REGISTERED COMPANY NUMBER: 03180348 (England and Wales) REGISTERED CHARITY NUMBER: 1102850 REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR NOFIT STATE COMMUNITh CIRCUS LTD MHA Statutory Auditor Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF County of Cardiff CF23 8RS
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Audrtor5 Consolidated Statement of Financial Activities Consolidated and Charity Balance Sheets 10 Consolidated Cash Flow Ststement 11 Notes to Ihe Consolidated Cash Flow Statement 12 Notes to the Financial Statements 13
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial ststements of Ihe charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES The charity's objects are.. 1. The promotion of education and training in the creative and artistic application of circus skills and physical theat in artistic performance. 2. The promolon and training in circus skills and other recreallonal acUvities In the Interests of social welfare for the benefit of the public with the objecl of improving the conditions of life. As a flagship Welsh company, NoFit state Circus is passionately committed to extending and expanding community participation in the arts. to creating inspirational education and training programmes for community participants. young people, and professional artists, and to creating world class contemporary circus performances. The charity's key objectives for the year were to- Embed our new approach to co-creation and collaborative working within our community programme Strengthen and expand our local partners and partnerships throughout East Cardiff through y Filllir Sgwar Re-engage with intemational markets post Covid and post the pandemic and strengthen our intemational partnerships Actively respond to the climate crisis through both strategic investment to reduce our environmental impact and a creative response to the world around us through a new production - Bamboo. Public benefit The organisation's tnjstees can confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Significant activities that we undertook during the year that demonslrate public benefit are set out on the following pages. Slgnlflcant actlvltles updats The Circus Village In March and April 2023, with support from the Arts Council of Wales. Arts Council England, Creative Scotland and the Welsh Government, the charity Staged another Circus Village sectoral support project in Swansea. The 2023 Circus Village brought together over 180 circus artists from all over Britain lo live and work together and culminated in a four-day circus festival on Ihe Circus Village sile. The festival launched the 2023 tour of Sabotsge alongside perfomiances from six other companies and a sectoral networking day. Sabotage The production began its second year of touring as part of the Circus Willage in Swansea before moving on to Bristol. Lyon. Antwerp and Prague. The tour included 87 performances with a total audience ofjust under 50.000 This was the company's first intemalional tour since Bxit and starkly revealed the wide range of challenges companies now face when touring into the EU. Bamboo Bamboo continued ils series of creative development labs throughout the summer, bringing togetherdifferent combinations of artists with different combinations of circus skills and incorporating different kinds of bamboo to discover the shape of a new productson. By the end of the summer 2023 we had the outline ol an exciting new production and funding was secured Wales to move into a new production ready to tour in 2024. The new production was supported by a commission from Without Walls and the ongoing partnership with Imagineer who co-produced and financially supported the creation of the new show. Bamboo is a spectacular high-impact, high-skill outdoorcircus production using only bamboo and human bodies- revealing the fragility and beauty of our interconnected and interdependent life on this planet. The artists arrive at an empty stage, bringing bundles of bamboo. They build towering sculptures which morph, transform and become an improbable, delicate circus playground that seems to defy the laws of physics. Page 1
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACTIVITIES Significant aetivitie$ update (continued} Bamboo is a partnership between NoFit State, Imagineer and Orit Azaz. It is supported by the Arts Council of Wales, the Foyle Foundation, and Without Walls, and commissioned by Stockton International Riverside Festival. Norfolk & Norwich Festival, Hat Fair and fimber Festival. Autumn 2023 and earty spring 2024 saw ongoing workshop periods and production developmenl lead by Tom Rack and Oril Azaz as co-Artistic Directors and Mish Weaver as director and premiered in May 2024. The Communlty Programme The community programme extended and strengthened ils new focus. The ongolng supporl from the Paul Hamlyn Foundation and project funding secured from a wide variety of sources enabled the charity to embed ils new practise and strengthen the range of partnerships and programmes within our hyper local communities in Adamsdown, Splott and Tremorfa. In summer 2023 the Company secured funding from Ihe Arts Council of Wales via the Connect and Flourish programme to develop a new Creative partnership in East Cardiff - Y Filllir Sgwar and maintain the programme for another 14 months. The programme partners that began fomially working together in summer 2023 included Oasis, Llamau. Adamsdown Primary School, Cardiff Community Housing Association, the Welsh Refugee Council. Green Squirrel, lo¢al PCSOS, local Councillors Grace Ferguson-Thorne and Owen Jones, and free-lancers AF Maugran. Francis Maxey, and Stacey Blythe. The new partnership began w5th Gweldd Parc Feast- a daylong celebration of Ihe local communities and cultures of East Cardiff. Incorporating dance. music. circus, storytelling and 8 community feast. Gweldd Parc Feast took over Anderson Fields for an entire day in September 2023 and attracted approximately 3.500 local residents lo the celebration. This was followed ir) Feb 2024 with Golau Parc Light. Over two evenings Brewery Park was filled with light sculptures and fires shows, circus. music. storytelling and magic. The evening was co- created with the local community with community groups and primary schools composing music. Cating light installations and projections onlo houses around the park. building the fire sculptures, performing within the event. These public events were linked by a programme of open and free to access workshops and creative sessions throughoul Easl Cardiff. The winter programme using Four Elms as a creative warm space was maintained for a second