Charity Registration No. NIC102887 Company Registration No. NIO58177 (Northem Ireland) FESTIVAL OF FOOLS LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
FESTIVAL OF FOOLS LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees G Erskine E S Adams J RDaly R Lynas A Malone C Traynor S Patterson L Kelly Charlty number NIC102887 Company number N1058177 Registered office 23 Gordon Street Belfast Co. Antrim Northern Ireland BT1 2LG Audltor FPM Accountants Limited 1 3 Arthur Street Belfast Co. Antrim Northern Ireland BT14GA
FESTIVAL OF FOOLS LTD CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditor's report 8- 13 Statement of financial activities 14 Balance sheet 15- 16 Statement of cash flows 17 Notes to the financial statements 18-27
FESTIVAL OF FOOLS LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing documen¢ the Companies Act 2006 and "Accounting and Reporting by Charities.. 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 IFRS 1021 (effective 1 January 20191" -This is a bnlliant festival that makes the city come a/ive."Audience Member 2022 -Qua/ity and diversity IS amazingll Love the representation from different countnes. Iravel in space and imagination. Keep doing whatyou are doingl FOF is amazing.l° Audience Member, 2022 "Really wonderful event for the whole community. It has inspired my teenage son to begin circus classes which will help him meet others.- Audience Member, 2022 Chair'5 report - overview of activities For the first time in three years, Festival of Fools returned to Belfast. With over 70 free daytime shows programmed and our fi'rst ever evening show the programme was full to bursting with both new and well- established work, professional and community performers. The professional programme included artists from Great Britain and Northern Ireland, Republic of Ireland, Italy, Finland, Sweden, Portugal, Germany and Chile. As in previous years the community programme included young people and adults from Belfast and young people from Londonderry/Derry and Cloughjordan, Tipperary. For the first time ever, we also offered an indoor programme and a ticketed (adults only) evening show both of which proved very popular with audiences. During 2022-23, thanks to funding from other sources, Festival of Fools delivered a range of other events and activities, these are described below. Objectives Festival of Fools exists to promote circus and street theatre through the staging of festivals, public performances and events of public benefit. Its main aims and objectives are: To promote Circus and street arts. To bring people together in a celebration of shared cultural activity. To promote the use of shared public spaces in Belfast and Northern Ireland. To present local, national and international work of the highest quality. To promote accessible and inclusive access to the arts. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
FESTIVAL OF FOOLS LTD TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR EJVDED 31 MARCH 2023 Achievements Delivery in the year 2022-23 built on the newly introduced strategic plan and values, developed relationships, engaged new audiences and inspired both community and professional performers. Key Fact& Total audience across all shows: 13,823. Individual audience members: 2,194 each seeing an average of 6.5 shows. Percentage of individual audience members 5urveyed- 20%1447) On average people attended for 1.5 days across the long-weekend. 91% of our audience attended with others, the majority came with children/young people. 60% of our audience come from Belfast, 31 % outside Belfast, within Nl, 9% rest of the world. 31 % were attending for the first time - an InCaSe from 13% in 2019. 81 % rated their overall experience as excellent and 18% good. 99.6% said they would recommend Festival of Fools to others. 99.3% said they felt safe and comfortable. 87% came to the Cathedral Quarter specifically to see Festival of Fools. Of those who attend arts and cultural events infrequently, the majority (84%15aid they hope to go to more live events over the coming six months. rhe vast majonty of respondents stated that the Festival of Fools appears to have a lo environmental ii77pact All indoor shows sold out. The Sunday evening show, our first ever could have sold out three times over. 69% said that they had seen a show that changed their understanding of what circus is. °No clowns with red noses instead artistic talentedgymnasts and very funny talented artlsts. Mode us smile and laugh out loud."Audience Member 2022. "Paul was very open about perfonr71ng being a form of therapy for him, pmmoting a positive mental health mess8ge."Aud/ence Member, 2022. When asked which words described their experience of Festival of Fools 94% described the experience as FUN 76% described it as JOYFUL 72% said IT BRINGS PEOPLE TOGETHER 69% said COMMUNITY 50% a5 SURPRISING 49% as INSPIRING.
