The Victoria League For Commonwealth Frlendshlp A gIStered charity A company limited by guarantee Trustees. Report and Flnanclal Statements For the Year Ended 31 December 2024 Company Number 00174517 istered Charit Number 213619
THE CroA LEAGUE FOR COMMONWEALTH FENDsHIp CONTENTS Pages Reference and Admlnlstratlve Detalls The 8oard of Trustees Report statement of Trustees, Responslbllltie5 Independent Audltorfs Report Statement of Flnanclal Actlvltles io Balance Sheet li Notes to the Flnanclal Statements 15-25
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP REFERENCE AND ADMINISTRATIVE DETAILS Charity Re9i$tration Number: 213619 Company Reglstratlon Number: 00174517 Registered office and principal address of the Charlty: Victoria League House, 55 Leinster Square, London W2 4PW Auditors Azets Audit Services, Chartered Accountants, 2nd Floor, Regis House, 45 King William Street, London EC4R 9AN Sollcltors Keelys LLP, 28 Dam Street, Lichfield, Staffordshire WS13 6AA Russell Cooke LLP, 2 Putney Hill, London SW15 6AB Bankers Nat West Bank Plc, Kensington, Royal Garden (B) Branch, PO Box 2341, 55 Kensington High street, London W8 SEQ CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malllng. Kent ME19 4JQ Investment Manager$ Charles Stanley & Co. Ltd, 55 Bishopsgate, London EC2N 3AS CCLA Investment Management Llmlted, One Angel Lane, London, EC4R 3AB Dirertors and Trustees The dlrettors of the charltable company (the charlty) are Its trustees for the purpose of charity law. The twstees and OffIr5 servbng during the year and since the year end were a5 follow5.. Mr J Steel KC (Chairman) Mrs B Barker (appointed September 2024) Mr S Ennis Ms S Ives (resigned May 2025) Ms L McKenzle {appolnted January 2025) Mr D Doughty (Hon Treasurer) Mrs N Downer (resigned September 2024) Mrs G Graham (resigned September 2024) Mr T Layton Lt Col Sir C Richards KCVO (appointed February 2024) Mrs J. A. Williamson Mr S. Wainwright General Manager of The Vlctorla League for Commonwealth Friendship Ms Doreen Henry
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP The Board of Trustee$ Report The Board of Trustees presents 5t$ report and the audlted financial statements for the year ended 31 December 2024 which are also prepared to meet the requlrements for a directors, report and accounts for Companle5 Act purposes. The financial statements comply with the Charltles Act 2011, the Companles Act 2006, the Memorandum and Artlcles of Association, and Accounting and Reporting by Charlties: statement of Recommended Practice applicable to charltles preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021 (effective l January 2015). Objertives and Actlvltles 2024 was celebratory year for the Vlctorla League for Commonwealth Frlendshlp, with the celebratlon of 70 years of operating Student House here in Bayswater. Celebrations Included an open Day In October 2024 attended by trustees, members, Current students, past students and local resldents. The charlty had updated Its governance documentation by way of new Artlcles of Assoclation whlch were agreed by the AGM In July 2023. This modernised the set of procedures and practices flrst accepted in 1921 and most recently amended In 2007, $0 there were many areas whlch needed to reflect the soclety we now operate In. The charlty's object is, for publlc beneflt, the advancement of educatlon, partlcularly but not excluslvely by.. Providing asslstance to individuals from the Commonwealth who are studybng or V415h to study in the UK; Provlding informatiorTr relating to and raising awareness amongst the public of the Commonwealth, its people, institutlons, traditions and ways of Ilfe; and Supporting educational programmes withln the Commonwealth. Durlng the year the Board have revlewed the League's activltles and strategy and is satlsfled that the activities undertaken meet the public benefit criteria of the charity Commlsslon. Achlevements and Performance We contlnued to have a presence at Commonwealth/Royal events in 2024, includlng the Commonwealth Service, Anzac Day and the King's Blrthday Trooping of the Colours and a Reception at st James Palace hosted by Their Majesties the Klng and Queen. Some building improvement works at Student House were carried out in 2024 carpet was replaced in a common room on the ground floor and some of the outslde of the bullding was painted. We continued our support of overseas projects delivering educational servlces. In 2024 we supported work of four charities. A Partner in Educatlon (APIE) in Rwanda. Bhola's Chlldren in Bangladesh. Busoga Trust in Uganda and Osusu Sa Lone in Sierra Leone. This fLtnding was from the legacy donatlon in 2021 from the late Robert Walnwright.
