Company Registration No. N1026212 Charity Reg151rdtion No. XR342261NC100118 CIRCUSFUL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
CIRCUSFUL ANNUAL REPORT AND FINANCIAL STATEMENTS Table of Contents FOR THE YEAR ENDED 31 MARCH 2023 Pag• Legal and Admlnl8tr8tfvg Informallon Raport of th• TNStg8 St8t•rngnt olTruBtee8 Responslbllltle8 10 Independent Audltor8 Raport to tho mèmborn 11-13 Statement of Flnand81 Act108 14 Ba18nce Shaet 1&16 Cfj$h Flow Statsment 17 Noi•$ to lh• Flnand41 Stat•mont8 1&27 Page 1
CIRCUSFUL ANNUAL REPORT AND FINANCIAL STATEMENTS Legal and Administrativ8 Inlormation Tnots0• EAda J Daly G Erskin• R Lyn88 A Malone C Traynor L Kelly S Patteon Addr•M for corrn•pondonc• 2>25 Gordon Str8at B8lf8st BT12LG R•glstsr•d Offle• 2&25 Gordon Stré 8T1 2LG Audltor FPM Accountants Ltd Ch¥rt•r•d kncounlants 14 Arthur Slreot 88lfa8t BT14GA Bank•r* Unlty Trust BAnk PLC 9 BrfTrJloy Place Blmlngharn B12HB R•gl•t•r•d Ch•rlty No. R•glit•rèd comnY N NIC1001181XR34226 N1028212 K•y Manag•m•nt P•rnonn J•nna Hall (Chlef £Kecullvo Officarl Page 2
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trustees are pleased to present their annual directots. port together wth the financial statements of the chanty for the year ending 31 March 2023 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2008, the Companies Act 2006. the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Chairfs Report Our purposes and activilies Circusful Ifomedy, Belfast Community Circus School) is th8 leading circus arts and street theatre organisation in Northem Ireland deliverlng participatory clrcus, professional perfomance. training and professional d8v81opment. The charity changed its name in Autumn 2021. Circusful Is a charfly reglst8red wlth HMRC and wth th8 Northem Ireland Charitles Commlssion whose purpose8 are set out In the Articles and Memorandum of Associatlon as follows.. The advancement of education and for the development and promotion of clrcus drama and perfomiance skllls In Northern Ireland. • The provision of management and facilities for the Irainlng of young peopl8 and others who desire lo learn skills in arts, drama, circus and physical enlertalnment without distinction of sex, age. colour. political or religious oplnion For the advancement of the educatlon of people the organisatlon comes in contact with • For the provision of facilities in the interests of social welfare, for the recreation and leisure tiffle of people with the object of improving their conditions of life. Since 1985, the charity has been successful in Its ambitlon to work with young people and adults from all backgrounds across Northern Ireland to deliver life enhancing skills, designed to Improve the resilience and mentsl and physical wellbeing of young people and adults. The organisation also gives the opportunity for young p80pl8 lo demonslratè skill dèvelopment on the local, national and Intematlonal stsge. These activits85 are accessible and can be enjoyed, by participants and audiences alike irrespective of background. Durfng th8 year 2022-23 we noticed sorne ongoing impact of the pandemic. These were most noticeable in temis of engagement levels, behavioural and 8molional responses of the young people in our classes and how much uncertainty our freelance trainer team are facing. Activity report Funding to recrult new staff member In 2022 thè Art Work- Covid 19 Recovery Programme Employment and Skills Initiative. which is funded by the Department of Communities through Futurè Screèns Nl was launched. The purpose of the Art Work programme is to provide support for individuals to enter into the Arts sector where job roles have been impacted by the pandemic, to enhance their job prospects and skill sets, and in doing so strengthen the organisations and Sectors. which funded positions in arts organisalions across Nl. This funding allowed us to recruit our new Trainee Producer, who joined the team in July 2022. Page 3
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Youth and family programmes Over Ihe year we delivered a range of online and in-person worf(shopsldasses and events for children, young peoplé and families. We delivered 679 in house classes over th8 year wth over 400 p8opl8 coming to Circusful's main building in Gordon Stet. Belfast each week. We know our programmes inspire young people bècause they tell us.. 94% said 'because of circus dasses. I think it is okay to make mistakes,. • 89% said 'leaming circus has made mé brav9r'. • 89 /0 said 'when I can't do something. I keep trying,. 100% said 'because of drcus dasses, I think it is okay to ask for help,. Comments from participants and trainers also help us to see the importance of our work and th8 differ8nc8 it makes. 'A doing great- lovely to $88 such fast lechnlcal progress and also integratlon Into the group., he's trying really hard. Mum said he's usually v8ry quiet and shy, so great to s88 this is a good space.. {Youth circus) E said .1 Just want lo be on trapeze for the rest of my Ilfel" ( Itty Bllty } • Circus Cheer Christmas Show participant- "We have great memories and are proud of ourselves for performing well and we didn't make mistskes.. We had 4 temis in the year. Spring programme - May to July 2022 -18 weeks) Summer programme- July- August 2022 - varièd programme in skills, frequency, and length - up to 8 weeks Autumn programme- September to December 2022 - (11 w8eks110 weeks for adults) Winter Programme- January to March 2023-111 weeks110 weeks for adults) Outreachlsocial Clrcuslcommunlty Engagement Circusful employs part ts'me Outreach Officers and Ihls model has proven to be èxtremely effectlV8. Over the year we continued to deliver a range of workshops as both one-off and ongoing programmes. Our BBC Children in Need funded work has continued throughout 2022, and came to an end in March 2023. In 2022 we also recelved funding from The RTÉ Toy Show Appeal and The Public Health Agency. Our reputation for delivering high quality bespoke sessions has continued to grow over the year. Our tralners facllltated more than 200 outreach workshops fully funded, part funded and paid for writh: 70 partners ¢. 800 participants ¢. 580 opportunities for freelance circus traSn8rs to work. These workshops took place in DerylLondondery, Bangor. Lisna5kea, Donaghmore, Portadown. Newry, Broughshane. Sainffield and Armagh. In 2022-23 we focused more of our OUtaChIsOCia] circus work on thos8 wlth disabilities, livlng In rural areas andlor with care experience. This work has proved to be powerful stuff and made a meaningful difference to the young people that far extends beyond their tim8 in class. for instance: One project at Harberton Special School has delivered a rang8 of particularfy strong results some of which are captured in this example. R is engaging more and more each week. His teacher from last year was gobsmacked by how much he was prepared to say to Sarah, Claire and Paul. Last year he would only Page 4