FESTIVAL OF FOOLS LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 What this and other related data te115 US: Audience: On the Saturday we had a full day of wet weather. As a free outdoor festival with tl majority of our programme repeating each day over the long-weekend, the weather always impacts (for good and for badl on our totsl audience numbers and the number of average days they attend. As such, our overall audience figure was lower than predicted. However, our individual {uniquel audience number was slightly increased on 2019 and the percentage of people attending for the first time significantly increased in comparison to the same year. In 2019 people attended for an average of 25 days. In 2022 the equivalent figure was 1.5 days. New indoor elements: Demand for each of the scheduled indoor shows li.e. those that were due to be indoors whatever the weather) was incredibly high, suggesting we could have sold considerably more tickets for each than were available. Planning: We were really pleased with how effective our Event Management Plan was and how the Risk Assessments helped us to understand the risks of running a large scale indoor and outdoor festival following a pandemic. We proactively engaged the Event Safety Group and the local Police force well ahead of the event. Our wet weather plan also worked well meaning we were able to run four (full to capacity) indoor shows and four (well attended) outdoor shows, in spite of the weather. Environmentsl: Whilst our audiences feel that Festival of Fools has a comparatively low impact on the environment we asked for suggestions as to what we can improve. We hope to be able to introduce some of these next year. Wet weather. A full day of rain on Saturday meant we delivered 8 shows rather than the programmed 21. However, we had a clear wet weather plan that meant we could deliver clear communication to audiences from 10.'30arn and drew in good crowds in spite of the weather. The indoor shows were full to capacity and the outdoor show5 (performed by those able/happy to perform in the rain} felt busy enough. Communlty Involvement For many year5, Festival of Fools has had a community component. In 2022 that was given an uplift and became 'Circusful Corner,. Key activities included: An outdoor show by a cohort of older youth circus participants opened the festival and was subsequently perforrned 2 more times in festival as a stand-alone performance, alongside the professional program. A youth exchange and performance project which brought together young people from our in- house classes, from our outreach programs and from Imo external organisations I n Your Space Circus from L-Derry and Tipperary based Cloughjordan Circus Club. Various groups put together 2 full length indoor shows which were each performed lce over the weekend, supported by a professional compere. /Just want to thankyou all for creating such an incredible opportunity for our young people. They had no idea what to expect and were blown away by what they expenenced.. both seeing all the shows and thÉ opportunity to perfonn in the Gordon Street space. I really sa&v them grow as a group, find new enthusiasm for circus and up their game in terms of their own perforn7ances over the course of the weekend., _ Jo Williams Cloughjordan Circus Club The young people loved the overall expenence including perfonning, mixing with the other children and then watching other street shows. It has been a great motivator for them. Kate Mitchell In Your Space Circus L Deny
FESTIVAL OF FOOLS LTD TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Financlal review The Festival 15 non-profit making and is financially managed to 5UPPOrt break even each year. The charity does however, seek to generate a Small amount of reserves to best enable growth, development, investrnent and navigation of unexpected costs and expense& In 20201-22, a 5urplu5 of £43,310 was generated. This year a similarly large surplu5 wa5 generated showing a net increase in reseNes of £40,820. However, one real area of concern for the Board 15 the reducing amounts of funding available for artists, festivals and events. This is further compounded by the timing of Festival of Fools. With the event taking place so close to the start of the year, income is rarely confirmed prior to expenditure being committed/ made. Without confirmed multi-year income, Festival will continue to yo-yo between being able to generate a small surplus Ito protect the future of the organisationl and an unexpetted deficit. Despite this, the Board remain committed to the May Bank Holiday Weekend and these issues have been shared with funders. We believe that our work is well received and the relationship5 good. As such, opportunitie5 exist to attract new private sector partners to support the work The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Pll media and social media coverage: In preparation for the 2022 festival we invested in developing a strong social media and press/PR plan to try and ensure greater coverage than previou5 years. As the following demonstrates we were successful in securing a good level of coverage across all channels. Radio - Festival of Foo15 wa5 profiled on every Nl radio station, primarily through inteNiews with Jenna Hall, Chief Executive and professional artists. Total Nl radio audience figures Iweeklyl 1.6million. Printed coverage - 7 distinct articles were achieved with some of these being replicated in local/ regional papers. TV - UTV news played an editorial feature based on activity in Writers, Square on Saturday 30th April 2022. Online new5 - Extensive online coverage was achieved as a result of press releases