NatIOr Centre for Clrcus Arts Trustees Report & Flnanclal Statements For the year ended 31•t July 2021 National Centre for Circus Arts Trustees, report and flnanclal statements for the year ended 31 st July 2021 Company number.. 2S53293 IEngland & Wales) CharSty Number- l 001839
Natlonal Centre for ar$ Arts Trustee5 Report & Flnanclal Statements For the year ended 31 * July 2021 CONTEKfs Legal and administrative Information Trustees, annual report Chair's welcome..............-....-......-.-..... Objectives of the charity. Publlc benefit statement. Achievements and performance..........-.... Finahclal review Subsidiary Companie5'. Review of Activities . Prlnclpal risks and uncertainties..............-... .20 Governance & internal control...... .23 Statement of the responsibilities of the trustees . .25 Independent auditor's report.. .28 Statement of financial activities 31 Balance sheet .32 Statement of cash tIow5 .34 Notes to the financial statements .35 Page 2
Natlonal Centre for Clrcus Art5 Trustees Report & Financial Statement5 For the year ended 3 Isl July 2021 LEGALAND ADMINISTrAmVE INFORMATION Company Number Charlty number Rtoistered ¢)fflce & operatloMI addre5S: 2 553293 Ireglstered In Enoland & Wale51 1006927 Coronet Street London Nl 6HD loard Members Cralg Cafvert. Deputy Chair la¢tlng thalr until end of term 09102120211 Alison King. Chair (joined the board 2011012020, chair from 09102120211 Tulkku Alavlltala (until 0 510812021 Cameron Brookhouse Ilrom 20110120201 Kate Cavelle Davld Chlnn Jane Crowther luntll 20110120201 Sue James Ellzabeth (Betsyl Lynch Blll Morrls Tarun Nagpal Thomas Nowacki Darshak Shah Paul Steggall Lesley Strachan Wllllam Underhlll Roberi West Rachael Wllllams (from 2011012020) Company Serretary Froniga Lambert Senlor Management Team Kate Whtte Chief Executive Dan CowdTiII - Commercial Dlrector (from 05107120211 Froniga Lambert - Chief Operatlng Offlcer Adrian Porter - Director of Hlghei Educailon luntll 1611112020 Glen Siewarl - Dlrector of Training (until 16111120201 Dlrector of Professional Development (from 1611112020 Key Buslness Ad$¢1$ Contacts The Consetvatolre for Dance and Drama, Wework. 14-16 Creat Chapel Street, London. WIF 8FL Slaughter and May. One Bunhlll Row, London ECI Y 8YY Page 3
National Centre for Clrcus Arts Trustees Report & Flnancial Statements For the year ended 31 A July 2021 Moore Klngston Smith LLP, Devonshlre House, 60 Goswell Road, ECI M 7AD c0-0rative Bank, 80 Cornhlll, London, ECI V 3NJ LexLeyton, Harmsworth House, 13-15 Bouverie Street, London EC4Y 8DP The Trustees, who are a150 the directors of the company for the purposes of the Companles Act, submlt thelr annual rewrt and audlted flnanclal statements for the year ended 31 July 2021 which have been prepared in compllance wlth current Statutory requirements, The Chayltles SORP IFRS 1021 and with the charity's governing document, Its Artkles of Association. Welcorne from the Chair I lolned the National Centre for Circus Arts as Chair Elect In October of 2020 and took over the role of Chalr In January 2021. It has certalnly been an interesilng tlme to take on this role In thls organisation. The Natlonal Centre returned io actlvity in the autumn of 2020 having spent the prevlous weeks durlng the summer preparlng the buildlng to offer a COVID-safe training and working space. Staff and students alike came back to CoFonet Street wirh varylng levels of apprehension and delight as the organi5ation followed the rest of the country in a tertiarive return to normallty. Sadly, Ihls wa5ri't to last for long as we once again went into lockdown and were unablè io reopen after our Chrbstmas break, so 2021 starled wlth 5tudenis once agaln learning remotely untll March. The organ15ation was of course better prepared ihis time although Lhe challenges of deliverlng clrcus arts remaln huge and need the creativity and adaptability of the amazing Staff team to be at full stretch. As before. students proved themselves to be dlligent and commltted, enablin9 theln all to succeed and to graduate.. the graduatlon ceremony was able to happen in 'real Ilfe, and last years, cohort. who had thelr ceremony online. were invited to Joln the celebrations. The London Youih Clrcus and Centre of Advanced Training 5tudent5 also had a year of remote and in persoll tralnlng planned and delivered by the incredlble partlclpatlon team to ensure thgse young people did not only continue to look after thelr physical health, but also fÈlt the communlty and mental health beneflts that we know come from their engagemeni wlth circus. Thè huge professional membershlp of the Natlonal Centre was supported wlth free access to training as soon as the Space could open. and Temote opportunities to network were schedulad while artlst5 were unable to work. Freelancer5 vrfere able to benefit from our successful application5 for Culwral Recovery Funding as the Natlonal Centre paid for some Page 4
Natlonal Cenlre for Circus Art5 Trustees Report & Flnanclal Statements For the year ended 31 # July 2021 artlsts to partl¢lpate In the Circus Change Up working groups. as well as creatlng a hugely popular week-long International mastercla55 festival in July 2021. The dedlcatlon of the sraff team, allowing the bulldlng to operate Safe and keeping processes and managemeni on track throughout, cannot be overestimated. From the site belng managed to reduce footfall and crossover of groups as well as efflclent remote access for all staff has meant that our community has stayed impressivety well, safe, COVID free and operational throughout. I personally want lo ihank all the staff for ihelr reslllence. hard work and dedicatlon to the Natlonal Centre durlng these Unpredented challenglng tlmes. Income from all regular sources has been declmated and the yearwould have beèn impossible to suNlve without the Cultural Recovery Funds made avallable from ihe government. Our thank5 go especially ro Arts Councll England for thelr unsweryln9 commitment to us and the performing arts 5ectOT generally. We continued to furlough staff at various times but now In early Autumn of 2021, all staff are back at work and we have clear plans to 5tablllse and rebulld over the comlng months and years. The board of trustees has been hugely SUPPDrtive and responsive to organlsallonal needs during thls dlfflcult ilme. helplng the senlor team to respond to stakeholder demands and to plan when often it feels as though we are Constant flreflghtlng. I would like to thank them for their ongoing commltment and expertlse as well a5 their warm welcome as a new Chalr. As we move fonvard we are plannlng for a Gala eveni In February 2022 where we hope to wel¢ome back friemls and supporters old and new to celebrate and create opp)rtunities for young art15ts who have struggled so much during the pandemic. The 5enlor team continues to work tlrelessly towards a new Independent future In Hlyher Educatlon wlth an application currently In place with the Office for Students., and the whole team 15 working now towards the next five years, creating exciting plans to drlve toward5 our vlslon of Grear Clrcus Everywhere. With creativlty, dedication and resilience I have no doubt we will be part of the rec¢)very that the country needs, rebullding health, wellbeing. confidence and creatlvlty In clrcus, rhe arts and culture. Allson Kln9 Chalr of the Bo•rd lfj November 2021 Pa8e 5
Natlonal Centre for Clrcus Arts Trustees Report & Financlal Statsments For the year ended 3 1st July 2021 ObJectlve$ of the charity The charlty Is a company limited by guarantee governed articles of as50¢1ailon and was established on 30 October 1990. In October 2013 revised Artl¢les of Ass(xlatlon were approved by rhe Charlty Commission and the Board of Tru5tee5. The National Centre for Clrcus Arts, oblectlve, a5 Set out in the Artlcles of As50clatlon, Is to advance the education of the public in the Arts and to a(fvance the Arts in each case wih particular but not excluslve reference to the Circu5 Arts. Thls Is summarlsed In ihe organlsation's vlslon statement that allow5 the National Centre for Circus Arts to look Into the future for the organlsaifion and the sector.. 'Great Clrcus Everywhere. We support clrcus a5 i( matures and 15 ever more widely recognlsed as a dynamic, relevant and Important part of the arts and cultural Ilfe of ihe UK. We dellver excellent clrcus arts tralnlng to support the devek)pment of the next generatlon of world-class circus artlst5. We support and collaborate wlth clrcus artlsts and companies throughout their careeTS to embÈd professional standards In tèachlng. facilities and the creation and presentatlon of circus to reach new audlences and participant5 wlth relevant. challenging and engaglng work. We contlnue to glow rhe Natlonal Centre's reach and relevance through the development of revenue-generatlng activitie5 that can support our core educatlon and artlsts. suppori actlvlty. This enables us to build on our role a5 sertor leader and contlnue to Push the boundarles of the Clrcus Arts, whlle malntalnlng core 'bu5ine55 as usual, actlvities at our home In Hoxton. We are: Ambltlous and wllllng to take rlsks We are ambltlous for ourSee5 and our art form even in challenglng rimes. Wlth hlgh professional 5kndards and an expert communlty, we are adept at mltlgating rlsk and safeguarding partlclpants while allowing them to challenge themselves and explore the myriad physical and creative posslbllities of clrcus. This, along wlth robust refle£Llon and evaluation and a constant push to 'be better,, allows us to provide a saf¢ Space for artlsts, students and partlclpant5 of all ages and stages In their own circus journeys, to take bigger physlcal and creative risk5. COVID-19 presented new kind5 of r15k for clrcus arts tralnlng. We have employed a range of measuies to make the building and training proce$5es COVID- secure ro allow artSsts and studènts to contlnue theiT crealive lives as fully as p)ssible within the Ilmliations required by government adwce and guidance. Our pdorlty Is keeplng our community safe and well. Page 6
Natlonal Centre for Clrcus Art5 Trustees Report & Flnanclal Statements For the yw ended 31M July 2021 Incluslve and acc•sslbl¢ We are not fearful of the 14nkt)own and have a solld track record of Innovatlon. The anarchlc nare of circu5 means It appeals lo a broad range of people and we are commilted to ensuring we meet the needs of our sector by belng Incluslve. open and acces51ble to everyone. We work hard to make sure all our staff, student5, partners and stakeholders feel comfortable and able io work and create in the very best way posslble. We make sure there are space5 available for dls¢usslon and debate around Issues of current concem, nor least how we can support the management of mental healih wlthln our community. Where we lack speciallst expert15e we engage with others to help us to ask the rlght questions. We continually seek to take actlon to dlsrupt and change $0 we can achieve our oblectfve of belng a truly dlverse and open organisatlon. Envlronmentsiiy aware and sustalnable From our Impact on individual participants and our own communlty of artlsts to our wider responslblllty that comes from our leadership role In the sector, we are commltted for the ng term and strive to ensure our organlsation is resilient and 5uslainable. We operate a mlxed economy model and demonstrate a tru entrepreneurlal splrit to ensure our buslne$5 can SU1Ve and thrlve In our ever-changlng world. In our home building in Hoxton we have adopted an environmental plan to ensure we use our building efficiently, monltorlng our energy usage, maklng use of schemes that are avallable to us to support our ambltlons around the reduction of our carbon footprint year on yeai. Page 7
