Registered number: 03180348 Charity number., 1102850 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, Its Trustees and advlsers Trustees, report Trustees, responsibilitles statement Independent auditors. report on the financial statements Consolidated statement of financial activities 8-11 12 Consolidated balance sheet 13-14 Charity balance sheet Consolidated statement of cash flows 15-16 17 Notes to the financial ststements 18-39 NOFIT STATE COMMUNITY CIRCUS LTD (A company limlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees A Peters, Vice Chair P Ralley, Treasurer A Burnett (Resigned 21 February 2025) L Fisher M Jones H Ansari, Chair M Roberts L McLean (Resigned 21 February 2025) P Wells T Crocker-wilton S Maggs K Tilbrook Company registered number 03180348 Charity registered number 1102850 Registered office Four Elms Road Cardiff Wales CF24 1LE Company secretsry A Woods Independent auditors MHA Statutory Audilors MHA House Charter Court Swansea Enterprise Park Swansea SA7 9FS Bankers Lloyds Bank PLC 1 Queens Street Cardiff CF23 8RS Page 1 NOFIT STATE COMMUNITY CIRCUS LTD IA company Ilmlted by guardntee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees, who are also directors of the ¢harity for the purposes of the Compar¢ies Act 2006, PTesenl their feport with the financial statements of the ¢harity for the year ended 31 March 2025. The Iruslees have adopted the provisions of Accounting and Reporting by Charitie5'. Slalemenl of Recommended Practice appIl￿ble lo charities preparing iheir accoLsnts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeGlive 1 January 20191. OBJECTIVES AND ACTIVITIES The charity'5 objects are.. 1. The Pfomolion of education and training in the creative and artistic application of circus skills and physical theatre in artistic perfomiance. 2. The promotion and training in circus skills and other fecreational activities in the interests of 5wial welfare for the benefit of the public with the object of improving the conditions of life. As a flagship Welsh company, NoFil Slate Circus is passionately committed lo extending and expanding community participation in the arts. to creating inspiralion81 edLFcation and training programmes for community parbcipan15, young people, and professional artists. and to creating worfd class contemporary circus perfomiances. The charity's key objectives for the year were to.. Embed our new approach tr) w￿Stion and collaborative working within our community programme Strength and expand our local partners and partnerships throughout East Cardiff through y Filltir Sgwar Re*ngage with intemational markets post Covid and p05t the pandemic and strengthen our intemalional partnerships Activety respond lo the climate crisis through both strategic investment lo redu￿ our environmental impact and a creative response to the wortd around us through a new production - Bamboo. Public benefit The organisaliork's Iruslees can confiim that they have Compl￿d with the duty in Section 17 of Ihe'charilies Act 2011 10 have due regard lo public ber¢efil guidan￿ published by the Commission_ Signifieant activities that we undertook during the year that demonslrale public benefit are set out on the following pages. Slgnificant activitie5 update Sabotage The production begartr its third year of touring in BrÉstol before Iravelling on lo HaverfoTdwe51, EastEeigh. B¥Èghton, and Salzburg before finishing at Biennale Intemationale des Art5 du Cirque in Marseilles. The tour induded 107 perfomiarKes with a total audience of just under 51,507. Bamboo Bamboo is a spectacular high-impact, high-skill outdoof circus production using only bamboo and human bodÉes - revealing the fragility and beauty of our inlereonnecled and interdependent life on this planet. The artists arrive at an empty stage. bringing bundles of b8mb¢)o. They build towering sculptures which morph. IransfoFm and become an improbable, delicate circus playground that seems to defy the laws of physics. Bamboo is a partnership befvleen NoFit Slate. Imagineer and Oril Azaz. 11 is supported by the Arts Council of Wales. the Foyle Foundation, and Wlhoul Walls, and commissioned by Stockton Inlemalional Riverside Festival, Norfolk & Nowich Festival, Hat Fair and Timber Festival. Bamboo premiered and undertook its first annual lour. cris-crossing Ihe UK and mainland Europe. As a smaller outdoor production with only a small rsumber of perfomiances in each location. the production travelled exlen5Nely. Performance$ in Wales were siaged in; Amrolh, Cardiff. Cardigan, Haverfofdwesl, Machynlleth, Monmouth, Newtown, Penarth, Pontypridd, and Tywyn. Performances in England look place in., Bimiingham. Brighlon, Bristol, Coventry, EasllEgh, Edlington, Leic*ster, London, Manchester, No￿lch, Nunealon. Redbrook, Redruth, Stockton. Stoke, and Tynemouth. Inlemational perfomances look place in Ireland and Fran¢e. In total Bamboo was perfouned 64 lime5 to a total audience of approximately 25,000, (some perfomances were un-tickeled and so wp only have estimated fuures for some locatsonsl. Page 2 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES The Communtty Programme The community programme extended and slren9lhened ils new focus. The ongoing support from the Paul Hamlyn Foundation and project funding secured from a wide varEly of sources enabled the charity to embed ils new practise and strengthen the range of partneiships and programmes within our hyper local communities in Adamsdown. Splott and Tremorfa. In summer 2024 the funding secured fiom the Arts Council of Wales via the Connect and Flourish programme lo develop a new creative partnership East Cardiff - Y Filllir Sgwar - came lo an end. We were enormously grateful lo secure new funds from the Esmee Fai￿aIrn Foundation. WCVA, Cardiff Council, and many'more to enable the programme lo continue. The