TALENT UNLIMITED LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST JANUARY 2023
Registered Number: 7134863
Registered Charity Number: 1139220
TALENT UNLIMITED LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023
INDEX
Page Number
| 1 - 3 | - | Directors' report |
|---|---|---|
| 4 | - | Examiners' report |
| 5 | - | Statement of financial activities |
| 6 | - | Balance sheet |
| 7-8 | - | Notes to the financial statements |
TALENT UNLIMITED LIMITED
DIRECTORS AND TRUSTEES:
C F Maxton I H Gokmen L W Macleod - Miller
TRUSTEES C Encer N Gungorencan T Sisa-Mason A Dickson ACCOUNTANTS: Sterlings Accountancy Solutions Ltd 131-133 Roman Road Mountnessing Brentwood Essex CM15 0UD
REGISTERED OFFICE: 8 Gloucester Gate London NW1 4HG
Page 1
TALENT UNLIMITED LIMITED
DIRECTORS' REPORT
The directors present their annual report and the financial statements for the year ended 31st January 2023. This report is a Director's Report which as required by section 417 of the Companies Act 2006 and a Trustees' Annual Report as required under Part 8 of the Charities Act 2011.
The trustees confirm that the financial statements comply with the requirements of the company's governing documents, the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) issued on 16 July 2014, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102).
Structure, Governance & Management
The Charity is constituted by its Memorandum and Articles dated 25th January 2010 registered under the Companies Act 2006 (number 7134863). It is also a registered charity (number 1139220).
The Charity is a company limited by guarantee not having any share capital. Each member guarantees to contribute £1 towards the liabilities and costs on winding up.
The directors of the charity are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. In addition there are trustees who are not directors of the company.
The trustees serving during the year and since the year end were as follows:
| C F Maxton | Director & trustee |
|---|---|
| I H Gokmen | Director & trustee |
| L W Macleod - Miller | Director & trustee |
| C Encer | Trustee |
| N Gungorencan | Trustee |
| T Sisa-Mason | Trustee |
| A Dickson | Trustee |
Risk Management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed the major risks to which the charity may be exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
Reserves Policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use, should be maintained at a level equivalent to between 3 and 6 months expenditure. The charity considers that reserves at this level will ensure that in the event of a significant drop in funding, it will be able to continue the current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Page 2
TALENT UNLIMITED LIMITED
DIRECTORS' REPORT
Objectives & Activities
The principal activity of the charity is to advance the musical education of emerging musicians aged 18 plus, through the provision of grants.
The charity through its donations, concerts, confrences and other events, aims at creating an environment conducive to the development of young musical talent.
The students we support come from all over the world. Most of our students find scholarships or sponsorships via their colleges, but still need substantial amounts of financial support to continue their studies. We lend a hand to at least 12 musical students per annum. So far this money has come from ticket sales and small donations.
Our aim at this point in the life of the charity is to find corporate sponsorship or very generous individuals to help us with our work.
The number of musicians seeking refuge under the umbrella of Talent Unlimited is increasing.
Another successful year from Talent Unlimited, despite our weakened financial position. Our ticketed concerts do not cover their costs because our expenses are very high compared to our income from ticket sales, and donations.
General inflation in the country is leading people to being very careful with their money. As a result, our free lunchtime concerts are full, but our ticketed concerts are not so full. It is gratifying that people like our concerts and attend our lunchtime ones with enthusiasm. Our musicians get a lot of exposure because of these concerts.
We have had a particularly wonderful year musically. At the Leeds International Piano Competition, 3 of our pianists won prizes. There were only 5 prizes and 3 of them were awarded to Talent Unlimited musicians. Alim Beisembayev, 1st Prize, Ariel Lanyi, 3rd Prize and Thomas Kelly, 5th Prize. This is quite unheard of, and I am very happy about it.
We have begun a potentially highly useful collaboration with The Coachhouse Pianos and some of our pianists are giving concerts in their showrooms. This will lead to house concerts in private homes in the future.
We are looking forward to a fruitful year.
Page 3 TALENT UNLIMrrED LtMrrED DIRECTORS, REPORT Trustees, re8ponsibilitiÉ% in relation to the fmancial statements The trStee$ who are also dire¢tors of the company for the purp)ses of company ]aw are $)nsible for pr¢paring the Trustees, Annual Reikn and fJnancia] Statements in a¢¢ordance with applicable law and Unikd Kingdojn A¢counting Standards (United Kingdom Generally Accepted Accounting Prdctice). The law applicable to incoJp)Tated charities in England and Wales (companj 1251) r¢quires the tmstees to prepare financial statements for each financial p¢riod which gi1".¢ a true and fair of the s(ate of affairs of the charitable companv and of the incomtng resowces and application of r¢sow£es including th¢ income and ¢x"lUre of the charithble ¢ompany for thal riod. tn preparin8 these fmancial ststernents the IDJst¢¢s ar¢ required to.. sel¢¢t suitable accounting policies and dicn appls. them consistentty; obseTre the m¢thods and principles in the Chariiies SORP: ake judgements wid estimates that arc Fcasonable and pThdent; state whether appjicable UK accounting Standards hai'e becll followed subj¢¢t to any material departures di¥losed and eYplain¢d in the fllwicial statcnients and prepare the f]nancial statements on the going concem basis unless it is inappropriate to pSurne that th¢ compans. will conttnue In operation. The trustees r¢sponsible for keeping proper accounting reco$ which dtsclose. with r¢asonable accuracy ai any time. the fmancial position of the charttv and cnable them to cllswe that the fllwicial statements cornpl!, with the Charities Act 2011. the Charities (Accounts and ReFX)rts) R¢gulations 2008 and the Compani¢s Act 2006. They 8r¢ also responsibl¢ for safeguarding the assets of the chItable compan). and hence for taking reasonable steps for the preTr¢ntion and detection of fraud and other irregulatities. By Order of th¢ &)ard of Trust¢¢s C F Maiton Trustee Datc.. /(. , J-, ZCAS
Page 4
INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF TALENT UNLIMITED LIMITED
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 January 2023.
