MAGMA POETRY
(A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Charity number 1141075 Company number 06113525
MAGMA POETRY
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |
|---|---|
| Company Information | 1 |
| Report of the Directors | 2 |
| Report of Independent Examiner | 3 |
| Income and Expenditure Account | 4 |
| Balance Sheet | 5 |
| Notes to the Accounts | 6 |
| Management Information | 7 |
MAGMA POETRY
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022
DIRECTORS / TRUSTEES: H.C. Nicholson L.C. Smith S. J. Hart L. Kelly D.R. Floyd S. Rodrigues F.C. Moore O. Abayomi-Odubanjo L.Boix SECRETARY: L.C. Smith REGISTERED OFFICE: 23 Pine Walk Carshalton Surrey SM5 4ES COMPANY REGISTRATION NUMBER: 06113525 (England and Wales) CHARITY REGISTRATION NUMBER: 1141075 ACCOUNTANT: Longstaff, Gentle & Co 61 Harpur Street Bedford Bedfordshire MK40 2SR
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MAGMA POETRY
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2022
The directors present their report with the financial statements of the company for the year ended 31 December 2022.
PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the publication of poetry and writing about poetry.
DIRECTORS
The directors who held office during the year were:
H.C. Nicholson L.C. Smith S. J. Hart L. Kelly D.R. Floyd S. Rodrigues F.C. Moore O. Abayomi-Odubanjo L. Boix
As the company is limited by guarantee, there are no directors' interests requiring disclosure under the Companies Act 2006.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
ON BEHALF OF THE BOARD:
D. R. Floyd Director
30th September 2023
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MAGMA POETRY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAGMA POETRY CHARITABLE COMPANY
I report on the accounts of the company for the year ended 31 December 2022, which are set out on pages 4 to 6.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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1 examine the accounts under section 145 of the 2011 Act;
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2 to follow the procedures laid down in the General Directions given by the Charity Commissioner under section 145(5)(b) of the 2011 Act; and
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3 to state whether particular matters have come to my attention.
Basis of Independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently no opinion is given as to whether the accounts present a true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to our attention:
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1 which gives me reasonable cause to believe that, in any material respect, the requirements:
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a) to keep accounting records in accordance with section 130 of the Charities Act, and
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b) to prepare accounts which accord with the accounting records, comply with the accounting requirements of the Charities Act have not been met, or
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
LONGSTAFF, GENTLE & CO 61, Harpur Street Bedford MK40 2SR
MR STEPHEN SIMPSON
…................
Chartered Certified Accountants
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MAGMA POETRY
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income 1 Less: Operating Expenses Operating Surplus / (Deficit) Add: Interest Receivable Surplus / (Deficit) on ordinary activities before taxation Taxation 2 Surplus / (Deficit) on ordinary activities after taxation Reserves Brought Forward Reserves Carried Forward |
31/12/2022 £ 30833 34398 (3565) 0 (3565) 0 (3565) 21181 17616 |
31/12/2021 £ 42688 39013 |
|---|---|---|
| 3675 0 |
||
| 3675 0 |
||
| 3675 17506 |
||
| 21181 |
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MAGMA POETRY
BALANCE SHEET AS AT 31 DECEMBER 2022
| 31/12/2022 | 31/12/2022 | 31/12/2021 | 31/12/2021 | ||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 300 | 11196 | |||
| Prepayments and Accrued Income | 432 | 432 | |||
| Cash at Bank and in Hand | 21480 | 13213 | |||
| 22212 | 24841 | ||||
| LESS: CURRENT LIABILITIES |
|||||
| Accruals and Deferred Income | 4596 | 3660 | |||
| NET ASSETS | 17616 | 21181 | |||
| RESERVES | |||||
| General Reserves | 17616 | 21181 | |||
| 17616 | 21181 |
The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2022.
The trustees have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.
The financial statements were approved by the directors on 30th September 2023 and signed on its behalf by:
D.R. Floyd Director
MAGMA POETRY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 ACCOUNTING POLICIES
Accounting Convention
The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Statement of Recommended Practice, "Accounting and Reporting by Charities (revised 2005) and preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011.
Income
Income comprises subscriptions and takings receivable during the period together with any grants and donations. From 2008, any income relating to future editions has been separately identified and included under Deferred Income.
2 TAXATION
Analysis of the tax (credit) / charge
The tax (credit) / charge on the loss on ordinary activities for the year was as follows:
| Current Tax: UK Corporation Tax Tax on (loss) / profit on ordinary activities |
31/12/2022 £ 0 0 |
31/12/2021 £ 0 |
|---|---|---|
| 0 |
3 SHARE CAPITAL
The company is limited by guarantee and therefore has no share capital.
Each member's guarantee liability is limited to £1.
MAGMA POETRY
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022
| INCOME Sales Coffee House/Events Grants Received Donations Received Bank Interest Received OPERATING EXPENSES Magazine Production Postage, Stationery and Distribution Work Readers Fees and Expenses(including Launches) Event Costs New Media Costs Website Development Competition Costs Trustees Expenses Marketing Accountancy Charges Bank Charges and Sundries NET INCOME / (EXPENDITURE) |
31/12/2022 £ £ 27658 0 3175 0 0 30833 14942 3926 1135 985 3211 420 6720 0 0 552 2507 34398 (3565) |
31/12/2021 £ £ 24857 0 17831 0 0 42688 19172 1205 5255 1721 3043 686 5396 0 0 516 2019 39013 3675 |
31/12/2021 £ £ 24857 0 17831 0 0 42688 19172 1205 5255 1721 3043 686 5396 0 0 516 2019 39013 3675 |
|---|---|---|---|
| 14942 3926 1135 985 3211 420 6720 0 0 552 2507 |
19172 1205 5255 1721 3043 686 5396 0 0 516 2019 |
||
| 3675 |
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