programme partnets within Y Filllir Sgwar included Oasi5, Llamau, Adamsdown Primary School, Cardiff Community Housing Association, the Welsh Refugee Council, Green squi￿1, local PCSOS, local Cotsncillors Grace Ferguson-Thorne and Owen Jones. and frèe-lancers AF Maugran, Francis Maxey, and Sta￿Y Blythe. Building on Gweldd Parc Feast in 2023 - a daylong ￿lebratiOn of the local communities and cultures of Ea51 Cardiff - summer 2024 saw Gwyl Parc Fesl. Incorporating dance. rriusic, circus. story-telling and a community feast. Gvryl Parc Fest again took over Anderson Fields for an entire day in September 2024 and attracted approximately 4.500 local residents lo the celebration. Themed around barnboo and ¥e¢ycling, Gwyl Parc Fest included performances of the touring prodLECtion Bamboo as well as commissioned ple￿S from local artists and community groLtps. Public community events were linked by a programme of open and free to 8t￿5 WOtkshop5 and cre81ive sessions throughout East Cardiff. The winter programme using Four Elms as a creative warm space was maintained for a seeond year. The w*kty open access days included Cfeattve workshops, hotdesking space for local free-lancers, and a free lunch. Attendance throughout the winter demonslraled again how desperately needed this was with hundreds of peop￿ coming into Four Elm5 to build relationships with their neighbours within a creative space. The ongoing programme of paid for classes continued throughout the year and class attenders ¢reated ple￿5 cf perfomianee which were perfomed in both Gwyl Parc Fest and the Company AGM. Page 3 IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES Signlficant activities update Icontlnued) Volunteers NoFil Slate Circus enjoys the support of a wide range ol volunteets. Volunteers provide stsff support, work alongside tijtors lo deliver our community and education Pfogramme, support the company ori lour, and engage in fundfaising aciivities. Many aclivib.es I projects are initially supported by volunteers until funding can be secured or eamed income generated to make them financially sustsinable. The volunteer PTO9famme during the year was Strongly Connected lo the redevelopment of the community prcgramme. During 2024-25 the volunteer programme was supported by a specifi grant from the WCVA and Ihroughoul the year new systems and pr¢xesses were developed lo ensure a richer relationship and greater benefits for Volunteers. Going Concern The trustees consider thal there are no material uncertainb.es about the charity's ability to continue as a going concem and on that basis. the financial statements are prepa￿1 on a going con￿rn basis ACHIEVEMENT AND PERFORMANCE The 2024 lour of Saljolage was the company's Ihird full Iouf and again included inlematÉonal perfOMan￿$. Successfully navigating posl-Brexil complexities look considerable effort including letters from DCMS and funders to enable inlefnational perfQm)an￿S lo go ahead. Within Ihe UK, 24% of the audience attended with the support of the voucher scheme which provides free tickets to people in absolute financial need Ifoodbank users, refugees and asylum seekers, etcl, and 22% attended with a poslcode targeted discount ticket. Thus 46% of the total UK audience were people experiencing real financi81 hardship. This 15 a signrficantly higher % than in any pre-covid year and reveals Ihe level of need created by the cosl-of-living crisis. The refocussed community programme enabled the chartty lo support 59me of the most vulnerable people within one of the poorest communities in Wales. The sustained programme of work began to demonstrate real impact 85 new community networks were developed and new approaches lo collaborative wotking developed. The m051 tangible output was a new community leaflet produced by the company sharing information on all free-to-aC￿sS school holiday activity in East Cardiff. FINANCIAL REVIEW The lumover of the charity and its subsidiary for the year ending 31 March 2025 is £2.405,528 (2024.. £2.009,1531. Nel Deficit for the year lolalled £106,650 12024.. £79,838). This result is after accounting for depreciation of £67.635 (2024.. £62,910}. The unrestricted reserves of the group as at 31 March 2025 are £1,148.612 {2024.' £1,233.1391. which include5 cash balance of £73,940 1202d'. £169,272). The trustees appreciate that resources are needed to bridge the funding gaps beh¥een spending on events and perfomances and the gen8falion of income and continue to monitor the situation. Reserves policy 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 funds will be created on a case by case basis lo support investment and ¢ompany development. The designated funds policy delegales authority and decision making lo the trustees. The feserve policy slates that the charity should allocate sufficient funds towards resetves on an annual and ongoing basis lo achleve a cash reserves fvnd equivalent lo 10% of ILtmover as soon as practically possible. The Board had sel a target lo maintain free reserves equivalent lo 10% of tumover1£180,0001. Page 4 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantse} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FUTURE PLANS 2025 will a second ye8r of tourirtg for Bamboo throughout the UK and Europe and a full lour of Sabotage to Hereford, Basingstoke, Galway, Redruth. and Cardiff. The Community Programme will maintain its new cultural focus and will seek funding to expand and extend the changes initiated with support from the Paul Hamlyrt Foundation and the Arts Couneil of Wales STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document NoFil Slate Community Circus 1$ governed by its Memorandum and Articles of Association and is constituted as a company limited by guarantee. Recruitment and appointment of new trustees Tru51ees are elected by the membership of the charity al