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2025-09-30-accounts

Company registration number: 01946612 Charity number: 292841

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

THE VICTORIA FOUNDATION (A company limited by guarantee)

THE VICTORIA FOUNDATION (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 8
Independent auditors' report on the financial statements 9 - 12
Consolidated statement of financial activities 13 - 15
Consolidated balance sheet 16
Company balance sheet 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 43

THE VICTORIA FOUNDATION (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Trustees G A R Ball, Chairman
D Cassidy (resigned 24 June 2024)
A R Cooke
J A Hamblin
M A Matthews (resigned 13 May 2024, reappointed 10 February 2025, resigned 12
September 2025)
E Ofo
L Votier, Chief Executive Officer
C P Lyons (appointed 10 February 2025)
M L Hole (appointed 12 September 2025)
R Ram (appointed 6 October 2025)
Company registered
number
01946612
Charity registered number
292841
Registered office
St David's House
15 Worple Way
Richmond-Upon-Thames
Surrey
TW10 6DG
Chief executive officer
L Votier
Independent auditors
Menzies LLP
Chartered Accountants
Magna House
18-32 London Road
Staines- Upon-Thames
TW18 4BP
Bankers
HSBC Bank plc
54 Clarence Street
Kingston Upon Thames
Surrey
KT1 1NS
Solicitors
Stone King LLP
Boundary House
91 Charterhouse Street
Clerkenwell
London
EC1M 6HR
Investment Advisors
Cazenove Capital
1 London Wall Place
London
EC2Y 5AU
Julius Baer International Limited
20–23 Greville Street
London
EC1N 8SS

THE VICTORIA FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The Trustees of The Victoria Foundation (the Charity) are pleased to present their report and the audited consolidated accounts of the Group for the 18-month period ended 30 September 2025.

The Group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 to set out within the Group’s strategic report the Group’s Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting Statement of Recommended Practice applicable in the UK and Republic of Ireland, FRS 102 which was effective from 1st January 2015.

Principal activity and history

The Group’s principal activities are to promote good health and to relieve ill health, particularly (without limitation) by providing or assisting with the provision of:

During the period the Charity disposed of its interest in the New Victoria Hospital. Accordingly, these accounts reflect the Hospital’s trading up to the date of disposal on 8th August 2025.

The Charity raised funds through direct donations, hosting key events during the year and fundraising in the community as well as receiving grants from other institutions. The funds raised are distributed through grants to four key sectors identified as being potential gaps in the current provision by the State:

The Trustees have due regard to the Charity Commission’s guidance on public benefit

Strategic Report

Achievements and performance

The Victoria Foundation has continued to focus its energies on raising funds through a number of key events and activities. The Foundation has adapted its fundraising over the year in response to the ongoing impact of the cost-of-living crisis.

During the period 1 April 2024 – 30 September 2025 the Charity made grants totaling £330,003, an increase from £180,951 in the previous period 1 April 2023 – 31 March 2024. The Charity has continued to provide much requested grants to families and organisations to fund life-enhancing medical equipment and support with priority given to applications from those based in the London Borough of Richmond upon Thames, the Royal Borough of Kingston upon Thames and the London Borough of Hounslow. The grants awarded have funded specialist mobility aids and medical equipment, accessible minibuses, specialist therapies for Carers and their cared for, and a wide range of medical support.

THE VICTORIA FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

In addition, the Charity has continued to support widening participation in medicine by awarding Toolkit Grants and Elective Bursaries to one hundred and thirty-eight medical students facing great financial hardship during their studies at thirty universities around the country.

The grants the Charity awarded directly to medical students and to Institutions to support individual medical students are due to the income The Victoria Foundation received from the Endowment Fund comprising the legacy from The C A W Blackwell Discretionary Will Trust, a grant from Consilient Health, income from the Peter Willson Fund, income from the Graham Ball Fund, and from its own unrestricted funds.

All other grants the Charity awarded are made possible from the income the Charity received from The Richmond Charities, the Foundation’s funds with the London Community Foundation, donations, the proceeds from events and its investments.

The following organisations received grants or have been pledged grants during 2024 – 2025:

Toolkit Grants and Elective Bursaries were awarded directly to medical students from lower socio-economic backgrounds studying at the following universities/medical schools:

THE VICTORIA FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The Victoria Foundation is proud that its grants to fund mobility equipment, medical support and equipment and accessible transport vehicles are helping to transform so many through helping youngsters with complex needs gain greater independence, supporting families to help them stay together, and helping to prevent loneliness and isolation and keep the elderly connected. In addition, the Charity has continued to support widening participation in medicine by awarding financial grants to medical students during their studies to become NHS doctors.

Financial review

In August 2025 the Charity completed the disposal of its interest in the New Victoria Hospital for £8,007,887, being the sale of shares and part payment of loan. The group also received £111,617 being the net proceeds of an insurance claim against the architects of the Hospital.

During the period the Charity raised £102,766 through fundraising (2024 (year) - £82,964). The principal event was the Winter Ball which raised £64,371. In addition, fundraising in the Community amounted to £5,600 from a grant from the Richmond Charities (2024 (year) - £2,500). Donations of £44,722 (2024 (year) - £5,000) were received during the period. Investment income amounted to £392,544 (2024 (year) £286,412).

Realised and Unrealised Gains/(Losses) on the Charity’s investment portfolio during the period were (£19,992) – 2024 (year) Losses (£9,544).

The Charity distributed grants in the period totaling £330,003 (2024 (year) - £180,951), details of which are shown in Note 12.

The Statement of Financial Activities on pages12-14 provides the details of its financial performance.

Total incoming resources were £53.1m in the period (2024 (year) - £32.0m). Total resources expended were £45.5m (2024 (year) - £32.2m). Net incoming resources for the period were £7.6m-surplus (2024 (year) – deficit £0.2m).

