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<br>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**<br>**number**<br>01946612<br>**Charity registered number**<br>292841<br>**Registered office**<br>St David's House<br>15 Worple Way<br>Richmond-Upon-Thames<br>Surrey<br>TW10 6DG<br>**Chief executive officer**<br>L Votier<br>**Independent auditors**<br>Menzies LLP<br>Chartered Accountants<br>Magna House<br>18-32 London Road<br>Staines- Upon-Thames<br>TW18 4BP<br>**Bankers**<br>HSBC Bank plc<br>54 Clarence Street<br>Kingston Upon Thames<br>Surrey<br>KT1 1NS<br>**Solicitors**<br>Stone King LLP<br>Boundary House<br>91 Charterhouse Street<br>Clerkenwell<br>London<br>EC1M 6HR<br>**Investment Advisors**<br>Cazenove Capital<br>1 London Wall Place<br>London<br>EC2Y 5AU<br>Julius Baer International Limited<br>20–23 Greville Street<br>London<br>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: 

- Accessible Transport 

- Medical and surgical advice and treatment 

- Medical and surgical equipment 

- Training and education of medical, nursing and para-medical staff 

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: 

- Mobility aids – supporting those who suffer from diseases that affect their mobility in both their recreational and rehabilitation needs by providing support where financial constraints do not allow the private purchase of mobility aids. 

- Accessible transport – helping residents of the London Boroughs of Richmond, Kingston and Hounslow suffering from any medical condition that renders conventional transport either inaccessible or inappropriate. 

- Medical Toolkit Grants and Elective Bursaries – supporting wider participation in medicine by awarding Toolkit Grants to students studying at universities throughout the UK for the purchase of books and medical instruments as well as grants to help meet travel costs of placements and Elective Bursaries overseas. 

- Medical assistance – provision of financial assistance to residents of the London Boroughs of Richmond, Kingston and Hounslow for those in financial hardship where treatment is not readily available on the NHS and where the treatment would be life enhancing, together with other financial assistance for medical purposes. 

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: 

- Barnfield Riding for the Disabled 

- Bedelsford School 

- Cambrian Community Centre 

- Clarendon School 

- Crossroads Care Richmond & Kingston 

- FiSH Neighbourhood Care 

- Imperial College London 

- Kingston Hospital Charity 

- RAKAT CT - Caring Community Transport 

- Royal Hospital for Neuro-Disability 

- St George's, University of London 

- Strathmore School 

- The Brook on Broadwaters 

- The Furzedown Project 

- The Parish of Mortlake with East Sheen 

- Tim Henman Foundation 

- University of Nottingham 

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

- Aberdeen University 

- Anglia Ruskin University 

- Aston University 

- Birmingham University 

- Brighton University 

- Bristol University 

- Cambridge University 

- Cardiff University 

- Central Lancashire University 

- Dundee University 

- East Angelia University 

- Edinburgh University 

- Exeter University 

- Glasgow University 

- Hull University 

- Keele University 

- Kent & Medway Medical School 

- King’s College London University 

- Lancaster University 

- Leeds University 



THE VICTORIA FOUNDATION (A company limited by guarantee) 

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

- Leicester Medical School 

- Lincoln University 

- Liverpool University 

- Manchester University 

- Newcastle University 

- Nottingham University 

- Oxford University 

- Plymouth University 

- Queen Mary University London 

- Queens University Belfast 

- Sheffield University 

- Southampton University 

- St George’s University London 

- Sunderland University 

- Swansea University 

- UAE Norwich Medical School 

- Ulster University 

- University College London 

- University of East Anglia 

- Warwick University 

- York University 

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 

* Four of the Charity’ Trustees were also Trustees of the New Victoria Hospital Limited. 

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: 

- Review and challenge where necessary the financial reporting within The Victoria Foundation 

- Review the budgeting and forecasting process 

- Keep under review the adequacy and effectiveness of the Companies’ internal controls and risk management systems. 

- Consider and make recommendations to the Board in relation to the appointment of the Charity’s Investment Advisers. 

- Consider and make recommendations to the Board in relation to the appointment of the Charity's external auditor. 

- Ensure financial and ethical controls are in place when agreeing the annual pay increase for staff including  bonus payments. 

