2022-03-31-accounts - Nofit State Community Circus Ltd

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			Page
Report ofthe	Trustees
Report ofthe	Independent	Auditors
Consolidated	Statement	of Financial Activities
Consolidated	and Charity	Balance Sheets
Consolidated	Cash Flow	Statement
Notes to the	Consolidated	Cash Flow Statement	12
Notes to the	Financial Statements

				Unrestricted	Restricted	Total	Total
				Funds	Funds	Funds	Funds
				2022	2022	2022	2021
			Notes		F	F	F
INCOME AND ENDOWMENTS		FROM
Donations and legacies				687,000		687,000	825,698
Charitable activities
Education and training	through	artistic		376,345	414,051	790,396	395,475
performance
Other trading activities				37,7?3		37,773	9,498
Other income				4,395		4,395	81
Total				1,105,513	414,051	1,519,564	1,230,752
EXPENDITURE ON
Cost ofother trading activates				12,419		12,419
Charitable activities
Education and training	through	artistic		716,079	720,635	1,436,714	769,137
performance
Other
Total				728,498	720,635	1,449,133	769,401
NET INCOME/(EXPENDITURE)				377,015	(306,584)	70,431	461,351
RECONCILIATION OF	FUNDS
Total funds brought forward				1,275,545	356,685	1,632,230	1,170,879
TOTAL FUNDS CARRIED FORWARD				1,652,560	50,101	1,702,661	1,632,230

				Group		Charity
			2022	2021	2022	2021
		Notes
FIXEDASSETS
Tangible assets		15	1,242,299	1,313,112	1,242,299	1,313,112
Investments		16			1	1
			1,242,299	1,313,112	1,242,300	1,313,113
CURRENT ASSETS
Debtors: amounts Stocks	falling due within one year	17	283,409 5,484	59,707 3,170	98,066	64,606
Cash at bank			530,181	554,203	528,852	553,927
			819,074	617,080	626,918	618,533
CREDITORS
Amounts falling due within one year		18	(171,604)	(102,532)	(166,084)	(101,082)
NET CURRENT ASSETS			647,470	514,548	460,834	517,451
TOTAL ASSETS	LESSCURRENT LIABILITIES		1,889,769	1,827,660	1,703,134	1,830,564
CREDITORS
Amounts falling due after more than one year		19	(187,108)	(195,430)	(187,108)	(195,430)
NET ASSETS			1,702,661	1,632,230	1,519,026	1,635,134
FUNDS		22
Unrestricted funds:
General fund			1,652,560	1,275,545	1,465,925	1,278,449
Restricted funds			50,101	356,685	50,101	356,685
NET ASSETS			1,702,661	1,632,230	1,516,026	1,635,134

					2022	2021
Cash flows from operating	activities. "			Notes	E
Cash generated from operations Taxation					15,487	562,556 37,722
Net cash provided by (used in) operating activities					15,487	600,278
Cash flows from investing	activities:
Purchase oftangible fixed assets					(33,919)	(27,259)
					2,332
Net cash provided by (used in) investing activities					(31,587)	(27,259)
Cash flows from financing	activities:
Loan repayments in year					~7,922)	~7,973)
Net cash provided by (used activities	in) financing				(?,922)	(7,613)
Change in cash and cash equivalents reporting period		in the			(24,022)	565,406
Cash and cash equivalents the reporting period	at the beginning		of		554,203	(11,203)
Cash and cash equivalents	at the end	ofthe
reporting period					530,181	554,203

