Third Text Ltd.
Charity No. 1108974
Company No. 05051134
Trustees' Report and Unaudited Accounts
31 March 2023
Third Text Ltd. Contents
| Pages | ||
|---|---|---|
| Trustees' Annual Report | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 | |
| Notes to the Accounts | 6 to | 11 |
| Detailed Statement of Financial Activities | 12 to | 13 |
Page 1
Third Text Ltd. 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 unaudited financial statements of the charity for the year ended 31 March 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Company No. 05051134
Charity No. 1108974
Registered Office
Enclave Studios Unit 6 50 Resolution Way Deptford London SE8 4AL
Directors and Trustees
The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:
F. Allen (Resigned 12 June 2023) V.P. Bartlett A. Correia S. Tegala E. Robles (Appointed 12 June 2023)
Company Secretary
R. Dyer
Accountants
Incisive Accounting Limited 52 Grosvenor Gardens London SW1W 0AU
The Trustees are responsible for keeping proper accounting records that disclose 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 are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).
Signed on behalf of the board
S. Tegala Trustee 21 December 2023
Page 2
Third Text Ltd. Independent Examiners Report
Independent Examiner's Report to the trustees of Third Text Ltd.
I report to the charity trustees on my examination of the financial statements of Third Text Ltd. for the year ended 31 March 2023.
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 financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.
Having satisfied myself that the financial statements of the Charity 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 financial statements 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in accordance with section 386 of the 2006 Act ; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements 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 financial statements to be reached.
Yasar Khan ACA Incisive Accounting Limited 52 Grosvenor Gardens London
SW1W 0AU 21 December 2023
Page 3
Third Text Ltd. Statement of Financial Activities
for the year ended 31 March 2023
| Notes Income and endowments from: Donations and legacies 4 Investments 5 Total Expenditure on: Other 6 Total Net gains on investments Net expenditure 7 Transfers between funds Net expenditure before other gains/(losses) Other gains and losses Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 £ 90,092 8 |
Restricted funds 2023 £ - - |
Total funds 2023 £ 90,092 8 |
Total funds 2022 £ 86,183 98 |
|---|---|---|---|---|
| 90,100 104,384 |
- - |
90,100 104,384 |
86,281 102,087 |
|
| 104,384 - |
- - |
104,384 - |
102,087 - |
|
| (14,284) - |
- - |
(14,284) - |
(15,806) - |
|
| (14,284) | - | (14,284) | (15,806) | |
| (14,284) 65,642 |
- 6,001 |
(14,284) 71,643 |
(15,806) 87,449 |
|
| 51,358 | 6,001 | 57,359 | 71,643 |
Page 4
Third Text Ltd. Balance Sheet
at 31 March 2023
| Company No. 05051134 Notes 2023 £ Fixed assets Tangible assets 9 2,666 2,666 Current assets Debtors 10 1,400 Cash at bank and in hand 56,089 57,489 Creditors:Amount falling due within one year 11 (2,796) Net current assets 54,693 Total assets less current liabilities 57,359 Net assets excluding pension asset or liability 57,359 Total net assets 57,359 The funds of the charity Restricted funds 12 Restricted income funds 6,001 6,001 Unrestricted funds 12 General funds 51,358 51,358 Reserves 12 Total funds 57,359 |
2022 £ 1,547 |
|---|---|
| 1,547 1,400 72,422 |
|
| 73,822 (3,726) |
|
| 70,096 71,643 |
|
| 71,643 | |
| 71,643 | |
| 6,001 | |
| 6,001 65,642 |
|
| 65,642 | |
| 71,643 |
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
For the year ended 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved by the board on 21 December 2023
And signed on its behalf by:
S. Tegala Trustee
21 December 2023
Page 5
Third Text Ltd. Notes to the Accounts
for the year ended 31 March 2023
- 1 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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
-
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
-
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
-
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.
Income
-
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income 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 expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
-
Tax reclaims on Income from tax reclaims is included 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 expenditure) 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. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 6
Third Text Ltd. Notes to the Accounts
Expenditure
-
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure 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 services in the furtherance of its objects, including the making of grants and governance costs.
-
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
-
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent 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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Tangible fixed assets and depreciation
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
Computer equipment 33% Straight line
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.
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 original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 7
Third Text Ltd. Notes to the Accounts
Receipt of donated goods, facilities and services
All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.
2 Company status
The company is a private company limited by guarantee and consequently does not have share capital.