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 say'yes yes, or 'no no, even to familiar adults, and in the workshops, he ¥MlI tell the trainers his favourite ice croam and what he had for breakfast. These are really big breakthroughs for him., Our trainers also took part in training during 2022. EXperiend Social Circus practitioner5 and trained Social Worker. Peter Duncan. delivered practical workshops on developing young p8op18's voices through social circus practice. Shows and Masterclasses After Covid we were finally able to open the doors again to our space for performances and masterclasses. On the 3rd and 4 September. 28 circus artists and hobbyists joined Emmen Elonnelly and Sasha Krohn, who hosted a Ropes and Straps Masterclass. in Circusful in September. This unique, day, training and professional development opportunity supported explorers and improvers to explore fundamental movemenl pattems and aerial technique as well as challenge their aerial awareness through technical and cr8atlV8 P8tteming on rope and straps. On 5 November 2022, we held our flrst Adull Circus Cabaret slnce 2019. Thls event Wes about showcasing the group's fantastlc ¢lr¢us skllls- trapeze, silks, lighIre, aerial hoop and tlghlwire. 8 Adult Members perfomied, some for the first time and for others it was a return lo the stage. W8 sold 68 tickets through Citizen Ticket and around 20 more people paid in cash on the night. On 17 and 18 of Decemb8r we had our Christmas Cabaret with young people who attend the 12-15 years and 16+ classes on Saturdays and Sundays. Each perfomance was sold out and we sold 300 ts'ckets. Over the weekend we had: 55 performers from our Youth Circus classes 6 acts - Silks, Unicyde, E&MIAcro, Manipulation, rrp and Aarial Hoop. • 13 Backstage Assistants - Lighting, Sounds, Stage ManagemenVFOH Now Van We received funding from the Arts Councll of Northern Ireland and w8r8 ablè to purchas8 a van from Charfes Hurst in March 2023. This vehicle is essential in enabllng us to travel and cary out social circus sessions with groups around the country, such at The Torrent Complex in Donaghmore. The income relating lo the van is recognised in keeping wrlh SORP guldellnes and as such has contributed to an, on paper, surplus in the year 2022-23. Depreciation will be captured against the balance at a straight line rate of 25¥0 Per annum. Local and International Actlvlty Our Chief Executive OffIr has continued to be involved in a number of forums. boards. partnerships and nehvorks during the financial year 2022-23, including but not limited to: Arts Collaboration Nerk- Nl wid8 Strand Arts Centre- 881fasl, Nl Cathedral Quarter Trust- Belfast, Nl Belfast Festival and Events Forum, CChair- Belfast. Nl Caravan Social Circus Network, Vice President- Intèmational Five Nations Group- UK and ROI The Gymnasics and Trampoline Ne)rk - Nl The above 8Ctivity has enabled Circusful lo continue to Llevelop as an organisation in profile and quality as its been able lo leam from other organisations working in the 5arn9 sector and across culture more Page 5
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 g8nerally. The intemational work with Caravan has been particularly beneficial, not only to increase the interest, experiences and awareness of Circusful's wor1( but also to ensure Nl based trainers are able to access high quality leaming and development opportunities, such as a course to support trainers lo develop their pedagogy skills when working on social circus programmes. Brexit has impacted on th8 ease with which our trainer can participate In these programmes, daspita that the team work hard to share resources. documentatson and insight into the programmes. In a typical year, Circusful meaningfully engages volunteers to ensure we fulfil the mission and vlsion of the organisation. As an organisation we appreciate and value the vital support of our volunteers to underpin many of our activities. During our Christmas Show in 2022, A Christmas Cheèr. had 5 volunteers assist th Front of House dutles. We will contlnue to provide opportunities for our volunteers to be involved where we can. Governance As 8 Board, we have conlinuad lo provide gov8m8nce and Strategi¢ direction lo thè organisalion and offer support when difficulties adse. We continue lo pay tribute to our staff and volunteers as well as our supporters for their contn'bullon to the organisation as we continue to grow, develop and promote the art and skllls of so¢lal circus. Laura Kelly was appointed as Chair in June 2022. COVID 19 Covid19 directly impacted on our services throughout 2020-22 and continues to do so even now. Not only did it impact on our seNices, our offering and our finances It also impact on our staff. team and wid8r circus family. As per the 'going concem. statement below, we have no doubt at all about the ability for Circusful to come back stronger. During and beyond the pandemSc our communlty of supporters have been Incredlbly generous In glvlng their lime, emotional support and much needed financial support. The Flnanclal offects of the cost-of41vlng cr1818 on the charlty Golng ¢oncern It is the Tru5tees' vlew that these financial Stateménts are prepared on the going con¢em basis, Appolnlmgnt of Trustees In 2022123, Circusful made the decision to focus on retention and steadying of the existing Board, rather than expansion and development. The Board cUentlY comprises of a balance of parents and professlonals and our newest members (recruited in 20-21) are beginning to play central and important roles on the Board, with one becomlng chair. Trustees Induction and Tralnlng The organisation invests in induction and training and in 2022-23 a number of Board members attended relevant courses and events and shared Iheir reaming. On appointment. each trustee's Iraining requirements are assessed. Each are notified of and offered the chance to attend courses offered by NICVA. Volunteer Now, Arts & Business and a range of other sector support organisations. In recent years. the following courses have b88n attended by current members of the Board: How to fulfll Ihe role of Secretary. Good govemance, an introduction. Introduction to being a TnJsteelBoard Member. Page 6
