CREATIVE CIRCLE FOUNDATION
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
Registered Charity No. 11724
Creative Circle Foundation Contents of the Financial Statements
| 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 Trustees' Report
The trustees present their trustees report together with the financial statements of the charity for the year ended 31 December 2024. The financial statements for the period comply with current statutory requirements, the charity's constitution and the 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 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 E Davies M S Thind K Hsiung M Rocker C Sobhani L Simon KJ LeCornet Dr L J Bambach S Shepherd K Hahn A Leland C Gallery A Arnell C Sells B Dubois D Green Managing Trustee
Independent examiner
Robert McCrae MAAT 67 Victoria Avenue London CT9 2UE
STRUCTURE, GOVERNANCE AND MANAGEMENT
Creative Circle Foundation Trustees' Report
Governing document
The charity is controlled by its constitution, and is registered as a charity in England and Wa
Organisational structure
The trustee board meet annually, key issues are decided per the objects of the charity, i.e. to support greater diversity in UK 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 regard for the charitable commission's general guidance on public benefit. In shaping our objectives for the year and planning our activities, the trustees have considered the charity commissions guidance on public benefit including the guidance 'public benefit: running a Charity (PB2)'.
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Creative Circle Foundation Trustees, ReDOrt ales.
Creative Circle Foundation Trustees' Report
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
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 young people who are interested in a career in the creative industries
The Foundation received donations and sponsorship totalling £34,733.33 (2023: £33831) 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
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Creative Circle Foundation Trustees' Report
STATEMENT OF TRUSTEES' RESPONSIBILITIES The trustees are responsible for preparing the Trustees Report and the accordance with applicable law and United Kingdom Accounting Standards (U Accepted Accounting Practice) including FRS 102 'The Financial Reporting St UK and Republic of Ireland'.
The law applicable to charities in England and Wales requires trustees to prep for each financial year which give a true and fair view of the state of affairs income and expenditure of the charity for that period. In preparing the fi 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 material departures disclosed and explained in the financial statements;
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state whether a Statement of Recommended Practice (SORP) applies an any material departures which are explained in the financial statements - prepare the financial statements on the going concern basis unless it is i charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that d accuracy at any time the financial position of the charity and to enable them to statements comply with the Charities Act 2011, the Charity (Accounts and Re and the provisions of the constitution. They are also responsible for safegu charity and hence taking reasonable steps for the prevention and detect irregularities.
The trustees are responsible for the maintenance and integrity of the information included on the charity’s website. Legislation in the United preparation and dissemination of the financial statements may differ fr jurisdictions.
Approved by the trustees and signed on their behalf by:
…………………………Chair V Maguire
Date:
Creative Circle Foundation Trustees' Report
financial statements in United Kingdom Generally tandard applicable in the
pare financial statements of the charity and of the financial statements, the
e been followed, subject to any
nd has been followed subject to
; inappropriate to presume that the
disclose with reasonable o ensure that the financial eports) Regulations 2008 uarding the assets of the tion of fraud and other
corporate and financial Kingdom governing the rom legislation in other
Creative Circle Foundation Trustees' Report
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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 2024, which comprise the Statement of 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 accordance with the requirements 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 the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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1) accounting records were not kept in respect of the Trust as required by section 13
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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 and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent
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.
Robert McCrae MAAT
Accountant
67 Victoria Avenue Margate CT9 2UE
Date: 23.10.25
Independent Examiner's Report to the Trustees of Creative Circle Foundation
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Independent Examiner's Report to the Trustees of Creative Circle Foundation
Creative Circle Foundation Statement of Financial Activities
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 Advertising & Marketing Charity Subscriptions Bank Fees Bookkeeping Depreciation Expense IT and Consumables Legal Expenses / Insurance Postage / printing Statioanery Research and Reporting Consluting Salaries Travel Entertainment - 0% Entertainment-100% business General Expenses Subsistence
Total Expenditure
Net Income
Creative Circle Foundation Statement of Financial Activities
Other Income Grants Income Total Other income
Reconciliation of funds
Total funds at 1 January 2024
Total Funds at 31st December 2024
Creative Circle Foundation Statement of Financial Activities
Creative Circle Foundation Statement of Financial Activities
| Unrestricted Funds year ended 2024 £ 33,333.33 (5,100.00) 5,000.00 1,500.00 0.00 34733.33 250.00 13,856.56 16,800.00 1095.00 0.00 1599.69 0.00 (0.20) 1,279.69 448.00 90.31 1,833.00 3,900.00 453.06 0.00 28.26 (467.37) 104.67 41270.67 (6537.34) |
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) |
Creative Circle Foundation Statement of Financial Activities
| 5000.00 5000.00 -1537.34 21061.52 642.61 |
18569.80 |
|---|---|
| -3139.18 |
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Creative Circle Foundation Statement of Financial Activities
0.00000000000
Creative Circle Foundation Balance Sheet at 31st December 2023
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| Funds | Funds | |||
| Notes | 2024 | 2023 | ||
| £ | £ | |||
| Current Assets | ||||
| Debtors | 4 | 7808.58 | 14100.00 | |
| Cash at bank | 7075.35 | 643.09 | ||
| 14883.93 | 14743.09 | |||
| Less Creditors: Amounts falling due | Less Creditors: Amounts falling due | |||
| within one year | 5 | 52893.78 | 51215.60 | |
| Net Current Liabilities | -38009.85 | -36472.51 | ||
| Total Assets less current liabilities | Total Assets less current liabilities | -38009.85 | -36472.51 | |
| Net Liabilities | -38009.85 | -36472.51 | ||
| Funds | 6 | |||
| Unrestricted Funds | 642.61 | -3139.18 | ||
| Total Funds | 642.61 | -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 23rd October 2025 and wer
................................................................. V Maguire
Creative Circle Foundation Balance Sheet at 31st December 2023
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Creative Circle Foundation Balance Sheet at 31st December 2023
e signed on
Creative Circle Foundation Notes to the Financial Statements
1 Accounting Policies
Accounting Convention
Creative Circle Foundation is a charity limited by guarantee incorporated in England and Wales on the 6th April 2017. The registered office is 27 La Belle Alliance Square, Ramsgate, CT11 8HZ
Accounting Convention
a going concern basis. The financial statements have been prepared in accordance with the Statement of Recommended Practice ''Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Standard applicable in the UK and Republic of Ireland (FRS 102)' (SORP FRS 102) published in January 2015, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1 and the Charities Act 2011. The charity constitutes a public 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 amounts in these 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 the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.