the Annual General Meeting. In addition, the membership has delegated lo the trustees Ihe authority to co-opt new trustees ortrlo the Board whero necessary, such appointments lo be ratified al the subsequent AGM. No new Tru51ees joined the Board during 2024-25. OTganisational structure Trustees are appointed to enslrre ar¢ effective and adequate Tange of skills and expertFse. These include.. arts management.. finanee,. law., event management,. fundr8ising,' circus,- company management.. marketing the arts. The senior management team present the trustees with ￿portS (both verb81 and written) at quarterly Board meetings. Ttuslees are asked to approve future plans within idenlrfied levels of risk and in line with the charity's aims and objectives. on￿ approval has been gtven, the senior managemertrl team authorised lo make all executive decisions within the identified level of risk. If due to either a change of circumstance or further investigalion the tdentrfied level of risk rises above that aFIPToved by the Iruslees, the senior management team musl inforn the Iruslees and fomially request re-approval for an activity before they can Proceed. Induction and training of new trustees The Board has delegated one Iruslee, lo have formal Tesponsibility for the effective indu¢lion of all new trustee5 as well as ensuring that #ll potential Iruslees are fully informed of their legal responsibilities before they agree lo stand frsr election. The induction of trustees indudes.. - The leg81 responsibilities of a trustee The charity's finan¢ial position and an explanation of most Fecenl audited accounts - Company history Curienl and future creative plans Planning do¢vments Key management remuneration Key management remur¢eralion is based on a fixed. market rate salary Remuneratiork levels are delemiined and reviewed by the trustees Performance -related bonuses are not used as part of the remuneration packages. Related partles The charity has a wholly owned subsidiary trading Company. 'NoFil Stste Trading Limited. lo undertake all non-charilable activity- NoFit Stale Trading Limited is required by its Memorandum and Articles ofA550cialion lo donate all profits lo NoFIt stale Community Circus. Page 5 (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Risk The Iwstees take a robltsl approach lo assessing and managing the risks that the compar¢y faces and ensuring that appropriate miligalion measures are in place. The company maintain5 a risk register which is reviewed regularty wilh board meetings and the risks associated with individual projects and programmes of work are considered before any significant project is allowed to procefjd. The main identtfied risks during 2024-25 were.. The ongoing impact of Brexit on our inlemational louring Pfogramme with poteniial for addiiional costs and bordef delays a5 well as reduced income due lo the 90 day rule The growing impact of the cosl-of-living crisis on people's levels of disposable income throughout the UK with consequent impact on lickel 5ale5 and eamed income within the UK Public funding reductions meaning that k)cal aulhotities and the Arts Councils of W81es and England are not able to maintain previous levels of funding and consequent additional pressures on Tw51s and Foundations for support Appro r of the members of the board of Trustees and signed on their behalf by.. P Ralley - Treasurer Date. L6 2o (106,650) (79,838) 19 Net movement in funds {22,1231 (84,527) {106.6501 (79,838) Reconciliation of funds: Totsl funds brought forward Net movemenl in funds 108,261 ' (22,123) 1,233,139 (84,527} 1.341.400 (106,650) 1,421,238 (79,838) Total funds carried forward 86,138 1,148,612 1,234,750 1,341,400 Page 12 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) REGISTERED NUMBER: 03180348 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets 13 1,225,570 1, 199.972 1,225,570 1,799,972 Current assets Stocks Deblors 14 828 268,432 73,940 5,893 452,836 169,272 15 Cash at bank and in hand 343,200 628.001 Current liabilities Creditors.. amounls falling due within one year 16 (161,088) (309,848) Net current assets 182,112 318, 153 Total assets less current liabilities 1,407,682 1,518, 125 Creditors= amounls falling due after more than one year 18 (172,932) (7 76, 725) Total net assets 1,234,750 1,341,400 Charity funds Restricted funds Unrestricted funds 19 19 86,138 1,148,612 108,261 1,233, 139 Total funds 1,234,750 1,341,400 Page 13 (A company limited by guarantee) REGISTERED NUMBER: 03180348 CONSOLIDATED BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2025 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 for the year ended 31 March 2025, although an audit has been carried out under Section 144 of th6 Charities Act 2011. The members have not deposilied notice. pursuant to Section 476 of the Companies Act 21J06 requiring an audÈt of these financial statements. The Truslees acknowledge their responsibilities for :_ (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 ofthe Companies Act 2006" and (b) preparing financial statements which give a true and fair view of the slate of affairs of the diaritable company as at the end of each financial year and of ils surplus or deficit for each financial year in accordance with Ihe requirements of Sections 394 and 395 and which otherwise comply with Ihe requirements of the Companies Act 2006 relaling to financial statements, so far as applicable to the charitable company. These financial statements have been audited undei the requirments of Section 145 of the Charities Act 2011. These financial statements have been prepared in accordance with the provisions applicable to charilable companies subject to the small companies, regime. The financial statements were approved and aulhorised for issue by the Truslees and signed on Iheir behalf by.. Iley - Treasurer Dale.. L£ l)dL 'Zc?JS The notes on pages 18 to 39 form part of Ihese financial statements. Page 14 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) REGISTERED NUMBER: 03180348 CHARITY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investments 13 1.225,570 1,199,972 1,225,571 1,799.973 Current assets Debtors Cash at bank and in hand 15 94,092 67,875 172.057 135,098 161,967 307, 155 Current liabilities Creditors= amounts falling due within one year 16 (469.728) (305,588) Net current liabilities l assets {307.761) 1,567 Totsl assets less current liabilities 917,810 1,201,540 Creditors.. amounls falling due after more than one year 18 {172.932) (176, 725) Total net assets 744,878 1,024,815 Charity funds Reslricled funds Unrestricted funds 19 19 86,138 658,740 108,261 916,554 Total funds 744,878 1.024. 