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 reSoUr￿S 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
othe￿iSe 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 Ne￿Ork
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