Natlonal Centre for Clrcus Arts Trustee$ Report & Financlal Statements For the year ended 31M July 2021 Publlc beneflt statement The Natlonal Centre for Clrcus Arts has been providlng public beneflt by enabllng the creation of excellent and Innovative circus for almost thlrty years. Every year we Involve thousands of people In the physkal challenges and artlstlc pleasures of Clrtus Arts. In shaping our objectIS for the year and plannlng i)ur actlvltles, the trustees have considered the Charitv Commisslon guldance on public beneflt, Includlng the guidance 'Publlc benefit: running a charity IPB2I'. Our dlverse range of work Includes our BA degree-level educatlon In Clrcus Arts Ithe UK'S first), which Is supported by a structured training programme for under-18s and professlonal development opportunltles for a5plring and establlshed performer5. Adult5 and young people can enpy recreational classes and pèople of all ages can attend performances. We a150 run highty regarded workshop5, away days and ieam building èvents for the corporate communlty. cfver the last decade we have been developlng our crealion and productlon capabilities and have been working In partnershlp to make work that can tour reglonalty, natlonally and Internatlonalfy. Our emphasis Is always on collaborative and partnership working. We are engaged In a¢tlvlty that slgnlflcantly contributes to the cultural life of thè UK by.. producing exceptlonal artlsis who shape the future of the Clrcus Arts,. developlng potential and crèatlvlty through world-class vocatlonal tralnlng., flnding and nurturing young artists.. supporting the cultural Infrastructure., fuelling dèvelopment In the creatwe industrles., and provldlng natlonal and international leadershlp in Circus Arts. The Natlonal Centre for Circus Arts takes its responsibility to provlde public benefit very serlousty and we welcome the scwtlny that statutory fundlng relatlonshSps expect. Thi5 has encouraged u5 to raise standards and to continue to challenge ourselves. It ensures we gather evidence to back up our claims to excellence, We continue to report against variou5 criterla to our major statutory stakeholders, Arts Council England and the Offlce for Students via our membershlp of the Con5ervatolre for Dance and Drama, and consistently exceed our agreed iargets. Page 8
National Centre ft>r Clrcus Arts Trustees Report & Flnanclal Staternent5 For the year ended 31•t Juty 20ZI Achlevement5 and performance Organ15atlonal development Our flnanclal and academlc year 2020121 followed our closure for the flrst lockd¢)wn of (he pandtmlc In lare March 2020. That period put many actlvltles on hold and led u5 to pivot lo online dellvery of the Higher Education programme and some actlvlty for young people. The implementatlon of our long-planned struciural organ15ational change was put on ice as we concentrated on suNival and managing our Immèdlate challenges. Following the return to our bulldlng we have revlslied our plans to challenoe our prevlous assumptlons and to look at our future through the lens of a next stage COVID world. We knew we still needed to change but wanted to ensure we were making the rlght change5 to respond to a whole new and unforoseen set Qf ¢hallenges. Taking account of the resillence revlew undertaken by McKlnsey and Company and further advice from a specialist arts and culture consultancy we have decided to adopt a new structure wlth three dlstlnci directoraiés. By ihe end of the 20121 year we had In place.. The Professbonal Development Oirectorate looklng after the hollstic circus journey through our organisation. Whether a three-year-old on our family circus programme, a student taking thelr BA IHonsl In clrcus, a professlonal clrcus artist developlng their own work or a teacher. the Professlonal Development Directorate supports and grows all areas relatlng to learning, leaching and trainlng. The Commerclal Dlreciorate enoaged In developing all our possible Income and revenue generating activity. From rècreational courses and classes, corporate workshops, uslng our Incredlble building as an events space ro marketlng and traditional fundralslng, thls team works tirelessly to earn vital income to support our educational and charltable obJectlve5. The Operations Dlre£torate. under the guldan¢e of our Chief Operatlng Offlcer, ensurlng the smooth running and safety of our bulldlng, our IT systems, human resources, technlcal and bulldSng seNlces, securlty and finance. The remainlng roles In the new structure are just belng flnallsed as we enter the 21122 academic year with new enthuslasm and focus. Key focus for 2021122 Our focus remains on creatbng resilience throughout our business. embeddlng our new organlsaiional structure, achieving our own registrailon as a Hlgher Education Provider and maklng sure we can demonstrate our value to contlnue to be part of the Arts Council of England's Natlonal Portfolio. We will contlnue to sèek out new commercial Page 9
Natlonal Centre for Clrcus Artx Trustees Report & Flnanclal Staternents For the year Ènded 31 st July 2021 opportunities. includlng dlgltal developments, whlch will allow us to continue to support our core activity and charitable delivery of circus arts iraining. We will embed our new structure to ensure efflclent and cost-effective development, delivery and management for all actlvlty. We wlll further develop our governance and management to ensure we are adoptlng best practlce to enable recNltment, retentlon and èngagement of trustees and staff to flourlsh by engaging in worklng practbces thai reflect our commltment to equlty, dlverslty and inclusion. Hlgher educatlon achIrnents and Chlenge$ Our Higher Educailon programme started the year worklng in the bubldlng and havlng to embrace new ways to do just about every actlvity. Teaching was délfvered in a socially dlstanced way, wlth both students and teachers masked and a¢¢ess to equlpment restrlcted by the need for enhanced clèanlng protocols. Academlc modules remained onllne to create as Ilitle footfall In the buildino as posslble and students were taught in small 'bubbles' with no mixing to try and ensure we remalned both safe and operatlonal. Almost miraculously. we had no COVID case5 in our student cohort NtIl the school year had ended in Juty 2021. Our core Hlgher Educatlon team W0ed tireles51y to support our students through such a challenging time. The pastoral care and support for student mental health has never been higher on the agenda, and additional resources have been made avallable to ensure we could care for all our studenls through a yeai of real hlghs and l¢)w5. The early 2021 lockdown meant that once again we plvoted to onllne creatlon for three student productlons. Foundation degree year one students presented Still Liffe which has Current been seen by 2,100 people online. Inspired by art15t Edward Hopper and filmmaker Roy Anderson. our students were sked with looking from outslde in at allenatlon and 5011tude. Upwards has been vlewed 1,100 times, where Foundatlon degiee year 5tudtnis txplored the mundanity of lockdown life and finding the jgy In small thlngs. The BA group created a piece called 8reakout Room whert wt Saw the heritage and culture of our srudents, grandparent5 used as Inspirailon and woven together through music, song, language and movement. As always. our srudents surpr15ed u5 wlth thelr creatlvlty and amazing range of talents, with one providlng the animation featured In Breakout Roomwhich has been seen. so far. by around 1.600 people. In the summer term we were able to present one student productlon Ilve. to a s¢xially distanced aUdIee, at oui home Imllding in Hoxton. BA (Hon51 Devised Plece$. titled Com-pa550, welcomed an extremely enthusiastic audlence of over 280 over the three nights of performances. Page 10
NatSonal Centre for Clrcus Arts Trustees Report & Flnancial Statements For the year ended 31 July 2021 We completed the year wlth all of our students stlll reg15tered, none had left during the year or had chosen to Intermit their studies. in marked conirast to experience elsewhere in hlgher education during 2020121 due to COVID dlsruptlon. 13 students graduated from the BA programme. 3 wlth flrst class honours and 10 uppei second class degrees awarded and validated by the Unlverslty of Kent. 20 students were awarded a Foundation degree after two years of siudy and 15 have progressed onto the BA course commencing in September 2021. Wlth ihe world of performing arts still very much in the early stages Of recovery our graduates once again this year take something of a leap Into the unkn¢)wn as they begin ihelr professional lives. We provide access to Information about opportunitie5 for any work or fundbng and have for the second year extended the time that graduates will be able to acce5S free training Space at tho Natlonal Centre to a full year, to support their transltlon Into work. The Head of Degree Dellvery conrinues to be Invofved in the running of FEDEC as a board member and has taken on lead roles In tsvo néw comrniltee5 formed in 2020121, Human Resources and Unconsclous Bias. The Cosm1£ project 15 now UndeaY and NCC4 has a lead role In how digital technologies ale belng ImplÈmented. We still await the outcome of funding for the prolect 'RIGGERS' that looks at poollng together all knowledge around rlgging for clicus, an area that has been under-supported rlll this tlme. The Auch Circus festival. a key marker In the clrcus calendar, was unable to takè place in 2020 due to COVID restrSctlons. FEDEC launched a digital performance segment which Is agaln belno added io the schedule of events for 2021 to enable schoo5s from around the world to continue to share work despite ongoing travel restrictlons. The new iegulatory framework for Hlgher Educatlon has meant change wiihln the ConseNatoire for Dance and Drama and its member schools. who. after much thought, have each now èmbarked on either an appllcatlon for Independent reglstratlon or developing a relatlonshlp with a new HE partner. The alm 15 now for CDD to wond down In the autumn of 2022 if all the member schools are successful. CDD Is supporting all of the member schools wlth tralnlng, advlce, guidance and support a5 we prepare for Independence whllÈ maklng sure the student experlence Is not In any way damaged. K•y focus for 2021122 Successful complete our appllcatlon proces5 wlth the Office for Students for reglstratlon as an independent higher educatlon provider, including going through a rigorou5 Quality Standards Revlew process. Flnallsing the detall of oui Access and Partkipatlon Plan and It bein9 approved by the Office for Students. Page 11
National Centre for Circus Arts Trustees Report & Financlal Statements For the year ended 31 July 2021 Plannlng for our Perlodlc Programme Review by our valldating partner UnNerslty of Kent (delayed from 2020121 l includlng maklng major module modlflcatlons as we re- wrlte our course 50 It 15 relevant and reflects current best prartice In leaming and teachlng. Embed our new structure into the organlsatlon In readlness for our flrsl Natlonal Centre reglstered cohort of students in September 2022. Supportlng drcus professlonals and complnles to create great clr¢u$ In September 2020 we reopened our tralning space with extenslve precautlons to ensure It was as COVID secure as possible. For our professional members this meant a new system of booking a tome and space slot, trainlng In a soclally dlstanced way and wlthout us being able to offer space for group5 to gaiher and network. Our successful appllcatlon5 for Culiural Recovery Fundlng meant we were able throughout to offer elther highly subsidised or free training to our members. At a tlme when freelance artlsts were mainly unable to work, this Support was invaluable. All mèmbers continue to recelve weekly communlcatlons wSth sector updates. lob and tialning opportunltles along wiih any Information we have alx>ut funding opportunltles for artlsts. The Natlonal Centre contlnues to support the creailon of great CITCUS by using ou r resources In a variety of creatlve ways to enable great Ideas not to fall at the flrsl hurdle due to lack of funds and we reopened the Creatlon Studio as 500n as was possible. Between August 2020 and Juty 2021 we supported 74 art15ts to use the space. Our support programme for artlsts wlth funding from Jerwood Aris was juggled throughoui the year to enable artlsts to fflake the most of development time and space between restrlctlons. The flrst year of the project has been completed after signlflcant delays, but has provided vital opportunity for artlsts when WO has been scarce. Jewod Aits have been supportlve, flexlble and under5tandlng, allowing us to Support the circus artists Involved In the best way possible. Our Cultural Recovery Funding was crltical In the development and dellvery of a week-long masterclass festwal for the professional mÈmbershlp. Designed and co-created wlth one of professional members as curator, the prggramme had a mix of classroom based, online and practical sessions led by expeit practltloners from all over the world. The opportunlty to get together, In person or online. was welcomed by the community and the whole week of events was Incredib successful. Havlng tested the appetlte for thi5 kind of professional skills sharing we hope to create a slmllai event In 2021122. Our support for artists and companies wlll ConnUe to be responslve, led by Investment in our own webslte and IT systems, which will allow us to share policles. procedures and example5 of best practice in teachlng. rigglng and technlcal clrcus, health and safety, safeguarding etc. more easily. Our new websiie, made possible wlth Cultural Recovery Page 12
