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2023-03-31-accounts

Swamp Circus Trust Limited

(A charitable company limited by guarantee)

Charity No. 1129011

Company No. 06697208

Trustees' Report and Unaudited but Independently Examined Accounts

31 March 2023

Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS

Swamp Circus Trust Limited CONTENTS

Pages
Trustees' Annual Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 to 19

Page 1

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 06697208

Charity No. 1129011

Registered Office

10 Lower Market Street Penryn Cornwall TR10 8BG

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

Anthony Eldridge-Rogers Anthony Rogers (Resigned 8 November 2022) Mike Osbourn Sarah Redfern Simon Barclay Stephan Bolton (Resigned 20 October 2022) Yasmin Anderson

Accountants

Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS

Bankers

HSBC Market Street Falmouth Cornwall TR11 3AA

Solicitors

Nalders Solicitors 49 Arwenack Street Falmouth Cornwall TR11 3LB

Page 2

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2023.

OBJECTIVES AND ACTIVITIES

To provide or assist in the provision of facilities and training in the community. Including classes for juggling, mime, acrobatics, aerial, balance, dance, movement and conventional games and outdoor education and sports in the interests of vocation training, social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.

The relief of unemployment for the benefit of the public in such ways as may be thought fit, including assistance to find employment regardless of age, sex,ability and origins. To promote for the benefit of the public the conservation protection and improvement of the physical and natural environment.

All our charitable activities focus on providing support to all members of the community, young and old,to allow them either to enjoy the benefits of participating in, or attending arts events, and also in helping practitioners to reach their full potential, through training, help and support, allowing them to share their skills with others in the community.

ACHIEVEMENTS AND PERFORMANCE

During 2022-2023 the activities of the charity in Cornwall and the South West comprised:

Grants 2022 – 2023:

Sport England (restricted)- carried over from 2021/2022 The National Lottery Community Fund (restricted) Norman Family Foundation (restricted) St James Place (restricted)

Outline:

  1. Circus training for young people and families of all ages with community clubs in Penryn and taster sessions in other areas.

  2. Circo Kernow – The core work of accredited training for NEETS – young people out of work and education. Prioritising areas of deprivation and those with SEN.

BTECS (Pearsons) in Performing Arts and Organic Horticulture. Circo Kernow comprised:

Page 3

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

In Detail:

Weekly:

  1. Cornwall Children's Circus

Children from the circus clubs had the opportunity to perform on stage at local events and other events.

  1. Adult aerial skills and gymnastics

  2. Festival Sundays including meditation / stress release / performing arts/ yoga and movement / gardening and orchard projects / forest school / lunchtime discussions and shared food around the fire - support for participants eg electric minibus from station - progression to local events /volunteering / accredited courses eg BTECs

Circo Kernow - continued with successful uptake of students and productions especially at Easter/summer where students had the opportunity to take part in the Chyan based big top school. Circo Kernow students had the opportunity to train for free at Swamp Circus Camp in August with qualified tutors from around the world. Partners eg CN4C

Schools - Work with over 35 schools, the University of Exeter and Falmouth University.

Environmental projects e.g. collaboration with Chyan and Roots and Seeds plus BTEC Horticulture and Circus Sundays ( especially successful during Covid - outdoors at distance)

Designing Future Vision and the new Community Forest with partners eg Forest for Cornwall, Cornwall Wildlife Trust

Community Events - We performed at many community events including Truro Children's Day and Galowen Festival in Penzance , Faery Festival, Cornwall Air Ambulance.

Circo Kernow Big Top and Workshops - Local community shows and local festivals eg Great Estate Festival

FINANCIAL REVIEW

The income for the year has decreased to £59,511 (£65,657 in 2022). The spend for the year of £69,430 (£100,080 in 2022) has led to a deficit of £9,919 (deficit of £34,423 in 2022).

Following covid and no further support from arts or government it has taken a while for the charity to get back on its feet. The new project Future Vision until 2025 aims to do this.

