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2023-03-31-accounts

Page
Report ofthe Trustees
Report ofthe Independent Auditors
Consolidated Statement of Financial Activities
Consolidated and Charity Balance Sheets 10
Consolidated Cash Flow Statement
Notes to the Consolidated Cash Flow Statement
Notes to the Financial Statements 13

Unrestricted Restricted Total Total
Funds Funds Funds Funds
2023 2023 2023 2022
Notes F F F F
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 524,937 3,000 527,937 687,000
Charitable
activities
Education
and training		 through artistic performance 5 537,048 458,176 995,224 790,396
Other trading 124,489 124,489 37,773
activities
Other income 12,353 12,353 4,395
Total 1,198,827 461,176 1,660,003 1,519,564
EXPENDITURE ON
Cost ofother trading
activates		 7 60,557 60,557 12,419
Charitable
activities		 8
Education
and training		 through artistic performance 1,457,071 423,798 1,880,869 1,436,714
Total 1,517,628 423,798 1,941,426 1,449,133
NET INCOME/(EXPENDITURE) (318,801) 37,378 (281,423) 70,431
Transfers
between funds		 2,055 (2,055)
Net movement
in funds		 (316,746) 35,323 (281,423) 70,431
RECONCILIATION
OF		 FUNDS
Total funds brought forward 1,652,560 50,101 1,702,661 1,632,230
TOTAL FUNDS CARRIED FORWARD 1,335,814 85,424 1,421,238 1,702,661

Group Charity
Notes 2023
f		 2022 2023
E		 2022
FIXEDASSETS
Tangible assets 15 1,238,025 1,242,299 1,238,025 1,242,299
Investments 16 1 1
1,238,025 1,242,299 1,238,026 1,242,300
CURRENT ASSETS
Debtors: amounts falling due within one year 17 278,249 283,409 97,550 98,066
Stocks 8,144 5,484
Cash at bank 429,423 530,181 426,667 528,852
715,816 819,074 524,217 626,918
CREDITORS
Amounts
falling due within one year		 18 (352,549) (171,604) (351,493) (166,084)
NET CURRENT ASSETS 363,267 647,470 172,724 460,834
TOTAL ASSETSLESSCURRENT LIABILITIES 1,601,292 1,889,769 1,410,750 1,703,134
CREDITORS
Amounts
falling due after more than one year		 19 (180,054) (187,108) (180,054) (187,108)
NET ASSETS 1,421,238 1,702,661 1,230,696 1,519,026
FUNDS 22
Unrestricted
funds:
General
fund		 1,335,814 1,652,560 1,145,272 1,465,925
Restricted funds 85,424 50,101 85,424 50,101
NET ASSETS 1,421.236 1102661 , 1,2.30,666 1,516,026

2023 2022
Notes E
Cash flows from operating
activities:
Cash generated
from operations		 (27,437) 15,487
Taxation
Net cash provided
by (used in) operating
activities ~27437) 15,487
Cash flows from investing activities:
Purchase oftangible
fixed assets		 (77,903) (33,919)
Sale oftangible assets 11,206 2,332
Net cash provided
by (used in) investing		 (66,697) (31,587)
activities
Cash flows from financing
Loan repayments
in year		 activities: ~6,624) ~7,922)
Net cash provided
by (used in) financing		 (6,624) (7,922)
activities
Change
in cash and cash		 equivalents in the (100,758) (24,022)
reporting
period
Cash and cash equivalents at the beginning of 530,181 554,203
the reporting
period
Cash and cash equivalents at the end ofthe
reporting
period		 423,423 530,181
1. RECONCILiATION OF NET INCOME/(EXPENDITURE) OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM
OPERATING ACTIVITIES
2023 2022
Net income/(expenditure)
for the reporting		 period (as per the statement (281,423) 70,431
offinancial activities)
Adjustments
for:
Depreciation
charges		 79,654 102,439
Loss on disposal of fixed assets (8,683) (39)
Theatre tax relief claim (187,270)
(Increase)/decrease in stock (2,660) (2,314)
(Increase)/decrease in debtors 5,160 (36,432)
Increase/(decrease) in creditors 180,515 68,672
Net cash provided by (used in) operating activities ~27,437) 15.487
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2023 2022
F.
Cash in hand 19,796 16,207
Cash at bank 409,627 513,974
Total cash and cash equivalents 429,423 539,181
3. ANALYSIS OF CHANGES
IN NET DEBT
At 1/4/22 Cash flow At 31/3/23
F E
Net cash
Cash at bank and in hand 530,181 (100,758) 429,423
530,181 (100,758) 429,423
Debt
Debts falling due within one year (7,863) (430) (8,293)
Debts falling due after one year (187,108) 7,054 ~180054)
))94.97)) 6 624 ))88.347)
Total 335,210 ~94,134) 241,076