THE VICTORIA FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Funds and going concern

The movement in funds in the period is set out in note 23 to the accounts. Total funds at 30 September 2025 were £9,884,000 (31 March 2024 £2,300,000).

Following the disposal of the New Victoria Hospital the funds received have been invested with HSBC Global Liquidity Funds plc. The Charity has appointed investment advisers to manage the Charity’s investment portfolio going forward. Income from its investment portfolio, rental income from its freehold property and other donations enable it to meet its operational costs. On this basis, the Trustees believe, to the best of their knowledge, that the Charity remains a going concern for the 12-month period from the date of approval of these financial statements. Accordingly, the consolidated financial statements have been prepared on a going concern basis.

Investment Performance

The Trustees' investment objective is to preserve and grow the value of the Group's investment portfolio over the long term whilst generating a sustainable level of income to support its charitable activities.

During the year, the Group's investment portfolio generated investment income of £120,000 and recorded a net unrealised investment loss of £19,992, reflecting prevailing market conditions. Despite the market volatility experienced during the year, the Trustees consider that the portfolio performed in line with its investment objectives by continuing to generate a sustainable level of income whilst preserving capital over the longer term.

The investment portfolio continues to be managed by the Group's professional investment advisers in accordance with the Trustees' investment policy and is subject to regular review by the Trustees.

The disposal of the Hospital on 5 August 2025 resulted in the cessation of the Group's principal source of investment income. Pending reinvestment, the proceeds were held in the Group's Money Manager account before being invested in the HSBC Sterling Liquidity Fund on 16 October 2025. This change in the composition of the investment portfolio will influence future investment returns.

Reserves Policy

The Trustees of the Charity have adopted a policy regarding reserves in accordance with guidelines issued by the Charity Commission. The policy ensures that we are able to meet all our current and future liabilities and is reviewed periodically by the Board of Trustees. It is considered that the level of reserves needs to be adequate to maintain core activities and this should not fall below 12 months’ operating costs being approximately £150,000.

Plans for future periods

The Charity will continue to adapt and develop its fundraising activities to support its causes. The Victoria Foundation remains a charity able to pursue its objectives of doing valuable works within the field of medicine and able to respond to unforeseen changing needs.

The Charity has a local focus by providing mobility aids for disabled youngsters helping them to reach their potential, accessible transport for the elderly helping to prevent loneliness, and life enhancing medical support to organisations and charities with shared objectives.

The Victoria Foundation also has a national focus by supporting the NHS Junior Doctors of the future by awarding grants to medical students within widening participation in medicine studying at universities around the UK to support their studies through the purchase of medical equipment, textbooks, and travel costs to hospital placements.

Structure, Governance, and Management Governing Document

The Charity was originally established by a declaration of trust and subsequently incorporated as a company limited by guarantee in 1985. Its governing documents are the Company’s Memorandum and Articles of Association. The objects of the Charity, as detailed on page 2, are as stated in its governing document.

THE VICTORIA FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Organisational structure Trustees / Director s

The Trustees are also the Directors of the Charity for the purposes of company law, and as such are responsible for the management of the Charity’s affairs and its future strategy. The Trustees meet at least four times each year, The Trustees review the financial and operational performance of the Charity as well as the financial governance and quality assurance.

The Trustees who served during the year were:

G A R Ball *(Chairman) L Votier (appointed Chief Executive on 1 January 2026) A R Cooke * J A Hamblin * M Hole – appointed 12 September 2025 C Lyons – appointed 10th February 2025 E Ofo D Cassidy – resigned 24th June 2024 M A Matthews * - resigned 13 May 2024; reappointed 10 February 2025; resigned 12 September 2025

Since the year end, M Matthews has retired and R Ram has been appointed as a Trustee.

Rotation, recruitment and appointment and induction of trustees

The Trustees consider it essential that the Board of Trustees is strong, well-balanced and effective, comprising members with the requisite professional skills and experience in healthcare or local services to properly represent users of the Charity’s services.

As in many charities, this process has successfully relied on Trustees’ recommendations and their access to potential candidates in other healthcare and local organisations. In order to maintain its exacting standards, the Board’s skill mix is reviewed regularly and Trustee recruitment aligned.

An induction program is provided to all new Trustees. They are advised of their responsibilities as Trustees and Directors, including their legal obligations under charity and company law and the Charity Commission guidance on public benefit, given copies of the Charity’s governing documents, and are appraised of the Charity’s aims and activities, current financial performance and its plans for the future. All Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Delegated Authority

Responsibility for the day-to-day management of the Charity is delegated by the Board to Mr Ball as Chairman and Mrs L Votier as Chief Executive Officer.

Pay Policy for Senior Staff

The Trustees, who are the Hospital's Directors, and the Senior Management Team, who comprise the key management personnel of the Charity, in charge of directing and controlling, running and operating the Hospital on a day-to-day basis. All Trustees give of their time freely and no Trustee received remuneration in the period, with the exception ofthe Executive Chairman of the Hospital who is also the Chairman of the Victoria Foundation and related party transaction as disclosed in note 27 to the accounts and the Director of Fundraising.

The pay of the senior staff, including the Chief Executive is reviewed annually and normally increased inaccordance with average earnings. The Trustees benchmark against pay levels in other hospitals of a similarsize. Annual pay review salary increases for Hospital staff, for the Executive Team (including the Chief Executive) and Senior Management Team including any bonus payments are proposed to and agreed by theAudit and Finance Committee.

THE VICTORIA FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Audit and Finance Committee

The Audit and Finance Committee, previously a joint committee of The Victoria Foundation and the New Victoria Hospital, comprises Trustees of the Charity. The Committee meets at least twice each year and its purposes are to:

Risk Management

The Trustees have a duty to identify and review the principal risks to which the Charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees review annually the principal strategic, operational and financial risks facing the Charity, together with the systems and procedures established to manage and mitigate those risks.