Risk management

The Cornwall Council, PLUS and Positive People community provision representatives have examined the major risks to which the charity is exposed and are satisfied that systems are in place to minimise or mitigate these. The trustees will continue to review potential risks on a regular basis and will take further action to minimise or mitigate these risks as required. All Covid precautions have been reviewed with Environmental Health and The Cornwall Covid Team.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Swamp Circus Trust Limited is a company limited by Guarantee. It is also a registered charity with the Charity Commission. In the event that the charity is wound up the members agree to contribute an amount of not more than £10 to the assets of the charity.

Governing document

The charity is governed by its Memorandum and Articles of Association dated 25th January 1995

Page 4

Swamp Circus Trust Limited TRUSTEES ANNUAL REPORT

The directors of the company are also charity trustees for the purposes of charity law. Subject to the approval of the members, the trustees may appoint a person who is willing to be a trustee. Recruitment is on the basis of skills, experience and approach required within the spectrum of the existing trustee membership. Recruitment is undertaken through a range of media and follows an equal opportunities process where appropriate. Potential trustees meet the Chair, other trustees and senior management prior to the proposal as a trustee. Once appointed, trustees undertake an induction into the working of the charity including attending events, observing operational activity in the office, discussions with staff and reading information such as accounts, marketing material and evaluation documents

TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

Simon Barclay Trustee 19 December 2023

Page 5

Swamp Circus Trust Limited INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the trustees of Swamp Circus Trust Limited

I report to the charity trustees on my examination of the accounts of Swamp Circus Trust Limited for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act).

Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Debbie Risborough Association of Chartered Certified Accountants Cornwall Community Accountancy Service The Elms, 61 Green Lane Redruth Cornwall TR15 1LS 19 December 2023

Page 6

Swamp Circus Trust Limited STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2023

Notes
Income and endowments
from:
Donations and legacies
4
Charitable activities
5
Other
6
Total
Expenditure on:
Charitable activities
7
Total
Net gains on investments
Net expenditure
8
Net expenditure before
other gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Unrestricted
funds
2023
£
4,363
40,600
648		 Restricted
funds
2023
£
-
13,900
-		 Total
funds
2023
£
4,363
54,500
648		 Total
funds
2022
£
200
65,457
-
45,611
48,679		 13,900
20,751		 59,511
69,430		 65,657
100,080
48,679
-		 20,751
-		 69,430
-		 100,080
-
(3,068) (6,851) (9,919) (34,423)
(3,068) (6,851) (9,919) (34,423)
(3,068)
1,193		 (6,851)
86,192		 (9,919)
87,385		 (34,423)
121,902
(1,875) 79,341 77,466 87,479

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Page 7

Swamp Circus Trust Limited BALANCE SHEET

at
31 March 2023
Company No. 06697208
Notes
2023
£
Fixed assets
Tangible assets
11
79,025
79,025
Current assets
Debtors
12
3,846
Cash at bank and in hand
8,426
12,272
Creditors:Amount falling due within one year
13
(7,831)
Net current assets
4,441
Total assets less current liabilities
83,466
Creditors:Amounts falling due after more than one
year
14
(6,000)
Net assets excluding pension asset or liability
77,466
Total net assets
77,466
The funds of the charity
Restricted funds
15
Restricted income funds
79,341
79,341
Unrestricted funds
15
General funds
(1,875)
(1,875)
Reserves
15
Total funds
77,466		 2022
£
85,084
85,084
5,992
11,333
17,325
(15,024)
2,301
87,385
-
87,385
87,385
86,192
86,192
1,193
1,193
87,385

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 19 December 2023

And signed on its behalf by:

Simon Barclay

Trustee

19 December 2023

Page 8

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

for the year ended 31 March 2023

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The charity constitutes a public benefit entity as defined by FRS102.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular Designated funds purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Page 9

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Income

Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when
income the charity becomes entitled to, and virtually certain to receive, the income
and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is
expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included
legacies in the the SoFA when receivable and only when the Charity has
unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the
donations and gifts gift/donation to which it relates.
Donated services These are only included in income (with an equivalent amount in
and facilities expenditure) where the benefit to the Charity is reasonably quantifiable,
measurable and material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on This includes any gain or loss resulting from revaluing investments to
revaluation of fixed market value at the end of the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments.
investment assets