3 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Investments Total Expenditure on: Charitable activities Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies 5 Income from investments |
Unrestricted funds 2022 £ 86,183 98 86,281 102,087 102,087 (15,806) (15,806) (15,806) 81,448 65,642 Unrestricted £ 90,092 90,092 Unrestricted £ 8 8 |
Restricted funds 2022 £ - - - - - - - - 6,001 6,001 Total 2023 £ 90,092 90,092 Total 2023 £ 8 8 |
Total funds 2022 £ 86,183 98 |
|---|---|---|---|
| 86,281 102,087 |
|||
| 102,087 | |||
| (15,806) | |||
| (15,806) | |||
| (15,806) 87,449 |
|||
| 71,643 | |||
| Total 2022 £ 86,183 |
|||
| 86,183 | |||
| Total 2022 £ 98 |
|||
| 98 |
Page 8
Third Text Ltd. Notes to the Accounts
6 Other expenditure
| Other interest payable Employee costs Motor and travel costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 7 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets 8 Staff costs Salaries and wages Social security costs No employee received emoluments in excess of £60,000. 9 Tangible fixed assets Cost or revaluation At 1 April 2022 Additions At 31 March 2023 Depreciation and impairment At 1 April 2022 Depreciation charge for the year At 31 March 2023 Net book values At 31 March 2023 At 31 March 2022 |
Unrestricted £ 78 78,011 96 15,833 1,423 7,503 1,440 104,384 2023 £ 1,423 2023 46,608 450 47,058 Plant and machinery £ 11,317 - 11,317 10,710 121 10,831 486 607 |
Total 2023 £ 78 78,011 96 15,833 1,423 7,503 1,440 104,384 Computer equipment £ 3,903 2,542 6,445 2,963 1,302 4,265 2,180 940 |
Total 2022 £ - 77,709 126 13,318 615 7,439 2,880 |
|---|---|---|---|
| 102,087 | |||
| 2022 £ 615 2022 46,635 1,023 |
|||
| 47,658 | |||
| Total £ 15,220 2,542 |
|||
| 17,762 | |||
| 13,673 1,423 |
|||
| 15,096 | |||
| 2,666 | |||
| 1,547 |
Page 9
Third Text Ltd. Notes to the Accounts
| 10 Debtors Other debtors 11 Creditors: amounts falling due within one year Other taxes and social security Accruals 12 Movement in funds Restricted funds: Restricted income funds: Total Unrestricted funds: General funds Total funds 13 Analysis of net assets between funds Fixed assets Net current assets 14 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 April 2022 6,001 6,001 65,642 71,643 |
2023 £ 1,400 1,400 2023 £ 1,356 1,440 2,796 Incoming resources (including other gains/losses ) £ - - 90,100 90,100 At 1 April 2022 £ |
Resources expended £ - - (104,384) (104,384) Unrestricted funds £ 2,666 54,693 57,359 Cash flows £ |
2022 £ 1,400 |
|---|---|---|---|---|
| 1,400 | ||||
| 2022 £ 3,726 - |
||||
| 3,726 | ||||
| At 31 March 2023 £ 6,001 |
||||
| 6,001 | ||||
| 51,358 | ||||
| 57,359 | ||||
| Total £ 2,666 54,693 |
||||
| 57,359 | ||||
| At 31 March 2023 £ |
||||
| 72,422 | (16,333) | 56,089 | ||
| 72,422 72,422 |
(16,333) (16,333) |
56,089 | ||
| 56,089 |
Page 10
Third Text Ltd. Notes to the Accounts
15 Related party disclosures
Controlling party
The company is limited by guarantee and has no share capital; thus no single party controls the company.
Page 11
Third Text Ltd. Detailed Statement of Financial Activities
for the year ended 31 March 2023
| Income and endowments from: Donations and legacies Investments Total income and endowments Expenditure on: Other expenditure Other interest payable Employee costs Salaries/wages Employer's NIC Subcontractor fees Motor and travel costs Travel and subsistence Premises costs Rent Rates Premises insurances Premises repairs and maintenance General administrative costs, including depreciation and amortisation Depreciation of Plant and machinery Depreciation of Computer equipment Bank charges Image fees Stationery and printing Subscriptions Sundry expenses Telephone, fax and broadband |
Unrestricte d funds 2023 £ 90,092 90,092 8 8 90,100 78 78 46,608 450 30,953 78,011 96 96 12,606 131 1,212 1,884 15,833 121 1,302 150 349 777 1,772 3,253 1,202 |
2023 £ - - - - - - - - - - - - - - - - - - - - - - - - - - |
Total funds 2023 £ 90,092 90,092 8 8 90,100 78 78 46,608 450 30,953 78,011 96 96 12,606 131 1,212 1,884 15,833 121 1,302 150 349 777 1,772 3,253 1,202 |
Total funds 2022 £ 86,183 |
|---|---|---|---|---|
| 86,183 | ||||
| 98 | ||||
| 98 | ||||
| 86,281 - |
||||
| - | ||||
| 46,635 1,023 30,051 |
||||
| 77,709 | ||||
| 126 | ||||
| 126 | ||||
| 8,441 428 1,092 3,357 |
||||
| 13,318 | ||||
| 152 463 50 - 635 2,686 3,049 1,019 |
Page 12
Third Text Ltd. Detailed Statement of Financial Activities
| Third Text Ltd. Detailed Statement of Financial Activities |
||||
|---|---|---|---|---|
| Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
8,926 1,440 1,440 104,384 104,384 - (14,284) (14,284) - (14,284) 65,642 51,358 |
- - - - - - - - - - 6,001 6,001 |
8,926 1,440 1,440 104,384 104,384 - (14,284) (14,284) - (14,284) 71,643 57,359 |
8,054 |
| 2,880 | ||||
| 2,880 | ||||
| 102,087 | ||||
| 102,087 - |
||||
| (15,806) | ||||
| (15,806) - |
||||
| (15,806) | ||||
| 87,449 | ||||
| 71,643 |
Page 13