COMPANY REGISTRATION NUMBER: N1026212 CHARITY REGISTRATION NUMBER: N1100116 Circusful Company Limited by Guarantee Financial Statements 31 March 2025 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Circusful Company Limited by Guarantee Financial Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 15 Statement of financial position 16 Statement of cash flows 17 Notes to the financial statements 18 The following pages do not form part of the financial statements Detailed statement of financial activities 32 Notes to the detailed statement of financial activities 33
Circusful Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The trustee5. who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025. Reference and administrative details Registered charity name Circusful Charity registration number N1100116 Company registration number N1026212 Principal office and registered 23125 Gordon Street office Belfast BT12LG The trustees A Malone C McGuicken C Traynor G Erskine H Mullan L Kelly O Lehane R Lynas S Patterson (Appointed 23 September 2024) (Appointed 23 September 2024) (Appointed 23 September 2024) Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Unity Trust Bank 9 Brindley Place Birmingham B12HB
Circusful Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2025 Structurei governance and management Circusful is a company limited by guarantee and a registered charity governed by its Articles of Association. The Board of Trustees provides strategic direction and oversight. Trustee Recruitment and Training Trustees are recruited through open Galls and sector recommendations, approved by the Board following interview and skills assessment. Induction includes training in governance, safeguarding, finance, and the charity's mission. Decision-making The Board delegates operational management to the CEO and senior team, while retaining oversight of finance, risk, and strategy. Subcommittees, including Audit & Risk and Fundraising, report directly to the full Board. Remuneration Policy The remuneration of key management personnel is determined by the Board, with benchmarking against comparable arts and charitable organisations.
Circusful Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Continued) Year ended 31 March 2025 Objectives and activities Introduction Circusful delivers high quality, participatory circus, professional performance, training, and professional development across Northern Ireland. In 2024125 we celebrated our 40th anniversary, marking four decades of artistic innovation. community engagement, and creative empowerment. Our year was characterised by high levels of participation across classes, outreach, and performance programmes, alongside a smooth transition in leadership and continued growth in our social circus work. Our Purpose and Activities Circusful is a charity registered with HMRC and the Northern Ireland Charities Commission. Its purposes, as set out in the Articles and Memorandum ofAssociation, are.. The advancement of education and the development and promotion of circus, drama, and performance skills in Northern Ireland- The provision of management and facilities for the training of young people and others who wish to learn arts, drama, circus, and physical entertainment without distinction of sex, age, colour, political, or religious opinion., The advancement of education for all people the organisation engages with- and The provision of facilities in the interests of social welfare, for recreation and leisure-time activities, with the objective of improving conditions of life. Aims and Strategy Our aims are to use circus as a tool for personal and community development, empowering individuals through creativrty, teamwork, and resilience. Our activities support our legal purposes by improving wellbeing, building social cohesion, and providing pathways into creative industries. We achieve these aims through.. A structured programme of training. classes, and workshops for children, young people, families. and adults.. Outreach and social circus projects with communities across Northern Ireland, focusing on inclusion, confidence, and peacebuilding., Professional development for artists and trainers, ensuring sustainability of the circus sector.. and Public performances and events that promote the art form and showcase parti¢ipants' achievements. Circusful measures success through attendance rates, participant feedback, artistic outcomes, community impact, and partnership growth.