As the majority of the Charity's funds are invested to generate income to support its charitable activities, investment performance is a key financial risk. The Charity's investment portfolio is managed by professional investment advisers in accordance with the Trustees' investment policy, which is designed to preserve and grow the value of the investments while generating a sustainable level of income.

The Trustees regularly monitor the performance of the investment portfolio and consider that the controls in place, together with the level of income generated, provide appropriate mitigation of the Charity's principal financial risks and support the Charity's ongoing operations.

Statement of Trustees’ responsibilities

The Board of Trustees is responsible for the approval of the annual accounts, ensuring compliance with the Charities Act 2011, the Companies Act 2006 and the Charity’s Memorandum and Articles of Association and Accounting and the Reporting Statement of Recommended Practice applicable in the UK and Republic of Ireland, FRS 102 which was effective from 1st January 2015.

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view.

In preparing those financial statements, the Trustees are required to:

THE VICTORIA FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s transactions and disclose with reasonable accuracy at any time the financial position of the Group 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 Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Details of Trustees’ interests in contracts and related party transactions are given in Note 32 to the accounts

Auditor

Menzies LLP are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

J A Hamblin Trustee Date:

THE VICTORIA FOUNDATION (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VICTORIA FOUNDATION

Opinion

We have audited the financial statements of The Victoria Foundation (the 'parent charitable company') and its subsidiaries (the 'group') for the period ended 30 September 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and the related notes, including a summary of 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 Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 statements 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 Group's or the parent 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 sections of this report.

THE VICTORIA FOUNDATION (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VICTORIA FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' 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. 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 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 financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, 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 material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

THE VICTORIA FOUNDATION (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VICTORIA FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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 auditors' report that includes our opinion. 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 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.

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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas; posting of fraudulent journal entries, authorisation, processing, and payment of fraudulent expenses and timing of revenue recognition.

Our procedures to respond to risks identified included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leadingto a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more thatcompliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as wewill be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurringdue to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

THE VICTORIA FOUNDATION (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE VICTORIA FOUNDATION (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Janice Matthews FCA (senior statutory auditor)

for and on behalf of

Menzies LLP

Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines- Upon-Thames TW18 4BP

Date: �����������

THE VICTORIA FOUNDATION (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE) ACCOUNT FOR THE PERIOD ENDED 30 SEPTEMBER 2025 Unrestricted
Restricted
Endowment
Continuing
Discontinued
Total		 funds
funds
funds
operations
operations
funds		 18 months
18 months
18 months
18 months
18 months
18 months
Continuing
Discontinued
Total		 ended 30
ended 30
ended 30
ended 30
ended 30
ended 30
operations
operations
funds		 September
September
September
September
September
September
Year ended 31
Year ended 31
Year ended 31		 2025
2025
2025
2025
2025
2025
March 2024
March 2024
March 2024		 Note
£000
£000
£000
£000
£000
£000
£000
£000
£000		 Income and endowments from: Donations and legacies
4
7
38
-
45
-
45
2
-
2		 Charitable activities
5
43,790
6
-
6
43,790
43,796
7
31,803
31,810		 Other trading activities
6
103
-
-
103
-
103
83
-
83		 Investments
7
61
64
-
125
-
125
86
-
86		 Other income
8
8,985
-
-
8,985
-
8,985
-
-
-		 Total income and endowments
52,946
108
-
9,264
43,790
53,054
178
31,803
31,981		 Expenditure on: Raising funds
9
115
-
-
115
-
115
87
-
87		 Charitable activities
10
41,499
120
-
528
41,091
41,619
269
28,991
29,260		 Other expenditure
13
3,736
-
-
-
3,736
3,736
-
2,872
2,872		 Total expenditure
45,350
120
-
643
44,827
45,470
356
31,863
32,219
Total funds 2024 £000 (238) (10) (248) - (248) 10,200 9,952 Page 14
THE VICTORIA FOUNDATION (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 Unrestricted
Restricted
Endowment
Continuing
Discontinued
Total
Continuing
Discontinued		 funds
funds
funds
operations
operations
funds
operations
operations		 2025
2025
2025
2025
2025
2025
2024
2024		 Note
£000
£000
£000
£000
£000
£000
£000
£000		 Net income/(expen diture) before net losses on investments
7,596
(12)
-
8,621
(1,037)
7,584
(178)
(60)		 Net losses on investments
(14)
-
(6)
(20)
-
(20)
(10)
-		 Net income/(expen
diture)
7,582
(12)
(6)
8,601
(1,037)
7,564
(188)
(60)		 Transfers between funds
24
31
15
(46)
-
-
-
-
-		 Net movement in funds before other recognised
gains/(losses)
7,613
3
(52)
8,601
(1,037)
7,564
(188)
(60)		 Other recognised gains/(losses): Gains on revaluation of fixed assets
-
-
-
-
-
-
-
10,200		 Net movement in funds
7,613
3
(52)
8,601
(1,037)
7,564
(188)
10,140
Total funds 2024 £000 (7,632) 9,952 2,320
THE VICTORIA FOUNDATION (A company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025 Unrestricted
Restricted
Endowment
Continuing
Discontinued
Total
Continuing
Discontinued		 funds
funds
funds
operations
operations
funds
operations
operations		 2025
2025
2025
2025
2025
2025
2024
2024		 Note
£000
£000
£000
£000
£000
£000
£000
£000		 Reconciliation of funds: Total funds brought forward
1,154
37
1,129
27,109
(24,789)
2,320
26,205
(33,837)		 Net movement in funds
7,613
3
(52)
8,601
(1,037)
7,564
(188)
10,140		 Total funds carried forward
8,767
40
1,077
35,710
(25,826)
9,884
26,017
(23,697)		 The Consolidated statement of financial activities includes all gains and losses recognised in the period. The notes on pages 19 to 43 form part of these financial statements.