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP The Board of Trustees Report Achlevements and Performance (contlnued) Durlng 2024 students from 23 countries stayed at student House. The gender split was 440/0 female and 56010 male. The age range was 200h 18-21 years old; 580/0 22-25 years old and 220/0 26+ years old. Degrees pursued were Undergrad 150/0, Masters 690h, PhD 12D/o. Internshiplwork 3010 and others 10/0. Top three subjects Business/Finance, Engineering, wlth Music and General Sciences tying for third. Top three institutions were Imperial, Kings College, London and Royal College of Muslc. Flnanclal Revlew The net movement in funds for the year, was a loss of £32,762 (2023 surplus of £4,610). student House income Increased to £352, 166 from £321.867 in 2023. The financial results reflect the League's Investment in financlal a55ets which made a loss of £5,762 (loss £3,348 in 2023). rv At 31st December 2024, the free reserves were E260.009 (£256,290 in 2023) represented by unrestricted general funds less restricted tangible assets. The Board considers that these reserves are required to meet operatlng expenses plus an amount to be held in reserve to meet any further unforeseen downturn in gross income. Our investment5 are managed by our stockbrokers Charles Stanley and Co until 2024. Investment5 are made to produce a balanced income to meet the needs of our charltable activities and administratlon and to provide capltal growth for the future. In November 2024 our portfolio was moved to CCLA Fund Managers Limlted and Is now held in a COIF Charities Investment Fund. Changes to fixed assets is shown on page 19. The value of Student House property Is estlmated to be in excess of £10 million. Our reserve funds are Invested In the COIF Charities Investment Fund which alms to provide a good level of dlstribution with long-term protection from inflation.
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP The 8oard of Trustees Report structure, Governance and Management The Vlctorla League for Commonwealth Frlend5hip is a company limited by guarantee governed by Its Artlcles of Assoclatlon updated and agreed in July 2023. Company Membership is only open to the Trustees. olntment of Tr Trustees are now appolnted and can be removed by the Board of Trustees known as the Board. The chairman Is elected by the Board. John Steel KC Is the current Chairman, elected as Trustee and Dlrector at the AGM In 2023 and took up the post of chairman on 7th July 2023. In February 2024 two additional Trustees and Directors were appointed Samuel Ennls and Lt Col. Sir Charles Richards KCVO. In October 2024 Bridget Barker was appointed as a Trustee and Director. In February 2025 Lee McKenzie was appointed as a Trustee and Director. Resignation In 2024 were Gillie Graham and Nicky Downer Presldents of the charlty. Sara Ives also resigned In 2025. both were appointed Vlce There were staff changes In the role of Membership and Admlnistration Offlcer In 2024. Jlngxln Lan resigned 31.1.24' Mahlma Narayan appointed 24.2.24, resigned 31.8.24 and Pradeep Slngh appointed 26.11.24 current. All postholders were/are 5tudentS Ilvlng at the House.
