Company RegiBtration No. N1026212 Charity Registration No. XR342261NIC100116 CIRCUSFUL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CIRCUSFUL ANNUAL REPORT AND FINANCIAL STATEMENT8 Tablo of Contonts FOR T4E YEAR ENDED 31 MARCH 2024 Pag• Legal and Adminl8lralv• Inforrnallon Roport ofth• Trusts•$
14 Ind•p•nd•nt Audltors R8POrt to th• member¥ 1&17 Statèment of Flnan¢lal ActivlJ 18 Balanc• Sh••t 1&20 Cash Flow Ststerntnt 21 Notes to tho Flnanrlal Statements 2242 Page I
CIRCUSFUL ANNUAL REPORT AND FINANCIAL 8TATEMENTS L•gal and Admlnlslratlv• Informatlon E Adams JDaty G Ersklna RL A Malone C Traynor L Kelly S Pattarson IRBslgned 14 Septemb8r 20231 IRe8lgned 10 November 223) Addr•M lor corr•8pond•nc• 2&25 Gordon Street Bewast BT12LG R•gl8t•r•d Offl¢• 2>25 Gordtsn Strè81 B•Ma81 BT12LG Audltor AAB Gfoup Acmuntsnts Llmtted Chart8rnd Accountant8 1-3 Arthur Street 8eM88t BT14GA B•nkq Unlty TruBt Bank PLC 9 BdThJl•y Pl8c• Blm)Ingham B1 2HB R•gl•t•r•d Charfty No. R•gl•l•rnd Company No. NIC100116KXR34226 N1028212 K•y fy14n4g•ffl•nt P•r4onn•l Jonna Hall IChl•f Ex¢cuUve Off*er) P8g8 2
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are pleased to present their annual report together with th6 audited financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companie5 Act purpos8S. The finanoial statements comply with the Charities Act {Nothern Ir8land} 2008, the Companiès Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities., Stalement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir8land (FRS 102) leffectlV8 1 January 2019). Chalrfs Report Our purposes and actlvlties Circusful is the18ading circus arts and street théatre organisation in Northern Ireland delivering participatory cSrcus, prof&ssional performance. training and profassional development. Clrcusful is a charity reglslered with HMRC and with the Northem Ireland Charilias Commisslon whos8 purposes are set out in thé Articles and Memorandum of Associallon 88 follows.. The advancement of education and for the davelopment and promotion of circus drama and performance skills in Northgrn Ireland. The provision of management and facilities lor the Ifalnlng of young people and others who desire lo learn skills in arts. drama, circus and physlcal entertainment without dlslinctlon of sex, age, colour, political or religious oplnion. For the advancement of the education of people the org8nisation comes In canlact wlth. For the provislon of facilities in the Interests of social welfare, for the recreation and leisure lime of people with the object of improvlng their conditions of life. Slnce 1985, the charity has been successful in ils ambillon lo work with young people and adults from all backgrounds across Northern Ireland to deliver life enhancing skllls, designed to Improve thè resilience and mental and physical w8llbeing of young people and adults. The organlsation also give5 the opportunity for young people to demonstrate skill development on the local. nalional and internatlonal stage. These activities are accessible and can be enjoyed, by participanls and audiences alike irrespective of background. Durlng the financial year 2023-24, we continued to see the impact of the pandemic and cost-of-living-crisis, most particularly in the engagement, the behavioural and emollonal responses of the young people In our classes and how much uncertainty our freelance trainer team are continuing to face. Page 3
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Actlvlty report Youth and farnlly programme$ Over the year we delivered a rang8 of onllne and in-person workshopsldasses and events for children. young people and families. Our in house classes for children (aged 2 years up), young people and adults in Circusful's main building in Gordon Street, B81fast took place over four tems. In numbers, between Aprll 2023 and March 2024 we dolivored: 1601ty Bitty classes for over 70 childrèan aged 2-7 years. • 277 Youth Circus classes for over 160 young people aged 8-25 years. 325 Adult Circus classes for over 140 people aged 18 years plus. Together thes8 classes offared over 11,200 opportunities for engagement. We know our prograrnmes inspire young peop18 because they and thelr parents tell us.. "Ho Iovgd his years there, and I w8nt to thank you all from the bottom of my heart. He 1$ the last of our famlly to leave- th8r8 were 4 of thém there at one point, and they all b8n8fitted so much. Thank you for eveNhlng.' Parent "l just wanted to say thank you for the lovely opportunlty H had lo take part In the parade. She loved all the training on stills and it was amazing to see her beaming as She took part. Such a super opportunity for her and so nice to see her so happy and thriving., Parent Comments from participants and trainers also help us to see the importance of our work and the difference it makes. "E really stepplng up In aerlal. He has always been too scared to gel on a trapeze. Today he was really brave and just went for it. So good to sae." Itty Bitty Trainer. 'F had a really good day in terms of paying attention and engaging. Was giving O good feedback in rola bola and working well spottlng him. This is a real bre8kthrough for him because he normally doesn't have great awareness of the people around him and Iraditionally nds spotting others diificull as he needs lo Concentrate on them." Wednesday Youth Circus Trainer. "Circus dass 15 rny daughter'5 favourite activity of her week. She enjoys it so much and I love the confidence it gives her." Parent. 'IMy daughlerl has been coming lo clrcus since she was about 4 or 5. She Is currently in Glasgow at an intensive 4-week aerial course and is consSd8ring circus andlor ivs associations as a career. That's how fabulous Circus has beenl. Parent. We've continued to survey parents and young people about their experience of Circusful and our classeslevents. Here's what they had to say in 202>24. 720/0 noticed a positive change in their child's attitude to exercise or physical activity. 90Vo noticed a positive change in their child's confidence. 64°h nots'ced a positive change in their child's imagination. 710/0 reported thal their child had made friends through circus. 100 % of parents said that they either agreed (16tr10) or strongly agreed (84%) that they trust the tutors to keep their child safe at all times. 100Yo of parents said their child's circus class was an important part of their week. For the first lime in 202&24 we offed Easter Intensive programmes for bolh adults and young people. Page 4