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Each year the whole Board participate in and benefit from 8 full safeguarding review course. This is delivered by Ciaran Traynor, a member of the Board. In October 2022 the Board also took part in an away day to consider how best to SUPPOrt our alumni, how to celebrala our 40th birthday in 2025 and how best to develop the relatsonship with Premiere Circus. We continually review the needs of the Board and offer lo support them to attend training and development courses as needed. Organlsational Structure The organisation in 2022123 is Tun and managed on 8 day-to-day basis by the Chief Executive Officer who joined the organisation in laté November 2018. The CEO has operational and stratégic powers devolved from the Board of Trustees and these are reviewed as needed. The CEO has overall line management responsibility for the staffing of the organisation and in 2022-23 was supported by th8 Programmes and Development Director and towards the end of the year by the H8ad of Programmes. Pathways and Participation. Pay Pollcy Remuneration across the organlsatlon Is aligned vlth sector pay agrèeménts and based on NJC scales. Pay incre8ses if appropriate are brought to the Board of Truslee8 for approval. There ara no remunerated Trustee positions and they give their time freely. Risk Ragister Circusful has a stringent Risk Register which outlines the key risks to the organisation and the specific actions detailed lo miligala those risks. The main categorises of risk Sdentified are: Governan, Operatlonal, Flnanclal, Envlronment and Extornal and Compllanco. The rTsk registsr is interrogated and updated at each Board meetlng and If addlllonal rfsks hav8 been Idantlfied thèy are added at that point and mitlgatsons brought Into place immodialely after. Th8 Rlsk Reglster Is underpinned by the Risk Assessments we complete for all classes and activities. Safeguarding is a stsnding item at each Board meellng. In 2021-22 a new Audlt and Risk sUcOMMIttee was fomed with three members of the Board and the CEO I Programmes and Development Director attending as appropriate. It continued to meet in 2022-23 as needed. Flnanclal Review Income generatlon Incomé is raised mainly by funding applications submitted to a variety of grant making tNsts, foundations and statutory bodies as well as donalions. Arts Council, Belfast City Council, BBC Children in Need. RTE Toy Fund and Esmée Fairbairn Foundation were major contributors in 2022-23. The request for contributlons from parents towards the cost of classes is a slgniticant income stream and, in a typical year, the proceeds from Premiere Circus are used to support core costs throughout the year although in 2022-23 Premlere Circus directors made the decision to 5UPPOrt F8Stival of Fools rdther than Circusful as they were in greater need. Page 7
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 We are increasingly working lo deepen and broaden our range of funders and supporters and in 2022-23 were successful in startlng some new relationships. Prlclng Pollcy As an organisation w8 ar8 conc8m8d to havé an 8qUitable and fair pricing policy for servicès which allows for participation by those who are economically inactiv8 or chall8ng8d, whilsl ensuring the viability of the organisation. Our voluntary contributions and pricing policy is reviewed annually and agreed by the Board of Trustees. Where appropriate a lower contribution is suggested to some families wrth particularfy high levels of economiG disadvantage, particulady if more than one child attends classes. Since the pandemic began, we have been consulting parents on the pri¢8 of clas58s and their ability lo pay and we have extended this work to consider the cosl-of-livlng crisS5, invlting those who can donate rather than increase class fees for all. Reserv•s In 2021-22 the Board approved a new reserves policy which is available on request. The new policy states.. "It is the opinlon of the Board of Trustees that Clrcusful should aim to maintain between 3 and 6 months of unreslricled cash fund5. It is the Board's opinion that this18vel of unr8Strlcted funds is needed to help mi15gate some of the major risks facing the charity in 2022. Based on our expenditure in 2019-20, 6 Months of expenditure in a 'typical' year is £273,468.50. The Board have agreed thal restricted funds, reserve funds and capltal assets will not contrlbute to the agreed target of 3- 6 months unrestricted funds as they cannot be treated as cash and accessed on an immediate basls. Therefore, unrestricted, reserve, restricted and capital funds will be recorded and monltored separately. The Board of Trustees note that In 2020 the bullding was re-valued which saw a considerable increase added to the balance sheet in 2019-20. Therefore. Circusful is actively working towards generating 3 months unrestriclad cash funds, as a minimum wlth a more ideal position In the region of 6 months. It is recognised: This is difficult in the face of the economiG challenges that fa¢e th8 voluntary sector and particulady given the pandemic. • the present level of designated unrestricted reserves thèrefor8 falls short of the t8rg8t lev81. The strategy is to continue lo build reserves through operating surpluses.. The pollcy is r8view8d annually. Expendlture The expenditure across the year was determined in Ihe first inslance by the need to remain stable post pandemic and to ensure a solid foundation from which to build over the year. On an ongoing basis, decisions regarding regular spending are in line with finance policies and procedures established by Circusful. As the year went on, 811 out-of-budget expenditure was checked with an appropriate member of the Board before being committed. More generally. expendiiure across each activity area is reviewed on an ongoing basis by budget holders and issues of viability of activity is brought to the Boards attention. Page 8