Expenditure

Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any
expenditure VAT which cannot be fully recovered, and is reported as part of the
expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income,
raising funds fundraising trading costs and investment management costs.
Expenditure on These comprise the costs incurred by the Charity in the delivery of its
charitable activities activities and services in the furtherance of its objects, including the making
of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an
accrual for grants that have been approved by the trustees at the end of the
year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and
statutory requirements of the Charity, including any audit/independent
examination fees, costs linked to the strategic management of the Charity,
together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Page 10

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Leasehold property 5% Straight line Plant and machinery including motor 10% Straight line vehicles Motor Vehicles 25% Reducing balance Office Equipment 25% Straight line

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 11

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Statement of cash flows

The charity is exempt from preparing a statement of cash flows on the grounds that it is a small charity

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 12

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

3 Statement of Financial Activities - prior year

Income and endowments
from:
Donations and legacies
Charitable activities
Total
Expenditure on:
Charitable activities
Total
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward
4
Income from donations and
legacies
Appeals and donations		 Unrestricted
funds
2022
£
200
31,264
31,464
47,698
47,698
(16,234)
(90)
(16,324)
(16,324)
17,517
1,193
Unrestricted
£
4,363
4,363		 Restricted
funds
2022
£
-
34,193
34,193
52,382
52,382
(18,189)
90
(18,099)
(18,099)
104,291
86,192
Total
2023
£
4,363
4,363		 Total
funds
2022
£
200
65,457
65,657
100,080
100,080
(34,423)
(34,423)
(34,423)
121,808
87,385
Total
2022
£
200
200

Page 13

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

5 Income from charitable activities

Grant Income:
Cornwall Council
Cornwall Community
Foundation
HMRC Furlough Fund
National Lottery
Norman Family Trust
Sport England
St James Place
Small grants below
£2,000
Primary Purpose
Trading:
Events Income
Circus Clubs
Fees for workshops etc
Hire of Big tops
Festival Sundays
Other income
6
Other income
Office sub-let		 Unrestricted
£
-
-
-
-
-
-
-
-
6,110
9,292
16,098
9,100
-
-
40,600		 Restricted
£
-
-
-
9,900
1,500
-
2,500
-
-
-
-
-
-
-
13,900
Unrestricted
£
648
648		 Total
2023
£
-
-
-
9,900
1,500
-
2,500
-
6,110
9,292
16,098
9,100
-
-
54,500
Total
2023
£
648
648		 Total
2022
£
9,291
15,200
4,403
-
3,000
3,500
-
2,466
1,800
10,806
10,051
4,800
110
30
65,457
Total
2022
£
-
-

Page 14

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Expenditure on charitable 7 activities

Direct expenditure on
charitable activities
Materials
Artist fees
Teacher / Workshop
costs
Sub-contract costs
Hire of product/goods
Training equipment
Hire of Big Top
Support Costs
Wages
Pensions
Travel and subsistence
Rent & rates
Light, heat and power
Insurance
Telephone and fax
IT expenses
Office administration
Printing, postage and
stationary
Cleaning
Marketing and
promotion
Legal and professional
fees
Bank charges
Bad Debts
Depreciation
Governance costs
Accountancy fees
Independent
examination of the
charity's accounts
8
Net expenditure before transfers
This is stated after charging:
Depreciation of owned fixed assets		 Unrestricted
£
-
4,078
7,719
1,433
1,200
-
6,900
12,634
210
181
5,230
1,162
1,297
1,467
-
3,039
106
19
401
-
213
-
424
371
595
48,679		 Restricted
£
-
500
7,952
1,772
-
-
-
1,064
-
-
-
-
427
-
-
1,189
668
-
1,544
-
-
-
5,635
-
-
20,751
2023
£
6,059		 Total
2023
£
-
4,578
15,671
3,205
1,200
-
6,900
13,698
210
181
5,230
1,162
1,724
1,467
-
4,228
774
19
1,945
-
213
-
6,059
371
595
69,430		 Total
2022
£
(217)
3,841
19,472
7,152
300
8
2,000
40,765
594
397
7,343
540
2,559
1,695
122
-
1,820
-
1,221
200
18
750
7,739
786
975
100,080
2022
£
7,739

Page 15

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Trustee remuneration and

9 expenses

One or more of the trustees has been paid remuneration in the current or prior periods.