Income
All income is recognised in the Statement of Financial Activities when the charity is entitled to the income, the receipt is probable and the amount can be quantified with reasonable accuracy. Membership fee income is recognised on an accruals basis.
Resources expended
Expenditure is included in the statement of financial position on an accruals basis. Expenditure is recognised once there is a legal and constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic 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 donor or raised by the charity for specific restricted purposes.
Designated funds are funds which are available for use at the discretion of the trustees, but have been earmarked by them for a specific purpose.
Creative Circle Foundation Notes to the Financial Statements
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Creative Circle Foundation Notes to the Financial Statements
Accounting Policies (cont.)
Financial instruments
Cash and cash equivalents include cash at bank and in hand and short term deposits wi date of three months or less.
Debtors and creditors receivable or payable within one year of the reporting date are ca at transaction price and subsequently at settlement value. Debtors and creditors that a or payable in more than one year and not subject to a market rate of interest are mea present value of the expected future receipts or payment discounted at a market rate of
Critical accounting estimates and areas of judgement
In the view of the trustees in applying the accounting policies adopted, no judgements w that have a significant effect on the amounts recognised in the financial statements estimates or assumptions made carry a significant risk of material adjustment in the n year
2 Trustees' Remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 31 December
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 (2023: £nil
3 Independent examiner's remuneration
| Independent examiner's remuneration 4 Debtors Trade debtors Prepayments Other debtors 5 Creditors Accruals Other creditors |
2024.00 2023.00 £ £ 0.00 500.00 2024.00 2023.00 £ £ 0.00 54100.00 |
|---|---|
| 0.00 54100.00 |
|
| 2024.00 2023.00 £ £ 0.00 3030.00 0.00 54852.27 |
|
| 0.00 57882.27 |
6 Movement in funds
At 01.01.2023 Net movementNet movement in funds in funds £ £ £
Creative Circle Foundation Notes to the Financial Statements
| Notes to the | Financial | Statements |
|---|---|---|
| Unrestricted Funds General fund Total Funds |
- - |
0.00 -21708.98 |
| 0.00 -21708.98 |
Creative Circle Foundation Notes to the Financial Statements
Accounting Polici
Financial instruments
ith a maturity
arried at their are receivable asured at the interest.
were required s nor do any next financial
Cash and cash equivalents in with a maturity date of three
Debtors and creditors receiva carried at their at transaction and creditors that are receiva a market rate of interest are receipts or payment discount
Critical accounting estima In the view of the trustees in
were required that have a sig financial statements nor do a risk of material adjustment in
2 Trustees' Remune
2024 (2023: £nil).
There were no trus
Trustees' expense
l).
There were no trus
3 Independent exam
Independent exami
4 Debtors
Trade debtors Prepayments Other debtors
5 Creditors
Accruals Other creditors
Creative Circle Foundation Notes to the Financial Statements
Creative Circle Foundation Notes to the Financial Statements
nclude cash at bank and in hand and short term deposits e months or less.
able or payable within one year of the reporting date are n price and subsequently at settlement value. Debtors able or payable in more than one year and not subject to measured at the present value of the expected future ted at a market rate of interest.
ates and areas of judgement applying the accounting policies adopted, no judgements gnificant effect on the amounts recognised in the any estimates or assumptions made carry a significant n the next financial year.
----- Start of picture text -----
2024 2023
£ £
0 500
2024 2023
£ £ £
7808.58 54100
7808.58 54100
2024 2023
£ £ £
3030 3030
52893.8 54852.3
55923.8 57882.3
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Creative Circle Foundation Notes to the Financial Statements
7
8
9
10
Creative Circle Foundation Notes to the Financial Statements
Movement in funds (cont.)
Net movement in funds, included in the above are as follows:
Unrestricted Funds
General fund
Total Funds
Funds
Related party transactions
Employees
The charity had no employees during the year ended 31 December 2024 (2023: none).
Control
The charity is controlled by the trustees under the terms of its constitution.
Creative Circle Foundation Notes to the Financial Statements
| Income | Expenditure | Movement in |
|---|---|---|
| Funds | ||
| £ | £ | £ |
| 39,733 | -41,271 | -1538 |
| 39,733 | -41,271 | -1538 |
ccounts.
ectorship.
Creative Circle Foundation Notes to the Financial Statements
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