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP STATEMENT OF TRU5TEES' RESPONSIBILITIES The trustees (who are also directors of The Vittoria League for Commonwealth Frlendship for the purposes of cornpany law) are responsible for preparlng the Annual Report and the flnanclal statements in accordance with applicable law and United Kingdom Accounting standards (Unlted Klngdom Generally Accepted Accounting Practlce). 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 prlnciples in the Charities SORP 2015 {FRS 102),. 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 concern basis unless it Is Inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keepino adequate accounting records that disclose with reasonable accuracy at any time the financial posltion of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charltable 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 inforniation 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 audlt informatlon and to establish that the au(iitor is aware of that information. Audltors Azets Audit Services ha5 expressed a willingness to contlnue in office and a resolutlon to reappolnt them as auditors wlll be proposed at the next Trustee Meeting. Thls report has been prepared in accordance with the provislon of Part IS of the Companies Act 2006 relating to small companles. On behalf of the Trustees John Steel KC (Chairman) Date: 22 July 2025
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP Oplnlon We have audlted the flnancial statements of The Vittoria League for Commonwealth Friendship (the 'charitable company'} for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financlal statements, including signlflcant 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 Finèncial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practlce). In our opinion the financial 5tatements- give a true and falr view of the state of the charitable company's affairs as at 31 December 2024, and of its Incomlng resources and application of resources, including Its income and expenditu. for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wlth International Standards on Auditing (UK) 11SAs {UK)) and applicable law. Our responsibilities under those standards are further descrlbed in the Auditor's responsibilities for the audlt 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 responslbillties in accordance with these requlrements. We believe that the audit evidence we have obtained Is sufficlent and appropriate to provide a basls for our opinion. Concluslons relating to going concern In auditlng the flnancial statements, we have concluded that the trustees. use of the going concern basis of accounting In the preparation of the financial statements Is approprlate. Based on the work v4e have performed, we have not identified any material uncertainties relating to events or condltlons that, individually or collertively, may cast significant doubt on the charitable company's ablllty to continue as a going concem for a perlod of at least twelve months from when the financial statements are authorlsed for issue. Our responsibllitles and the responsibllitles of the trustees Wlth respect to going concern are described In the relevant sections of th15 report. other Information The other information comprlses the Inforniation included In the trustees annual report, other than the financial statements and our audltor's report thereon. The trustees are responsible for the other Information contained within the annual report. Our opinion on the fbnancial statements does not cover the other Information and, except to the extent otherwise expllcltly stated In our report, we do not express any fom of assurance conclusion thereon.
THE VICTORIA 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 Informatlon 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 audlt or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financi81 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requlred to report that fart. We have nothlng to report in thls regard. Matters on whlch we are requlred to report by exceptlon 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 ceiVed all the information and explanatlons 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 law) 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 materlal misstatement, whether due to fraud or error. In preparing the flnancial statements, the trustees are responsible for assessing the charitable company's ability to contlnue as a golng concern, disclosing, as applicable, matters related to going concem and using the going concern basls of accounting unless the trustees either intend to liquidate the charbtable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the flnancial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulatlons made under sertion 154 of that Act. Our objectives are to obtain reasonable assurance about whelher 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 opinlon. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materlal misstatement when it exists. Misstatements can arise from fraud or error and are consldered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users laker) on the basis of these financial statements.