year. The weekly open access days included creative workshops, hotdesking space for local free-lancers, and a free lunch. Attendance throughout the winter demonstrated again how desperately needed this was with hundreds of people coming into Four Elms to build relationships with their neighbours within a creative spa¢6. The ongoing programme of paid for classes continued throughoul the year and class attenders created pieces of perfoman¢e which We performed in both Gweldd, Golau, and the company Christmas Cabaret. Volunteers NoFit state Clrcvs enjoys the support of a wide range of volunteers. Volunteers provide staff support, work alongside tutors to deliver our community and educalion programme, support the company on tour. and engage in fundraising activities. Many activities I projects are initially supported by volunteers until funding can be secured or eamed income generated to make them financially sustainable. The volunteer programm8 during the year was strongly connected to the redevelopment of the community programme. ACHIEVEMENT AND PERFORMANCE The 22-23 tour of Sabotage was the company's second fvll tour and first to include intemational perforrnances after Covld. Suttessfully nawgating post-Brexit complexities took considerable effort - in¢luding letters from DCMS and funders to enable international performances to go ahead. Within the UK. 26Yo of the audience attended with the support of the voucher scheme which provides free licket5 to people in absolute financial need Ifoodbank users, refugees and asylum seekers. etc), and 25Yo attended with a postcode largeted discount ticket. Thu5 51 Yo of the total UK audience were people experiencing real financial hardship (up from 43.54Q/o the previous yearl. This is a significantly higher /0 than in any pre- Covid year and reveals the level of need created by the cost-of-living Crisis. The refocussed community programme enabled the charity to support some of the most vulnerable people within one of the poorest communtties in Wales. The sustained prograrnme ofwork began to demonstrate real impact as new community networks were developed and new approaches to collaborative working developed. The most tangible output was a new Community leaflet produced by the company sharing information on all free-to-access school holiday activity in East Cardiff. Page 2
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW The turnover of the charity and ils subsidiary for the year ending 31 March 2024 is £2,009,153. Net deficit for the year totalled £79.838. This result is after accounting for depreciation of £62.910. The unrestricted reserves of the group as at 31 March 2024 are £1.341.400. £1.199.972 is tied up wilhin fixed assets therefore the group has free serveS of £141,428. The trustees appreciate that resources are needed lo bridge the funding gaps beeen spending on events and perfomances and the generation of inoome. Reserves poli¢y The membership fomially adopted a reserves policy and designated funds policy at the AGM in November 2006. Cash reseNes are needed to support effective risk management. Designated fvnds will be created on a case by case basis to support investment and company developmenL The designated funds policy delegates authority and decision making to the trustees. The reserve policy slates that the charity should allocate sufficient funds towards reserves on an annual and ongoing basis to achieve a cash reserves fund equivalent to 10% of turnover as soon as practically FKsssible. The Board has set a target to maintain free reserves equivalent lo 1 O•h of tumover (£200.0001. FUTURE PLANS April and May 2024 will see the rehearsal period for Bamboo before it sets out for a full UK tour and a full tour of Sabotage to Bristol. Haverfordwesl, Eastleigh. Brighton, Sallzburg and Marselle. The Community Programme will maintain its new cultural focus and will seek funding to expand and extend the changes iniliated with support from the Paul Hamlyn Foundation and the Arts Council of Wales. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document NoFit Slate Community Circus is governed by its Memorandum and Articles ofAssociation and is constituted as a company limited by guaranlee. Re¢ruitrnent and appoinlment of new trustees Trustees are elected by the membership of the charity at the Annual General Meeting. In addition. the membership has delegated to the trustees the authority to CO•OPt new trustees onto the Board where necessary, such appointments to be ratified at the subsequent AGM. Organlsatlonal stru¢ture Trustees are appointed to ensure an effective and adequate range ofskills and expertise. These include.. arts management., finance.. law,. event management. fundraising,- cirGus,' company management- marketing the arts. The senior management team present the trustees with reports (both verbal and written) at quarterly Board meetings. Trustees are asked to approve lulure plans within identified levels of risk and in line with the charity's aims and objectives. Once approval has been given. the senior management tearn are authorised to make all executive decisions within the identified level of risk. If due to either a change of circumstance or further investigation the identified level of risk rises above that approved by the ttustees, the senior management team must infomi the trustees and fomally request re- approval for an activity before they can proceed. Indudion and training of newtrustees The Board has delegated one Iruslee, to have formal responsibility for the effective induction of all new trustees as well as ensuring that all potential trustees are fully infomied of their legal responsibilities before they agree to stand for election. The induction of trustees Includes- The legal responsibilities of a trustee The charity's financial position and an explanation of most recent audited accounts - Company history - Current and futu creative plans Planning documents Page 3