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Outreachlsocial Clrcuslcommunity Engagement Sadly. due to reductions In funding, we had lo restructure our outaCh Team in Spring 2023. As result. we moved from a mod81 of having dedicated outreach team memb8rs to sharing the responsibility for this work across other team members. In spit8 of this, we deliveréd a range of brllliant and impaCul proj8cls over the y8ar as a whol8. In numbers. between April 2023 and March 2024 we: Delivered around 130 outreach workshops. offering almost 2.500 opportunities for engagement for up to 800 children and young people. • We workèd with around 30 partner organisations. Workshops look pla¢e right across Northem Ireland.. paCUlarlY su¢cessful programmes were our.. RTÉ funded projecls focused on young people with disabilities andlor with experSence of the care system. ACNI rural project funding - working with a group in Glenravel. Natlonwide funded programme Wofking with Action Deaf Youth and Fleming Fulton School through which we used circus lo build confidence and peer-led supportlleaming. "My class absolutely loved It! They were so proud of themselves for balancing on the globe, a lot of my class are very anxious about new things but they couldn't wait to do ILI The trainers were so encouraging and helpful they were able lo do things I never would have said they would have rlskedl The same wth the balance b8am. One child in particular will only walk on a bench in PE if 2 adults hold his hands, with Sarah they were practically skipping 8cros5 the beaml I couldn't belleve how much they got out of it and the change in the children afterwards. OT, PE, personal development, confidence were just some of the benefi15 they got...we can't wait for next weekl" Teacher. Harberton Special School. Sharing ourwork Throughout the year we offered young people nineteen opportunitles to perform andlor showcase their work to public audience andl or their frlends and family. Thesé includ&d Festival of Fools 2023, our Christmas Cabaret, Sl.Palrick's Day Parade, end of term showcases and much more besides. We also look partin the Mayhem Festiv81 organised by Galway Community Circus Sch¢)ol and the Irish Youth Circus Gathertng, which took place in Cloughjordan. 'My sons love their weekly circus c18ss and speoally whèn rehe8rslng for a showl l fftlnk it keeps Ih8m motiv8t6d to focuslocus and pracllce their skills 8nd gvgn on8 of Ihem is shy . . he w8snl shy in their showl11 gave them a lot of confidence thanks to their amazing tulorsl We love that Is nol comp8lilion (Ilke most of sports) and everyone shines with their iJifferent abilities.- We also offered professional and emerging artists eleven different opportunities to engag6 in development programmeslprojects including our Rope Meet, Vertical Play, masterclasses and more. On the 10" June 2023 we hosted a familyfun day lo celebrate Cruinniu nan Og. This fom18d part of the Circus Explored programme supported by Creative Ireland and ISACS. It formed part of a much wide programme of activity that look pla over a number of months and included dance workshops,peer-led circus workshops and much MO b85ides. Our Adult Circus Cabaret was a great success in November 2023 and we held our first ever young person led Scratch Night in February 2024. And, in March 2024, Emmen Donnelly created a new piece 'Tabula Rasa, for the Children's Festival. It wa5 premiered here al Circusful and we hosted a reception for the festival delegates. Page 5
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 In 2023-24 we also invested in the development of our YouTube channel and soci81 media presence- where we share and capture both promotional videos and evaluations of our work. In November 2023 we hosted a Showcase (organised by Fesllval of Fools) where some of our professional artists performed both new and very established Ple$ of work for an invited audience of local busin85ses, funders and inv8Stors. It was great lo be able to show off our tslented 18am and the versatility of our space to a new audience. Developlng young clrcu8 artlsts and trainers The Arts Council of Northern Ireland established a grant progr8mme callad the Mike Moloney Award for young people aged 16- 24 who wanted lo develop their circus practice.The award was in memory of Mike Moloney, a founder of Belfast Community Circus School Icircusful as now). Applications for the award had been dwindling, so CSrcusful were asked to take over th8 m8n8gemenl and administration of it with tha intention of building Interest and awarén8SS. The process was refreshed and a new iteralSon adv8rtlS8d In summer 2023. Applications were received and reviewed by a panel Gomprising of Circusful, Streeise, Tumble Circus and In Your Space Circus. Four young people benefited from awards. On8 used thelr grant to support théir full-lime training in England, anolh8r used it lo develop their own personal skills and has since been accepted onlo a full-time course and the other tsvo used the funding lo visit a festival. improve thèir skills and then organi$ed 8 3cralch night, In addltion to this, we received funding from Department for Communities to support young people (aged 16-24 years) lo gain employability skllls and professional exp8rience. The job title is Stsrt Up Tralner and Events Assistant. Post holders wlll gain both practical and administrative skills and knowledge. Our first Job-slart employee Joined the team in March 2024 and our second will join in June 2024. D•veloplng our spa¢e Over the year we invested in the dev8lopment of our space and our physical surroundings, thanks to funding from the Arts Council of Northem Ireland. The changes we made included.. Bean bags to help the young people, team to relaxlbe comfortable ln-beeen classes, at training events etc. •New curtains lo help us to turn the space into a 'black box'_ helping lo create a broader range of ways the space can be used. •Some other small Investments like the purchase of a new kitchen table and chairs etc. Local and Intsrnatlonal Activlty Our Chief Executive Officer has continued to be involved in several forums, boards, partnerships and neorkS during the financial year 2023-24, including but not limited lo.. •Arts Coilaboralion Nerk- Nl wide. •Calhedral Quarter Trust- Belfast, Nl. •Belf8St Festival and Events Forum, CowChair- Belfast, Nl. •Caravan Social Circus Nefvrk, Vica President- Intsrnational. •Th8 Gymn8s1ics and Trampoline Nelwork- Nl. The above activity has enabled Circusful to continue to develop as an organisation in profile and quality as it's been able to learn from other organisations working in the same sector and across culture more generally. Page 6
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 In 2023-24 Circusful was involved in an Imperlal War Museum (IWM) 14-18 NOW Legacy Fund commission in partnership with U15ter Presents at Ulster University. it was C0-prjUCed by In Your Space Circus in Derry City and delivered in association with Circusfijl and Inslilut Francais. This specially commissioned production was led by the globally acclaimed French circus collective Compagnie XY accompanied by a 50 plus strong local ensemble of musicians, choirs and local acrobats and took place in August 2023 in the Guildhall Square in DerrrLondondery and culminated in the World Prernie of Afterthe Rain. After the Rain was Inspired by the people and communities of the city in sustaining 25 years of peacevbuilding slnce the 1998 Good Friday Agreement. After the Rain explored physical and spiritual resilience in the face of obstacles through a mass collective acrobatic act of Irfting each other up. It is Compagnie Xy's first ever work produced on the Island of Ire18nd and is one of only new works produced by this 4Ckstrong collective of acrobats. The other for the Paris 2024 Otympic and Paralympic Games. The internalional work wlth Caravan has been partlcularfy beneficial, not only to increase the interest, eXrienCeS and awareness of Circusful's work bul also to ensure Nl based trainers a 8ble to access high quallly learning and development opportunities, such as a course to support trainers to develop their pedagogy skills when working on social circus progrmmes. Br8xil has Impacted on the ease wlth vlhich our tralner can partlclp818 in these programmes, despite that the team work hard to share resourc88, documentation and Inslghl Into the programmes. We also SUPPOrted kn emerglng artists lo engage in the Boost Programmé. organised by Dublin Circus Project. One of the team secured a Belfast City Council Scholarship place at the One Young World Summit that took place In Belf8St in October 2023. Over four day5, Anna attended talks on the food crlsls,educatian. climate emergency, peace and Concl11ation and mental health. She also taok part in action sessions, workshops and met so many inspirational, young leaders from all over the worldl In a typlcal year, Clrcusful meanlngfully engages volunteers to ensure we fulfll the misslon and vlslon of the organis8tion. As an organisalion wa 8ppreciate and valu8 the vital support of our volunteers lo underpin many of our activities. We will contlnue to provide opportuniti8s for our volunteers lo be involved where we can. Page 7
