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 ServI￿S 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