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Related parties The charity has a wholly owned subsidiary trading company, 'NoFit State Trading Limited, to undertake all non-charitable activity. NoFit Slate Trading Limited is required by its Memorandum and Articles of Association to donate all profits to NoFit state Community Clrcus. Risk The trustees take a robust approach to assessing and managing the risks that Ihe cornpany faces and ensuring that appropriate mitigation measures are in place. The company maintains a risk register which is reviewed gUlarlY with board meetings and the risks associated with individual projects and programmes of woik are considered before any significant project is allowed to proceed. The main identified risks during 2023-24 were- The ongoing impact of Brexit on our intemational louring programme with potential for additional costs and border delays. The growing impacl of the cost of living crisis on peoples levels of disposable income. Public funding reductions meaning that local authorities and the Arts Council of Wales and England are not abl8 lo maintain previous levels of fvnding and consequent additional pressures on Trusts and Foundations for support REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03180348 (England and Wales) Registered Charity number 1102850 Registered office Four Elm$ Road, Cardiff CF24 1LE Trusteos Hilary Gamham (Chairl Adrian Peters (Vice Chair) Paul Ralley (Treasurer) Alice Bumett Lee Fisher Martin Jones Hoodi Ansari (Chair) Melissa Roberts Lis McLean Peter Wells Thomas Crocker-wilton Sara Maggs Kim Tilbrook Resigned 1511212023 Appointed 1511212023 Key employees Tom Rack (Artistic Dlrector) Alison Woods (Executive DIreor) Company Socretary A Woods Page 4
'NOFrf STATE COMMUNFfY. CIRCUS LTD AND SU8SIDIAKY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DEfAILS Audttors MFi4 StaIutoryAjIfof Elfed House Oak Tree Court Cardlff Gale Business Pa CARDIFF CF23 8RS Bankers ' Uoyds Bank plc 1 Que8n$ Street Cardiff CF23 8RS STATEMENf OF TRUSTEES RESPONSIBILITIES The Intstee5 {who are also the dlrectors of NoFit Stats Community Circus Ltd for the purposes of company law) are nsibkg for prepariNJ ts Report of the Tiustees and Ihe financral ststements tsi acc0rf8n wilh applicable law and Unitsd Ifjwm A£counting Standarfs (United Kingdom GeneraNy Actspted fvuounting Praclice). Compary law requires the twste8s to prepare financial ststements foreach financlal yearvthith gfft a t and falrvi8w c the stste of affalryts of the tharilobk company and group and of inccvning resour$ and 8ppfKxtion of re50UW. incbJding th8 Iorne and expendIre. of the Gharitable company forthat period. In preparing those ffftancial statements, the trustees are requir¥d to select sullable accnting poltie5 and th8n appty them consl$tenOr. observe the methods and princtplès in the Chanties SORP.. make j(ments and eslimates that ar8 reasonable and prudent state whether applKabk UK Accounting Stsndards have b8en fokned, sutieci to any matérial departures and explained in the financ¢al stalements. prepafe thefinancial statements on the golng concem basis unfess rt is inappwiiateto pregjne thal the ¢twilabk company wdl continue in busines5. The trustees are ponSIble for keeping adequats accounting records wlNch rfisdw with rea$cab arLur8cy at any time fhe fina191 pos¢tM)n of thecharitable company and group and to enable them to ensure that the finanoal statements compty wrth the compan kt 21YJ6. They are also sponsibl9 for safeguardwig the assets of the charitabfe company and group and hefi fortsking reasonable steps for the prevention and"detection of fra and other wregularfoe5. In so far as the trustees affj aware: theft is no relevant audr( Nrfomialion of whth the tharitabb company's audilots a unaware: arKI the tsustees have tsken all steps that they otrJhLto have tsken to make Ihemselves aware of any revant audlt infoThatton and to establish Ihat Ihg auditors are aware of that infomHtion pproled tyorderof the Boa ofTru5t8es on.........................,........... ...... sp3r*don ts behalfby." A WoLyts. Secretary Page 5
INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY Opinion We have audited the financial statements of NoFit State Community Circus Ltd {Ih8 'parent charitable company'l and its subsidiaries (the 'group'} for the year ended 31 March 2024 which comprise Ihe Consolidaled Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Cash Flow Statement 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 Kingdom Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion Ihe financlal statements-. give a true and fair view of the state of the group's and parenl charilable company's affairs as at 31 March 2024, and of the group'$ incoming resources and application of resources, inciuding its income and expenditure. for the year then ended., have been properfy prepared in accordan with United Klngdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requlrements of the Companies Act 2006 Basls for opinion We conducted our audit in accordance with Intemalional Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any malerial uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the group's ability lo continue as a going ¢on¢em for a period of at least e1ve months from when the ffinancial statements are aulhorised for issue. Our responsibilities and the responsibilities of the twstees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the infomiation included in the Report of the Trustees, other than the financial statements and our audilor's report theOn. Our opinion on Ihe financial statements does not cover the olher information and, expt to the extent otheNise explicitly staled in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idenlify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a material mi5s1atement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we condude that there is a material misstaiement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: the infomiation given in the Report of Ihe Trustees (incorporating the directors, report) for the financial yearfor which the financial statements are prepared is consislenl with the finanaal statements: and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 6
INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY Matters on which we are requlred to report by exception In the light of the knowledge and understanding of Ihe charitable company and its environment obtained In the course of the audil, we have not identified material misstatements in the Report of the Trustees. We have nothing lo report in respect of the following matters where the Companies Act 2006 qUIreS us lo report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches nol visited by us., or the parent charilable company's financial statements are not in agreement with the accounting records and retums; or certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the infomation and explanations we require for our audit., or the tnjstees were not entitled to take advantage of Ihe small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responslbllitles of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the putposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such inlernal control as the trustees deteIne is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing. as applicable, matters related to