Thlrd Text Ltd. Charlty No. 1108974 Company No. 05051134 Trustees, Report and Unaudlted Accounts 31 March 2024
Thlrd Text Ltd. Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 6toll Detailed Statement of Financial Activities 12to13 Page I
Third Text Ltd. Trustees Annual Report The trustees, who are also directors of the charity for the purposes of the Companies Act 21)06, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAIIS Company No. 05051134 Charity No. 1108974 Reglstered Offlce 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 durins the year: F. Allen V.P. Bartlett A. Correia IReslgned 12 June 20231 E. Robles 5. Tegala P. Gladston Company Secretary R. Dyer (Appointed 01 April 2024) Accountants Incisive Accounting Limited 52 Grosvenor Gardens London SWIW OAU 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 ather irregularitles. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companie5 regime a5 Set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP IFRS 1021. Signed on behalf of the board eral¥ A. Co f rei Trustee 02 December 2024 Page 2
Third Text Ltd. Independent Examiners Report Independent Examlner's Report to the trustees of Thlrd 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 2024. Responslbllltle5 and basls of report As the charity's trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companles 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 vour charity's financial statement5 a5 carried out under section 145 of the Charitie5 Act 20111'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51 Ib) of the 2011 Act. Independent examlner's statement I have completed my examlnation, I can confirm that no material matters have come to my attention in connection with the examination glvlng me cause to believe: accountin8 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 wlth the accounting requirements under sectlon 396 of the 2006 Act other than any requlrement that the flnancial statements give a 'true and fair, view which is not a matter considered as part of an Independent examination; or the financlal statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practlce for accountlng and reporting by charities applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. 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 Accountlng Llmlted 52 Grosvenor Gardens London SWIWOAU 02 December 2024 Page 3
Third Text Ltd. Statemènt of Financial Activities for the year ended 31 March 2024 Unrestrlcted funds 2024 Restrlcted funds Total funds Total funds 2024 2024 2023 Notes Income and endowments from: Donatlons and le8acles Investments 91,706 243 91,706 243 90,092 Total 91,949 91,949 90,100 Expendlture on.. Other 96,878 96,878 104,384 Total 96,878 96,878 104,384 Net galns on investments Net expenditure Transfers between funds (4,929) 14,9291 {14,2841 Net expendlture before other galns1(losses 14,9291 14,9291 (14,284) Other galns and105se5 Net movement In funds 14,929) (4,929) 114,2841 Reconclllatlon of funds; Total funds brought forward 51,358 6,001 57,359 71,643 Total fund5 carried forward 46,429 6,001 52,430 57,359 Page 4
Thlrd Text Ltd. Balance Sheet at 31 March 2024 Company No. 05051134 Notes 2024 2023 Flxed a55et5 Tangible assets 1,267 1,267 2,666 2,666 Current assets Debtors 10 1,400 52,247 53,647 12,484) 51,163 1,400 56,089 57,489 (2.7961 54,693 Cash at bank and in hand Credltors: Amount falling due within one year Net current a55et5 11 Total assets less current Ilabllltles 52,430 57,359 Net assets excludlng penslon asset or Ilablllty Tot31 net a55etS 52.430 S7.359 52,430 57,359 The funds of the charltv Restricted funds Restricted income funds 12 6,001 6,001 6,001 6,001 Unrestrlcted funds General fund5 12 46,429 51,358 46,429 51,358 Reserves 12 Total fvnds 52,430 57,359 These accounts have been prepared in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemption ynder section 477 of the Companles Act 2006 relating to small companies, The members have not required the company to obtain an audlt In accordance with section 476 of the Companies Act 2006. The dlrectors acknowledge their responslbllltles for complyin8 wlth the requirements of the Companies Act 2006 with respect to accounting Tecord5 and the Pfeparatlon of accounts. Approved by the board on 02 December 2024 And signed on its behalf by.. A . Cc)r<e L<L Trustee 02 December 2024 Page 5