815 Page 15 {A company limited by guarantee) REGISTERED NUMBER: 03180348 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Charity was entitled to exemption from audit under section 477 of Ihe Companies Act 2006 for the year ended 31 March 2025, although an audit has been carried out under Section 144 of the Charities Act 2011. The members have not depositied notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The Trustees acknowledge their responsibilities for :_ (a) ensuring that the charitable company keeps accounting records that comply wilh Sections 386 and 387 ofthe Companies Act 2006.. and Ib) preparing financial statements which give a true and fair view of Ihe stale of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating lo financial statements, so far as applicable to the chafltable company. These financial slatemenls have been audited under the requirments of Section 145 of the Charities Act 2011. These financial statements have been prepared in accordance with the provision5 applicable to charttable companies subject lo Ihe small companies, regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by= alley - Treasurer Date.. The notes on pages 18 to 39 form part of these financial statements. Page 16 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating actlvities Net cash used in operating activities 1.753 (230. 736) Cash flows from investing actlvlties Purchase of tangible fixed assets (93.292) (24.857) Net cash used in investing activities (93.292) {24,857} Cash flows from financing activities Repayments of borrowing (3,793) (4.558) Net cash used in financing activities (3,7931 14,558} Change in cash and cash equivalents in the year Cash and cash equivalents at Ihe beginning of the year (95,3321 169,272 (260.151) 429,423 Cash and cash equivalents at the end of the year 73,940 169,272 The notes on pages 18 to 39 form part of these financial statements Page 17 (A company Ilmlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General infornation Nofit Stale Community Circus LTD is a registered charity and private company limited by guarantee. incorporated in Wales in Ihe United Kingdom. The regislered office is Four Elms Road, Cardiff, CF24 1 LE. The nature of Ihe companls operalions and prinupal activities is disclosed within the Report of the Trustees. In the event of the charily being wound up. the liabiltty of each member is limiled to £1. The finanaal slatemenls are presented in Sterling (£}, the company's functional currency. and rounded to the nearesl pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistentty applied to all years presented unless othe￿iSe stated. Accounting policies 2.1 Basis of preparation of financial statements The financial slatemenls have been prepared in accordan￿ with the Charilies SORP (FRS 102} Accounting and Reporting by Charities.. Slatement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effeclive 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Ihe Companies Act 2006. Nofit State Community Circus LTD meets the definition of a public benefit entTrty under FRS 102. Assels and liabilities are initially recognised at historical cost or transaction value unless othewise slated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial stalemenls of the Charity and its subsidiary undertaking. The results of the subsidiary are Consolidated on a line by line basis. The Charity has laken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presenled ils own Statement of financial activities in these financial statemenls. 2.2 Going concern At 31 March 2025 there are net current assets of £182,11212024'. £318,153) in the group. The Trustees have assessed Ihe charity's ability to continue as a going concern and are confident that NoFit Comrnunity Circus LTD has adequate resour￿5 lo continue operating for the forseeable fulutre. The charity has performed scenario planning, sensitivity analysis on projected forecasts alongside the charity having a diversified funding base to support the ongoing delivery of tts operations. The Trustees appreciate the inherent risks of continuance of funding streams and the importance of ma naging the chartly's cost base. The trustees consider that they are able to lake limely action to cut cosls, if income levels or other demands on cashflow warranted it. Accordingly, the financial ststements have ben prepared on a going concern basis. Page 18 NOFIT STATE COMMUNITY CIRCUS LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued} 2.3 Income All in¢ome is recognised once the Charity has entillemenl to the income. it is probable that the income will be received and the amount of income receivable can be measured reliabty. Donations and legacies income includes donations, gifts and grants Ihat provide core funding or are of a general nalure are recognised where there is entitlement. probability of re￿Ipl and the amount can be measured with sufficient reliability. Such incorne is only deferred when the donor specifies it must be used in future acoounling periods or the donor has imposed conditions which must be mel before the charity has unconditional entillemenl. Income from charttable activtties includes income received under contract or where entitlement to grant funding is subject to specific perfomiance conditions. This income is recognised where there is entitlement, when the receipl is probable and the amount can be measured reliably. Income is deferred when Ihe amounts re￿iVed are in advance of the performance of the seNice or evenl lo which they relate. Other trading activilies are recognised as the related seNices are provided and there is enlillement, probabiltty of re￿Ipl 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. Investmenl income is recognised on a receivable basis 2.