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP Irregularltles, Includlng fraud, are Instances of non-compllance with laws and regulations. We design procedures In line wbth our responsibilities, outlined above, to detect material mlsstatements in respect of irregularities, includlng fraud. The specific procedures for this engagement and the extent to which these are capable of deterting irregularbtles, Including fraud Is detailed below: Enquiry of managernent and those charged wlth governance around actual and potentlal litigation and claims as well as actual. suspected and alleged fraud; Reviewing minutes of meetings of those charged with governance,. Assessing the extent of compliance with the law5 and regulations considered to have a dbrect material effect on the financial statements or the operations of the company through enquiry and Inspectlon; Reviewing financlal statement disclosures and testing to supportlng documentation to assess compliance with appllcable laws and regulations,. Performing audit work over the risk of management bias and override of controls, Including testlng of Journal entries and other adjustments for appropriateness, evaluating the business rationale of signlficant transactions outside the normal course of buslness and reviewing accounting estimates for Indlcators of potential bias. Because of the Inherent limitations of an audlt, there is a risk that we will not detect all irregularities, Includbng those leading to a material misstatement in the financial statements or non-compliance with regulatlon. This risk increases the more that compllance wlth a law or regulatlon Is removed from the events and transactions reflected in the financial statements, as we wlll be less Ilkely to become aware of instances of non-compllance. The rlsk is also greater regarding irguIar1tieS occurrlng due to fraud rather than error, as fraud involves Intentional concealment, forgery, collusion, omission or mlsrepresentation. A further descrlptlon of our responsibilities is avallable on the Flnanclal Reportlng Council's website at.. htt ur-work Audl Audit- rds-and- uidance Standards- and- uidance-for-aud. ors-res onsibilities-for-audi -res onsibllitles- for-audlt.as x. This description forms part of our audbtor's report. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance wlth Part 4 of the Charlties (Accounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we mlght 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 responslbility to anyone other than the charitable company and the charitable company's trustees as a body, for our audlt work, for this report, or for the opinions we have formed. John Howard FCA (Senlor Statutory Audltor) For and on behalf of Azets Audit Services statutory Audltor, Chartered Accountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date-
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP STATEMENT OF FINANCIAL AcfiviTIES (Includln9 Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024 Notes Unrestrlcted Restricted Endowment Funds Total 2024 Total Funds Funds 2023 Income: Donation5 and legacles Charitable attivities Other trading activities Investment income 5,360 352,166 7,443 14,071 5,360 352,166 7,443 16,160 6.215 321,867 5,883 14,701 1,719 370 Total Income 379 040 370 381 129 348 666 Expenditure: Raising funds Charitable activities 5,362 392,767 5,362 402,767 6,299 334,409 10,000 Total expenditure 398 129 408 129 340 708 Net {expendlture)/ Income before galns on bnvestments (19,089) (8,281) 370 (27,000) 7,958 Net Ilosses)/gains on Investments 14 (7,238) (22) 1,498 (5,762) (3,348) NET INCOME/ (EXPENDITURE) (26.327) (8,303) 1,868 (32,762) 4.610 17,18, 19 Transfers 370 (3701 NET MOVEMENT IN FUNDS Reconciliation of funds: Total funds brought forward Total funds carrled forward 1 065 321 1 129 319 1 124 709 1 038 994 23 498 1 096 557 1 129 319 All income and expenditure derive from continuing activities. All recognised gains and losses are Included In the Statement of Financial Activitie5. The notes on pages 12 to 25 form part of these financial statements. 10
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP BALANCE SHEET COMPANY NUMBER: 00174517 AS AT 31 DECEMBER 2024 Notes 2024 2023 Flxed assets Tangible fixed assets Investments 13 14 578,985 429 512 609,031 437 060 Current assets stock Debtors Cash and bank and in hand 1,047 72,873 1,205 54,666 15 140,252 133,609 Creditors: Amounts falllng due wlthin one year 16 Net current assets 88,060 83,228 Net assets 1 096 557 1 129 319 Restrirted funds 17 34,065 41,998 Endowment funds 18 23,498 22,000 Unrestricted funds Designated funds General funds 19 200,000 838,994 200.000 865,321 Totsl funds 20 1 096 557 1 129 319 The financial statements were approved by the Board on the 22107125 and signed on their behalf by: AJ..,Z4 John Steel KC Chairnian Dermot Doughty Honorary Treasurer The notes on pages 12 to 25 form part of these financial statements. 11