RECONCILIATION OF NET INCOME/(EXPENDITURE)	RECONCILIATION OF NET INCOME/(EXPENDITURE)	RECONCILIATION OF NET INCOME/(EXPENDITURE)	TG NET CASH FLOW	FROM
OPERATING ACTIViTIES
				2022	2021
Net income/(expenditure) for the reporting		period (as	per the statement	70,431	461,351
offinancial activities)
Adjustments for:
Depreciation charges				102,439	100,542
Loss on disposal offixed assets				(39)	(3,450)
Write back ofretention on freehold	property				24,621
Theatre tax relief claim				(187,270)
(Increase)/decrease in stock				(2,314)	263
(Increase)/decrease in debtors				(36,432)	{25,180)
Increase/{decrease} in creditors				68,6?2	4,409
Net cash provided by (used in) operating		activities		15,487	562,556
ANALYSIS OF CASH AND CASH	EQUIVALENTS
				2022	2021
Cash in hand				16,207	18,981
Cash at bank				513,974	535,222
Total cash and cash equivalents				530,181	554,203
ANALYSIS OF CHANGES IN NET DEBT
			At 1/4/21	Cash flow	At 31/3/22
			E
Net cash
Cash at bank and in hand			554,203	~24,022)	530,181
			554,203	~24,022)	530,181
Debt
Debts falling due within one year			(7,463)	{400)	(7,863}
Debts falling due after one year			L)95.443300)	8,322	)187,108)
			)202,883)	7,922	L)94.997711)
Total			351,31D	~18,100)	335,210

DONATIONS	AND LEGACIES
			2022	2021
Donations			7,725	4,196
Gift aid				1,078
Grants			679,275	820,424
Donated services and facilities
			687,000	825,698
Grants received were as follows:
			2022	2021
			F	E
Arts Council	ofVVales - revenue	funding	196,749	196,749
Arts Council	England - NPO funding		204,861	204,861
Job retention	scheme grant		32,068	160,724
Arts Council	ofWales —Covid-19 recovery fund		95,325	234,090
Arts Council	ofEngland —Covid-19 recovery fund		150,272
Small business COVID-19 local		support scheme		24,000
			679,275	820,424

OTHER TRADING ACTIVITIES
	2022	2021
	E
Corporate sponsorship Catering income	798	9,261
Bar takings and popcorn sales Merchandising Rent and hires	31,195 3,346	237
Professional fees Other	2,434
	37,773	9,498
INCOME FROM CHARITABLE ACTIVITIES
	2022	2021
Grants Performance fees Workshop fees Community performances Theatre tax relief claim	427,051 138,215 31,744 6,116 187,270	389,77Q 5,?05
	790,396	395,475

Grants received, included in the above, are as follows:
		2022	2021
Arts Council ofWales —project funding to support the Transitions The Rayne Foundation Arts Council ofWales —Creative Collaborations The British Council —Drum up a circus Arts Council ofWales —Reimagining a community Community Foundation Wales —COVID-19 Resilience fund Garfield Weston Foundation Arts Council ofWales —Connect and Flourish funding to support Arts Council ofWales —COVID-19:Support for Arts Organisations Moondance Foundation Paul Hamlyn Foundation Gibs Trust Creative Scotland —Circus Village	project the Circus Village (Capital)	2,973 10,000 8,000 129,121 60,000 82,000 3,000 25,000	13,379 1,50Q 2,500 9,000 31,910 14,520 276,260 32,786 7,915
Arts Council of England Circus Village Arts 8 Business Cymru —Creative internship programme Arts 8 Business Cymru —Culture Step		98,859 6,704 1,394
		427,051	389,7?0

erforma	nce fees, included in the above, are as	follows:
		2022	2021
Lexicon	tour	138,215
		138,215

COSTS OF O	THER TRADING ACTIVITIES
		2022	2021
			E
Bar and popcorn costs		12,419
Merchandising	costs		264
		12,419

						Direct costs	Support costs	Totals
						(Seenote 9)	{Seenote 10)
						E
Education	and	training	through	artistic	performance	1,150,258	286,456	1,436,714

			2021	2021	2021
			Unrestricted	Restricted	Total funds
			funds	funds
INCOME AND ENDOWMENTS		FROM
Donations and legacies			591,608	234,090	825,698
Charitable activities
Education and training	through	artistic performance	5,705	389,770	395,475
Other trading activities			9,498		9,498
Other income			81		81
Total			606,892	623,860	1,230,752
EXPENDITURE ON
Cost ofother trading activates
Charitable activities
Education and training	through	artistic performance	500,005	269,132	769,137
Other
			500,269	269,132	769,401
NET INCOME/(EXPENDITURE)			106,623	354,728	461,351
Transfer between funds			22,435	(22,435)
RECONCILIATION OF	FUNDS
Total funds brought forward			1,146,487	24,392	1,170,879
TOTAL FUNDS CARRIED FORWARD			1,275,545	356,685	1,632,230