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslructive obligation committing the charity lo that expendilure, it is probable thal a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated to activwties on a basis consislent with the use of resources. Expenditure on charitable activities comprises those cosls incurred by the charity in the delivery of its activities and services for its benefiriaries. It includes both costs that can be allocated direclly to such activities and those costs of an indirect nature to support them. Support costs are those costs that, whilst necessary to deliver an activity, do not thèmselves produce or constitute the output of the Charitable activity. This includes governan￿ costs which are Ihose costs associaled with meeting the constitutional and statutory iequiremenls of the charity and include the accountancy fees and costs linked to the strategic managemenl of the Charity as well as a proportion of salaries based on an approximation of time spent in this area. 2.5 Allocation and apportFonment of costs All costs are allocated between the expendilure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly,. others are apportioned on an appropriate basis. 2.6 Taxatlon The charity is exempt from corporation tax on its charitable activities. Pa9e 19 (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcses Icontlnued} 2.7 Tangible flxed assets and depreciation Tangible fixed assets costing £500 or more are capilalised and recognised when future economic benefits are probable and the cost or value of Ihe asset r2n be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All cosls incurred to bring a tangible fixed asset into ils intended working condition should be included in Ihe measurement of cost. DeP￿CIatIon is charged so as lo allocale Ihe cost of tangible r￿ed assets less their residual value over their estimated useful lives. Deprecialian is provided on the following bases.. Long leasehold property improvements Equipment Motor vehicles Fixtures and fittings Over the period of the lease 200/0 Straight line 250/0 reducing balance 20Vo Straighl line 2.8 Investments Fixed asset inveslments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless the value cannot be measured reliably in which case it 15 measured at cost less impairment. Inveslmenl gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Consolidaled statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Fund accounting General funds are unrestricted funds which are available for use at the discrelion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Group for particular purposes. The cosls of raising and administering such funds are charged against the specific fund. The aim and use of each restricled fund is set out in Ihe notes to the financial ststements. 2.10 Forelgn currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange wling al the balance sheet date. Transaclions in foreign currencies are translated into sterling at the rate of exchange ruling al the date of transaction. Exchange differences are taken into account in arriving al the operating resull. Page 20 NOFIT STATE COMMUNITY CIRCUS LTD (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 2.11 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. 2.12 Penslons The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Stalemenl of Financial Aclivilies in the period to which Ihey relate. 2.13 Operatlng leases Rentals applicable to operating leases where substantially all of the benefits and rssks of the ownership remain with the lessor are charged against profit5 on a straight line basis over the period of the lease. The benefits of lease in￿ntiVeS are recognised in the profit and loss account over the lease period. 2.14 Liabilities and provisions Liabilities are recognised as soon as there is a legal or conslruclive obligation which commits the charity to the expenditure. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to whith it relates. abilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions are measured al the besl estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial adivities as a finance cost. 2.15 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at Iransaclion value and subsequently measured at their settlement value. Debtors with no stated interest rate and receivable wilhin one year are recorded at transaction price. An losses arising from impairment are recognised in expenditure. Prepayments are valued at the amounl prepaid net of any trade discounts due. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event Ihat will probably result in the transfer of funds to a Ihird party and the amount due lo settle the obligation can be measured or estimated reliably. CreditOFS and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Page 21 IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Critical accountlng estlmates and areas of judgment Estimales and judgments are continually evaluated and are based on historical experience and other factors, including expectalions of future events that are believed to be reasonable under the Circumstan￿$. Critical accounting estimates and assumptions.. Estimales and judgments are continually evaluated and are based on historical experience and other relevant factors, including expectations of future events that are believed to be reasonable under the circumstances. The preparation of the financial stalemenls requires management to make estirnates and assumptions conceming the future. The resulting accounting estimates will. by definition, be likely to differ from the related actual results. No estimales or assumptions have been identified that have significanl risk of causing material adjustment lo the carrying amounts of assets and liabilities within the next financial year. Income from donations and legacies Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Donations 7.368 647,426 1,320 7,368 647,426 1,320 Grants Similar incoming resources 656.114 656,114 Restricted Unrestricted ftinds funds 2024 2024 Total funds 2024 Donations Grants Similar incoming resources 3,000 16,967 404.561 110,347 19,967 404.561 110,347 3,000 537,875 534,875 Page 22 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activitles Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Grants Performance fees Workshop fees Cornmunity performances Theatre tax relief claim 375,128 375,128 1,013,551 64,785 1,013.551 64.785 174,340 174,340 375.128 1,252.676 1,627,804 Restricted Unrestricted funds funds 2024 2024 Tot81 funds 2024 Grants Performance fees Workshop fees Community perfomiances Theatre tax relief claim 464, 791 2,000 675, 144 56, 700 8,865 93,801 466. 791 675, 144 56, 700 8,865 93,801 464,791 836,510 1,301,301 Results of Parent Charltable Company The income of the parent charitable company was £2,222,155 with a net deficit of £279,937. Page 23 IA Company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2025 Total funds 2025 Agency performance Bar takings and popcorn sales Agency workshop Merchandising Rent and hires Individual lessons 83 83 105,033 700 3.811 1,585 854 105.033 700 3.811 1,585 854 112,066 112.066 Unrestricted funds 2024 Total funds 2024 Agency perforrnance Bar tskings and popcom sales Corporate team building Agency workshop Merchandising Rent and hires Individual lessons 5,800 175,348 280. 563 355 5,800 115,348 280 563 355 23,637 2,230 23,637 2,230 148,213 148,213 Page 24 NOFIT STATE COMMUNITY CIRCUS LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Other expenditure Unrestricted funds 2025 Total funds 2025 Bar and popcorn costs Merchandising costs 48,323 7.545 48.323 7,545 55,868 55,868 Unrestricted funds 2024 Total funds 2024 Bar and popcorn costs Merchandising costs Other costs 45,177 2,251 1,875 45,177 2,251 1.875 49,303 49.303 Analysis of expenditure by activities Actlvittes undertaken directly 2025 Support costs 2025 Total funds 2025 Education and training through artislic performance 2.013,146 443,164 2,456,310 Aclivities undertaken d1￿CtlY 2024 Support cosls 2024 Tofal funds 2024 Education and training through artistic performance 1,550,381 489,307 2,039,688 Page 25 {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expendtture by activities {continued) Analysis of direct costs Totsl funds 2025 Activities 2025 Staff costs Insuran Motor and travel Other operating leases Legal and professional fees Depreciation Telephone Workshop costs other performance-based cosls Advertising and markeling Repairs and maintenan I￿eCOVerable VAT 507,343 58.624 162,788 2.783 22,174 67.694 6.536 14.585 909,542 123.400 107.861 29,816 507,343 58,624 162,788 2,783 22,174 67.694 6,536 14,585 909,542 123.400 107,861 29.816 2.013,146 2,013.146 Page 26 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysi6 of expendlture by activities (continued) . Analysis of dlrect costs (continued) Totol funds 2024 Aclivities 2024 Staff costs Insurance Light and heat Motor and travel Other operating leases Legal and professional fees Rates. rent and water Depreciation. Telephone Workshop costs Other perforMan￿baSed costs Advertising and marketing Repairs and maintenance Cost of donated services and facilities Irrecoverable VAT Production costs 431,922 55,355 21,206 106,288 2,364 5,996 4,273 59, 7Q5 4.959 1,226 292. 722 39,224 31,046 106,800 12.496 374. 799 431,922 55,355 21.206 106,288 2,364 5.996 4,273 59, 705 4,959 1,226 292, 722 39,224 31,046 106,800 12,496 374, 799 1,550,381 1,550,381 Analysis of support costs Total funds 2025 Actlvltles 2025 Management Govemance costs Other 340,461 10,190 92,513 340,461 10,190 92,513 443,164 443,164 Page 27 (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by actlvltles (continued) Analysls of support costs (continued) Total , fvnds 2024 Aclivities 2024 Managemenl Deprecialion Governan￿ costs 365, 759 3,205 10.047 110,296 365, 759 3,205 10,047 110,296 other 489,307 489,307 10. Auditors. remuneration 2025 2024 Fees payable to the Chartty's auditor for the audit of the Charivs annual accounts 16,000 9, 630 11. Staff costs Group 2025 Group 2024 Charlty 2025 Charity 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 777.280 56,463 729,197 54,619 777,280 56,463 729,197 54.619 14,061 13.865 14,061 13,865 847,804 797,681 847,804 797,681 The average number of persons employed by the Charity during the year was 8s follows- Group 2025 Gn?up 2024 No. Charity 2025 No. Chailty 2024 No. Employees 33 35 33 35 Page 28 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Staff costs {continued) No employee received remuneration amounting to more than £60,000 in eilher year. The total key management personnel remuneration benefits during the year were £127,368 (2024 £119,323) 12. Trustees. remuneration and expenses During the year, no TTuslees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025. expenses lotaling £117 were reimbursed or paid directly to Trustee (2024 - £417 to 1 Tmstee) in respect of reimbursed travel expenses. 