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Detailed day to day management by budget holders and analysis of variance reports endeavour ensure viability Mrithout compromising on excellence of delivery. The introduction of Xero over the past couple of years has helped the leam to managa the reports and undersiand cashflow more easily. Future plannlng Our strategic plan {2021-25) has continued to set the direction for 2022-23 and will continue to do so for 2023-24. Our commitment to building even strong8r partnerships locally. nationally and intemationally is stronger than ever. However, the funding environment rèmains challenging for both venue and capital Income and th the ongoing and uncertain nature of the economy politlcal landscape both locally and globally we are antiGipating ongoing challenges for another few years. We will continue to work across the sector wlth all arts organisations lo ensure that the arts In Northem Irèland can re-open when allow8d and assume Its rlghtf¢Jl and important place In the Gultural and creative aspects of the live$ of our communities. D18closure of Intormatlon to Audltor Each of the Irustses has confimied that there is no InfOallon of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate st8PS to Identify such relevant Inforrnation to establish that the auditor is aware of such infomation. Registered offic8'. 2&25 Gordon Street Belfast BT12LG Slgned on behalf ol tru$tees'. Laura Kel {Chairperson) Date.. Page 9
CIRCUSFUL STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also thè dlrectors of Clrcusful for the purposes of company law. are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounts Practice). Company Law required the trustees to prepare financial statements for each financial year which give a true and fair vi8w of th8 slata of affairs of the charity and of th8 incoming resources and application of resources, including the incomè and expenditure. of the charitable company for that year. In preparing these financial ststements, the trust88s are required to; select sult8ble accountlng pollcles and then apply them ¢onslst8ntly', observe the method8 and principles in th8 Charities SORP., - fflake ludg8m8nts and estimates that are reasonabl8 and prudent., state whether appllcabla UK Accounting Standards have been followed. subject to any materlal departures disclosed and explalned in the financial statements- and prepare the financial slatement5 on the going concem basls unless it Is inappropriate to presume that the charlty wlll continue in oper8tlon. Th8 trustees are responsible for keeping adequate accounts'ng records that disclose With reasonable accuracy at any time the financial posillorb of th8 charity and enable tham to ensure that the flnanclal statements comply with the Companies Act 2006. They are responsible for safèguarding the ass8ts of thè charlty 8nd hence for taking reasonable 8tep8 for the prevention and detection of fraud and other Irregularltles. Page 10
CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Oplnlon We have audited the financial statements of Circusful (the 'charity'l for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting standard 102 The Financial R8porting Standard applicable in the UK and Republic of Ir81and (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements= give a true and fair view of the stale of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources for the year then ended-, have been properly pr8pared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the Companies Act 2006. Ba818 for Oplnlon We conducted our audit In accordanca wlth Int8matlonal Standards on Auditing (UK) (ISAS {UK)> and 8ppli¢able law. Our responsibilities under thos8 Standards ar8 further described in the Audilols responsibilitie5 for the audit of the accounts section of our report. W8 are Independent of the charlty in accordance with the ethical requirements that arg relevant to our audit of the accounts in the UK. including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide 8 basis for our oplnlon. Conclusions relating to golng concern In auditing the financial stat8m8ntS, W8 hav8 concluded that the trustees, use of the going conc8rn basis of accounting in the preparation of the financial statements is appropiate. Based on the work we have performed, we have not identified any materlal unc8rtalnties relaling to events or conditions that, individually or collectively, may cast significant doubt on the charlty, ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilitie5 and the responsibililies of the trustees with respect to going concern are describ8d in the r81evant Sections of this report. Other Inforniatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors. report thereon. Our opinion on th8 financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connaction with our audit of th8 financial stat8m8nts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistsnt with the financial statements or our knowledge obtained in the audit Dr otherwise appears to be materially rnisslated. If we identify such material inconsistencies or apparent material misstatèments we are required to deterrnine whether there is a material misstatemenl in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed. we condude that there is a material misstatement of this other infomiation, we ar8 raquir8d to report that fact. Page11
CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Trustees Report for the financial year for whlch the accounts are prepared is consistent with the accounts- and the Trustees R8POrt has been prepared in accordance with applicab18 legal requiremgnts. Matters on whlch we arg r8qulrèd to rnport by excaptlon In the light of the knowledge and understandlng of the charity and its environment obtained in th8 course of the audit, we have not identified material misststemenls in the directors, report included within the trust88s' report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinlon-. adequate accounting records have not been kept, or reiums adequate for out audlt have not been receivèd from branche5 not vlslted by us,, or the financial statements are not in agréèment with the accountlng records., or certain disc105ures of trustees, remuneration speclfled by law are not made. or - we have not recelved all the Information and explanation$ wa r8quir8 for our audll. Rosponslbllltle8 of trustees As explained more fully in the stat8ment of trusees. responsibilities, the truste85, who are al80 directors of th8 charity for the purpose of company law, are responslble for the pr8paralion of the financial statements and for being satisfied that they giv8 a true and fair view, and for such inlemal control as the trustees determlne is necessary to enable the preparation of financlal statemènts that are free from malerlal misstatement, whether dua lo fraud or error. In preparing the financial statgments, tha trustees are responsib18 for assessing the charity's 8bility to continue as a going concern, disclosing, as applicabl8, matters r6lat6d to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable wmpany or to ¢eas8 OP8rallons, or have no realistic alternative but to do so. AudIt08 responslbilltles for tho audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whol8 are fr8e from material misstatem8nt, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonabl8 assurance is a high level of assuranGe but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Mis5talements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tak8n on th8 basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al http:IfvMw.frc.org.uklauditorsresponsibilities. This dascription forms part of our auditorfs report. Page 12
CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Irregularities, including fraud, are instsnces of n0complIance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, to detect material misstatements in respect of irregularitlès, Including fraud. The extent to which our procedures a capable of detecting irragularilies, including fraud, is detailed below. We obtained an understanding ofthe legal and regulatory framework applicable lo the company through enquiry of management, industry research and the application of cumulative audit knowledge. We idenlified the following principal laws and regu18tions relevant to th6 company- Companies Act 2006 and the Flnanclal Reporting Standard applicable in the UK and Republic of Ir8land (FRS 102). We dev8lop8d an und8rstandlng of tha keyfraud risks to the 8ntity (including how fraud might occur), the Gontro15 in place to help mitigate those risks. and the accDunts, ba18nces and disGlosures within the financlal statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for Significant accounting estimates. analysis of lournal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedure5 to respond to those risks identified induded, but w8r8 not Ilmlted to: Enqulry of management, those charged with governance and the entity's solicitors around actual and potential Iltigation and claims. Enqulry of management to identify any inslances of non-compliance with laws and regulations. Reviewing minutss of meetings of those charged with govemanc8. Reviewing financial statement disclosures and testing to supportlng documentation lo assess compliance with applicabl8 laws and regulations. Audltlng the rfsk of management OV8rride of contrcAs, including through testing journal entries and other adlustmenls for appropriateness, and evaluating thè buslness rationale of signiflcant transactlons outslde th8 normal coursa of buslness. This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audlt work has been undertaken so thatW8 might state to the charity's trustees those matters which we are requir8d to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law. we do not accept or assuma rasponsibility to anyone other than the charity and Ils trustees as a body, for our audit work, for this reporL or for the opinion8 we hav8 fomi8d. Lowry Grant (Senlor Statutory Audftor) for and on behalf of FPM A¢¢ountant8 Limited Chartered Accountants Statutory Audltor 1-3 Arthur Slreet Belfast Co. Anlrim BT14GA Date: Page 13
CIRCUSFUL STATEMENT OF FINANCIAL ACTIVITIES (INCORPORAMNG AN INCOME ANO EXPENDiniRE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Total Funds Total Funds 2023 2022 Unrestrlcted Restrlcted Restrlctsd Capltal Notes Income from: Donatlons and18g8cIè8 19.818 19,818 7.898 Charitsbl• A¢tMtles 420,551 110.703 531,254 404,854 Other Income 7,622 7,822 1,725 Total Incom• 447.991 110,703 558,694 414,477 Exp•ndlture on: Charfiabla AcllvlU08 516 1420.573) 187,8931 {8,$641 1517,0301 1419,1761 Total ExndIture 1420.5731 {87.893) {8,5641 1517.0301 1419,1761 N•t Income l {•xp•ndltur•l for Ihe year bofore tran¥ler¥ 17.418 22.810 41.664 4.699 Othor r•cognlsed galn8llloss•*) Transfers beknen funds (5731 573 Net rnovement in fvnd• 26.845 23.383 (8.504) 41,664 (4,699) Roconelll¥tlon of funds: Total fvnd8 brouohl forward 270.624 34.412 212,718 517,754 522,453 Total Funds Carrl•d Forward 297,469 57,795 204154 559.418 517 754 Al income derlves from wnlinuing aGlivitres. thereforo no statement of recognised gain$ or10$8e$ Is glven. The notes on pages 18 to 27 fomi part of these financial statements. Page 14