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Governanc• Circusful's Articles of Association are its govgming document. The Arbcles were updated in 2021 in keeping with the name change of the organisalion. The document states thal Ihe Charity's objects are lo:. 1) Advanc8 the arts and culture in Northem Ireland and 8Is8wher8 and in partlcular to promote.. 111 circus and street theatre as art forms by organising. promoting and presenting cultural, arts and leisu aclivilies. events, perfomiances and festivals; lil) access to circus arts.. liill cultural lourlsm and Inlemallonal arts and culture exchange programmes and events. 21 Promot& education and training by providing.. (i} training in the arts. crafts and skills of circus and 81re&l thèatre., 1111 vocational training and employment opportunllles in clr¢us and street th8alre arts. 31 Advancè publlc knowlédge and understanding of clr¢u$ and street Ihe91re arts by the domonstralion of skills in artistic performan¢•. 41 Advance community d8velopm8nl by engaging with and 8SSlSting voluntary & community groups and organi881ion5 to organi88 and participat8 in Cultural, arts and leisure projects and iniliatlveB. 51 PrOde Ir8lnlng in Glrcus skllls and other recreallonal activities. particularly for young people.. li) in the Interests of social welfare with th6 object of improving the conditions of life of persons who by Trason of thèir exclusion. social or economlc ¢irGumslance8 or other disadvantage have need of such facilities; andlor lill to develop Ihelr skills, capacltl8s and capabllitles lo enable them to particlpa18 In socS8ty as ndepéndenl, maturè and responsible indlvlduals. 61 Promote good Community r8lallons, social coheslon, religious and racl81 harmony and equallty and dlverslty. A$ 8 Board, we have continued lo provide govemance and slrateglc dlrection to the organls8tion and offer support when dlfficullles 8ri5e. We conllnug to pay tribute lo our staff and voluntgers as well a8 our supporters for their conlrtbution lo the organi5allon as we contlnue lo grow. develop and promote the art and $kills of social clrcus. Sadly, we said goodbye to Board members, Edward Adams and Julie Daly, in Autumn 2023. Both had shown huge commllment to the charfty over the years, as trustees and as circus parents. For sever81 years, Ed had been c4u81,$ Secretary. Ed's experiences a5 a circus parent, his professional career as an educator and his care and passion for the work we do combine to mean his contribution was immeasurable. Julie, a trained accountant and HR professional, was generous with her expertise and support for the team. Also a circus parent she was supportive of the challenges we faced and committed to working with the team and partnets to identify solutions. 80th will r&main an important part of our history and our on4Joing story. Pag8 8
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Following their resignations the remaining Board made the decision to bring forward the recruitment drive planned for Spring 2024. The CEO was tasked with working wth Arts and Business Nl to secure UP to four new Board MeMbersrUStees by February 2024. Unfortunately no suitable candidates were identified within this timeframe. A second r8cruilment campaign took place durlng Spring and Summer 2024. COVID 19 Covid19 dir8Ctly impacted on our services throughout 2020-22, and to som8 8Xt8nt continues to do so even now. As per th8 'going concern, st8t8ment below, w8 can already see how Circusful is now well posilioned to come back slrong8r. During and b8yond the pand8mic our community of supporters have beén incredibly gen8rous In glvlng thèir tlme, emotional support and much needed financial supporL Golng concern It 18 the Trustees, vlew that these financlal statements are prepared on the going conc8rn basis. Structure Governance and Management Appolntmont of Truste88 In 2023-24, as mentioned above, Circusful accepted the reslgnalion of two Board members and started the process of recruiting up lo four new trustees. The Board currently comprises of a balance of parents and professionals and our newest members Irecruiled in 202LL211 are beginning to play central and important roles on the Board, with one becoming Chalr. Trustee8 Inductlon and Tralnlng The organisation inv8sts in Induction and Iralning and In 2022-23 several Board members attended relevant courses and events and shared their learning. On appolnlment. each trustee's training r8quir8ments are assessed. We continu811y review the neads oflh8 Board and offer to support them lo att8nd training and developm6nt courses as needed. Each are notified of and offered th& chanoe to attend courses offered by NICVA, Volunteer Now, Arts & Business and a rang8 of other sector support organisallons. A full training and Induction plan will be put In placa for the new memb&rs in 2024-25. A strategy day also occurred on 9 June 2024. As needed, the whole Board p8rticlpale In and benefil from a full safeguardlng revl8w course. This is delivered by Ciaran Traynor, a member of th8 Board. Organlsatlonal Structure The organisation in 2022123 is run and managed on a day-to-day basis by th8 Chief Executlv8 Officer who joined the organisation in late November 2018. The CEO has operallonal and strategic powers devolved from the Board of Trustees and these are VieWed as needed. She receives advice & guidance from an extemal organsiation specialising in Human Resources Managernenl. The CEO has overall line m8nagemenl responsibility for the staffing of the organisalion and In 2023-24 15 supported by the Programrnes and Development Director the Head of Programmes, Pathways and Participation. Page 9