## **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: 

- select suitable accounting policies and then apply them consistently 

- ensure compliance with the methods and principles in the Memorandum and Articles of Association and the Financial Reporting Standard applicable in the UK and Republic of Ireland, FRS 102, which was effective from 1st January 2015 

- make judgements and estimates that are both reasonable and prudent 

- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business 



## 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: 

- there is no relevant audit information of which the Group’s auditor is unaware; and 

- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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: 

- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 30 September 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the period then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006 and Charities Act 2011. 

## **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: 

- the information given in the Trustees' report including the Strategic report for the financial period for which the financial statements are prepared is consistent with the financial statements. 

- the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements. 

## **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: 

- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or 

- the parent charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the trustees' responsibilities statement, 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: 

- The group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including Charities Act 2011, Health and safety regulations, employment law, Care Quality Commission and other medical regulatory bodies. 

- We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management, those responsible for legal and compliance procedures.We corroborated our inquiries through our review of board minutes. 

- The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non- compliance with laws and regulations. The assessment did not identify any issues in this area. 

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: 

- Enquires of management, concerning actual and potential litigation and claims. 

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

- Obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of provisions. 

- Testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 

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**<br>**Restricted**<br>**Endowment**<br>**Continuing**<br>**Discontinued**<br>**Total**|**funds**<br>**funds**<br>**funds**<br>**operations**<br>**operations**<br>**funds**|**18 months**<br>**18 months**<br>**18 months**<br>**18 months**<br>**18 months**<br>**18 months**<br>_Continuing_<br>_Discontinued_<br>_Total_|**ended 30**<br>**ended 30**<br>**ended 30**<br>**ended 30**<br>**ended 30**<br>**ended 30**<br>_operations_<br>_operations_<br>_funds_|**September**<br>**September**<br>**September**<br>**September**<br>**September**<br>**September**<br>_Year ended 31_<br>_Year ended 31_<br>_Year ended 31_|**2025**<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_March 2024_<br>_March 2024_<br>_March 2024_|**Note**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>_£000_<br>_£000_<br>_£000_|**Income and**|**endowments**|**from:**|Donations and|legacies<br>4<br>**7**<br>**38**<br>**-**<br>**45**<br>**-**<br>**45**<br>_2_<br>_-_<br>_2_|Charitable|activities<br>5<br>**43,790**<br>**6**<br>**-**<br>**6**<br>**43,790**<br>**43,796**<br>_7_<br>_31,803_<br>_31,810_|Other trading|activities<br>6<br>**103**<br>**-**<br>**-**<br>**103**<br>**-**<br>**103**<br>_83_<br>_-_<br>_83_|Investments<br>7<br>**61**<br>**64**<br>**-**<br>**125**<br>**-**<br>**125**<br>_86_<br>_-_<br>_86_|Other income<br>8<br>**8,985**<br>**-**<br>**-**<br>**8,985**<br>**-**<br>**8,985**<br>_-_<br>_-_<br>_-_|**Total income and**|**endowments**<br>**52,946**<br>**108**<br>**-**<br>**9,264**<br>**43,790**<br>**53,054**<br>_178_<br>_31,803_<br>_31,981_|**Expenditure on:**|Raising funds<br>9<br>**115**<br>**-**<br>**-**<br>**115**<br>**-**<br>**115**<br>_87_<br>_-_<br>_87_|Charitable|activities<br>10<br>**41,499**<br>**120**<br>**-**<br>**528**<br>**41,091**<br>**41,619**<br>_269_<br>_28,991_<br>_29,260_|Other expenditure<br>13<br>**3,736**<br>**-**<br>**-**<br>**-**<br>**3,736**<br>**3,736**<br>_-_<br>_2,872_<br>_2,872_|**Total expenditure**<br>**45,350**<br>**120**<br>**-**<br>**643**<br>**44,827**<br>**45,470**<br>_356_<br>_31,863_<br>_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**<br>**Restricted**<br>**Endowment**<br>**Continuing**<br>**Discontinued**<br>**Total**<br>_Continuing_<br>_Discontinued_|**funds**<br>**funds**<br>**funds**<br>**operations**<br>**operations**<br>**funds**<br>_operations_<br>_operations_|**2025**<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>_2024_|**Note**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>_£000_<br>_£000_|**Net**|**income/(expen**|**diture) before**|**net