DONATIONS
AND LEGACIES
2023 2022
E
Donations 20,754 7,725
Gift aid 1,431
Grants 410,752 679,275
Donated services and facilities 95,000
327,637 667,DDD
Gran ts receiv ed were as foliows:
2023 2022
f E
Arts Council ofWales -APW funding 199,700 196,749
Arts Council England - NPO funding 204,861 204,861
Job retention scheme grant 32,068
Arts Council ofWales —Covid-19 recovery fund 95,325
Arts Council of England —Covid-19 recovery fund 150,272
Arts Council ofWales —Cost of living funding 6,191
410,752 679,275

OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES
2023 2022
f f
Corporate sponsorship 798
Catering income
Bar takings
and popcorn sales		 112,432 31,195
Merchandising 6,326 3,346
Rent and hires 1,183
Professional
fees		 2,434
Individual lessons 1,360
Agency performance 3,188
124,489 37,773
INCOME FROM CHARITABLE ACTIVITIES
2023 2022
f f
Grants 458,176 427,051
Performance
fees		 488,874 138,215
Workshop fees 44,810 31,744
Community performances 3,364 6,116
Theatre tax relief claim 187270
995,224 790,396
Grants received,
included
in the above,		 a re a s fol lows:
2023 2022
f f
Arts Council ofWales - Clifton Street Festival 46,210
Big Lottery - Clifton Street Festival 9,840
Cardiff Community
Housing
Association		 - Clifton Street Festival 5,000
Big Lottery —Warm Spaces 9,897
Cardiff Third Sector Council - Warm Spaces 1,500
Welsh Government
-Circus Village		 25,000
Arts Council ofWales - Circus Viilage 63,500 129,121
Creative Scotland - Circus Village 20,000 25,000
Arts Council of England - Circus Village 60,001 98,859
Cardiff Third Sector Council - Summer of Fun 5,000
Arts Council ofWales - Sabotage Welsh Tour 49,050
WCVA: Third Sector Resilience Fund 3 35,480
Oakdale Trust 1,500
Arts &Business Cymru - Culture Step 2,500 1,394
Cardiff University 3,052
Arts &Business
Cymru - Creative
internship		 programme 5,646 6,704
Moondance
Foundation		 20,000 60,000
Paul Hamlyn
Foundation		 95,000 82,000
Arts Council ofWales - project funding to support the Transitions 2,973
project
The Rayne Foundation 10,000
The British Council - Drum
up a circus		 8,000
The Gibbs Trust 30M
458,176 427,051

5. INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES continued
Performance fees, included
in Ihe above, are		 as follows:
2023 2022
f
Sabotage tour 488,874
Lexicon tour 135215
488,874 138,215
6. RESULTS OF PARENT CHARITABLE COMPANY
The income ofthe parent chaditable company was F1,647,946 and net deficit was 8285,330.
7. COSTS OF OTHER TRADING ACTIVITIES
2023 2022
E
Bar and popcorn costs 52,866 12,419
Merchandising costs 5,806
Other costs 1,885
60,557 12,419
8. CHARITABLE ACTIVITIES COSTS
Direct costs Support costs Totals
(See note 9) (See note 10)
E
Education
and		 training through artistic performance 1,496,661 384,208 1,880,869

2023 2022
f f.
Rates, rent and water 12,535 8,313
Insurance 34,332 28,757
Light and heat 9,751 8,098
Motor and travel 18,991 18,102
Telephone 4,711 3,763
Fixed asset depreciation 76,889 99,801
Workshop and classes programme 4,147 4,063
Other performance-based costs 250,432 195,735
Advertising and marketing 38,011 30,459
Repairs and maintenance 11,170 6,902
Production costs 511,488 385,915
Irrecoverable
VAT		 36,092 20,436
Cost ofdonated services and facilities 95,000
Legal and professional fees 5,125
(Surplus)/Deficit
on disposal offixed		 assets (39)
Staff costs 393,112 334,828
1,496,661 1,150,258
SUPPORT COSTS
Governance
Management Depreciation Other costs Totals
E E E E 8
Education and training
through
arlistic performance		 269,202 2,765 102,573 9,668 384,208

