CREATIVE CIRCLE FOUNDATION
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
Registered Charity
Creative Circle Foundation Contents of the Financial Statements For the year ended 31st December 2023
| Page | |
|---|---|
| Trustees Report | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 9 |
Creative Circle Foundation Contents of the Financial Statements For the year ended 31st December 2023
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
The trustees present their trustees report together with the financial statements of the charity for the year ended 3 2023. The financial statements for the period comply with current statutory requirements, the charity's constitu Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financ Standard applicable in the UK and Republic of Ireland issued in January 2015 (The Charities SORP (FRS 102)).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity number
1172444 (England and Wales)
Registered office
27 La Belle Alliance Square Ramsgate CT11 8HZ
Secretary
J Green
Trustees
V Maguire Chair T Robinson OBE L Atkin M Waites M S Thind K Hsiung M Roker C Sobhani L Simon KJ LeCornet Dr L J Bambach S Shepherd A Tonge C Gallery C Sells A Arnell K Hahn Abi Leland Ete Davies D Green N Leonard
Independent examiner
Robert McCrae MAAT 67 Victoria Avenue London CT9 2UE
Creative Circle Foundation
Trustees' Report
For the year ended 31st December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its constitution, and is registered as a charity in England and Wales.
Organisational structure
The trustee board meet annually, key issues are decided per the objects of the charity, i.e. to support greater div creative departments through the education of students.
Public benefit
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due r charitable commission's general guidance on public benefit. In shaping our objectives for the year and planning our trustees have considered the charity commissions guidance on public benefit including the guidance 'public benef Charity (PB2)'.
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
31 December tion and the cial Reporting
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
ersity in UK
regard for the activities, the fit: running a
Page: 1
Creative Circle Foundation
Trustees' Report For the year ended 31st December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT (cont.)
Achievements and performance
During the year the Foundation organised a careers fair with free to attend workshops and talks to aid in the education of young diverse creatives. As well as ran a mentorship programme for younge people who are interested in a career in the creative industries
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Whilst risk assessment can limit risk, it does not eliminate risk. The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the charity and are satisfied that the systems in place to mitigate exposure to these risks are operating efficiently.
Appointment of trustees
Under the requirements of the Charity's (the Foundation's) constitution the trustees shall have the power at anytime to appoint any person to be a trustee by resolution at a properly convened meeting. The number of trustees shall not be less than five.
OBJECTIVES AND ACTIVITIES
Review of the year
During the year the Foundation organised a careers fair with free to attend workshops and talks to aid in the education of young diverse creatives. As well as ran a mentorship programme for younge people who are interested in a career in the creative industries
The Foundation received donations and sponsorship totalling £33,333 (2022: £29831) from the Creative Circle awards.
FUTURE DEVELOPMENTS
In the current year the charity aims to continue to support the young creative community with the education industry.
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
Page: 2
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with a Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 'The Fina in the UK and Republic of Ireland'.
The law applicable to charities in England and Wales requires trustees to prepare financial statements for each fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
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state whether a Statement of Recommended Practice (SORP) applies and has been followed subject to any material departures which are explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that th charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at an charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, th Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the asse reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information Legislation in the United Kingdom governing the preparation and dissemination of the financial statements m jurisdictions.
Approved by the trustees and signed on their behalf by:
……………………………Chair V Maguire
Date: 20.09.2024
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
applicable law and United Kingdom ancial Reporting Standard applicable
financial year which give a true and n preparing the financial statements,
he
ny time the financial position of the he Charity (Accounts and Reports) ts of the charity and hence taking
included on the charity’s website. may differ from legislation in other
Thursday 12 September 2024
Creative Circle Foundation Trustees' Report For the year ended 31st December 2023
Page: 3
Independent Examiner's Report to the Trustees of Creative Circle Foundation
I report on the accounts of Creative Circle Foundation for the year ended 31 December 2023, which Financial Activities, Balance Sheet and related notes.
