**Company registration number: 04504519** **The Valle Academy Trust Ltd Trading as The Valle Academy Trust Ltd Company limited by guarantee Unaudited financial statements 31 August 2022** **The Valle Academy Trust Ltd Company limited by guarantee** |Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements|**Contents**
**Page**
**1**
**2**
**3**
**4**
**5 - 6**
**7**
**8 - 12**| |---|---| ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Directors and other information** **Directors** H Goddard (Resigned 27 July 2020) L Barnard (Resigned 27 July 2020) C M Wortley S J Wortley **Secretary** S J Wortley **Company number** 04504519 **Registered office** Wilton House Delamare Road Cheshunt Hertfordshire EN8 9SG **Business address** Wilton House Delamare Road Cheshunt Hertfordshire EN8 9SG **Accountants** SRV Delson Maruti House 1st Floor, 369 Station Road Harrow Middlesex HA1 2AW ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Directors report Year ended 31 August 2022** The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2022. ## **Directors** The directors who served the company during the year were as follows: C M Wortley S J Wortley ## **Small company provisions** This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors and signed on behalf of the board by: S J Wortley Director ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Report to the board of directors on the preparation of the unaudited statutory financial statements of The Valle Academy Trust Ltd** ## **Year ended 31 August 2022** In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Valle Academy Trust Ltd for the year ended 31 August 2022 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of The Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards-rules-standards/acca-rulebook.html. This report is made solely to the board of directors of The Valle Academy Trust Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Valle Academy Trust Ltd and state those matters that we have agreed to state to the board of directors of The Valle Academy Trust Ltd as a body, in this report in accordance with the requirements of The Association of Chartered Certified Accountants as detailed at www.accaglobal.com/en/member/professional-standards-rules-standards/acca-rulebook.html To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Valle Academy Trust Ltd and its board of directors as a body for our work or for this report. It is your duty to ensure that The Valle Academy Trust Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Valle Academy Trust Ltd. You consider that The Valle Academy Trust Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Valle Academy Trust Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. ## **SRV Delson Chartered Certified Accountants** Maruti House 1st Floor, 369 Station Road Harrow Middlesex HA1 2AW Date: ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Statement of comprehensive income Year ended 31 August 2022** |||**2022**|**2021**|| |---|---|---|---|---| ||**Note**|**£**|_£_|| |**Turnover**||225,572|_161,168_|| |Cost of sales||)
(138,941|_(69,908_|_)_| |**Gross profit**||86,631|_91,260_|| |Administrative expenses||)
(86,839|_(84,256_|_)_| |Other operating income||25,622|_65,558_|| |**Operating profit**||25,414|_72,562_|| |Interest payable and similar expenses||)
(2,086|_(2,250_|_)_| |**Profit before taxation**|**6**|23,328|_70,312_|| |Tax on profit||-|_-_|| |**Profit for the financial year and total**||||| |**comprehensive income**||23,328|_70,312_|| All the activities of the company are from continuing operations. **The notes on pages 8 to 12 form part of these financial statements.** ## **The Valle Academy Trust Ltd Company limited by guarantee** |**Fixed assets**
Tangible assets
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due**
**after more than one year**
**Accruals and deferred income**
**Net assets**
**Capital and reserves**
Profit and loss account
**Members funds**|**Statement of financial position**
**31 August 2022**
**2022**
**Note**
**£**
**£**
**7**
459
459
179,323
179,323
**8**
)
(19,827
159,496
159,955
**9**
)
(50,762
)
(1,620
107,573
107,573
107,573|**Statement of financial position**
**31 August 2022**
**2022**
**Note**
**£**
**£**
**7**
459
459
179,323
179,323
**8**
)
(19,827
159,496
159,955
**9**
)
(50,762
)
(1,620
107,573
107,573
107,573|2021
_£_
_611_
_173,755_
_173,755_
_)_
_(19,648_|_£_
611
_154,107_
_154,718_
)
(68,853
_)_
_(1,620_
_84,245_
_84,245_
_84,245_| |---|---|---|---|---| |||
**31 August 2022**
**2022**
**Note**
**£**
**7**
459
179,323
179,323
**8**
)
(19,827
**9**||| |||
**Note**
**7**
**8**
**9**||| For the year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. ## Directors responsibilities: - The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. **The notes on pages 8 to 12 form part of these financial statements.** ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Statement of financial position (continued)** ## **31 August 2022** These financial statements were approved by the board of directors and authorised for issue on , and are signed on behalf of the board by: S J Wortley Director Company registration number: 04504519 **The notes on pages 8 to 12 form part of these financial statements.** ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Statement of changes in equity Year ended 31 August 2022** ||Profit and|**Total**| |---|---|---| ||loss|| ||account|| ||_£_|**£**| |**At 1 September 2020**|13,933|13,933| |Profit for the year|70,312|70,312| |**Total comprehensive income for the year**|70,312|70,312| |**At 31 August 2021 and 1 September 2021**|_84,245_|_84,245_| |Profit for the year|23,328|23,328| |**Total comprehensive income for the year**|23,328|23,328| |**At 31 August 2022**|107,573|107,573| ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Notes to the financial statements** ## **Year ended 31 August 2022** ## **1. General information** The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Wilton House, Delamare Road, Cheshunt, Hertfordshire, EN8 9SG. The principal activity of the company is the operation of arts facilities ## **2. Statement of compliance** These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted. ## **3. Accounting policies** ## **Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. ## **Going concern** The directors consider that in preparing the financial statements, they have taken into account all the information that could reasonably be expected to be available together with their continued support and that of the bank to the company. On this basis the directors consider that it is appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustments that would result if the company would cease trading. ## **Turnover** Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Notes to the financial statements (continued) Year ended 31 August 2022** ## **Taxation** The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. ## **Tangible assets** Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. ## **Depreciation** Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. ## **Impairment** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. **The Valle Academy Trust Ltd Company limited by guarantee** ## **Notes to the financial statements (continued) Year ended 31 August 2022** ## **Government grants** Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. ## **Financial instruments** A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. ## **4. Limited by guarantee** The company is limited by guarantee provided by the members. **The Valle Academy Trust Ltd Company limited by guarantee** ## **Notes to the financial statements (continued) Year ended 31 August 2022** ## **5. Employee numbers** The average number of persons employed by the company during the year amounted to 2 (2021: 2). The employees of the company are sub contracted tutors. ## **6. Profit before taxation** Profit before taxation is stated after charging/(crediting): ||Profit before taxation is stated after charging/(crediting):|||||| |---|---|---|---|---|---|---| |||||**2022**|**2021**|| ||||**£**||_£_|| ||Depreciation of tangible assets|||153||_204_| |**7.**|**Tangible assets**|||||| |||Short|Fixtures,||**Total**|| |||leasehold|fittings and|||| |||property|equipment|||| |||_£_|_£_||**£**|| ||**Cost**|||||| ||**At 1 September 2021 and 31 August 2022**|_29,243_|_39,823_||_69,066_|| ||**Depreciation**|||||| ||At 1 September 2021|29,242|39,212||68,454|| ||Charge for the year|-||153||153| ||**At 31 August 2022**|29,242|39,365||68,607|| ||**Carrying amount**|||||| ||**At 31 August 2022**|1||458||459| ||At 31 August 2021|_1_||_611_||_612_| |**8.**|**Creditors: amounts falling due within one year**|||||| |||||**2022**|**2021**|| ||||**£**||_£_|| ||Bank loans and overdrafts||19,827||_19,648_|| ||Other creditors|||-||_-_| |**9.**|**Creditors: amounts falling due after more than one year**|||||| |||||**2022**|**2021**|| ||||**£**||_£_|| ||Bank loans and overdrafts||50,762||_68,853_|| ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Notes to the financial statements (continued) Year ended 31 August 2022** ## **10. Financial instruments** Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item. ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Detailed income statement** ## **Year ended 31 August 2022** ||**2022**||**2021**|| |---|---|---|---|---| ||**£**||**£**|| |**Turnover**||||| |Sales|225,572||_161,168_|| ||225,572||_161,168_|| |**Cost of sales**||||| |Purchases|10,356||_9,310_|| |Studio, theatre and hall hire|5,003||_4,245_|| |Direct costs|67,464||_4,663_|| |Wages and salaries|56,118||_51,690_|| ||(138,941|)|_(69,908_|_)_| |**Gross profit**|86,631||91,260|| |**Gross profit percentage**|38.4|%|_56.6_|_%_| |**Overheads**||||| |Administrative expenses|86,839||_84,256_|| ||(86,839|)|_(84,256_|_)_| |**Other operating income**||||| |Government grants recognised directly in income|4,000||_29,393_|| |Insurance claims receivable|21,622||_36,165_|| ||25,622||_65,558_|| |**Operating profit**|25,414||_72,562_|| |**Operating profit percentage**|11.3|%|_45.0_|_%_| |Interest payable and similar expenses|2,086||_2,250_|| |**Profit before taxation**|23,328||70,312|| ## **The Valle Academy Trust Ltd Company limited by guarantee** ## **Detailed income statement (continued) Year ended 31 August 2022** |**Overheads**
**Administrative expenses**
Rent payable
Rates
Insurance
Light and heat
Cleaning
Repairs and maintenance
Printing, postage and stationery
Advertising
Telephone
Computer costs
Hire of equipment
Motor expenses
Gifts
Bookkeeping fees
Accountancy fees
Bank charges
General expenses
Charitable donations
Subscriptions
Depreciation of tangible assets|**2022**
**2021**
**£**
**£**
36,000
_37,500_
1,640
_2,430_
4,804
_4,750_
3,102
_2,994_
934
_889_
8,122
_7,234_
3,233
_2,700_
2,122
_2,523_
1,845
_1,766_
750
_1,989_
2,765
_3,111_
13
_-_
221
_500_
11,757
_6,181_
1,620
_1,620_
1,123
_1,090_
5,955
_5,980_
350
_500_
330
_295_
153
_204_
86,839
_84,256_|**2022**
**2021**
**£**
**£**
36,000
_37,500_
1,640
_2,430_
4,804
_4,750_
3,102
_2,994_
934
_889_
8,122
_7,234_
3,233
_2,700_
2,122
_2,523_
1,845
_1,766_
750
_1,989_
2,765
_3,111_
13
_-_
221
_500_
11,757
_6,181_
1,620
_1,620_
1,123
_1,090_
5,955
_5,980_
350
_500_
330
_295_
153
_204_
86,839
_84,256_| |---|---|---| |||_84,256_|