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 ￿Cro￿A LEAGUE FOR COMMONWEALTH F￿ENDsHIp
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 OffI￿r5 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 ir￿guIar1tieS 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 Cha￿tY 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 a￿et$ 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 De￿rnber 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 De￿mber 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