Circusful Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Strategic report The following sections for achievements and performance and financial review fomi the strategic report of the charity. Achievements and performance Leadership and Organisational Stability 2024125 saw significant leadership iransition with the departure of the previous CEO. The Board provided clear governance. appointing an Interim CEO. and leading a transparent recruitment process culminating in the appointment of Paddy Anderson as permanent CEO. This ensured operational continuity, with minimal disruption to programmes or participant engagement. Youth and Family Programs Over 2024-25, Circusful delivered a diverse programme of term-time classes, summer schools, and special events for children, young people, and families. Average class occupancy remained high at 90 % (Itty Bitty 95%, Youth 89 %, Adult 860/0). Over 300+ registered participants engaged across weekly and seasonal programmes, supported by our dedicated freelance trainers and staff. Showcase events, including lty Bitty performances and Youth Circus showcases, celebrated participants, progress and creativity. Participation in Carnival of Colours and Galway's Mayhem Festival provided further performance experience. Scratch Nights were introduced for older youth and adults, and sell-out events in Q2 demonstrated strong demand for our creative platform. Outreach, Social Circus and Community Engagement Our Outreach Officers delivered over 160 workshops, engaging more than 850 participants across schools. youth groups, and community organisations. Key partnerships included Glenravel REAP, Brothers Autism. DadBodsNI, and cross-border projects supported by Creative Ireland. The Circus
Circusful Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Explored initiative continued to expand access to training and performance opportunities for young people from diverse backgrounds. Local and International Activity Circusful maintained its profile within the wider cultural ecosystem. Staff and artists contributed to.. Caravan International Social Circus Network, Festivals and Events Forum. and Cross-border collaborations with partners in Galway, Cloughjordan, and Derry. We delivered Vertical Play workshops and the Belfast Rope Meet, attracting participants from Ireland, the UK, Europe, and Hong Kong, reinforcing Circusful's reputation as a centre of excellence in circus arts. Civic Events and Grassroots Involvement Circusful's community of professional and amateur performers contributed to a range of civic an(f community events throughout the year, including Scratch Nights, the St Patrick's Day Parade, and local community showcases.
Circusful Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Financial review Circusful's financial position at year end remained stable, reflecting prudent management and successful diversification of income streams. Principal Funding Sources Funding was received from a mix of public, trust, and earned income sources, supporting our key objectives. Main funders= Arts Council Nl, Belfast City Council, Esmée Mitchell, Foyle Foundation, Future Screens Nl, Garfield Weston Foundation and RTE Toy Fund. Earned income percentage: 340/0 of income is earned income through provision of classes, outreach workshops, space hire, training fees, box office income, donations and merchandise sales. Reserves Policy Circusful maintains a reserves policy designed to ensure sustainability and manage financial risk. Circusful's Reserves Policy states that the charity aims to hold between three and six months of unrestricted cash reserves to provide financial stability and ensure it can continue operating in the event of unexpected income shortfalls or increases in expenditure. The Board of Trustees considers this level essential to meet core costs such as staff salaries, operational expenses, and service delivery while alternative funding is secured or other measures are implemented Based on current expenditure levels. the target reserve equates to approximately £253,000 for six monlhs. with unrestricted funds currently representing around 87°/o of that goal. Restricted, reserve. and capital funds are recorded and monitored separately, as they cannot be used for immediate operational needs. The policy is reviewed annually to ensure that the level of reserves remains appropriate to the charity's financial position and risk profile. Risk Management Key risks include funding volatiSity. building suslainability, and staff capacity. The Audit & Risk Sub-committee actively monitors and mitigates these through regular review of the risk register, robust safeguarding policies, and financial oversight. The organisation continues to face rising costs against standstill budgets. creating challenges in maintaining high-quality circus arts facilities and limiting our ability to support staff and trainers through cost of living and incremental pay increases. This increases the risk of losing skilled and experienced team members to better-paid roles. Several key grants are due to end in 2025126, creating a projected funding gap that will need to be addressed through increased earned income or new grant funding secured within the year.
Circusful Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Plans for future periods Consolidate leadership under the new CEO and deliver a new three-year strategic plan {2025-2028)'. Strengthen financial sustainability Ihrough diversified income and strategic partnerships; Expand our social circus outreach, targeting new communities across Northern Ireland and border regions., Continue investing in artist development and youth leadership pathways, ensuring the next generation of circus professionals can thrive. Proactively build sector relationships and pursue strategic partnerships and collaborations to support the organisation's sustainable future. These plans build on lessons learned from our 40 years. and reflect our ongoing commitment to creativity, inclusion, and community transformation through circus. Acknowledgements The Board of Trustees wishes to thank our staff team, freelance artists, volunteers, funders, and participants for their continued energy and commitment to Circusful's mission. Together we continue to inspire, include, and transform communities through the joy and power of circus. Trustees, responsibilities statement The trustees, who are also directors 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 Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity Irustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming reSoUrS and application of resources. including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP- make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the chartty will continue in business.