going con¢em and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic altemative but to do so. Our responslbilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that 2n audit conducted in accordance with ISAS (UK) will always delecl a material misstatement when it exists. Misstatements can arise from fraud or ewor and are considered malerial if, individually or in the aggregate, they could reasonably be expected to influence the 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 with our responsibilities. outtined above, to detect material misstatements in respect of irregularities. including fraud. The specific proCedUS for Ihis engagement and the extent to which these are capable of dele¢ting irregularities. including fraud is detailed below: We evaluated management's incentives and opportunities forfraudulent manipulation of the financial statements (including the risk of override of controls) and delemiined that the principal risks were related to posting inaccurate joumals. We addressed these risks by carrying out specifically targeted procedures. which included- Enquiries of management. those charged with g0Veman around actual and potential litigation and claims., Perfomiing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias., Reviewing minutes of meetings of those charged with govemance. Evaluating the reasons for any large or unusual transactions: Reviewing financial statement disdosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities. including those leading to a material misstatement in Ihe financial slatemenls or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatements as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery. collusion, omission or misrepresentations. Page 7
INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF NOFIT STATE COMldiUNITY CIRCUS LTD AND SUBSIDIARY A fijrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al www.frc.org.ukJauditorsresponsibilities. This description fonn5 part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body. in accordance th Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihatwe might state to the charitable company's members those matters we are required to state to them in an auditors. port and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have fomed. Julia Mortimer (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditor CARDIFF CF23 8RS Date-. MHA is the trading name of Maclntyre Hudson LLP. a limited liability partnership in England and Wales (registered number OC312313) Page 8
NOFIT STATE COMMUNI CIRCUS LTD AND SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING SUMMARY INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrtcled Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Notes INCOME AND ENDOWMENTS FROM Donations and legacies 531,875 3.000 534,875 527.937 Charitable activities Education and training through artistic perfomiance other trading activities 836.510 464,791 1.301,301 995,224 148.213 148,213 124.489 Other Income 24,764 24,764 12,353 Totsl 1.541.362 467,791 2,009.153 1,660,003 EXPENDITURE ON Cost of other trading activates Charitable activities Education and Iraining through attistic perfom)an 49,303 49,303 60,557 1,594.734 444.954 2,039,688 1,880,869 Total 1,644,037 444,954 2.088.991 1.941.426 NET INCOMEI(EXPENDITUREI {102,675) 22,837 (79.838} (281.423) Transfers between funds Net movement In funds 1102.6751 22.837 {79,838) {281,423) RECONCILIATION OF FUNDS Total funds brought forward 1,335,814 85,424 1,421.238 1.702.661 TOTAL FUNDS CARRIED FORWARD 1,233,139 108.261 1.341,400 1.421.238 The notes fom part of these financial statemenls Page 9
NOFIT 874fE COMIIIINITY C.IRI"_IJq l Tn ANf) %llFISIOIARY
CONSOLIDATED AND C.IIARIT)' BAI.ANcf SllF.ET,
AT 31 MARCH 2024
2023
FIXED ASSETS
Tanoiblc ,IR
NOFIT STATE COMMUNftY CIRCUS LTD AND SUBSIDIARY CONSOLIDATED CASHFLOW STATEMENT AT 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities: Cash generated from operations Taxation {230,736) (27.437) Net cash provided by (used In) operating activities 230 736) 27,4371 Cash flows from investing activities". Purchase of tangible fixed assets Sale of tangible assets (24,857) (77,9031 11,206 Net cash provided by (used In) Investlng activities {24,857) {66,697) Cash Ilows Irom financlng actlvltie$: Loan repayments in year Net cash provlded by (used In) flnanclng activities {4,558) {6.624) Change in cash and ¢ash equivalents in the reporting period Cash and cash equlvalents at the beglnnlng of the reporting period (260,151) {100,7581 429,423 530,181 Cash and cash equivalents at the end of the reporting perlod 169.272 429.423 The notes form part of these financial statements P8ge11
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY CONSOLIDATED CASHFLOW STATEMENT AT 31 MARCH 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE> TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Incomel(expenditurel for the reporting period (as per the ststement of financial activltles) Adjustments for: Depreciation charges Loss on disposal of fixed assels Theatre tax relief claim (Increaseydecrease in stock {Increaseydecrease in debtors Increaselldecrease) in creditors (79.8381 (281,423) 62.910 79,654 (8,683) 2.251 (174.5871 41.472) 12,660) 5,160 180 515 Net cash provlded by {u$•d in) operating actlvltles 230,736) 27,437) ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand Cash al bank 7,396 161.876 19,796 409,627 Totsl ¢ash and cash equivalents 169,272 429.423 ANALYSIS OF CHANGES IN NET DEBT At 114123 Cash flow At 3113124 Net cash Cash at bank and in hand 429.423 260.151 169,272 429,423 260.151) 169,272 Debt Debts falling due within one year Debts falling due after one year {8,293) 180.0541 1.229 3.329 {7,064) 176,725} 188,347) 4,558 183.7891 Total 241.076 255.593) 14,517) Page 12
