Company number 02650108 Charity number 1101496 Crylng Out Loud Llmlled (Llmlted by guarantee) Report and flnanclal statements for the year ended 31 March 2024
Crying Out Loud Limited (Limited by guarantee) Contents Page Legal and administrative ii)lomiation Chair's statement Artislic Director's inlroduction Trustees, reporl 6-12 Auditors, report 13-16 Statement of fiiiancial activilies {including income and expeiiditure account> 17 - 19 Balaiice sheet 20 Statemenl of cash flows 21 Notes to the finaiicial stalements 22-28
Crying Out Loud Limited (Llmlted by guarantee) Legal and administrative information Constltutlon The company is incorporated under the Companies Act, company number 2650108 and its governing document is its Memorandum aiid Articles of Association. The company is a registered charity, number 1101496. Directors and trustees The directors of the charitable company {'the charity,) are its trustees for the purpose of charity law and throughout Ihis report are collectively referred lo as the trustees. Trustees are nominated through Ihe process sel out in the Articles of Associalion. Policies and procedures adopted lor the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings. The trustees during the year and since the year-end were: Billy Ridgers Cat Harrison (Chair) Mark Kowalik Michael Brinton Tracey Low Marta Sala Fonl Sue Daniels Hai Ly Nguyen (resigned 7 February 2024) Andrea Sheppard (appointed 8 May 2024) Anna Polten (appointed 8 May 2024) Secretary Rachel Clare Artislic Director Rachel Clare Executlve Director Sarah Macnee Auditors Compass Accountants Limited, Venture House, The Tanneries, East Street, Titchfield, Hampshire, P014 4AR Bankers CAF Bank, 25 Kings Hill Avenue, Kiiigs Hill, Wesl Malling, Kent, ME19 4JQ Lloyds Bank, 25 Gresham Street, London EC2V 7HN The Co-operative Baiik PLC, PO Box 250, Skelmersdale, WN8 6 WT Aldermore Bank PLC, Apex Plaza, Forbury Road, Reading, RG1 1 AX Reglstered offlce Venture House, The Tanneries, East Slreet, Titchfield. Hampshire, POI 4 4AR Operation addresses Former Pay Ollice, College Road, The Historic Dockyard, Portsmouth, P013LJ Somerset House, Strand, London, WC2R 1 LA
Crying Out Loud Limited (Limited by guarantee) Chair's statement During 2023124, Crying Out Loud (COL) built on their creative and connection- making abilities to successfully drive their new ventures of forming a consortium wilh Tliird Version Creative (TVC) and moving its main base to Portsmouth. With the recruitmeiit of a Solent-based leam including producer Lucy Babb and Iwo iiew trustees, alongside a warm welcome inlo their new home from Sustainable CoiiseNation Trust, COL conlinue to embed thernselves into the cultural sector in aiid around Portsmouth al every opportunily through a Solent-based programme of activities. Tlie new consortium with TVC has allowed Sud Basu's impressive portfolio of global projects to inspire Ihe COL team, and the coiisorlium lias also benefited from Sud's parlicipation iii ali international "Green School" run by the European network IETM. Working closely togellier, TVC and COL started exploring partners for a pioneering new model, Carousel, which will facililale long-term connectioiis between artists and festivals across the world whilst addressing Ilie ecoiiomic, climate aiid social impacts Iradilional touriiig models can have. These significant shilts for COL have been achieved witli a carefully managed use ol a small amount of reserves, whilst also delivering the charity's trademark high-qualily projects, includiiig touring through south-wesl rural iielworks as well as presenting international work across Ilie UK aiid iiilernationa15y. Artistic Director Racliel Clare also contiiiues to build her reputatioii as a world-class representalive of the UK circus scene and a mentor lo artisls working in circus and visual perforrnance. 11 is with great aiiticipatioii thal the trustees and I see how that work blossoms over the next year. Cal Harrlson Chair 5 November 2024
Crying Out Loud Llmlted (Limited by guarantee) Artistic Diyector's introduction The year 2023124 marked the start of a new approach and new partnerships. We were delighted to expand our team to include Lucy Babb as our Solent Programme Producer. She hit the ground running at the start of Ihe year and has exlended our Solent connections and opportunities dramatically. We would also like to Ihank our Portsmouth parlner, the Sustainable Conseniation Trust for their warmth and generosity with both space and connections. On 1 July 2024 Crying Out Loud {COL) and Third Version Creative (TVC) formally began their three-year parlnership - lo strengthen connections and understanding through cross cultural collaboration. It is a delight to be able to discuss early-stage ideas and approaches with TVC'S director, Sud Basu, as we develop our independent programmes as well as our work logether. The work that encompasses the way we like to collaborale has been Taroo - a work that combines storylelling and circus (including Chinese pole, parkour and wheelie bins) with public engagement. The international artist who created the piece, Said Mouhssine, collaborated with UK-based movement director, Aline David and Porlsmouth based arlist Sasha Biloshisky. Working with Sasha's organisation, Funk Format in Portsmoutli, plus Shubbak Festival and the Babylon Migranls Projecl in London, Said provided upskilling workshops for young people in a range of settings and schools in both London and Porismoulh. Taroo was presented outdoors in London, Veninor {Isle of Wight) and Liverpool. Sadly, the Porlsmouth presentation was cancelled due to bad weather. Sasha and Said are continuing to collaborate wilh us on future work. I would like lo shine a light on the artists Ihat I have the pleasure of mentoring. I have been delighted to observe and supporl Iheir creative journeys and particularly those of Laura Moy, Lu Wong and Tilly Lee-Kronick. These are all perlorming artists that we have previously worked with and who are now developing their own original work. I have also been fortunale to have been part of Iwo formal European mentoring schemes: Bounce run by Circoslrada and another EU funded programme of work called the New Horizons Leadership Programme. Through these schemes I have met and rnenlored the Ghanaian artist Elisabeth Efua Sutherland and the Hungarian artist Sophie Zolelnik. Sophie ran a workshop for our artists, lab day in Bristol at the start of our Circus Arouiid and About rural touring project (delivered in partnership with Take Art and Extraordinary Bodies). Sophie also shared her work-in-progress with Circomedia students. As our programme develops, we look forward to forging new partnerships alongside currenl parlners, championing more artists, and supporling them create original works around the Solent and elsewhere. Rachel Clare Artistlc Dlrector 5 November 2024