losses on**|**investments**<br>**7,596**<br>**(12)**<br>**-**<br>**8,621**<br>**(1,037)**<br>**7,584**<br>_(178)_<br>_(60)_|Net losses on|investments<br>**(14)**<br>**-**<br>**(6)**<br>**(20)**<br>**-**<br>**(20)**<br>_(10)_<br>_-_|**Net**|**income/(expen**<br>**diture)**<br>**7,582**<br>**(12)**<br>**(6)**<br>**8,601**<br>**(1,037)**<br>**7,564**<br>_(188)_<br>_(60)_||Transfers between|funds<br>24<br>**31**<br>**15**<br>**(46)**<br>**-**<br>**-**<br>**-**<br>_-_<br>_-_|**Net movement in**|**funds before**|**other**|**recognised**<br>**gains/(losses)**<br>**7,613**<br>**3**<br>**(52)**<br>**8,601**<br>**(1,037)**<br>**7,564**<br>_(188)_<br>_(60)_||**Other recognised**|**gains/(losses):**|Gains on|revaluation of|fixed assets<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>_-_<br>_10,200_|**Net movement in**||**funds**<br>**7,613**<br>**3**<br>**(52)**<br>**8,601**<br>**(1,037)**<br>**7,564**<br>_(188)_<br>_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**<br>**Restricted**<br>**Endowment**<br>**Continuing**<br>**Discontinued**<br>**Total**<br>_Continuing_<br>_Discontinued_|**funds**<br>**funds**<br>**funds**<br>**operations**<br>**operations**<br>**funds**<br>_operations_<br>_operations_|**2025**<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>_2024_|**Note**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>**£000**<br>_£000_<br>_£000_|**Reconciliation of**|**funds:**|Total funds|brought forward<br>**1,154**<br>**37**<br>**1,129**<br>**27,109**<br>**(24,789)**<br>**2,320**<br>_26,205_<br>_(33,837)_|Net movement in|funds<br>**7,613**<br>**3**<br>**(52)**<br>**8,601**<br>**(1,037)**<br>**7,564**<br>_(188)_<br>_10,140_|**Total funds**||**carried forward**<br>**8,767**<br>**40**<br>**1,077**<br>**35,710**<br>**(25,826)**<br>**9,884**<br>_26,017_<br>_(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**<br>**Fixed assets**<br>Tangible assets<br>17<br>Investments<br>18<br>**Current assets**<br>Stocks<br>Debtors<br>21<br>Cash at bank and in hand<br>**Current liabilities**<br>Creditors: amounts falling due within one year<br>22<br>**Net current assets / liabilities**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more than<br>one year<br>23<br>**Total net assets**<br>**Charity funds**<br>Endowment funds<br>24<br>Restricted funds<br>24<br>Unrestricted funds<br>24<br>**Total funds**|**-**<br>**281**<br>**8,431**<br>**8,712**<br>**(527)**|**30 September**<br>**2025**<br>**£000**<br>**159**<br>**1,540**<br>**1,699**<br>**8,185**<br>**9,884**<br>**-**<br>**9,884**<br>**1,077**<br>**40**<br>**8,767**<br>**9,884**|_781_<br>_1,945_<br>_3,993_<br>_6,719_<br>_(43,078)_|_31 March_<br>_2024_<br>_£000_<br>_37,486_<br>_1,589_<br>_39,075_<br>_(36,359)_<br>_2,716_<br>_(396)_<br>_2,320_<br>_1,129_<br>_37_<br>_1,154_<br>_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**<br>**Fixed assets**<br>Tangible assets<br>17<br>Investments<br>18<br>**Current assets**<br>Debtors<br>21<br>Cash at bank and in hand<br>**Current liabilities**<br>Creditors: amounts falling due within one year<br>22<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Net assets excluding pension asset**<br>**Total net assets**<br>**Charity funds**<br>Endowment funds<br>24<br>Restricted funds<br>24<br>Unrestricted funds<br>24<br>**Total funds**|**281**<br>**8,431**<br>**8,712**<br>**(527)**|**30 September**<br>**2025**<br>**£000**<br>**159**<br>**1,540**<br>**1,699**<br>**8,185**<br>**9,884**<br>**9,884**<br>**9,884**<br>**1,083**<br>**34**<br>**8,767**<br>**9,884**|_13_<br>_271_<br>_284_<br>_(70)_|_31 March_<br>_2024_<br>_£000_<br>_166_<br>_1,589_<br>_1,755_<br>_214_<br>_1,969_<br>_1,969_<br>_1,969_<br>_1,129_<br>_37_<br>_803_<br>_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**<br>27<br>19<br>28<br>**Cash flows from operating activities**<br>Net cash generated from operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Proceeds from disposal of subsidiary<br>Interest received on sale of subsidiary<br>Insurance/litigation proceeds<br>Disposal costs paid andsubsidiaryadjustments<br>Payments to acquire investments<br>Receipts from sale of investments<br>**Net cash provided by/(used in) investing activities**<br>**Cash flows from financing activities**<br>Repayments of finance leases<br>Interest paid on bank borrowings<br>Interest paid on finance lease borrowings<br>**Net cash used in financing activities**<br>**Change in cash and cash equivalents in the period**<br>Cash and cash equivalents at the beginning of the period<br>**Cash and cash equivalents at the end of the period**|**2025**<br>**£000**<br>**4,633**<br>**(2,055)**<br>**7,706**<br>**2**<br>**500**<br>**(2,642)**<br>**-**<br>**30**<br>**3,541**<br>**-**<br>**(3,736)**<br>**-**<br>**(3,736)**<br>**4,438**<br>**3,993**<br>**8,431**|_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_5,374_|
|---|---|---|
|||_(526)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(5)_<br>_17_<br>**(514)**|
|||_(33)_<br>_(2,858)_<br>_(14)_<br>**(2,905)**|
|||**1,955**<br>_2,038_<br>_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: 