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Pay Policy Remuneration across the organisatlon is aligned with sector pay agreements and based on NJC scales. Pay increases if appropriate are brought lo the Board of Trustees for approval. When changes are made to the National VIng Wage these are passed onlo the relevant staff in a timely manner. There are no ramunerated Trustee positions and Ihey give their lime freely. Risk Reglster Circusful has a stringent Risk Register whl¢h outlines the key rlsks to the organisation and the speciflc actions detailed to mitigate those risks. The main categorises of risk identified are: Govornance, Operational, Flnan¢lal. Envlronmgnt and Extornal and Compllance. The risk register is revlewed and discussed at each Board meellng and if additional risks have béén identified they are added at that point and mits'gations brought into place immediately after. The Risk Register is underpinned by the Risk Assessments wg complete for all classes and activltles. The Risk Register h85 been completely reviewed in Q4 of 2023-24 and was adopted al a Board meetlng in April 2024. Safeguarding and Accident Reports are a standing item al each Board megting. In 2021-22 a new Audlt and Rlsk Sub-committoe was formed wilh three members of the Board and the CEO I Programme8 and Dev8lopment Director attending as appropriate. It continued to meet in 2023-24 as needed. Flnanclal Revlew The gross annual income for Clrcusful in 2023-24 was £543,762, this is £14,932 lower than in 2022-23. The prlmary reason for thls difference is that in the prior year the charity received funding for a new. replacement vehicle. Over the year 2023-24, C[u$fUl secured income from a range of sources,8 breakdown of whith is below. Income generatlon Income for 2023-24 can be broken down as follows: 280/0 Grant income Inon-public Sector) 37% Income from publlc sector 300A Eamed incom8 3% Capitsl funding 20/r* Other income (Donatlons, interest) The Income from parents and p8rticipants towards the cost of classes is a significant incomo stream and, in a typical year. the proceeds from Premiere Circus are used to support core cosls throughout the year. We a increasingly working to deepen and broaden our range of funders and supporters 8nd in 2023-24 were successful in starting some new relationships. Net movement In funds In 202>24 the nel movement in funds was £19,686 compared to a previous year total of £41.664. Page 10
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Prfcing Pollcy As an organisalion we are concerned to have an equitable and fair priclng pollcy for se[Ce9 which allows for participation by Ih05e who maybe struggling with finarrce l gconomically, whi15t ensuring the viability of the organi5alion. Our pricing policy is reviewed regularly and aged by the Board of Trustee5. Where appropriate a lower conlrlbulion Is suggested lo some families wllh particulady hlgh levels of economlc disadvantage, partlcularfy if more than one child attends classes. Slnce the pandemlc began. wa have been consulting parents on the price of classes and Ihelr ability to pay and we have extended this work to conslder the cosl-of-livlng crisis, invlling those who can to donate rather than increase class fees for all. We have not Increased prices In 202&24 and have contlnued lo offgr rehearsals and addillonal actlvitias free of charge wher8ver possible. This helps to promote accessibility and inclusivlly. Re88ni•s In 2021-22 the Board approved a new serveS pollcy which Is ava118ble on requ&st and has been re•Wed each year. The pollcy slates.. "It Is the oplnion of the Board of Trustees that Clrcusful should aim to malntaln betsveen 3 and 6 months of unrestricted cash funds. It Is the Board's oplnion that this lèvel of unreslrlcled funds Is needed lo help mits'gale some of the major rlsks faclng the charlty In 2022. The Board have agreed that restricted funds, reserve funds & capital ass6is will not contribute to the agreed target of 3-6 months unreslrfcted funds a8 they cannot be treated as cash & accessed on an immedlale ba518. Ther8for8, unre9trlcled reserveg. restricted & capllal fvnds 11 be recorded and monllored separately. The Board of Trustees nol8 that in 2020 the bulldlng was r&valued whlch saw a conslderable increa98 added lo the balance sheet In 2019-20. Therefore. Clrcusful is 8Ctlvely worknng towards genersllng 3 months unreslrlcted G8sh funds, 88 a mlnlmum wllh a more ideal position In the reglon of 6 months. 11 is recognlsed.. This Is difflcull in the face of the economlc challenges th8t face thè voluntary sector and partS¢ularly glven the pandemic. . The prgsgnt level of d8signaled unrestricted reserves therefore fa115 short of the target level. Thè strategy is to wnlinue to build reserves through operating surpluses.. The policy is reviewed annually. We belleve we will be able lo add to the reseNes position in 2024-25. How the reserveg wlll be used Unrestrlcted Funds: Unrestricted funds a needed lo meet th8 working capital and general funds requirements of the charity. For Circusful thèse include some delivery of services. some staff salarieslholiday payments & some ovethead costs should there be an unforeseen drop in income or increase in expenditure. The 8oard of TrLrstees are confident that al between 3-6 months will enable the charity to continua its current activities until altemalive funding resources are found or other decisions implemented. Reserve Funds: Will be used to cover legal costs, statutory payments and other regulatorynegal costs. Page11
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Restricted funds: Can only be used to deliver tha $ervicesloutcom6s d8scribed and as such such may be returned to the funder unloss an alternative use can be agre6d Capital assotslfunds: Assets connected to the building will be treated in keeping with Ihe lease agr8ement. other capitsl assets wll be treated in keeping with the funders, requirements. Steps taken to establlsh the level of resarve The Board of Trustees arrived at the identified res8rves target5 & categories as a r8suIt of examining other charities of simllar sizeslfocu5 and following an update of the risk register in Winter 2021. The pandemic impacted on the charity's income and expenditure levels. Now some s18bility has been re-found, the reserveg policy wlll be fully reviewed in 2024-25. Review of currenl and previous years fundj The following table sets out Clr¢usful's funds for 2019 through to 202&24 2019-20 2020-21 2021-22 2022-23 2023-24 6 months based on 19-20 Unrostrlcted funds Reserve funds Restrldod funds Capltal funds Total funds £88.131 £124.949 £150,250 £179,603 £220.847 £273,468.50 £125,389 £122,882 £120,374 £117,866 £115,359 £22,553 £53,340 £34,412 £57,795 £47,308 6 months based on 23-24 £232,845 £221,282 £212.718 £204,154 £195.590 £262,038 £468,918 £522,453 £517.754 £559,418 £579,104 Monitorfng and révlowlng th• r•$èrves pollcy The TreasUr will work wilh the CEO and Financo and Risk Committee lo.. provide a financial report to the charity trustees al each Iru51ee meeting. provide an update on the level of reserves to the charity trustees on 8 quarterly basis. set out what reserves are in the current year and previous year and, If appropriate, what the trustees aim to add io reserves for the current year. During a meeting of the BoardlFinance and Risk Committee.. If there is a shortfall or a significant increase in the reserves, the reasons for this change will be recorded in the minutes of the meeting. The charity trustees will also record any sleps Ihay intend to take to address the issues Ihat have led to this change. Page 12