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION NoFit Slate Community Circus Ltd is a registered charity and private company limited by guarantee, having no share capital, incorporated in Wales in the United Kingdom. The registered office is Four Elms Road, Cardiff, CF24 1 LE. The nature of the company's operations and principal activities is disclosed within the Report of the Trustees. The trading subsidiary has the same regislered office as the registered charity. The financial statements are presented in Sterling {£), the group's functional currency. and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied lo all years presented unless otherwise stated. ACCOUNTING POLICIES Basi$ of preparing the financial statements The finan¢ial statemenls of the charitable company, which is a public benefit entity under FRS 102 and its subsidiary. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their a¢Gounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements hav8 been prèpared undèr the historical cost convention with the exception of investments which are included at market value. There have been no material departures from Financial Reporting Standard 102. Consolidation The statement of financlal activities (SOFA) and balance sheet consolidate the financial statements of the ¢harity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. Golng concern At 31 March 2024 there are net current assets of £318.153 (2023: £363.267) in the group. The Charity's forecasts and projections show that the charity should be able to continue to operate and is well placed to manage its risks successfully in the Coming 12 months. The Iruslee5, therefore, have a reasonable expectation that the charity has adequate resources to continue in operational existence for Ihe foreseeable future, Accordingty, they continue to adopt the going concem basis of accounting in preparing these financial slatements. Page 13
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Income All income is recognised in the Slatemenl of Financial Activities once the charity has entitlement to the fijnds. it is probable that the income will be reived. and the amount can be measured reliably. This includes capital granls. Donation$ and legacies income includes donations, gifts and grants that provide core funding or are of a general nature and are recognised where there is entitlement. probability of receipt and the amount can be measUd with sufficient reliability. Such income is only deferred when the donor specifies it must be used in future accounting periods or the donor has Imposed conditions which musl be met before the charity has unconditional entitlement. Income from chaTitsble activities indudes income received under contract or where entidement to grant funding is subject to specific perfomiance conditions. This income is recognised where there is entitlement. when the receipt is probable. and the amount can be measured reliably. Income is deferred when the amounts reGeived are in advance of the performance of the SeICe or event to which Ihey relate. Other trading activities are recognised as the related services are provided and there 1$ enlitlement, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the delivery of the service or event to which it relates. Investment income is recognlsed on a receivable basis. Expendlture Liabilities are recognised as expendtture as soon as there is a legal orconstructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe obligalion can be measured reliably. Expenditure is accounted for on an accruals basis and has been classrfied under headings that aggregate all cost related to the category. Where costs cannot be direcdy attributed to particular headings, they have been allocated to a¢tivities on a basis consistent with the use of resources. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both Costs that can be allocated directly to such a¢tivilies and those costs of an indirect nature to support them. Support costs are those costs that, whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity- This indudes govemance costs which are those costs associated with meeting the constitutional and statutory requirements of the charity and include Ihe accountancy fees and costs linked to the strategic managemenl of Ihe charity as well as a proporbon of salaries based on an approximation of time spent in this area. Allocation and apportionment of costs All costs are allocated belween the expenditure categories on a basis designed to refle¢l the use of the resource. Costs relating to a particular activity are allocated directly: others are apportioned on an appropriate bas1S. Taxation The charity is exempt from corporation tax on its charitable aotivities. Fixed assets Depreciation is provided at the following annual rates in order to write off each asset over ils estimated useful life. Long leasehold propety improvements Equipment Motor vehides Fixtures & fittlngs 2Yo straight line 10 /. - 20 % straight line 25VD reducing balance 20Y• Straight line All fixed assets are initially recorded at cost. Invgstmonts Investments are staled at market value at the balance sheet date. Page 14
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- contlnued Foroign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling al the balance sheet dale. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in a1VIllg at the operating result. Operatlng leases Rentals applicable to operating leases where subslanlially all of the benefits and risks of the ownership remaSn with the lessor are charged against profits on a straight line basis over the period of the lease. The benefits of lease incentives are recognised in the profit and loss account over the lease period Basis of recognition of liabllitles Liabilities are recognised as soon as there is a legal or construdive obligation which commits the charity to the expenditure. Expendilure includes any VAT which cannot be fvlly reVered and is reported as part of the expenditure to which it relates. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of Ihe trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when fijnds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund Is Included in the notes to the financial statements. Financlal Instruments The group only has financial assets and financial liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are initially recognised at transaction value and subsequendy measured at their settlement value. Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Prepayments are valued al Ihe amount ppaid net of any trade discounts due. Creditors and provisions are recognised where the charity has a presenl obllgation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or eslimaled reliably. credito and provSsions are normally recognised at their settlement amount after allowing for any trade discounts due. Significant aecountlng ludgements and estimates Estimates and judgements are continually evaluated and a based on historical experiencg and other relevant factors. including expectations of fvlure events that are believed to be reasonable under the ¢ir¢umslances. The preparation ofthe financial statements requires management to make estimates and assumptions concerning the future. The resulting accounting estirnales will, by definition, be likely to differ from the related actual results. No estimates or assumptions have been identified that have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. Page 15