Circusful Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continue Year ended 31 March 2025 The trustees are responsible for keeping adequate accounting records that are sufFicient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The truslees, annual report and the strategic report were approved on 3 November 2025 and signed on behalf of the board of trustees by.. L Kelly Trustee
Circusful Company Limited by Guarantee Independent Auditor's Report to the Members of Circusful Year ended 31 March 2025 Opinion We have audited the financial statements of Circusful (the 'charity'l for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of 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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our aLSdit of the financial statements in the UK, including the FRC'S 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 a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating 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 leasl twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Circusful Company Limited by Guarantee Independent Auditor's Report to the Members of Circusful {¢ontlnued) Year ended 31 March 2025 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statemenls does not cover the other informalion and, except lo the extent otheiSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other informalion. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements-, and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visrted by us-, or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. 10
Circusful Company Limited by Guarantee Independent Auditor's Report to the Members of Circusful (contlnued) Year ended 31 March 2025 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also Ihe directors for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement, 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 11
Circusful Company Limited by Guarantee Independent Auditor's Report to the Members of Circusful {continuedJ Year ended 31 March 2025 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs 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 (UK) will always detect a material misstatement when it exists. Misstatements 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilrties. outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. the nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and perfomance targets., results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed documentation of their policies and procedures relating to.. identifying, evaluating and complying wilh laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any aclual, suspected or alleged fraud., the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK). we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial stalements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. 12
Circusful Company Limited by Guarantee Independent Auditor's Report to the Members of Circusful (continued) Year ended 31 March 2025 As part of an audit in accordance with ISAS (UKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audtt procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's abiltty to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any significanl deficiencies in internal control that we identify during our audit. 13
Circusful Company Limited by Guarantee Independent Auditor's Report to the Members of Circusful {contlnuedJ Year ended 31 March 2025 As explained more fully in the Trustees, Responsibilities Statement (set out on page 10), the trustees are responsible for the preparation of the financial statemenls and for being satisfied that they give true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK). Those standards require us to comply with the Financial Reporting Council's {FRC's) Ethical Standard for Auditors., in the circumstances set out in note 27 to the financial statements. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Conor Dolan (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 14
Circusful Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 3,696 206.329 6,213 38,177 254,415 3,696 481,133 6,213 38,177 529,219 4,037 500,752 4,633 34,340 274,804 Total income 274,804 543,762 Expenditure Expenditure on charitable activities Other expenditure Total expenditure 9,10 11 257.982 305 247,301 505.283 305 524,076 258,287 247.301 505,588 524,076 Net income (3,872) 27,503 23,631 19,686 Transfers between funds 243,822 (243,822) Net movement in funds 239,950 (216.319) 23,631 19,686 Reconciliation of funds Totsl funds brought forward Total funds carried forward 336,206 242,898 579,104 559.418 576.156 26.579 602.735 579,104 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivities. The notes on pages 18 to 30 fomi part of these financlal staternents. 15