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Expèndtture Total expenditure in 2023-24 was £524.076 compared to the prior year of £517.030. The expenditure across the year was detemiined in the first instanc8 by the need to remain stable and to 8nsure a solid foundation from which to build over the year. On an ongoing basis. decisions regarding regular spending ara Sn Iln6 with finance pollci6s and procedures establlshed by Circusful. As the year went on. all out-of-budget expenditure was checked with an appfoprlalo m8mber of tha Board b8foro being cornmStted. Moro generally, exponditur8 across Oach activity araa 1$ r8vi8wed on an ongolng basis by budget holdèrs and issuas of viabillly of aclivlty is brought to thè 8oard's attenllon. Detailed day-lo-day managemenl by budget holders & 8nalysls of variance reports endeavour ensure viability without compromising on excellence of delivery. The introduction of Xero over the past couple of years has helped the team lo manage the reports and understand cashflow mor8 easlly. Futur• plannlng Our strategic plan12021-25) has continued 10 Set the direction for 2023-24 & wlll continue lo do so for 2024- 25. We heve also slgned off three new strategic aimslpriorilies for 2024-28. Work Iow8rds these commenced in earnest in April 2024. Our commitment lo building even 51rongar partnerships locally, nallonally & Inlemationally is stronger than 8r. However, the funding environment remains challenging for both revenue and capllal income and with the ongoing and uncertain nature of the economy and polillcal landscape both locally and globally we are anticSpaling ongoing challenges for another few years. We wlll contlnue to work across the sector with all arts organisatlons lo ensure th81 the arts In Northern Ireland can continu& to bulld and dèvelop and assume its rlghtful and Important place In the cultural and creative a8pects of the lives of our communities. Page 13
CIRCUSFUL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The Tmstees, who are also th8 directors of Circu5ful for the purposes of company law, ere r8sponsible for preparing the Trustees, Report and the financial statements in accordanc8 wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accep18d Accounts Practice). Company Law required the trustees to prepare financial slalements for each financial year which give a true and fair view of the state of affairs of the charity and of the incomlng resources and application of resources. including the incom8 and expenditure, of the charitable company for that year. In preparing these financial statements. the trustees are requlred to.. salecl suitable accounting policies and th8n apply them consSstenlly, - obs8rve the methods and prlncSples in the Charities SORP; make judgements and estlmates that are reasonabl8 and prudent., state whether applicable UK Accounting Standards havè been followed, subject to any material departures dlsclosed and explained in the financial ststements- and pr&pare the financial statem8nls on the going concem basis unless it is inapproprlate to presume that the charity will conllnue in operation. The trustees are responsible for keeplng adequate accountlng records that disclose wlth reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the flnancial statements comply with the Companies Acl 2006. They are responsible for safegu8rding lh8 a$$ets of the ch8rity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Dl8¢losure of Informatlon to Audltor Each of the Iruslees has confirmed that there is no Infomation of which they are aware which is re18vant to the audit, but of which the audltor is unaware. They hav8 further confirmed that they have taken appropriate steps to id6ntify such relevant information to establish that the auditor is aware of such information. Registered office: 23-25 Gordon Street Belfasl BT12LG Signed on be alf of trustees.. Laura Kell (Chairperson) Page 14
CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Oplnlon We have audited the financlal statements of Circusful (the 'chariWI for the year ended 31 March 2024 which comprise the statement of financi81 acb'vities. the balance sheet, the slalemenl of cash flows and the notes lo 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 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Acc8Pted Accounting Practice). In our opinion. the financial statements= give a true and fair view of the slate of Ihe charitable companls affairs as al 31 March 2024 and of ils incoming resources and application of resources for the yaar then ended,. have been properly pr8pared in accordance with United Kingdom Generally Accepted Accounting Pracllce-. and have been prepared in accordance wllh the Companies Act 2006, Bas1• for Oplnion We conducted our audit in accordence with International Standards on Auditing {UK) IISAS IUK)) and appllcable law. Our responsibilities under those standards are further d8scribed in the Audilorfs responsibilities for the audit of the account5 secllon of our report. We are indepandenl of the charity in accordance with the ethical requlrements that are 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 evldence we have obtained is sufficlenl and 8ppropriate to provide a basis for our oplnlon. Concluslons relating to golng concem In auditing the financial slatemenls, we hav8 concluded that th8 Irust885' Use of th9 golng concom basis of accounting in the preparation of the financi81 statements is appropiate. Based on the work we have performed, we hav8 not identlfled any material uncertaln118s r81ating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the flnancial statements 8rè authorisèd for issue. Our responsibilities and the responsiblllties of the trustees with respect to going concern are describgd in the relevant sections of thi5 reporL Other Infomiation The trustees are responsible for the other information. The other information comprls85 the infomalion included in the annual report, other than Ihe financial stalements and our auditors. report Ihereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial stalemenls, our responsibility 15 ta read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stat&menls or aur knowledge obtained in Ihe audit or othorwisg appears lo be materially misstated. If we identify such material inconsistencies or apparent material mbsstatemenls we are required lo determine whether there is a material misslatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material rnisstalement of this other infomiation, w8 are required to report thal fact. Page 15
CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 We h8ve nothing to report in this regard. Oplnions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the ¢ourse of our audit: the infomalion given in the Trustees Report for the financial year for which the accounts are prepared 15 consistent with th8 accounts,. and the Trustees Report ha5 been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtsined in the coursé of the audit, we have not identified material misstalemenls in the directors, report included within the trustees, report. We have nothing to report In respect of the following matters in relation lo which the Companies Act 2006 requires us to pOrt lo you if, in our opinion.. ad&quate accounting records have not been képt, or returns adequate for out audit have not been received from branches not visited by us; or the financial statements ar8 not in agreement with thé a¢wunting records,. or certain disclosures of Iruslees, remunerallon specified by law are not made,. or - we have not received all the information and explanations we requlre for our audlL Rosponslbllltlos of tru8tees As explained more fully in the slalemenl of Irusees. responsibllitles, the trustees. who 8re also directors of the charity for the purpose of company law, are responsibl8 for the preparation of the financial stalemenls and for being satisfied that they give a Irue and fair view. and for such internal control as the Irusle8s determine is necessary to anable Ihe preparation of financlal statements that are free from m8lerial misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are r6sponsible for assessing the charity's ability to continue as 8 going concem, disclosing, as applicable, matters related to going concern and using Ihe going concern basis of accountlng unless the trustees either Intend to liquidate the charllable company or lo cèase operations, or have no realistic alternative but lo do so. AudStoe8 responsibilllles for th• audit of tho flnanclal statemgntg Our objectives are lo obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delecl a material misstatement vthen il exists. Mlsstatements can arise from fraud or error and are considered material if. indivtdually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the 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 at http:Ilwww.frc.org.uklaudilorsr6sponsibilities. This descriptSon forms part of our auditols report. Page 16
CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Irregularities, including fraud. are instances of nonrycompliance with laws and regulations. We design procedures in line with our responsibilities, OLrtlined above. to detect material misstatements in respect of irregularities, induding fraud. The extent to vthich our procedures are capable of detecting irregularities, induding fraud, is detailed below. We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of Cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company- Companies Act 2006 and the Financial Reporting Standard applicabl& in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in Pla to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtsined through review of the financial ststements for significant accounting estimates, analysis of joumal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to: Enquiry of management, those charged with govemance and the entity's solicitors around actual and potential litigation and claims. • Enquiry of management to identify any instances of non-compliance wlth laws and regulations. Reviewing minutes of meetings of those charged with govemance. Reviewing financial statement disdosures and testing to supporting documentation to assess compliance with applicab18 law8 and regulations. Auditing the risk of management override of controls, induding through testing joumal entri85 and other adjustrnents for appropriatene55, and evaluating the business rationale of significant transaciions outside the normal course of business. Th18 report is made solely to the charity's trustee8, as a body, In accordanc8 wlth Chapter 3 of Part 16 of the Compani8s Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters which are required 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 assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for thi5 report, or for the opinions VR have formed. Cc *¥oJ4 Teresa Campbell (Senior Ststutory Auditor) For and on bohalf of AAB Group Accountants Limited Chartered Accountants statutory Auditor 1-3 Arthur Street Belfast Northem Ireland Co. Antrim BT14GA Page 17
CIRCUSFUL STATEMENT OF FINANCIAL ACTivinES IINCORPORAnNGAN INCOMÈ AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31 MARCH 2024 Total und8 2024 otal Funds 2023 Unre•trlcted R88trict•d R1Ct•d Copltol Not08 Incom• froffl: DOaonS and 18gad•¥ 4,037 4,037 19,818 Chadtable Activitie5 279.619 221,133 500,752 531,254 other InrA)rne 38,973 38.973 7,622 Total Incorno 29 55 ,694 Expondllur• on.. Charftsbla AcvItIeS S16 1286.1461 1229,3661 18,5641 1524,0761 1517.0301 To1•1 Exp•ndltuf• 1288,1461 1229.3061 4,0761 1517,0301 N•t Incom• I l•xp•ndlturnl lor th• y••r b•lor• tran•f•r• 36,483 18,2331 18,S641 19,686 41,884 Oth•r r•¢ognl••d galn¥lllo••e•l Tr8nsfaTr bgmpen fvnd8 2,254 {2.2641 N•t mDv•rn•nt In fund 36,737 110,4871 18,5641 19,686 41,664 Reconclllntlon of fvnd•'. Total funds broughl loard 297,469 57,795 204,154 559,418 517.154 Total Fund• C•rrl•d Forward 12-14 ss•, All Incomè dèdv88 from conynulng actbvltles, therefore no 8tat•rn•nt of r•cognls•d galns or10568818 glven. The note8 on pagp5 22 to 32 forrn part of thes8 ffinanci815tat8rn?nt5. Page 18
CIRCUSFUL BAIANCE SHEET as at 31 March 2024 Note 2024 2023 Flxed Assets Tangible assets 359,862 359.862 376,787 376,787 Current Assets Debtors Cash at bank and in hand 10 52,764 266,669 319,433 34,134 260,367 294,501 Credltor8: amounts falllng du8 wlthln one yéar 11 100,191 111,870 Net Current Assots 219,242 182,631 N•t As¥•t• 579,104 559,418 Represented by: Restricted Funds Restricted Capital Funds Restricled Income Funds 12 13 195,590 47,308 204,154 57,795 Unrestrlcted Funds Unrestricted Income Funds Unrestricted Revaluation Reserve 14 220,847 115,359 179,603 117,866 579,104 559,418 Page 19
CIRCUSFUL Balance Shoet as at 31 March 2024 T8 financlal statements have been prepared In accordance wlth the special provlsions of Part 15 of the Companies Act 2006 relating to small companies. The financia temenls vrnre approved by the Board arKI slgned on its behalf.. aura Kelly Director Dat Company Registration Number N1026212 The notes on pages 22 to 32 form part of these financlal statements. Page 20
CIRCUSFUL Cash Flow Statement as at 31 March 2024 Not• 2024 2023 Cash generated from operatlng actlvltles 17 18,504 18,504 119,614 119,614 Cash flow8 from Investlng activitles Purchase of propety, plant and equipment Net Cash used in investing activities 112,202) {12,202) 129.198) 129,198) Chongo in cash and cash 8qulvalent8 In the reportlng parlod 6,302 90,416 Cash and cash •qulvalent8 at th• b•glnnlng of the roPQrtlng perlod 260,367 189,951 Cash and cash oqulvalent8 at tho end of the roportlng porlod 266,869 260,367 The notes on pages 22 to 32 form part of these financial statements. Page 21
CIRCUSFUL Notes to the Financial Statemènts for the period ended 31 March 2024 1 ACCOUNTING POLICIES Charlty Informallon Circusful 18 8 private company limited by guaranlee incorporated in Northern Ireland. The registered office is 23-25 Gordon Slreet, Belfast, Co. Antrim, BT12LG. 1.1 Accountlng Convontlon The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charitl8s.' Stst8ment of R8commend8d Practice applicable to charities preparing thelr accounts in accordance with the Financial Reporting Slandard applicable In the UK and Republic of Ireland (FRS 1021'18s amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currèn¢y of thè ¢harity. Monetary amounts in these financial statements are rounded to the nearest £, The financial statements have b88n prèparèd under the historical cost convenllon, modlfied lo Include th8 revaluation of freehold prop8rti8s. The principal accounting pollcSes are set out below. 1.2 Golng Concern These financial statements a 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 assessment of the Trustees is that the charity is 8 going concern. 1.3 Charltabla Funds Unrestricted funds are available for use at tha discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated funds ¢omprise unreslrlcted funds that have been set aslde by the Trustees for partlcular purp050S. General fvnds may be transferred to deslgnated funds where Trustees wish to use these funds for a specific purpose. Such funds may be transferred back to general funds once the criterfa for the designation have been met or ar8 no longer applicable. Restricted funds are funds which are to be used in accordance with 5pecrfic restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raislng and 8dmini$tering such funds are charged against the specific fund. The aim and use of restrlcted funds is set out in the notes to the financial statements. Restricted funds may only be transfeed to general or designated funds once the criteri8 tor reslriction have been discharged or no longer apply. 1.4 Incoming Resources Income is cogniSed when the charity is legally entitled to it after any performance conditions have been met. the amounls can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charty has been notified of the donation Ljnless performance conditions require deferral of the amount. Income lax re)Verable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Page 22