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (a) General Informatlon and ba$1$ 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 Informatlon 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 wlth Accounting and Reporting by Charities.. Statement of Recommended Practice appllcable to charities preparlng their accounts in accordance wlth the Financial Reporting Standar(J applicable in the UK and Republic of Ireland (FRS 102) Issued on 16 July 2014, the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The charitable company constltutes a publlc benefit entity as defined by FRS 102. The financial statements are prepared on a going concern basis under the historlcal cost convention, modified to include certain items at fair value. The financlal statements are prepared in sterling which is the functional currency of the charity. The slgnlfbcant accounting policies applied in the preparation of these flnanclal 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 resources 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 b851s. (¢) 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 tor working capital purposes. Designated funds are those funds set aside by the trustees out of unrestrirted general funds for speclflc future purposes or project5. 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 VICTOIUA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES - continued (d) Income All income resources are included In the Statement of Financial Activities {SoFA) when the charlty 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 accommodatlon. Donations and grants received for current and future revenue expendlture are treated as the income of the year in which they are received. Membership fees are In respect of membership of the Vlttorla 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 wlth sufficient reliability. Withln other trading activities, there Is Income from fundraising activities and other sundry recelpts by the charity in the year. other Income includes the govemment grant income received in the year In relatlon to The Coronavirus Job retentlon Scheme and Is recogni5ed in the period when the costs are Incurred. (e) Expendlture Expenditu has been recognised as soon as: A legal or construrtive obligatlon commlts the charity to the expendlture Any conditions relating to payment have fallen outside the control of the charlty Charitable expenditure Includes all costs relating to the furtherance of the charltable objectives. All expenses Incurred are treated on the accruals basis. 13
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLIcIes- continued {f) Allocatlon of support and governanee costs Support costs are those that assbst 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 prattlce. This comprises of audit and accountancy fees. Support and Govemance costs have beer) allocated to charitable activltles. (g) Tanglble fixed assets The pollcy of the League is to write off fixed assets, except freehold land and bulldings, at the following annual rates: Freehold building Building improvements Plant and equipment Computer and copying equipment over 25 years over 25 years IOO/o on reducing balance 25010 on cost Land is not depreciated. The trustees have consldered the implications of FRS 102 section 17. The trustees consider that there is no impabrment needed in respect of the bullding. Provision Is made for permanent diminution in the value of fixed assets where appropriate. Individual fixed assets costing £1,000 or more are capitalised at C05t. (h) Investments Investments are shown in the balance sheet at thelr 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. {1) Stocks Stocks are stated at the lower of cost and net realisable value. {j} Debtors (Xher debtors are cOgnISed 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 Ilquld Investments with a short maturity of three months or less from the date of acquisitlon 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 2024 ACCOUNTING POUCIES - contlnued (l) Creditors and provisions Credltors are recognised where the charity has a present obllgation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Other credltors and accruals are recognised at their settlement amount due. (m) Flnanclal instruments The charity only has financial assets and financlal Ilablllties of a kind that qualify as basic financial instruments. Baslc financial instrurnents are Snbtlally recognlsed at transaction value and subsequently measured at their settlement value wlth the exception of barbk loans which are subsequently measured at amortised cost uslng the effettlve Interest method. {n) Operating Leases Rentals appllcable to operating leases, where substantially all of the benefits and risks of ownership remaln with the le550r, are charged to the Statement of Financlal Activities as Incurred. (o) Forelgn currency Assets and liabilities In foreign currencies are translated into sterling at the rates of exchange rullng 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 dlfferences are reflected In the Statement of Financial Activities. (p) Tax The charitable company Is consldered 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. Accordingly, the ChatY is potentially exempt from taxatlon in respect of income or capital gains received wlthln categories covered by Chapter 3 Part 11 Corporation Tax Art 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or galns are applied exclusively to charitable purposes. No tax charge arose In the period. (q) Legal status The charltable company is a company limlted by guarantee and has no share capital. The liability of each member In the event of winding up Is Ilmlted to £1. 15
