VICTORIA COLLEGE LIMITED {A Company Limited by Guarantoe) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Charity Commission Number.. 1191415 Company Limited by Guarantee Reglstratlon Number.. 11188465 (England & Wales)
VICTORIA COLLEGE LIMITED CONTENTS Page Reference and Adminislralive Details Trustees. Report Statement of Trustees, Responsibilities Independent Audilovs Report on the Financial Statements 10 statement of Financial Activities 14 Balance Sheet 15 statement of Cash Flows 16 Notes to the Financial Slalements 17
VICTORIA COLLEGE LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE COLLEGE. TRUSTEES AND ADVISORS Members C Lane P Singh Garcha G Coffey Trustees J Rodway (Chairl G Coffey (Executive Hwlteacher and Accounting Officer) S Bolton R Meechan C Lane {Resigned 5 Fébruary 2025) P Kainth (Resigned 10 Juty 20251 Company Secretary P McKenna Senior Management Team Executive Headteacher G Coffey Head of College C Scattergood Chi8f Flnance Offlcer P McKenna Clerk to the Board SIPS Education Principal and Registered Office Victoria College Northfield Birmlngham B31 1LD Company Registration Number 11188465 Independent Audltors UHY Hackeryoung {Blmilngham} LLP 9-11 Villoria Street Birmingham B13ND Bankers Lloyds Bank plc Commercial Banking PO Box 1000 BX1 1LT
VICTORIA COLLEGE LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 The trUee$ present their annual report together with the financial statements and auditor's report of the charitable company for the year ended 31 July 2025. The charity operates as an independent specialist college. for students aged 19 to 25 with profound and multiple learning difficulties or complex medical needs and physical disabilities. The college has 3012024: 29) students on roll at 4 September 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon The College is a company limited by guarantee with no share capital {R8gistralion Number.. 11188465) and 18 an exempt charity. The charitable company's memorandum and articles of association are the primary governing documents of the College. The trustees of Victoria College are also the directors of the charitable company for the purposes of company law. The charitable company is known as Victoria College. Detalls of the trustees who seNed during the year excepl as noted are included in the Reference and Administrative Details on page 3. M8mbers' Liability Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of il being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before they ceased to be a member. Trustoes. Indgmnitigs Victorla College has in place directors and trustee's liability insurance indemnity cover lo a Ilmit of £5m. Method of Recrultment and Appolntment or Electlon of Trustees There are clearly defined and approved procedures for the selection and appointment of trustees which are outlined in the company's Articles of Association. These include application, shoruisting and interview procedures. Consideration is given to the skills of Irustees which would enhance the effectiveness of the trust. With regard to trustees, procedures are in place for nomination and election of the trustees. Policies and Procedures Adopted for the Indu¢tlon and Tralnlng of Trustees Newly appointed trustees are provided with information about their role as truslees and basic information about the college and the governing body. A range of training is also offered to trustees each year. Training undertaken will depend on their experience. Organisational Structure The slrucluTe consists of two levels: the trustees and the Senior Leadershlp Team. The alm of the management structure is to devolve responsibility and encourage involvemenl In decision maklng at all levels. The trustees are responsible for setting general policy, adopting an annual plan and budget, monitoring the college through the use of budgets and making major decisions aboul the direction of the college, capital expenditure and staff appointments. The S8nior Leaders are the Executive Headleacher. the Head of College and the Chief Finance Officer. These leaders control the college at an ex8culive 18vel, implementing the policies laid down by the Iruslees and reporting back to them. As a group, the Senior Leaders are responsible for the authorisalion of spending within agreed budgets and the appointment of staff. Arrangements for setting pay and rernuneration of key management personnel When setting pay for key management personnel. the College considers the latest College Teachers, Pay and Conditions provisions. In doing so, it considers the permanent responsibllilies of each role, the specific thallenges lo each role as well as all other relevant consider81ions. One such element of this is the number of students that the College is responsible for. This incorporates the learning needs of students wlhin the College. The pay of key management personnel also reflects the p8rformance of each member of staff on an annual basis. The College will continue lo use exlemal national and sub-nalional benchmarking analysis lo compare ils pay structure against that of other schools and colleges as it has done in the past. Connecled Organlsatlons, In¢ludlng Related Party Relatlonshlps The Federation of Cherry Oak School and Victoria School are organi5ations connected to Victoria College.
