CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Circusful (the 'chariVI for the year ended 31 March 2024 which comprise the slalement of financial aclivilies. the balance sheet, the slalemer)t of cash flows and the notes lo the financial statements, including a sufflmary 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 FinanGial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practicel- In our opinion, the financial statements.. givc a true and fair view of the slatc of the charitable companrfs affairs as al 31 March 2024 and of ils incoming resources and application of resources for the year then ended". have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting Practice-, and have been prepared in accordance with the Companies Act 2006. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements 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 thal the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audib'ng the financial statements, we have concluded th21 the Irustees. use of the going concern basis of accounting in the preparation of the financial slalemenls is appropiate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the charity ability lo continue a5 a going concern for a period of at least twelve month5 from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. other Information The trustees are responsible for the other information. The other information cornprises the information included in the annual report, other than the financial statements and our auditors, report Ihereon. Our opinion on the Iinancial staternenls does not cover the other information and we do not express any forTn of assurance conclusion Ihereon. In connection with our audit of the financial slalemenls. our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaterrTrenls we are required lo determine whether there is a material mis51atement 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 misstalement of this other infomation, we are required lo report that fact. Page 15 CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 We have nothing lo report in this regard. Opinions on other matters p￿Scribed 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 which the accounts are prepared is consislenl with the accounts." and the Trustees Report has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not idenb'fied material misslalemenls 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 report to you if. in our opinion." adequate accounting records have not been kept. or return5 adequate for out audit have not been received from branches not visited by us". or the financial statements are not in agreement wilh the accounting records-, or certain disclosures of trustees. ￿Muneration specified by law are not made.. or we have not received all the information and explanations we require for our audiL Responsibilitie5 of trustees As explained more fully in the slalement of trusees. responsibilities. the Iruslees. who are also directors of the charity for the purt)ose of company law. are resrM)nsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for SLJch internal control as the trustees determine is necessary lo enable the preparation of financial staternents that are free from material misslalement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going oncern, disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic altemalive but to do so. Auditorfs responsibilities for the audit of the financial statements Our objective5 are lo obtain reasonable assurance about whether the financial statements a5 a whole are free from materi81 misslatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misslatements 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 taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements 15 located on the Financial Reporting CoLJncil's website al http.'IlwwW.frc.org.uklaudilors￿$pQnslb1Il1Ies. This description forms part of our auditor's report. Page 16 CIRCUSFUL INDEPENDENT AUDITORS REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect malerial misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including 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 Finanual Reporting Standard applicable 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 place 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 obtained through review of the financial statements for significant accounting estimates, analysis of journal entries. walkthrough of the key Gontrols cycles in place and enquiry of management. Our procedures to respond to those rFsks identified included, but were not limited to.. Enquiry of management, those charged with govemance and the entity's soliators around actual and potential litigation and daims_ Enquiry of management la idents'fy any instsnces of non-compliance with laws and regulations. Reviewing minutes of meetings ofthose charged with governan￿. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, induding through testing journal entries and other adjustments for appropriateness. and evaluating the business rationale of significant transactions outside the normal course of business. This report is made solely to the charty'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 audit work has been undertaken so that we might slate to the charity's trustees those matters which we 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 this report, or for the opinions we have fomied. Teresa Campbell (Senior Statutory Auditor) For and on behalf of AAB Group Accountants Limited Chartered Accountants Statutory Auditor 1-3 Arthur Street Belfast Northem Ireland Co. Antrim BT1 4GA Page 17