Circusful Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 16 331,467 359,862 Current assets Debtors Cash at bank and in hand 17 46.573 265.008 52,764 266,669 311,581 319,433 Creditors: amounts falling due within one year Net current assets 18 40,313 100,191 271,268 602,735 219,242 Total assets less current liabilities 579.104 Net assets 602,735 579,104 Funds of the charity Restricted funds Unrestricted funds.. Revaluation reserve Other unrestricted income funds 26,579 242.898 125,390 450,766 115,539 220,667 Total unrestricted funds 576.156 336,206 Total charity funds 21 602,735 579.104 These financial statements were approved by the board of trustees and authorised for issue on 3 November 2025, and are signed on behalf of the board by. L Kelly Trustee The notes on pages 18 to 30 form part of these financial statements. 16
Circusful Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operating activities Net income 23,631 19,686 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Loss on disposal of tangible fixed assets Accrued expenses 29,390 (6,213) 2,334 305 1,048 29,126 14,633) 2,393 4,352 Changes in.. Trade and other debtors Trade and other creditors 6.191 (60,926) (4,240) (18,630) (16,031) 16,263 Cash generated from operations Interest paid Interest received (2,334) 6,213 12,393) 4,633 Net cash (used in)Ifrom operating activities {361) 18,503 Cash flovts from investing activities Purchase oftangible assets Net cash used in investing activities {1,300) {1,300) 112,201) (12.201) Net (de¢rease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (1,6611 266.669 6,302 260.367 265,008 266,669 The noles on pages 18 to 30 form part of these financial statements. 17
Circusful Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 23125 Gordon Street, Belfast. Co.Antrim, BT12LG. Northern Ireland. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP (FRS 102}) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The esitmates and assosciated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjecled to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 18
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of serwices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activilies, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to chaiitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expendilure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any langible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairmenl losses. 19
Circusful Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 March 2025 Accounting policies (continued) Tangible assets (¢onlinuedJ An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impaimient that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amounl of an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows.. Freehold property Motor vehicles Equipment 2 % straight line 25°/0 Straight line 20 % straight line Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceed5 the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefrt from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 20
Circusful Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 31 March 2025 Accounting policies (¢ontlnued) Financial instruments (contiTnuedJ Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, Ihese are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a Gash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in Ihe period in which it arises. Limited by guarantee Circusful is a company limited by guarantee and has no share capital. In the event of the charity being WOLSnd up, the liability in respect of the guarantee is limited to £1 per member of the charity. 21
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations Donations 3,696 3,696 4,037 4,037 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2025 ACNI Belfast City Council Esmee Fairbairn Foundation Halifax Foundation Isacs Circus Explored RTE Toy Fund Nationwide Future Screens Nl Classesl Workshops Garfield Weston Foundation Esmee Mitchell Grant ACNI -mike Moloney Award ACNI - REAP Foyle Foundation DFC - Job Start BCC St. Patrick's Day ACNI-H&S Caravan Circus Network Other Grants Ulster Garden Villages 143,548 143,548 48,600 48,600 24,832 24,832 15,537 15,537 32,191 32.191 124,193 15.000 5.000 5,250 3.560 20.000 17,768 9.950 124,193 15.000 5.000 5,250 3.560 20.000 17,768 9,950 3,704 3,704 12,000 12,000 206,329 274.804 481,133 22