THE VICTORIA FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 01946612

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Tangible assets
17
Investments
18
Current assets
Stocks
Debtors
21
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
22
Net current assets / liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
23
Total net assets
Charity funds
Endowment funds
24
Restricted funds
24
Unrestricted funds
24
Total funds		 -
281
8,431
8,712
(527)		 30 September
2025
£000
159
1,540
1,699
8,185
9,884
-
9,884
1,077
40
8,767
9,884		 781
1,945
3,993
6,719
(43,078)		 31 March
2024
£000
37,486
1,589
39,075
(36,359)
2,716
(396)
2,320
1,129
37
1,154
2,320

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

J A Hamblin

Trustee Date: �����������

The notes on pages 19 to 43 form part of these financial statements.

THE VICTORIA FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 01946612

COMPANY BALANCE SHEET AS AT 30 SEPTEMBER 2025

Note
Fixed assets
Tangible assets
17
Investments
18
Current assets
Debtors
21
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
22
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
24
Restricted funds
24
Unrestricted funds
24
Total funds		 281
8,431
8,712
(527)		 30 September
2025
£000
159
1,540
1,699
8,185
9,884
9,884
9,884
1,083
34
8,767
9,884		 13
271
284
(70)		 31 March
2024
£000
166
1,589
1,755
214
1,969
1,969
1,969
1,129
37
803
1,969

The Company's net movement in funds for the period was £ 7,915 (2024 - £ 5) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

J A Hamblin

Trustee Date: �����������

The notes on pages 19 to 43 form part of these financial statements.

THE VICTORIA FOUNDATION (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Note
27
19
28
Cash flows from operating activities
Net cash generated from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from disposal of subsidiary
Interest received on sale of subsidiary
Insurance/litigation proceeds
Disposal costs paid andsubsidiaryadjustments
Payments to acquire investments
Receipts from sale of investments
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of finance leases
Interest paid on bank borrowings
Interest paid on finance lease borrowings
Net cash used in financing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period		 2025
£000
4,633
(2,055)
7,706
2
500
(2,642)
-
30
3,541
-
(3,736)
-
(3,736)
4,438
3,993
8,431		 Year ended
31 March
2024
£000
5,374
(526)
-
-
-
-
(5)
17
(514)
(33)
(2,858)
(14)
(2,905)
1,955
2,038
3,993

The notes on pages 19 to 43 form part of these financial statements

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1. General information

The Victoria Foundation is a private company limited by guarantee incorporated in England and Wales and a registered charity. The address of the registered office is disclosed on the legal and administrative information page (page 1).

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Victoria Foundation and the New Victoria Hospital meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements.

2.2 Critical accounting estimates and areas of judgement

In the opinion of the Trustees, following the disposal of The New Victoria Hospital Limited, there are no key sources of estimation uncertainty or critical accounting judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2.3 Going concern

During the financial period, following the disposal of The New Victoria Hospital Limited, The Victoria Foundation Group generated net income of £8,601k and a cash inflow of £4,438k. At the period-end The Victoria Foundation Group had total net assets of £9,884k and cash and cash equivalents of £8,431k, with no closing bank borrowings.

The Trustees have prepared and reviewed cash flow projections for The Victoria Foundation Group covering at least 12 months from the date of approval of the financial statements. Based on those projections, the postdisposal cash position, and the absence of continuing Group bank borrowings, the Trustees believe that The Victoria Foundation Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.4 Income

All income is included on the statement of financial activities when the Group is legally entitled to the income and the amount can be quantified with reasonable certainty.

Voluntary income comprises donations, legacies, and income generated from fundraising activities.

Investment income includes rental income, the net income received from dividends, interest and realised and unrealised gains generated from investments, and interest received on loans and deposits.

Income from charitable activities represents the total value of charges made to patients and other customers for the provision of hospital services.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

2.5 Fund accounting

Unrestricted funds are available to spend on activities that further any of the objects of the Charity.

Restricted funds are donations which the donor has specified are to be solely used for particular areas of the Charity’s objects.

Endowment funds are funds which have been given to the charity to be invested to provide an income to support the activities of the charity.

2.6 Expenditure

Expenditure is recognised on an accruals basis and allocated to the appropriate activity and fund.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Costs of generating voluntary income include the net costs of fund-raising charitable events.

Expenditure on charitable activities comprise the provision of grants and the provision of hospital services, which includes both direct costs and the support costs incurred to enable those activities and services to be provided.

Support costs comprise the costs associated with the funding of grants and those incurred in the general, financial, and clinical management of the Hospital, which include the costs of its human resources, IT, and quality assurance functions as well as the cost of the general maintenance of its land and buildings.

Governance costs, which are disclosed separately in the Notes to the Accounts, comprise the costs incurred in the governance and general management of the Charity rather than in the provision of its charitable activities.

Governance costs include audit fees, the cost of legal and other advice given to Trustees, and an apportionment of the costs of employing the Charity’s officers.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.6 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure.

2.7 Investments

Listed investments are stated at market valuation at the balance sheet date.

Investment property is stated at its fair value.

Investment gains and losses, whether realised on disposal or unrealised on revaluation, are recognised as they occur in the statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Finance leases and hire purchase

Assets held under finance leases and hire purchase agreements are recorded in the balance sheet as tangible fixed assets and are depreciated over the shorter of their estimated useful lives and the term of the agreement. Interest is charged to the profit and loss account in proportion to the balance of the obligations outstanding; and the capital element of future payments is included in creditors.

Rentals paid under operating leases are charged directly to income.

2.9 Tangible fixed assets and depreciation

Individual assets or groups of similar assets having a value of greater £1,000 and a useful economic life in excess of 1 year are treated as fixed assets. Assets with a value below £1,000 are fully written off in the year of acquisition. Assets are initially measured at purchase cost plus any associated costs in bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended including, for example, any site preparation, initial delivery, installation and testing costs.

