The Victoria League For Commonwealth Friendship A registered charity A company limited by guarantee Council's Report and Accounts Year Ended 31 December 2023 Company Number 00174517 Registered Charity Number 213619
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP CONTENTS Pages Reference and Administrative Details Council's Report statement of Trustees, Responsibilities Independent Auditor's Report statement of Financial Activities io Balance Sheet li Notes to the Financial Statements 15-25
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP REFERENCE AND ADMINISTRATIVE DETAILS Charity Registration Number: 213619 Company Registration Number: 00174517 Registered office and principal address of the Charity: Victoria League House, 55 Leinster Square, London W2 4PW Auditors Azets Audit Services, Chartered Accountants, 2nd Floor, Regis House, 45 King William Street, London EC4R 9AN Solicitors Keelys LLP, 28 Dam Street, Lichfield, Staffordshire W513 6AA Russell Cooke LLP, 2 Putney Hill, London SW15 6AB Bankers Nat West Bank Plc, Notting Hill Gate IA) Branch, PO Box No 1936, 48 Notting Hill Gate, London WII 3HZ CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling. Kent ME19 4JQ Investment Managers Chades Stanley & Co. Ltd, 55 Bishopsgate, London EC2N 3AS Directors and Trustees The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year end were as follows.. Mr D Doughty {Hon Treasurer) Mrs N Downer Mr S Ennis CA AAT (Fellow) (appointed 13 February 2024) Brigadier A Faith CBE {Chairman, resigned 5 July 20231 Mrs G Graham Ms S Ives Mr T Layton LT Col Sir C Richards KCVO (appointed 13 February 2024) Mr J. Steel KC (Chairman, appointed 5 July 20231 Mr S. Wainwright (appointed 5 July 2023) Mrs J. A. Williamson General Manager of The Vlctorla League for Commonwealth Frlendshlp Ms Doreen Henry
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP COUNCIL'S REPORT The Council presents its report and the audited financial statements for the year ended 31 December 2023 which are also prepared to meet the requirements for a directors, report andaccounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2015). Objectlves and Actlvltles 2023 proved to be a pivotal year for the Victoria League for Commonwealth Friendship. At the end of 2022 the Trustees decided to continue, as long as finances allow, with the operation of Student House as student accommodation for Commonwealth students. The Trustees had explored the financial implications of a sale but had rejected this course of action. 2024 sees the celebration of 70 years of operating Student House here in Bayswater. Celebrations will include an open Day in October 2024. The charity also updated its governance documentation by way of new Articles of Association which were agreed by the AGM in July 2023. This modernised the set of procedures and practices first accepted in 1921 and most recently amended in 2007, so there were many areas which needed to reflect the society we now operate in. The charity's object is, for public benefit, the advancement of education, particularly but not exclusively by.. Providing assistance to individuals from the Commonwealth who are studying or wish to Study in the UK. Providing information relating to and raising awareness amongst the public of the Commonwealth, its people, institutions, traditions and ways of life. and Supporting educational programmes within the Commonwealth. Public benefit During the year the Council have reviewed the League's activities and strategy and is satisfied that the activities undertaken meet the public benefit criteria of the Charity Commission. Achievements and Performance This year's Patron's Award for Commonwealth Friendship was awarded to Lakshmi Nanaswini Konduri. We continued to have a presence at Commonwealth/Royal events in 2023, including the Commonwealth Service, Anzac Day and the King's Birthday Trooping of the Colours. Some building improvement works at Student House were carried out in 2023 two shower rooms were re-fitted and the ground floor communal rooms were decorated. We had a visit from Dr Jeannette Youngi Governor of Queensland, Australia in May 2023. She was in London for the coronation of King Charles 111. She spent a couple of hours at Student House meeting students, Trustees and some other visitors from Australia.