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
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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