Crying Out Loud Llmited (Limited by guarantee) Trustees. report The trustees are pleased to presenl Iheir annual directors, report together with the fiiiancial statements for tlie year ending 31 Marcli 2024 wliich are also prepared to meet tlie requirements for a directors, report and accouiits for Cornpanies Act purposes. The legal and administralive information set out on page 3 lorrns part ol this reporl. The financial statements comply wilh the Charities Act 2011, the Compaiiies Act 2006, the Memorandum and Articles of Association, and Accounting and Reportiiig by Charities: Stalemenl of Recommended Praclice applicable to charities prepariiig Ilieir accouiits in accordance witli the Financial Reporliiig Standard applicable in the UK and Republic of Ireland (FRS 102) {elfective 1 January 2015). Prlnclpal actlvlty Tlie principal aclivily of the charily is to cornmission, produce and present live contemporary performances and iiiteractive events for audiences ol all ages. Objectlves and actlvltles for the publlc beneflt Tlie Iruslees confirm Ihat they liave complied with the duty in sectioii 17 of the Cliarities Act 2011 aiid referred to the guidance contained in the Cliarity Commissioii's general guidance on public benefit when reviewing the charity's aims and objectives and in planiiiiig lulure activilies. Benefit to the public Crying Out Loud {COL) are pioneering creative producers, iiurturiiig artists working in contemporary visual tlieatre often iii the fiekls of circus, physical theatre and iiistallation. We programme memorable events for audiences ol all ages and abilities at festivals, iii venues arid for site specilic performance iii the UK. As a iietwork leader we work iiilernalioiially, advocating for artists and contemporary perlormance by making conneclions, initiating collaborations and creating opportuiiities iii the UK and Europe. From 1 July 2023, we entered into a iiew and long-term partnersliip with Tliird Version Creative {TVC) foLinded by independent producer, Sud Basu, As parl of this, we developed a collective vision and straiegic aims to supporl our work. Additionally, we moved the maiii base for our work to Portsmouth. The Collective Vision To slreiigthen coiinections and understanding across cultures through world-class, relevant aiid diverse conlemporary visual tlieatre and innovative interdiscipliiiary work. The Strate ic Pro ramme Aims Producing Commissioning & Presenting New Work Support Ilie creation and manifestation of new visual tlieatre and interdisciplinary work that disrupts cultural norms, collaborates across bouiidaries and enables audiences lo engage with world class work
Crying Out Loud Llmited (Limited by guarantee) Supporling Innovalive Artistic Practice Enable international artists to progress and develop their individual practice through the development of global residency schemes, skills development and innovative touring practice Enabling Critical Global Dialogues Strengthen global sector infrastructure, cultural and creative exchaiige through brokering, menioring and networking, with a focus on connecting arlists and audiences across nations and global borders. Embedding Sector Knowledge & Skills in Ihe Solent area Strengthen and diversify the infrastructure {artists, producers and presenting pariners) to support stronger engagement and aclivity in visual theatre and interdisciplinary practice, prioritising areas ol low cultural engagement The activities detailed below evidence key achievements lor Ihe year in relation to the strategic aims staled above. Aim 1 . Producin Commissionin & Presentin New Work Taroo by Company Zid (Said Mouhssine) Taroo is a work that combiiies storytelling, circus {including Chinese pole, parkour and wheelie bins) witli public engagement.11 is led by Moroccan artist Said Mouhssine and supported by UK based 'outside eye, Aline David. COL built on development work in 2023124 and it was presented in parlnership with the Shubbak Festival and the Liverpool Arab Arts Festival. Alongside the performances in London, Said Mouhssine worked with participants from the Babylon Migrants Project and gave four workshops for two schools and Iwo community groups. Early development work began in Bradford, where the work will have a new iteration in 2024125. Blame Game by Kundle Cru Following its UK premier in 2022 and UK tour in 2023, COL presented Blame Game, together wilh a masterclass by the artists, at Composé Festival in Jena, Germany, Rural Touring in the Soulh West Partners Take Arl, Diverse City and COL successfully bid for ACE funding to further develop the rural touriiig of original circus works in soulh-wesl England. In autumn 2023 five works were selected following an open call. In early 2024 there was a focus on artists, developmenl to support the lour, including an arlists, lab day. The first tour (pre-selected due to time) was in March 2024. Co-Gommissioned works The second development phase ol new work, Anchored in Airby Head Over Wheels was co-commissioned by COL and Head Over Wheels was then successful in attracting further support from Arts Council England (ACE> and Without Walls. The work is being created by aerialist and performer Tilly Lee-Kronick (who is also mentored by COL'S artistic director, Rachel Clare) with drummer and aerial wheelchair arlist Jonny Leitch and double bass player and acrobat Phoebe Knight, Works in Developmenl TVC began developing four works: a rnultidisciplinary installation work for healthcare settings with Dalija Acin Thelander; a new dance work with Susan Kempster,, Prima, a participatory interdisciplinary work focusing on movemenl and music lor teenagers
