THE MEMBERS OF VICTOR￿ COLLEGE LIMrrED FOR THE YEAR ENDED 31 JULY 20241corfd) Oplnlon8 on other mattern prucrlbed by th• Cornpanlos Act 2006 In our opinion, based on the urKJertaken in the coutse of ow audit ttbe infonnatlon glven in the Truste85' report {irKorporating tho Strateglc Report. and the Trustees Report) for the financial year for whith the finandal ststements are txepared is wnsistent wth the financlal 8tatem8nts; and the Trustees, report has been prepllrwj in acuJrdaThx 7Mth appli(xble legal requirgmgnts. +• Matt•rs on whlch wo are requlred to report by exceptlon In the Ilght of the knowlèd￿ and und8rstandlng of th8 tharftab18 ¢￿mp￿ and Its an￿rOnment obtalned In th8 course of the audit. we ha￿ identlfied material mlsstatements kn the Truste8s' reporl. We hav8 nothi￿ to r8Fth in r88P8Ct of th8 fdkphlNJ matt8rn where the c￿an189 Act 2006 requires us to rewt to you rf. In our opinion.. adequate accounllng records hrn rnl been kept. ¢x retums thiuate for our audlt hav8 not recelved from branch8s not vi&knl by ￿. or Ihé flnancial statements are rK)t in agreement vfith the acc¢)untir¥J ra￿)rdS and reknm8; or cwtsln discl¢Jsures of Trustees, remunwalion SP8L?figd by law are not made", or wo have not recelved 811 the In1￿1alK)Tr and 8xpl8natlon8 we raquke for our aLKlIt; or Ro•pon•lblllllu ol Tru•t•8• A explalned more fulty In the Tnth. re8ponslbllltl88 Statement 8et (Mjt on page 9. the Tru8t808 are r8sponsll￿e for the preparallon of the flnancjal statements and for beir¥J 5atisfi8d that they give a true and falr vl8w. and for Such ntemal t4Jntrol 8$ 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 Vlt*Kia Col*e 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. Rea￿nable 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 Ca￿sidered m8teri81 ff, ir*dMdualty 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. Indui*ng fraud. are instanc88 of non4￿pIlanca *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 b￿re contrary to applKable laws and regulations including fraud, and w8 consid8red the extent to ￿lch rIor￿cOmplIance 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. AL￿￿t 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 h￿har 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 c￿ntrol. 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 8￿sts 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 e￿Sts, 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 preSen￿￿On. 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 lo￿ard 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•: R￿trIcted 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 D￿mbar 2024 and signed on their behaw by.. Chalr VICTORIA COLLEGE LIMITED 16 STATEMENT OF C￿H 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 poI￿leS adopted (*thith have ba8n appli8d ￿nSIstentIy. 0￿pt vthere rM)t8d), judgements and key Sour￿ of esllmation uncertainty. is set ￿Jt below. Ba818 of Preparntion The financial 8tatsments of the COl￿e 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 F￿￿ncIal Rewrting Stsndard applicabl8 in the UK and of Ireland (FRS 102) (Chaith8s SORP (FRS 102)). the Charitres Ad 2011 and the comp￿185 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 Col￿ge 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 k￿LKIed 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 part￿￿nCe- 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 acCn￿d. Genwal Nnnual Grant 18 re(xJgn1￿l In full in the Statement FIn￿al Actlvlile8 h tha year for wh1(* tt Is receivable and any abatement in respact of the peri(xl 18 d￿luc￿ 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 I￿8 of the asset on whlch they are expended. Unspent amounts of ￿pits1 grant are refiected in balan 8h8at in the restricted fixed asset fu￿1. 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 D￿atiOnS are recognbed on a recelvable ba8ls *there Is cert• of recelpt and the amount can be reliably mèasured. othor Incom• ot1￿r Incom8, Indudlng twre of fa(altti88, is recogrmsed in ts period it Is r￿1Vable 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 reC￿nISed In stock anrj 'Income from other trading activit,es'. U￿n sale, the value of the stock is charged 898insl 'lnrxime from other trading activities. and the prO￿ed5 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 fr￿n the loL¥l authority at litt18 or no consldératlon be revalued at fair valu8 in accordance with FRS 102. This value will be re￿gnIsed as incoming r8sourc8s in the Statement of Flnancial Activities and wlll ba Indudod n the appropriate r￿e0 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 aCt￿ty 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 d￿ritable acti￿tIes. 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 unrestric*ed 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. DePr￿JaIl(￿ on th080 as8ets is rw)t thrged untll thay are brought Into usé. A ravlaw for impairment of o f￿ed 8sEet is carr*d oui rf events or thanges in cir￿mstanCeS 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 r8cognIs￿l as Impalnnents. Impaimi8nl losses are recxwnised in the Statement of Fincial Adivil￿. Leased assats R8ntals under OPera￿ng 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 liabil￿88 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. PrepaY￿￿nts 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 servlc*s rather then cash or another financlal instrUm￿L Taxatlon The Collogo Trust 58 con81der•d to pa88 tho tosts 8Ot wt In Par￿ar￿ 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 Co1￿0. As a resutt no staff been trar￿ferred 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 ottr￿r restricted funds re￿Ived *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 fu￿re 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 acCoun￿n9 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 So￿rCeS 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 aff￿unt of Post 16 High Needs Fund#vJ grant tt￿t 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 Un￿stricted, £1.000 (2023.. £8,000) restricted and £29.000 (2023.. £38,000) restrict￿] fixed assets. 4 FuN￿G 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 acti￿1188 was unr881rk￿ for both 2024 and 2023. 6 INVESThENT INCOME Total 2024 rooo Funds rooo Fund• rooo 2023 rooo Bank Interest recei￿d The inwme from the college's irwe61￿1 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 Ex￿ndIture 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 D8pr8c1a￿On 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 so￿rance 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 0nd￿lIng 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- IrKI￿lIrrfj 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 ern￿OYae benefits {indudirvJ empbyer pension cyjntritrArfions and empbsw nats'onal insurance ￿ntributions) rec4lvad by koy managem￿1 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 r￿neratI￿ or has re￿Ived other benefils from an employment ￿1th the COl￿ge. 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 ￿K￿uded 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 31￿UlY 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 ap￿18￿ 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