Responsibilities and basis of report
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in acco of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Foundation's accounts carried out under section 145 of out my examination I have followed all the applicable Directions given by the Charity Commission u Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection me cause to believe:
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1) accounting records were not kept in respect of the Trust as required by section 130 o
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2) the accounts do not accord with those records; or
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3) the accounts do not comply with the applicable requirements concerning the form an out in the Charities (Accounts and Reports) Regulations 2008 other than any require ‘true and fair view which is not a matter considered as part of an independent exami
I have no concerns and have come across no other matters in connection with the examination to whi in this report in order to enable a proper understanding of the accounts to be reached.
Robert McCrae MAAT
Accountant
Date:
Independent Examiner's Report to the Trustees of Creative Circle Foundation
Independent Examiner's Report to the Trustees of Creative Circle Foundation
h comprise the Statement of
ordance with the requirements
f the 2011 Act and in carrying under section 145(5)(b) of the
n with the examination giving
of the Act; or
nd content of accounts set ment that the accounts give a ination.
ich attention should be drawn
67 Victoria Avenue Margate CT9 2UE
`
Independent Examiner's Report to the Trustees of Creative Circle Foundation
Page: 4
Creative Circle Foundation Statement of Financial Activities For the year ended 31 December 2023
| Income from: Awards Sponsorship Donations ntorship Programme Income Total Income Expenditure on: Charitable activities: Career Fairs Costs Mentorship Programme Costs Accountancy fees Courses and Programmes Website Charity Subscriptions Bank Fees Bookkeeping Depreciation Expense IT and Consumables Legal Expenses Postage Research and Reporting Salaries Travel Total Expenditure Net Income Reconciliation of funds Total funds at 1 January 2023 Total Funds at 31st December 2023 |
Unrestricted Funds year ended 2023 £ 33333.33 0.00 1890.00 10500.00 45723.33 5400.00 25000.00 21255.00 1730.00 0.00 0.00 0.00 525.00 373.33 10750.00 2250.00 148.98 67432.31 (21708.98) 18569.80 -3139.18 |
Unrestricted Funds year ended 2022 £ 29831.00 42000.00 494.00 |
|---|---|---|
| 72325.00 | ||
| 14650.00 31980.00 1202.00 25650.00 0.00 0.00 408.00 0.20 300.00 2500.00 190.00 |
||
| 76880.20 | ||
| -4555.20 | ||
| 23125.00 | ||
| 18569.80 |
Creative Circle Foundation Statement of Financial Activities For the year ended 31 December 2023
Creative Circle Foundation Statement of Financial Activities For the year ended 31 December 2023
d
Creative Circle Foundation Statement of Financial Activities For the year ended 31 December 2023
Page: 5
Creative Circle Foundation Balance Sheet at 31st December 2023
| Notes Current Assets Debtors 4 Cash at bank Less Creditors: Amounts falling due within one year 5 Net Current Liabilities Total Assets less current liabilities Net Liabilities Funds 6 Unrestricted Funds Total Funds |
Unrestricted Funds 2023.00 £ 54100.00 643.09 |
|---|---|
| 54743.09 57882.27 |
|
| -3139.18 | |
| -3139.18 | |
| -3139.18 | |
| -3139.18 | |
| -3139.18 |
The notes on pages 7 to 9 form part of these accounts.
The financial statements were approved by the Board of Trustees on ? and were signed on its
................................................................. V Maguire
Creative Circle Foundation Balance Sheet at 31st December 2023
Creative Circle Foundation Balance Sheet at 31st December 2023
Unrestricted
Funds 2022
£
12,300 21,062 33,362
14,792
18,570 18,570
18,570
18,570 18,570
Creative Circle Foundation Balance Sheet at 31st December 2023
Page: 6
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
1 Accounting Policies
Accounting Convention
Creative Circle Foundation is a charity limited by guarantee incorporated in England and Wales on the 6th Ap registered office is 28 Montem Road, London, SE23 1SA.