VICTORIA COLLEGE LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 (cont'dl OBJECTIVES AND ACTIVITIES Objects and Aims The College Trust's objects are specific811y restricted lo advance for the public benefrt education in the United Kingdom, in particular but wilhoul prejudice to the generality of the foregoing by establishing, main13ining, carrying on, managing and developing 8 College offering a broad and balanced curriculum for studenls with profound and multiple learning difficulties. To achieve this, the college idenlrfied the following priorities for the year'.- lo ensure thal all sludenls develop their communication skills so that they can engage with the people with whom th8y Inleracl, lake part in community enrichment and promote their health and wellbeing. to ensure that all students receive a broad and ba18nced education which facilitates community enrichment and work experience opportunities. to ensure that all students recelve a holistic educatiorb that supports their communlcation. cognltlon, independent living skills, community enrichment, health and employment awareness. to develop the skills of all staff and trustees to a oonsistenlly oulslanding quality. to monitor the baseline assessment to enable teachers lo use this information for informed target setting. to monitor the impact of the developments of the RPSHE curriculum and embedded use of behaviour risk reduction plans to support students to develop self regulatory skills to reduce some behaviours. to monitor the digital platform, WE TRACK ME to record evidence of progression for each student. to ensure the students are safe in college and beyond, through informed and Irained staff in both safeguarding and health and safety. Prlncipal Activities Al Vicloria College, we work in partnership with young people. parents and carers lo ensure that every student enjoy high quality learning opportunities. feel challenged and inspired to participate in their learning become conlidenl, enterprising, creative learners, ready for adult life. become fully-rounded and responsible citizens. making a posilive contribution to the College and Iheir community feel Safe, happy and healthy. Objects, Strategles and Actlvltles To meet these priorities the college has adopted a number of strategies and activities that indude.. lo ensure that all students make progress towards th8 adult outcomes identified in their Education Health and Care Plans IEHCPS) lo ensure that the learning and teaching model used at the College engages all learners and encourages active participation. to ensure a coordinated approach to the continuing development of self-regulallon lo enable learners to manage their behaviour effectively. to ensure provision is personalised to the needs of 811 leamers. to ensure consistently outstanding pastoral care. to ensure high quality schemes of learning lo deliver quality teaching with a clear focus on developing holSstlc learning and preparation for experiences beyond College. lo ensure there is appropriate intervention, provision and support for leamers to enable all to experience success. STRATEGIC REPORT Achievements and Performance Victoria College is a SpecSallsl Posl 16 Institution (SPI) having previously been under Local Authorfly control. The college remains a vital part of the Cherry Oak and Victoria School Federation and we continue to work closely together. Priorities Golng FOardS - Federation to ensure the future of specialist education for young people with PMLD by engaging with local and national policy makers and influencing practice.
VICTORIA COLLEGE LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 Icont'dl Priorities Going Fowards . Federation {cont'd) ensuring that the Federation continues lo work together to provide the best outcomes for students and staff,. build resilience for the future of the Federation by arranging mutually beneficial training for all stakeholders on a number of local and national initiative5. Key Performance Indicators The trust established a financial budget at the start of the year and then monitored performance against budget during the period. Considerable work is undertaken in forecasting to ensure the continued financial viability of the college. Trustee's play a key role In holding the Senior Leadership Team to account in key financial matters. 2025 2024 29 33 student numbers Staff costs as a % of revenue income received from DfE staff costs as a OA of total revenue grant income staff costs as a % of total costs 227Vo 213% 66Q 74Y. £1,119 73% £1,181 Capital expenditure per student Going Concern After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the College has adequate resources lo continue in operational existence for the foreseeable future. For this reason,11 continues to adopt the going conc8rn b8sis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting policies. FINANCIAL REVIEW Overview Th8 principal source of funding for the college is Element 1 & 2 High Needs Funding from the DfE and element 3 'top-up' funding which is received via the relevant local authority. Most of the college's income is oblalT)ed from the DfE and the local authorities in the form of recurrent grants. the use of which is restricted to particular purposes. The grants received during the year ended 31 July 2025 and the associated expenditure are shown as restricted funds in the statement of linancial aclivilies. During the year ended 31 July 2025, total expenditure of £1,345,000 (2024.. £1,431,000) was less than the recurrent grant funding from the DfE and olher incoming resources, resulting in a surplus before transfers for the year of £144,000 {2024: £186,000 surplu5). At 31 July 2025 the net book value of fixed assels was £77.000 (2024: £70,00018nd movements in tangible Ilxed assets are shown in note 12 to the financial statements. The assets were used exclusively for providing education and the 8ssociated support ServIS to the students of the College. Financial and Risk Management Objectives and Policlos The Trust's financial and risk management objectives are documented in its.. Offi¢i81 budgets Scheme of delegation Financial regulations Risk management policy These documents are available on r8quest, and particular items which warrant specific disclosure are noted within this annual report. Reserves Policy The Iruslees review the reserve levels of the college annually. This review encompasses the nature of income and expenditure streams, the need to match income with commitments and the nature of reseNes. planned capital expenditure- improve the quality of learning and soci81 Spa within the college; planned SPI conversion costs. forecast increases in employer contributions lo the Local Government Pension Scheme. Reserves as at 31 July 2025 were £791,00012024= £654,000)
VICTORIA COLLEGE LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 Icont'd) Financial Posltlon The college held fund balances at 31 July 2025 of £894,00012024'. £750,000), comprising £683,00012024: £569,000) of restricted funds, £103,00012024'. £96,000) of lixed assets funds and £108,000 (2024- £85.000} of unreslricled ger)eral funds. Investment Pollcy All investments are made in accordance with the policy of the Irust. The trust's policy on investments are one of minimum risk with all investments being held with the trust's bankers. The trust will nevertheless seek lo maximise interest receipts within this arrangemenl. Investments are made with regard to Charity Commission guidance in relation to investments. PRINCIPLE RISKS AND UNCERTAINTIES The board has considered the risks faced by the trust throughout its normal opefalional business. It has sought to address the risks faced by the trust by estabSishing appropriate governance and management arrangements. including the appointment of senior staff and other manag8rs, and establishing robust operational policies. The board considers that these arrangements have been effective throughout the period being reported. The board intends to build on this success by est8blishing a formal risk management policy, which wlll formally document the managerial action that is taking place. and should enable future risk management lo be more systematic. Al the lime of reporting. the trust's idenlrfied key risks are.. the risk of reduced student numbers and therefore income: loss of personal and sensitive infomialion. changes to rules and regulations., the risk of national and local funding reduclions., the future financial position of the LGPS pension scheme; and the risk of unforeseen building maintenance costs. Milig81ing action. both current and p18nned, has been Identified to address these risks. This is also true of 811 other risks that have been formally idenlrfied which have a lower level of impact andlor likelihood. Risk Management The major rlsks to whlch the College is exposed have been identified on the college's Risk Register. Trustees have reviewed th8 risks lo which the College is exposed and systems and procedures have been pul in place lo manage Ihese. Fundraising Under the provisions of the Charities {Prolection and Social Investment) Act 2016 the college approach to fundraising PTaclices is from lime to lime, the college will run fundraising events to raise money for other charities or for the college itself. The college does not work with any professlonal fundralsers bul does make paymenl for the services of a Fundraiser employed by Victoria School. No donations are compulsory from students or parenlslc8rers for any fvndraising event and there is the right to opt-out for any event. The college has a complaints policy which is publicly available on the college website to ensure 8ny concerns can be reported. Plans for Future Periods The college will continue to closely monitor local and national funding developments and the impact that IhSs may hav8 on the College's financial position. Th8 college will also remain cognisanl of local changes within Birmingham that could affect the college and explore opportunilies for growth.