	Long
	leasehold
	property			Fixtures 8
	improvements	Equipment	Motor vehides	fittings	Totals
	E		F
COST
At 1 April 2021 Additions Disposals	1,36Q,182	511,120 29,250 ~19,819)	54,596 1,500	13,637 3,169 ~2,332)	1,939,535 33,919 ~22,151)
At 31 March 2022	1,360,182	520,551	56,096	-14,474	1,951,303
DEPRECIATION
At 1 April 2021 Charge for year Eliminated on disposal	190,407 27,204	396,936 67,351 ~19,819)	35,929 5,246	3,151 2,638 ~39}	626,423 102,439 ~19,858)
At 31 March 2022	217,611	444,468	41,175	5,750	709,004
NET BOOK VALUE
At 31 March 2022	1,142,571	76,083	14,921	8,724	1,242,299
At 31 March 2021	1,169,775	114,184	18,667	1Q,486	1,313,112

Shares	in
group
undertakings

					Group	Group	Charity	Charity
					2022	2021	2022	2021
Trade debtors					7,127	360	7,127	360
Amounts owed		by group undertakings					1,927	4,899
Other debtors						1,241		1,241
VAT						9,201		9,201
Prepayments	and accrued income				89,012	48,905	89,012	48,905
Theatre tax relief recoverable					187,270
					283,409	59,?07	98,066	64,606
CREDITORS:		AMOUNTS FALLING		DUE WITHIN ONE YEAR- Group and chaiity
					Group	Group	Charity	Charity
					2022	2021	2022	2021
					F	F	F
Bank loans and overdraft (see note 20}					7,863	7,463	7,863	7,463
Trade creditors					40,314	3,294	36,592	3,294
Social security		and other taxes			10,043	9,603	10,043	9,603
VAT					2,532		2,364
Other creditors					2,478	2,104	2,4?8	2,104
Accruals and deferred			income		108,374	80,068	106,744	78,618
					171,604	102,532	166,084	101,082
Included within		Accruals and deferred		income above is the following		deferred income:
							2022	2021
Moondance Foundation								60,000
British Council								8,000
WCVA							26,610
Sabotage box	office						55,017
							81,627	68,000

19.	CREDITORS: AMOUNTS	FALLING DUE AFTER	MORE THAN ONE YEAR —Group and charity
			2022	2021
			E
	Bank loans (see note 20)		187,108	195,430
20.	LOANS
	An analysis ofthe maturity ofloans is given below:
			2022	2021
			E
	Amounts falling due within one year on demand:
	Bank overdraft
	Bank loans		7,863	7,463
			7,863	7,463
	Amounts falling between one and two years:
	Bank loans - 1-2years		7,863	7,463
	Amounts falling due between Bank loans - 2-5 years	two and five years:	25,588	24,388
	Amounts falling due in more	than five years:
	Repayable by instalments:
	Bank loans more 5years by	instalments	153,657	163,579
21.	SECURED DEBTS
	The following secured debts	are included within creditors:
			2022	2021
			E	E
	Bank loans		194,971	202,893
			194,971	202,893
	There is a fixed and floating charge over the assets		ofthe group.
	The bank loan is secured against the long leasehold		property.