2023 2022
E 8
Auditors'
remuneration		 8,940 8,490
Auditors'
remuneration		 —other financial services 1,000
Depreciation —owned assets
(Surplus)/Deficit
on disposal offixed assets		 79,654
~8,6837		 102,439
~39)

STAFF COSTS STAFF COSTS
2023 2022
f
Wages and salaries 606,557 493,841
Social security costs 44,232 33,401
Other pension costs 11,525 9,193
662,324 536,435
Particulars ofemployees:
The average number ofemployees during the year was as follows:
2023 2022
No No
Average
number ofemployees		 33 30
No employee received emoluments ofmore than f60,000 during the year (2022 - Nil).
The total key management personnel remuneration benefits during the year were f114,218(2022 - f108,144).

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

Long
leasehold
property Fixtures
&
improvements
F		 Equipment Motor vehicles fittings Totals
f
COST
At 1 April 2022 1,360,182 520,551 56,096 14,474 1,951,303
Additions
Disposals		 29,518
~69.484)		 43,700
~3,200)		 4,685 77,903
~72,684)
At 31 March 2023 1,360,182 480,585 96,596 19,159 1,956,522
DEPRECIATION
At 1 April 2022 217,611 444,468 41,175 5,750 709,004
Charge for year
Eliminated
on disposal		 27,204 43,231
~69.484)		 6,454
~677)		 2,765 79,654
~70.16))
At 31 March 2023 244,815 418,215 46,952 8,515 718,497
NET BOOK VALUE
At 31 March 2023 1.115,367 62.37D 49,644 10,644 1,238,025
At 31 March 2022 1 142,571 76,D83 14,921 8724 1,242,299

Group Group Charity Charity
2023 2022 2023 2022
f f f f
Trade debtors 2,460 7,127 2,460 7,127
Amounts
owed by group		 undertakings 6,765 1,927
VAT 10,893 10,699
Prepayments and accrued income 77,626 89,012 77,626 89,012
Theatre tax relief recoverable 187,270 187,270
278,249 283,409 97,550 98066
CREDITORS: AMOUNTS
FALLING DUE WITHIN ONE YEAR —Group and charity
Group Group Charity Charity
2023
f		 2022
f		 2023 2022
Bank loans and overdraft (see note 20) 8,293 7,863 8,293 7,863
Trade creditors 63,175 40,314 62,959 36,592
Social security and other taxes 11,091 10,043 11,091 10,043
VAT 2,532 2,364
Other creditors 2,799 2,478 2,799 2,478
Accruals and deferred income 267,191 108,374 266,351 106,744
352,549 171,604 351493 166,084
Included
within		 Accruals and deferred income above is the following deferred
income:
2023
f		 2022
f
Moondance
Foundation		 60,000
British Council 10,000
WCVA 26,610
Sabotage box office 25,356 55,017
Sabotage performance fees 86,296
Circus Village donation 3,210
Arts Council ofWales —Circus Village 50,800
Creative Scotland —Circus Village 10,000
245,662 ~81 627

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- Group and charity
2023 2022
E E
Bank loans (see note 20) 180,054 187,108
20. LOANS
An analysis ofthe maturity ofloans is given below:
2023 2022
E
Amounts
falling due within one year on demand:
Bank loans -1-2years		 8,293 7,863
Amounts
falling between one and two years:
Bank loans - 1-2years 8,293 7,863
Amounts
falling due between		 two and five years:
Bank loans - 2-5 years 26,879 25,588
Amounts
falling due in more		 than five years:
Repayable
by instalments:
Bank loans more 5years by instalments 144,882 153,657
21. SECURED DEBTS
The following secured debts are included
within creditors:
2023 2022
E
Bank loans 188,347 194,971
188.347 194,971
There is a fixed and floating charge over the assets ofthe group.
The bank loan is secured against the long leasehold property.