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Grants Donated services and fa¢ilities 19.967 3,547 404,561 106,800 20,754 1,431 410.752 95,000 534,875 527,937 The above donated services and facilities for 23124 were received to support the 2023124 tour of Sabotage in Bristol, Anerp. Lyon and Prague. Bristol- £18,000 received from People and Places- landowner. Antsverp - £29,600 received from Zomer van Antsverpen. Lyon - £29,600 received from Les Nuits de Fourviere. Prague - £29,600 received from Letni Letna Festival. Grants received were as follows: 2024 2023 Arts Council ofwales - revenue funding Arts Council England - NPO funding Arts Council of Wales - Cost of living funding 197.503 204.861 2,197 199,700 204,861 6.191 404.561 410.752 Page 16
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 OTHER TRADING ACTIVITIES 2024 2023 Corporate team building Bar takings and popcom sales Agency workshop Merchandising Rent and hires Individual lessons Agency perfomance 280 115,348 563 355 23.637 2,230 5,800 112,432 6,326 1,183 1.360 3,188 148213 124.489 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Grants Performance fees Workshop fees Community performances Theatre lax relief claim 466.791 675.144 56.700 8.865 93.801 458,176 488,874 44,810 3,364 1.301.301 995,224 All of the above income was in respect of the sole activity 'Education and training through artistic perfomiance.. Grants received. induded in the above. are as follows.. 2024 2023 Arts Council of Wales - Clifton Street Festival Big Lottery- Clifton Street Festival Cardiff Community Housing Association - Clifton Street Festival Big Lottery- Warm Spaces Cardiff Third Sector Council - Wami Spaces Welsh Govemment- Circus Village Arts Council of Wales Circus Village Creative Scotland - Circus Village Arts Council of England - Circus Village Cardiff Third Sector Council - Summerof Fun Arts Council ofwales - Sabotage Welsh Tour WCVA.. Third Sector Resilience Fund 3 Oakdale Tst Arts & Business Cymru - Culture Step Cardiff University Arts & Business Cymru - Creative intemship programme Moondance Foundation Paul Hamlyn Foundation ACW Artists as Activists ACW ConneGt and Flourish Walerfoo Foundation National Grid- wami space British Council Gibbs Trust 46,210 9.840 5,000 9,897 1,500 25,000 63,500 20,000 60.001 5,000 49,050 35,480 1,500 2,500 3.052 5.646 20.000 95.000 25.000 50.800 20,000 58.536 5,000 1.001 3.800 1.526 80.000 5,400 188.838 5,000 9,890 10,000 2.000 466.791 458 176 Page 17
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVITIES contlnued Performance fees, included in Ihe above. are as follows- 2024 2023 Sabotage tour 675.144 488,874 675,144 488,874 RESULTS OF PARENT CHARITABLE COMPANY The income of the parent charitable Company was £1,873.268 and net deficit was £205,881. COSTS OF OTHER TRADING ACTIVITIES 2024 2023 Bar and popcom costs Merchandising costs other costs 45,177 2.251 1.875 52,866 5,806 1.885 49,303 60.557 CHARITABLE ACTMTIES COSTS Direct costs Support Costs (See note 9) (See note 10) Totals Education and training through artistic perfomiance 1,550,381 489.307 2,039.688 Page 18
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDJARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Rales, and water Insurance Light and heat Motor and travel Telephone Depreciation Workshop ¢osts 4,273 55,355 21,206 106,288 4.959 59.705 1.226 12.535 34,332 9,751 18,991 4,711 76,889 4.147 k 11 Other performance-based costs Advertising and marketing Repairs and maintenance Production costs Irrecoverable VAT Cost of donated sorvices and facilities Legal and professional fees Staff costs Other operating leases 292.722 39.224 31,046 374,799 12,496 106,800 5.996 431.922 2,364 250,432 38,011 11,170 511,488 36,092 95.000 393,112 1,550,381 1,496,661 10. SUPPORT COSTS Goveman¢e costs Management Depreciation Other Tolals Education and training through artisti¢ perfomance 365.759 3.205 110,296 10.047 489,307 Where expenses need to be apportioned between support costs and activities undertaken directly, salaries and office costs are apporknoned based on hours spent, whilst establishment costs are splil based on approximate areas used. 11. NET INCOMEI(EXPENDITURE) Net incomellexpenditure) is ststed after charglngl{crediting}-. 2024 2023 Auditors, remuneration Depreciation- owned assets Other operating leases Surplus on disposal of fixed assets 9,630 62.910 2,364 8,490 79,654 8,683) 12. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023. Trustees, expenses During the year an amount of £417 (2023.- £538) was paid to 1 trustee (2023- 2 trustees) in respect of reimbursed travel expenses. Page 19
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 13. STAFF COSTS 2024 2023 Wages and salaries Social securrly costs Other pension costs 729.197 54,619 13,865 606,557 44,232 797,681 662,314 Particulars of employees: The average number of employees during the year was as follows.. 2024 No 35 2023 No 33 Average number of employees No employee received emoluments of more than £60,000 during the year12023 - Nil). The total key management personnel remuneration benefits during the year were £119,323 (2023 - £114.2181. 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 31 MARCH 2023 2023 Unreslricted funds 2023 Restricted funds 2023 Totsl funds INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Education and training through artistic performan Other trading activities Other income 524.937 3,000 527,937 537,048 124,489 12.353 458,176 995,224 124,489 12,353 Totsl 1,198,827 461.176 1.660.003 EXPENDITURE ON C051 of other trading activates Charitable activities 60,557 60,557 Education and training through artistic perfomiance 1,457,071 423.798 1,880.869 Total 1,517.628 423,798 1.941,426 NET INCOMEI(EXPENDITURE) 1318.801) 37,378 {281.423} Transf¢r btheen funds 2,055 12.0551 Net movement In funds (316,746) 35.323 1281,423) RECONCILIATION OF FUNDS Totsl funds brought forward 1,652.560 50,101 1,702,661 TOTAL FUNDS CARRIED FORWARD 1.335.814 85.424 1.421.238 Page 20
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 15. TANGIBLE FIXED ASSETS- Group and charity Long leasehold property improvements Fixtures & fittings Equipment Motor vehides Totals COST At 1 April 2023 Addilions 1,360,182 480,585 17,777 96,596 6,495 19.159 585 1.956,522 24.857 At 31 March 2024 1.360 182 498.362 103,091 19.744 1981,379 DEPRECIATION At 1 April 2023 Charge for year 244,815 27,204 418.215 18,734 46.952 13,767 8,515 3.205 718,497 62.910 At 31 March 2024 272.019 436.949 60,719 11,720 781,407 NET BOOK VALUE Al 31 March 2024 1,088,163 61,413 42.372 8,024 1,199.972 At 31 March 2023 1,115.367 62.370 49.644 10,644 1,238.025 16. FIXED ASSET INVESTMENTS- Charity Shares in group undertaktngs MARKET VALUE At 1 April 2023 and 31 March 2024 NET BOOK VALUE Al 31 March 2024 At 31 March 2023 There were no investment assets outside the UK. The above relates to an investment in the subsidiary companies at cost (see note 27). Page21