Crying Out Loud Limited (Llmlted by guarantee) with Czech artist Viktor ternicky. and an eiivironmentally themed outdoor work wilh tlie French based socially engaged artist collective Lucy aiid Jorge Orta. TVC has also supported a South Alricaii theatre collective form new partnership offers in the north-east of Eiigland - and has commenced ai) exploration into a transnational interdisciplinary work connecting South Africa, UK and Ihe Middle East. Airn 2: Su ortin Iiinovative Artistic Praclice COL and TVC scoped an initial global residency scheme, known as the Carousel Approach aiid have had many discussions with a range of interiiational parlners. COL and TVC also worked with independent coiisullant and former British Council manager Andrew Jones in order to stretch the partnership net even lurlher. TVC has completed a Ihree-monih collaboralive project called Green Scliool, led by the international network organisation Internalional Network for Performing Arts (IETM). This explored clirnate justice, global tools and approaches in understanding. Tlie project brought together 25 artisls, organisations and producers witli a view to sharing and finding opportunities to collaborate in developing future ideas. Bolli TVC and COL are now developing Iwo pilot projects of the Carousel Approach to take forward with parlners. Aim 3: Enablin Critical Global Dialo ues Circus Change UP Following two years of activities developing this network, with support from ACE, a day-long public forum meeting on Ilie future of the Circus Change UP neOrk was held as part ol Circus Cily Bristol in October Networklng and brokerlng Activities included, attending Fresh 2023, the Circostrada conference wliere Rachel was a represeiitative ol the comrnittee thal devised the programme. Rachel iiilroduced Sarah Maddeii from ACE lo her iielwork attendiiig the Circa feslival in Auch for pitch presentalions and iielworking sessions as well as championing UK artists iiicludiiig Revel Puck Circus to internalioiial promoters aiid festivals proposiiig some UK based artists lo Britisli Coui)cil Paris 10 be part of the UK France 2024 outdoor eveiiis programme as part of the Cultural Olympiad, small and large scale holding discussioiis witli Judita Strumilailé, Artistic Director of SPOT, urban arts festival in Vilnius, Lithuaiiia to explore a potential presentation of Èeiko Dance Company in 2024125126 ongoing dialogues witli Kingsley Ng (Hong Kong) and UK programrners arouiid potential presentation ol Over the Ocean in addition to Solent based discussions Mentoring Activities included: Rachel completiiig her mentoring wilh Ghaiiaian artisl and arts centre director Elisabelh Efua Sullierland in Accra as part of Circostrada's mentoring programme Bouiice Rachel mentoriiig Sophie Zoletnik from Hungary as parl of the EU funded New Horizons Leadersliip Programme, including a trip lo Sweden for the kick-
Crying Out Loud Llmlted (Llmlted by guaranlee) off meeting, a trip by Sophie to Bristol and London to rneet UK circus arlists and producers, and a second trip lo Bristol to present a work-in-progress and to lead part of the lab lor rural touring artisls TVC commencing a collaborative partnersliip projecl with Pickle Factory (India) aiid Shoorya Space (India) to develop a support scheme for Producers and Self Producing Artists across the Indian Sub-continent. Discussions have taken place to define the scheme structure, Ihe additional voices to include in the sessions, plus opportunities to make future connections between India and UK based practices Sud Basu continuing to mentor UK based arlists Brian Lobel, Dominic Allen, Kalider and Nandita Shankardass and UK programmer Matthew Cook Rachel continuing to mentor UK based artists Lu Wong, Tilly Lee-Kronick and Revel Puck Circus Aim 4: Embeddin Sector Knowled e & Skills in the Solent area Taroo by Company Zid Alongside the national workshops and presentations of Taroo, COL also connected Company Zid and Aline David with Portsmouth based artisl Sasha Biloshisky and his company Funk Format. In addition lo the Iwo performances of Taroo as parl of Venlnor Fringe on the Isle ol Wight, Said provided seven upskilling workshops for Funk Format and a range of schools and comrnunity centres in Portsmoutli. Sadly, Ihe performance in Portsmouth was cancelled due to bad weather. Researchlng Solenl-based artists and pariners With the appointment of Lucy Babb as our Programme Producer (Solenl) in April 2023, COL has embedded itself in the seclor through one-to-one meetings willi local arls organisations and local artists as well as attending a wide range of networking events, We now have links with around six arlislslarls companies that are of parlicular interest as well as developing relationships with around fourteen Solent- based creative organisations. Developlng connections between Soleni area and nationallinternatlonal artists and work From COL'S connecling aclivities, COL has secured partnerships for Revel Puck Circus in Gosporl and Isle of Wight and this has contributed, alongside COL'S support, to a successful ACE funding application. COL and TVC are also developing local partners to support a potential presentation of Over the Ocean by Hong Kong arlists Kingsley Ng and Stephanie Cheung in the Historic Dockyard in Portsmouth in summer 2025. Kingsley is a rnedia artist specialising in interdisciplinary. context-specific, and experiential work, and Associate Professor al Ihe Academy of Visual Arls, Hong Kong Baptist University. This is funding dependent and will also need a wider tour to be viable. COL has also made valuable inlroductions between: 1 . Portsmouth artist Josh Breach with London artists Nikki and JD, resulting in Josh securing some work with them 2. Gandini Juggling with New Theatre Royal where they partnered to run open workshops at the Victorious Festival 3. Jon Hicks with the Vicloria Park Family Fun Day in Portsmouth where he presented his work
Crylng Out Loud Limited (Limited by guarantee) Seed support and talent development opportunities Iii additioii to tlie Taroo workshops, Lucy worked witli arlisls Thorne Bailey, Sasha Biloshisky aiid Beau Wlieeler on developing and delivering four pilot sessioiis for KS3 students on 'creative careers iii visuav physical tlieatre, in parlnership with tlie Isle of Wighl Cullural Education Partnerships. This will lead to further sessions with other Creative Educatioii Partnerships in the Solent area. Rachel has beguii to mentor artist Sam Bossman from the Isle of Wight. Numbers of audiences erlorrnances sliows residencies worksho artic ants aiid During tlie year COL presented 18 performances of five differeiit shows to 15,059 people in Eiigland plus ali estimated 340 in Ihe rest of the world. COL delivered 14 iiiformal learning sessions with 187 participaiits, co-commissioned one new sliow and delivered one residency wilh two iiidividual artists. Structure, governance and management Governin documenl Cryiiig Out Loud Limited is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charily willi the Charity Commissioii. oiiitment of trustees Trustees are nomiiiated Ilirough tlie process set out in the Articles of Associatioii. Induction aiid Irainin of Irustees New trustees have all observed a minimum of oiie board meeting prior to their appoiiilment. Tliey are provided with informalion on Crying Out Loud Limited and their responsibilities, iiicluding recent fiiiancial performance, artistic