VICTORIA COLLEGE LIMITED TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 20251¢ont'dl Auditors In so far as the Iruslees are aware: there is no relevant audit information of which the charitable companvs auditor is unaware., the trustees have taken all sleps that they ought lo have taken lo make themselves aware of any relevant audit infom)ation and lo establish that the auditor is aware of that information. The auditors. UHY Hacker Young (Birmingham) LLP, are wlling lo continue in offi. The Trustees, Rewt incorporating a strategic report was approved by the board of trustees, as the company directors on 4 December 2025 and signed on their behalf by: J Rodway Chair of Trustse$
VICTORIA COLLEGE LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025 The Trustees, who are also the Directors of the charitable company for the purposes of company law, are responsible for preparing the Trustees, Report and the financial slalemenls in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law reqLJires the Trustees lo prepare financial stalemenls for each financial year. Under company law the Trustees musl nol approve the linancial slalements unless they are satisfied that (hey give a true and fair view of the state of affairs of the charitable company and of its incoming resources and applicalion of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP 2019 make judgments and estimates th8t are reasonable and prudent., state whether applicable UK Accounting Standards FRS102 have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the golng concern basis unless it is inappropriate to presume that the charitable company wll continue in business. The Trustees are responsible for keeping adequate accounllng records that are sufficient to Show and explain the ch8ri18ble company's transactions and disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the Ilnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for ensuring that in its conduct and operallon the charitable company applies financial and other controls, which conform lo the requirements both of propriety and of good financial management. They are also responsible for ensuring grants received from the DfE have been applied for the purposes intended. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing Ihe preparalion and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by order of the members of Ihe Board of Truslees on 4 December 2025 and signed on its behalf by.. J Rodway Chair of Trustees
VICTORIA COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE LIMITED FOR THE YEAR ENDED 31 JULY 2025 Opinion We have audited the financial slatements of Victoria College Limited for the year ended 31 Juty 2025 which comprise Statement of Financial Aclivilies, the Balance Sheet and the Slatemenl of Cash Flows and notes to the financial slalement. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Klngdom Accounting Standards, includlng FRS 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), the Charities SORP 2019. In our opinlon the financial statements.. glve a true and fair view of the slate of the Victoria College Limited's affairs as at 31 July 2025 and of its incoming resources and application of resources, including income and expenditure, for the year then ended., have been properly prepared in acrdanCe wlh United Kingdom Generally Accepted AcGounting Practice. and have been prepared in accordance with the requirements of the Companies Acl 2006 and the Charities SORP 2019. 10 Basls for opinion We conducted our audit in 8¢¢ordance with Internatlonal Standards on Auditing (UK) IISAS {UK)) and applicable law. Our responsibilities under Ihose slandards are further described in the Auditovs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wlh the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Elhlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audillng the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial ststemenl is appropriate. Based on Ihe work we have performed, we have not identified any mat8rial uncertainties relating to events or conditions that, individually or collectively. may Cast significant doubt on the Victoria College Limited's ability lo continue as a going concern for a period of at least Iwelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the Trustees wilh respect to going concem are described in the relevant secllons of IhSs report. Other informatlon The other information comprises the infomialion included in the annual report other than the financial statements and our auditorfs report Ihereon. The Trustees are responsible for the other information contained within the financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explScilly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other informalSon and, in doing so, consider whether the other infomiation is materially inconsistent with the financial slalemenls or our knowledge obtained in the course of the audil, or olhetwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls. we are required to determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other infomation. If, based on the work we have performed, we conclude that there is a material misslalement of this other information. we are required to report th81 fact. We have nothing to report in this r8gard.
