VIRTUE ACADEMY TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD I APRIL 2024 TO 31 AUGUST 2025
Virtue Academy Contents Page Reference and Adrninistratlve Detèlls Trustees, Report Ststement of FlnancSal Activitie5 statement of Financial Position Notes to the Financial Statements 5-10
Virtue Academy Reference and Administratlve Detalls For the Perlod l April 2024 to 31 August 2025 Trust• Mr Peter Harnilton Mrs Annalisa Panelli Harnilton lappolnted 20107/20241 Mrs Ewa Szarowicz Miss Liga Kèktina Iresigned 20107120241 Charlty Number 1204268 PrSncSpal Address Greenhill ge Argos Hill Rothetrffeld Ea5l Sussex TN6 3QH B•nk•rs CAF Bank Ltd 25 Kings Hlll Avenue Klngs Hlll West Malling Kent ME19 4JQ Solicltors Forbes Solicitors LLP 73 Northgate Blackburri BB2 IAA Page I
Virtue Academy Trustees, Report For the Period l Aprll 2024 to 31 August 2025 The trustee5 present thelr report and the financial statements for the period ended 31 August 2025. Otsjertives and Actlvltles ASMS and Objectlves The aims and objectives of the charity a.. The advoncement of edvcatlon for chIldn up to the age of 18. In particular but not exclusively through the provision of service5 and resource5 for horne-educated children and their families. including the cultivatlon and practice of moral and intellectual virtues such as knowledge, understsnding, and syisdom,. The advancernent of the Catholic Christian religion. in particular but not exclusively by providing setvices for religious worship ond religious education, most specifically through the cultivatSon and practlce of the theological virtue5. Slgnlflcant A<tlvltles The maln actlvity during this period was the preparation for the opening of Puer Iesus International College. In September 2025, the colle9e welcomed students aged elght to eighteen under a hybrid model, where children spend two days a week at the college and three days learning at home with their familie5. Additionally, the college hosted bl-weekly sesslons durlng term time for horne-educoted teenagers thmughout the academlc year. These sessions offered a diverse range of activities, Including faith forrnaknon, crafts, dratna. sports. cultural events. countryside exploration. ènd social gatherings, regularfy drawing families from up to an hDur awiy. Publle Beneflt The trustees have given due conslderation to the Charity Commission's guidance on the publlc beneflt requirement confirrn that the activities of the charity rneet the objectives of the tharity and were for the public benefit by furtherance of educatlon and the Catholic religion. benefitting society at large. Education benefits.. producing well-educated mature adults, who have a high level of maturity, obtained through thelr hard work and moral formatlon. Religion benefits.. provide social cohesion by promoting a 5en5e 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 Ita better place, Ilving moral mature lives ready to help other5. The trustees confirm that they have complled wlth the requirements of Settion 17 of the Charibe5 Act 2011 to have due regard to the Charlty Commission's guidance on public benefit. The tru5tees' pOrt was approved by the board of trustees and Signed on Its behalf by.. Mr Peter Hamllton Trustee 2710612026 Page 2
Vlrtue Academy statement of Flnancial Activltles For the Period l Aprll 2024 to 31 August 2025 31 Augult 2025 31 March 2024 Unre5trlctod Unrestrlcted funds funds Not•5 INCOME AND ENDOWMENTS FROM: Donations and legacies Charitsble actlvitie5'. Puer Iesu5 College InVtrnents 24,507 9.391 iou 43 io 24.550 9,501 expENDrnIRE ON: Raising funds Charitable artlvltles: Puer Ie5U5 College 121,7451 15,9051 121,7421 15,9051 NET INCOME 2,808 3,596 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total furids brought forward 2,808 3.596 3,596 TOTAL FUNDS CARIUED FORWARD 14 6.404 3,596 The notes on page$ 5 to LO fomi part of these flnanciol ststements. Page 3
virtue Academy statement of Financial Position As At 31 August 2025 31 August 31 Mar¢h 2025 2024 Unrestrlded funds Total funds Notes FIXED ASSETS T8ngible Assets io 3,588 1,150 3,588 1,150 CURRENT ASSETS Stock5 li 10,839 186 D&btors Cash at bank and In hand 498 2,446 11,523 2,446 Credltors: Amounts Falllng Due Wlthln One Year 12 18,7071 NET CURRENT ASSETS (UABILITIES) 2,816 2,446 TOTAL ASSEfs LESS CURRENT LtABIUTIES 6.404 3,596 NEf ASSETS 6.404 3,596 FUNDS OF THE CHARrrY Unrestrirted Funds 6.404 3.596 TOTAL FUNDS 14 6,404 3.596 On behalf or the tx)ard Mr Peter Hamilton Trustee 2710612026 The notes on page5 5 to ID rom part of these financlal statements. Page 4