CIRCUSFUL BALANCE SHEET as at 31 March 2023 2023 2022 Fixed Assets Tan9Sble assets 376,787 376,787 369.347 369.347 Currant Assets D8btors Cash at bank and in hand 10 34,134 260.367 294,501 48,221 169,951 218,172 Crndltors: amounts falling due Within one year 11 111,870 69,765 Net Curr•nl As$•l$ 182,631 148.407 N•t A88•ts 559,418 517,754 Ropresentod by". Re8trlctod Funds Restricted Capital Funds Restricted Income Funds 12 13 204,154 57,795 212.718 34,412 Unrèstrlcted Funds Unreslricled Income Fund$ Unr8strlctsd Revaluatlon Res8N8 14 179,603 117,866 150,250 120,374 559.418 517,754 The company Is entltled to Ihe exemption from th9 audlt requlrement contained in section 477 of the Companies Act 2006. for the year ended 31 March 2023, although an audit has been carried out under section 65 of the Charttles Act (Northem Ireland) 2008. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of thes8 financial statements under the requirements of the Companies Act 2006. The trustees a¢knOedge their responsiblities for ensuring that the charity keeps accounting records which comply section 386 of the Act and for preparing financial statements whlch glve a true and fair vlew of the slate of affairs of th8 company as at the end of the financial year and of its incoming resources and application of resources, indudlng its income and expenditure, for the financial year in acordance wtth the requirements of sections 394 and 395 and which otherwise CoMY with tha requifemenls of the Cofflpanies Act 2006 relating lo financial 5L*ements, so far as applicable to the company. These financial statements have been prepared in accordanc8 Wlth the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Page 15
CIRCUSFUL Balance Sheet as at 31 March 2023 Thèse financial statements hav8 b88n pr8par8d in accordance vAth the special provisions of Part 15 of the Companies Act 2006 relating to small comp8nles. The financial statements were approved by the Board and signèd on Its b8half,. Laura Kell Director Company Reglstratlon Numbar N1026212 The note8 on page8 18 to 27 fonn part of thasa financlal ststements. Page 18
CIRCUSFUL Cash Flow Statement as at 31 March 2023 2023 2022 Cash generated (used) In operallng actlvltlès 17 119,614 119,614 5,461 5,461 Cash flows from Invostlng actlvltles Purchase of property, plant and equipment Net Cash provided by (used in) investing activltles 29.198 (29,1981 Change In cash and cash equlvalents In the reportlng perlod 90,416 5,461 Cash and cash equlvalents at tho boglnnlng of tho raportlng porlod 169,951 164,490 Cash and cash equlvalents at tho gnd of the reportlng perlod 260,367 169,951 The notes on pages 18 to 27 form part of thése financial statsments. Page 17
CIRCUSFUL Notes to the Financlal Statements for the period ended 31 March 2023 1 ACCOUNTING POLICIES Charfty Informatlon Circusful is a private company limited by guarantee incorporated in Northern Ireland. The regisler8d office is 23-25 Gordon Street, Belfast, Co. Antrim, BT12LG. 1.1 Accountlng Convantlon The financial st8tements have been prepared in accordance th the chariws governing docLJment, the Companies Act 2006 and "Accounting and Roporting by Charities.. Stat8menl of Recommended Practice applicable to charities preparing their accounts in accordance with th9 Financial Reporting Stsnd8rd applic8ble in the UK and Republic of Ireland (FRS 1021" {as 8mended for accounting periods commencing from 1 January 20191, The oharlty is a Public Benefit Entity as defined by FRS 102. The financial statements are prepad in st8rlSng, which is the functional currèncy of th8 charity. Monetsry amounts in these financial statements ar8 rounded lo the neare51 £. The financial ststements have been prepared under the historical cost convention, modified to include the revaluatlon of freehold properties. The princlpal accounting policles ar8 set out below. 1.2 Golng Concorn These financlal statements are prepared on the going concem basis. The trustees are of the view that with their strategic plan and reserves in place, the continued operation of the charity is ensured and on this basis the 8ssessm8nt of the trustees is ihat the charfty is a going concem. 1.3 Charltable Fund8 Unrestricted funds are avallabl& for use at the dlscretion of the Trustees in furtherance of their charltable oblecllves unless the funds have been designated for other purposes. Deslgnated funds comprise unrestricted funds that have been set aslde by the trustees for particular purposes. General funds may b8 transferred to designated funds where Trustees wish to use these funds for a specific purpos8. Such funds may be Iransferred back to general funds once th8 crlleria for the designation have beèn m8t or are no longer applicable. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or tch have boon raised by the Charlty for particular purposes. The cost of raising and administering such funds are charggd against the specific fund. The aim and use of restricted funds is set out in the notes to the financial stal8m8nts. Restrictsd fvnds MBY only be transferred lo gener81 or désignated funds onc8 the crlt8ria for restrlction have been di$¢harged or no longer apply. 1.4 Incomlng Resources Incoffle is recognised when the charity is legally entiued to it after any performance condilions have been met, the amounts can be measured reliably, and It Is probable that income will be r8ceiv8d. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donalion unless performance conditions requir8 d8ferral of the amount. Income tax recoverable in relation to donations received under Grft Aid or deeds of covenant is recognised at the time of the donation. Page 18
CIRCUSFUL Notes to the Financlal Statements for the period ended 31 March 2023 1 ACCOUNTING POLICIES {contlnu•dl 1.4 In¢omlng Rosourc•s ctd. Tumover is measured al the fair value of the conslderation received or r8celvable and represents amounts rgceivable lor goods and s8rvic8s provided in thè normal course of bu8ines8, nel of discounts. VAT and other sales related taxes. 1.5 Rosourc&g Expended Expenditure is r&cognl8ed onc8 there is a legal or constructive obligation to moke 8 P8ymenl lo a third party, it is probable that settlement will be required and the 8mounl of the obligation can be measured rellably. Exp8ndltur8 Is cla88iflod under the following activity hoadlngs.. Expendituw on charitable activities includes the promotion and development of circus arts and aclivitles undertaken lo furthar the purposes of the charlty and Ihoir associated support costs Irrecoverable VAT Is charged as a cost against the 8ctivlty for which th9 gxpenditur6 was Incurred. 