Natlonal Centre for Clrcus Arts Trustees Report & Financlal Statements For the year ended 31# July 2021 Fundlng, launched in earfy summer 202 1 and Is gradually belng populated with new content In¢ludlng a regular podcast featuring industry expert guests. W focus for 2021122 Launch of round two of the JeNood Art5 Clrcus Resldencles. Increase support for open tralning professlonal Members to enable a recovery for careers impacted by COVID-19 Including the development of a vlrtual 'green room. where ari15f5 can access and share resources. Dellver a second masterclass season with a range of toplts driven sector needs. Complete and embed our new web51te and contlnue our dlgltal technology development. Supportlrfj young poople. the wlder sector. assoclatts aftd t*athers The year gan In August with an onsite programme tlmetabled for the London Youth Clrcus ILYQ whlth focused on floor-based actfvitles only IhandsLands. Tnanlpulatlon, acrobatlcs. tlghtwirel to help reduce rhe need for shared equipment that Increastd the risk of contaminatlon. From October 2020 aerial activity was once again made available in the programme due to the purchase of more aerlal equSpment made posslble by Cultural Recovery Funding, and our Sunday timetable was retyrned to pre-COVID levels. Students wère all able to train in tholr maln skills oncè again. We had 28 Centrè of Advanced Tralnlng (CAD students start on the schemt in September 2020 with 15 from circus schools outslde of London. After a tough 6 months with limited training opportunltles, In October 2020 we were able once again ro welcome all of the CATS to London for an Inlenslve training opportunity in half term, focused on rebullding slrength, fitness and confidence. We followed thi5 Wlth an increase to the number of classes belng available to these siudenis to ensure they tould Increase their focus on thelr tralnlng. During this term we were uslng our Space as effectNefy as we could t9 5UPPOrt our prole55ional members, degree and youih students. The re5trlcllons In place around numbers and managing tra5nlng In a suitably soclally d15tanced way meant we were not able to run any of our recreatlonal for adults or young people. Llkew15e. we dld not run any outreach activlty at thls tlme. With the winter lockd¢)wn hltting in January 2021 , we closed the spate once again and reverted to provldlng onllne classes In condltSonlng. juggllng and handstands to keep a connectlon wirh all our London Youth Circus and CAT students. ThSs programme was enhanced wlth online wellbelng classes to help support mental health across the LYC & CATS. Our CAT students benefitted from worklng with some speclalist teathers offering support to our Page 13
National Contre for Clrcus Arts Trusttes Report & Flnanclal Statements For the year ended 31st Juty 2021 hlghest level student5, as well as create sesslon5 to support those maklng applications to circus and performing arts schools around the UK and beyond. Belng online only at ihls polnt dld nol Stop us delivering an intenslve CAT programme in February with a focus on creatbve choreography, mobllity. handstands and manipulatlon. In March we wère able to open up and rèstart our LYCICAT classes In our bulldlng once agaln, dellvering a programme as In the prevlous autumn term. Delery of outreach work was a challenge but In February we began runnlng onllne Juggling cla55e5 for 3 7yrs and 8 - 1 l yrs. Initially promoted to our youth recreatlonal piogramme famllles, we then opened them up very successfully to the general public running through to mid- August. We also trialled a rÈtum to our Sensory Circus programme for young people wlth specific learnlng differences by testlng an online verslon of this for some participants. We were only too aware of the dlfficulties faced throughout the pandemic thls group and wanted to see rf our actfvlty could be useful to these partlcipants and thelr families. We ran ihis for 6 sessions but the onllne veislon was not a method our Sensory youth liked. For 2021122, wiih support from Chlldren in Need and the Rayne Foundation. the Sensory Clrcus programme iestarted, In person, in September. In February 2021 we ran an onllne Natlonal Youth Circus Event. welcoming circus Schools from across the UK to take part In a day of workshops for both youth and practltloners. Thls was a huge 5u¢cess wlih 85 young people registering to take part alongside 32 practltioners. We will take what we learned from th15 event and feed It into future plans for how we can enable more young people to engage each year. and how we can support professional development for more teachers. In June 2021 we ran a CAT Intenslve with Slmple Cypher. a Natlonal Centre graduate company, and had all of our 28 CAT students in the spacè for rhe final intensive of the year. We flnished off the year with a cabaret performed by our CAT students with I l of them graduating from the scheme at the end of July 2021 . Sevèn of those graduates have moved on to Performing Arts Degree5 includlng those here at the National Centre and at Codarts In Amsterdam amongst others. In August and September 2020, the tralnlng team worked wSth the programme dellvery teams to prepare for reopenlng and welcomlng teachers back inro our fully COVID prepared trainlng 5pace5. There was a focu5 on clear tommunicaiions around hygienÈlcleaning, mask wearlng, social distancing, and restrlcted numbers In spates. All of thls was addressed from a teachlng perspectlve and what adaptatlons could be used to replace touch and spotting a5 support method5. Short vldeos were produced and were shared with all teachers. Follow up practbcal Page 14
Natlonal Centre for Clrcus Ans Trustee5 Report & Flnanclal Statements For the year ended 31 # July 2021 sessions were held wlth Degree teachÈrs to look specfflcally at teachlng In certain high contact dlscipline5. "Circus enhanced. PE Sessions were delivered In autumn 2020 as a pilot projecl in 3 PTlmary schools. Lockdown restrlcted further work but we are now back In touch with the schools and are 5tartlng on that project agaln. Durlng lotkdown early in 2021 the team launched of the Virtual Staff Room. Thls week meetbng hosted by our Teacher EducatSon Managers is open to all teachers. Durlng a time when conne£tlon and ¢ollaboration was challenglng. rhls Inltiative Is a huge success for teachÈr engagement and sharing of Ideas and practice. This work led to the tlmely dellvery of a session on developlng onllne teachlng practice, clearly an area wlth challenge5 in Such a physkal dlsclpllne. Our role as the National Centre for Clrcus has been challenged by the huge Impact of COVID- 19 on the circus sector and we have trled tts be responsive to the needs and desires of our communlty and pariner organlsations. The support we have offered has varled hugely but we have trled to ensure that informatlon Is easlly avallable io professlonal artlsts vla our newsletter and regular updates. and wè trèated a 5Ulte of home trainlng fllms for children and young people io enable them to contlnue rheir clrcus Journey In lo¢kdown. Classes were delfvered live online for various groups and wè engaged external professlonals to brlng rhelr expertise to our students. Within the sector we have facllitated and supported debate and entered Into discusslon and forums around varlous topl¢s Including COVID safety for bulldlngs and in tsaching practice. space availability and 5Ultablllty. technlcal and rlgglng 155ues, health and safety and cleanlng and hygiene and business plannlng for those reviewing strategy, offerlno our staff team'5 expertlse and knowledge vla varlous means. We have supported the Circus Change Up network In variou5 ways with staff members belng present In a varlety of worklng groups as well as supportlng costs for some freelance clrcus arilstS to enable them to devote tlme and their (Mn expertlse to contrlbutlng to the debates and actions being developed. Never has it been more necessary foi organ15ations to unite and support eath other through the challenges of worklng through and beyond the pandemic. Key focus for 2021122 Embed the new programme structure and roles to deliver consistent hlgh quality circus educatlon for all user groups. Achteve targets set wlthln our Access and Participation Plan to engage with groups In area5 of low particlpatlon In and underrepresented groups In all prtsgressive training programmes. Develop our teacher training offer vla online plarforms to create a resource Ilbrary that 15 accessible and wSdely shareable a5 well as face to face iralnlng partlculady focussed on equlty. dlveyslty and Inclusion. Pa6e 15
Natlonal Centre for Clrcus Arts
Trustee5 Report & Flnanclal Statements
For the year ended 31st July 2021
Corporat* commerclal work
The work we deliver to the corptrrate and commercial 5eciors Is crucial to supporting the
dellvery of our charltable objective5 and completety ceased between March 2020 and
September 2021. The team have used the tlme, when noi furloughed, to redeslgn some of
our existing systems and have kept in tou¢h wlth previous cllents In the events sector to
ensure we are able io understand the challenge5 of the re-emerging market. With su pport
from the Cultural Recovery Fund we have been able to Improve our offer for hlrers by
upJrading our broadband and WiFi capacity to make Ilve steaming of events posslble. as well
a5 creatlng new meetlng r
Natlonaj Centre for Clrcus Arts Trustees Report & Flnanclal Statements For the year ended 31rt July 2021 Our current undergraduate cohort faces huge challenges and we are worklng hard to make sure we support student and graduate expectations of the workplace. We are offerlng athlce and 5UPPOrt to other circus companies and artlsts across the UK by provldlng newsletters and dSscus5ion forum5 for toplc5 ralsed by the sector. We alm to make sure there are rngular, If remote, opportunltlÈs for rÈglonal debate and ski115-sharing so artists are not left Isolai•d. While we cannot offer financial 5UPPOrt to other5, we can enable the sharing of g¢)od pracilce. advocacy and lobbylng for the benefit of all. Key focus for 2021122 Consult wlth the Sector on what 5UPPOrt it needs from the Natlonal Centre [St- COMD. Develop a sulte of on-llne guldance and advice for freelance clrcus artlsts. Pagè 17
Nlonal Centre for Clrcus Arts Tfustees Report & Flnanclal Stat•m¢nts For the year ended 3 IAt July 2021 Flnanclal revlew The Natlonal Centre's Income Un5urprlslngly, our income mix was agaln slgnlficantly reshaped by the COVID-19 pandemlc. Durlng the year we reiognlsed further emergency grants of £833k from the Arts Council and of £270k from rhe Coronavlrus Job Retentlon Scheme l.e. a total of just oveT £ 1.1 Om. Together wlth grants from the same sources in 2019-20. the Natlonal Centre has received total 5UPPOrt over the two years of £1.53m. whlch have been essentlal to our financial viability. The Finance Team played a key role throughout in the application process foi these grants. The followlng table clearly Illustrates the collapse in our Recreatlonal and Commerclal Income and lis replacement by the Grants detalled above, leavlng the overall income at a very slmllar level.. 2020-21 37% 57% 6% 2019-20 34% Hloher Educatlon Non-HE Crant5 & Donatlons Commerclal & RÈtreatlonal 35% 31% loo% i OOY6 Total Income £2.78rn £2.70m Total Unrestrlcted Income remained hbgh at 88%12020.' 92%) although the number of sources of Donations and Grants reduced during the year. Results for the fftr DespSte a veiy dlsrupted year, the National Cenlre achleved a small surplus of £ l Ok., the following graph illustrates our flnancial hlstory over the pasi flve year5- Flnancial Results 201&17 to 202[21 2700 2500 2400 2300 2WO 21QO 201&17 2017-IB 2018-19 2019-20 zo. rotal In¢om• Surplu$hDeficit Pag 18
National Centre for Clrcus Arts Trustees Report & Financlal Statements For the year ended 31x July 2021 At the year-end. the chartty together with its two irading subsldlarles had net current assets of £182k 12020 £174k) which included cash balances of £676k 12020.. £832k),' these predomlnantly represented the Unre5trlcted Reserve on 31 stJu 2021 (see below). Unrostrfcted Reserve Colng CoKern As a matter of pollry, each year the Trustees review the value of resetves held In Invèstments. cash and cash equivalents that are not restricted to any parilcular purpose. We also conslder our exposure to the rlsk of any slgnificant1055 of Income or unforeseen cost. A drop In Income is the major risk that thtse re5eNes mltigate again51 and we recognise that there Is always an income risk in relatlon to the current economic cllmare, current market condltlons, the changes wlthin publlc sector funding and now, of course, general public health. We also account for expected expendlture on upcoming capital project5. The Unre5trlcted ReseNe of £645k at the beglnnlng of the year ensured the charlty could maintain Its core operatlon for a perlod of at least three months in the worst of circumstances. Thè Btsard target for a General ReseNe was Tevlsed upwards to £520k as of 3151 Juty 2021 to reflect an increa51ng cost base consequent on a predlcted retum to pre-COVID leve15 of tradlng. Unrestricted re5erve5 Stood at £655k on 31 st July 202112020.. 1645k) and, whi15t thi5 15 above the Board'5 target, our Budgei for 2021-22 and Projection foi 2022-23 predlct that thls additional cover wlll be required as the National Centre rebuhlds Its Commercial and Recreational Income, without the shelter of COVID relaied grant5. and when the Government reduces key teachlng grant5 in 2022-23. Loan facllltles of £200k have a150 been agreed with our malnstream bankers. the Co-operatNe Bank, under the Government's Coronavirus Buslnes5 Interruption Loan Scheme and secured on the group's long lease on Coronet street. Whllst li is noi projected that these funds wlll I requlred In any way, the facility represent further securlty agalnst the Impact of an unforeseen *vent, somethlng COVID-19 of course represented. In Ilght of the above, the Trustees conslder It approprlate to prepare the financlal 51atementS on a golng-concern basls. Page 19