Vlrtue Academy Notes to the Financial Statements For the Perlod l Aprll 2024 to 31 August 2025 l. Gen•r•l Inform)tlon Virtue Academy Is a charitable incorporated oryanisation registered with the Charity Commisslon, registered charity nurnber 1204268. The principal address is Greenhill Lodge, Argos Hill, Rothetheld, East Sussex. TN6 3QH. 2. Accountlng Polleles 2.1. Basls of Prepar•tlon of Flnanclal St•tem•nt$ The financial statetnents have been prepared in accordance wlth the Charltles SORP IFRS 1021 'Accounting and Reporting by Charitie5'. Staternent of Recommended Prartice applicable to charlties prÈparing their accounts in ccordance with the Financial Reporting Standard applicable ID the UK and RepublK of Ireland IFRS 1021 (effective I January 20191" Financlal Reportlng Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the CharStSes Act 2011. The charlty is a Public Benefit Entity as defined by 102. 2.2. Incomlng Rè#ourc•s Incoming resources are accounted for on the accruals basis.. they are accounted for In the perlod to which they late and when they become entlded to be CeIved. This include5 (but Is not Ilmlted tol.. donatyons by iniylivlduals, organisations, event income, grants and gift-aid collected from HM Revenue & Customs on donatlons made by Individuals. 2.3. Resources Expénded Recognition of Expenditure Is recognised on an accruals basss. Expenditure include5 any VAT on which expendlture cannot be fully recovered. and is reported as part of the expenditure to which it relates. Expenditure Includes the costs assoclated wifh attracting voluntsry Income, fundraisingi funds trading costs and investment managetnent costs. Expenditure comprises the costs incurred by the Charity in the dellvery of ts artNities and charitable artlvities 5ervKe5 In the furtherance of its objects, includlng the mèklng of grant5 and governance costs. All grant expenditure Is accounted for on an attual paSd basls plus an accrual for grants that have been approved by the trustees at the end of the year but not yet pald. Governance costs include those costs a55cciated wlth meeting the constitutlonal and statutory requlrements of the Charity, includlng any audSVlndependent examination fees, costs Ilnked to the strate9ic management of the Charity. together wSth a Share of other administration costs. other expenditu Includes support costs not alhcated to a particular activity. 2.4. Tanglbl• Flxed Assets and l)epr•datlon Tanglble flxed assets are measured at cost less accumulated depreciatlon and any accumulated Impalm)ent losses. Depreciation is provided at rntes calculated to write off the c05t of the fixed assets, less their estIMat sIdual value, over thelr expected useful lives on the following bases.. Plant & Machinery Computer Eouipment 10 Years 5 Years 2.5. stod(s and WO In Progress stocks and work in progress are valued ot the lower of cost and net realSsable value after rnakng due allowarKe for obsolete and slow-moving stocks. Cost Is detertnined using the fir5t-in, flrst-out tnethod. Cost Includes all dlrert costs and an appropnate proportion of flxed and varièble overheads. Work in progress 1$ reflected in the accounts on a tontract by contract basls by recording tumover and related costs as contract activity progresses. At the end of each reporting period Stoc are assessed for impairment. If an item of stock is Impaired, the identified stock Is reduced to its selling price less tosts to complete and Sell and an Impaiment charge is recognlsed In the statement of fi'nancial activities. Where a reversol of the impaimient is required the Impaim)Ènt charye is reversed, up to the original impairment1055, and is recognised as a credit in the staterrent of financlal artlvities. Page S
Virtue Academy Notes to the Financial Statements (continued) For the Period l April 2024 to 31 August 2025 2.6. Cash and Ca¥h Equlv•lents Cash and cash equlvalents are basic financSal assets and include cash In hand and deposits held at call with banks, other short-term highly liquid Investments that mature in no more than three months from the date of acqulsition and are readily convertible to a kTh)wn amount of cash with insignificant risk of change iri value, and bank overdrafts. 2.7. Taxation The charlty Is ex&rnpt from corporation tax as all Its incorne Is CharItab and applied for charitsble purposes. 3. Income frorn Donatlons and Legacl*s 31 August 2025 31 March 2024 Unregtrlctsd UnrestrSct•d funds funds Donation5 and gift5 24,507 9,391 4. Investment Income 31 Au9USt 2025 31 March 2024 Unrestrirted Unrestrlrt¢d funds funds Bank interest rettivoble 43 io Net Intome/(Expendlture) The net income is staled after chargingllcreditingl.. 31 August 2025 31 March 2024 DeptIatIon of tsnglble fixed a55ets - owned 591 287 6. Analys15 of Expand1re 31 August 2025 Actlvltl¢s undertak¢n Support dirertly costs (see note 71 (see note 81 Total Raising funds Puer lesus College 131 922 13) 20.823 21,745 20,823 919 21,742 Page 6