- Freehold buildings 50 years - Building improvements 10-20 years - Equipment 3-10 years 

## **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<br>_Total 2024_|**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>7<br>_2_|**Restricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>38<br>_-_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**45**<br>_2_|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_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<br>_Total 2024_|**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>43,790<br>_31,803_|**Restricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>6<br>_7_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**43,796**<br>_31,810_|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_31,810_|
|---|---|---|---|---|
||||||



## **6. Income from other trading activities** 

## **Income from fundraising events** 

|Fundraising<br>_Total 2024_|**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>103<br>_83_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**103**<br>_83_|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_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<br>Interest received<br>_Total 2024_<br>**8.**<br>**Other incoming resources**<br>Insurance claim proceeds<br>Gain on disposal of subsidiary|**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>-<br>61<br>61<br>_30_|**Restricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>64<br>-<br>64<br>_56_<br>**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>500<br>8,485<br>8,985|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**64**<br>**61**<br>**125**<br>_86_<br>**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**500**<br>**8,485**<br>**8,985**|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_56_<br>_30_|
|---|---|---|---|---|
|||||_86_|
|||||_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_-_<br>_-_|
|||||_-_|





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<br>Allocated centrally incurred fundraising and governance costs<br>_Total 2024_|**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>43<br>72<br>115<br>_87_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**43**<br>**72**<br>**115**<br>_87_|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_34_<br>_53_|
|---|---|---|---|
||||_87_|
|||||



## **10. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|Charitable activities<br>_Total 2024_|**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>41,499<br>_29,187_|**Restricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>120<br>_73_|**Total**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**41,619**<br>_29,260_|_Total_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_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<br>_Total 2024_|**Activities**<br>**undertaken**<br>**directly**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>26,195<br>_18,621_|**Grant**<br>**funding of**<br>**activities**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>330<br>_181_|**Support**<br>**costs**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>15,094<br>_10,458_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**41,619**<br>_29,260_|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_29,260_|
|---|---|---|---|---|---|
|||||||