activity and the Memoraiidum and Articles ol Associaiion. Most trustee nomiiialions are people who liave seen COL'S work over a period of lime and have a broad kiiowledge of the cliarity's aims and objectives. The remaining trustees are souglil lo cover particular areas of experlise Ihat would be valuable to Ihe orgaiiisation and the Board. Trustees are welcome to attend all COL performances, and most produclions are seen by some of them. anisation The board of Irustees administers the charity. The Board rneets quarterly bul cali liave sub-committees covering areas sucli as eiivironmental sustainability, development and finances, meeting more regularly. The Artistic Director is appoiiited by the truslees lo manage tlie day-to-day operations of Ihe cliarily, working alongside the Executive Direclor. To facilitate efleclive operations, the Artislic Director has delegated autliority, within terms of delegation approved by the trustees, lor operational matters includiiig finaiice, employment and artistic performance related aclivity. Mana ement and or anisational chan es The 2023124 COL and Consorlium Business Plan provKJed the backbone for COL'S activities and a new plan for 2024125 has been written, with policies and action plans reviewed. Our three-year fuiiding as part ol ACE'S National Portfolio begaii on 1 10
Crylng Out Loud Limlted (Limited by guarantee) April 2023. This lunding is for support of COL and Consortium activities, our consortium partner being Third Version Creative (TVC). COL is the lead partner and receives the funding on behalf of the partnership. The £307,488 annual funding includes an uplift to support a more strategic engagement wilh the Solent area. Financial review Core funding provided by ACE for the year was £307,488 (2023: £215,103). In the year the resources expended of £351 ,903 exceeded the incoming resources of £337,398 by £14,505. A lull explanation of restricted resources is provided in Note 13 on page 27. The unrestricted resources expended of £347,608 exceeded the unrestricted incoming resources of £334,542 by £13,066. At the balance sheet date, the nel assels of Ihe company were £159,049, COL operates a policy of maintaining reserves equivalent to six months support costs and resources expended on managing and adminislrating the charitable company, excluding those lunds represented by fixed assets. We believe that this should provide suflicient resources to respond to unexpected adverse changes in Ihe charitable company's aclivilies. At 31 March 2023 COL had a total of unrestricted reserves in ils General Fund of £150,476 to carry forward into 2024125, significantly higher tlian those needed to support the reserves policy. It is likely that the reserves will reduce further during 2024125. Iii any one year, we may earmark unrestricled general funds for a particular project or to use as designaled funds. The reasons for the setting up of such funds, the policy for any transfers between funds, and allocalion lo or frorn designated funds, are stated in Note 12 to the accounts. Plans for future eriods Core funding from ACE of COL and Consorlium activity lias been gianled until 31 March 2026. The strategic aims remain Ihe sarne. Our planned aclivilies include: researching and supporting Solent based artists and partners. developing and delivering Solenl-based support schemes includiiig training with Revel Puck Circus, arlists, workshops and seed funding,. connecting Solent artists and organisations nationally and internationally; presenliiig Taroo in Bradlord. supporting future presentations of COL co-commissions {AnGhored in Air, l Am. Am I, Foolprint in the Snow) nationally and internationally; supporting the delivery of rural touring through Circus Around and About 2 in south west England; supporting international presentations of courvc supported work; developing and delivering the first pilot Carousel residency. as well as continuing to network wilhin the crealive sector, brokering opportunilies, and mentoring artists and their work. As a small company, we remain in a posilion to adapt and flex to maximise possibilities. Our core funding is sufficient to fund our overheads, and our reserves allow us to take some risks on moving activities forward il circumstances change without much notice. 'or risks The trustees have conducted a risk analysis to identify the major risks lo which the company is exposed. Systems have been put in place to mitigate these risks whereby the risks are reviewed al the truslees, meetings. 11
Crying Out Loud Limited (Limlted by guarantee) Trustees, res onsibililies slatement The trustees (wlio are also directors ol Crying Out Loud Limited for Ilie purposes of company law) are responsible for preparing the truslees, report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (Uiiited Kiiigdom Generally Accepted Accounling Practice). Company law requires the trustees to prepare financial statements for eacli financial year. Under that law the trustees musl prepare Ilie financial statements iii accorda11ce witli Uiiiled Kiiigdom Generally Accepted Accounting Practice (Uiiited Kingdom Accounting Standards and applicable law). Under cornpany law the trustees must nol approve Ihe finaiicial statements unless they are satisfied that tliey give a Irue and fair view of the state of affairs of the charitable company aiid of the incomiiig resources and application of resources, including tlie iiicome aiid expenditure, ol the charitable company for Ihal period. In preparing these financial slatemeiits, the Iruslees are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates tlial are reasonable and prudent state whether applicable UK Accouiiting Slandards have been followed, subjecl to aiiy material departures disclosed and explained in tlie finaiicial statements., prepare the fiiiancial stalements oli a going concern basis uiiless it is inappropriate to presume Ihal tlie charitable company will coiitiiiue in operatioii Tlie trustees are responsible for keeping proper accounling records wliicli disclose witli reasonable accuracy al any time the finaiicial position of the charilable company and wliicli enable tliem to eiisure Ihal the financial statements comply wilh tlie Compaiiies Act 2006. They are also responsible for safeguarding Ilie assets of Ilie charitable compaiiy aiid hence for taking reasonable steps lor Ihe preveiilion and deleclioii of fraud ai)d other irregularilies. In so far as the Irustees are aware: tliere is no relevant audit informalioii (as defined by section 418{3} of the Companies Acl 2006) of wliich the charitable compaiiy's auditor is unaware; and tlie trustees liave taken all steps tliat they ought to have taken to make themselves aware of any relevanl audit iiiformalion and lo eslablish tliat the audilor is aware of Ihat iiiformation. Small company exempllons The above report has been prepared iii accordance with the special provisions relating to companies subject to the small companies regirne within Part 15 of the Companies Act 2006. Tliis report was approved by tlie board of trustees on 5 November 2024 and signed on ils behalf by Cal Harrlson (Chair) Trustee 12