								Net movement	Transfers
						At	1/4/21	in funds	between funds	At 31/3/22
							E	F	F	E
Unrestricted funds
General fund						1,275,545		377,015	(96,000)	1,556,560
Designated fund —production		fund							96,000	96,000
						1,275,545		377,015		1,652,560
Restricted funds
Youth Circus							1,750	{1,750)
Arts Council ofWales —Creative							34,909	(34,909)
Collaborations
Arts Council ofWales —Re-imagining				a			10,980	(10,980)
community
Garfield Weston						276,260		(276,260)
Arts Council ofWales —Connect			and	Flourish			32,786	(32,786)
funding to support the Circus
Paul Hamlyn Foundation								50,101		50,101
						356,685		{306,584)		50,101
TOTAL FUNDS						1,632,230		70,431		1,?02,661
Net movement in funds,	included		in the above are as follows:
								Incoming	Resources	Movement in
								resources	expended	funds
									F
Unrestricted funds
General fund								1,105,513	(728,498)	377,015
Restricted funds
Arts Council ofWales - Transition								2,973	(2,973)
Arts 8 Business Cymru —Culture			Step					1,394	{1,394)
Youth Circus									(1,750)	(1,750)
The British Council —Drum up		a Circus						8,000	{8,000)
Arts Council ofWales —COVID-19: Support for Arts									(34,909)	(34,909)
Organisations (Revenue)
Arts Council ofWales —Re-imagining				a community					{10,980)	(10,980)
Garfield Weston									{276,260)	{276,260)
Arts Council ofWales —Connect and Flourish					funding	to
support the Circus								252,980	(285,766)	(32,786)
Moondance Foundation	—Community			Core Programme				60,000	{60,000)
Arts 8 Business Cymru —Creative			Internship		Programme			6,704	(6,704)
Paul Hamlyn Foundation								82,000	(31,899)	50,101
								414,051	(720,635)	(306,584)
TOTAL FUNDS								1,519,564	~1,449, 133)	70,431

MOVEMENT IN FUNDS —continued	MOVEMENT IN FUNDS —continued
Comparatives for movement in funds
					Net movement	Transfers
			At 1/4/20		in funds	between funds	At 31/3/21
				F	F	F	E
Unrestricted funds
General fund			1,146,487		106,623	22,435	1,275,545
Restricted funds
The British Council - Drum up a circus Arts Council ofWales —Creative Coilaborations				11,992 12,400	(11,992) (12,400}
Youth Circus Arts Council ofWales —COVID-19: Support for Arts Organisations (Revenue)					1,750 34,909		1,750 34,909
Community Foundation Wales —Coronavirus Resilience Fund					14,520	{14,520)
Arts Council ofWales —Re-imagining community	a				10,980		10,980
Garfield Weston Arts Council ofWales —Connect and Flourish					276,260 32,786		276,260 32,786
funding to support the Circus Village
Arts Council ofWales COVID-19: Support for Arts Organisation (Capital)					7,915	(7,915)
				24,392	354,728	{22,435)	356,685
TOTAL FUNDS			1,170,879		461,351		1,632,230
Net movement in funds, included in the	above	are as follows:
					Incoming	Resources	Movement in
					resources	expended	funds
					E	F	F-
Unrestricted funds
General fund					606,892	(500,269)	106,623
Restricted funds
Arts Council Wales —Transitions Arts Councii ofWales —Creative Collaborations Youth Circus The British Council —Drum up a circus Arts Council ofWales —COVID-19: Support for Arts Organisations (Revenue)					13,3?9 1,500 2,500 9,000 234,090	(13,379) (13,900) {750) (20,992) {199,181}	(12,400) 1,750 (11,992) 34,909
Community Foundation Wales —Coronavirus Resilience Arts Council ofWales —Re-imagining a community Garfield Weston Arts Council ofWales —Connect and Flourish funding to support the Circus Village				Fund	14,520 31,910 276,260 32,786	(20,930)	14,520 10,980 276,260 32,786
Arts Council ofWales —COVID-19: Support for Arts Organisations {Capital)					7,915		?,915
					623,860	{269,132)	354,728
TOTAL FUNDS
					1.230,752	~769,401I	461,351

A summary of	the	results	ofthe subsidiary	is shown
					2022	2021
Turnover					661,764	237
Cost ofsales					(658,248)	(264)
Gross profit					3,516	{27)
Administrative	expenses				(1,247)	{2,877)
Profit on ordinary		activities before taxation			2,269	2,904
Tax on loss on ordinary			activities		187,270
Profit for the financial year
					189,539	2,904
The aggregate	of	the assets, liabilities and		funds was:
					2022	2021
Assets					194,083	3,446
Liabilities					(7,447)	(6,349)
Funds (including		1 ordinary share ofE1)			186,635	2,903

		Restricted	Unrestricted
		funds	funds	Total
Fund balances	at 31 March 2022
are represented	by:
Tangible fixed assets			1,242,299	1,242,299
Current assets		76,711	742,363	819,074
Current liabilities Long term liabilities		(26,610)	(144,994) ~18?,108i	(171,604) ~187,108)
otal net assets		50,101	1,652,560	1,?02,661