TALENT UNLIMITED LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST JANUARY 2025
Registered Number: 7134863
Registered Charity Number: 1139220
TALENT UNLIMITED LIMITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2025
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:
TRUSTEES
ACCOUNTANTS:
REGISTERED OFFICE:
C F Maxton I H Gokmen L W Macleod-Miller
C Encer N Gungorencan T Sisa-Mason A Dickson Sterlings Accountancy Solutions Ltd 131-133 Roman Road Mountnessing Brentwood Essex CM15 0UD 24 Harley House Marylebone Road London NW1 5HE
Page 1
TALENT UNLIMITED LIMITED
DIRECTORS' REPORT
The directors present their annual report and the financial statements for the year ended 31st January 2025. 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 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 have helped 21 music students during this financial year. These sums come from various donations, ticket sales and our capital at the bank.
The principal activity of the charity is - as it has always been - to advance the musical education of emerging musicians aged 18 plus, through the provision of donations and concert exposure. The charity through its donations, concerts, conferences, and other events, aims at creating an environment conducive to the development of young musical talent.
This year, we have exceeded the number of concerts we have organised in the past years. From 3 February 2024 to 30 January 2025, we have organised 29 concerts. This result will be improved with a larger number of concerts next year. 27 of these concerts were Free Lunchtime Recitals held at St James's Church Piccadilly.
On 20 November 2024, we held a ticketed evening concert at Leighton House Museum, a most prestigious concert venue in London. We tend to lose money at ticketed concerts, but we made a little sum this time. This is encouraging of course. Our musicians were Laure Chan, violin and Dina Duisen, piano.
Last year our aim was to find corporate sponsorship or very generous individuals to help us with our work. We have reached our aim. Several donations came in including a donation of £4000 from the Harrison-Frank Family Foundation in October 2024. They saw it fit to offer us this donation because we have a lot of string players. Harrison-Frank Family Foundation supports string players.
Last year we were seeking for a sponsor and this year we were sponsored by Porta Wealth Management for an evening concert at Leighton House Museum in Kensington. The concert took place on 30 January 2025. Porta paid for the venue, the artists, and the reception. This was an exposure concert. Our violinist Elfida Su Turan and our pianist Misha Kaploukhii played in front of a select audience. Talent Unlimited and its artists were presented to the guests of Porta.
We took in more music students under the umbrella of Talent Unlimited.
We continue to offer gift websites to our musicians.
Our lunchtime concerts are very full, especially as more people realise that we have very good musicians. It is gratifying that people like our concerts and attend the lunchtime ones with enthusiasm and become our followers. Our musicians get a lot of exposure because of these concerts. We have serious followers from amongst the members of the audience regularly attending our concerts at St James's Church Piccadilly.
We do not manage to hold as many ticketed concerts as I would like due to increasing expenses. Venue hire fees have increased exponentially over the years, but we cannot increase our ticket prices which have remained static for many years. Also, a good proportion of the audience members come with complimentary tickets because they are music professionals and would not come if they were required to pay for their tickets. I am very happy that they do attend our concerts because it is very important for our musicians to perform in front of established music professionals whose opinion is highly significant for the career advancement of young musicians.
Our good relationship with St James's Church Piccadilly has become a synergistic one. They offer us lots of dates and many of their cancellations at very short notice which we fill with our musicians. So, it is a win-win situation. They have also offered us dates in a 'sister church', but more of that in next year's activities.
Our musicians have been winning many prizes in prestigious competitions. This is very gratifying.
My objective is to find more sponsors for next year.
Page 3
TALENT UNLIMITED LIMITED
DIRECTORS' REPORT
Trustees' responsibilities in relation to the financial statements
The trustees who are also directors of the company for the purposes of company law are responsible for preparing the Trustees' Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to incorporated charities in England and Wales (company law) requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources including the income and expenditure of the charitable company for that period. In preparing these financial statements the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Companies Act 2006. They 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.
By Order of the Board of Trustees
C F Maxton Trustee
Date: 21st July 2025
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 2025.
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:
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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: 21st July 2025
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 2025
| Notes Incoming resources Incoming resources from generated funds Voluntary Donations Activities for generating funds Fundraising events Resources expended Charitable expenditure Costs of charitable activities 3 Fundraising Governance costs 4 Total resources expended Net incoming/(outgoing) resources for the year being the surplus/(deficit) for the year for Companies Act purposes and Net movement in funds Fund balance carried forward Fund balance brought forward Total incoming resources being net incoming resources available for charitable application |
2024 Unrestricted Restricted Total Total £ £ £ £ 24,631 - 24,631 4,923 2,741 - 2,741 - 27,372 - 27,372 4,923 22,298 - 22,298 8,066 - - - - 3,930 - 3,930 3,213 26,228 - 26,228 11,279 1,144 - 1,144 (6,356) 3,079 - 3,079 9,435 4,223 £ - £ 4,223 £ 3,079 £ 2025 |
|---|---|
-
All transactions are derived from continuing activities
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There are no gains or losses for the year other than those recognised in the Statement of Financial Activities.
Page 6
TALENT UNLIMITED LIMITED
BALANCE SHEET
AS AT 31ST JANUARY 2025
| Notes Current Assets Debtors Cash at bank and in hand 6 Net Current Assets Total Assets Less Liabilities Financed by: Unrestricted reserves: Retained surplus 11 11 Creditors: amounts falling due within one year |
2025 2024 £ £ £ £ - - 9,735 6,966 9,735 6,966 5,512 3,887 4,223 3,079 4,223 £ 3,079 £ 4,223 3,079 4,223 £ 3,079 £ |
2025 2024 £ £ £ £ - - 9,735 6,966 9,735 6,966 5,512 3,887 4,223 3,079 4,223 £ 3,079 £ 4,223 3,079 4,223 £ 3,079 £ |
|---|---|---|
| 3,079 £ |
||
| 3,079 | ||
| 3,079 £ |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for:
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(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 Sections 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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and in accordance with FRS102 SORP.
The financial statements were approved by the board of directors on the date shown below and were signed on its behalf by:
………………………………..
C F Maxton
Date: …............................................
The notes on pages 7 to 8 form part of these financial statements
Page 7
TALENT UNLIMITED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2025
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 Motor and travel expenses Studio & venue hire Artists donations and tuition |
2025 2024 £ £ 18,040 7,850 2,790 - 1,264 216 204 - 22,298 £ 8,066 £ |
|---|---|
4. GOVERNANCE COSTS
| Accountancy IT support Printing, postage and stationery Sundry |
2025 2024 £ £ 1,008 1,021 2,486 2,039 159 - 277 153 3,930 3,213 |
|---|---|
Page 8
TALENT UNLIMITED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2025
5. EMPLOYEES
The charity had no employees during the year.
6. CREDITORS : Amounts falling due within one year
| Accruals | 2025 2024 £ £ 5,512 3,887 5,512 £ 3,887 £ |
|---|---|