Vlrtue Academy Notes to the Financial Statements (contlnued} For the Perlod l Aprll 2024 to 31 August 2025 31 March 2024 Aetivitles undertaken Support dlrectly 05ts (see note 71 (see note 81 Total Puer lesus College 2,290 3,615 5,905 7. Dlrect Costs 31 Au9llSt 2025 Puer lesus College Fundr?Ing attivibe5 Cost of goods sold Employee costs Premlses expenses General adrninistration Interest payable 1,319 1,623 947 14,917 1,931 86 20,823 31 March 2024 Puer lesus College Fundraising activitles Generdl admlnlstration Interest payable 1,792 448 50 2,290 Dirett costs Include the costs of textbooks, for whlch It is impractical to capitalise and depreclate. 8. Support Costs 31 Au9USt 2025 Ralsln9 fvnds Puer Ie$u# College Tot*1 Ernployee CD5ts GEneral adtnlnlstratlon 169 162 169 (31 159 Depreclatyon 591 591 131 922 919 Page 7
Virtue Academy Notes to the Financial Statements (continued) For the Period l April 2024 to 31 August 2025 31 Mèrch 2024 Puer lesus College Employee c05t5 General adrninistration 80 3,248 287 Depreciation 3,615 9. Average Number of Employees Average number of employees during the perlod was.. NIL (2024.. NIL) 10. Tanglble Assets Plant Machlnery Computer Equlpment Total Cost A5 at l April 2024 Additions 1,437 1.437 3,029 3,029 As at 31 August 2025 3.029 1,437 4.466 D•preclatlon As at l AprS12024 Provided during the perl¢xY 287 287 303 288 591 As at 31 August 2025 303 575 878 Net Book Value As at 31 August 2025 2.726 862 3.588 As at l April 2024 1,150 1,150 The charity has a policy of capitsli5ing indivldual capital expenditure only where above £750 per Stem. 11. Stod(s 31 Augurt 2025 31 March 2024 Stock 10,839 Stock comprlses books and educational resources valued at C05t for use In the follov4in9 acadÈmic year. Purchases are typically tnade between l June and 31 August In advantr of the new acadernic year, with the costs SueqUentIY being expensed In the following academic year from I September. Paoe 8
virtue Academy Notes to the Flnanclal Statements (contlnued) For the Period l April 2024 to 31 August 2025 12. Credltor4: Amounts Falllng Due Wlthln One Year 31 AUgt 2025 31 Marth 2024 Trade ¢reditor5 other credltors Deferred Incotlle 2.207 3,250 3,250 8.707 13. Deferred Ineome Deferred income mDvetnents in the period were as follows.. 31 Augu$t 2025 31 March 2024 Balance at the start of the period Income deferred in the current perlod 3,250 Balance at the end of the period 3,250 14. Movement in Funds As at l Aprll 2024 Asat31 Expenditure August 2025 Income unrtr1rt0d fund General.- General unrestricted fund 3,596 24,550 121,7421 6,404 Total funds 3.596 24,550 121,7421 6,404 Asat8 August 2023 Asat31 Expendlture Mèrch 2024 Incom• Unr•strlcted lunds General.. General unrestrlcted fun 9,501 15.905) 3,596 Total funds 9,501 15,9051 3,596 15. Transactlons wlth Trustees None of the trustees recelved any remuneratlon or any other benefits from an employrnent with the charity or a lated entity during the current or previous year. During the pedod the expenses reimbursed to the trustees or paid direcdy to thlrd partle5 were 85 follow5.. Page 9
Virtue Academy Notes to the Financial Statements (continued) For the Period l April 2024 to 31 August 2025 31 August 2025 31 March 2024 Other Expenses 9,259 Number or trustees relmbursed for expenses during the period was 2 12024.. 01 For part of the financlal year. the charlty had no bank account, so tru5tee5 were reimbursed for incurring charitable expenses OD its behalf. The charfty's operating premlses are owned by two of the tru5tee5 IP Harnilton ond A Panelli Hamiltonl. The charity reimburses the trustees for use of the premisÈs to the extent that they have incurred additional expenses due to the Le of their property for charitable purposes. No rent is charged for the use of the property by the trustees. The charity pays for breakages and pair bllls as a direct consequence of the property being used for charitable purposes. 16. Related Party Disdosures There have been no fftlated party transactions in the rerorting periocs that require d1sclosure. except for those disclosed in the Transactions Wlth Trustees note. Page 10