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP COUNCIL'S REPORT Achievements and Performance {continued) We continued our support of APIE, Umubano Academy, Rwanda as our overseas project for 2023, by providing funding towards teacher training support. This funding was from the legacy donation in 2021 frorn the late Robert Wainwright. During 2023 students from 21 countries stayed at Student House. The gender split was 50010 female and 500/0 male. The age range was 240/0 18-21 years old,. 620/0 22-25 years old and 14010 26+ years old. Degrees pursued were Undergrad IOO/o, Masters 550/0, PhD 280/0. Internshiplwork 50/0 and others 20/0. Top three subjects Engineering, Public Health/Sciences and Business/Finance. Top three institutions were Imperial, UCL and Kings College, London. Financial Review The net movement in funds for the year, was surplus of £4,610 {2022 loss of £22,096). student House income increased to £321,867 from £297,956 in 2022. The financial results reflect the League's investment in financial assets which made a loss of £3,348 (loss £20,555 in 2022}. Reserves At 3 1st December 2023, the free reserves were £254,290 {£232,023 in 2022) represented by unrestricted general funds less restricted tangible assets. The Council considers that these reserves are required to meet operating expenses plus an amount to be held in reserve to meet any fu rther unforeseen downturn in gross income. Our investments are managed by our stockbrokers Charles Stanley and Co. Investments are made to produce a balanced income to meet the needs of our charitable activities and administration and to provide capital growth for the future. Fixed assets Changes to fixed assets is shown on page 19. The value of Student House property is estimated to be £10 million. Investment olic Our reserve funds are invested in stocks quoted on the Stock Exchange, in unit trusts and government bonds. They are managed by our stockbrokers Charles Stanley and Co Ltd. Investments are made to produce a balanced income to meet the needs of the charitable activities and administration costs to provide capital growth in the future.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP COUNCIL'S REPORT structure, Governance and Management rnin The Victoria League for Commonwealth Friendship is a company limited by guarantee governed by its Articles of Association updated and agreed in July 2023. Company Membership is only open to the Trustees. ointment of Trustees Trustees are now appointed and can be removed by the Board of Trustees known as the Council. The chairman is elected by the Council. Brigadier Anthony Faith stood down as Chairman of the Council at the AGM in 2023. The post was then filled by John Steel KC, who was elected as Trustee and Director at the AGM and took up the post of chairman on 7th July 2023. Simon Wainwright was also elected to Council as a Trustee and Director at the AGM. In February 2024 two additional Trustees were appointed - Samuel Ennis and Lt Col. Sir Charles Richards KCVO. There were no staff changes in 2023.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of The Victoria League for Commonwealth Friendship for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the income resources and application of resources, including the income and expenditure of the charitable company for the 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 2015 IFRS 1021. make judgements and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial 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. In so far as the trustees are aware: there is no relevant audit information of which the charity's auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Audltors Azets Audit Services has expressed a willingness to continue in office and a resolution to reappoint them as auditors will be proposed at the next Trustee Meeting. This report has been prepared in accordance with the provision of Part 15 of the Companies Att 2006 relating to small companies. On behalf of the Trustees John Steel KC (Chairman) Date.. 24105124
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP Opinion We have audited the financial statements of The Victoria League for Commonwealth Friendship (the 'charitable company'l for the year ended 31 December 2023 which comprise the Statement of Financial Artivities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi31 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2023, and of it5 incoming resource5 and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these 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 auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sertions of this report. other information The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be rnaterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misststement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstaternent of this other information, we are required to report that fatt. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report. or the charitable company has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or ermr. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosingi as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 that an audit condurted in accordance with ISAS (UK) will always detect 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misststements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and claims a5 well as actual, suspected and alleged fraud,. Reviewing minutes of meetings of those charged with governance; Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspertion,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a rnaterial misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgeryi collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. htt www.frc.or .uk Our-wor Audit Audit-and-assurance Standards-and- uidance Standards- uidance-for-auditors Auditors-re5 On5ibilities-for-audi Descri tion-of-auditors-res for-audit.as x. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's trustees, as a bodyi in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state 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 than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. John Howard (Senior Statutory Auditor) For and on behalf of Azets Audit Services ststutory Auditor, Chartered Accountants 2. Floor, Regis House 45 King William Street London EC4R 9AN Date: 29 May 2024
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023 Notes Unrestricted Funds Restricted Endowment Funds Funds Total 2023 Total 2022 Income: Donations and legacies Charitable activities Other trading activities Investment income 6,215 321,867 5,883 12,373 6,215 321,867 5,883 14,701 5,227 297,956 5,792 13,473 1,921 407 Total income 346 338 407 348 666 322 448 Expenditure.. Raising funds Charitable activities 6,299 329, 159 6,299 334,409 5,600 318,389 5,250 Total expenditure 335 458 340 708 323 989 Net (expenditure)/ income before gains on investments 10,880 (3,329) 407 7,958 {1,541) Net (lossesl/gains on investments 14 1266) (1,788) (1,294) (3,3481 {20,555) NET INCOME/ (EXPENDITURE) 10,614 (5,117) {887) 4,610 (22,096) 17,18. 19 Transfers 407 (4071 NET MOVEMENT IN FUNDS Reconclllatlon of funds: Total funds brought fonward Total funds carrled forward 1 054 707 1 124 709 1 146 805 1 065 321 22 000 1 129 319 1 124 709 All income and expenditure derive from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities. The notes on pages 15 to 25 form part of these financial statements. 10
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP BALANCE SHEET COMPANY NUMBER: 00174517 AS AT 31 DECEMBER 2023 Notes 2023 2022 Flxed assets Tangible fixed assets Investments 13 14 609,031 437 060 622,659 390 544 Current assets stock Debtors Cash ènd bank and in hand 1,205 54,666 310 39,039 141 132 180,481 15 133,609 Credltors: Amounts falling due within one year 16 Net current assets 83,228 111,506 Net assets 1 129 319 1 124 709 Restricted funds 17 41,998 46,708 Endowment funds 18 22,000 23,294 Unrestricted funds Designaled funds General funds 19 200,000 865,321 200,000 854,707 Total funds 20 1 129 319 1 124 709 The financial statements were approved by the Board on the 2 t behalf by.. zozt and signed on their Johrt Steel KC Chairman Dermot Doughty Honorary Treasurer The notes on pages 15 to 25 fom part of these financial statements. 11
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (a) General information and basis of preparation The Victoria League For Commonwealth Friendship is a company limited by guarantee in the United Kingdom. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are set out on page 3. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued on 16 July 2014, the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The charitable company constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the funrtional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless Otherwise stated. (b) Going Concern The Trustees have concluded that the League has adequate financial sOurceS to meet its liabilities for at least 12 months from the date of signing the financial statements. The accounts have therefore been prepared on a going concern basis. (c) Funds General funds comprise the accumulated surplus on the income and expenditure accounts. They are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and are retained for working capital purposes. Designated funds are those funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds are those funds whose ultimate use is specified, either by the donor, or by the charity where funds are being raised for a specific purpose. Permanent endowment funds are those funds where the capital received is invested by the charity. The income arising from these investments is available to meet specific costs as they arise. 12