Natlonal C•ntre for Clrcus Arts Trustees Report & Flnanclal Stat•ments Forthe year ended 31 July 2021 Subsldlary Companles: Revlew of Activltles The companies are wholly owned subsidiarles of the charlly- trading proflts are dlstrlbuted to the charity to 5UPPQrt our charitable objective5. Clrcus Space Properry Company Llmlted The Property Company holds the 150-year lease of the three phases of the Htsxn slte. It Is through the Property Company that we managè the lertlng of space to Small to Medlum Enterprises ISMES) Sn OUT small office units and to companies using the Creation Studio to make and rehearse work. Thls revenue stream was reduced thi5 year by a rent reduction for the SMES durlng lockdown in earty 2021. and the slow recovery of companle5 feellng confident to make and rehearse work. In 202012021 2 art15tslcompanies have spent tlme free of Charge In the Creation Studio, equatlng to 2 day5 given as support in kind at a Commerclal value of approxlmately £ l. I k. 74 people who are circu5 Or oiher cultural professiona15 have collectfvely spent 60 days In the Creation Studlo at a supported rate, equallng to approxlmatety £15k of subsi(ty. 89% occupancy across the year of the I l uni15 that make up the Energy Centre. Clrcus Space Events Umlted It Is through the Event5 Company that we manage corporate and prlvate tralning workshop5 and hires of our large tralning spaces and courtyard for major events. Agaln this area of our work was almost non-exlstent with only tsvo hlres throughout the year. These were auditions for a clrcu5 show and were from wiihln our sectoi and ran for Just three days. We have spent tlme and energy worklng hard to make sure we are ready for when ihe event5 market come5 back and have made improvernents tts our Infrastructure which we hope will make us an even more deslrable venué In a competltlve market. Our corporate events offer dld not dellver any workshops durlng the year and once more we have used the tlme to develop a new product for the corporate learning market and have It ready for trlal In early 2022. Page 20
Natlonal Centre ftir Circus Art5 Trustees Report & Flnanclal Statements For th• year ended 31 st July 2021 Prlnclpal Rlsks and Uncertalntles We have a rlgorou5 approach to risk management and risk is identified and dlscus5ed throughout the organlsatlon wlth rhe trustees, via the Audit Subcommittee whlch recelves quarterly informatlon for scrutlny and reports to the board of twstees. 2020 has gNen us the unique new rlsk of all that ha5 come with COVID-I g and thi5 risk has been overlald on all exlstlng rlsk assessments. We have Identlfled the following as slgnificant rlsks: Consertolre for Dance and Drama and Hlgher Educatlon The new regulatory framework for Higher Education has meant change wlthln the Conservatolre f(>1 Dance and Drama and lis member schools, who, after much thought, have each now embarked on elther an application for independent rÈ9lstration or developing a relationship wlth a new HE partner. The aim is now for CDD to wlnd down in the auiumn of 2022 If all the member Schools are successful and students wlll be reglstered for the 2022 Intake dlrectly with the school. Allgnlng exll plan5 and ensuring CDD can continue to deliver it5 Statutory iole presents challenge5 and 15 being managed by the member schools and CDD'S small rentral Staff team worklng together close. The overriding objech.ve Is to ensure the student experience remalns excellent. The National Centre has applied to the Office for Students to be reglsteied as a HE provider and we hope for a declslon in the Sprlng of 2022. Independence will bring a dlrect rtSatlonship wlth the regularor. wirhout the intermediation of a thlrd party,. however it wlll also bring hallenges a5 we prepare io assume the re5ponsibllltles thai have been tarrled out by the cenrral team at CDD for many years. We are planning Careful and still worklng &long5ide other CDD member schools to obtaln eff iciencies and mutual support where we can. FufftdSng and economlc rlsks Durlng 202012021 our statutory fundlng from both Aits Councll England a5 a National Portfollo Organisation and from the Hlgher Education Funding Counclll Offlce for Students remained static at the same level as In the prevlous year. However. we are plannlng for the uncertalnty created by the prospect of changes In HE funding that look ever morè likely as hlgher education is revlewed. Our t105ures during the 2020121 academlc year resulted In a 105s of earned and fundralsed Income Sn excess of 1700.000. We were fortunate in apptying for and achleving Arts Council support vla the two rounds of Cultural Recovery Funding and have an outslanding application wlth ACE n<)w for CRF3. Thls coupled wlth our use of the government Job Reteniion Scheme ha5 been Critical to our survlval and ability to respond to thè fast-changing landscape. Page21
National CeTrtr• for Clrcus Arts Trustees Report a Financlal Stat•ments For thé year ended 31A July 2021 We remain ambltlous both for our5efves and our art form. However, we recognise the significant risk associated with rellance on any sinole source of fundlng or Income and endeavour to ensure a broad base of economlc opporlunities supported by robust flnanclal controls and an ablllty to respond swlftly to èxternal change5, borh In terms of risks and opportunities. We had made signifirant progress in driving income from the use of our main a55et, the buildlng, by hosting an Increaslng number of corporare events during the year. COVID-19 brought the events indusiry ro a halt, but from September 2021 we have seen the firsr slgns of thls actlvity resumlng, though pace of growth is uncertain. We will seek alternatlve funding and supwirt lo mitlgate any losl income. Fundralslng Fundralslng targets are beSng reviewed and recruitment is underway foy a new fundralser to Joln the team which has now moved into the Commerclal Directorate. The charitable s¢¢tor is under huge pressure and funders are seelng increaslng dernand for resource5 as government schemes developed during the pandemic are being drawn to a close. The develDpmentsl work we are plannlng 15 largely scalable and only undertaken when fundlng is secured. We have reviewed our fundraising strategy. worklng wlth a consultant In early 2021 10 test our forward planning. We have declded to run a Gala event in February 2022, with plannlng In place for an event wlth a slightly smaller capaclty than previous events. We are taking a cautious approach and ate Ilmiting advance sponding as far as possible whlle not compromlslng on quality or our deslre to welcome back our supporters and advocate5 after such a long tlme. Ralslng support for core costs remains challenglng. Raislng voluntary funds from trusts. foundation5 and indfvlduals is a vltal source of income for the National Centre. enabling us to fulfil our charitable obJectlves as effectlvely as possible. We are grateful for the support glven by all our donors. We believe that fundraising should be an open, honest and respectful process and we alm to bulld and maintain solid partnerships wSth our supporters and donors, baséd on mutual understandlng and shared values and goals. In developlng our approach to fundraising we have considered the Code of Fundra151ng Practice issued by the Fundraislng Regulator. The Natlonal Centre operates wlth a very small Internal fundfaislng team and doès not engage txtÈrnal professbonal fundraisers 01 commercial partners ro carry out fundralslng actlvity. In May 2018 the Natlonal Centre foi Clrcus Arts reviewed and upjated its Privacy Policy to ensure tompliance with the new General Data Protectlon Regulations. This pollcy, published on our webslte. Clear 5tate5 what personal data the National Centre wlll hold in relatlon to SUPPOTters and how thls data wlll be used. It sets out how Individuals can ralse concerns or Page 22
Natlonal Centre for Clrcus Arts Trust••s Report & Flnanclal Statsments Forthe year ended 31rt July 2021 complalnts. The NatSonal Centre for Clrcus Arts has re¢èlved no complaints about Its fundraising actlvltles elth*r durlng the f inancial year or subsequently. Ensurlng robust gmrnan Our Trustee Board doe5 not currently represent all of thè communltles we seek to serye. 2021122 offers an opportunlty tts dlversify the make-up of our Trustéè Eoard. as a number of posltlons wlll fall vacant. We will be encouraglng appllcarlons from under-represented group5, partlcularly people from Black. A51an and Mlnorlty Ethnlc communltles. but also from a broad age-range and people Ilvlng with disabilities. Our Trustee Board is Current entlrely London based, although not from our local community in Hackney. We hope also to recrult new members from across the UK to help us to understand and amplify the challenges faced by tlrcus artists and companies wherever they are based, as well as trying to encourage applkatlons that will help us to reflect our local communlty. Page 23
National Centre ft)r Clrcus Arts Trustses Report & Flnancial Statements For the yar ended 3 1st July 2021 Governance and Internal Control The Trustees have identified and Sncorporated best praetlce In accordance wlth the charltles SORP and Charlty Commlssion guidance. The charlty endeavours to conduct Its buslness In accordance wlth the seven princlples identified by the Committee on Standards In Public Llfe selfle55ness. Integrity, objectlvity, accountablllty, openness, honesty and leadership. The Charlty 15 an afflllate of the Conservatoire for Dance and Drama ICDDI, an education corporatlon under the terms of the Educatlon Reform Act 1988 and HE Aci 1992. Our Governing Body and Academic Board. each have clearly defined funcilon5 and responslbllltles to oversee and manage our activitie5. a) The Governing Body Is the Trustee 8¢ard. responsible for malters Including financè, property and staff ing of the in5tltutlon. It Is specifically reaulred to determlne the educalional character and mission of the instltution and to set Its general strateglc direction. The Trustee Board has several Independent advisors. The Chalr Is èlected from among the trustees., Trustee Btsard meetings are attended by all members of the Senlor Management Team. No members of the Trustee Board may receive remuneratlon for the work that they do for that body. New trusiee5 are recrulted vla an open recruitment process of advertisement and InteieW which Is overseen by the Remuneratlons and Nominations Commlttee. All trustees are gfven an induction into the organi5ation by the Chief Executfve. regular performance review by ihe Chalr of Trustees and are offered relevant tralnlng when it arises. Sn addition to regular subcommlttee and full board meetlngs, the trustee5 meet annual for an away day to review performance and set strategy for the comlng years. bl Subject to the ovèrall responsibillty of the Trustee Board, Ihe Academic Board has overslght of academic affairs and draws Its membership Èntlrely from the staff and students of the charity. It 15 partlcularly concerned with general Issues relating to the learnlng, teaching and Search work of the charity. The Chief Exerutive 15 the head of the charlty and has a general responslbillty to the Trustee Board for the organisatlon, direcrion and management of tho charlty. Under the terms of the formal financlal memorandum between the charlty and CDD. the Chlef Executlve Is the accountSng offlcer and, that capacity, can be summoned to appear before the Publlc Account5 Commlttee of the House of Commons. Page 24