CIRCUSFUL Notas to tho Financial Statements for the period ended 31 March 2024 1 ACCOUNTING POUCIES (contlnuedl 1.4 Incomlng ReBourco9 rtd... Tumover Is measured al the falr value of the Gonsideration rwelved or welvatl? ond represents amounts ceivable lor goods and services provlded in the normal course of business. n81 of discounts, VAT and other sales lated taxes. 1.5 Resources Expended Expendlture is recognlsed once there 18 a legal or con8tructive obllgallon to mak8 a payment to a thlrd party, It is probable that settlement will be required and the amount of the obllgallon can be measured reliably. Expendllure is dassified under the followlng activity h88ding8: Expendllur8 on charitsble actlvlties Includes the promotion and development of drcus arts and activities undertaken to further the purpo$es of the charity and their associated support ¢osts Irro¢overable VAT Is charged as a eo81 against tho a¢tivity for vthi¢h th• 0xpenditu was in¢urred. 1.6 Allocatlon of 8upport Costs Support C0818 are those functions that assist thè work of thg charity bul do not directly undertak& charftable aclivi118s. Support costs include back office costs, flnance, personnel, payroll and govemance costs which 5UPPOrt Ihe charity's programmes and activities. These costs have been allocated lo e¥penditure on charitable advllles. 1.7 Cash and cash equlval•nt• C8sh and cash equivalents Indude c8sh in hand. deposlts held 81 call bank¥. other 5hort-t8rm liquld investments with orlglnal maturities of three month8 or1888, and bank ovèrdrafts. Bank overdraft8 are shown within borrowngs in current lla.1111e8. 1.8 Tanglble Flxed Asmts Tangible fixed assets are initSally measured al cost and subsequéntly mo8$urod al cost or valuatlon, net of depr•¢iatlon and any lmpalmient10880s. Depreclatfon is recognised $0 88 to wrlle off the co81 or valuaton of assets less their re5idyal valu88 over their usghjl Ilves on the following bases.. A•set Catggory: Freehold Property Fixtures & Fittings Motor Vehlcles Annual Rat• 2% 20% 25% Straight Line Straight Line Straight Line The gain or10s3 8ri5ing on the disposal of an asset Is determined a5 the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in net incomellexpendilure} for the year. 1.9 lfflpalrment of Flxed Assets Al each reporting end dale. the charity review8 the c8rrylng amunts of its tangible ossels to delemilne sthether there is any indication that those assets have suffered an impairment loss. If any such indlcatlon exists, the recoverab16 amount of the asset is estimated in ord8r to detemiine the extent of tha impairment 10&8 Ilf any}. Page 23
CIRCUSFUL Notes to the Financlal Statements for the period ended 31 March 2024 I ACCOUNTING POLICIES Icontlnued) 1.10 Flnanclal Instruments The charity has elected lo apply the prov151ons of Sectlon 11 'Baslc Flnanclal Instruments, and Section 12 Other Flnan¢ial Instruments Issues. of FRS 102 to all of its financial Instrurnents. Finandal Inslfuments are recconl8ed In the charllls balance 8heel when the charlty becom88 party to the conlractU81 provlslons of the instrument. Financlal assats and Ilabllllles are offset, with th8 nel amounts pre8ent8d in the financial slat8men18, when there is a legally enforceable nghl lo set off the recognisad amounts and there is an intention to setue on a nel basis or lo reali88 the ass81 and settle the Ilabllity simullaneou81y. Baslc Financlal Assets Basic financAal assets, which includ8 d6btors and cash and bank balance5, are initially measured al Ir8nsacUon price Includlng transaction costs and are subsequently carrfed at amortised cost uslng the gffective interest melhodunless the arrangement constilules a financing transaction, where the transaction Is measured al the prè$enl value ol the fulure receipts dlscounted a18 market rat6 of Interest. Financial assets classlfled a8 rgceivable wllhln one year are not amortised. 8•sl¢ Flnan¢l•l Llabllltles B88ic financlal Ilabililies includlng credllor8 and b8nk108ns ara Inlllally recognl$8d 8t Iransactlon prlce unle38 the arrangemanl conslllules a financing Itansaclion. whero Ihg dgbl Inslrumgnt 1$ measurgd 01 the present value ol the future paymen15 discounted al a market rale of inter881. Financial liabilities classified as Payable withln one year 8re not 8mortised. Debt In3lrumentS 8re sub8equenUy carrled at arnort15ed cosL using the effacfve Intsrest rate method. Trade creditors are obligation to pay for goods or 8ervlces thal have been acqulred In the ordinary course of operaOn$ from suppliers. Amounts payable are classlfled as currenl Ilabilllles If payment Is due within one year or less. If not, they a presented 88 non-¢uffenl liabilib'es. Trade creditors are recognised initially al Ir8nsaGtson prico and sub8equenlly measured at amorti8ed oosl using the effecllve interest method. D•rn¢ognltlon of flnancl•l Ilabllltles Financial liabililles are der8cognised vthen the charitys contractual obllgatlon explre or are d18charged or cancelled. 1.11 Employe• beneflts The cost of any unused holiday enllllement 1$ recognised in the perfod In which the employee's 3erv6ces are r8C8lve(l. Temiination benefits are recognlsed immediately as an expense when the charity is demonstrably committed to lermlnate the employment of an employee or provlde t6rminalion benefits. Crltlcal AcUntIng Estlmatas In the appllcatlon of the charily's accountlng policles. th6 Trustees are required lo make judgements. eSMateS and assumplions about the carying amount of assets and liabilities that are not rea¢Jily apparent from other sour. The estimates and associated assumptions are based on historical expèrience and other faciors that are considered lo b8 relèvant. Actual results may differ from these estimates. The estimotes and undedwng assumptions ar& reviewed on an ongoing ba$ls. Revislons to accountSng eslimales are recognised in the period in which the estrmate is revised where the rovi5ion affects only that period. or in the perfod of the revision and future p&riod8 where the revision affects both current and future periods. Page 24
CIRCUSFUL Nolos to the Flnanclal Statements for the period ended 31 March 2024 2 Donations and Legacies Total Funds 2024 Unrnstrlctod R•$trlded Donation$ 4,037 4,037 4,037 4,037 UnreslrScted R8Strict8d 2023 Donatlons 19.818 19,818 ,818 3 Incom• from Charltabl• Actlvltl Unre•trlct•d Ro8trlctsd R••trlct•d Total Fund• Fund¥ Fund• Fund• 2024 Chlldren In Need Youth Circus, Adult Clrcus,lty Bltty, Oulreach.Othei Arts Councll of Northern Ireland Capit81 Arts Council of Northem Ireland ACNI Mike Maloney- aword Training CI888e51 Tuition and Perfomiances Belfast Clty Councll RTE Toy Fund The Esmae Falrb8im Foundatlon Caravan Projgcl Hallfax Isacc Clrcu8 explored Natlonw(de Future Screen Nl The Amerfcan Ireland Fund Clear Project IPHAI Other Grants 162.304 162,304 15,882 150,898 4,500 15,882 150.898 4,500 53,520 53,520 27.323 57.147 2.136 1.101 3,520 3,878 17,551 27.323 57.147 2.138 1.101 3,520 3,878 17,551 992 992 279.619 221,133 500.752 Page 25