Land and buildings includes borrowing costs directly attributable to any construction project at the Hospital. Borrowing costs are capitalised from the point at which expenditure begins on the build project and capitalisation ceases during the extended periods between the major phases in development and ceases completely upon final completion of the building works. Only borrowing costs from loans directly attributable to the project are treated in this way. Borrowing costs to cover general borrowing are not capitalised.

Following initial recognition, freehold land and buildings are carried at valuation. The Trustees of the New Victoria Hospital deem that the property held is a specialised asset; assets of this type are usually only sold as part of the sale of a continuing business. As such the land and buildings are valued on an income-generating basis. Revaluations are undertaken with sufficient regularity to ensure that the carrying value does not materially differ from the fair value at the end of each reporting period.

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

2. Accounting policies (continued)

2.9 Tangible fixed assets and depreciation (continued)

Depreciation is charged on fixed assets on a systematic basis over the useful life of the assets. The policies adopted across different asset types are as follows:

2.10 Financial instruments

The Group 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.

2.11 Pensions

The Group operates a defined contribution pension scheme. Pension costs represent the Group’s contributions to this scheme; and its liability is limited to the amount of these contributions.

2.12 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the consolidated statement of financial activities.

3. Principal activity and income

The Group’s principal activities are the funding of charitable healthcare activities through grants and the operation of its wholly owned subsidiary, The New Victoria Hospital Limited (the Hospital).

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

4. Income from donations and legacies

Donations
Total 2024		 Unrestricted
funds
18 months
ended 30
September
2025
£000
7
2		 Restricted
funds
18 months
ended 30
September
2025
£000
38
-		 Total
funds
18 months
ended 30
September
2025
£000
45
2		 Total
funds
Year ended
31 March
2024
£000
2

Volunteers benefit and support: in accordance with FRS102 and the Charities SORP (FRS 102) the economic contribution of general volunteers is not recognised in the accounts.

5. Income from charitable activities

Income from charitable activities
Total 2024		 Unrestricted
funds
18 months
ended 30
September
2025
£000
43,790
31,803		 Restricted
funds
18 months
ended 30
September
2025
£000
6
7		 Total
funds
18 months
ended 30
September
2025
£000
43,796
31,810		 Total
funds
Year ended
31 March
2024
£000
31,810

6. Income from other trading activities

Income from fundraising events

Fundraising
Total 2024		 Unrestricted
funds
18 months
ended 30
September
2025
£000
103
83		 Total
funds
18 months
ended 30
September
2025
£000
103
83		 Total
funds
Year ended
31 March
2024
£000
83

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

7. Investment income

Investment fund income
Interest received
Total 2024
8.
Other incoming resources
Insurance claim proceeds
Gain on disposal of subsidiary		 Unrestricted
funds
18 months
ended 30
September
2025
£000
-
61
61
30		 Restricted
funds
18 months
ended 30
September
2025
£000
64
-
64
56
Unrestricted
funds
18 months
ended 30
September
2025
£000
500
8,485
8,985		 Total
funds
18 months
ended 30
September
2025
£000
64
61
125
86
Total
funds
18 months
ended 30
September
2025
£000
500
8,485
8,985		 Total
funds
Year ended
31 March
2024
£000
56
30
86
Total
funds
Year ended
31 March
2024
£000
-
-
-

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

9. Expenditure on raising funds

Costs of raising voluntary income

Costs of raising funds
Allocated centrally incurred fundraising and governance costs
Total 2024		 Unrestricted
funds
18 months
ended 30
September
2025
£000
43
72
115
87		 Total
funds
18 months
ended 30
September
2025
£000
43
72
115
87		 Total
funds
Year ended
31 March
2024
£000
34
53
87

10. Analysis of expenditure on charitable activities

Summary by fund type

Charitable activities
Total 2024		 Unrestricted
funds
18 months
ended 30
September
2025
£000
41,499
29,187		 Restricted
funds
18 months
ended 30
September
2025
£000
120
73		 Total
18 months
ended 30
September
2025
£000
41,619
29,260		 Total
Year ended
31 March
2024
£000
29,260

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

11. Analysis of expenditure by activities

Charitable activities
Total 2024		 Activities
undertaken
directly
18 months
ended 30
September
2025
£000
26,195
18,621		 Grant
funding of
activities
18 months
ended 30
September
2025
£000
330
181		 Support
costs
18 months
ended 30
September
2025
£000
15,094
10,458		 Total
funds
18 months
ended 30
September
2025
£000
41,619
29,260		 Total
funds
Year ended
31 March
2024
£000
29,260

Analysis of direct costs

Staff costs
Depreciation
Grants paid
Finance and professional fees
Property costs
Total 2024		 Activities
18 months
ended 30
September
2025
£000
11,199
480
6,503
7,943
70
26,195
18,621		 Total
funds
18 months
ended 30
September
2025
£000
11,199
480
6,503
7,943
70
26,195
18,621		 Total
funds
Year ended
31 March
2024
£000
7,827
384
4,829
5,569
12
18,621

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

11. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
Finance and professional fees
Property costs
Other
Total 2024		 Activities
18 months
ended 30
September
2025
£000
7,733
1,151
2,388
3,709
113
15,094
10,458		 Total
funds
18 months
ended 30
September
2025
£000
7,733
1,151
2,388
3,709
113
15,094
10,458		 Total
funds
Year ended
31 March
2024
£000
5,304
651
2,035
2,429
39
10,458