Crying Out Loud Limlted (Llmlted by guarantee) Independent audltors, report to the members ol Crylng Out Loud Limited Opinion We have audited the financial statements of Crying Out Loud Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, slaternent of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards. including Finaiicial Reporting Standard 102 The Financial Reporling Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true aiid fair view of the state of the charitable company's affairs as al 31 March 2024 and of its incoming resources and application ol resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls of oplnlon We conducted our audil in accordance with Internatioiial Standards on Auditing (UK) and applicable law. Our responsibilities under those standards are furlher described in the Audilor's responsibilities lor the audit of Ihe financial slalements section of our report. We are independent of the charitable company in accordance with the ethical requiremenls thal are relevant to our audil of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Iliat the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Irustees, use of the going concern basis of accounting in the preparalion of the financial statements is appropriate. Based on Ihe work we have performed. we have not idenlified any malerial uncerlainties relating to events or conditions that, individually or colleclively, may cast significant doubt on the entily's ability lo conlinue as a going concern for a period of at least Iwelve moiiths from when the financial statemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concern are described in the relevant sections ol this report. Other Inlormalion The trustees are responsible lor the other inforrnation. The other inforrnation cornprises the information included in tlie annual report other than the financial statemeiits and our auditor's report Ihereon. Our opinion on the financial slalements 13
Crylng Out Loud Limited (Limiled by guarantee) does not cover the other information and, excepl to the extenl otlierwise explicitly stated in our report, we do not express any form of assuraiice conclusion tliereon. In coniieclion with our audit ol Ilie linancial statements, our respoiisibilily is to read the otlier informatioii and, iii doing so, consider whelher the Olher information is materially inconsisteiit with tlie finaiicial statemeiits, or our kiiowledge obtained in the audit or olherwise appears to be materially misstated. If we ideiilify such material inconsistencies or apparent material misstatemeiits, we are required to determiiie whetlier tliere is a material misstaiemenl iii the linancial statemeiiis or a material misstatemenl of the other information. 11, based on tlie work we have performed, we conclude that there is a material rnisstatemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other malters pr8scrlbed by the Companles Act 2006 In our opiiiion, based on Ihe work undertaken in the course of the audit: the iiiformation given in the trustees, report, which includes the directors. reporl prepared for company law purposes, for Ihe fiiiancial year for which the finaiicial statements are prepared is coiisistent with the financial statements; and tlie direclors, report included within tlie Iruslees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exc8Ptlon In the liglit of the knowledge and understanding of tlie charilable cornpany and its eiivironment obtained iii Ihe course of the audit, we have not idenlified material mlsstatemeiits in Ihe trustees, report. We have nothing to report iii respect of the following matters in relation to which tlie Companies Act 2006 requires us to report lo you if, iii our opinioii.. adequate accounting records have not been kept, or returns adequale for our audit liave iiot been received from braiiches not visited by us; or tlie finaiicial statemeiils are not in agreement with the accounting records and returiis; or cerlain disclosures of trustees, remuneralion specilied by law are nol made. or we have not received all the information ai)d explaiiaiions we require for our audit. Responslbllltles of trustees As explained more fully iii Ilie Irustees, respoiisibilities statement set out on page 13, the truslees (who are also tlie direclors of tlie charitable compaiiy for Ilie purposes of compaiiy law) are responsible for the preparation ol Ihe financial slalements aiid for being satisfied Iliat they give a true and fair view, and lor sucli iiilernal coiitrol as tlie trustees determine is necessary to enable the preparatioii of fiiiancial statements tliat are free from rnaterial rnisstatement, whether due lo fraud or error. In prepariiig the linaiicial statements, the trustees are responsible for assessing the charilable compaiiy's ability to continue as a going concern, disclosing, as applicable, matlers related to goiiig concern and usiiig the goiiig coiicern basis of accounting unless the Irustees either intend to liquidate the charitable company or lo cease operatioiis, or have no realistic alternative but to do so. 14
Crying Oul Loud Llmlted (Llmlted by guarantee) Auditor's responslbllltles lor the audit of the linancial statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with this Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an auditor's reporl that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to detect material misstalements in respect ol irregularities, including fraud. The extent to which our procedures are capable of detecling irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable lo the company and the sector in which it operates Ihrough discussions with management, sector researcli, and the application of relevant audit knowledge and experience We made enquiries of management around actual and potential litigation and claims We made enquiries of management and relevanl slafl, and designed our audit procedures, including reviewing financial statement disclosures and testing of supporting documentation, to assess compliance with applicable laws and regulations. We focussed on laws and regulations which could give rise to material misslalement in