VICTORIA COLLEGE LIMITED 11 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE LIMITED FOR THE YEAR ENDED 31 JULY 2025 Icont'd} Opinions on other matters prescribed by the Companles Act 2006 In our oplnion, based on the work undertaken in the course of our audit.. the information glven in the Trustees, report {Incorporaling the Strategic Report, and the Trustees Report) for the financial year for which the financial slalemenls are prepared is consistent with the financial slatemenls., and the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslatemenls in the Trustees, report. We have nothing to report in respect of the following matlers where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting record5 have nol been kept, or returns adequate for our audit have not been received from branches nol visited by u5,. or the flnancial statements are not in agreement with the accounting records and returns; or certain dlsclosures of Trustees. remuneration specified by law are not made: or we have not received all the infonnatlon and explanations we require for our audit., or Responsibilities of Trustees As explained more fully in the Trustees, responsibilitles statement set out on page 9, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Victoria College Limited's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations. or have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi5Statemenl, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee thal an audit conducted in accordan with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could r88sonably be expected to Influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are Instances of non-compliance with law5 and regulations. We desSgn procedures in line with our responsibilili@s, outlined above, lo deleGI material misstalemenls in respect of rregularities, including fr8ud. The extent lo whlch our procedures are capable of detecting irregularities, including fraud is detailed below:
VICTORIA COLLEGE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE LIMITED FOR THE YEAR ENDED 31 JULY 2025 Icont'd} Based on our understanding of the Victoria College Limited and the industry In whlch It operates, we Identified that the principal risks of non-compliance with laws and regulations related to the acts by the Victoria College Limited, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities SORP 2019 and Charities Acl 2011. We evaluated management's incentives and opportunitl8s for fraudulent manipulation of the financial statements (including the risk of override of conlrolsl, and determined that the principal risks were related to inflated revenue and the Victoria College Limiled's net income for Ihe year. Audll procedures performed included.. review of the financial statement disclosures to underlying supporting documentation, rewew of correspondence with and reports lo the regulators, including correspondence with the Department for Education review of correspondence with legal advisors, enquiries of management and review of internal audit reports in so far as they related to the financial statements, and testing of journals and evaluatlng whether there was evidence of bias by the Trustees that represented a risk of material misstalemenl due to fraud. There are inherent limitations in the audSt procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial stalemenls, the less likely we would become aware of it. Also, the risk of nol delecting a material misslatemenl due to fraud is higher than the ri8k of not detecting one r8sulling from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresenlalions. or through colluslon. As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We 8180.. Identify and assess the risks of material misslalement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive lo Ihose risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentionBI omissions. misrepresenlalions, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in Ihe Gircum5tances, but not for the purpose of expressing an opinlon on the effectiveness of the College's Internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting esllmates and related disdosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the College's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial statements or, rf such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence ob18ined up lo the date of our auditor's report. However. future events or conditions may cause the College to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financlal slatemenls represent the underlying transactions and events in a manner that achieves fair presentation. 12
VICTORIA COLLEGE LIMITED 13 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF VICTORIA COLLEGE LIMITED FOR THE YEAR ENDED 31 JULY 2025 Icont'dl Use of our report This report is made solely to Ihe Victoria College Limiled's members. as a body, in aGGordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the Victoria College Limited's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibility lo anyone other than the Victoria College Limiled's members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the Victoria College Limiled's and the Victori8 College Limited's members as a body, for our audit work, for this report, or for the opinions we have formed. Matthew Stephens Senior Statutory Audltor UHY Hacker Young (Birmingham) LLP, Statutory Auditor 9.11 Vittoria Stre8t Birmingham B4 3ND 4 December 2025
VICTORIA COLLEGE LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 (Including Income and Expenditure Account) 14 Restricted Fixed Asset Funds £'ooo Restricted General Funds £'ooo Unrestricted Funds £'ooo Total 2025 £'ooo Total 2024 £'ooo Note Income from: Donations and capital grants 34 40 33 Charitable activities- College Trust's educational operations Other trading activSties Investment income 1,432 1.433 1,577 Total 23 1,432 34 1,489 1,617 Expenditure on: Ralsing funds Charitabl8 aclivilies-. College Trusvs educational operations Total 1,317 28 1,345 1,431 1,317 28 1,345 1,431 Net Incomel{expendlturel 23 115 144 186 Transfers between funds 15 {11 Net movement In funds 23 114 144 186 Reconclllatlon of funds Total funds brought forward 15 85 569 96 750 564 Total funds carried forward 15 108 683 103 894 750 All of the Victoria College Llmited's activities derive from acquisitions and continuing operations during the above two financial peiiods.