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

12. Grant Funding Expenditure

Restricted Fund Distributions Mobility
Aids		 Accessible
Transport		 Medical
Support		 Medical
Bursaries
& Toolkits		 Total
RAKAT CT - 5,000 - - 5,000
The Furzedown Project - 5,000 - - 5,000
Clarendon School - 25,000 - - 25,000
FISH - 8,000 - - 8,000
Bedelsford School - 3,000 - - 3,000
Mortlake PCC - 900 - - 900
Strathmore School - - 8,750 - 8,750
Tim Henman Foundation 2,000 - - - 2,000
Cambrian Community Centre 5,178 - - - 5,178
Grants to Organisations 7,178 46,900 8,750 - 62,828
Grants to Individuals 1,640 - 1,350 53,744 56,734
Total Restricted Fund Grants 8,818 46,900 10,100 53,744 119,562
Unrestricted Fund Grants
Barnfield Riding for the Disabled 3,000 - - - 3,000
Cambrian Community Centre 1,967 - - - 1,967
The Brook Broadwaters 2,932 - - - 2,932
Bedelsford School 20,885 - - - 20,885
Royal Hospital for Neuro-Disability - - 3,200 - 3,200
Crossroads Care-Kingston & Richmond - - 16,000 - 16,000
Kingston Hospital Charity - - 4,893 - 4,893
Tim Henman Foundation 2,000 - - - 2,000
Imperial College London - - - 5,000 5,000
St Georges University - - - 5,000 5,000
University of Nottingham - - - 2,000 2,000
Grants to Organisations 30,784 - 24,093 12,000 66,877
Grants to Individuals 39,313 - 14,021 90,230 143,564
Total Unrestricted Fund Grants 70,097 - 38,114 102,230 210,441

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

13. Interest payable

Bank loans and overdrafts
Finance Leases
Total 2024
14.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of
Fees payable to the Charity's auditor for the audit of
accounts
Fees payable to the Charity's auditor in respect of:
All non-audit services not included above
15.
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Unrestricted
funds
18 months
ended 30
September
2025
£000
3,688
48
3,736
2,872
the Charity's annual accounts
the Subsidiary annual
Group
Group
18 months
ended 30
September
2025
Year ended
31 March
2024
£000
£000
16,996
11,825
1,588
1,068
396
276
18,980
13,169		 Total
funds
18 months
ended 30
September
2025
£000
3,688
48
3,736
2,872
2025
£000
14
20
6
Company
18 months
ended 30
September
2025
£000
127
4
1
132		 Total
funds
Year ended
31 March
2024
£000
2,858
14
2,872
2024
£000
8
37
7
Company
Year ended
31 March
2024
£000
83
3
1
87

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

15. Staff costs (continued)

The average number of persons employed by the Company during the period was as follows:

Hospital - Senior Management
Hospital Services - Clinical
Hospital Services - Support Services
Hospital Services - Administrative		 Group
18 months
ended 30
September
2025
No.
12
120
52
89
273		 Group
Year ended
31 March
2024
No.
9
137
45
50
241

The average number of employees exclude those working on zero hours contracts (bank staff).

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
18 months
ended 30 Year ended
September 31 March
2025 2024
No. No.
In the band £60,001 - £70,000 9 19
In the band £70,001 - £80,000 5 5
In the band £80,001 - £90,000 4 3
In the band £90,001 - £100,000 3 2
In the band £130,001 - £140,000 1 1
1 -

The aggregate paid to key management personnel was £1,767,281 (2024: £1,177,260).

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Trustees' remuneration

Remuneration paid to Directors
G A R Ball - Charity
G A R Ball - Hospital
L Votier - Charity
Total 2025		 Salary
£000
5
21
76
102		 £000
-
-
-
-		 2025
£000
5
21
76
102		 2024
£000
19
76
50
145

The other Trustees received no payment for their services during the period and were not reimbursed for any expenses.

16. Taxation

The Charity and its subsidiary, The New Victoria Hospital, are exempt from taxation in respect of income and capital gains to the extent that such income and gains are applied to exclusively charitable purposes.

17. Tangible fixed assets

Group

Cost or valuation
At 1 April 2024
Additions
Disposals
At 30 September 2025
Depreciation
At 1 April 2024
Charge for the period
On disposals
At 30 September 2025		 Freehold
property
£000
36,053
284
(36,125)
212
46
1,001
(994)
53		 Office
equipment
£000
4,912
1,771
(6,676)
7
3,433
608
(4,034)
7		 Total
£000
40,965
2,055
(42,801)
219
3,479
1,609
(5,028)
60

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

17. Tangible fixed assets (continued)

Group (continued)

Net book value
At 30 September 2025
At 31 March 2024		 Freehold
property
£000
159
36,006		 Office
equipment
£000
-
1,479		 Total
£000
159
37,485

During the year, the Charitable Company disposed of its subsidiary, New Victoria Hospital. Accordingly, the assets and liabilities of New Victoria Hospital, including the Hospital freehold property, bank borrowings secured on that property, and finance lease obligations relating to medical equipment, were derecognised from the Group balance sheet on disposal.

Prior to disposal, the Trustees’ valuation of the Hospital was carried out in January 2024, supported by professional independent advisers, valuing the Hospital at £35.84m. At 31 March 2024, the Hospital freehold property had been pledged as security for bank loans with a carrying value of £25.640m. Following the disposal of New Victoria Hospital, the Group no longer held this freehold property and no longer had any related secured bank borrowings at the reporting date.

During the prior year, New Victoria Hospital entered into a finance lease agreement for the acquisition of an MRI system. The lease term was 60 months, with monthly payments of £8,658 and an interest rate of 10.17% per annum, representing the SONIA five-year GBP swap rate rounded to two decimal places plus 4.98%. New Victoria Hospital recognised a finance lease asset of £500,000 and a corresponding lease liability of £500,000. The net book value of equipment held under finance leases at 31 March 2024 was £500,000, with original cost of £500,000 and depreciation charged in the year of £17,000.

As New Victoria Hospital was disposed of during the year, the related finance lease asset and lease liability were disposed of as part of the subsidiary disposal. The Group therefore had no equipment held under finance leases and no related finance lease liability at the year end, unless otherwise disclosed as part of any retained obligations.