CIRCUSFUL Notes to tha Financial Statements for the period ended 31 March 2024 Unrestrlcted Restrfcted R08trlctsd Funds Funds Funds Total 2023 Children in Need Youth Circus, Adult Circus & Ilty Bfty Donations Arts Council of Northern Ireland Belfast City Council Esmee Fairbum Foundation The American Ireland fund Department for Communities Hallfax Foundation Clear Project {PHAI RTE Toy Fund Nationwide Future Screens Nl Other Grant$ 30,515 30,515 133,239 205.596 48,600 56,947 4,312 133,239 176,398 48,600 56,947 4,312 29,198 4,399 4,000 27,318 786 14,487 4,399 4,000 27,318 786 14,487 1,055 1,055 420,551 110,703 4 Othor Income Unrestrlctod Funds Total 2024 Unrestricted Funds Total 2023 M8rchandls8 Income other Income Premiere Circus Donatlon 728 38,245 728 38,245 289 7,333 289 7,333 38,973 38,973 7,622 7,622 S Costs of Charltable Actlvltle8 by Fund Typo Unrestrlcted Restrlctod Restrlcted Funds Funds Capital Funds 2024 General Adult Circus Outreach Halifax RTE Toy Fund Futuré Screens Nationwide Arts Council of Northem Ireland Support Costs 168,502 41.489 17.385 168,502 41,489 17,385 1,101 23,248 17.540 2,863 135.550 116,397 524,076 1,101 23,248 17.540 2.863 135,550 49,063 229,366 58,770 286,146 8,564 8.564 Page 26
CIRCUSFUL Notes to the Flnanclal Statements for the pericé ended 31 March 2024 Unrestricted Restricted Restrlcted Total Funds Funds Funds Capital 2023 General Itty Bitty and Youth Circus Adult Circus Outreach Support Costs 272,191 27,824 31,863 15.899 72,796 75,960 348,151 27,824 31,863 15,899 93,293 11,933 8,564 420.573 87,893 8,S64 517,030 6 Costs of Charltablè Aetlvlty by Actlvlty Type Actlvltles Undortakon Dlrectly Total Funds 2024 Total Funds 2023 Support Costs Gèner81 Arts Councll of Northem Ireland lty Bltty and Youth Circus Adult Circu8 Outreach Caravan Halifax Belfast City Councll Capital Department for Communltles Caplt81 Clothworker Foundation Capital GovemanGe Costs 202,971 135,550 17,153 41,489 17.385 72,880 15,348 319 165 2.221 3.900 275,851 150,899 17,472 41,654 19,606 3,900 1,102 429.917 27.824 31,863 16,907 1,842 1,102 88 2,315 5,586 5,625 108,428 2,315 5,586 5,625 524,076 8,677 517,030 415,650 Page 27
CIRCUSFUL Not•s to tha Financial Statements for the period ended 31 March 2024 7 Net Incomlngl(Outgolngl Resourcès for the yoar This is stated afler charging: 2024 2023 Depreciatlon Auditors R8munerallon.' - Audit of th8 Financial Statements 29,126 21.758 4.000 4,000 8 Trust•• and Staff Costs Total staff coit• wore as follows: 2024 2023 Wages and salaries Social security costs Pension Costs 223,653 16,309 3,575 243,537 224,653 10,165 8,871 243,688 Partlculars of employees: The average number of employees durlng the year, calculated on the basis of full-time equivalents was as follows: 2024 No. 2023 Number of st8ff 10 No employee received remuneration of moro than £60,000 durlng th8 y8ar (2023- Non81. No Trustee received r8mun8ration or any other benefits from hlslh8r trusteeshlp wlth th8 Charlty in the year12022123'. £Nil). No Irustee recelved travel expanses during th8 year ended 31 March 2024 (2022123.. £Nill, No trustee rec8Sved pament for professlonal or other services supplied to the charlty. 12022123.. £Nill. The key management P8rsonnel of Circusful comprise the Trustees and the CEO. The employee benefits of the key management personnel of the charlty W8r8 £58.095. Page 28
CIRCUSFUL Notes to the Financial Statements for the period ended 31 March 2024 9 Tanglble Fixed Assets Freehold Property Fixtures & Fittings Motor Vehiclos Total Cost.. As at 1 Aprll 2023 Additlons Disposals As 8t 31 March 2024 487,806 237,2S2 12,201 92,189 817.247 12.201 487,806 249,453 92,189 829,448 Depreclation-. As at 1 April 2023 Charge for thB ygar Depreciation Eliminated on Dlsposal As al 31 March 2024 161,167 9,756 226,400 6,484 52,893 440.460 12,886 29,126 170,923 232,884 65,779 469,586 Net Book Valu8'. AS at 31 March 2024 As at 31 March 2023 316,883 326,639 16,569 10,852 26,410 359,862 39,296 376,787 10 Debtors 2024 2023 Trade Debtors Amounts du8 from Related Parties Other Debtors Prepayments 12,272 16,284 18,338 5.870 52,764 18,971 9,469 5,694 34.134 Amounts due from related partles are unsecured, interest free and repayable on demand. 11 Crodltorn: amountj falllng duo wlthln one year 2024 2023 Trade Creditors Other Creditors Accruals & Deferred Income 27.678 1,519 70,994 100.191 26.244 1,207 84,419 111.870 Page 29
CIRCUSFUL Notes to the Financial Statements for the period ended 31 March 2024 12 Restricted Capital Fund$ Balance at 1 Apr 2023 Asat31 March 2024 Income Expendlture Restricted Capitsl Funds 204,154 204,154 {8,564) (8,564) 195,590 195,590 13 Restricted Income Funds Balance at 1 Apr 2023 A8at31 Expenditure Transfers March 2024 Income Ro$trfctod Fund 2,254 (2.254) Chlldren in Need Arts Council Nl Capitsl Arts Council Northern Ireland Belfast City Councll Capital Halifax Department for Communities Capital Clolhworker Foundation Capital Mike Maloney Award RTE Toy Fund Natlonwide Future Screens Nl Tolal 41,472 15,882 150,898 (16,146) (150.8981 1681 (1,101) (2,3151 (5,5861 (4,500) {27,323) 13,878) (17,551} (229,366) (2,254) 41,208 192 124 1,101 4,037 10,708 1,722 5,122 4,500 27,323 3,878 17,551 221.133 58 56 19241 57,795 (924) 47,308 The restricted expendlturé includes depreciatlon for assets purchased by reslrlcted monies. Balance at 1 Apr 2022 Asat31 Expendlture Transfers March 2023 Income Re$trfctod Fund 2.254 2.254 Children In Need Arts Council Nl Capital Belfast Cty Council Capitsl Halifax Department for Communities Capitsl Clothworker Foundation Capital Clear Project (PHA) RTE Toy Fund Nationwide Future Screens Nl Total 16,029) 15,958 260 30,515 29,198 125.059) (3.684) (681 (4,399) (1,6381 15.5861 14,000) (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 1924) 34,412 573 Page 30
CIRCUSFUL Notes to the Financial Ststements for the period ended 31 March 2024 14 Unrestricted Income Funds Balance at 1 April 2023 Asat31 March 2024 Income Expendltur• Transf•rs General Funds R•valuatlon Ro8•rv• 179,603 322,629 117,866 297,469 322,629 (283.639) { 2,507) 1286,1461 2.254 220.847 115,359 336,206 2,254 Balance at 1 Aprll 2022 Asat31 March 2023 Incom• Expendltur• Transfers Genoral Funds Revaluatlon Reserve 150.250 447,991 120.374 270.624 447,991 (418,065) 2,508) 1420,573 (573) 179,603 117,866 297,469 (5731 15 Analysls of Net Assets Between Funds Tanglblo Flxed A88èts Asat31 March 2024 Net Current Assels Restricted Fund Reslricled Capital Funds Unrestricled Funds Total Fund8 47.300 195,590 116,972 359,862 58,980 106,280 195.590 277,234 579,104 160,262 219,242 Tanglble Flxed A8set8 Asat31 March 2023 Not Currènt Assets R8Stricted Fund Re5triclgd Capital Funds Unrestricted Funds Total Funds 51.920 204,154 120,713 376.787 5,875 57,795 204,154 297,469 559,418 176.756 182.631 16 Related Party Transactlons At the balance sheet date Circusful had £nil balance owed to Fe5tTval of Fools Ltd, a related Paty12023- £6.1531. At the balance sheet date Circusful We owed £16,284 from Premiere Circus Ltd, a related party {2023 - £Nil). Page 31
CIRCUSFUL Notes to the Financlal Statements for the perlod ended 31 March 2024 17 Reconciliation of net Income l (•xponditurè} to net cash flow from operatlng actlvltles 2024 2023 Net mov8m8nt In funds for th6 r8POrting period (SOFA) Depreciatlon on tangible fixed assets (Increase) I d8crease in debtor8 Decrease in cr8ditor3 19,685 14,699) 29.126 21,702 (18.630) 35,196 11,679 {46,738 Net Cash generated from operatlng actlvbtles 18,504 5,461 Page 32