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 trU￿ee$ 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 FO￿ardS - 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 ServI￿S 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 ac￿rdanCe 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 prO￿ded 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 balan￿S 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 bo￿oWIng
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.