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Charitable activities (continued) Unrestricled Funds Restricted Total Funds Funds 2024 ACNI Belfast City Council Esmee Fairbairn Foundation Halifax Foundation Isacs Circus Explored RTE Toy Fund Nationwide Future Screens Nl Classesl Workshops Garfield Weston Foundation Esmee Mitchell Grant ACNI -mike Moloney Award ACNI - REAP Foyle Foundation DFC - Job Start BCC St. Patrick's Day ACNI-H&S Caravan Circus Network Other Grants Ulster Garden Villages 150,898 150,898 53,520 57,147 1,101 3,520 27,323 3,878 17.551 162,304 53,520 57,147 1,101 3,520 27,323 3,878 17.551 162,304 4,500 5,025 4,500 5,025 10,857 10,857 2,136 992 2.136 992 279,619 221,133 500,752 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest receivable 6,213 6,213 4,633 4,633 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Other income Box Office - Ticket Sales Training Fees Merchandise Income Space Hire 30.949 1,563 4,727 10 928 30.949 1.563 4,727 17,167 3,203 6.336 728 6,906 34,340 17.167 3,203 6,336 728 6,906 928 38.177 38,177 34,340 23
Circusful Company Limited by Guarantee Notes to the Financial Statements (conlinuec Year ended 31 March 2025 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Charitable Activities Support costs 251,148 6,834 247,301 498,449 6,834 505,283 257,982 247,301 Unrestricted Funds Restricted Total Funds Funds 2024 Charitable Activities Support costs 279,753 6,393 237,930 517,683 6,393 286,146 237,930 524,076 10. Expenditure on charitable activities by activity type Activities undertaken direclly Support Costs Total funds 2025 Total fund 2024 Charitable Activities Governance costs 498,449 498,449 6,834 517.683 6,393 6.834 498,449 6,834 505,283 524,076 11. Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Loss on disposal of tangible fixed assets held for charity's own use 305 305 12. Net income Net income is stated after chargingl(creditingJ'. 2025 2024 Depreciation of tangible fixed assets Loss on disposal of tangible fixed assets 29.390 305 29,126 24
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 13. Auditors remuneration 2026 2024 Fees payable for the audit of the financial statements 4,500 4,000 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 211,183 12,794 3,801 223,653 16,309 3,575 227,778 243,537 The average head count of employees during the year was 10 (2024: 9). No employee received employee benefits of more than £60,000 during the year (2024= Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £44,118 (2024.'£58.095). 15. Trustee remuneration and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year(2024.' £NILI. They were not reimbursed for travel expense during the year(2024=NILI. No charity trustee received payment for professional or other services supplied to the charity (2024.. £NIL). 25
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 16. Tangible fixed assets Freehold property Motor vehicles Equipment Total Cost At 1 April 2024 Additions Disposals At 31 March 2025 487,806 92,189 249,453 1.300 11,830) 248,923 829,448 1.300 {1,830) 828,918 487,806 92,189 Depreciation At 1 April 2024 Charge for the year Disposals At 31 March 2025 170,923 9,756 65.779 12,886 232,884 6,748 (1,525) 238,107 469,586 29,390 (1,525) 497,451 180,679 78,665 Carrying amount At 31 March 2025 307,127 13,524 26,410 10,816 16,569 331,487 359,862 At 31 March 2024 316,883 Tangible fixed assets held at valuation The building included in Freehold Property was revalued by an independent valuer on 23rd October 2020. 17. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 13.415 5.463 27,695 12,272 5,870 34,622 46.573 52,764 18. Creditors: amounts falling due within one year 2025 2024 Trade creditors A¢¢ruals and deferred income Other creditors 25.090 9,881 5,342 27.678 70,994 1.519 40,313 100,191 26
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 19. Deferred income 2025 2024 At 1 April 2024 Amount released to income Amount deferred in year At 31 March 2025 66.642 {66,6421 4,481 4,481 5,570 (5,5701 66.642 66,642 20. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3.801 (2024.. £3.575). 21. Analysis of charitable funds Unrestricted funds At 1 April 2024 At31 Transfers March 2025 Income Expenditure General funds Revaluation reserve 220,847 115.359 254,415 (258.287) 233.791 10.031 450,766 125,390 336,206 254.415 (258,287) 243,822 576.156 At 1 April 2023 At31 Transfers March 2024 Income Expenditure General funds Revaluation Reserve 179,603 117.866 322,629 (283,639) (2,507) (286,146) 2,254 220,847 115,359 297,469 322,629 2,254 336,206 A transfer has been made from general funds into the Revaluation reserve in order to correct depreciation being Charged against revaluation reserve in previous years. 27