Ilie financial statements including, but not limited lo, the Companies Acl 2006, the Charities Act 2011, the Charilies SORP, and the Financial Reporting Standard 102 We identified Ihe risk of material misstaternent of the financial slatemeiils due to fraud aiid designed audit procedures to respond to Ihe risk. We performed audit procedures designed to address the risk ol fraud arising from management override of controls. including, but not limited lo, lesling of journal entries and other adjuslments, reviewing accounting eslimales for evidence of bias, and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherenl limitations of an audit, Ihere is a risk that we will not detect all irregularilies, including those leading to a material misstalement in the accounts or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in Ihe accounts, as we will be less likely to become aware of instances ol non-compliance. The risk is also greater regarding irregularilies occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, ornission or misrepresentalion. A furlher description of our responsibilities for the audit of Ihe financial statements is located on the Finaiicial Reporting Council's website at.. h1tps.llwww.frc.org.uaudlt0rsreSponSlb1lI1leS this description forms part of our auditor's report. 15
Crying Out Loud Limited (Limiled by guarantee) Use of our report This reporl is made solely to tlie charitable company's members, as a body, in accordance with Chapter 3 of Parl 16 01 the Companies Acl 2006. Our audit work has been underlaken so that we miglit state to the charitable company's members those matters we are required to state lo them in an auditor's reporl arid for iio other purpose, To the fullest extenl permitted by law, we do iiot accept or assume respoiisibilily to anyone ollier than tlie charitable company arid the cliaritable compaiiy's members as a body, for our audit work, for this reporl, or for the opinions we have formed. Kerry Lawrance FCA Senlor Statutory Audltor For and on behall ol Compass Accountants Llmlted, Statutory Auditor Venture House, The Taiineries East Street Titchf ield Hampshire P014 4AR Date: bcCL74Q ZCQ 16
Statement of financial activities (Includlng Income and expenditure account) for the year ended 31 March 2024 Unro$lrl¢ted ReBtrlcted funds funds 2024 Total Unrestrlcted Reslrlcted fund$ fund8 2023 Total Notes Incomlng resources Incomlng resources from generated funds: Voluntary income Inveslment income- bank interest Incoming resources from charilable activities: Thealrlcal income Project specrfic funding Total Incomlng resources 307.574 307.574 215,103 215,103 2,705 2,705 609 609 18.471 5,792 334,542 18.471 8,648 337,398 29,406 73,561 4,000 77,561 102,967 4,000 322,679 2,856 2,856 245,118 Resources expended Cost of gen8ratlng funds Fundraising costs Charitable activities Productlonlprojecl costs Support costs Total resources expended 28,641 28,641 24,548 24,548 223,418 95,549 347,608 4,295 227,713 95,549 351,903 141,340 86,232 252,120 80,384 221,724 86,232 332,S04 4,295 80,384 Net movement In funds Net Incomel(expendltura> for tha year (13,066) (1,439) (14,505) (7,002) (2,823) {9,825> Total funds brought forward 171,877 173,554 178,879 4,500 183,379 Total funds Carrled forward 14 158,811 238 159,049 171,877 4,677 173,554 The notes on pages 22 to 28 form an integral part of these financial statemenls. 17
Crying Out Loud Limited (Llmlted by guarantee) Year ended 31 March 2024 2024 2023 Incoming resources Incoming resources from generated funds Voluntary Income Grants ACE- main Sponsorship Donations 307,488 215,103 86 307,574 215,103 Incomlng resources from charltable actlvltles Theatrical income Performance fees Education Fees Project fees Expenses reimbursed Other income 12.213 646 913 4,699 21,277 43 78,499 3,148 18,471 102,967 Project speclfl¢ fundlng Grant: ACE - Managed Funds Grant: Local authority Grant: Trusv FoLJndation Third Version Creative Other project funding 1,000 50D 1.356 5,000 792 8,648 4,000 4,000 18
Crylng Out Loud Limlted (Llmlted by guarantee) Year ended 31 March 2024 2024 2023 Costs ol eneratln Fundraising Salaries and fees funds 28,641 28,641 24,548 24.548 Charilable activities Pyoduction and activity costs Projecl development and presentation fees Project workshopl education fees Consortium partner fees - Third Version Creative Project development and presentalion costs Project worksliopl education costs Project team travel and transport costs Project team accommodation and subsistence costs Project marketing, documentation and evaluation cosls COL team - activity cost of employment and fees COL team project travel, accommodation and subsistence COL activity supporl and markeling costs 39,242 4,796 35,625 4.864 633 9,648 7,674 2,593 94,991 9,764 17,883 227,713 85,464 190 4,780 450 21,089 17,682 6,262 66,238 10,012 9,557 221,724 Support cosls Overheads Rent and rates Insurance Depreciation of fixtureslfiltingslequipment Loss on disposal of fixed assets 18,618 3,543 1,123 20,507 3.335 1,077 196 25,115 23,284 Administration Salaries IT costs Office communication costs Office Sundries Office travell transport Hospitalily 25,459 4,286 1,793 959 2,469 22,724 4,395 2.208 413 148 327 30,215 34,966 Professional/financial Bank charges Legallprofessional (Profit)Iloss on exchange 185 53 1.595 1,833 186 589 (2,457) 11 ,682) Governance costs Salaries Bookkeeping Auditors, remuneration Board expenses 25,459 5,832 3.265 910 35.466 22,724 5,423 3.815 622 32,584 95.549 86,232 19
Crying Out Loud Llmlted (Llmlted by guarantee) Company number 2650108 Balance sheet 31 March 2024 2024 2023 Noies Fixed assets Taiigible assets 3,372 3.231 Current assets Debtors Casli at bank arid in liand 11,461 169,801 10,065 172,057 181,262 182,122 Creditors: amounts lalllng due withln one year 10 25,585 11,799 Net current assets 155,677 170,323 Net assets 159,049 173,554 Unrestricted lunds Designated fund General fuiid 12 8,335 150,476 171,877 Restrlcled funds 13 238 1,677 Total charity funds 159,049 173,554 These financial slatements liave beeii prepared in accordaiice willi the special provisioiis relating to Ihe small companies. regime withiii Part 15 of Ihe Companies Act 2006, Tlie finaiicial slatemenls were approved by the board of trustees on 5 November 2024 and sigiied on its behalf by Cat Harrison (Chair) Trustee Bllly Ridger Trustee The notes oli pages 24 10 28 form an integral part of these financial statements. 20