Respective responsibilities of trustees and examiner
As the charity's trustees (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 examiners statement
I have completed my examination. I confirm that no 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
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2 the accounts do not accord with those records; or
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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 the independent examination; or
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4 the accounts have not been prepared in accordance with the methods and principals 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 United Kingdom 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.
David Parker FCA
Institute of Chartered Accountants in England & Wales
Sterlings Accountancy Solutions Limited 131-133 Roman Road Mountnessing Brentwood Essex CM15 0UD
Date: 17 May 2023
Page 5
TALENT UNLIMITED LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING THE INCOME AND
EXPENDITURE ACCOUNT AND STATEMENT OF RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31ST JANUARY 2023
----- Start of picture text -----
2023 2022
Unrestricted Restricted Total Total
Notes £ £ £ £
Incoming resources
Incoming resources from generated funds
Voluntary
Donations 29,798 - 29,798 8,993
Activities for generating funds
-
Fundraising events 4,396 4,396 1,933
Total incoming resources being net incoming -
34,194 34,194 10,926
resources available for charitable application
Resources expended
Charitable expenditure
Costs of charitable activities 3 41,677 - 41,677 20,031
- - - -
Fundraising
Governance costs 4 3,287 - 3,287 2,930
-
Total resources expended 44,964 44,964 22,961
Net incoming/(outgoing) resources for the year being -
(10,770) (10,770) (12,035)
the surplus/(deficit) for the year for Companies Act
purposes and Net movement in funds
-
Fund balance brought forward 20,205 20,205 32,240
Fund balance carried forward £ 9,435 £ - £ 9,435 £ 20,205
----- End of picture text -----
-
All transactions are derived from continuing activities
-
There are no gains or losses for the year other than those recognised in the Statement of Financial Activities.
TALENT UYLLMITED LIMITED BALANCE SHEET Pagc 6 AS AT 315 JANUARY 2023 2023 2022 Notes Current Assets Debtors Cash ai bank and in hand 11.195 21.869 11.195 Creditor5.' amouttLS falling due one 21.869 1.760 Net Current Assets 9.435 20.205 Total Assets Less Liabilities 9.435 20.205 Finunced bi.: Unrcstricted resenrs: Retained Surplus 9.435 20.20) 9.435 20.20) The companv is entitE¢d to exemption from audit under Section 477 of the Companies Act 2(N)6 forthe y¢ar ended 31 JanuaTh 2013. Th¢ memkrs have noi required the company io obtsin an audxi ofits fmancial ststements for th¢ year ended 31 January 2023 in a¢wrdanc¢ with S¢ction 476 of th¢ Companies Act 2006. The dire¢10 acknoTh"Icdg¢ their reswjsibilities for. (a) ¢nsurin8 that the company keeps accounting records which ¢ompty Vsith sec110 386 and 387 ofthe Compan5 Act 2(X)6 and (b) preparing fllwlcial Ststments wFLi¢h gi a true and fair T¥ithV of the stste of affairs of the C(Anpan as at the end of each fAnanc&al )'¢8r and of its profit or loss for fUnCIal l'ear in accordance w.ith the quIrnts of Secllons 394 and 395 and which otheThise comply with th¢ requirements of the Companies Act 2006 relwing to flnancial sts¢ments. so far as applicable to the ¢ompanv. The r]nan¢ial statements have been prepared in accordan with th¢ special PToiisions of Part IJ of the Cornpani¢s Act 2006 relating lo Sn11 ¢haTitablc companies alld in accordance Mith FRSI 02 SORP. The fula1 sthtemenLS were approved by the bowd of d1CtorS on the date shoThT below and w¢ff signed on its Erhalf e F mtOn Thc nots on g¢S 7 to 8 fonn part of th¢ ruw11 sts*ments
Page 7
TALENT UNLIMITED LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2023
1. STATUS OF SOCIETY
The Society is registered under the Companies Act 2006 (number 7134863) and is a registered charity (number 1139220).
2. ACCOUNTING POLICIES
Accounting Basis
The financial statements have been prepared under the historical cost convention,and in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) issued on 16 July 2014, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102).
Incoming Resources
Income from donations is included in incoming resources when these are receivable.
Income from fund raising is included in incoming resources when these are receivable.
Resources Expended
All resources expended can be separately identified between different classes of expenditure. There is no need for apportionment. It is accounted for on an accruals basis.
Corporation Tax and VAT
The company has charitable status and is exempt from corporation tax on the income it has received. The company is not registered for VAT.
Funds
The company has no Restricted or Endowment Funds. All funds are credited to the General Fund held for the future running of the company.
3. COSTS OF CHARITABLE ACTIVITIES
| Other event costs Sundry Artists donations and tuition Studio & venue hire |
2023 £ 36,433 3,474 1,470 300 41,677 £ |
2022 £ 18,265 1,566 200 - 20,031 £ |
|---|---|---|
4.
GOVERNANCE COSTS
| Accountancy IT support PRS Sundry |
2023 £ 1,069 1,746 - 472 3,287 |
2022 £ 1,012 1,766 - 152 2,930 |
|---|---|---|
Page 8
TALENT UNLIMITED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2023
5. EMPLOYEES
The charity had no employees during the year.
6. CREDITORS : Amounts falling due within one year
| Accruals | 2023 £ 1,760 1,760 £ |
2022 £ 1,664 1,664 £ |
|---|---|---|