1.6 Allocatlon of Support Costs Support co$ts are those fun¢lion$ that assi81 th6 work of the charity but do not directly undertake charitable aclivilleg. Support costs include back office costs, finance, personnel. payroll 8nd 9ovemance costs whlch 8UPPOrt the charlty's programmes and activilles. These costs havg been all¢cal8d lo expendllure on charll8ble acllvltle8. 1.7 Ca•h and cash equlvalents Cash and cash equivalents Include c88h In hand, d8po8ils held at call th b8nk8, other short-term Ilquld invgstments wlh original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown wllhln borrowlnos In currènt IlablSllles. 1.8 Tanglble Flx•d Assets Tangible fixed a558ls are initially m88sured 8t cost and subsaquenlly mea8ur8d at 81 or volu8tiorb, net ol depreciation and any impairmenl10gse8. Depreclallonls r8cognls8d sa os ta wrilo off thg cost or valuaton of as88ts less thelr r881dual valugs ovgr th8Sr useful IIvè8 on the follong bases.. A8Jet Category.. Frg8hold Propgrty Fixtures & Fittings Motor Vehicle$ Annual Rat• Straight Llne Straight Ling Straighl Line 20% 25% The gain or10ss arising on Ihg disposal of an asset Ss determlned as the difference been Ihe $819 proceeds and the carrying value of thè asset, and Is recognised in net incomellexpendilurel for the year. 1.9 Impalrnient of Flxed Assets At each reportlng end date, the charty revlews the carrwng amounts of Ils tangible 888èts to del8rmlne whether there 1$ any indication that those assets have suffered an impairment loss. If any such indication exists, tho recoverable amount of the a880t Is estlmaled In order to del8rmin8 the exienl of th6 impairment loss {if any). P8ge 19
CIRCUSFUL Notss to tho Financial Statemonts for the period ended 31 March 2023 1 ACCOUNnNG POLICIES Icontlnu•dl 1.10 Financial Instruments The charlty has elected lo apply the provlsions of Section 11 'Ba51c Fin8nclal Inslrumenls, and Seclion 12 Other Financial Instruments Issues. of FRS 102 to all of its financial inslrumenls. nancial In51rumenls are recognlsed in th8 charitys b8lance sheet when the charlty becomes party to the C(traCtUal provisions of the instrument. Flnancial ass8ts and liabllilies arg offset. wlth the net amounts pr8senled in the financial 8tstement8, when there18 a legally enforceable rlghl to s81 off the recognlsed amounts and th8re Is 8n Inl8ntlon to s8llle on a nel basis or lo realise the asset and s8tt1e the liability simultaneously. Basic Financ181 Assets Basie financial assets. which include debtors and cash and bank b818nces, are initially measured al transaction price including transadion costs and are subsequently carried al amortisèd cost using the effactive Int8r&sl methodunless the arrangement constSlules a financing Iransaclion. where the Ir8n8acllon Is measured al tho pr688nl value of tho future rac8ipt8 dlgcounted al a market rate of inlarast. Financlal a$se15 Glassified 05 r9ceiv8blg within one year are not amortised. Baslc Fln4n¢lal Llabllltl•8 Baslc flnanclal Ilabblllles Includlng credllor8 and bank loans are Inltially recognised at Iran8actlon prtce unless the arrangement constilules a finan¢ing transaction, where the debt instrument 18 measured al the present value of the future payments discoun18d at a mgrket rale of Inlar8St. Flnancial li8bilili85 Clal[lOd as P8yable within one year are nal amortl8e(l. D8bl Instruments am subsequently carrled al amortlsed cost. uslng the effectve Interest rate method. Trade cradltor3 Bre obligation lo pay for goods or 89rvic08 that have been acqulr8d In tha ordinary course of operalions from suppliers. Amounts payable are dassified as current liabilities If payment is due within one year or less. If not, they are presented 88 non-current Ilabllllles. Trade credllors ar8 reco9nlsed Snitially at tr8ngaclion price and sub88quenlly me8sured al amort18ed cost U81ng the effective Inlore81 m8thod. Der•cognltlon of flnanclal Ilabllltles Flnanclal IlabllllSes are derecognlsed when the charlly's contractual obllg8tion gxpir8 or arg dischargèd or cancelled. 1.11 Employ•• bonoflts The cost of any unused holiday enlillemenl 18 recogni88d in tha period In whlch the employee's service$ ar9 recelved. Teminalion beneflts are recognised immedlately as an expense when th8 ch8rlly18 dèmonstrably commltted to lermlnale the employment of an emplDyee or provlda lerminalion benefits. Critical Accountlng Estlrnates In the appllcalion of the charitls accounting pollcies, the tnjstees are requlr8d lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sourc89. The eslimales and associated assumptions are based on historical experience and other factors that are considerad lo be relevant. Actual results may differ from these estlm8tes. The estimates and underlying assumptions are reviewed on an ongoing basis. Rgvisions lo accounting estimates are recogni5ed in the period in which the estimate is revised where the revlsion affects only that period, or in the period of the revision and luture period5 Whe the revision affects both current and future poriods. Page 20
CIRCUSFUL Notes to tho Financlal Statements for the perlod ended 31 March 2023 1 ACCOUNTING POLICIES (continued) 2 Donatlon• and L•gacle* Total Funds 2023 Unre•trlrted Re¥trfct•d HMRC Glft Ald Donations HMRC Job RetentSon Scheme 19,818 19.818 19,818 19,818 Unreslrlcted Restrtcted 2022 HMRC GiftAld Donats'on8 HMRC Job Ratentlon Scheme 50 2,122 5,726 7,898 2,122 5,726 7,898 Page 21
CIRCUSFUL Notes to the Financial Statements for the period ended 31 March 2023 3 Income from Charitable Actlvities Restrlcted Capital Funds Total Funds 2023 Unrestrfcted Restrlcted Fund8 Funds Children in Need Youth Circus, Adult Circus & lty Bitty Donations Arts Council of Northern Ireland Belfast City Council Ulstsr Garden Villages Education Authority Esmee Fairburn Foundation Garfield Weston Foundatian The American Ireland fund Department for Communities Halifax Foundatlon Clothworker Foundation Clear Project IPHA) RTE Toy Fund Nats'onwide Future Screens Nl Other Grant3 30,515 30,515 133.239 205,596 48,600 133,239 176.398 48,600 29,198 56,947 56,947 4,312 4,312 4,399 4,399 4,000 27,318 786 14,487 4.000 27.318 786 14,487 1,055 531,254 1,055 420,551 110,703 Restricted Capital Funds Total Funds 2022 Unre8trf¢ted Re8tri¢ted Funds Funds Children in Need Youth Clrcus, Adult Circus & lty Blty Donations Arts Council of Northern Ireland Belfast City Council Ulster Garden Villaggs Education Aulhorily Esmee Fairburn Foundation Garfteld Weston Foundallon Department for Communities Halifax Foundation Clolhworker Foundatlon Other Grants 21,256 21,258 89.676 167.183 52.455 660 89,676 167,183 52,455 660 61,624 61.624 12.000 12,000 371.598 33.256 404.854 Page 22