Crying Out Loud Limited (Limlted by guarantee) Statem8nt ol Cash Flows For year endlng 31 March 2024 2024 2023 Notes Cash provlded by (used In) operating actlvities 15 (2,102) 803 Cash Flows from invesling actlvltles Interest income Proceeds from sale of fixed assets Purchase of tangible fixed assets Cash provlded by (used In) Investing activilles 2.705 609 1,264 1,356 1,441 (747) Cash Flows from financing actlvltles Profit (Loss) on exchange Cash provld8d by (used In) Investlng activities 1.595 2.457 1,595 Increase (decrease) in cash and cash equivalents in the year (2,256) 2,513 Cash and cash equivalents at the beginning of Ihe year 172057 169,544 Total cash and cash equivalents at the end of the year 169,801 172,057 21
Crying Out Loud Limited (Limited by guarantee) Notes to the financial statements lor the year ended 31 March 2024 Accounting pollcles statutory information The cliarity is a private company limited by guarantee witli no share capital, domiciled iii England and Wales, registration number 02650108. In the event of tlie charity being wound up the liability iii respect of tlie guaranlee is restricted to £1 per rnember of the company. The address of its regislered oflice is Veiiture House. The Taiineries, East Street, Titchfield, Hampshire, P014 4AR. Tlie charity meets tlie defiiiilion of a public benefit entily under FRS102. Tlie presentation currency is £ Slerling. Basls of preparlng the financial statements The fiiiancial slatements are prepared under the historical cost convention, Companies Act 2006, Charities Acl 2011 (FRS 102) aiid the Charities Statement of Recommended Practice {SORP2019). The Trustees liave evalualed tlie fuiiding and operaling activities and reserves position aiid have iio material uiicertainlies aboul the Cliarily's ability to continue as a going coiicern. Incomlng resources All incoming resources are included in the statement of financial activilies when tlie charity is legally entilled lo the income and tlie amouiit can be quanlified willi reasonable accuracy. Incornlng resources Irom generated funds Granlslspoiisorsliipldonations are recogiiised in incoming resources in Ihe year iii which they are receivable, except as follows:
wheii donors specify tlial grantsldonalions given to Ihe cliarity must be used iii future accouiiling periods. Ilie income is deferred until tliose periods wheii doiiors irnpose condilions, which have to be fulfilled before the cliarily becomes eiititled lo use such income, the income is deferred and nol included in incoming resources uniil the preconditions lor use are met Inveslment iiicorne is recognised on an accruals basis. Donated services and facilities are iiicluded at the value lo the charity wliere this can be quanlified. The value of services provided by volunteers has iiot been included in Iliese accounls. Incomlng resources from charitable actlvltles Tliealrical income - income from box office, performance fees and sundry otlier theatrical iiicome is included in iiicomiiig resources in the period in wliich tlie relevant show takes place 22
Crylng Out Loud Llmlted (Limited by guaranlee) Noles to the linancial slatements lor the year ended 31 March 2024 Project specific funding - when donors specify that donalions and grants are for particular restricted purposes, which do not amount to pre-conditions regarding enlitlemenl, Ihis income is included in incorning resources of restricted funds when receivable. Voluntary Income Voluntary income received by way ol donations and gifts is included in incoming resources when receivable. The value of seNices provided by volunteers has nol been included. Resources expended All expenditure is included on an accruals basis inclusive of any VAT which cannol be recovered and is recognised when there is a legal or constructive obligation to incur the costs. Costs of generating lunds Costs incurred in attracting voluntary income, and those incurred iii trading activities that raise funds. Charitable activltles Production/ ro ect costs Costs incurred in Ihe development, production and iunning of productions or other relevant projects toured in the year. ort costs The administrative and overhead cosls associated with running the office from which the company operates, and Ihe cosls associated wilh the constitutional and statutory requirements of the charity. These have all been allocated to the charitable activities cost heading as the proportion spent on cosls of generaling funds is considered immaterial. Tanglble Ilxed assets and depreciallon Individual fixed assets costing £1,000 or more are capitalised at cost. Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Fixtureslfittingslequipment - 25°/o on reducing balance Circus equipment - 250/0 on reducing balance Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated inlo sterling at the rates of exchange ruling al the balance sheet date. Transactions in foreign currencies are translated al the date of Ihe transactions. All gains and losses on exchange are written off in the income and expenditure account. Cash and cash equlvalents Cash and cash equivalents comprise cash on hand, call deposits, and other short-term liighly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk ol change in value 23
Crylng Out Loud Llmlted (Limited by guarantee) Notes to the Ilnancial statements for the year ended 31 March 2024 Trade debtors Trade debtors are amounts due from customers for merchaiidise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are SLSbsequently measured al amorlised cost usiiig tlie effeclive iiiterest method, less provision for impairment. A provision for the impairment of trade debtors is establislied when there is objective evidence that Ilie charily will nol be able to collect all amounts due accordiiig to the original terms of tlie receivables. Trade credltors Trade creditors are obligalions to pay for goods or services that have beeii acquired in tlie ordinary course of busiiiess from suppliers. Accounts payable are classified as current liabilities if the cl)arity does not have an unconditional riglit, at Ilie end of the reportiiig period, lo defer settlement of the creditor for at least twelve months aller the reporting dale. If there is an unconditional right lo defer setllemeiit for at least twelve montlis alter tlie reportiiig date, tliey are presented as iion-current liabilities. Trade creditors are recognised initially at the transaction price and subsequeiitly measured at amortised cost using Ihe elleclive interest melliod. 1.10. Fund accounting Funds lield by the charity are eillier: Unrestricted general funds - Ihese are funds which can be used in accordance witli Ihe charitable objecls al tlie discretioii of the Irustees. Restricted fuiids - these are funds tlial can only be used for particular restricted purposes williin the objects of tlie cliarity. Restrictions arise when specified by tlie donor or wlien funds are raised lor particular restricted purposes. Further explaiiation of the nature and purpose of each fuiid is included in the notes lo the financial statements. 1.11. Leases Rentals paid under operaling leases are charged to Ilie slaiement of fiiiancial activities on a slraiglit line basis over the lease term. Incomlng resources The total incoming resources for the year have been derived from Ihe priiicipal aclivity. The proportion of thealrical income derived from outside the UK amounted to 39 /0 {2023 - 87 /.). 24
