THE VICTORIA FOUNDATION

• ⚠

  Material uncertainty over going concern

  We draw attention to the going concern accounting policy on note 2.3 and the wording contained in the 'Reserves and Going Concern' section of the Trustees' Annual Report, both of which indicate that there is a significant uncertainty on the group's ability to repay bank financing due for repayment in November 2025. This material uncertainty casts significant doubt on the group's ability to continue as a going concern beyond December 2025. Our opinion is not modified in respect of this matter.

1. THE VICTORIA FOUNDATION 2011-01-07 → present
2. THE NEW VICTORIA MEDICAL FOUNDATION 2007-03-26 → 2011-01-07
3. NEW VICTORIA HOSPITAL(THE) 1985-09-11 → 2007-03-26

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Menzies LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to the going concern accounting policy on note 2.3 and the wording contained in the 'Reserves and Going Concern' section of the Trustees' Annual Report, both of which indicate that there is a significant uncertainty on the group's ability to repay bank financing due for repayment in November 2025. This material uncertainty casts significant doubt on the group's ability to continue as a going concern beyond December 2025. Our opinion is not modified in respect of this matter.”

Group structure

1. THE VICTORIA FOUNDATION · parent
   1. The New Victoria Hospital Limited 100% · UK · funding of charitable healthcare activities

Significant events

• “HSBC plc, the main lender to the Hospital, remained fully supportive throughout the redevelopment and to date having granted forbearance on the current loan repayments from March 2017, until November 2025. In addition, it has provided an overdraft facility of £1.0m, to support operational cash flows. Repayment in full of the HSBC loans, accrued interest and deferred arrangement fees is due in November 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +9.2%

  £29,131,000 → £31,810,000

• Cash

  +95.9%

  £2,038,000 → £3,993,000

• Net assets

  +130.4%

  -£7,631,000 → £2,320,000

• Employees

  +0.4%

  240 → 241

• Profit before tax

  +58.4%

  -£574,000 → -£239,000

• Wages

  +4.4%

  £11,334,000 → £11,829,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers