REGISTERED COMPANY NUMBER 04429290 REGISTERED CHARITY NUMBER 1106163
REPORT OF THE TRUSTEES’ AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
TWIN VISION (A COMPANY LIMITED BY GUARANTEE)
TWIN VISION
CONTENTS OF THE FINANCIAL STATEMENTS For the year ended 31 March 2024
| Page | |
|---|---|
| Legal and administrative information | 2 |
| Trustees and directors’ report | 3 - 5 |
| Independent examiner’s report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the accounts | 9 - 13 |
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TWIN VISION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | R J Ashby - Vice Chair |
|---|---|
| P McCann | |
| P Williams | |
| A Parkinson | |
| E Rowlands– Chairperson | |
| A Hoskinson Clark (resigned 26/03/2024) | |
| Secretary | P McCann |
| Charity number | 1106163 |
| Company number | 04429290 |
| Registered office | 53 – 57 Holt Road |
| Liverpool | |
| L7 2PN |
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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
TWIN VISION
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report and the financial statements for the year ended 31 March 2024.
The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2015).
Objects of the charity
The charity is constituted as a company limited by guarantee, as defined by the Companies Act 2006, and is therefore governed by a Memorandum and Articles of Association. The company was incorporated in 2002 and the directors went on to register the company as a charity.
The charity’s object and principal activity continues to be that of advancing the education of the public, particularly but not exclusively young people through the promotion of the art of photography, animation, film and related activities in order to develop their physical, mental and spiritual capacities that they may grow to full maturity as individuals and members of society and their conditions of life may be improved.
Related Parties and Partners
Twin Vision has a good relationship with its key partners and funders. All partners contribute to Twin Vision meeting its charitable aims and objectives.
Key partners and funders are as follows:
-
Alder Hey NHS Foundation Trust
-
Alder Hey Children’s Charity
-
Awards for All
Development, activities and achievements this year
All Twin Vision projects assist long term objectives concerning community cohesion and wellbeing through a celebration of individual and collective identities and experiences.
The projects use various art forms to achieve this; namely photography, animation and film making. All participants are given the opportunity to learn and develop skills in ICT, emotional literacy, visual literacy and vocational skills. This is achieved through the creation of animations, photographs or films and an increase in awareness of other people and cultures through an educational process, enabling participants to embrace a real sense of social harmony and empathy for others.
Twin Vision projects challenge illogical stereotypes by enabling the development of a positive self-image and confidence. This includes supporting chronically and critically ill children and adults, and bereaved children.
Twin Vision continue to develop original and innovative ideas, teaching photography, film and animation to enhance self expression, intercultural exchange and encouragement of creativity for younger people and adults. This was further developed last year through an animation project with patients at Alder Hey Children’s Hospital.
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TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024
TWIN VISION
The www.twinvisionphoto.co.uk website is a global community forum for education and a celebration of cultural diversity.
Key projects 1[st] April 2023 to 31[st] March 2024
- Projects in animation and photography
Through Twin Vision projects we can estimate that Twin Vision has worked with approximately 30 direct beneficiaries in 2023-2024. Through the Twin Vision and partner’s websites and our Apps we estimate that our work continues to reach tens of thousands of indirect beneficiaries on a national and international scale.
Future developments
Twin Vision secured commissions from Alder Hey Children’s Hospital - providing the charity with some financial stability from which to develop further. Alder Hey Children's Hospital have secured funding to deliver projects with Twin Vision until 2025.
The majority of our work is delivered within clinical environments and educational institutions with vulnerable children, young people and adults. Twin Vision ensures that direct engagement can take place safely and under the terms and policies of government and individual institutions safeguarding practices and guidelines.
Future opportunities for Twin Vision agreed by the board of trustees are to be:
Animation Projects with children and young people
Experimental Photographic projects including with children and adults
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TWIN VISION
TRUSTEES’ REPORT (Continued) FOR THE YEAR ENDED 31 MARCH 2024
Reserves policy
The present level of funding is adequate to support the continuation of the charities operation for the medium term, and the trustees consider the financial position of the charity to be satisfactory.
