Virtue Academy Charity No. 1204268 Charitsble Incorporated Organi5ation Trustees. Report and Flnanclal Ststements For the Perlod Endln8 31 Marth 2024
Virtue Academy Contents Pages Trustees. Annual Report Statement of Financial Activities 2to4 Summary Income and Expenditure Account Balance Sheet Notes to the Accounts 8t013 Detailed Statement of Financial Activities 14to15 Page I
Virtue Academy Trustees Annual Report The trustees. who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the period ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS Charity No. 1204268 Registered Offi¢e Greenhill Lodge Argos Hill ROTHERFIELD Crowborough TN6 3QH Dlrectors and Trustees The Directors of the charitable company are its Trustee5 for the Purposes of charity law. The following Directors and Trustees seNed durin8 the year= P. Hamilton MA FCA CTA L. Kaktina E. Szarowicz (Resigned 20 July 20241 Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent ME1941Q OBJECTIVE5 ANO AcfiviTIES The objectives of the charity are: The Advancement of education amon8St children 38ed 4- 18 in particular but not eMclu5ively by the provision of resources for home-education and including the formation and practice of the intellectual virtues of.. knowledge, understanding, wisdom and the moral virtues,. The advancement of the Catholic Christian Religion in particular but not exclusively by providing services for religious worship and religious education, most specifically through the formation and practice of the theological virtue5. The main activities during the foundin8 period were the preparation of the college.. pueriesus.org', Advent and Easter plays and a course for older teen5 and young adults in virtue formation as well a5 monthly day5 for home educators and their children. Page 2
Virtue Academy Trustees Annual Report Public 8enefit Thè trustees have givèn due consideration to the Charity Commi55ion's guidance on the public benefit requirement and confirm that the activities of the charity meet the objectives of the charity and were for the public benefit by furtherance of education and the Catholic religion. benefitting society at large. Education benefits= producing well-educated mature adults. who have a high level of maturity, obtained through their hard work and moral formation. Religion benefits.. provide social cohesion by promoting a sense of community and belonging. with members involved in making the world a better place for others, as the attendees are challenged to go out into the world and make it a better place, living moral mature lives ready to help others. ACHIEVEMENTS AND PERFORMANCE During the first financial period of the charity. the charity put on an Advent play and an Easter play. in promenade theatre format, arounds the grounds and properties used by the charity. In both events about 25 children were involved and 75 attendees and participants took part in total for each. The fulfilled life course, a course for young adults and late teens was put on, meeting once monthly for talks, discussions and the promotion of activities at home related to the theological and moral virtues. The course spanned the period September 2023 to July 2024. There were 8 participants in total not including other adults and parents involved. During the year, the charity started preparing for the charities new college to assist home educators Ipueriesus.orgl. expected to open its doors to Students from September 2025. In addition. the charity ha5 hosted monthly home education days during the period for home educated children to learn and play together. as well as providing social time for home educating parents to build community. During each monthly session, there was drama and a virtue class foi children, as well as Mass for everyone. FINANCIAL REVIEW The charities finances are Sn a good state. with an increase in cash and retained funds overall during the period. The donations exceeding expenditure. The charity only started less than a year ago ènd is planning to grow reserves to meet expenditure over a period of six months. It currently has sufficient funds to cover expected expenses for the next 12 months. There are no known uncertainties or financial goin8 concern issues for the charity. STRucfuRE, GOVERNANCE AND MANAGEMENT The charity is a 'Charitable Incorporated Organisation, whose voting members are its trustees only. Day-to-day decisions are taken by the trustees involved in daily operations. Major decisions are put to the board of trustees that currently meet twice 3 year. Trustees are recruited and appointed when the need arises. ensuring there are at least three trustees at anv one time. Tru5tee5 are taken from profe55iona15 known or recommended to the charity and those who have a connection to the activities of the charity. The board of trustees ensures there are sufficient levels of knowledge, skills and expertise in the areas it operates and for its effective governance. Trustees are appointed for a period of three years. The Trustees are responsible for keeping proper accounting records that dixlose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees a also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