Natlonal Centre for Circus Arts Trustees Report & Flnancial Statements For the year ended 31 * July 2021 Although thè tiustees meet at least four tlmes each year. much of the board's detailed work is delegated to commlttèes for Finance, Nomlnatlons, Remuneratlon and Audit. These commlttees operaie under spe¢lflc term5 of reference with all mlnuies belng reported to the Tnjstee Board, and all de¢lslons being ratified by the Trustee Board. In 2021 we establlshed the Equality, Diversity and Incluslon Commlttee. made up of representailves from across a broad spectrum of the organisatlon, Includlng staff, teacher5, professSonal members and students. The Committee Is chaired by the Chalr of Board, and reports to the Trustee Board. The trustees delegate responslbS11ty for settlng remuneratlon of senlor staff to the Remuneration and Nomlnations Commlttee. The committee follow a process of exLernal benchmarklng wlthln our sector, with particular reference to our peers wlthln the Conservatolre for Dance and Drama, to set sultable levels of pay wlthln our own pay stmcture. A slgnrflcant proportlon of the membershlp of these committees consists of members of thè Trustee Board. CD-OPted staff and student members may also be eligible 10 Serve on some of Ihese committees, subject to the provislons of the arricles. The Chalr of each committee Is selected from the Trustees. The Chief Executive and senior management team exercise5 considerable influence over the development of the InstStutional strategy, the Identiflcatlon and plannlng of new developments. and shaplng of the institutional ethos. The Senlor Management Team all contribute in various ways to these aspects of thls work bui the ultimate respon51bility for what is done rests wlth the Trustee5. The chaTlty malntalns a reg15ter of interests of the Trustees and 5*nlor Management Team which may be consulted by arrangement wlth the Company Secretary. Pa8e 25
Natlonal C•ntrn for Clrcus Arts Trustee5 Report & Flnanclal Statemerrts For the year ended Jl rt July 2021 Statement of Trustees Respon5ibllltles The Trustees (who are also directors of the National Centre for Circus Art5 fol ihe purposes of company lawl are responsible for preparing the Trustees, Report (including the Strategic Report) and the flnanclal statements in accordance wlth applicable law and Unlted Kingdom Accounting Standards Iunlted Kingdom Generally Accepted Accounting Practica.) Company law requlres Trustees to prepare financial Statements for each financlal year whlch oove a true and falr vlew of the state of the affairs of the charitable company and the group and of the incoming resources and appllcatlon of resource5, Sncludlng the Income and expendlture, of the charitable group for that period. In preparing these flnan¢lal statements, the Trustees are requlred to.. 5È1Èct suitable accountlng pollcles and then apply them conslstently- obseNe the methods and prlnciples in the Charltles SORP., make judgments and estimates that are reasonable and prudent., State whether applicable UK Accounting Standards have been followed, Subject ro any materlal departures disc105ed and explalned In the financlal statements- prepare the flnanclal statements on the golng concern basls unles5 It Is inapproprlate to presume that the Charlble company will continue In buslness. The Trustee5 are responslble for keeping propèr accounting records that dlsclose wlth reasonable accuracy at any rlme ihe flnanclal posltlon of the charitable company and enable them to ensurè that the financial statements Comp with the Companles Act 2006. They are also responslble for safeguarding the assets of the charltable company and thè group and hence for taklng rèasonable sieps foi the preventlon and detection of fraud and other irregularltles. In 50 far a5 the Trustees are aware.. there Is no relevant audit informatlon of which the charltable company's audltor Is unaware., and the Trustees have taken all step5 that they ought to have iaken to make themselves awart of any relevant audlt informatlon and to establish that the audltor Is aware of that Informalion. The systems of Internal control are deslgned to provlde reasonable. but not ab501ute. assurance against material misstatement or loss. These Include-. A strateglc plan and an annual budyet approved by the Trustees. Page 26
Natlonal Centre for Clrcus Arts Trustees Report & Financlal Statements For rhe year ended 31rt July 2021 Regular con51deratlon by the Tru5tee5 of flnanclal results includlng variance from the approved budget. Delegation of authority and sogregation of duties. An annual formal internal audit conducted by an internal audStor appointed by CDD, wfjth the resulting report and actions reviewed and approved by the Trustees. One such audit has taken place durlng the year. Identlflcation and mallagement of ilsks. The Trustees have formallsed the management of risk. The risk register is developed and monitored by the Chief Executlve and Senior Management. It identlfies risks to the charity in terms of their Severity and probability and identifie5 actions to be taken to mitigate the risk5. Identlfylng timescale and responsibility. The Trustees review the register annually. This report ha5 been prepared In accordance with the speclal provi5iofbS of Section 381 of the Companies Act 2006 relatin9 to small companies. By order of the Board Allson Klng Chalr of the Board 16 November 2021 Page 27
NATIONAL CEfftE FOR aRCU5 ARTS 5TATirroRY ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 Independent Audltor5 Report to the Trustees of the Natlonal C•ntrn for cl5 Ans We have audlred Ihe financlal 5tatemen15 of the National CentTe for Circus Arts for the year et)ded 31 luty 2021 which comprise the Consolidated Staiement of financial Activitie5, the Group and Parenr Charitable Company Balance Sheers. the Consolldated Statement of Cash flows and nott5 to rhe financial statements. Including a summary Df significant accounting pollties. The financial rEPOrting framework thai has been applied In rheSr preparaiion Is appllcable law and United Klngdom Accouniing Standards (United Kingdorn Generally Accepted Accounting Practlcel Including FRS 102 The Financial Reporting Standard Applliable in the UK and Ireland. In our opinlon tht flnan¢ial statements.. glvÈ a true and latr view Of the State of the group's and the parent charitable company's affairs a5 at 31 July 2021 and of the group'5 incorne and expendlturè for the year then ended., have been properly prepared in accordance with Unlted K>n9dom Cenerally Accepted Accountlno Practl£t.' and have been prepared in actordance with ihe requiren7ents of the Companles Act 2006 and ihe And In our opinlon in all rnaterlal aspecrs.. funds adminlstered by thE National Cenrre fDr Cirtus Arts for specific purposes durlng the year ended 31 July 2021 have been applled to Ihose purposes and managed In accordance fund5 provlded by the 0 and Research England havè beén applied in accordance with the terms dnd conditiens of the Accounr5 Direction and any other terms and condltlons attaihed to them during the year ended 31 Jul¥ 2021.. rhe requirements of the Ots's accounts dlrectlon have been met. B4515 for oplThlon We conducted our audit In accordance wlth Internatlonal Standards on Audltlng IUKI I"ISAs IUK) I and app1cable law. Our responslbllities under those standards are furih*r described in the audltor5' respon5ibllitles for the audit of the flnancial statement5 sectlon of our report. We are independent of the charitable company In accordance ¥vith the ethical requirement5 that are relevant 10 our audit ef the flnancial 5tdtemenis In the UK, including ihe FRC'S Ethlcal Standard, we have fulfllled our other ethlcal responslbllltlE5 In aciordance vilth these rÈquiremenis. We believe that the audir evldence we have obtalned is sufficient and appropriate to provide a basls for our opinlon. Concluslons relatlng to goln9 cofKem In auditing the financlal sratÈments, we have concluded that the trustee5' use of the golng concern bas15 Of accountlng In the preparatlon of the finarcial statÈmentS 15 appropriate. Based on the work we have performed. we have not Identified any matErial uncertainiies relatlng to event5 01 conditlon5 that, individually or collectlvel¥, may ca5r 51gnlfi£ani doubt on the charitable compaJ)V5 abllity io coniinue as a 9olng concern for a period of at least twelve month5 from when the financlal statements are author15ed fDr issue. Our responslbilities and the re5ponslbilitie5 of the trustees wlth respect lo golng concern are described In the relevanr sÈtli¢)ns of thls report. Other Informatlon The other Information corrprises rhe Informatlon Included In the annual report. other than the financial statements 3nd our auditor'5 report thereon. The trusrees are rtsponslble for the other inforrnation. Our opinion on the flnanclal staternents does not cover the orher informatlon and, except ro the exient oihtrw15e explicitly stated in our report. we do not express any form of assurance Conclusion thereon. In connection wlth our audii OF rhe financial statement5, our responslb1511y IS to read the other Informatlon and. in dolng so, consider wh£ther rhÈ other information Is materially Inconsistent with the financial statements or our knowledge obtained in rhe audlt or otherwi5E appear5 to be rnaterlally rnlssraied. If WÈ identify such maierlal Inconsisiencle5 Qr apparent materlal 155ratements. we are requirtd to determine wherher there 15 a material misstatement In the financial statement5 or a material misstatement OF the other informatlon. If. base(J on ihe work we have performed, we conclude that there 15 a materlal mlssiatement of this other information, we are required to report that fart. Pa(
NATIONAL CENTRE FOR CIRCUS ARTS STATUTORY ACCOUrrS FOR THE YE4R ENDED 31 JULY 2021 Ind•pendeTht Audltors Report to the Trustees of thè Natlonal C•ntre for Clrcus Arts Oplnlons on other matters pr•scrlbd by th• Companlqs Act 2006 the information given in the trusrees, annual report for thé financial year for which th financial statements are prepared is consistent with thé finantial statements.. and Ihe trusiees, annual report has been prepared in accordance with appllcable legal reauiremenrs. Matters on whlth we ar• r•qulr•d to r•port by exceptlon In the light of the knowledge and understandin9 of the group and parent chariiable company and its environment obtalned in the course of ihe audit, we have not identified marerial misstatements in the trustées, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 and Ihe Charities Acr 2011 require u5 lo report to you if. in our opinion.. the parent charitable company has not kèpt adequate and sufficieni accounting records, or returns adequate for our audit have not beén received from branches noi visited by us., or Ihe parent charitable company's financial stitements are not in agrtemeni with the accounting records and returns., or certain disclosures of tru5tÈès' remuneration specified by law are not made., or we have not recerved all the information and explanations we raqulre for our audit. Responslbllltles of trustees As explained more fully in thè trustees. re5pon5ibilities Statement thé trustees Iwho are also th directors of the charitable company for ihe purpose5 of company lawl are responsible for the preparation of the financlal statements and for being satisfied that they give a true and fair view, and for such internil control as the irustees detèrmine is necessary to enable the preparation of flnancial statemènts that are free from maierial missiatement. whether due to fraud or error. In preparing the financial statements, the irustee5 are responsible for assessing the gioup and parent charitable company's ability to continue as a going concern, disdosing, as applicable, matters related ro going Concern and using the going concern basi5 of accounting unless the trustees either iniend its liquidate the group or parent charitablo company or to cease operations, or have no realistic alternativ¢ but to do so. Audltor's responsibilltl•s for the audlt of the financial stat•m•nts WÈ have beèn appointed as auditor under the Companies Act 2006 and section I S l of the CharitiÈs Act 2011 and report in accordance with those Acts. Our objectives are to obtain reasonable assurance about whether the financial 5tatemonts as a whole are free from material misstatement, whether due to fraud or error, and to issue an audiior's report that includes our opinion. Reasonable assurance is a high levèl of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstilement when li exlsts. Misstatement5 can arise from fraud or eiror ahd are considered material if. individually or in aggregate, they could reasonably be expected to influence ihe economic decisions of users taken on the basis of these financial statement5. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to deiecr material misstatements in respect of irregularities, including fraud. The exteni to which our procedurés are capable of detecting irregularities, including fraud Is detailèd belgw. Page 29
NAMONAL CENT(IE FOR CIRCUS ARTS STATUTORY ACCOuTrs FOR THE YEAR ENDED 31 JULY 2021 Ind¢pend¢nt Audltors R•port to the Trustres of the Natloftil Centr• for Clrcus Art5 Audltor's rtsponslbllttles for the audli of the flnandal staoem¢nts l¢ontlnu•d) Explanatlon as to what •xtent the audlt was onslder•d capable of d¢Q¢Ctlng Irrn9ulirltles, Indudlng fraud The objectives of our audit in Tespect of fraud. are., ro identify and a55e5S the risks of material misstarement of the financial siaiemenrs due to fraud,. to obtain sufficient appropriate audit evidence regarding the a5se&sed risk5 of material missrarement due to fraud, through designing and implernenring appropriate responses tts those assessed risks,. and ro respond appropriately to instance5 of fraud or suspecied fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud re5t5 With both management and those charged with governance of the charitablè company. Our approach was a5 follows.. We obtained an undprstanding nf thp l•gal rpfjiilatnry refjiilr&.Me.nr% applicable to the charitable company and considered that the most significant are rhe Companies Act 2006, the Chwities Acr 201 I, Ihe Charity SORP. and UK financi reporling 5tandatds as issued by the Financial Reportinq Council We obtained an understanding of how the charitable cornpany complies with these requiremen15 by di5CU5510ns wirh management and those charged with governance. We assessed the risk of material misstatement of rhe financial statements. including the risk of Materi misstatemeni due to fraud and how it might occur, by holding discus5ion5 Wlth manaoement and those charaed with aovernance. We inquired of manajement and Ih05e charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and reoulations. Basod Dn this understanding, we designed specific appropriate audit procedure5 to identify instances of non-compliante wth laws and regulations, This included making enquiries of management and Ihose charged wirh governance and ObtnIng addition corroborative evidence as required. There are inherent1imitations in the audit procedures destribed above. We are less likely to become aware of insrance5 of non-compliance wirh laws and regulatlons that are not closely related to events and transaction5 reflected in the financial statements. Also. the ¥isk of not detecting a material 155tatemÈnt due to fraud Is higher rhan the risk of not detecting one resulring from error, as fraud may involve deliberate concealment bvt for example, forgery or intentional misrepreseniations, or through collusion. Use of oui report Thls report is made solely to the charitable company's members. as a body, in accordance Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of Ihe consolidated financi 5tatemenrs, ro rhe charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to Ihe charitable company's members and trustees those matters which we required to srate to them in an auditor'5 report and for no oiher purpose. To rhe fullest extent permitted by law. we do not accept or assume responsibility to any party orhey than the charitable company, the (mltable tompany's members, as a body, and the charity'5 trustees, as a body, for our audit work, for this report. or for the opinion we have formed. Jiff*S Saynders FCCA OChA for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devor)5hire House 60 Goswell Road London ECIM 7AD Date.. 25 November 2021
NATIONAL CENTRE FOR CIRCUS ARTS STATUTORY ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021 Consolidated Statement of Financial Activities for the year ended 31 July 2021 (including the income and expenditure account) Unrestricted funds Restricted funds Total funds 2021 Total funds 2020 Notes Income from.. Donaiions and Grants Investments Charitable activities 1,811,518 70 613.687 176,222 1 ,987,740 70 692.711 1 ,234,446 79.024 909.486 Other rrading activities Income from Irading aciiviiies and other receipts 106,687 106.687 553.110 Total income 2.531.962 255.246 2.787.208 2,697,050 Expen(1Sture on.. Charitable activities Raising funds Fundraising and Publicity Commercial trading cost5 2,358,237 234,231 2,592,468 2,255,694 76,000 111,933 76.000 111.933 166,374 60.791 Total 2,546.170 234.231 2,780,401 2,482,859 Net Incomellexpendlturel {14,2081 21,015 6,807 214.191 Transfer between funds 21,015 121,0151 Other cOgnISed galns: Tax credit 20 3,508 3,508 4,000 Net movement in funds 10.315 10,315 218.191 Reconciliation of funds Total funds brought fotwar(J 644.960 2.852.427 3.497.387 3,279.166 Total funds carried forward 655,275 2,852,427 3,507,702 3,497,357 Page 31
NATION*1 CENTRE FOR CIRCU5 ART5 STATWORY ACCOUP¥ FOR THE YEAR ENDED 31 JULY 2021 Charlty Balance Sheet at 31 July 2021 Noles 2021 2020 Flxed ass•t$ Tangible asséts Investments 208,086 200 205,862 200 206.286 206,062 D•btors Amounts falling duè afttr more than one year Currnnt ass•ts Stock Debtors Ch at bank and In hand 3,140,092 3.140,092 4,351 324.440 611,055 4,901 342,383 782.334 939,846 1,129.618 Uabllltl CieditOTS.' Amrwnts duè wlthln one year Net curr•nt lknbllltles 1801,373) 11,083,481) 138,473 46.137 Net assot$ 3,486,851 3,392,291 Fund5 Restrlcted fund$ Unresirlcted funds 2,852,427 634.424 2,852,427 539.864 3.486,85 I 3,392.291 The fSnanclal statements were approved by the Board on 16 November 2021 and slgned on Its behalf by.. Allson Klng Tru$tee Kate Whlte Accounting Officer Company Number.. 02553293
NATIONAL CElE FOR CIRCUS ART5 srATUTORY ACCOUNTS FOR THE YE4R ENDED 31 JULY 2021 Consolldated Balance Sheet at 31 July 2021 Notes 2021 2020 Flxod assetj Tangible a$5et5 3,325.879 3,323,655 Curr•nt ass•ts Stock Debtors Cash at bank and Trn hand 4,376 211.796 676,434 4,901 240.119 832.098 892,606 1.077.11 U&bllltlqs Creditors.. Amounts due within one year 1710,7831 1903,4161 N•t Current 4ssetsl{Ilabl1iq1j 181,823 173,702 N•t assots 3,507,702 3.497,357 Funds Restricted funds Unresiricled funds 2,852,427 655,275 2.852,427 644,930 3.507,702 3,497,357 The financial statements were appioved by thè Board on 16 November 2021 and sign d on its behalf by.. Alison King Truste• Kate White Atcountable Officer Company Number= 02553293 Pagg 33
NATIONAL CEKfRE FOR aRCUS ARTS srATUTOKY ACCOUNT5 FOR THE YEAR ENDED 31 JULY 2021 Consolldated Statement of Cash Flows for the year ended for the year end 31 July 2021 Reconclllatlon of not Incoma to net cash flty4V from op•ratlng attfviues Z021 2020 Net income for the reporting period Depretiatlon charges Interest received Decreaselllncreasel in stock Decreasellincreasel in debtor5 Increase Ildecreasel in creditors 10,315 17,322 1701 525 28,323 1192.6031 218.191 17.908 {81 14.9011 14.6761 141.479 t cash provlded by op•ratlng •cUvltles 1136,1881 367.993 N¢t cash provld•d by op•ratlng a(thltl•s 1136,1881 367.993 Cash flows from Inv•stlng artfvlthi Inrerest received 70 Purchase of tangiblé assets 119.5461 Net C4sh provlded byl(us•d In> In Inv•stln9 artivlties 119.4761 Change In $h cash •qulvalents IISS.6641 368,001 Cash and cash •qulval•nts at th• start of th• y•ar 832,098 464,097 Cash and rash equlvalonts at the end of the 676.434 832.098 Pag
National Centre for Circus Arts Note5 to the Financial Statements For the year ended 31 July 2021 I ACCOUNTING POLICIES Charitable company status The charity is a company limited by guarantee. The members of rhe company are rhe Trustees as set out on page 3. In the event of the charity being wound up the liability on repaying the guarantee 15 £1 O per member. Basis of preparation of financial statements The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Charity is a public benefit entity for rhe purposes of FRS 102 and therefore the consolidated financial statements have been prepared in accordance with the 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 he FRS 102 Charity SORPI including Update Bulletin 2, the Companies Act 2006 and the Charities Act 2011. The results of the subsidiary entities are consolidaied on a line by line basis. A summary of the results of the subsidiary entities is shown in Note 14. The functional currency of the charity and its subsidiaries is sterling,. amounrs are rounded ro the nearest pound. National Centre for Circus Arrs has taken advantage of the exemption in section 408 of the Companies Act 2006 from disclosing its individual statement of financial activities. The Charity only surplus Inet movement in fund51 was £24,5 10 12020.. 5urplu5 of £386,087). Consolidation The group accounts consolidate rhe accounts of National Cenrre for Circus Arrs and its subsidiary undertakings, Circus Space Property Company Limited and Circus Space Events Limited, made up to 31 July 202 1. The acquisition method of accounting ha5 been adopted. Going Concern The trusiees have assessed whether the use of the going concern basis is appropriate and have considered possible event5 or condiiions that might casi significant doubi on the ability of the charitable company to continue as a going concern. The trustees have made this a55essment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charitable group's forecast5 and projections and have taken account of pressures on recreational course income and commercial hire income in light of the impact of COVID-19. The chariiable company accepted an offer of a £200,000 CBILS loan faciliiy of which £ 1000 had been drawn down at the time of signing these accounts.After making enquiries the Trustees believe thar there is no material uncertainiry that the charitable group will not continue to be a going concern and have concluded thar there is reasonable expectarion that the charirable group has adequate resources to continue in operational exisitance for the foreseeable future. Income Total incoming resources as shown in rhe Staiement of Financial Activities is the toral income of the group. All inioming resources are included in the Statement of Financial Activitie5 when the charity 15 entitled to the income, the receipt is probable, and the amount can be measured reliably. The following specific policies are applied to particular categories of income.. Charitable activities are accounted for in the period to which they relate. Investment income is included on a receivable basis. Page 35
Natlonal Centre for Clrcus Arts Notes to the Flnanclal Statements For the year ended 31 July 2021 I ACCOUNTING POUCIES (contlnued) Donations, grants and legacie5 are included In full in ihe Statement of Financial Activities when receivable. Grants received in advance for specified future periods or where conditions are atiached to their use which remain outside the control of the charity are carried forward as deferred income and released when conditions for entitlèmeni are fulfilled. Fees and other funding received towards the provision of iraining courses is recognised vA)en the training is delivered. Income received in advance is deferred in the Balance Sheet and then released ai rhe Doint ot deliverv of ihe related traininqleducational provision. Exp•ndlture Expenditure is accounted for on an accruals basis. Direci charitable expenditure includes all osts related to the main purpose of National Centie for Circus Arts and include.. costs of delivering the higher education course,. youih and aduli courses., and support io professional artists. Fundraising and publicity includes all direct expenditure on publicising the work of Narional Centre for Circus Arts. Governance costs, which are included in the support Costs, include those costs incurred in the yovernance of the charity and are primarily associated with regulaiory requirem¢nts. Staff costi and support costs Staff costs and overhead expenses are allocatÈd to activities on the basis of staff time and studio Space ustd on those activitie5. Penslon costs The charity operates a defined contrlbuiion scheme foi the benefit of ils employees. Contributions payable ale charged to the Statement of Financial Activities in the year they are payable. Employ•• costs The costs of short-term employeè btnefiis are recognisod as a liabillty and an expense. The Cost of any unused holiday entitlement is recognised in the perlod In which the associated employee'5 service5 arq received. Termination benefits are recognised immèdlately as an expense when rhe charity is demonstrably committéd to terminate the employmeni of an employee or to provlde termlnation benefits. Tanglbl• fixed ass•ts and d•pr*daOn All fixed a55ets are stated ai cost. Depreciation is provided ar the following annual rates Sn order to write off each asset over Plant and Equipmeni Assets with a value of less than £l,QOO are written off in the financial statements in thè period of purchase. Leasehold propèrty has been capitalised and included in fixed asseis at tost. On i 9th March 2021, a professional valuatlon was undertaken by Pinders Professional & Consultan(v Services Limited, giving a current market valué of £8,350,000, This support5 the view that the residual value of the building is not considered to be lower than its current carrying value in the accounts which is £3,256,667. On that basks, no further depreciation ha5 been provided since that date. The property is reviewed annually for any potential impairment.