issued on the lead up to and following the festival weekend. Social - Between mid-march and early May Festival of Fools Facebook page saw the following increased in 'Reach' 3,500%, 'Page vi51ts' 958% and 'Page likes, 1,100%. Our Facebook audience was 64% Women and 36% Men. 70% based in the UK, 15Vo in Republic of Ireland and 15% from around the World. Traffic to the Festival of Fools Facebook page also saw a notable increase as well during the 2022 marketing campaign, up to 4,211 views - compared to 2,754 during the previous Festival, pre-covid in 2019. All social traffic was organic or generated through newslpress releases. We did not pay for any advertising/targeting. In conclusion Festival of Fools 2022 was a great success and resulted in more presslmedia coverage than ever before, large audiences indoor and out whatever the weather and an important opportunity for professional artists to show new and pro-existing work. Alongside this, our reimagined community programme offered an un-rivalled chance for young performers to develop and share skills with each other and professional circus artists. Visit www.Foolsfestival.com and our Facebook page for photos, vide05 and much more - htt www.facebook.com foolsfestival
FESTIVAL OF FOOLS LTD TRUSTEES. REPORT {INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Wider work completed over the financial year 2022-23 Halloween On 29th and 30th October we Iwith our Festival of Fools hats onl provided free family-friendly entertainment in Belfast Cathedral Quarter, involving a drop-in circus skills workshop, storytelling sessions and roaming interactive performers animating the areal This project had a budget of £4,895, provided work for 11 freelance artists and garnered wonderful feedback despite the bad weather. Tourlsm Northern Ireland sustalnablllty learning journey to Scotland Jenna, our CEO participated in the above trip with Tourism Northern Ireland and around 15 other events and festival organisers from across Nl. The purpose of the trip was to better understand sustainability in the context of festivals and events and to capture new way5 of working and ideas for how we can all better limit the impact of our work on the climate/earth. Festivals Forum Festival of Fools continues to make an important contribution to the above through holding the role of Co- Chair. Over the period September to March the conversations have focussed on developing the forum and building relationships with other bodies seeking to develop/launch/progress festivals and events across the Clty - including the relationship with political leaders who are developing manifestos that may impact on the work of forum members and creating a space in which forum members can raise challenges, issues and concerns openly. Funders and FOF as a going concern The Board of Trustees would like to thank our supporters, particularly, Belfast City Council, the Arts Council of Northern Ireland and the Foyle Foundation for their flexibility and support throughout the year. The Board of Festival of Fools consider the organisation to be a viable going concern for the years ahead. Since the new CEO has taken over the financial viability of the organisation has turned around. In 2018-19 the organisation ended the year in deficit. This was negated and a surplus generated each year since, despite the pandemic. As a Board we recognise the challenges that lie ahead in temis of funding, increased costs and uncertainty. However, we are confident that whilst the format will necessarily evolve and develop, Festival of Fools will go from strength to strength. Plans for the Future The organisation remains committed to continuing to develop the Festival. This will mean seeking sustainable, ongoing and recurrent funding to ensure its survival. The Board believes that the Festival resonates with a City that aspires to be recognised as a Cultural City and a major tourist destination, attracting tourists from across the globe. We recognise that the whole of the arts sector continues to be in uncertain waters . We commit to working collectively and collaboratively across the sector so that Festival of Foo15 can energise the streets of 8elfa5t long into the future. The Board would like to take this opportunity to thank all the staff, performers and stakeholders who supported us during the exceptionally difficult period.
FESTIVAL OF FOOLS LTD TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure, governance and management The TNstees who are also Directors for the Purposes of Company Law and who served in 2022-23 were- L Kelly G Erskine J RDaly Dr E S Adams C Traynor A Malone R Lynas S Patterson Auditor In accordance with the company's articles, a resolution proposing that FPM Accountants Limited be reappointed as auditor of the company will be put at a General Meeting. Disclosure of information to auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The tru5tee5' report was approved by the Board of Trustee5. L Kelly Trustee
FESTIVAL OF FOOLS LTD STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also the directors of Festival of Fools Ltd for the purpose of company law, are responsible for preparing the Trustees. Report and the financial statements in accordance with applic.able law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which gve a true and fair view of the state of affairs of the charity and of the incoming resources and application resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently, obseNe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent. and prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statemerrts 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.
FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Opinion We have audited the financial statements of Festival of Fools Ltd (the 'charity'l for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including 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 ano Républic 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 charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are furthei described in the Auditors responsibilities for the audit of the financial statéménts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit 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 15 sufficient and appropriate to provide a basis for our opinion.
FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem 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 least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respett to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditorf5 report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of the audit, or othenNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Matter5 on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, repor¢ or sufficient accounting records have not been kept or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanation5 we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 determine 15 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 concem and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternatlve but to do so. 10-
FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effett thereunder. 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (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 statement5. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respon5ibilitie5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, includin9 fraud, 15 detailed below. We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, sector research and the application ol cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company - Companies Act 2006, Charities Act {Northern Ireland) 2008 and the Accounting and Reporting by Charities.. 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 IFRS 102) (effective I January 20191. We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal Èntries, walkthrough of the key controls cycles in place and enquiry of management. 11
FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Our procedures to respond to those risks identified included, but were not limited to: Enquiry of management, and the entity's solicitors around actual and potential litigation and claims. Enquiry of management to identify any instances of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewi ng financial statement disc105ures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'//www.frc.org.uk/auditor5responsibilities. This description forms part of our auditor's report. 12-
FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its member5 as a body, for our audit work, for this report, or for the opinions we have formed. TLq Lowry Grant (Senior Statutory Auditor) for and on behalf of FPM Accountants Limited Chartered Accountants Statutory Auditors 1 3 Arthur Street Belfast Co. Antrim Northern Ireland BT14GA 2S. 9.loZ? FPM Accountants Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006. 13-
FESTIVAL OF FOOLS LTD STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 Notès Income and endowments from: Donations and legacies Charitable activities Other income 29,153 29,153 87,500 10,716 126 126 52,385 10,000 87,500 52,385 10,716 10,000 Total income 39,869 87,500 127,369 10,126 52.385 62,511 enditur• on: Charitable activities 8,389 82,291 90,680 3,548 15,653 19,201 Gros5 transfers between funds Net income for the year/ Net movement in funds 14,384 114,384) 31,480 5,209 36,689 20,962 22,348 43,310 Fund balances at 1 April 2022 30,535 22,348 52,883 9,573 9,573 Fund balances at 31 March 2023 62,015 27,557 89,572 30,535 22,348 52,883 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 14-
FESTIVAL OF FOOLS LTD BALANCE SHEET ASA T31 MARCH2023 2023 2022 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 10 17,598 22,189 11 22,100 69,016 18,924 45,513 91,116 64,437 Credltors: amounts falllng due within one year 12 (19,1421 (33,743) Net current assets 71,974 30,694 Total assets less current liabilities 89,572 52,883 Income funds Restricted funds Unrestricted funds 14 27,557 62,015 22,348 30,535 89,572 52,883 15-
FESTIVAL OF FOOLS LTD BALANCE SHEET (CONTINUED) ASA r31 MARCH 2023 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit ha5 been carried out under section 65 of the Charities Act (Northern Ireland} 2008. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the CompleS Act 2006. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which othemise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Att 2006, for the year in question in accordance with Section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial ststements were approved by the Trustees on L Kelly Trustee Company Reglstratlon No. N1058177 16-
FESTIVAL OF FOOLS LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating activlties Cash generated from operations 17 23,503 14,736 Investing activities Purchase of tangible fixed assets 122,643} Net cash used In Investing activitie5 (22,643) Net cash used In flnancing activities Net Increase/(decrea5e) In cash and cash equivalents 23.503 (7,907) Cash and cash equivalents at beginning of year 45,513 53,420 Cash and cash equivalents at end of year 69,016 45,513 17-