Virtue Academy Trustees Annual Report The above report has been prepared in accordance with the provisions applicable to companies SLJbject to the small companies regime as set out in Part 15 of the Companies Act 2LK)6 and in accordance with the Charities SORP IFRS 1021. Signed on behalf of the board P&ter HamIm (FYI. 31gtJan 2025 163715GMn P. Hamilton MA FCA CTA Trustee 31 January 2025 Page 4
Virtue Academy Statement of Financlal Actlvlties for the period ended 31 March 2024 Unre5tritted funds Total funds 2024 2024 Notes Income and endowrnents from: Donations and legacies Charitable activitie5 Investments 9.391 100 io 9.391 l(K) io Total 9.501 9,501 Expendlture on: Charitable activities Other 1.792 4,113 1,792 4,113 Total 5.90S 5,905 Net gains on investments Net Income 3,596 3,596 Transfers between funds Net Income before other 8alnslllossesl 3,596 3,596 Other 8alns and losses Net movement In funds 3,596 3,596 Re¢onciliation of funds: Totsl funds carrled forward 3,596 3,596 Page S
Virtue Academy Summary Income and Expendlture Account for the period ended 31 March 2024 2024 Income 9.491 Interest and investment income io Gross income for the period Expenditure 9,501 5,618 Depreciation and charges for impairment of fixed assets 287 Total expendlture for the perlod Net income before tax for the period 5,905 3.596 Net Income for the perlod 3,596 Page 6
Virtue Academy Balance Sheet at 31 Marth 2024 Company No. Notes 2024 Fixed assets Tangible assets li 1.150 1,150 Current assets Cash at bank and in hand 2,447 2,447 iii 2,446 Creditors: Amount falling due within one year Net current a55ets 12 Totsl assets less ¢urrent Ilabllltles 3,596 Net assets excluding pension asset or liabillty 3,596 Totsl net assets 3,596 The funds of the charitv Restrlcted funds Unrestricted funds General funds 13 13 3,596 3,596 Reserves 13 Totsl funds 3,596 These account5 have been prepared in accordance with the special provisions of Part 15 of the Companies Art 2006 relating to small companies. For the period ended 31 March 2024 the company was entitled to exemption under section 477 of the Cornpanies Act 2¢]06 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2W6. The directors a¢knowled8e their responsibilities for complying Wlth the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 31 January 2025 And signe(l on its behalf bv.. PetÈr Hamithn (Fri. 31siJan SY25 16'.37'.15 GMT) P. Hamilton MA FCA CTA Trustee 31 January 2025 Page 7
Virtue Academy Notes to the Accounts for the period ended 31 March 2024 l Accounting policies Basis of preparation The financial statements have been prepared in accordance with 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 IFRS 1021 (effective I January 20151 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 and the Companies Act 2006. Change in basis of accounting or to previous aicounts There has been no change to the accountin8 policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund a¢untIng Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds eam)arked by the trustees for partitulèr purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Artivities ISOFAI when the charitv becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expen(liture the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is inclu(Jed in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditurel and facilities where the benefit to the Charity is reasonably quantifiable. measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gain51llossesl on Thi5 include5 any gain or1055 resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/llossesl on investment assets This includes any gain or loss on the sale of investments. Page 8
Virtue Academy Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recogni5ed on an accruals basis. Expenditure include5 any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income. fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities seThices in the furtherance of its objects. including the making of grants and 80vernance c05t5. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the tru5tee5 at the end of the year but not yet paid. These incltjde those costs associated with meeting the constitutional and statutory requirements of the Charity, including any auditlindependent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. Grants payable Governance costs Taxatlon The charity is exempt from corporation tax on its charitable activitie5. Tan8lble flxed assets and depreclatlon Depreciation is provided Ot the followin8 annual rates in order to write off each asset over its estimated useful life.. Fixtures, Fittin8s and Equipment The charity has a policy of capitalisin8 individual capit81 expenditure only where above £500 each. 20%% strai8ht-line Freehold Investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charlty would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 9