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- continued (d) Incorne All income resources are included in the Ststement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Income represents the amounts invoiced for board and accommodation. Donations and grants received for current and future revenue expenditure are treated as the income of the year in which they are received. Membership fees are in respect of membership of the Victoria League for Commonwealth Friendship and are treated on a receipts basis. Legacies are taken into account when there is legal entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Within other trading activities, there is income from fundraising activities and other sundry receipts by the charity in the year. Other income includes the government grant income received in the year in relation to The Coronavirus Job retention Scheme and is recognised in the period when the costs are incurred. (e) Expenditure Expenditure has been recognised as soon as- A legal or construrtive obligation commits the charity to the expenditure Any conditions relating to payment have fallen outside the control of the charity Charitable expenditure includes all costs relating to the furtherance of the charitable objectives. All expenses incurred are treated on the accruals basis.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- continued (f) Allocation of support and governance costs Support costs are those that assist the work of the charity but do not directly represent charitable activities and include wages and salaries, depreciation, repairs and maintenance, legal and professional fees and other small costs. They are incurred directly in support of expenditure on the objects of the charitable company. Governance costs include all costs involving the public accountability of the charity and its compliance with regulation and good practice. This comprises of audit and accountancy fees. Support and Governance costs have been allocated to charitable activities. (g) Tangible fixed assets The policy of the League is to write off fixed assets, except freehold land and buildings, at the following annual rates.. Freehold building Building improvements Plant and equipment Computer and copying equipment over 25 years over 25 years Ioolo on reducing balance 25Wo on cost Land is not depreciated. The trustees have considered the implications of FRS 102 section 17. The trustees consider that there is no impairment needed in respect of the building. Pmvision is made for permanent diminution in the value of fixed assets where appropriate. Individual fixed assets costing £1,000 or more are capitalised at cost. (h) Investments Investments are shown in the balance sheet at their market value. The market value of investments is determined by reference to stock exchange prices at the balance sheet date. Any gain or loss is taken to the Statement of Financial Activities. (i) Stocks Stocks are stated at the lower of cost and net realisable value. (j) Debtors Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount due to be received. (k) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 14
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- continued (l) Creditors and provisions Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due to settle the obligation can be measured or estimated reliably. other creditors and accruals are recognised at their settlement amount due. (m) Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. (n) Operating Leases Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the Statement of Financial Activities as incurred. (o) Foreign currency Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. All exchange differences are reflected in the Statement of Financial Activities. (p) Tax The charitable company is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordinglyi the charity is potentially exempt from taxation in respert of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 20 10 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. No tax charge arose in the period. (q) Legal status The charitable company is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES- continued (r) Judgements and key sources of estimation uncertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have been made in the pmcess of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements.. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note (g) for the useful economic lives for each class of assets. There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. DONATIONS AND LEGACIES Unrestricted Restrlcted Endowment Funds Funds Funds Total 2023 Total 2022 Donations and membership fees 6,215 6,215 5,227 In 2022, all of the income from donations and legacies was attributable to the unrestricted fund. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Endowment Funds Funds Funds Total 2023 Total 2022 Student House 321,867 321,867 297,956 In 2022 all of the income from charitable activities was attributable to the unrestricted fund. 16
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 OTHER TRADING ACTIVITIES Unrestricted Restricted Endowment Funds Funds Fund5 Total 2023 Total 2022 Other misc. income 5,883 5,883 5,792 In 2022 all of the income from other trading activities was attributable to the unrestricted fund. INVESTMENT INCOME Unrestricted Restricted Endowment Funds Funds Funds Total 2023 Total 2022 Income from investments 12,373 1,921 407 14,701 13,473 In 2022, £637 of the investment incorne was attributable to the endowment fund, £ 1,303 was attributable to the restrirted fund, with the remaining £11,533 being attributable to the unrestricted fund. RAISING FUNDS Unrestricted Restricted Endowment Funds Funds Funds Total 2023 Total 2022 Event Costs 6,299 6,299 5,600 In 2022 expenditure in relation to raising funds was attributable to the unrestricted fund. CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Endowment Funds Total 2023 Total 2022 Student House Grants (note 10) 327, 159 2,000 327,159 7,250 306,139 12,250 5,250 329, 159 5,250 334,409 318,389 In 2022, £308,139 of the expenditure in relation to charitable activities was attributable to the unrestricted fund, with the remaining £10,250 being attributable to the restricted fund.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ANALYSIS OF EXPENDITURE Direct Charitable Grants Support Costs (note 10) (note I l) Total 2023 Total 2022 Student House Grants payable 264,291 62,868 327,159 7,250 306,139 12,250 7,250 Charitable expenditure Raising funds 264,291 6,299 7,250 62,868 334,409 6,299 318,389 5,600 270,590 7,250 62,868 340,708 323,989 GRANTS PAYABLE Total 2023 Total 2022 Council of Commonwealth Societies Patron's Fund gift other 2,000 250 5,000 2,000 250 10,000 7,250 12,250 10. SUPPORT COSTS 2023 2022 Governance cost5 Audit fees Governance costs - Non-Audit fees Governance costs - Prior year under/{over) accrual of audit fees Wages and salaries Depreciation Repairs and maintenance Professional fees other 7,750 3,200 775 27,414 5,821 5,014 8,416 4,478 6,500 2,800 150 31,393 5,821 6,268 22,064 3,643 62,868 78,639 11. NET INCOMING RESOURCES 2023 2022 The surplus for the year is stated after charging.. Income from listed investments Depreciation and amortisation Auditors, remuneration aLJdit Auditors, remuneration prior year over accrual {14,701) 113,4731 29,456 29,095 10,950 9,300 775 150 18
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2023 2022 Salaries and wages Social security costs Pension costs Staff health insurance 138,167 5,505 9,208 1,040 124,708 6,413 9,691 1,040 153,920 141,852 The average number of full-time equivalent employees: No employee received emoluments of more than £60,000 (2022.. None) During 2023, no council member 12022: £nill was paid or received any other benefits from employment with the Charity. Also, no council member 12022.. £nil) was reimbursed for travel and meeting expenses. The key management of the Charity are the trustees. The total employee benefits of the key management personnel of the Charity were £nil (2022.. £nill. 13. TANGIBLE FIXED ASSETS Freehold Land and Buildings Building Improvements Plant and Equipment Total Cost At l January 2023 Additions 295,519 494,656 216,250 15,828 1,006,425 15,828 At 31 December 2023 295,519 494,656 232,078 1,022,253 Depreciation At l January 2023 Charge for the year 72,794 5,821 122,014 19,786 188,958 3,849 383,766 29,456 At 31 December 2023 78,615 141,800 192,807 413,222 Net Book Value At 31 December 2023 216,904 352,856 39,271 609,031 At 31 December 2022 222,725 372,642 27,292 622,659 Included in Freehold Land and Building is £ 150,000 12022- £150,000) relating to land.