13. Tangible fixed assets Group and Charity Long-temi leasehold property Equipment Motor Fixtures and vehicles rittings Total Cost or valuation At 1 April 2024 Additions Disposals 1,360,182 498.362 61,257 (170,152) 103,091 9,171 19,744 22,864 14,114) 1,981.379 93,292 1174.266) At 31 March 2025 1,360,182 389,467 112,262 38,494 1,900,405 Depreciation At 1 April 2024 Charge for the year On disposals 272,019 27,204 436.949 20,379 1170,152) 60,719 13,173 11,779 6,879 (4,1141 781,466 67.635 {174,266) At 31 March 2025 299,223 287,176 73.892 14,544 674,835 Net book value Al 31 March 2025 1,060,959 102,291 38,370 23,950 1,225,570 At 31 March 2024 1,088, 163 61,473 42,372 7,965 1, 799,913 Page 29 {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Princlpal subsidiaries The charity owns the whole of the issued ordinary share capital of Nofit Stale Circus Trading Limited, a company fegistefed in England and Wales. The subsidiary is used for non-primary purpose Irading 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: Income Expenditure ProfiU(Loss) for the year Net assets NoFil State Circus Trading Limited 444,882 (446,555) 172.667 489,253 14. Stocks Group 2025 Group 2024 Finished goods and goods for resale 828 5,893 15. Debtors Group 2025 Group 2024 Charity 2025 Charity 2024 Due withln one year Trade debtors Amounts owed by group undertakings VAT Prepayments and accrued income Theatre tax relief recoverable 11,159 7,200 11.159 7,200 9,610 20,854 62,079 174,340 99 155.247 290,290 20,854 62,079 155,247 268,432 452,836 94,092 172.057 Page 30 NOFIT STATE COMMUNITY CIRCUS LTD (A ¢ompany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Creditors: Amounts falling due wlthln one year Group 2025 Group 2024 Charity 2025 Charity 2024 Bank overdrafts Bank loans Trade creditors Amounts owed lo group undertakings Other taxalion and social security Other creditors Accruals and deferred income 341 341 7,905 43,276 7.064 37,837 7.905 41,596 311,200 14,250 2,932 91.504 7,064 37,837 14,250 2,932 92,384 14, 151 2,993 247,803 14, 151 2,993 243.543 161,088 309,848 469.728 305,588 17. Deferred Income Included within Accruals and deferred income above is the following deferred income. The deferred income broughl forward was released to the Statement of Financial Activities during the year. The resources deferred during the year includes £60,000 relating to Ihe Moondance restricted fund with the remainder of the balance being unrestricled resources. Page 31 (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Creditors: Amounts falling due after more than one year Group 2025 Group 2024 Charity 2025 Charity 2024 Bank loans 172,932 176, 725 172.932 176, 725 Included within the above are amounts falling due as follows= Group 2025 Group 2024 Charlty 2025 Chaiity 2024 Between one and two years Bank loans 8,457 7.064 8,457 7,064 Between two and five years Bank loans 29,049 21.791 29.049 21,191 Over five years Bank loans 135.426 148,470 135,426 148,470 There is a fixed and floating charge over the assets of the group. The bank loan is secured against Ihe long leasehold property. Page 32 NOFIT STATE COMMUNITY CIRCUS LTD (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statsment of funds Statement of funds - Current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Income Expenditure Unrestricted funds General Funds Gibbs Trust 1,231,314 1,825 2,030,400 (2,066,107) {48,8201 1,146,787 1,825 1,233,139 2,030,400 (2,066,107) {48,8201 1,148,612 Restricted funds Cardiff University- Graduate internship programme ACW Connect and Flourish National Grid - Warm space Bamboo Creation and Wales Tour Funding ACW Create Grant Community Creative and Information Hub Grants WCVA Volunteering Grant 202412025 ACW Create Grant Solar Panel Grants Rathbone {Active and Activale) C3SC - Summer Circus C3SC- Grant C3SC - Loneliness and Isolation Fund A&B Cymru Culturestep Cardif CC - Wami Place Grant Cardiff CC - Cohesion Grant Warm Spa 1,526 103,747 2,988 (1,526) {131,5001 {2,988) (57) 27.810 106,000 47,996 174,5531 {47,996) 31,447 15,000 (15,0001 24,968 46,416 99,305 2,000 2,500 5,000 (24,968) (10,5711 {80,459) (23,010) (2,500) {5,000) 35,845 18.846 21,010 1,500 1,000 1,500 2,000 20,000 (1.500) 11,000) (1,500) (2,000) {20,000) 108,261 375,128 {446,071) 48,820 86,138 Total of funds 1,341,400 2,405.528 {2,512,1781 1,234,750 Page 33 {A company limited by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds {continued) statement of funds - prior year Balan￿ at 31 Marth 2024 Balan￿ at 1 Apnl 2023 Income Expenditure Unrestricted funds General Fund Gibbs Trust 1,335,814 1.539,362 (1,643.862) 2,000 (175) 1,231.314 1,825 1.335,814 1,541,362 (1,644,037) 1,233,139 Restricted funds Cardiff University- Graduate internship programme ACW Connect and Flouiish National Grid- Warm spa Arts & Business Cyrmu - Culture Step Oakdale Trusts Moondance Foundation - Community Core Programme Paul Hamlyn Foundation WCVA: Third Sector Resilien￿ Fund 3 Cardiff Third Sedor Council - Summer of Fun Arts Council of Wales - Circus Willage Creative Scotland- Circus Village Arts Council of England - Circus Village Welsh Government- Circus Village Viridor and Prosiect Gwyrdd Community Fund ACW Artists as Activists Waterloo Foundation Brilish Council 1,526 188.838 9,890 3.800 1,526 103,747 2, 988 (85. 