## **Analysis of direct costs** 

|Staff costs<br>Depreciation<br>Grants paid<br>Finance and professional fees<br>Property costs<br>_Total 2024_|**Activities**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>11,199<br>480<br>6,503<br>7,943<br>70<br>26,195<br>_18,621_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**11,199**<br>**480**<br>**6,503**<br>**7,943**<br>**70**<br>**26,195**<br>_18,621_|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_7,827_<br>_384_<br>_4,829_<br>_5,569_<br>_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<br>Depreciation<br>Finance and professional fees<br>Property costs<br>Other<br>_Total 2024_|**Activities**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>7,733<br>1,151<br>2,388<br>3,709<br>113<br>15,094<br>_10,458_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**7,733**<br>**1,151**<br>**2,388**<br>**3,709**<br>**113**<br>**15,094**<br>_10,458_|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_5,304_<br>_651_<br>_2,035_<br>_2,429_<br>_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**<br>**Aids**|**Accessible**<br>**Transport**|**Medical**<br>**Support**|**Medical**<br>**Bursaries**<br>**& 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<br>Finance Leases<br>_Total 2024_<br>**14.**<br>**Auditors' remuneration**<br>Fees payable to the Charity's auditor for the audit of<br>Fees payable to the Charity's auditor for the audit of<br>accounts<br>Fees payable to the Charity's auditor in respect of:<br>All non-audit services not included above<br>**15.**<br>**Staff costs**<br>Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension<br>schemes|**Unrestricted**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>3,688<br>48<br>3,736<br>_2,872_<br>the Charity's annual accounts<br>the Subsidiary annual<br>**Group**<br>_Group_<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>_Year ended_<br>_31 March_<br>_2024_<br>**£000**<br>_£000_<br>**16,996**<br>_11,825_<br>**1,588**<br>_1,068_<br>**396**<br>_276_<br>**18,980**<br>_13,169_|**Total**<br>**funds**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**3,688**<br>**48**<br>**3,736**<br>_2,872_<br>**2025**<br>**£000**<br>**14**<br>**20**<br>**6**<br>**Company**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**£000**<br>**127**<br>**4**<br>**1**<br>**132**|_Total_<br>_funds_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_2,858_<br>_14_|
|---|---|---|---|
||||_2,872_|
||||_2024_<br>_£000_<br>_8_<br>_37_<br>_7_|
||||_Company_<br>_Year ended_<br>_31 March_<br>_2024_<br>_£000_<br>_83_<br>_3_<br>_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<br>Hospital Services - Clinical<br>Hospital Services - Support Services<br>Hospital Services - Administrative|**Group**<br>**18 months**<br>**ended 30**<br>**September**<br>**2025**<br>**No.**<br>**12**<br>**120**<br>**52**<br>**89**<br>**273**|_Group_<br>_Year ended_<br>_31 March_<br>_2024_<br>_No._<br>_9_<br>_137_<br>_45_<br>_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**<br>G A R Ball - Charity<br>G A R Ball - Hospital<br>L Votier - Charity<br>**Total 2025**|**Salary**<br>**£000**<br>5<br>21<br>76<br>102|**£000**<br>-<br>-<br>-<br>-|**2025**<br>**£000**<br>**5**<br>**21**<br>**76**<br>**102**|_2024_<br>_£000_<br>_19_<br>_76_<br>_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**<br>At 1 April 2024<br>Additions<br>Disposals<br>At 30 September 2025<br>**Depreciation**<br>At 1 April 2024<br>Charge for the period<br>On disposals<br>At 30 September 2025|**Freehold**<br>**property**<br>**£000**<br>**36,053**<br>**284**<br>**(36,125)**<br>**212**<br>**46**<br>**1,001**<br>**(994)**<br>**53**|**Office**<br>**equipment**<br>**£000**<br>**4,912**<br>**1,771**<br>**(6,676)**<br>**7**<br>**3,433**<br>**608**<br>**(4,034)**<br>**7**|**Total**<br>**£000**<br>**40,965**<br>**2,055**<br>**(42,801)**|