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. FIXED ASSET INVESTMENTS 2023 2022 Investments listed on a recognised stock exchange Other investment assets 414,210 22,850 367,694 22,850 437,060 390,544 Investments at cost 366,860 312,343 Movement in investments are as follows.. Listed securities Valuation at l January 2023 Additions Disposals Realised gains in the year Unrealised losses in the year 390,544 62,797 (12,933) 4,647 {7,995) Valuation at 31 December 2023 437,060 The investments listed on a recognised stock exchange are all UK equities. The following investments comprise more than 50/0 of the value of the total portfolio.. Portfolio 2023 Portfolio 2022 Aberdeen Asian Income Fund Ord NPV Avi Global Trust ORD GBPO. 10 Blackrock North Am. Inc. ordinary £0.01 shares Fidelity European Values ORD GBPO.025 JP Morgan Global Core Real Assets RIT Capital partners ordinary £1 shares Ruffer Investment Co Red Ptg Pre Shs GBPO.001 Sequoia Economic Infrast INC FD Ltd Scottish American Investment Co Ord GBP 0.25 United Kingdom (Government of) 5Q/o SNR BDS 5.02 5.31 5.73 5.21 5.85 6.34 6.60 7.39 5.60 7.37 11.00 6.69 5.27 5.79 8.63 5.77 12.18 15. DEBTORS 2023 2022 Amounts due from Student House residents Prepayments other debtors 33,000 20,881 785 13,370 22,740 2,929 54,666 39,039 20
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. CREDITORS: YEAR AMOUNTS FALLING DUE WITHIN ONE 2023 2022 Trade Creditors Payments received in advance from residents Taxation and social security Sundry creditors and accruals 14,041 27,537 666 8,514 32,258 4,205 32,135 50,381 68,975 17. RESTRICTED FUNDS Transfers Incoming Resources January Resources Expended 2023 31 December 2023 Gains/ (losses) Specific Room Maintenance Patron's Fund student House Refurbishment Robert Wainwright fund 2,694 1,250 407 3,101 1,000 (250) 1,574 1,574 41,190 1,921 {5,000} (1,7881 36,323 Total 46,708 1,921 15,250) (1,3811 41,998 Specific Room Maintenance The income from the endowment fund is to be used for specific room maintenance (see note 16). Patron's Fund In 2017, £2,500 was received from The Patron's Fund, the charitable fund set up to acknowledge the work of the charitable organisations for which Her Majestyi The late Queen acted as Patron, on the occasion of her 90th birthday. It was decided that £250 per year for the next 10 years, would be awarded to the student at student House who had best promoted Commonwealth Friendship at the house that year. The recipient for 2023 was Lakshmi Manaswini Konduri from India. student House Refurbishment Fund This fund created in 2020, was set up to support the refurbishing of rooms in the Student House. This included communal kitchens and student rooms. Funds are raised through members, students, supporters and branches. Refurbishment work was suspended in 2020 due to Covid but commenced again in 2023. 21
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Robert Wainwright Fund In 2021, a £50,000 legacy was received from the Robert Wainwright fund. This was to be used by Victoria League to.. support those overseas projects on an educational theme selected annually by the Trustees, and,. to assist those Cornmonwealth students studying in the United Kingdom who have been awarded scholarships by the Trustees. In 2021, the Trustees decided to investment the money into its investment fund, to generate additional income to be used as above. The original capital invested is made up as follows- JP Morgan Global Core Real Assets Scottish American Investment Co Ord GBP 0.25 Temple Bar investment Trust Ord GBPO.25 20,000 20,000 10,000 50,000 During the year ending 2023, dividend income of £1,921 (2022.. £1,303) was received and an investment loss of £1,788 {2022.' gain of £1,791) was noted. 17. RESTRICTED FUNDS - Prior Year Transfers Incoming Resources January Resources Expended 2022 31 December 2022 Gainsl (losses) Specific Room Maintenance Patron's Fund student House Refurbishment APIE Robert Wainwright fund 2,057 1,500 637 2,694 1,250 (250) 1,574 iii 1,574 (iiii 51,567 1,303 (9,8891 (1,791) 41,190 Total 56,809 1,303 (10,250) (1,1541 46,708 22