Natlonal Centre for Circus Arts Notes to the Flnanclal Statements For the year ended 31 July 2021 I ACCOUTrflNG POUCIES Iconilnuedl Stock Stock is valued at the lower of cogi and net reallsablè value. Restrlcted funds Restritted funds aré to be used for specified purpose5 as laid down by the donor. Unr•strlct•d funds Unrestricted funds are donations and other incoming resources received or gèneraièd for the charitie5 general purposes. TatIoN The company is a registered charity and is not liable to Unitèd Kingdom income or corporation tax on its charltable activitie5. Tax credits claimed under the theatre tax relief scheme are shown as a credit in the year to which it relates. Grants Government and local authority grants for the purchase of fixed assets are credited to restricted incoming resources when receivable. Provided rheie are no remaining restrictions on the use of the capital a55el, the grant 15 released to unrestricled income when the asset is acquired as this fulfils the restriction placed by the dontsr on the use of the grant. Grant5 of a revenue nature are credited to incoming re50urees in the period in which they are receivable. Op•ratlng l•as• commltment Rentals payable under operating leases are charged against income on a straight line basi5 over ihe lease term. Flnandal Instruments Cash and cash equlvalent5 Cash and cash equivalents include cash at banks and in hand and short term deposits with a maiurity dale of three months or less. Debtors and creditors Debtors and crediiors reeeivable or payable within one year of ihe reporting date are carried at their transaction price. Débtor5 and creditors that are receivable or payable in more than one year and not subject to a market rate of inierest are measured at the present value of the expected fuiure receipis or payment discounted at a market rate of interest. Fixed asset invesrment5 Interests in Subsidiaries are initially measured at cost and subsequently measured at cosi less any accumulated impairment 10$5es. The invesrmenis are assessed foi impairmeni ai each reporting date and any impairment losses or reversals of impalrmÈnt losse5 are reeognised immediately in ihè SOFA. The tharity has provided a long term loan to its subsidiary company Circus Space Property Company Lirnited. The loan meets the definiiion of a public benefit *niity conce55ionary loan and as such is accounted for at amortised eost and reviewed annually for impairment. Page 37
Natlonal Centre for Clrcus Arts Notes to the Nnanclal Statements For the year ended 31 July 2021 2 CRITICAL ACCOUNTING EsfiMATES AND JUDGEMENTS Icontlnu¢dl In Éhe application of the company's accounting policies, the Tru51ees are required to make judgements, estimates and assumptlons aboui the carrying amount of as5et5 and liabilitios that are not readily apparent from oiher sources. The estlmates and associated assumptions are based on historical experience and other factor5 thai are considered to be relevant. Actual results may differ from these estimates. Thq esrimates and iindprlyin J a%iimptlfinS hrp rpviwe.d an on-going basis. Revisions lo accounting estimate5 are rttognised in ihe period in which the estimate is revised, if the revision affects only that ppriod. or in the period of the revision and future periods if th* revision affects both current and fuiure periods. The estimates and a$5umption5 which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. The estimates and assurnptions whlch havè a significant risk of causing a material adlusimeni to the carrying amount of assets and liabilitigs are outlined below. Useful •wngmlc Ilves The annual depreciation charge for property. plant and equipment 15 sensitive to changes in the estimated usèful economic lives and residual values of the assets. T17e useful economic lives and residual values are re-assessed annually. They arè amended when necessary to reflect current e5timate5. based on technological advancement. fuiure investments. economic utilisation and thé physical condition of the assets. See noie 13 for the carrying amount of the property, plant and equlpmeni and note I for the useful economic lives for each cla55 of assei. 3 CRANTS The group received financial assistance from various funders as follows= 2021 Unr•StrIct Rasirlct•d Total Arts Councll England CoTonaviru5 Job Reteniion Scheme Conseryatoire for Dance & Drama Jack Petchy Foundation Jeood Leverhulme Trust Centre for Advanced Training ICAn Sensory Circu5 Sundry donations 1.187.157 270,326 338,439 250 1,181 157 270.326 359.454 750 15,855 50,987 78,865 g,000 21,346 21,015 500 15,855 50,987 78,865 9,000 21,346 1.811.518 176,222 1,987,740
Natlonal Centre for Clrcus Arts Note5 to the Flnanclal Statements For the year ended 31 July 2021 3 GRApifs (contlnuj 2020 Unr•strfctod Rostrlctad 2,500 Arsenal Foundaiion Arts Countil Értgland Allen & Overy BBC Children In Need Chapman Trust Coronavirus Job Rtttntion Stheme Conservatoiré foi Dance & Drama Contemporary Dante School (London) Garfield Weston Jack Petchy Foundation Jerwood Katherine Roberts & Friend5 Bursary Award5 Leverhulme Trust Rayne Trust Teale Charitable Trust Thistle Trust Sundry donations 2,500 545,43S 5.000 2.000 2,000 221,440 262,429 87,404 20.000 750 11.445 400 34,570 2,000 6,000 2,000 29,073 545.43S 5,000 2,000 2,000 221,440 206.792 55,637 87,404 7,840 500 11,445 400 34,570 2,000 6,000 2.000 1.009 12,160 250 28,064 1,016,141 218,305 1,234,446 4 INCOME FROM CHAKABLE A1VE5 2021 2020 Fees ftom UK and International higher edutation sludents Audltlon and other fees Artists Development Income Short Course income 640.671 3,541 5,972 42.527 598.157 21,704 20,433 269, 192 fj92.711 909,486 S HIGHER EDUCATION FUNDING The degree income figuie excludes fundlng receivable in the form of teaching grants from Ofs through the ConseNatolre for Dance and Drama'.- 2021 2020 Contribution5 from CDD Isee note 31 338,439 189,437 Page 39
Natlonal C•ntr• for Clicus Arts Note5 to the Flnanclal Statements For the year ended 31 July 2021 6 OThEK TKADING AcrwrriES Income from other irading activities and other recelpts 2021 2020 Workspace and loom hlre Classes. cour5e5 and workshops Other income 100,039 4,530 519,513 25.9g6 7,601 106,687 553.110 7 DIREcf CHARrrABLE EXPENDITURE Year ended 31 Juty 2021 Total Funds Dlr•cr costs Support costs Artists Development Higher Educatlon Participation and Outreach Trainlng 44.424 674,316 $15,227 59,802 269,846 314.270 677,439 1,351,755 383,029 898.256 156.318 216,120 1.486,632 2,780,401 1,293,769 The significant reduction In Charltable and Other Trading Activitie5 in the year as a direct consequence of the Covid pandemic left the remaining activities. e.g. Hioher Education, carrying a much greater proportion of the Support Costs. In addition. Support Costs themselves were inflated by a material element of Covid grants belng expensed against recovery initiative5 togeihèr wilh furloughed wages and salaries.
Natlonal Centre for Clrcus Arts Notes to the Flnanclal Statements For the year ended 31 July 2021 7 DIRE CHARABLE LXPENDrruiiE <wntlnu•d) Year ended 31 July 2020 Dlr•ct Support eosts cottx Total Funds Artists Development Higher Education Participation and Outreach Training 45,515 690,759 439,480 100.353 1,276.107 177.007 335.083 382.919 84.578 979.587 222,522 1.025,842 822,399 184,931 2,255,694 8 SUPPORT cosrs AND ADMINlfPATION Year onded 31 July 2021 GovemarKe Admlnlstration Opiratlons Tot41 Artists Development Higher Education Access, Outreach & Educational Corporaiè actlvlty Training 2,525 28,278 20,313 227.519 2.S6S 28.734 244.443 392.908 269,846 677,439 383,029 24,852 187,224 25,252 145.701 6,749 7,027 54,299 56,534 6,857 7,140 16.477 1,235 84,382 71,936 69,431 S45.889 70.548 800.764 1,486,632 Yèar •nded 31 July 2020 Gwm4nc• Admlnlstratlon IT Operatlons T+xal Artists Development Higher Education Acce55, Outreach & Educational Corpor3te activity Training 676 32,454 3,629 174.17fj 506 24.282 172.196 104,171 177.007 335,083 39,216 210,463 29.341 103.899 382,919 64.245 20,333 2,028 2,705 10,886 14,515 1,518 2,024 49.813 1,089 77.079 413,669 57,671 431,168 979.587 9 FUNDRAISING AND PUBLICtrf 2021 2020 Fundraising and Publlclty 76,000 166.374 Page 41
Natlonal Centre for Circus Arts Notes to th• Flnanclal Statements For the year ended 31 July 2021 10 COVERTrWICE cosrs 2021 2020 Bank and othÈr flnance charges Audit fee5 Staff costs 4,873 20,025 44,533 8.255 18.100 50,724 69,431 77,079 1 I MEf INCOME Nei income is stated after charging.. 2021 2020 Depreciation of tangible fixed assets Operating lease renials Auditor's remuneration 17,322 67,500 20,025 17,908 38,500 18.100 12 sfAFF COSTS 2021 2020 Wages and salarie5 Social security c¢J5ts Pen510 Redundancy 1 ,563,888 120,041 29,038 1,685,820 124,110 29,110 4,500 1.712,967 1,843.540 The average monihly numbèr of employees during the period wa5 as follows.. Tutors Administration 2021 2020 No. 67 46 67 41 108 The average monthly number of employees include5 a hlgh number of part time staff, pariicularly among highly specialised leaching disciplines. The full time equivalents are= No. No. Tutors Administration 39 39 49 48 The followlng number of employees rèceived salaries in excess of £60,000". 2021 No. 2020 No. £70,000 £80,000 Pension Contributions for the abovè employee was £1,316 12020: £1 ,3141. PaE
Natlonal Centre for Clrcus Arts Notes to the Flnanclal Statements For the year ended 31 July 2021 12 sfAFF COSTS Icontlnu¢d) The National Centre for Circus Arts considers the Board of Trustees, the CEO, the COO. the Commerclal Director and ihe Direcior of Professional Development as comprising the key management personnel of ihe charity. The total employment benefits for the six12020'. 5ixI key managemont personnel was £280,44412020'. £289,823). 13 TANGIBLE ASSErs Group Improvem•nts to L•a>ehold Premlses Plant & Equlpm•nt Total Cost At l August 2020 Additions Oisposals 4,135.241 19,546 142,103 4.277,344 19,546 At 31 July 2021 4,154,787 142,103 4,296,890 Depr•cl*tlo At l August 2020 Charge for the period Disposals 894.998 3.112 58.691 14.210 953,689 7,322 At 31 July 2021 898,110 72,901 971,011 N•t Book Value At 31 July 2021 3,256,677 69,202 3,325,879 At l August 2020 3.240,243 83,412 3,323,655 The Arts Council England and Tho London Borough of frtackney hold various charges over the property and assets of one of the Charity's subsidiaries, Circus Space Propèrty Limited. The Art5 Council England holds a debenture for any monles duè to them Secured over the Investments and securities of the charity. Pago 43