|---|---|---|---|
||||**219**|
||||**3,479**<br>**1,609**<br>**(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**<br>At 30 September 2025<br>_At 31 March 2024_|**Freehold**<br>**property**<br>**£000**<br>**159**<br>_36,006_|**Office**<br>**equipment**<br>**£000**<br>**-**<br>_1,479_|**Total**<br>**£000**<br>**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**<br>At 1 April 2024<br>At 30 September 2025<br>**Depreciation**<br>At 1 April 2024<br>Charge for the period<br>At 30 September 2025|**Freehold**<br>**property**<br>**£000**<br>**212**<br>**212**<br>**46**<br>**7**<br>**53**|**Office**<br>**equipment**<br>**£000**<br>**7**<br>**7**<br>**6**<br>**1**<br>**7**|**Total**<br>**£000**<br>**219**|
|---|---|---|---|
||||**219**|
||||**52**<br>**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**<br>At 30 September 2025<br>_At 31 March 2024_<br>**18.**<br>**Fixed asset investments**<br>**Group**<br>**Cost or valuation**<br>At 1 April 2024<br>Disposals<br>Revaluations<br>At 30 September 2025<br>**Net book value**<br>At 30 September 2025<br>_At 31 March 2024_|**Investment**<br>**property**<br>**£000**<br>**375**<br>**-**<br>**-**<br>**375**<br>**375**<br>_375_|**Freehold**<br>**property**<br>**£000**<br>**159**<br>_166_<br>**Listed**<br>**investments**<br>**£000**<br>**680**<br>**-**<br>**16**<br>**697**<br>**697**<br>_680_|**Office**<br>**equipment**<br>**£000**<br>**-**<br>_1_<br>**Unlisted**<br>**investments**<br>**£000**<br>**534**<br>**(30)**<br>**(36)**<br>**468**<br>**468**<br>_534_|**Total**<br>**£000**<br>**159**<br>_167_<br>**Total**<br>**£000**<br>**1,589**<br>**(30)**<br>**(20)**|
|---|---|---|---|---|
|||||**1,540**<br>**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**<br>**Cost or valuation**<br>At 1 April 2024<br>Disposals<br>Revaluations<br>At 30 September 2025<br>**Impairment**<br>At 1 April 2024<br>Impairment on disposals<br>At 30 September 2025<br>**Net book value**<br>At 30 September 2025<br>_At 31 March 2024_|**Investment**<br>**property**<br>**£000**<br>**375**<br>**-**<br>**-**<br>**375**<br>**-**<br>**-**<br>**-**<br>**375**<br>_375_|**Listed**<br>**investments**<br>**£000**<br>**680**<br>**-**<br>**16**<br>**697**<br>**-**<br>**-**<br>**-**<br>**697**<br>_680_|**Unlisted**<br>**investments**<br>**£000**<br>**534**<br>**(30)**<br>**(36)**<br>**468**<br>**-**<br>**-**<br>**-**<br>**468**<br>_534_|**Loans to**<br>**subsidiaries**<br> <br>**£000**<br>**24,239**<br>**(24,239)**<br>**-**<br>**-**<br>**24,239**<br>**(24,239)**<br>**-**<br>**-**<br>_-_|**Investments**<br>**in subsidiary**<br>**companies**<br>**£000**<br>**1,636**<br>**(1,636)**<br>**-**<br>**-**<br>**1,636**<br>**(1,636)**<br>**-**<br>**-**<br>_-_|**Total**<br>**£000**<br>**27,464**<br>**(25,905)**<br>**(20)**|
|---|---|---|---|---|---|---|
|||||||**1,540**<br>**25,875**<br>**(25,875)**|
|||||||**-**<br>**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**<br>New Victoria Hospital Limited<br>**21.**<br>**Debtors**<br>**Due within one year**<br>Trade debtors<br>Amounts owed by group undertakings<br>Other debtors<br>Prepayments and accrued income|**Income**<br>**£000**<br>**Expenditure**<br>**£000**<br>**29,128**<br>**29,633**<br>**Group**<br>**30**<br>**September**<br>_Group_<br>_31 March_<br>**2025**<br>_2024_<br>**£000**<br>_£000_<br>**-**<br>_1,604_<br>**-**<br>_-_<br>**277**<br>_10_<br>**4**<br>_331_<br>**281**<br>_1,945_|**Surplus/**<br>**(Deficit) for**<br>**the year**<br>**£000**<br>**(505)**<br>**Company**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**-**<br>**-**<br>**277**<br>**4**<br>**281**|**Net assets/**<br>**(liabilities)**<br>**£000**<br>**(33,902)**<br>_Company_<br>_31 