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDJARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- Group and charity Group 2024 Group 2023 Charity 2024 Charity 2023 Trade debtors Amounts owed by group undertakings VAT Prepayments and arUed income Theatre tax relief recoverable 7,200 2,460 7,200 9.610 2,460 6.765 10,699 77,626 99 155.247 290,290 10,893 77,626 187,270 155.247 452.836 278,249 172,057 97.550 18. CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR- Group and charity Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans and overdraft (see note 20) Trade creditors Social security and other taxes VAT other creditors Accruals and deferred income 7,064 37.837 13,702 449 2.993 247,803 8.293 63,175 11,091 7.064 37,837 13.702 449 2,993 243,543 8,293 62,959 11,091 2,799 267,191 2,799 266,351 309.848 352,549 305.588 351,493 Included within Accruals and deferred income above is the following deferred in¢ome: 2024 2023 Moondance Foundation British Council WCVA Sabotage box office Sabotage perfomiance fees Circus Village donation Arts Council of Wales - Circus Village Creative Scotland - Circus Village Archaos - sabotage 2024125 Sabotage Box Office 2024125 National Lottery wamispace 2024125 Foyle Foundation Without Wall ACW- Circus Village Play to the Crowd Norfolk & Nornlch 60.000 60.000 10,000 11,235 25,356 86.296 3.210 50.800 10.000 42.105 8,029 20.000 40,000 14.400 22,500 5.000 6,000 229,269 245.662 The deferred income has arisen due to the earfy receipt of funding specifically given for work in Ihe next financial year and tour income in advance. The income deferred in the year ended 31 March 2023 has been released in full to the Statement of Financial Activlties. Page 22
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR- Group and charity 2024 2023 Bank loans (see note 20) 176,725 180.054 20. LOANS An analysis of the maturity of loans is given below: 2024 2023 Amounts falling due within one year on demand: Bank loans 7,064 8.293 Amounts falling beeen one and years.. Bank loans- 1-2 years 7.064 8.293 Amounts falling due beeen tsvo and five years: Bank loans - 2-5 years 21,191 26.879 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 years by inslalments 148.470 144,882 21. SECURED DEBTS The following secured debts are included within creditors- 2024 2023 Bank loans 183,789 188,347 183.789 188,347 There is a fixed and ftoaling charge over the assets of the group. The bank loan is secured against the long leasehold property. 22. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 2024 2023 Within one year Beeen one and five years 2,760 9,660 12.420 Page 23
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS Net movemenl Transfers in fvnds between funds At 114123 At 3113124 Unrestricted funds General fund Gibbs Twst 1,335.814 (104.500) 1,825 1,231,314 1,825 1,335,814 (102,6751 1,233.139 Restrlcted fvnd Arts & Business Cymru - Culture Step Oakdale Trust Paul Hamlyn Foundation Cardiff University- Graduale internship programme ACW Connect and Flourish National Grid- wam space 2.500 1.500 81.424 {2,500) {1.500) {81,424) 1.526 1,526 103,747 2,988 103.747 2.988 85,424 22,837 108,261 TOTAL FUNDS 1,421,238 79.8381 1.341,400 Nel movement in funds, In¢luded in Ihe above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Gibbs Trust 1,53g,362 2,000 11,643,862} (175) 1104.5001 1.825 1.541,362 {1,644,037) 1102,675) Restricted funds Arts & Business Cymru - Culture Step Oakdale Trust Moondance Foundation - Community Core Programme Paul Hamlyn Foundation WCVA= Third Sector Resilien Fund 3 Cardiff Third Sector Council- Summer of Fun Arts Council gf Wales - Circus Village Creative Scotland - Circus Village Arts Council of England - Circus Village Welsh Government- Circus Village Viridor and Prosiect Gyrdd Community Fund Cardiff University - Graduate intemship programme ACW Arbsts as Activists ACW Connect and Flourish Waterloo Foundation National Grid- wami space British Council 3,800 (6.300) (1.500) (80.000) (2.500) {1.500} 80,000 181.424) {1,001 } (5,0001 (50.800) (20,000) {58,536) (25.000) (3,000) (81,424) 1,001 5,000 50.800 20,000 58,536 25,000 3.000 1.526 5,400 188,838 5,000 9.890 10,000 1,526 15,400) {85,0911 (5,0001 (6.902> 10,000) 103,747 2,988 467.791 {444,9541 22,837 TOTAL FUNDS 2,009.153 2,088,991) 79,838) Page 24
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS . CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS - contlnued Comparative$ for movement in funds Net movement Transfers in funds betsveen funds At 114122 At 3113123 Unrestricted funds General fund Designated fund - Production fijnd 1,556.560 96,000 (317,452) (1.349) 96,706 194,651) 1.335.814 1,652,560 1318,8011 2,055 1,335,814 Restricted funds Arts & Business Cymru - Culture Slep Oakdale Trust Paul Hamlyn Foundation Viridor and Prosiect Gwyrdd Community Fund 2,500 1,500 31,323 2.055 2.500 1,500 81,424 50,101 2,055) 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 Resources expended Movement in funds Unrestricted funds General fund Gibbs Trust 1,198.827 (1.516.279) 11,349) 1317.452) 11,349) 1.198.827 11,517,628) {318,801) Restricted funds Arts & Business Cymru- Culture Step Oakdale Trust Moondance Foundation - Community Core Programme Arts & Business Cymru- Creative Intemship Programme Paul Hamlyn Foundation WCVA: Third Sector Resilience Fund 3 Arts Council of Wales- Clifton Street Festival Big Lottery- Clifton Street Festival Cardiff Community Housing Association- Clifton Street Festival Cardiff Third Sector Council- Summer of Fun Arts Council of Wales- Sabotage Arts Council of Wales- Circus Village Creative Scotland - Circus Village Arts Council of England - Circus Village Big Lottery- Winter Wami Creative Hub Cardiff Third Sector Council - Winter Wami Creative Hub Welsh Government- Circus Village Viridor and Prosiect Gwyrdd Community Fund Cardiff University- Graduate Inlernship Programme 2,500 1,500 20,000 5,646 95.000 35.480 46,210 9,840 5,000 2.500 1.500 {20.000} 15,646) (63,677) (35,480) (46,210) (9.840) (5.000) 31,323 5.000 49,050 63.500 20.000 60,001 9,897 1,500 25.000 3.000 3.052 (5,000) {49,050) (63.500) (20,000) (60,001) {9,897) (1.500) 125,000) 1945) 2,055 461.176 1423.7981 37,378 TOTAL FUNDS 281,423) Page 25