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. ENDOWMENT FUNDS 2023 2022 Balance at l January 2023 Investment income Realised gain on investment Unrealised gain on investrnent Disposals Transfer to the Specific Room Maintenance Restricted Fund 23,294 407 2,216 1,132 14,642) 1407) 26,671 637 13,377) 1637) Balance at 31 December 2023 22,000 23,294 The original capital invested is made up as follows.. Margaret Farmer {Virtoria) Room investment Australia Room investment 2,386 4,077 2,386 4,077 6,463 6,463 The income generated by these investments is to be used when necessary for maintenance of the respective rooms at Student House. 19. UNRESTRICTED FUNDS General Revaluation Sub-total Designated fund reserve funds Total Balance at l January 2023 629,572 225,135 854,707 200,000 1,054,707 Gains realised on disposal of listed investments Increase in market value of listed investments Net incoming (excluding net gains on investments) Transfers (4,647) 4,647 (7,3391 (7,339) (7,339) 15,953 15,953 15,953 Balance at 31 December 2023 640,878 222,443 863,321 200,000 1,063,321 Designated funds Major maintenance of Student House During 2007 the Trustees decided to establish a Building Maintenance Fund to cover the major cyclical maintenance of Student House. 23
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19a UNRESTRICTED FUNDS - Prior Year General Revaluation Sub-total Designated fund reserve fund5 Total Balance at l January 2022 622,803 240,522 863,325 200,000 1,063,325 Gains realised on disposal of listed investments Increase in market value of listed investments Net incoming (exclLJding net gains on investments) Transfers 110,773) 10,773 (26,1601 126,160) 126,1601 17,542 17,542 17,542 Balance at 31 December 2022 629,572 225, 135 854,707 200,000 1,054,707 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS General fund Designated funds Restricted Endowment funds fund Total Tangible fixed assets Fixed asset investments Cash at bank Other net current assets/lliabilitiesl 609,031 182,047 68,753 3,490 609,031 437,060 77,738 3,490 200,000 33,013 8,985 22,000 Balance at 31 December 2023 863,321 200,000 41,998 22,000 1,127,319 24
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20a ANALYSIS OF NET ASSETS BETWEEN FUNDS - Prior year General fund Designated funds Restricted Endowrnent funds fund Total Tangible fixed assets Fixed asset investments Cash at bank Other net current assets/lliabilities) 622,659 127,449 134,225 622,659 390,544 141,132 200,000 39,801 6,907 23,294 {29,626) (29,626) Balance at 31 December 2022 854,707 200,000 46,708 23,294 1,124,709 21. OPERATING LEASE COMMITMENTS Total future minimum lease payments under current operating leases are as follows- 2023 2022 Not later than one year Later than one and not later than five years 480 1,827 2,307 22. RELATED PARTY TRANSAcfIoNS There are no related party transactions to disclose for the current or the prior year. 25
The pages that follow do not form part of the statutory financial statements of the Charity 26
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Headquarters 2023 2022 Incorne Donations and legacies Dividends and interest Membership fees Sundry income 2,788 14,701 1,705 4,474 2,240 13,473 2,242 3,704 23,668 21,659 Expenditure Depreciation Donation to Council of Commonwealth Societies Corporate membership Cost of goods and events Repairs and maintenance Salaries and associated costs Printing, stationeryi and postage Travel expenses Telephone Entertainment, receptions and meetings Bank charges Audit and accountancy fees Professional fees Advertising Other staff costs Patron's Fund Donations Sundry expenses 5,821 2,000 785 6,299 5,014 27,414 1,897 76 190 818 (7451 7,839 8,416 7,165 805 250 4,969 145 5,821 2,000 863 5,600 6,268 31,393 1,497 22 164 643 1551 7,700 22,064 6,444 337 250 9,640 447 79,158 101,098 Net operating deficit (55,4901 179,443) Students. house net operating {loss)/gain 63,448 77,897 Operatlng (loss) for the year 7,958 (1,5421 Investment (lossesl/gains (3,3481 (20,5541 Net (deficit)1surplus for the year 4,610 (22,096) 27
DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Victoria League Students, House 2023 2022 Income Accommodation Coin machine income Donations for maintenance 321,409 3,589 297,556 3, 184 49 324,998 300,789 Administration and operating expenses Insurance Council tax and water rates Lighting and heating Cleaning Maintenance - Furnishings Garden and patio Premises Lifts and equipment Depreciation of equipment Salaries and associated costs Kitchen utensils Stores and laundry Printing, postage and stationery Telephone Entertainment, receptions and meetings Audit and accountancy fees Professional fees Sundry expenses Bank charges Bad debt write off 13,656 3,675 32,409 10,193 2,734 1,525 21,981 14,048 23,636 126,506 319 2,100 io 60 1,577 3,914 1,867 16 1,324 12,951 5,513 22,514 11,677 560 1,948 14,482 11,549 23,274 110,459 351 799 31 35 2,294 1,750 1,750 949 261,550 222,892 Net operating {los$)/gain 63,448 77,897 28