22. MOVEMENT
IN FUNDS
Net movement Transfers
At1/4/22 in funds
f		 between funds
E		 At 31/3/23
8
Unrestricted
funds
General
fund		 1,556,560 (317,452) 96,706 1,335,814
Designated
fund —production		 fund 96,000 (1,349) (94,651)
1,652,560 (318,801) 2,055 1,335,814
Restricted funds
Arts & Business Cymru - Culture Step 2,500 2,500
Oakdale Trust 1,500 1,500
Paul Hamlyn
Foundation		 50,101 31,323 81,424
Viridor and Prosiect Gwyrdd Community 2,055 (2,055)
Fund
50,101 37,378 (2,055) 85,424
TOTAL FUNDS 1,702,661 ~281,423) 1,421,238
Net movement
in funds,		 included
in		 the above are as follows:
Incoming Resources Movement
in
resources expended funds
F
Unrestricted
funds
General
fund		 1,198,827 (1,516,279) (317,452)
Designated
fund —production		 fund (1,349) (1,349)
1,198,827 (1,517,628) (318,801)
Restricted funds
Arts & Business Cymru - Culture Step 2,500 2,500
Oakdale Trust 1,500 1,500
Moondance
Foundation		 -Community Core 20,000 (20,000)
Programme
Arts & Business Cymru - Creative Internship Programme 5,646 (5,646)
Paul Hamlyn
Foundation		 95,000 (63,677) 31,323
WCVA: Third Sector Resilience Fund 3 35,480 (35,480)
Arts Council ofWales - Clifton Street Festival 46,210 (46,210)
Big Lottery - Clifton Street Festival 9,840 (9,840)
Cardiff Community
Housing		 Association - Clifton Street Festival 5,000 (5,000)
Cardiff Third Sector Council - Summer of Fun 5,000 (5,000)
Arts Council ofWales —Sabotage 49,050 (49,050)
Arts Council ofWales - Circus Village 63,500 (63,500)
Creative Scotland - Circus Village 20,000 (20,000)
Arts Council ofEngland - Circus Village 60,001 (60,001)
Big Lottery - Winter Warm Creative Hub 9,897 (9,897)
Cardiff Third Sector Council - Winter Warm Creative hub 1,500 (1,500)
Welsh Government
-Circus		 Village 25,000 (25,000)
Viridor and Prosiect Gwyrdd
Cardiff University
- Graduate		 Community
internship		 Fund
programme		 3,000
3,052		 (945)
~3,062)		 2,055
461,176 (423,798) 37,378
TOTAL FUNDS 1,660,003 ~1,94),426) ~28),423)

22. MOVEMENT
IN FUNDS		 MOVEMENT
IN FUNDS		 —continued —continued —continued —continued
Comparatives
for movement		 in funds
Net movement Transfers
At 1/4/21 in funds between funds At 31/3/22
E F E 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 —COVID-19: Support 34,909 (34,909)
for Arts Organisations (Revenue)
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 Village
Paul Hamlyn
Foundation		 50,101 50,101
356,685 (306,584) 50,101
TOTAL FUNDS 1,632,230 70,431 1,702,661
Net movement
in funds,		 included in the above are as follows:
Incoming Resources Movement
in
resources expended funds
8
Unrestricted
funds
General
fund		 1,105,513 (728,498) 377,015
Restricted funds
Arts Council ofWales - Transition 2,973 (2,973)
Arts & 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 & 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

have been consolidated have been consolidated have been consolidated have been consolidated on a line by line b on a line by line b asis in the SOFA. T he total net profit is gifted to the char ity.
A summary
ofthe results		 ofthe subsidiary is shown below:
2023 2022
f f
Turnover 12,057 661,764
Cost ofsales (7,691) (658,248)
Gross profit 4,366 3,516
Administrative expenses (459) (1,247)
Profit on ordinary activities before taxation 3,907 2,269
Tax on loss on ordinary activities 187,270
Profit for the financial year
3,907 189,539
The aggregate of the assets, liabilities and funds was:
2023 2022
f f
Assets 198,364 194,083
Liabilities (7,821) (7,447)
Funds (including 1 ordinary share of f1) 190,543 186,635
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Restricted Unrestricted
funds
f		 funds
f		 Total
f
Fund balances at 31 March 2023
are represented by:
Tangible fixed assets 1,238,025 1,238,025
Current assets 352,302 363,514 715,816
Current
liabilities
Long term liabilities		 (266,878) (85,671)
~I80.054)		 (352,549)
~180,054)
Total net assets 89,429 1.331.809 1.421.238