Virtue Academy Notes to the Accounts Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with ori@inal maturities of three months Dr less and bank overdrafts. In the statement of financial p051tion, bank overdrafts are shown within borrowings or ctjrrent liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their Settlement amount after allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which it is incurred. Forelgn currencles Monetary assets and liabilities denominated in currencies other than the funrtional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in turrencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences ale are taken inio account in arriving at net incomelexpenditure. Leased assets Where the charity enters into a lease which entails takin8 substantially all the risks and rewards of ownership of an asset, the lease is treated as a linance lease. Lease5 which do not transfer 5ub5tantially all the risks and rewards of ownership to charity are classified as operatin8 leases. A55et5 held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower. at the present value of the minimum lease payments. The corre5pondin8 liability to the le550r is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recogni5ed immediately, unless they are directly attributable lo qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. A55ets held under finance leases are depreciated in the same way a5 owned assets. Operating lease payments are recognised a5 an expense on a 5traight-line basi5 over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recogni5ed as a liability. The aggregate benefit of incentive5 is recognised a5 a reduction of rental expense on a straight-line basis. Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered fund5. Page 10
Virtue Academy Notes to the Accounts Receipt of donated goods. facilities and seThi¢es All donated goods. facilities and ServIS received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 2 Company status The charity is a Charitable Incorporated Company ICIOI and consequently does not have share capital. 3 Income from donatlons and le8a¢les Unrestrirted Total 20Z4 Donations from individuals 9,391 9,391 9,391 9,391 4 Income from charltable a¢tlvltles Unrestrlrted Total 2024 Ticketed events i¢xs loo loo 5 Income from Investments Unrestrlrted Total 2024 Bank Interest io io io io 6 Expendlture on Charltable artS¥llles Unrestrirted Total 2024 Expenditure on charitoble octivities Ticketed events 1,792 1,792 GovernL7nce costs 1,792 1,792 Page 11
Virtue Academy Notes to the Accounts 7 Other èxpèndlture Unrestrirted Total 2024 Employee tosts Amortisation, depreciation, impairment. profitlloss on di5P05al of fixed assets General administrative costs 80 287 287 3,746 4.113 3,746 4,113 8 Net income before transfers 2024 This IS stated after chargin8'. Depreciation of owned fixed assets 9 Trustee remuneration and expenses 287 2024 Number Number The nature of the relmbursed expenses No expenses of trustees were paSd out durin8 the year. 10 Staff costs No employee received emoluments in excess of £60,1)XI. 11 Tanglble flxed assets Flxtures, Flttings and Equipment Total Cost Qr revaluation Additions At 31 March 2024 1,437 1,437 1,437 1,437 Depreciation and impairment Depreciation charge for the vear At 31 March 2024 287 287 287 287 Net book values At 31 March 2024 1.150 I,Iso 12 Creditors: amounts falling due within one year 2024 Accruals Page 12
Virtue Academy Notes to the Accounts 13 Movement in funds Incoming resources (including other gains11055es At31 March 2024 Resources expended Restrlcted funds.. Unrestrlrted funds: General funds 9.501 15,9051 3,596 Total funds 14 Analys5s of net assets between funds 9,501 15,9051 3,596 Unrestrlcted funds Total Fixed assets Net current assets 1,150 2.446 3,596 1,150 2,446 3,596 15 Reconclllatlon of net debt At31 March 2024 Cash flows Cash and cash equivalents 2,447 2.447 2,447 2,447 Net debt 2.447 2,447 16 Related party dlsclosures Controlllng party The company is a CIO and has no share capital.. thus no single party controls the company. Page 13
Virtue Academy Detalled Statement of Flnantlal Actlvltles for the period ended 31 March 2024 Unrestricted funds 2024 Total funds 2024 Income and endowments from: Donations and legacies Donations from individuals 9,391 9.391 9,391 9,391 Charitable activities Ticketed events 100 loo loo loo Investments Bank Interest io io io io Total Income and endowments 9,501 9,501 Expenditure on: Charitable activitles Ticketed events 1,792 1.792 1,792 1.792 Totsl of expendlture on charltable actlvltles 1.792 1.792 Employee costs Staff training 80 80 80 80 General administrative costs, including depreciation and amortlsatlon Depreciation of Fixtures, Fittings and Equipment Depreciation of Bank charges Equipment expensed Software, IT support and related costs 287 50 287 50 915 915 448 448 Subscriptions Sundry expenses 100 loo 2,233 4.033 4.113 2,233 4,033 4.113 Total of expendlture of other costs Total expenditure Net gains on investments 5,905 5,905 Net income 3.596 3,596 Page 14
Virtue Academy Detalled Statement of Flnanclal Actlvltles Net income before other galnslllossesl Other Gains 3.596 3,596 Net movement In funds 3.596 3,596 Reconciliation of funds: Total funds brought forward Total funds carried forward 3.596 3.596 Page 15