March_<br>_2024_<br>_£000_<br>_-_<br>_10_<br>_-_<br>_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<br>Trade creditors<br>Other taxation and social security<br>Obligations under finance lease and hire purchase<br>contracts<br>Other creditors<br>Accruals and deferred income|**Group**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**4**<br>**523**<br>**527**|_Group_<br>_31 March_<br>_2024_<br>_£000_<br>_34,938_<br>_2,450_<br>_59_<br>_104_<br>_732_<br>_4,795_<br>_43,078_||**Company**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**4**<br>**523**<br>**527**|_Company_<br>_31 March_<br>_2024_<br>_£000_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_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**<br>**funds**<br>General Funds<br>Reserves<br>Revaluation<br>reserve<br>**Endowment**<br>**funds**<br>Charities Property<br>Investment Fund<br>**Restricted funds**<br>Restricted Funds<br>**Total of funds**|**Balance at 1**<br>**April 2024**<br>**£000**<br>**24,790**<br>**(33,836)**<br>**10,200**<br>**1,154**<br>**1,129**<br>**37**<br>**2,320**|**Income**<br>**£000**<br>**52,946**<br>**-**<br>**-**<br>**52,946**<br>**-**<br>**108**<br>**53,054**|**Expenditure**<br>**£000**<br>**(45,350)**<br>**-**<br>**-**<br>**(45,350)**<br>**-**<br>**(120)**<br>**(45,470)**|**Transfers**<br>**in/out**<br>**£000**<br>**(23,605)**<br>**33,836**<br>**(10,200)**<br>**31**<br>**(46)**<br>**15**<br>**-**|**Gains/**<br>**(Losses)**<br>**£000**<br>**(14)**<br>**-**<br>**-**<br>**(14)**<br>**(6)**<br>**-**<br>**(20)**|**Balance at 30**<br>**September**<br>**2025**<br>**£000**<br>**8,767**<br>**-**<br>**-**|
|---|---|---|---|---|---|---|
|||||||**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**<br>**funds**<br>General Funds<br>Reserves<br>Revaluation<br>reserve<br>**Endowment**<br>**funds**<br>Charities Property<br>Investment Fund<br>**Restricted funds**<br>Restricted Funds<br>**Total of funds**|_Balance at_<br>_1 April 2023_<br>_£000_<br>_25,035_<br>_(33,836)_<br>_-_<br>_(8,801)_<br>_1,131_<br>_39_<br>_(7,631)_|_Income_<br>_£000_<br>_31,918_<br>_-_<br>_-_<br>_31,918_<br>_-_<br>_64_<br>_31,982_|_Expenditure_<br>_£000_<br>_(32,148)_<br>_-_<br>_-_<br>_(32,148)_<br>_-_<br>_(73)_<br>_(32,221)_|_Transfers_<br>_in/out_<br>_£000_<br>_(8)_<br>_-_<br>_10,200_<br>_10,192_<br>_-_<br>_8_<br>_10,200_|_Gains/_<br>_(Losses)_<br>_£000_<br>_(7)_<br>_-_<br>_-_<br>_(7)_<br>_(2)_<br>_(1)_<br>_(10)_|_Balance at_<br>_31 March_<br>_2024_<br>_£000_<br>_24,790_<br>_(33,836)_<br>_10,200_<br>_1,154_|
|---|---|---|---|---|---|---|
|||||||_1,129_<br>_37_<br>_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<br>Endowment funds<br>Restricted funds|**Balance at 1**<br>**April 2024**<br>**£000**<br>**1,154**<br>**1,129**<br>**37**<br>**2,320**<br>**- prior period**<br>_Balance at_<br>_1 April 2023_<br>_£000_<br>_(8,801)_<br>_1,131_<br>_39_<br>_(7,631)_|**Income**<br>**£000**<br>**52,946**<br>**-**<br>**108**<br>**53,054**<br>_Income_<br>_£000_<br>_31,918_<br>_-_<br>_64_<br>_31,982_|**Expenditure**<br>**£000**<br>**(45,350)**<br>**-**<br>**(120)**<br>**(45,470)**<br>_Expenditure_<br>_£000_<br>_(32,148)_<br>_-_<br>_(73)_<br>_(32,221)_|**Transfers**<br>**in/out**<br>**£000**<br>**31**<br>**(46)**<br>**15**<br>**-**<br>_Transfers_<br>_in/out_<br>_£000_<br>_10,192_<br>_-_<br>_8_<br>_10,200_|**Gains/**<br>**(Losses)**<br>**£000**<br>**(14)**<br>**(6)**<br>**-**<br>**(20)**<br>_Gains/_<br>_(Losses)_<br>_£000_<br>_(7)_<br>_(2)_<br>_(1)_<br>_(10)_|**Balance at 30**<br>**September**<br>**2025**<br>**£000**<br>**8,767**<br>**1,077**<br>**40**|
|---|---|---|---|---|---|---|
|||||||**9,884**|
|||||||_Balance at_<br>_31 March_<br>_2024_<br>_£000_<br>_1,154_<br>_1,129_<br>_37_|
|**Summary of funds**|||||||
|General funds<br>Endowment funds<br>Restricted funds|||||||
|||||||_2,320_|