VICTORIA COLLEGE LIMITED BALANCE SHEET AS AT THE YEAR ENDED 31 JULY 2025 15 Note 2025 £'ooo 2024 £'ooo Flxed assets Tangible assets 12 77 77 70 70 Current assets Debtors Cash at bank and in hand 13 416 572 988 177 606 783 Current Ilabilities Creditors.. Amounts falling due withln one year Net current asset5 14 171 817 11031 680 Total assets less current Ilablllties 894 750 Total Net Assets 894 750 Funds of the College: Restrlcted funds Flxed asset fund Restrlcled Income fund Total Restricted Funds 15 15 103 683 786 96 569 665 Unrestricted income thnd Total Unrestricted Funds 15 qOB 108 85 85 Total Funds 894 750 The flnanclal statements on pages 14 to 28 were approved by the truslees and aulhorised for Issue on 4 December 2025 and slgned on their behalf by.. J Rodway Chalr
VICTORIA COLLEGE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 16 Notes 2025 £'ooo 2024 £'ooo Cash flows from operating activities Net cash (used inyprovided by operating aclivitl8S 19 (41) 144 Cash flows from investing activities 20 (7) Cash flows from financing acllvllies 21 Change in cash and Gash equivalents in the reporting period (34) 137 Cash and cash equivalenls at 1 August 22 606 469 Cash and cash equivalents at 31 July 22 572 606
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 17 1 Statement of Accounting Policie5 A summary of principal accounting policies adopted (which have been applied consistentty, except where noledl, judgements and key sources of estimation uncertainty, Is set out below. Basis of Preparation The financial statements of the College trust. which is a public benefit entily under FRS 102, have been prepared under the historical cost convention in accordance with the Financial Reporting Standard Applicable In the UK and Republic of Ireland (FRS 102), the Accounling and Reporting by Charities: Slalemenl of Recommended Practice applicable lo charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of 5reland IFRS 102) (Charities SORP (FRS 10211, the Charities Act 2011 and the Companies Act 2006. Victoria College meets the definition of a public benefit entily under FRS 102. Going Concern The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related lo events or conditions thal may cast slgnificant doubl on the ability of the company lo continue as a going concern. The Iruslees make this assessment in respect of a period of at leasl one year from the dale of authorisation for issue of the financial slalements and have concluded Ihal the College Trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the College Trust's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounling in preparing the financial statements. Income All incoming resources are recognised when the College Trust h8s entit18menl to the funds, the receipt is probable and the amount can be measured reliably. Grants Grants are included in the Ststement of Financial Activities on a receivable basis. The balance of income received for specific purposes but nol expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance- related conditions there is not uncondition81 enlillement to the income and ils recognition is deferred and included In creditors as deferred income until the performance-related conditions are mel. Where entitlement occurs before income is received, the income is accrued. General Annual Grant is recognised in full in the Statement of Financial Activities in the year for which it is receivable and any abatement in respect of the period is deducted from income and recognised as a liability. Capital grants are recognised in full when there is an entitlement and are not deferred over the Ilfe of the asset on which they are expended. Unspent amounts of capital gr8nl are reflected in the ba18nce sheet in the restricted flxed asset fund. Sponsorship income Sponsorship income provided to the College Trust whlch amounts to a donation is recognised Sn the Statement of Financial Activities in the period in which it is receivable, where receipt is probable and it can be measured reliably. Donations Donations are recognised on a receivable basis where there is certainty of receipt and the amount can be reliably measured. other income Other income, including the hire of facililies, is recognised in the period it is receivable and to the extent the College Trust has prOded the goods or setvices.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 18 Donated goods, facilities and services Goods donated for re$8le are inGluded al fair value, being the expected proceeds from sa16 less the expected costs of sale. If it is practical to assess the fair value al receipt, il is recognised in stock and 'Income from other Iradlng activities,. Upon sale, the value of the stock is charged against 'lncome from other trading aclivilies, and the proceeds are r8CDgnised as 'lncome from other trading activities,. Where it is impractical to fair value the items due lo the volume of low value items they are not recognised in the financial slalements until they are sold. Thls Income is recognised wSthin 'lncome from other Iradlng activities,. Where the donated good is a fixed asset it is measured at fair value, unless il Is impractical lo measure this reliably, in which case the cost of the item lo the donor should be used. The gain is recognised as income from donations and a corresponding amount is Included in the appropriate fixed asset category and depreciated over Ihe useful economic life in accordance with the College Trust's accounting policies. Transfers of leasehold property Leasehold property transferred lo the College from the local authorliy at little or no consideration will be revalued at fair value in accordance with FRS 102. This value will be recognised as incoming resources in the Statement of Financial Activities and will be included in the appropriate fixed assets category and depreciated over the life of the lease. Expendlture Expenditure 18 recognised once there is a legal or conslruclive oblig81ion to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classifled by activity. The ¢051s of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs 8tlribulable to a single activity are allocaled directly io that activity. Shared costs which contribute lo more than one activity and sUPPOrt costs which are not altrlbutable to a single activity are apportioned between those 8clivities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent. and depreciation charges allocaled on the portion of the asset's use. Expenditure on Ralslng Funds This includes all exp8nditure incvrred by the College TTUSt to raise funds for its charitable PLJrposes and includes costs of all fundraising activities events and non-charitable trading. Charitable Activities These 8re costs incurred on the College Trusl's educational operations, including support costs and costs relating to the govemance of the College Trust apportioned to charitable activities. All resources expended are inclusive of irrecoverable VAT.