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES - contlnued (r) Judgement$ and key sources of estimation uncertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factor5, 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 process of applying the above accounting policies that have had the most significant effett on amounts recognised in the financial statements.. Useful economic lives of tangible 85sets The annual depreciatior) charge for tangible assets Is sensltlve to changes in the estlmated useful economic lives and resldual values of the assets. The useful economic lives and resiéual 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 aet$ and liabilities within the next financlal year. DONATIONS AND LEGACIES Unrestrlcted Restricted Endowment Funds Funds Funds Total 2024 Total 2023 Donations and membership fee5 5,360 5,360 6,215 In 2023. all of the income from donations and legacies was attributable to the unrestritted fund. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Endowment Funds Funds Funds Total 2024 Total 2023 Student House 352,166 352,166 321,867 In 2023 all of the income from charitable activities was attributable to the unrestrirted fund. 16
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 OTHER TRADING AcfivITIES Unrestricted Restricted Endowment Funds Funds Funds Total 2024 Total 2023 other mlsc. Income 7,443 7,443 5,883 In 2023 all of the Income from other tradlng activities was attributable to the unrestricted fund. INVESTMENT INCOME Unrestrirted Restrlcted Endowment Funds Funds Funds Total 2024 Total 2023 Income from investments 14,071 1,719 370 16,160 14,701 In 2023, £407 of the investment Income was attributable to the endowment fund, £1,921 was attributable to the restricted fund, with the remaining £12,373 being attributable to the unrestricted fund. RAISING FUNDS Unrestrlcted Restrirted Endowment Fund5 Funds Funds Total 2024 Total 2023 Event Costs 5,362 5,362 6,299 In 2023 expendlture in relation to ralslng funds was attrlbutable to the unrestricted fund, CHARITABLE ACTIvrrIES Unrestrlcted Re$tri¢ted Fund$ Funds Endowment Funds Total 2024 Total 2023 Student House Grants (note 10) 390,767 2,000 390,767 12,000 327,159 7,250 10,000 392,767 10,000 402,767 334,409 In 2023, £329,159 of the expenditure In relation to charitable activities was attributable to the unrestrlcted fund, with the remaining £5,250 being attributable to the restricted fund, 17
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ANALYSIS OF EXPENDITURE Dlrect Charitable Grants Support costs (note 10) (note 11) Total 2024 Total 2023 student House Grants payable 330,156 60,611 390,767 12,000 327,159 7,250 12,000 Charitable expenditure Raising funds 330,156 5,362 12,000 60,611 402,767 5,362 334,409 6,299 335,518 12,000 60,611 408,129 340,708 GRANTS PAYABLE Totsl 2024 Total 2023 Councll of Commonwealth Socleties Patron's Fund gift other 2,000 2,000 250 5,000 10,000 12,000 7,250 10. SUPPORT COSTS 2024 2023 Governance costs - Audit fees Governance costs - Non-Audit fees Governance costs - Prior year underl(over) accrual of audit fees Wages and salaries Depreclatlon Repairs and maintenance Professional fees other 8,000 3,300 800 26,530 5,821 1,166 8,365 6.629 7,750 3,200 775 27,414 5,821 5,014 8,416 4,478 60,611 62,868 11. NET INCOMING RESOURCES 2024 2023 The surplus for the year is stated after charging: Income from listed investments Depreciation and amortisation Auditors, remuneration audit Audltors, remuneratlon prior year over accrual (16,160} 114,701) 30,046 29,456 11.300 10,950 800 775 18
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. ANALYSXS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL 2024 2023 Salaries and wages Social security costs Pension costs Staff health insurance 128,761 20.305 10,242 1,682 138,167 5,505 9,208 1,040 160.990 153,920 The average number of full-time equlvalent employees.. No employee received emoluments of more than £60,000 (2023.. None} During 2024, no Trustees (2023: Énll) was paid or received any other beneflts from employment wlth the Charity. Also. no Trustees (2023.. £nil) was reimbursed for travel and meeting expenses. The key management of the Charlty are the trustees. The total employee benefits of the key management personnel of the Charity were £nll {2023.' £nil). 13. TANGIBLE FIXED ASSETS Freehold Land and Buildings Building Improvements Plant and Equipment Total Cost At l January 2024 Additions 295,519 494,656 232.078 1,022,253 At 31 Dernber 2024 295,519 494,656 232.078 1,022,253 Depreciation At l Jar)uary 2024 Charge for the year 78,615 5,821 141,800 19,785 192,807 4,440 413,222 30,046 At 31 December 2024 84,436 161,585 197,247 443,268 Net Book Value At 31 December 2024 211,083 333.071 34,831 578,985 At 31 Dember 2023 216,904 352,856 39,271 609,031 Included in Freehold Land and Bulldlng Is £ 150,000 (2023.. £150,000) relatlng to land. 19
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. FIXED ASSET INVESTMENTS 2024 2023 Investments listed on a recognised stock exchange Other investment assets 406,662 22,850 414,210 22,850 429,512 437,060 Investments at cost 406,277 366,860 Movement in investments are as follows: LS$ted $ecurlties Valuation at l January 2024 Additions Disposals Realised gains in the year Unrealised losses in the year 437,060 434,240 {436,0261 41,204 (46,9661 Valuation at 31 December 2024 429,512 All the investment Is held within the COIF Charities Investment Fund Accumulation Unit. The following investments comprlse more than 50kn of the value of the total portfollo: Portfollo 2024 Portfollo 2023 Aberdeen Asian Income Fund Ord NPV Avi Global Trust ORD GBPO.10 Blackrock North Am. Inc. ordinary £0.01 shares Fldellty European Values ORD GBPO.025 RtT Capital partners ordinary £ I shares Ruffer Investment Co Red Ptg Pre Shs GBPO.001 Sequoia Economic Infrast INC FD Ltd United Kingdom (Government of) 50/0 SNR BDS 5.02 5.31 5.73 5.21 5.79 8.63 5.77 12.18 15. DEBTORS 2024 2023 Amounts due from Student House residents Prepayments Other debtors 50.768 21,871 234 33,000 20,881 785 72,873 54,666 20