Thlrd Text Ltd. Notes to the Accounts for the year ended 31 March 2024 l Accountlng pollcles Basls of preparatlon The financial Statements have been prepared in accordance with Accounting and Reporting by Charitie5: 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 102) (effective I January 2015) - (Charities SORP (FRS 102)>, the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Chan8e In basls of accountln8 or to prevlous accounts There has been no chan8e to the accountin8 policies (valuation rules and method of accounting) slnce last year and no changes have been made to account5 for previous years. Fund accountlng 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 earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reser4e 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 Restrlcted funds Income Recognition of Income Income is included in the Statement of Financial Artivities (SOFA) when the charity becomes entltled 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 expendlture the Income and related expenditure is expenditure reported gross in the SOFA. Donations and le8acies Voluntary income recelved by way of grants, donatlons and gSfts is Included In the the SOFA when receivable and only when the Charity has uncondltlonal 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 giftldonation to which it relates. Donated services These are only included Sn Income Iwith an equivalent amount In expenditure) and facilities where the benef it to the Charity is reasonably quantif iable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investrnent income This 15 included in the accounts when receivable. Gains/{Ios5esl on This includes any galn or loss resultlng from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(lossesl on investment assets This includes any gain or loss on the sale of investments. Page 6
Third Text Ltd. Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and Is reported as part of the expenditLtre to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raisin8 funds tradin8 Costs and investment management costs. Expenditure on These comprlse the costs incurred by the Charlty in the dellvery of its activitles and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basls plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meetin8 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 expendlture These are support costs not allocated to a particular activity. Grants payable Governance costs Taxatlon The charlty is exempt from corporation tax on Its charltable actlvltles. Tanglble flxed assets and depreclatlon Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Plant and machinery 20% Reduclng balance Computer equipment 33% Strai8ht line Trade and other debtors Trade and other debtors are recognlsed 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 equlvalents Cash and cash equlvalents comprise cash at bank and on hand, demand deposlts wlth banks and other short-term highly liquid Investments wlth original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowin8s 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 credltors Short term credltors are measured at the transaction prlce. Other creditors and provlslons are recognlsed where the charity ha5 3 present obligation resultlng 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
Thlrd Text Ltd. Notes to the Accounts Recelpt of donated goods, facilities and servlces All donated goods, facllities and servlces received are recognlsed withln incomln8 resources and expenditure at an estimate of the value to the charity. 2 Company status The company is a prlvate company limited by guarantee and consequently does not have share capital. 3 Statement of Flnanclal Actlvltles - prlor year Unrestrlcted funds Restrlcted funds Total funds 2023 2023 2023 Income and endowments from: Donations and legacies Investments 90,092 90,092 Total 90.100 90.100 Expenditure on: Other 104,384 104,384 Total 104,384 104,384 Net Income 114,2841 114,284) Net Income before other 8alnslllosses) Other galns and losses: Net movement In funds {14,284) (14,284) (14,284) (14,284} Reconclllatlon of funds: Total funds brought forward Total funds carrled forward 65,642 6,001 71,643 51,358 6.001 57,359 4 Income from donatlons and legacies Unrestricted Total Total 2024 2023 91,706 91,706 91,706 91,706 90,092 90,092 5 Income from investments Unrestrlcted Total Total 2024 2023 243 243 243 243 Pa8e 8