## **26. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current period** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|**Unrestricted**<br>**funds**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>159<br>463<br>8,672<br>(527)<br>8,767|**Restricted**<br>**funds**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>-<br>-<br>40<br>-<br>40|**Endowment**<br>**funds**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>-<br>1,077<br>-<br>-<br>1,077|**Total**<br>**funds**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**159**<br>**1,540**<br>**8,712**<br>**(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<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**Total**|_Unrestricted_<br>_funds_<br>_31 March_<br>_2024_<br>_£000_<br>_37,486_<br>_460_<br>_6,683_<br>_(43,078)_<br>_(396)_<br>_1,155_|_Restricted_<br>_funds_<br>_31 March_<br>_2024_<br>_£000_<br>_-_<br>_-_<br>_37_<br>_-_<br>_-_<br>_37_|_Endowment_<br>_funds_<br>_31 March_<br>_2024_<br>_£000_<br>_-_<br>_1,129_<br>_-_<br>_-_<br>_-_<br>_1,129_|_Total_<br>_funds_<br>_31 March_<br>_2024_<br>_£000_<br>_37,486_<br>_1,589_<br>_6,720_<br>_(43,078)_<br>_(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)<br>**Adjustments for:**<br>Depreciation charges<br>Interest charges<br>Revaluation on investments<br>Profit on disposal of subsidiary<br>(Increase)/decrease in stocks<br>(Increase)/decrease in debtors<br>(Decrease)/Increase in creditors<br>**Net cash provided by operating activities**|**Group**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**7,564**<br>**1,609**<br>**3,736**<br>**20**<br>**(8,485)**<br>**-**<br>**(268)**<br>**457**<br>**4,633**|_Group_<br>_31 March_<br>_2024_<br>_£000_<br>_(248)_<br>_1,030_<br>_2,871_<br>_10_<br>_-_<br>_(52)_<br>_(49)_<br>_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<br>**Total cash and cash equivalents**|**Group**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**8,431**<br>**8,431**|_Group_<br>_31 March_<br>_2024_<br>_£000_<br>_3,993_|
|---|---|---|
||||
|||_3,993_|



## **29. Analysis of changes in net debt** 

|Cash at bank and in hand<br>Debt due within 1 year<br>Finance leases|**At 1 April**<br>**2024**<br>**£000**<br>**3,993**<br>**(34,938)**<br>**(500)**<br>**(31,445)**|**Cash flows**<br>**£000**<br>**4,438**<br>**-**<br>**-**<br>**4,438**|**Non-cash**<br>**flows**<br>**£000**<br>**-**<br>**34,938**<br>**500**<br>**35,438**|**At 30**<br>**September**<br>**2025**<br>**£000**<br>**8,431**<br>**-**<br>**-**|
|---|---|---|---|---|
|||||**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<br>Later than 1 year and not later than 5 years|**Group**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**-**<br>**-**<br>**-**|_Group_<br>_31 March_<br>_2024_<br>_£000_<br>_104_<br>_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<br>Later than 1 year and not later than 5 years|**Group**<br>**30**<br>**September**<br>**2025**<br>**£000**<br>**-**<br>**-**<br>**-**|_Group_<br>_31 March_<br>_2024_<br>_£000_<br>_174_<br>_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.