091) (6, 902) (6,300) (1,500) 2,500 1,500 80,000 (80,OOOJ (81,424) (1,001) (5,000) (50.800) (20,OOOJ (58.536) (25,000) 81,424 1,LKII 50,800 20,000 58,536 25.000 3,000 5,400 5,000 10,000 (3,000) (5,400) (5,000) (10,OOOJ 85.424 467, 791 (444,954) 108,261 Page 34 NOFIT STATE COMMUNITY CIRCUS LTD IA Company limlted by guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Ststement of funds (continued) Arts & Business Cymru - Culture Step Funding was received to support and develop the relationship btheen Cardiff Community Housing Association and NoFit State Circus. Oakdale Trust The Oakdale Trust awarded grant funding for Circus in the Parks. Moondance Foundation - Community Core Programme Funding for 3 years to support core wages for the Community Programme team. Arts & Business Cymru - Creative Internship Programme Grant funding was received to support a creative intern Cheih-Ju Yang as development assistant, Cheih- Ju completed her internship in August 2022 and was then offered a fvlltime and permanent posl with the company. Paul Hamlyn Foundation Funding for two 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 Resilience 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 funding wa5 received from Arts Council of Wales towards the 2022 Clifton Street Festival. Big Lottery - Clifton Street Festival Grant funding of £9,840 was received in support of"The Joumey Starts from Clifton Street" project. Cardiff Community Housing Association - Clifton Street Festival Cardtff Community Housing Association contributed £5,000 towards the 2022 Clifton Street Festival. Cardiff Third Sector Council - Summer of Fun A grant award of £5,000 was received for funding Iwo Summer Circus Clubs for Children and leenagers aged 5-1410 provide free, inclusive and fun circus and creative activities in the NoFit Slate venue on Four Elms Road in Adamsdown. Arts Council of Wales - Sabotage Arts Council of Wales provided grant funding during the financial year for the Sabotage Welsh Tour. Arts Council of Wales - Circus Village Grant funding was received as a conlribution towards The Circus Village 2023. Creative Scotland - Circus Willage Grantfunding was awarded by Creative Scotland in support of The Circus Village 2023. Arts Council of England- Circus Village Grant funding was re￿iVed as a contribution towards The Circus Village 2023. Big Lottery - Winter Warni Creative Hub Funding of £9,897 was received during the year in support of the Winter Warm Creative Hub in Cardiff East. Page 35 IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds (continued) Cardiff Third Sector Council - Winter Wami Creatlve Hub Grant funding was received lowards opening Four Elms venue as a free accessible Winter Warm Creative Hub. Welsh Government - Circus Village The Welsh Government contributed grant funding in support of the slaging, marketing and delivery of the festival element of Circus Village 2023. Viridor and Prosiect Gwyrdd Community Fund Funding of £3,000 was received lo purchase a PA system. Cardiff UniveTsIty - Graduate intemship programme Grant funding was re￿1Ve￿ from Cardiff University for a 12 week intemship programme which focussed on helping Cardiff University graduates whose chances of securing suitable employment were impacted by the global pandemic. 20. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Credilors due within one year Creditors due in more than one year 54,081 131,285 (99,228) 1,171,489 1.225.570 211,915 343,200 (61,860} (161,088) {172,932y {172,932) Total 86.138 1,148,612 1,234,750 Page 36 NOFIT STATE COMMUNITY CIRCUS LTD (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Analysls of net assets between funds {contlnuedl Analysls of net assets between funds - prlor year Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Currenl assets Creditors due within one year Creditors due in more than one year 1, 199,972 1, 199.972 292, 194 628,001 (82,302) (309,848) (176,725) {176, 725) 335.807 (227,546) Totsl 108,261 1,233, 139 1,341.400 21. Reconciliation of net movement in funds to net cash flow from operating activities Group 2025 Gmup 2024 Net expenditvre for the year (as per Statement of Financial Activities} (106,650) (79,838) Adjustments for: Depreciation charges Decrease in stocks Decreasel(increase) in debtors Decrease in creditors 67,694 5.065 184,404 (148.760) 62.910 2,251 (174,587) (41,472) Net cash provlded byl(used in) operating activities 1,753 {230, 736) 22. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash in hand 73,940 169,272 Total Cash arld cash equlvalents 73,940 169,272 Page 37 (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Analysls of Changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year 169,272 (95,3321 (341 } (841 } 3.793 73,940 {341) (7,905) {172,932) 17,064) 1176,725) (14,517) (92,7211 {107.238} Contingent liabilities At the year end, the charity has a polential obligation arising from an event occuring in March 2023 whereby a non-employee was injured whilst performing for Ihe charity. Since the dale of the accident. a total paymenl of £55,000 has been made to the individual wilh the remaining liability still being discussed at the year end. 25. Pension commitments The charity operales a defined contribution pension scheme. The assets of the scheme are held separately from those of the chaiity in independently administered funds. The pension cost charge represents contributions paid by the charity to the fund and amounted to £13.596 {2024- £13.865). At the year end there were oulstanding contributions of £2,555 (2024 - £2.684}. 26. Operating lease commitments At 31 March 2025 Ihe Group and the Charity had commitmenls to make fvture minimum lease payments under non-cancellable operating16ases as follows: Group 2025 Group 2024 Charity 2025 Charity 2024 Not later Ihan 1 year Later than 1 year and not later than 5 years 2.760 6,900 2, 760 9, 660 2,760 6,900 2, 760 9,660 9,660 12,420 9,660 12.420 Page 38 NOFIT STATE COMMUNITY CIRCUS LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Related party transactions Payments tolaling £1,081 (2024.. £15.740) were made lo a close relative of a member of key management personnel for crew fees, catering and expenses. During Ihe year, some trustees volunteer at events and performances outside of their role as trustee. Volunteer expenses are reimbursed in line with the standard rate paid to all volunteers. Page 39