Company

Cost or valuation
At 1 April 2024
At 30 September 2025
Depreciation
At 1 April 2024
Charge for the period
At 30 September 2025		 Freehold
property
£000
212
212
46
7
53		 Office
equipment
£000
7
7
6
1
7		 Total
£000
219
219
52
8
60

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

17. Tangible fixed assets (continued)

Company (continued)

Net book value
At 30 September 2025
At 31 March 2024
18.
Fixed asset investments
Group
Cost or valuation
At 1 April 2024
Disposals
Revaluations
At 30 September 2025
Net book value
At 30 September 2025
At 31 March 2024		 Investment
property
£000
375
-
-
375
375
375		 Freehold
property
£000
159
166
Listed
investments
£000
680
-
16
697
697
680		 Office
equipment
£000
-
1
Unlisted
investments
£000
534
(30)
(36)
468
468
534		 Total
£000
159
167
Total
£000
1,589
(30)
(20)
1,540
1,540
1,589

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

18. Fixed asset investments (continued)

Company
Cost or valuation
At 1 April 2024
Disposals
Revaluations
At 30 September 2025
Impairment
At 1 April 2024
Impairment on disposals
At 30 September 2025
Net book value
At 30 September 2025
At 31 March 2024		 Investment
property
£000
375
-
-
375
-
-
-
375
375		 Listed
investments
£000
680
-
16
697
-
-
-
697
680		 Unlisted
investments
£000
534
(30)
(36)
468
-
-
-
468
534		 Loans to
subsidiaries

£000
24,239
(24,239)
-
-
24,239
(24,239)
-
-
-		 Investments
in subsidiary
companies
£000
1,636
(1,636)
-
-
1,636
(1,636)
-
-
-		 Total
£000
27,464
(25,905)
(20)
1,540
25,875
(25,875)
-
1,540
1,589

19. Discontinued operations and disposal of subsidiary

On 7 August 2025, the Charity disposed of its wholly owned subsidiary, The New Victoria Hospital Limited, which carried on the Group’s hospital activities. This disposal ensured that The Victoria Foundation was able to continue to meet its charitable objectives. Consideration of £8 million was receivable, comprising £7.7 million received on completion and £0.3 million retained in escrow, and a group gain on disposal of £8.6 million has been recognised within other income, which has increased group reserves. The intercompany loan balance and investment in The New Victoria Hospital Limited were derecognised as part of the disposal accounting. The income and expenditure from The New Victoria Hospital Limited has been included as a discontinued operation within the Consolidated Statement of Financial Activities.

£300,000 of the disposal consideration was retained in escrow at completion and recognised as deferred consideration at 30 September 2025, subject to the terms of the sale agreement. Subsequent to the period end, the escrow was released, with £264,703 received after settlement of claims totalling £35,297. Further details are provided in note 33.

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

20. Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Charity Registered office or Principal activity Class of Holding
number registration principal place of shares
number business
New Victoria 05903364 1141784 184 Coombe Lane West, The subsidiary operates Ordinary 100%
Hospital Kingston upon Thames, the New Victoria
Limited KT2 7EG Hospital Limited

The financial results of the subsidiary for the period were:

Name
New Victoria Hospital Limited
21.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Income
£000
Expenditure
£000
29,128
29,633
Group
30
September
Group
31 March
2025
2024
£000
£000
-
1,604
-
-
277
10
4
331
281
1,945		 Surplus/
(Deficit) for
the year
£000
(505)
Company
30
September
2025
£000
-
-
277
4
281		 Net assets/
(liabilities)
£000
(33,902)
Company
31 March
2024
£000
-
10
-
3
13

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

22. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Obligations under finance lease and hire purchase
contracts
Other creditors
Accruals and deferred income		 Group
30
September
2025
£000
-
-
-
-
4
523
527		 Group
31 March
2024
£000
34,938
2,450
59
104
732
4,795
43,078		 Company
30
September
2025
£000
-
-
-
-
4
523
527		 Company
31 March
2024
£000
-
-
-
-
-
70
70

New Victoria Hospital Limited was disposed of during the period. The HSBC facilities previously held by New Victoria Hospital Limited were settled as part of the disposal completion statement, with the repayment reflected in the disposal bridge and net consideration calculation. Following completion, the Group had no remaining bank loans or covenant exposure in respect of New Victoria Hospital Limited, and no related liability is included in the Group balance sheet at 30 September 2025.

23. Creditors: Amounts falling due after more than one year

Group
30 Group
September 31 March
2025 2024
£000 £000
Net obligations under finance lease and hire purchase contracts - 396

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

24. Statement of funds

Statement of funds - current period

Unrestricted
funds
General Funds
Reserves
Revaluation
reserve
Endowment
funds
Charities Property
Investment Fund
Restricted funds
Restricted Funds
Total of funds		 Balance at 1
April 2024
£000
24,790
(33,836)
10,200
1,154
1,129
37
2,320		 Income
£000
52,946
-
-
52,946
-
108
53,054		 Expenditure
£000
(45,350)
-
-
(45,350)
-
(120)
(45,470)		 Transfers
in/out
£000
(23,605)
33,836
(10,200)
31
(46)
15
-		 Gains/
(Losses)
£000
(14)
-
-
(14)
(6)
-
(20)		 Balance at 30
September
2025
£000
8,767
-
-
8,767
1,077
40
9,884

During the year, the negative NVH reserve of £33,836,000 was transferred to General Funds following the disposal of NVH. In addition, the revaluation reserve of £10,200,000 relating to the disposed property was transferred to General Funds.