Crylng Out Loud Limlted (Limited by guarantee) Notes to the financial statements for Ihe year ended 31 March 2024 Net Income lor the year Is slated alter charging: 2024 2023 Depreciation of tangible fixed assels Loss on disposal of fixed assets Lossl{Profit) on foreign exchange Audilors, remuneration - statutory audit Auditors, remuneration - Olher seNices 1,123 1,077 196 {2,457) 3,815 1,595 3,000 265 Trustees. emoluments and relmbursed expenses The trustees received no remuneration during the year (2023 - £nil). The aggregated amount reimbursed to trustees during the year was £238 {2023 - £nil). Staff cosls and numbers 2024 2023 Stall costs Salaries and wages Social security costs Pension costs 147,043 10,271 3,027 160,341 115,931 7.895 2,382 126,208 One employee earned between £60,000 - £70,000 during Ihe year (2023 - one employee earned rnore than £60,000). The total benefils received by Key Management personnel during the year were: Artistic Director £81,380 {2023 - £77,936); Execulive Director £26,890 {2023 - £28,233). The trustees did nol receive any remuneration during Ihe year. Stalf numbers (full Ilme equlvalent) The average numbers of employees {including casual and part time staff) during the year was made up as follows: 2024 Numbèr 0.35 1.58 0.44 0.43 2.80 2023 Number 0.29 0.95 0.38 0.38 2.00 Cosl of generaling funds Charitable activities: Projects Charitable activities: Administration Charitable aclivities: Governance Penslons and other post-retiremenl obllgallons The charity operates a delined contribution pension scheme which is a pension plan under which fixed contributions are paid iiito a pension fund and Ihe cliarity has no legal or constructive obligation to pay further contributions even if Ihe fund does not hold sulfiaent assets to pay all employees the benefits relating to employee serrfice in the current and prior periods. 25
Crylng Out Loud Limited (Limited by guarantee) Notes to the flnancial statements lor the year ended 31 March 2024 Contributions to defined contribulion plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed tlie conlribulioii due for service. the excess is recognised as a prepayment. Taxatlon No provision for corporation lax has been made as Ihe cliarily is exempt from corporation tax on its income and gains to Ihe extent that these are applied to ils charitable activilies. Fixed assets- tangible assets Flxluresl Clreus liltlngsl equlpmeni equlpment Total Cost 1 April 2023 Additions during year Disposals during year 31 March 2024 1,391 1 .264 5,558 6,949 1 .264 2,655 5,558 8,213 Depreclatlon 1 April 2023 Disposals during year Charge for year 31 March 2024 609 3.109 3,718 511 1,120 612 3,721 1,123 4,841 Net book value 31 March 2024 31 Marcli 2023 1,535 782 1,837 2,449 3,372 3,231 Debtors 2024 2023 Trade debtors Otlier debtors Prepaymentslaccrued income 2,561 3,747 5,153 11,461 3,596 1,872 4,597 10,065 10. Creditors: amounts lalling due wlthln one year 2024 2023 Trade creditors Otlier taxatioiilsocial security Other creditors Accrualsldeferred income 15,665 3.957 433 5,530 25,585 4,973 3.107 441 3,278 11,799 Llmiled by guarantee The company is limiled by guaraiitee and does not have a sliare capital. Each member gives a guarantee to contribute a sum, not exceediiig £1, lo tlie company should it be wound up. At 31 March 2024, tliere were 7 members. 26
Crying Out Loud Limlted (Llmlled by guarantee) Notes to the financial statements for the year ended 31 March 2024 12. Unrestricted funds Brought forward Incomlng resources Outgolng resources Carrled forward 2024 Designated fund General fund 43,960 290,582 334,542 35,625 311,983 347,608 8,335 150.476 158,811 171.877 171,877 Designated funds are funds Ihat have been agreed and sei aside far use by our consortium partner - Third Version Creative. The allocation to or from designated funds are agreed in the Consortium Business Plan and overseen by the Consorlium Board. 2023 comparatlve General funds 178,879 245.118 252.120 171,877 13. Restrlcted funds Clrcus Chang8 UP Arls Council England provided a grant to develop a nalional framework for circus, including recommendations of how this can be supported and developed long term. This research work is now complele. Taroo - London Royal Victoria Hall Foundalion supported the rehearsing and presentation of performances of Taroo by Company Zid in London, and in collaboration with Shubbak Festival and the Babylon Project. Taroo - Bradford Bradford City Council provided a granl for some early costs for Company Zid who will present work as part of the BD:Festival in 2024. Broughl forward Incomlng Oulgolng resources resources Carrled forward 2024 Circus Change UP Taroo - London Taroo - Bradford 1,677 1,000 1,356 500 2,856 2,677 1,356 262 4,295 238 238 1,677 Broughl forward Incomlng resources Outgoing resources Carried forward 2023 comparalive Circus Change UP Cross Border Rural Touring 4,500 4.000 73,561 77.561 6,823 73,561 80.384 1,677 4.500 1.677 27
Crying Out Loud Limited (Limited by guarantee) Notes to the linanclal statements lor the year ended 31 March 2023 14. Analysis ol net assets between funds General funds Restrlcted funds Toial Fund balances at 31 March 2024 were represented by: Tangible fixed assets Current assets Credilors: amounts lalling due within one year 3,372 181,024 3.372 181,262 238 25,585 159,049 158.811 238 Fund balaiices al 31 March 2023 were represeiiled by: Tangible fixed assets Current assets Creditors: amounts falling due within one year 3.231 180,445 3.231 1,677 182,122 11.799 171,877 11,799 1,677 173,554 15. Reconclllatlon ol net movement in funds to net cash flow from operatlng actlvllles 2024 2023 Nel movemeiil in funds Add back depreciation cliarge Add back disposal ol fixed assets Deduct iiiterest income showii in investing activities Add back (profit} loss on financiiig activities Decrease (iiicrease) in debtors Iiicrease {decrease) in creditors (14,505) 1,124 (9,825> 1,077 196 {609) {2,705) 1.595 (1,397} 13,786 2.102 (2,457) 29,665 (17,244) 803 17. Related Party Transactlon There were no related party Iransactions during the year. 28