THE VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 16. CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade Creditors Payments received in advance from residents Taxation and social security Sundry credltors and accruals 8.043 14,041 3,986 40,163 4,205 32,135 52,192 50,381 17. RESTRICTED FUNDS Transfers Incomlng Resources January Resources Expended 2024 31 December 2024 Galns/ (losses) Specific malntenance Patron fund Student House Refurbishrnent Robert Wainwright fund room 3,101 1,000 370 3,471 1,000 1,574 1,574 36,323 1,719 { io,000} (22) 28,020 Total 41,998 1,719 ( 10,000) 348 34,065 Speclfic Room Maintenance The income from the endowment fund Is to be used for specific room maintenance {see note 18). 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 Majesty, The late Queen acted as Patron, on the occasion of her 901h blrthday. 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. 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 VICTORIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL StATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Robert Wainwright Fund In 2021, a £50,000 legacy was received from the Robert Walnwright fund. This was to be used by Vlctoria League to: support those overseas projerts on an educatlonal theme selerted annually by the Trustees, and. to asslst those Commonwealth students Studying in the United Klngdom who have been awarded scholarships by the Trustees. In 2021, the Trustees decided to invest 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 Norgan 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 At the end of 2024, these investments were dlsposed of and reinvested into the COIF Charities Investment Fund. Durlng the year ending 2024, dividend income of £1,719 {2023.. £1,921) was received and an investment loss of £22 (2023: loss of £1,788) was noted. 17. RESTRICTED FUNDS - Prior Year Transfers Incomlng Resources January Re$ource$ Expended 2023 31 December 2Q23 Galnsl (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) 11,788} 36,323 Total 46,708 1,921 (5,250) (1,381) 41,998 22
THE vIcfoRIA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. ENDOWMENT FUNDS 2024 2023 Balance at l January 2024 Investment income Reallsed gain on investment Unreallsed gain on investment Disposals Transfer to the Speclflc Room maintenan Restricted Fund 22,000 370 13,065 {11,567) 23,294 407 2,216 1,132 {4,642) (407) {370) Balance at 31 December 2024 23,498 22,000 The original capltal Invested is made up as follows: Margaret Farmer (Vlttoria) Room Investment Australia Room investment 2,386 4.077 2,386 4,077 6,463 6,463 At the end of 2024, these investments were disposed of wlth the proceed5 belng reinvested Into the COIF Charities Investment Fund. The income generated by these investments is to be used when necessary for malntenance of the respective rooms at Student House. 19. UNRESTRICTED FUNDS General Revaluation Sub-total Designated fund reserve funds Total Balance at l January 2024 642,878 222,443 865.321 200,000 1,065,321 Gains realised on disposal of1Ssted investments Increase in market value of listed investments Net incoming (excluding net galns on investments) Transfers (41,204) 41.204 (35,377) (35,377) 135.377) 9,050 9,050 9,050 Balance at 31 December 2024 610,724 228,270 838,994 200,000 1.038,994 Designated funds Major maintenance of Student House During 2007 the Trustees decided to establish a Bullding Malntenance Fund to cover the major cyclical maintenance of Student House. 23
THE vicfoiuA LEAGUE FOR COMMONWEALTH FRIENDSHIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEceMBER 2024 19a UNRESTRICTED FUNDS - Prlor Year General Revaluatlon Sub-total Deslgnated fund funds Total alance 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 investment5 Net incoming {excludlng net galns on Investments) Transfers (4,647) 4,647 (7,339) (7,339) (7,339) 17,953 17,953 17,953 Balance at 31 December 2023 642,878 222,443 865,321 200,000 1.065,321 20. ANALYSIS OF NET ASSETS BEfwEEN FUNDS General fund De$lgnr*ted funds Restrlcted Endowment funds fund Total Tanglble flxed assets Fixed asset Investments Cash at bank Other net current assetsl(liabilities) 578,985 183,023 55,258 21,728 578,985 429,512 66,332 21,728 200,000 22,991 11,074 23,498 Balance at 31 December 2024 838,994 200,000 34,065 23,498 1,096,557 24
THE VICTORIA LEAGUE FOR COMMONWEALTH FIUENDSHIP NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20a ANALYSIS OF NET ASSETS BEfwEEN FUNDS - Prlor year General fund Deslgnated funds Restrlcted Endowment funds fund Total Tangible flxed assets Flxed asset Investments Cash at bank Other net current assetsl(liabllltles) 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 21. OPERATING LEASE COMMITMENTS Total future minlmum lease payments under current operatlng leases are as follows.. 2024 2023 Not later than one year Later than one ano not later than five years 480 1,346 480 1,827 1,826 2,307 22. RELATED PARTY TRANSAcfioNS There are no related party transactlons to dlsclose for the current or the prlor year. 25