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

24. Statement of funds (continued)

Statement of funds - prior period

Unrestricted
funds
General Funds
Reserves
Revaluation
reserve
Endowment
funds
Charities Property
Investment Fund
Restricted funds
Restricted Funds
Total of funds		 Balance at
1 April 2023
£000
25,035
(33,836)
-
(8,801)
1,131
39
(7,631)		 Income
£000
31,918
-
-
31,918
-
64
31,982		 Expenditure
£000
(32,148)
-
-
(32,148)
-
(73)
(32,221)		 Transfers
in/out
£000
(8)
-
10,200
10,192
-
8
10,200		 Gains/
(Losses)
£000
(7)
-
-
(7)
(2)
(1)
(10)		 Balance at
31 March
2024
£000
24,790
(33,836)
10,200
1,154
1,129
37
2,320

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

25. Summary of funds

Summary of funds - current period

General funds
Endowment funds
Restricted funds		 Balance at 1
April 2024
£000
1,154
1,129
37
2,320
- prior period
Balance at
1 April 2023
£000
(8,801)
1,131
39
(7,631)		 Income
£000
52,946
-
108
53,054
Income
£000
31,918
-
64
31,982		 Expenditure
£000
(45,350)
-
(120)
(45,470)
Expenditure
£000
(32,148)
-
(73)
(32,221)		 Transfers
in/out
£000
31
(46)
15
-
Transfers
in/out
£000
10,192
-
8
10,200		 Gains/
(Losses)
£000
(14)
(6)
-
(20)
Gains/
(Losses)
£000
(7)
(2)
(1)
(10)		 Balance at 30
September
2025
£000
8,767
1,077
40
9,884
Balance at
31 March
2024
£000
1,154
1,129
37
Summary of funds
General funds
Endowment funds
Restricted funds
2,320

26. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
30
September
2025
£000
159
463
8,672
(527)
8,767		 Restricted
funds
30
September
2025
£000
-
-
40
-
40		 Endowment
funds
30
September
2025
£000
-
1,077
-
-
1,077		 Total
funds
30
September
2025
£000
159
1,540
8,712
(527)
9,884

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

26. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
31 March
2024
£000
37,486
460
6,683
(43,078)
(396)
1,155		 Restricted
funds
31 March
2024
£000
-
-
37
-
-
37		 Endowment
funds
31 March
2024
£000
-
1,129
-
-
-
1,129		 Total
funds
31 March
2024
£000
37,486
1,589
6,720
(43,078)
(396)
2,320

27. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest charges
Revaluation on investments
Profit on disposal of subsidiary
(Increase)/decrease in stocks
(Increase)/decrease in debtors
(Decrease)/Increase in creditors
Net cash provided by operating activities		 Group
30
September
2025
£000
7,564
1,609
3,736
20
(8,485)
-
(268)
457
4,633		 Group
31 March
2024
£000
(248)
1,030
2,871
10
-
(52)
(49)
1,812
5,374

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

28. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
30
September
2025
£000
8,431
8,431		 Group
31 March
2024
£000
3,993
3,993

29. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Finance leases		 At 1 April
2024
£000
3,993
(34,938)
(500)
(31,445)		 Cash flows
£000
4,438
-
-
4,438		 Non-cash
flows
£000
-
34,938
500
35,438		 At 30
September
2025
£000
8,431
-
-
8,431

30. Finance lease commitments

As New Victoria Hospital Limited was disposed of during the period, its finance lease obligations were derecognised from the Group balance sheet as part of the disposal accounting. Accordingly, at 30 September 2025, the Group had no commitments to make future lease payments under finance leases relating to New Victoria Hospital Limited.

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
30
September
2025
£000
-
-
-		 Group
31 March
2024
£000
104
396
500

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

31. Operating lease commitments

At 30 September 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
30
September
2025
£000
-
-
-		 Group
31 March
2024
£000
174
113
287

The following lease payments have been recognised as an expense in the statement of financial activities:

Group
30 Group
September 31 March
2025 2024
£000 £000
Operating lease rentals - 222

32. Capital and other financial commitments

The Hospital had an overdraft facility of £1,000,000 at 31 March 2024. Following the disposal of The New Victoria Hospital Limited during the period, this facility no longer forms part of the Group’s financing arrangements. The Group had no overdraft facility or related exposure in respect of The New Victoria Hospital Limited at 30 September 2025.

THE VICTORIA FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

33. Trustees interests in contracts and related party transactions

Details of Trustees’ remuneration are given in note 15 above.

Four Trustees serve as Trustees for both The Victoria Foundation and The New Victoria Hospital: Mr G A R Ball, Mr J A Hamblin, Mr M A Matthews and Mr A R Cooke.

Mr Ball is a director and shareholder of ControlAccount Plc, a company which provides specialist debt collection services to hospitals and which provided no services to the Hospital during the period (31 March 2024: £13,392). At 30 September 2025, the Company owed ControlAccount Plc £Nil (31 March 2024: £1,011).

Mr Curtis, Dr A Ravalia and Mr Willson, who have all held the position of Medical Director at the Hospital, are also consultants with practising privileges at the Hospital. As consultant surgeons, they act as independent contractors and not as agents of the Hospital and as such do not provide services to the Hospital. They also use the medical facilities, which are made available to all consultants who use the Hospital including the hire of consulting rooms on a sessional basis. The Hospital provides these facilities to them on the same commercial terms as to other consultants.

Mr Willson was appointed Medical Director in July 2020 and is a member of the Executive Management Team at the Hospital.

Mrs Votier receives remuneration for her role as Director of Fundraising.

34. Post balance sheet events

As disclosed in note 19, the Charitable Company disposed of The New Victoria Hospital Limited during the period and £300,000 of the consideration was retained in escrow at the period end. Subsequent to the period end, on 20 June 2026, the escrow was released. Legal fees totalling £35,298 were settled from the escrow and have been reflected in these financial statements as an adjusting post balance sheet event. The remaining balance of £264,703 was received by the Charitable Company. No further amounts were receivable under the escrow arrangement at the date of approval of these financial statements.