Accounting Convention
The financial statements have been prepared under the historic cost convention and on a going concern basis. statements have been prepared in accordance with the Statement of Recommended Practice ''Accounting and Charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Repub (FRS 102)' (SORP FRS 102) published in January 2015, the Financial Reporting Standard applicable in Republic of Ireland (FRS 102), including Update Bulletin 1 and the Charities Act 2011. The charity consti benefit entity as defined by FRS 102.
Rounding statement
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amo financial statements are rounded to the nearest pound.
Reporting period:
The entity has prepared accounts for a 12 months in line with the comparative period.
Going concern
The trustees have considered possible events or conditions that might cast significant doubt on the ability of company to continue as a going concern. The trustees have made this assessment for a period of at least o the date of the approval of these financial statements. After making enquiries, the trustees have concluded t reasonable expectation that the charitable company has adequate resources to continue in operational exis foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparin statements.
Income
All income is recognised in the Statement of Financial Activities when the charity is entitled to the income, probable and the amount can be quantified with reasonable accuracy. Membership fee income is recognised o basis.
Resources expended
Expenditure is included in the statement of financial position on an accruals basis. Expenditure is recognised a legal and constructive obligation to transfer economic benefit to a third party, it is probable that a transfer benefit will be required in settlement and the amount of the obligation can be measured reliably.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used at the discretion of the trustees.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the dono the charity for specific restricted purposes.
Designated funds are funds which are available for use at the discretion of the trustees, but have been earma for a specific purpose.
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
pril 2017. The
. The financial d Reporting by blic of Ireland the UK and itutes a public
ounts in these
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Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Page: 7
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Accounting Policies (cont.)
Financial instruments
Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less.
Debtors and creditors receivable or payable within one year of the reporting date are carried at their at transaction price and subsequently at settlement value. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.
Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
2 Trustees' Remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 (2022: £nil).
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 (2022: £nil).
3 Independent examiner's remuneration
| Independent examiner's remuneration 4 Debtors Trade debtors Prepayments Other debtors 5 Creditors Accruals Other creditors 6 Movement in funds At 01.01.2023 £ |
2023.00 £ 500.00 2023.00 £ 54100.00 54100.00 2023.00 £ 3030.00 54852.27 57882.27 Net movement in funds £ |
2022.00 £ 1430.00 2022.00 £ 12300.00 5536.00 |
|---|---|---|
| 17836.00 | ||
| 2022.00 £ 3030.00 17298.00 |
||
| 20328.00 | ||
| At 31.12.2023 £ |
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
| Unrestricted Funds General fund Total Funds |
18,570 18,570 |
-21708.98 -21708.98 |
-3139.18 |
|---|---|---|---|
| -3139.18 | |||
| Page: 8 |
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Movement in funds (cont.)
Net movement in funds, included in the above are as follows:
| Unrestricted Funds General fund Total Funds Movement in funds Unrestricted Funds General fund Total Funds |
Income £ 45,723 45,723 At 01.01.2023 £ 23,125 23,125 |
Expenditure £ (67,432) |
|---|---|---|
| (67,432) | ||
| Net movement in funds £ (4,555) |
||
| (4,555) |
7 Funds
The charity's income and expenditure for the years ended 31 December 2023 and 31 December 2022 for the purposes of these accounts.
8 Related party transactions
In 2023, included in other creditors is an amount of £ 533 (2022: £533) owed to Creative Circle related party by virtue of common directorship. Included in income is £33333 (2022: £29831) receiv Circle (UK) Limited.
9 Employees
The charity had no employees during the year ended 31 December 2020 (2019: none).
10 Control
The charity is controlled by the trustees under the terms of its constitution.
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Movement in
Funds
£ (21,709) (21,709)
At 31.12.2023
£
18,570 18,570
was unrestricted
(UK) Limited a ed from Creative
Creative Circle Foundation Notes to the Financial Statements For the year ended 31st December 2023
Page: 9