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS - continued Arts & Business Cymru - Culture Step Funding was received to support and develop the relationship between Cardiff Community Houslng Association and NoFit State Circus. Oakdalg Trust The Oakdale Trust awarded grant funding of £1,500 during the prior year for Circus in the Parks. Moondance Foundallon - Community Core Programme Funding for 3 years to support core ¢osls for the Community Programme team. Paul Hamlyn Foundatlon Funding for years to support development of a hyper local participatory programme In Adamsdown, Splott and Tremorfa. The funding runs from August 2021- July 2023. WCVA:Third Sector Resllience Fund 3 Grant funding was received from WCVA to pay the salary of the receptionist of the charfty. Cardiff Third Se¢tor Council - Summer of Fun A grant award of £5,000 was CeiVed for funding Summer Circus Clubs for Children and teenagers aged 5- 14 to provide free. inclusive and fijn circus and creative activities in the NoFit stale venue on Four Elms Road in Adamsdown. Arts Council of Wales- Clrcus Vlllage Grant fvnding was received as a contribution towards The Circus Village 2023. Creative Scotland . Circus Vlllage Grant funding was awarded by Creative Scodand in support of The Circus Village 2023. Arts Council of England- Circus Village Granl funding was received as a conlributson towards The Circus Village 2023. Welsh Government- Clrcus Village The Welsh Govemmenl contributed grant funding in support of the staging, marketlng and delivery of Ihe festival element of Circus Village 2023. Viridor and Proslect Gwyrdd Community Fund Funding of £3.000 was received to purchase a PA system. Cardiff Unlverslty - Graduate internship programme Granl funding was received from Cardiff University for a 12 week intemship programme which focussed on helping Cardiff University graduates whos9 chances of securing suitable employmentwere impacted by the global pandemic. Page 26
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 23. MOVEMENT IN FUNDS- continued Prior year Arts & Buslness Cyinru- Creative Internship Programme Grant funding was received to support a creative intem Cheih-Ju Yang as development assessment. Cheih-Ju completed her internship in August 2022 and was then offered a fulltime and pemianenl post with the company. Moondance Foundatlon - Comrnunity Core Programme Funding for12 months to support core costs for the Community Programme team whilsl littte earned income could be generaled. WCVA: Thlrd Sector R•silien¢e Fund 3 Grant funding was received from WCVA to pay the salary of the receptionist of the charity. Arts Council of Wales- Clifton Street Festival Grant fijnding was received from Arts Council of Wales towards the 2022 Clifton Street Festival. Blg Lottery- Clifton Street Festival Grant funding of £9,840 was received in support of'The joumey Starts from Clifton Street. project. Cardiff Community Houslng Assoclation - Clifton Street Festival Cardiff Community Housing Association contributed £5,000 during the year towards the 2022 Clifton Street Festival. Art5 Council of Wales - Sabotage Arts Council of Wales provided grant funding during the financial year for the Sabotage Welsh Tour. Creative Scotland- Circus Village Grant funding was awarded by Creative Scotland in support of The Circus Village 2023. Arts Council of England- Circus Willage Granl fvnding was received as a contribution towards The Cir¢us village 2023. Big Lottery - Winter Warm Creatlve Hub Funding of £9,897 was received during the year in support of the Winter Warm Creative Hub in Cardiff East. Cardiff Third Sector Councll- Wlnterwarm Creatlve Hub Grant funding was received towards opening Four Elms venue as a free ac¢essible Winter Wam Creative Hub. Cardiff University- Graduate Internshlp programme Grant funding was received from Cardiff University for a 12 week inlemship programme which focussed on helping Cardiff Universlty graduates whose chances of securing suitable employment were impacted by Ihe global pandemic. Transfers between funds Prior year, a Irdnsfer of £2,055 was made from the Viridor and Prosie¢t Wrdd Community Fund to the General fund in respect of fixed assels purchased during the year. Prior year, a transfer of £94,651 was made from the designated fund to the general fund during Ihe year as the fund was no longer required. Page 27
NOFIT STATE COMMUNIry CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 24. CONTINGENT LIABILITIES During 2012-2014 the group was awarded a capital grant towards leasehold property refurbishment of £500,000 from The Big Lottery Fund under the Community Asset Transfer Programme. ofwhich £500,000 had been received at 31 March 2014. The Big Lottery hold a charge over the property and the grant would be repayable, on a sliding scale. in the event of the group disposing of the propety or the group Ceasing tr) operate, wilhoul their prior consent. 25. RELATED PARTY DISCLOSURES Payments totalling £15,740 (2023: £12,099) were made to a close relative of a member of key management personnel for crew fees. catering and expenses. During the year. some trustees volunteer at events and performances outside of their role as trustee. Volunteer expenses are reimbursed in line with the stsndard rate paid to all volunteers. 26. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution pension s¢heme. The assets of the scheme are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions paid by the charity to the fund and amounted to £13,865 {2023 £11,525). At the year*nd there were outstanding contributions of £2,684 (2023 - £2,423). Page 28
NOFIT STATE COMMUNITY CIRCUS LTD AND SUBSIDIARY NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 27. SUBSIDIARY COMPANY The charity owns the whole of the issyed ordinary share capital of Nofit stale Circus Trading Limited, a company registered in England and Wales. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the SOFA. The total net profit is gifted to the charity. A summary of the results of the subsidiary is shown below-. 2024 2023 Turnover Cost of sales 224.977 {196,238) 12,057 (7.691) Gross profit Other interest received less administrative expenses 28,739 3,503 4.366 (459) Profit on ordinary activities before taxation Tax on loss on ordinary a¢tivilies 32.242 93,801 3,907 Profit for the financial year 126,043 3,907 The aggregate of the assets. liabilities and funds was: 2024 2023 Assets Liabilities 330.456 (13.870) 198.364 (7,821) Funds (induding 1 ordinary share of £1) 316,586 190.543 28. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted funds Unrestricted fvnds Totsl Fund balances at 31 March 2024 are represented by: Tangible fixed assets Current assets Currenl liabilities Long tem) liabilities 1,199,972 292,1g4 (82.302) 176.725) 1.199.972 628.001 {309.8481 176.7251 335.807 1227.546) Total net assets 108,261 1.233.139 1,341,400 Page 29