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 19 Tanglble Flxed Assets Assets costing £1,000 or more are capitalised as tangible fixed assels and are carrled al cost, nel of d8preci81ion and any provision for impairment. Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance Sheet al cost and depreciated over their expected useful economic life. Where there are specific Gondilions allached to the funding requiring the contlnued use of the asset, the related grants are credited lo a restricted fixed asset fund in the Statement of Financial Activities and carried forward in the Balance Sheet. Depreciation on the relevant assets is charged directly to the restricted fixed asset fund in the Statement of Financial Aclivllies. Where tangible fixed assets have been acquired with unrestricted funds, depreciation on such assets is charged lo the unrestricted fund. Depreciation is provided on a straight line basis on the cost of tangible fixed assets, to wrile them down to their estimated residual values over their expected useful lives. No depreciation is provided on leasehold land where the lease is more than 20 years The principal annual rates used for other assets are.. Molor vehicles Fumiture and equipment Computer equipment and software Assets In the course of construction are included al cost. Deprectation on these assets is not charged until they are brought into use. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate Ihat the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impaimient losses are recognised in the Slatemenl of Financial Activities. Leased assets Rentals under operating leases are charged on a straight Ilne basis over the lease term. Financial Instruments The College trusl only holds basic financial instruments as defined In FRS 102. The fin8nclal assets and financial liabilities of the College trust and their measurement basss are as follows.. Financi81 assets trade and other debtors are b8sic financial instruments and are debt instruments measured al amorllsed cost as detailed in note 13. Prepayments are not financial instruments. Gash at bank is classlfled as a basic financial instrument and is measured at face value. Financial liabilities trade creditors, accruals and other credltors are flnancial inslnjment, and are measured at amortised cost as detailed in note 14. T8xalion and sooSal security are not included in the financial instruments disclosure definition. Deferred income is not deemed lo be a financial liability, a5 the cash settlement has already taken place and there is 8n obligation to deliver services rather than cash or another financial instrument. 20% 10/0 to 33% 25% Taxation The Colleg8 Trust is considered to pass the tests sel out in Paragraph 1 Sthedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the College Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporallon Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 20 Pensions Beneflts Retirement benefits to employees of the College Trust are provided by the Teachers, Pension Scheme {'TPS'I and the Local Government Pension Scheme ('LGPS'). These are defined benefit schemes. All staff are employed by Victoria School under a s8rvice18v61 agreement wth the College. As a result no staff have been transferred under Transfer of Undertakings (Proleclion of Employment) Regulations 2006 and there are therefore no TPS or LGPS liabilities at Ihe College. Fund Accountlng Unreslricled income funds represent those resources which may be used towards meeting any of the charitable objects of the College Trust al the discretion of the trustees. Restricted fixed asset funds are resources whlch are lo be applied lo speclfic capStal purposes imposed by funders where the assel acquired or created is held for a speGific purpose. Restricted general funds comprise all other restricted funds received with reslrictions imposed by the funderldonor and include grants from the Department for Education. Critical accountlng estlmates and areas of judgement Eslirnates and judgements are continually evaluated and are based on historical experience 8nd other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical a¢counting estimates and assumptions The College Trust makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will. by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and Ilabllilles within the next financial year are discussed below. The critical areas of judgement are accountlng for government grants, accounting for the write down of assets through depreciation. Government grants are acGounted for as restricted funds. Depreciation rates are b8sed on the expected life of the asset. Crltlcal areas of judgement The critical judgements that the Trustees have made in the process of applying the College Trust's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.. In assessing whether there have been any indicators of impairment assets, the Trustees have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year. Agency arrangements The College Trust acts as an agent in distributing 16-19 bursary funds from the DfE. Payments received from the DfE and subsequent disbursements to sludents are excluded from the statement of financlal activities 8S the trust does not have control over Ihe charitable application of the funds. The trust cannot use any of the allocation towards its own administration costs. The funds received and paid and any balances held are disclosed in note 27.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 (cont'd) 2 GENERAL ANNUAL GRANT IGAGI Under the funding agreement with the Secrelary of Slate the Victoria College Limlled was nol sublecl to a limit on Ihe amount of Posl 16 High Needs Funding grant that it could carry forward al 31 July 2025 {see note 151. 3 DONATIONS AND CAPITAL GRANTS 21 Unrestricted Rostricted Funds Funds £'ooo £'ooo 31 Total 2025 £'ooo 31 Total 2024 £'ooo 29 DfEIESFA capital granls DfEIESFA donated assels Donations 34 40 33 The income from donations and capital grants was £40.000 {2024'. £33,000) of which £6,000 12024.. £3,000) was unreslricled, £Nil12024-. £1.000) r8slricled and £34,00012024: £29,000) restricled fixed assets. 4 FUNDING FOR THE ACADEMY TRUST'S CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds £'ooo £'ooo 409 Total 2025 £'ooo 409 Total 2024 £'ooo 464 DfEIESFA grants Post 16-19 core grant other DfEIESFA grants Free school meals grant Teachers pension grant 25 440 25 440 19 492 other Government grants High needs top up grant 992 992 992 992 1,084 1,084 other income from the College's educatlonal operatlons: Pupil catering income 1,432 1,433 1.577 The income from fundlng for the academy Irusl's educational operations was £1,433,000 12024: £1.577.0001 of which £1.00012024: £Nil) was unrestricted and £1,432,000 {2024: £1,577,000) 5 OTHER TRADING ACTIVITIES Unrestrlcted Restricted Funds Funds £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Other income The income from the college's olher trading activities was unrestricted for both 2025 and 2024. 