Third Text Ltd. Notes to the Accounts 6 Other expenditure Unrestricted Total Total 2024 2023 Other interest payable 57 57 78 Employee costs Motor and travel costs 75,714 297 75,714 297 78,011 96 Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administratlve costs io,oio io,oio 15,833 1,399 1,399 1,423 7,961 1,440 96.878 7,961 1,440 96.878 7,503 1,440 104,384 Legal and professional costs 7 Net expendlture before transfers 2024 2023 This 15 Stated after chargln8'. Oepreciation of owned fixed assets 8 Staff costs 1,399 1,423 2024 48,177 177 2023 46,608 450 Salaries and wages Social security costs 48,354 47,058 No employee received emolument5 in excess of £60,000. 9 Tan8lble flxed assets Plant and machlnery Computer equlpment Total Cost or revaluatlon At l April 2023 At 31 March 2024 Depreclation and Impalrment At l April 2023 Depreciation charge for the year At 31 March 2024 11,317 11,317 6,445 6,445 17,762 17,762 10.831 4,265 15,096 97 1,302 1,399 10,928 5,567 16,495 Net book values At 31 March 2024 At 31 March 2023 389 878 1,267 2.666 486 2,180 Page g
Third Text Ltd. Notes to the Accounts 10 Debtors 2024 2023 Other debtors 1,400 1,400 1,400 11 Credltors: amounts falling due within one year 2024 2023 Other taxes and social security Accruals 1,043 1,441 2,484 1,356 1,440 2,796 12 Movement In fund5 Incoming resources {includin£ other At I Apfil gains/losses 2023 Resources expended At31 March 2024 Restricted fvnds: Restrlcted Income lunds: 6,001 6,001 Total 6,001 6,001 Unrestrlcted funds: General funds 51,3S8 91,949 196,8781 46,429 Total funds 13 Analy$15 of net assets between funds 57,359 91,949 196,8781 52,430 Unrestrlcted funds Total Fixed assets Net current assets 1,267 51,163 52,430 1,267 51,163 52,430 14 Reconclllatlon of net debt At31 At l Aprll 2023 March 2024 Cash Ilows Cash and cash equivalents 56,089 56,089 (3,8421 13,8421 52,247 52,247 Net debt 56,089 13,8421 52,247 Page lo
Third Text itd. Notés to the Accounts 15 Related party dlsc105ure5 Controlling party The company is limited by guarantee and has no share capStal; thus no single party controls the company. Page 11
Third Text Ltd. Detailed Statement of Financial Activities for the year ended 31 March 2024 Unrestrlcte d funds 2024 Total funds 2024 Total funds 2023 2024 Income and endowments from: Donations and legacies 91,706 91.706 91,706 91,706 90,092 90,092 Investments 243 243 243 243 Total Income and endowmènts 91,949 91,949 90,100 Expendlture on: Other expenditure Other interest payable 57 57 78 57 57 78 Employee costs Salaries/wages Employer's NIC Subcontractor costs 48,177 177 48,177 177 46,608 450 27,360 7S,714 27,360 75.714 30,953 78,011 Motor and travel costs Travel and subsistence 297 297 96 297 297 96 Premises costs Rent 7,763 209 647 7,763 209 12,606 131 Rates Premises insurances Premises repairs and maintenance 647 1,212 1,391 1,391 1,884 io,oio io,oio 15,833 General administrative costs, including depreciation and amortisation Depreciatlon of Plant and machinery Depreciation of Computer equipment Bank charges Image fees Stationery and prlntin8 Subscriptions Sundry expenses Telephone, fax and broadband 97 97 121 1,302 1,302 1,302 50 50 150 36 36 349 449 449 777 1,772 3,253 1,202 2,914 3,253 1,259 2,914 3,253 1,259 Page 12
Third Text Ltd. Detailed Statement of Financial Activities 9,360 9,360 8,926 Legal and professional costs Accountancy and bookkeeping 1,440 1,440 1,440 1,440 1,440 1,440 Total of expendlture of other costs Total expendlture 96,878 96,878 104,384 96,878 96,878 104,384 Net gains on investment5 Net expendlture 14,9291 14,929) (14,2841 Net expendlture before other galns/(losses) Other Gains 14,9291 (4,9291 {14.284 Net movement In funds (4,929) 14,9291 114,2841 Reconciliation of funds: Total funds brou8ht forward 51,358 6,001 57,359 71,643 Total funds carrled fonvard 46,429 6,001 52,430 57,359 Page 13