The charity retained a reasonable level of reserves at the year end. Brought forward unexpended reserves were utilised in accordance with grant and funder allocation and terms. This is reflected in the movement in cash at bank and in hand as shown in the balance sheet for the year, and the movement from net incoming resources to net outgoing resources on the Statement of Financial Activities.
Directors and trustees
All directors of the company are also trustees of the charity, and there are no other trustees. All of the trustees served throughout the year unless otherwise stated. The Board has the power to appoint additional trustees as it considers fit to do so.
Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the directors should follow best practice and:
-
select suitable accounting policies and then apply them consistently
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis.
The director are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Risk management
The trustees actively review the major risks which the charity faces on a regular basis and the management committee has procedures and systems in place to mitigate the major risks where the Charity is exposed. Internal risks are minimised by procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all aspects of the charity.
On behalf of the board of trustees
A Parkinson Trustee
16 December 2024
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TWIN VISION
Independent Examiners’ Report to the Trustees of Twin Vision ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act: or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination: or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached
N Hague FCA 16 December 2024
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TWIN VISION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| Income and Endowments from | |||||
| Donations and legacies | 2 | - | - | - | - |
| Charitable activities: | |||||
| Education and project fees | 3 | 11,381 | 17,370 | 28,751 | 13,905 |
| Grants receivable from government & | |||||
| other public bodies | 3 | - | 5,041 | 5,041 | - |
| Total | 11,381 | 22,411 | 33,792 | 13,905 | |
| Expenditure on | 4 | ||||
| Raising funds | 273 | 42 | 315 | 450 | |
| Charitable activities | 11,894 | 19,172 | 31,066 | 13,282 | |
| Total | 12,167 | 19,214 | 31,381 | 13,732 | |
| Net income/(expenditure) | (786) | 3,197 | 2,411 | 173 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 5,766 | 951 | 6,717 | 6,544 | |
| Total funds carried forward | £ 4,980 | £4,148 | £9,128 | £6,717 |
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
There were no recognised gains or losses other than the net income/(expenditure) for the year.
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TWIN VISION
BALANCE SHEET AS AT 31 MARCH 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 8 | 1,793 | 4,148 | 5,941 | 3,638 |
| Current assets | |||||
| Debtors | 9 | 2,400 | - | 2,400 | 4,862 |
| Cash at bank and in hand | 1,602 | 6,176 | 7,778 | 3,068 | |
| 4,002 | 6,176 | 10,178 | 7,930 | ||
| Creditors: amounts falling due | |||||
| within one year | 10 | 815 | 6,176 | 6,991 | 4,851 |
| Net current assets/(liabilities) | 3,187 | - | 3,187 | 3,079 | |
| Total assets less current liabilities | £4,980 | £4,148 | £9,128 | £6,717 | |
| Funds of the charity | |||||
| Restricted funds | 12 | 4,148 | 951 | ||
| Unrestricted funds | 12 | 4,980 | 5,766 | ||
| £9,128 | £6,717 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The trustees have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2024, in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
-
(a) ensuring that the company keeps accounting records which comply with Section 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements were approved by the Board of Trustees on 16 December 2024 and signed on its behalf by:
P McCann TRUSTEE
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TWIN VISION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. Accounting policies
Basis of preparation
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs to an indirect nature necessary to support them.
Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include costs linked to the strategic management of the charity.