6 INVESTMENT INCOME Unrestrlcted Restrict8d Fund5 Funds £'ooo £'ooo Total 2025 £'ooo Total 2024 £'ooo Bank interest received The income from the college's investment activities was unrestricted for both 2025 and 2024.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Icont'd) Non Pay Expenditure Total staff Costs Premises Other Cosls £'ooo £'ooo £'ooo 22 7 EXPENDITURE Total 2024 £'ooo 2025 £'ooo Expenditure on raising funds Direct costs Allocated support costs College's educational operations Dlrect costs Allocated support costs 925 72 997 140 127 267 1,065 280 1,345 1.141 290 1,431 81 81 The expenditure was £1,345,000 (2024.. £1,431,000) of which £Nil 12024.. £Nil) was unreslricled, £1,317,00012023- £1,403.000) restricted and £28.000 (2024= £28,000) reslricled fixed assets. 2025 £'ooo 2024 £'ooo Net Ilncomell8XP8nditure for the year includes: Operating leases rentals Deprecialion Fees payable to auditor for: audit 28 28 11 10 8 CHARITABLE ACTIVITIES Total 2025 £'ooo 1,065 280 1,345 Total 2024 £'ooo 1,141 290 1,431 Direct costs - educational operations Support costs - educational operations Total 2025 £'ooo 72 28 15 53 24 71 17 280 Total 2024 £'ooo 87 28 20 44 25 71 15 290 Analysis of Support Costs Support staff costs Depreclalion Technology costs Premises costs Legal costs - other Olher support costs Governance costs
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 {cont'd} 9 STAFF COSTS Total a Staff costs and omployee benefits 2025 staff costs during the year were.. £'ooo Wages and salaries 616 Social security costs 61 Pension costs 161 838 159 997 23 Total 2024 £'ooo 661 55 167 883 165 1,048 Agency staff cosls b Staff s6verance contractual and non contractual payments The college paid no severance payments In the year (2024.. none) c Speclal staff severance non Gontroctual payments Included in staff restructuring costs there are no non slatutorylnon contractual special severance payments (2024: £Nil). d Staff numbers The average number of persons (including School Leadership Team) employed by the college during Ihe year ended 31 July 2025 expressed 88 whole persons was as follows: 2025 2024 No Charitable Activities Teachers Administration and supporl - including Teaching Assistants Management 23 28 28 33 e Higher pald staff The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions} exceeded £60.000 was.. No £70.001- £80.000 f Key managoment personnel The key management of the college comprise the trustees and the Senior Leadership Team as listed on page 3. The total amount of employee benefits (including employer pension contributions and employer national insurance contribulionsl recefved by key management personnel for their services to the Academy Trust was £109,348 (2024: £98,219}.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 {cont'd) 10 RELATED PARTY TRANSACTIONS - TRUSTEES, REMUNERATION AND EXPENSES No Iruslee has been paid remunerallon or has received other benefits from an employment wth the College. Other related party trans8clions Including directors are sel oul in nole 26. 24 11 TRUSTEES. AND OFFICERS, INSURANCE In accordance with normal commercial practice the College has purchased insurance to protect trustees, and officers from claims arising from negligent acts, errors or omissions occurring whilst on College business. The insurance provides cover up lo £10,000,000 on any one claim. The cost of this insurance Gannol be disaggregated and is included in the lolal insurance cost. 12 TANGIBLE FIXED ASSETS Computer EquipTnent £'ooo 41 13 54 Furnlture & Equipment £'ooo 103 22 125 Motor Vehlcles £'ooo 28 Totsi £'ooo 172 35 207 Cost Al 1 August 2024 Addltions Al 31 July 2025 28 Depreclation At 1 August 2024 Charged in year At 31 July 2025 34 40 21 61 28 102 28 130 41 28 Net book value At 31 July 2025 At 31 July 2024 13 64 63 77 70 2025 £'ooo 416 416 2024 £'ooo 177 177 13 DEBTORS Prepayments and accrued income 14 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 £'ooo 46 26 10 89 171 2024 £'ooo Trade creditors Other creditors T8xatlon & social security Accruals 32 71 103 At the balance sheet date the college was not holding any funds received in advance for 2025126 or 2024125.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 (cont'd) 15 FUNDS The income funds of tho college applied for specific purposes are as follows.. Balance at Incoming Resources Gains, Balance at 1 August Resources Expended Losses & 31 July 2024 Transfers 2025 £'ooo £'ooo £'ooo 569 (1) 683 25 Restrlcted general funds Post 16 High Needs Funding {note i) Free School Meals {nole111 High Needs Top Up grant {note iiil Teacher Pension Grant {nole vil Catering income Inole vii) Donations (note viiil Total general funds Restricted fixed asset funds DfEIESFA capllal grants {nole ixl Expendilure from revenue funds Inole xl DfEIESFA donated assets (note iv} Total fixed asset funds £'ooo 409 £'ooo 12941 (61 (9921 {251 992 25 569 1,432 1,317 683 92 31 {24) 12) 12) 28 99 96 103 Restrlcted penslon scheme liability Pension reserve Total restricted funds 665 1,466 11,345) 786 Unrestricted funds Unreslricled funds Inole v) Total unrestrlcted funds Total funds 85 85 750 23 23 1,489 108 108 894 1.345 Notes i) Post 16 High Needs Funding Grant musl be used for the norm81 running costs of the School. Under the funding agreement wlth the Secretary of State. the College TTUSI was not subject to limit on the amount of grant that it would carry foNard at 31 July 2025 (see note 2). ii) Free school meals grant has been used lo support young people from low income families placed at the College. iii) High needs top up grants from Local Authorities have been used to support pupils wlth learning or behavloural issues by providing teaching and teaching asslslant support. iv} A fixed assets donation of £2,81712024'. £Nil) was received and used to fund capital expenditure. v) Unrestricted funds have been derived from lellings. other trading activities and investment vi) Teachers. pension grant provides funding to to cover Increased employer contributions to the teachers, pension scheme ITPS). vii) Catering income is generated through sale of meals to students. viiil Reslricled donations have been applied for the intended purpose. ixl DfE capital grants are devolved formula capital and school condStions allowance grants from the DfE to support expenditure on capit81 items. xl Expenditure from revenue funds is the expenditure to meet the ongoing and day to d8y running costs of thé College in the provision of education to its studenls.