CIRCUSFUL Notes to the Financial Statements for the period ended 31 March 2023 4 Other Income Unrastrlcted Funds Total 2023 Unrestrlcted Funds Total 2022 Merchandise Incom8 Other Income 289 7,333 7.622 289 7,333 7,622 518 1,207 1,725 518 1,207 1,725 5 Costs of Charltable Actlvltles by Fund Type Unrestrlcted Restricted Funds Funds Restricted Totsl Funds Capital 2023 General Itty Bitty and Youth Circus Self Funded Classes Adult Circus Outreach Merchandise Caravan Support Costs 272,191 27,824 75,960 348,151 27,824 31,863 15,899 31,863 15,899 72,796 11,933 8.564 93,293 420,573 87,893 8,564 517,030 Unrestricted Funds Restricted Funds Restricted Capital Total Funds 2022 General lty Bitty and Youth Circus Self Funded Classes Adult Circus Outreach Merchandise Caravan Support Costs 229,477 17,112 43,236 272,713 17,112 16,365 12,656 16,365 12.656 82,818 8,948 8,564 100,330 358,428 52.184 8.564 419.176 Page 23
CIRCUSFUL Notes to the Flnanclal Statements for the period ended 31 March 2023 6 Costs of Charitable Actlvlty by Actlvlty Typ Actlvlll¢$ Undertaken Dlrectly Totsl Funds 2023 Total Funds 2022 Support Costs General lty Blty and Youth Circus Self Funded Classes Adult Circus Outreach Merchandise Caravan Govemance Costs 348,151 27,824 81,766 429,917 365.716 27,824 17,151 31,863 15,899 31.863 16,495 16,907 13,596 1,008 1,842 8,677 1.842 8,677 24 6,194 423,737 93,293 517,030 419,176 7 Net Ineomlnglloutqolngl Resources for tho yoar Thls Is stated after charging.. 2023 2022 Depreclation Audltors Remuneration.. Audit of the Financi81 Statements 21.758 21.702 4.000 4,000 8 Tru$to0 and Staff Costs Total staff costs war• as follow•: 2023 2022 Wages and salari8S Social security costs P8nsion Costs 224.653 10,165 8,871 243,689 175,051 10,941 3,256 189,248 Partlcular8 of employeas: The average number of employ88s during the year, calculated on the basis of full-tSme equivalents was as follows: 2023 No. Number of staff 10 No employee rgceived remuneration of more than £60,000 durlng the year (2022 - None) 2022 No. Page 24
CIRCUSFUL Notes to the Financial Statem8nts for the period ended 31 March 2023 8 Trustee and Staff C08ts ctd... No Trustee received remuneration or any other benefits from hislher trusteeship with the Charity in the year {2021122.' £nill. No trustee received travel expenses during the year ended 31 March 2023 12021122.. £nill No trustee received pament for professional or other services supplied to the charity (2021122.. £nil). The key management personnel of Circusful comprise the Trustees and the CEO. The employee benefits of the key management personnel of the Gharity were £55,204. 9 Tanglble Flxod As$ot$ Freehold Proporty Flxtures & Flttlngs Motor Vehlcles Total Cost: As at 1 April 2022 Additions Dlsposals As at 31 March 2023 487,806 237,252 62,991 788.049 29,198 29.198 487,806 237,252 92.189 817,247 DepciatIon.. As at 1 April 2022 Charge for the y8ar Depreciation Eliminated on Disposal As at 31 March 2023 151,411 9,756 220,593 5,807 46,698 418,702 6,195 21,758 161,167 226,400 52,893 440,460 Net Book Value As at 31 March 2023 As at 31 March 2022 326.639 336,395 10,852 16,659 39,296 376,787 16.293 369,347 10 Debtors 2023 2022 Trade Debtors Premiere Circus Intercompany other Debtors Prepayments 18,971 5,423 25,672 8,069 9,057 48,221 9,469 5,694 34,134 11 Creditors: amounts falllng due wlthln one year 2023 2022 Trade Creditors Other Creditors A¢cruals & Deferred Income 26,244 1.207 84,419 111,870 32,711 10,298 26,756 69,765 Page 25
CIRCUSFUL Notes to the Flnanclal Statements for the period ended 31 March 2023 Deferred Income Balance at Arising During Applied durfng 1 Apr 2022 the Year tha yéar 21,502 67,701 9,502 Balance at 31 Mar 2023 79,701 12 Restrlctsd Capltal Funds Balance at 1 Apr 2022 Balance at 31 Mar 2023 Income Expendlturg Restricted Capital Funds 212,718 212 718 204.154 204.154 8,564 13 Restrfcted Incoma Funds Balance at 1 Apr 2022 A8at31 Expendlture Transfers March 2023 Income Restrlctsd Fund 2,254 2,254 ChSldren in Need Arts Council Nl Capitsl Belfast City Council Capital Halifax Department for Communitles Capit81 Clothworker Foundation Capital Clear Project (PHAI RTE Toy Fund Nationwide Future Scrèens Nl Total 16,029) 15,958 260 30.515 29.198 (25,0591 (3,684) (681 (4,3991 (1,638) (5,5861 (4,000) { 27,262) (786) 15,411 87,893 573 41,472 192 4.399 5,675 16,294 4,037 10.708 4,000 27,318 786 14,487 110,703 56 924 34.412 573 The $trIcted expenditure Include$ depreciation for assets purchased by restricted monies. 14 Unrestricted Income Funds Balance at 1 Aprll 2022 Asat31 Expendlture Transfers March 2023 Income General Funds Revaluation Reserve 150,250 120,374 270.624 447.991 (418,065) 2.508 420,573 (573) 179,603 117,866 297.469 447.991 573 Page 26
CIRCUSFUL Notes to the Flnanclal Statements for the period ended 31 March 2023 15 Analysis of Net Assèts Batwean Funds Tanglble Fixed Assets Net Current Assets Total Restricted Fund Restricted Capital Funds Unrèslrlctéd Funds Total Fund$ 51,920 204.154 120,713 176.756 376,787 182.631 5,875 57,795 204,154 297,469 559,418 16 Relatsd Party Transactlons At the balance Sheet date Clrcusful had £nll balance owed to Festlval of Fools Ltd. a related Party { 2022 - £6,153). At th8 balance sheet date Circusful were owed £nll from Premiere Circus Ltd, a related party (2022 - £25,672). 17 Reconclllatlon of net Income l (expendlture) to net cash flow from operatlng actlvltles 2023 2022 Net movement in funds for the reportlng period (SOFA) Depr8ciatlon on tangible fixad assats (Increas8) I d8creas8 In dabtors Increase I Idecreasel in creditors 41,664 21,758 14,087 42,105 {4.699) 21.702 35,196 46.738 Net cash provided by (used Inl operatlng activities 119,614 5,461 Page 27