Allocation and apportionment of costs
All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. usage, time basis, per capita or estimated usage as set out in the later notes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery
- 20% reducing balance method
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TWIN VISION
NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
2. Donations and legacies
| General donations - unrestricted 3. Income from charitable activities Unrestricted Restricted £ £ Education & project fees - media & related services 11,381 17,370 Grants for charitable projects - 5,041 11,381 22,411 4. Total resources expended Unrestricted Restricted £ £ Expenditure on raising funds: Website and graphic design - - Motor and travel 152 - Other administrative costs 107 4 Depreciation & loss on disposal 14 38 273 42 Expenditure on charitable activities: Consumables & assistant fees 9,065 18,137 Accommodation & subsistence - - Training and subscriptions 581 289 General expenses 21 111 Support costs - Premises costs - - - Motor and travel 608 49 - Repairs & renewals 415 234 - Other administrative costs 1,072 9 - Depreciation & loss on disposal 132 343 11,894 19,172 |
2024 £ - 2024 £ 28,751 5,041 33,792 2024 £ - 152 111 52 315 27,202 - 870 132 - 657 649 1,081 475 31,066 |
2023 £ - 2023 £ 13,905 - 13,905 2023 £ - 137 156 157 450 8,608 - 692 312 - 1,106 477 669 1,418 13,282 |
|---|---|---|
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TWIN VISION
NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024
5. Net income/(expenditure)
| Net income/(expenditure) | ||
|---|---|---|
| This is stated after charging/(crediting): | 2024 | 2023 |
| £ | £ | |
| Loss on disposal of plant and machinery | 50 | 1,120 |
| Depreciation | 476 | 457 |
6. Trustees' remuneration and related party transactions
There was no trustees' remuneration, other benefits or expenses paid for the year ended 31 March 2024, nor for the year ended 31 March 2023.
During the year services were provided by TV Media North West Limited. Mr P McCann (a trustee) is also a director of TV Media North West Limited. All transactions were on normal commercial terms and totals for the year are as follows:
| terms and totals for the year are | as follows: | ||
|---|---|---|---|
| Assistant | fees for the year | Creditor at 31.03.24 | |
| £ | £ | ||
| TV Media Northwest Ltd | £13,155 | (2023 - £6,460) | £1,000 (2023 - £2,440) |
7. Staff costs
The average monthly number of employees during the year was nil (2023 - nil).
8. Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Plant & | |
| machinery | |
| Cost | £ |
| At 1 April 2023 | 53,092 |
| Additions | 2,829 |
| Disposals | (1,433) |
| At 31 March 2024 | 54,488 |
| Depreciation | |
| At 1 April 2023 | 49,454 |
| Disposals | (1,383) |
| Charge for the year | 476 |
| At 31 March 2024 | 48,547 |
| Net book value | |
| At 31 March 2024 | 5,941 |
| At 31 March 2023 | 3,638 |
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TWIN VISION
NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024
| 9. Debtors: Amounts falling due within one year Trade debtors Prepayments and accrued income 10.Creditors: amounts falling due within one year Accruals and deferred income |
2024 £ - 2,400 2,400 2024 £ 6,991 |
2023 £ 4,862 - 4,862 2023 £ 4,851 |
|---|---|---|
The above total includes accruals and deferred income of £4,959 (2023 - £4,526) which relates to a Grant restricted funds received in respect of a Grant unspent and the projects which were still ongoing at the year end.
11. Comparatives for the statement of financial activities
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Income and Endowments from | |||
| Donations and legacies | - | - | - |
| Charitable activities: | |||
| Education and project fees | 2,320 | 11,585 | 13,905 |
| Grants receivable from government & | |||
| other public bodies | - | - | - |
| Total | 2,320 | 11,585 | 13,905 |
| Expenditure on | |||
| Raising funds | 298 | 152 | 450 |
| Charitable activities | 1,575 | 11,707 | 13,282 |
| Total | 1,873 | 11,859 | 13,732 |
| Net income/(expenditure) | 447 | (274) | 173 |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 5,319 | 1,225 | 6,544 |
| Total funds carried forward | £5,766 | £951 |
£6,717 |
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TWIN VISION
NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024
12 . Movement in funds
| Movement in funds | |||
|---|---|---|---|
| Net | |||
| movement | |||
| At 1.4.23 | in funds At 31.3.24 | ||
£ |
£ | £ | |
| Unrestricted funds | |||
| General fund | 5,766 | (786) | 4,980 |
| Restricted funds | |||
| Charitable projects | 951 | 3,197 | 4,148 |
| Total funds | 6,717 | 2,411 | 9,128 |
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
£ |
£ | £ | |
| Unrestricted funds | |||
| General fund | 11,381 | (12,167) | (786) |
| Restricted funds | |||
| Charitable projects | 22,411 | (19,214) | (3,197) |
| Total funds | 33,792 | (31,381) | 2,411 |
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