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Icont'd) 15 FUNDS (cont'dl Comparative information in respect of the preceding period is as follows.. Balance at Incoming Resources Gains, Balance at 1 August Resources Expended Losses & 31 July 2023 Transfers 2024 £'ooo £'ooo £'ooo 417 131) 569 26 Restricted general funds Post 16 High Needs Funding (note i) Free School Meals (note ii) High Needs Top Up grant (note iiil Toacher Pension Grant (note vi) Catering income (note vii) Donations (note viiil Total general funds Restricted fixed asset funds ESFA capital grants Inole ixl Expendilure from revenue funds (note x) ESFA donated assets (note Iv) Total flxed asset funds £'ooo 464 £'ooo 12811 (9) 11,084) 119) 1,084 19 191 1,403 425 1,578 31 569 61 29 (24) 14) 26 92 64 28 31 96 Restricted pension scheme liability Pension reseNe Total restricted funds 489 1,607 {1,4311 665 Unrestrl¢ted funds Unrestricted funds (note v) Total unrestricted funds Total funds 75 75 564 10 10 1,617 85 85 750 1,431 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balances at 31 July 2025 are represented by: Fixed Pension General Assets Unrestricted Restricted Restricted Restricted Funds Funds Funds Funds £'ooo £'ooo £'ooo £'ooo 77 26 Totsl £'ooo 77 988 171 894 Tangible flxed assets Current assets Current liabilities 108 854 1171} 683 108 103 Fund balanS at 31 July 2024 are represented by: Flxed Penslon General Assets Unrestricted Restricted Restricted Restricted Funds Funds Funds Funds £'ooo £'ooo £'ooo £'ooo 70 26 Total £'ooo 70 783 11031 750 Tangible fixed asset5 Current assets Current liabilities 85 672 1103} 569 85 96
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 (cont'd) 17 CAPITAL COMMITMENTS 2025 £'ooo 11 27 2024 £'ooo Contracted for, bul not provided in the financial statements 18 LONG TERM COMMITMENTS INCLUDING OPERATING LEASES Operating leases At 31 July 2025 the total of the college's future mlnSmum lease payments under non-cancellable operating leases was: 2025 other £'ooo 2024 other £'ooo Amounts due within one year Amounts due between one and five years 19 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 £'ooo 2024 £'ooo Net income for the reporting period las per the statement of flnancial aclivilies) Adjusted for.. Depreciation (note 12) Capital grants from DfE and other capital income Interest receivable Ilncreaselldecrease in debtors Increasel{decreasel in creditors Net cash (used in}Iprovlded by oporating activities 144 186 28 134) 181 (239} 68 141} 28 129) 13) 121 159 144 20 CASH FLOWS FROM INVESTING ACTIVITIES 2025 £'ooo 2024 £'ooo Interest recewed Purchase of tanglble fixed assets Capital grants from DfEIESFA Donated capital Net cash provided byl{used inl investing activities (35) 31 (39> 29 17> 21 CASH FLOWS FROM FINANCING ACTIVITIES 2025 £'ooo 2024 £'ooo Repayments of booWIng Cash inflows from new borrowing Net cash provided byl(used inl financing activities 22 ANALYSIS OF CASH AND CASH EQUIVALENTS At 31 July At 31 July 2025 2024 £'ooo £'ODO 572 606 572 606 Cash in hand and al bank Total cash and cash equivalents
VICTORIA COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Icont'd) 23 ANALYSIS OF CHANGES IN NET At1Aug Cash At 31 July 2024 Flows 2025 £'ooo £'ooo £'ooo 606 (34) 572 28 Cash al bank Overdraft 606 1341 572 Loans within one year Loans greater than on& year 606 34 24 CONTINGENT LIABILITIES During the period of the funding agreement between the Victoria College Llmlled and the Secretary of Stale, Sn the event of the sale or disposal by other means of any asset for which a Government capital grant was received, the Victoria College Limited is required either to reinvest the proceeds or lo repay lo the Secretary of Slate for Education the same proportion of the proceeds of the sale or disposal as equates with the proportion of the original cost mel by the Secretary of Slate. Upon termination of the funding agreement, whether as a result of Ihe Secretary of Slate or the Victoria College Limited serving notice, the Victoria College Limited is obliged lo repay lo the Secretary of State sums determined by reference to.. a) the value al that time of the Victoria College Limited's sites and premises and other assets held for the purpose of the Victoria College Limited., and bl the exlenl to which expenditure incurred in providing those assets was mel by payments by the Secretary of Stale under the funding agreement. 25 MEMBER LIABILITY Each member of the Victoria College Limited undertakes to contribute to il's assets in the event of it being wound up while helshe is a member. or within one year after helshe ceases to be 8 member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before helshe ceases lo be 8 member. 26 RELATED PARTY TRANSACTIONS Owlng to the nature of the College Trust's operations and the composition of the board of trustees being drawn from local public and private sector organisalions, it is inevitable Ihat transactions will take place with org8nisations in which a member of the board of trustees may have an interest. All transactions involving such organisations are conducted in accordance with the College trust's financial regulations and normal procurement procedures relating to connected and related party transactions. The following related party transaction took place in the period of account: Victoria College made the following purchases at arms, length in accordance with the financial regulallons, whSch the following related parties below neither participated in, nor influenced. G Coffey is Executive Headleacher across Victoria College, Victoria School and Cherry Oak School. Vicloria College purchased goods and services from Victoria School. Total expenditure for the year ended 31 July 2025 was £846,219 (2024: £1.104,208), of which £37,24312024.' £Nil) was oulslanding at the year end. 27 AGENCY ARRANGEMENTS The college distributes 16-19 bursary funds lo students as an agent for the DfE. In the accounting period ending 31 July 2025 the trust received £4,693 (2024.- £5,602), disbursed £7,325 {2024: £1,581) and repaid to the DfE £1,381 (2024.. £Nil) from the fund. An amount of £2.971 12024- £6,983) is included in other creditors relating lo the undislribuled funds that is repayable to the DfE. 28 EVENTS AFTER THE END OF THE REPORTING PERIOD There are no material adjusting or non adjusting events arising after the balance sheet date.