Natlonal Centre for Clrcus Arts Notes to thq Flnanclal 5taternents For the year ended 31 July 2021 13 TANGIBLE ASSEfs (contlnuedl Ch4rlty Improvom•nts Plant & to Laasehold Equlprnint Prernlse$ 2020 Total Cojt At I August 2020 Addiiions Disposals 136.055 19,546 142,103 278,158 19,S46 At 31 July 2021 D•prqdatlon At l August 2020 Charge for the period Disposals 155.601 142,103 297,704 13,605 3,112 58,691 14,210 72.296 17.322 At 31 July 2021 16,717 72.901 89,618 Net Book Value At 31 July 2021 138,884 69.202 208,086 At l August 2020 122.450 83,412 20S.862 14 FIXED ASSEf INVESTMEKrs Charlry 2021 Inve$tm•nt In subsldlarl¢s Cost Ai l August 2020 Addition5 200 At 31 July 2021 Net Book Valu• At 31 july 2021 200 200 At l August 2020 200 The National Contre for Circus Arts has Mo wholly owned trading subsidiaries.. Circus Space Events Company LlmSted, which run5 commercial events. and Circus Space Property Limited which owns ihe leasehold of the Coronel Street site and ients ihe majority of the space to National Centre for Circu5 Arts with smaller areas to third parties. These companies donate theii distributable profit5 to National Centre for Circus Arts. The registered offices of both subsidiaries is Coronet sirèet, London. A summary of their trading results is shown below. Audited financial 5tatemenig for these 5ub5idiarie5 ale filld annually with the Registrar of Companies. P¥[
Natlonal Centro for Clrcus Arts Note5 to the Flnanclal Statements For the year ended 51 July 2021 14 FIXED INVEsfMEPU5 Icontlnu Clrcus Sp•c• Eveiits Company Llmlted re$41ts 2021 2020 Proflt lois Turnover Administrative Expenses Operating profit 354 430.632 153.964 3 76,668 12.8611 Proflt and lo$$ reser Brought forward at l August 2020 Operating profit Di5triburion to Nation Centre for Circus Arts Carried forward at 31 July 2021 26,668 12.8611 126.6681 12 8611 205,401 376,668 1555.4011 Baknce She•t 2021 2020 Debtors Cash at bank and in hand 40,477 19.862 22.424 42.286 89.192 Creditors.. amounts fling due wthin one 191 9531 (15.5181 Net currenr $t1$ Capiral and reserves Called up share capital 12,8611 100 26.668 100 Total Equity cl$ Spa¢e Pmp¢rty UM1t results 1021 20ZO Profft Ind loss Turnover Admlnisrrative Expenses Operating profit Tox credit Profit for the financiaj year 99.685 189 7401 9,945 147.082 106.423 40.659 11.2041 39.455 9.945 Profft and loss res•r¥• Brought forward at l August 2020 Operating profir Distribution to the National Centre for Circus Art5 Carried forward at 31 JL41y 2021 78,502 9,945 39.7871 48.660 67.668 39.455 28 6211 78,502 Paga 45
Natlonal Centre for Clrcus Arts Not•5 to the Flnanclal Statements For the year ended 31 July 2021 14 FIXED Ass INVESTMENTS <contlnuedl Clr¢us Spaco Property LIMIt rnsylts (contlnu•dl Oalanco Sheet: zoii 2020 Tangible fixed asseis 3.117,790 3,117,790 3,117,790 3.117.790 Debtors Cash at bank and in hand 25 8.064 210.285 27.340 237,625 274,728 Creditor5.' amounts falling due within one vear 1203,6661 1136.7211 Net current a$5ets 71,062 100,904 Creditors." amounts falling due after more than one vear 13.140,0921 13.140,092) Net assets Capital and reserves Called up share capital Tota1 Equity 48,660 100 78.502 100 I S DEBTORS 2021 2020 Gmp Charlty Grnup Charfty Trade debtors Amounts owed by sub5idlaries Qther debrors Prepayments and accrued income 7.918 5.369 108,910 33,561 19,191 8,787 112,543 52.914 33,561 52,789 170,317 176,600 168,139 168.139 211,796 324,440 240.119 342,383
Natlonal Centre for Clrcus Arts Notes to the Flnanclal Statements For the year ended 31 July 2021 16 1)EBTO#S'. Amounts Due aft•r mor• than on• y4ar 2Q21 2020 Group Charlty Gmup Charliy Amounts owed by 5ubsidiarv undertakings 3,140,092 3.140.092 The long term loan has been provided to the subsidiary company Circus Space Property Company Limited and meets the definition of a public benefir entity coThce55ionary loan as it was made to further the charitable objects of the ch1. The loan is interest free. At present a repayment schedule ha5 not been decided. 17 CREDITORS.. Amounts falllng due withln othe year 2021 2020 Group Chirlty Group Charlty Trade creditors Socia security and taxes Other creditor5 Accruals and deferred income lil Arnounts owed to subsidiaries 101,691 60,661 22.028 48,696 31.819 6,004 82,478 132,717 78,828 48,469 129.322 54.241 526.403 471.229 243,625 609,393 597.768 253,681 710,783 801.373 903,416 1 ,083,481 D•f•N•d Income r•conclllatlon <0 Deferred income in 2021 includes fees for course5 and grant incorne relating to the next Brought foard Added amount Arnnt rn1¢4s•d Carrl•d ftlrnard Oeferred income 2021 422,307 196,358 (422.30n 196,358 Deferred income 2020 369.632 422,307 1369,6321 422,307 Palle 47
Natlonal Centre for c1u5 Arts Notes to the Flnanclal Staioments For the year ended 31 July 2021 18 RESTRicfED FU14DS Group The funds of the thariry include re5tflcted fund5 comprlsing the following unexpended balances of donatlons and grants held on Iru5t to be applled for specific purposes.. Balaftc• l August 2020 Bilanr• EXpKllura Trnnsf•rs JI Juty 2021 Incorn• Capltal Fund Bulldlng Developmeni Hackney sUstnable grant GÈnAtlon Fund Centre of Advanced Traini Sensory Circus Conservatolre for Dance & Drarna Jack Peichy Foundation Jerwood Leverhulrne Trust 2,850,427 2,000 21,015 121,0151 2,850,427 2,000 78,865 9,000 178,8651 19,0001 79,024 179.0241 500 15,855 50,987 15001 150,9871 2.852.427 255,246 1234,2311 121,07 51 2,852,427 18 RESTRicfED FUN05 {contlnuedl Oakn l August 2019 Balanc• 31 July 2020 In<om Expandltrjre Trnnsfers CApltal Fund Building Development Hackney sustainable grant Generatlon Fund Arsenal Foundation Allen & Overy BBC Children in Need Conservaioire for Contemporary Garfield Weston lack Petchy Foundation JeTwood Katherine Roberts 2,850,427 2,000 12.614 112.6141 2,850,427 2,000 2,500 5,000 2,000 55.637 74,790 7,840 500 11,445 400 12,5001 15,0001 12,0001 155,6371 174,7901 17,8401 15001 111,4451 14001 134.5701 12,0001 16,0001 12,0001 11,0091 Leverhulme Trust Rayne Tru51 Teale Charltable Trust Thistle Trust Small donations 34,570 2,000 6,000 2,000 1,009 2.852,427 218,305 1205,6911 112,6141 2,852,427
Natlonal Centre for Clrcus Arts Notes to the Flnanclal Statements For the year ended 31 July 2021 18 AEsTricfED FUNDS (¢on¢inued) Gera¢lOn Fund The Generatlor) Fund represent5 monies received from variou5 donors For discreet projects within Circus Development, Participation and Outreach and to support student learning, Transfers Transfers from the capltal fund to general fund$ sn 2021 represent the re-allocatjon of amounts received under restricted donations to covÈr small scale capltal Spending in 2020 and 2021. By Utilising the funds for this purpose the iestrirtions on the donations have been met and the Fund5 have therefore been released. The depreciaiion relating to these assets wlll be rharged to the general fund over the life of the a55et in line with depreciation rate5 Set out in No¢e I to the account5. 19 RELATED PAKtYTRANSAcnoNS During the year the Chaty,5 trading subsidiary dlstributed their profits to the National Centre for Circus Arts, see note 14 for further details. National Centre for Circu5 Arts reimbursed salary and other expenses of £nil 12020.. £47,000) to It5 subsldiary, Circus Space Events Mited during the year. At year end, £6B,138 12020.. £S8,743 (Jwed tol wa5 Outstanding and is included within Natlonal Centre for Circus Arts debtors. A managemeni fee of £40,772 12020.. £38,5001 was charged from National Centre for Circus Arts to Cirtus Space Property Llmit2d during the year. Other expenses totalling £59,750 IZ020." £53,800) were reimbursed durlng the year. At year end. £243,625 12020.. £199,881) wa5 payable and included with Natioral Centre for Circus Arrs creditors. Four tru5tees12020'. one) were reimbursed £2312020.f 681 for travel expenses durlng the year. 2021 2020 Total donatlons from trustees withtsur conditions 1,925 10,325 20 THEATrE TAX REUEF CLAM 2021 2020 Tax credit In respect of theatre tax relief claim 3,508 4.000 21 ANALYSIS OF E[S BY FUND Group 2021 Unr¢stri¢ted Restrlctsd Funds Funds Totsl Funds Tangible Assets Net Current AssetsllLlabilitie51 475.452 2.850,427 3.325,879 179,823 2,000 181,823 655,275 2,852,427 3,507.702 Pago 49
Natlonal Centre for Clrcus Arts Note5 to the Flnanclal Statement5 For the year ended 31 July 2021 21 *JIALYSIS OF NEfAs5 BY FUND Icontlnued) 2020 Unresthcmd R•5trlcred Funds Funds Tottl Funds Tangible Assets Net Current AssetsllLlabilitiesl 473.228 2.850,427 3.323,655 171,702 2,000 173,702 644.930 2.852.427 3.497,357 Charlty 2021 Unre5tr1cted Resirla•d Fd5 Funds Tptsl Funds Tangible Assets DebtDrs greater than one year Net Current A55etsllLiabilltiesl 208,286 208.286 289,665 2,850.427 3.140,092 36.473 2.000 138,473 634,424 2,852,427 3.486,851 2020 Unr•strlrted RE5trtrtod Funds Funds Funds Tangible Asset5 Debtor5 greater than one year Net Current A55et511Liabllltlesl 206.062 206.062 289.665 2,850,427 3,140,092 44.137 2,000 46.137 539.864 2,852,427 3.392.291 22 FINANCIAL COMMfNEfrrrs At 31 st July 2021 the group held a one hundred and twenty slx year lease on Its Coronet Street site and wa5 committed to making quarterly payments under th15 non-cancellable oper3tin9 lease. These payrTTrent5 did total £38,$00 in the year to 31 st July 2021. The rent review was due in July 2019, this rent review has now been finali5ed and as such the rent payable has increèsed ro £48,684. The backdated increase has been appropriately accrued for in the accounts P¥g8 50