Circusful Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 21. Analysis of charitable funds (continued) Restricted funds At 31 March 202 At 1 April 2024 Income Expenditure Transfers Arts Council Nl Capital Arts Council Northern Ireland Belfast City Council Capital Halifax Department for Communities Capital Clothworker Foundation Capital Mike Maloney Award RTE Toy Fund Nationwide Future Screens Nl BCC St. Patricks Day Garfield Weston Foyle Foundation DFC - Job Start Reslricted Capital fund Restricted fund ACNI - REAP Ulster Garden Villages 41,208 (41,208) 143,548 (143.5481 124 (124} 1,722 (1,7221 5,122 {5,1221 5.250 15,537 {5,250) (15,537) 56 {56) (924) 32.191 9.950 15.000 20.000 17.768 (19,9451 (9,950) (15,0001 (20,000) (14,511) 11.322 3,257 195.590 (195,590) 3,560 12,000 {3.560) 12,000 242,898 274,804 (247,301) {243,822) 26,579 At 31 March 202 At 1 April 2023 Income Expenditure Transfers Arts Council Nl Capital Arts Council Northern Ireland Belfast City Council Capital Halifax Department for Communities Capital 41,472 15,882 {16,146) 41,208 150,898 (150.898) 192 (68) (1,101) 124 1,101 4,037 (2,315) 1,722 28
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 21. Analysis of charitable funds (continued) Clothworker Foundation Capital Mike Maloney Award RTE Toy Fund Nationwide Future Screens Nl BCC St. Patricks Day Garfield Weston Foyle Foundation DFC - Job Start Restricted Capilal fund Restricted fund ACNI - REAP Ulster Garden Villages 10,708 {5,586) {4.500) 127,323) {3,878) (17,551) 5,122 4,500 27,323 3,878 17,551 56 56 (924> (924) 204,154 2,254 {8,564> 195,590 (2,254) 261,949 221,133 (237,930) (2,254) 242,898 Transfers have been made out of restricted funds into unrestricted funds to reflect the value of fixed assets previously held in restricted funds which have no restriction over their ongoing use and should be held in unrestricted funds. 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net assets 331,467 280,521 (35,8321 576,156 331,467 311,581 (40.313} 602,735 31,060 (4,481) 26,579 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 359,862 76,535 {33,550) 402,847 359,862 242,898 319,433 (66,641) (100,191) 176,257 579,104 23. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 29
Circusful Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 24. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity- In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 25. Analysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand 266,669 (1.661) 265,008 26. Related parties During the year Circusful charged £10,499 to Festival of Fools for Festival event running costs. At balance sheet date £10,499 was owed to Circusful by Festival of Fools {2024 £NIL). Festival of Fools is a related party by a shared board of trustees. During the year Circusful were notified they would receive a donation £20,500 from Premiere Circus. At the balance sheet date £20,500 was owed lo Circusful by Premiere Circus (2024 £16,284). Premiere Circus is a related party by a shared board of trustees. 27. Ethical standards In common with rnany other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 30
Circusful Company Limited by Guarantee Management Information Year ended 31 March 2025 The following pages do not form part of the financial statements. 31
Circusful Company Limited by Guarantee Detailed Ststement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowments Donations and legacies Donations 3,696 4,037 Charitable activities ACNI Belfast Cty Council Esmee Fairbairn Foundation Halifax Foundation Isacs Circus Explored RTE Toy Fund Nationwide Future Screens Nl Classesl Workshops Garfield Weston Foundation Esmee Mitchell Grant ACNI -mike Moloney Award ACNI- REAP Foyle Foundation DFC - Job Start BCC Sl. Patrick's Day ACNI-H&S Caravan Circus NeOrk Other Grants Ulster Garden Villages 143,548 48,600 150,898 53,520 57,147 1,101 3,520 27,323 3,878 17,551 162,304 24.832 15,537 32,191 124,193 15,000 5,000 5,250 3.560 20,000 17.768 9,950 4.500 5,025 10,857 2,136 992 3.704 12.000 481,133 500.752 Investment Income Bank interest receivable 6,213 4,633 Other income Other income Box Office - Ticket Sales Training Fees Merchandise Income Space Hire 30,949 1,563 4,727 10 928 17.167 3.203 6,336 728 6.906 38.177 34.340 Total income 529,219 543,762 32
Circusful Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Expenditure on charitable activities Charitable Activities Activities undertaken directly Wageslsalaries Employels NIC Pension Costs Rates Light & Heat Repairs & Maintenance Insurance Motor Vehicle Expenses Travel Costs Legal and Professional Fees Telephone Other Office Costs Depreciation Health & Safety Refreshments Security Mike Maloney Award Venue Manager Merchandise & Advertising Trainers Staff Training Bad Debt Write Off Subscription Cleaning Technical & Production Assistance Donations 211,183 12.794 3,801 866 11,661 6.079 7,497 6.598 5,984 24,833 1,641 1,800 29,390 223,653 16,309 3,575 815 12,710 8,397 7,071 6,631 5,873 9.334 1.491 4,148 29,126 69 2.927 1.955 4,500 285 2,235 159,914 1,973 882 7,942 4,914 350 604 1,978 1,245 3,874 48 1,677 149,713 4,166 5,027 4.996 1,598 498,449 517.683 Governance costs Audit fees Governance costs - other finance costs 4,500 2,334 4.000 2.393 6.834 6,393 Expenditure on charitable activities 505.283 524,076 33