Trustee
Remuneration
Pension
Other
benefits
Anthony
Eldridge-Rogers
175
-
-
10 Staff costs
Salaries and wages
13,698
Pension costs
210
13,908
No employee received emoluments in excess of £60,000.
Total employee benefits received by key
management personnel
19,913
The average monthly number of employees during
the year was as follows:
2023
Number
Charitable activities
2
2		 40,765
594
41,359
21,306
2022
Number
3
3

The charity operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the charity to the scheme and amounted to £210 (2022 £594).

11 Tangible fixed assets

Cost or revaluation
At 1 April 2022
At 31 March 2023
Depreciation and
impairment
At 1 April 2022
Depreciation charge for
the year
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 Land and
buildings
£
62,715
62,715
-
-
-
62,715
62,715		 Plant and
machinery
including
motor
vehicles
£
67,319
67,319
66,895
424
67,319
-
424		 Motor
Vehicles
£
26,882
26,882
6,720
5,040
11,760
15,122
20,162		 Office
Equipment
£
2,378
2,378
595
595
1,190
1,188
1,783		 Total
£
159,294
159,294
74,210
6,059
80,269
79,025
85,084

Page 16

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

12 Debtors

12 Debtors
Trade debtors
Other debtors
13 Creditors:
amounts falling due within one year
Other loans
Trade creditors
Accruals and deferred income
14 Creditors:
amounts falling due after more than
one year
Trade creditors		 2023
£
2,935
911
3,846
2023
£
6,000
1,236
595
7,831
2023
£
6,000
6,000		 2022
£
1,295
4,697
5,992
2022
£
6,000
3,431
5,593
15,024
2022
£
-
-

Page 17

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

15 Movement in funds

Restricted funds:
Restricted income
funds:
Development of Chyan
Plen
Norman Family Trust
Sport England
St James Place
The National Lottery
Community Fund
The Clothworkers
Foundation
Other grants below
£2000
Total
Unrestricted funds:
General funds
Revaluation Reserves:
Total funds		 At 1 April
2022
78,999
-
3,500
-
-
3,527
166
86,192
1,193
87,385		 Incoming
resources
(including
other
gains/losses)
£
-
1,500
-
2,500
9,900
-
-
13,900
45,611
59,511		 Resources
expended
£
(5,635)
-
(3,500)
(1,716)
(9,900)
-
-
(20,751)
(48,679)
(69,430)		 At 31
March
2023
£
73,364
1,500
-
784
-
3,527
166
79,341
(1,875)
77,466

Purposes and restrictions in relation to the funds:

Restricted funds: Development of Chyan Includes capital expenditure for the library building as well as support Plen for salaries. Due to Covid the project could not be completed and the final balances transferred to unrestricted funds were not confirmed in writing as at the date of signing the accounts. Norman Family Trust Provision of Safety equipment Sport England Tackling inequalities project St James Place Tackling inequalities project The National Lottery Circo Kernow Well being workshops Community Fund The Clothworkers Specifically towards costs of yurt, solar powered battery, laptop, metal Foundation chairs, waterproof floor, fire pit, battery and wheel barrow Other grants below Usually for small pieces of equipment £2000

Page 18

Swamp Circus Trust Limited NOTES TO THE ACCOUNTS

Analysis of net assets between 16 funds

Analysis of net assets between
funds
Fixed assets
Net current assets
Creditors due in more than one year
and provisions		 Unrestricted
funds
£
2,134
1,991
(6,000)
(1,875)		 Restricted
funds
£
76,891
2,450
-
79,341		 Total
£
79,025
4,441
(6,000)
77,466

17 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 19