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policles Charity infomiation Festival of Fools Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 23 Gordon StreeL Belfast, Co. Antrim, BT1 2LG, Northern Ireland. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. 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 IFRS 102)" las amended *or accounting periods commencirg from 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statement5, the tnjstees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and use5 of the restricted funds are set out in the notes to the financial statements. Endowment funds are subjert to specific conditions by donors that the capital must be maintained by the charity- 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions hwe been met, the amounts can be measured reliably, and it 15 probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 18-
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policie5 {Continued) 1.5 Expenditure Expenditure 15 recognised once there 15 a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measLre reliably. Expenditure is classified under the following activity headings.. Expenditure on charitable activities includes the promotion and development of perfoming arts and activities undertaken to further the purposes of the charity and their support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure wa5 incurred. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequèntly measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Plant and equipment Fixtures and fittings 33% Straight Line & 7 Year Straight Line 33% Straight Line & 7 Year Straight Line The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/{expenditurel for the year. 1.7 Impairnient of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset Is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts ¥e shown within borrowings in current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contrartual provisions of the instrument. Financial assets and liabilities are offset with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and Settle the liability simultaneously. 19
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policie5 (Continued) saC financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transartion costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of iiterest. Financial as5et5 classified as receivable within one year are not amortised. Inancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Inancml liabilities Derecognition of f Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or ancelled. Critical accountlng estlmates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Attual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basi5. Revision5 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. -20-
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donations and legacies Unrestricted funds Total 2023 2022 Donations and gifts 29,153 126 29,153 126 The total of £29,153 12022 - £1261 was all unrestricted. Charitable activities 2023 2022 Performance related grants 87,500 52,385 Performance related grants ACNI Lottery Funding Belfast City Council ACNI - Health & Safety Capital Programme Grants Arts & Business Cathedral Quarter The Foyle Foundation Other 25,550 37,500 9,450 20,134 22,801 5,950 8,500 10,000 87,500 52,385 The total of £87,500 in 2023 was all restricted 12022= total of £52,385 was all restritted). 21
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 37 MARCH 2023 Other income Unrestricted funds Total 2023 2022 Other income 10,716 10,000 10,716 i 0,000
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable activitle5 Unrestricted Restricted Total 2023 Total 2022 2023 2023 Depreciation and impai rment Production Artists Fees Insurance Travel & Subsistence Accomodation Bank Charges Volunteer Expenses Marketing General 4,591 9,258 4,591 14,232 38,363 889 3,130 2,537 311 9,286 12,918 3,423 800 800 4,974 438 775 208 2,612 449 9,450 2,688 531 12) 523 891 2,607 2,537 339 8,580 11,277 2,848 1281 706 1,641 575 8,389 42,928 89,680 18,751 Share of governance costs (see note 7) 1,000 1,000 450 8,389 43,928 90,680 19,201 Analysls by fund Unrestricted funds Restricted funds 8,389 8,389 82,291 3,548 15,653 82,291 8,389 82,291 90,680 19,201 For the year ended 31 March 2022 Unrestricted funds Restricted funds 3,548 3,548 15,653 15,653 3,548 15,653 19,201 The total of £90,680 was split £8,389 unrestricted and £82,291 restricted 12022 total of £19,201 was split £3,548 unrestricted and £15,653 restricted). -23-
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Governance costs costs 2023 Support Governance costs costs 2022 Audit fees 1,000 1,000 450 450 1,000 1,000 450 450 Analysed between Charitable activities 1,000 1,000 450 450 Governance costs includes payments to the auditors of £1,000 (2022- £4501 for audit fees. Trustee5 None of the trustees {or any persons connected with them) received any remuneration or benefits from the charity during the year. Employees The average monthly number of employee5 during the year was: 2023 Number 2022 Number Total -24-
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Tangible fixed assets Plant and Fixtur and equipment frtting5 Total Cost At 1 April 2022 9,524 15,385 24,909 At 31 March 2023 9,524 15,385 24,909 Depreclatlon and impairment At 1 April 2022 Depreciation charged in the year 2,354 2,395 366 2,196 2,720 4,591 At 31 March 2023 4,749 2,562 7,311 Carrying amount At 31 March 2023 4,775 12,823 17,598 At 31 March 2022 7,170 15,019 22,189 11 Debtors 2023 2022 Amounts falling due within one year. Trade debtors Other debtors Prepayments and accrued income 310 20,899 891 120 16,915 1,889 22,100 18,924 12 Creditors: amounts falling due withln one year 2023 2022 Notes Deferred Income Trade creditors Other creditor5 Accruals and deferred income 13 14,131 4.011 23,300 1,897 7,546 1,000 1,000 19,1d2 33,7rf3 -25-
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 13 Deferred income Opening Balance Incoming Outgoing Closing Balance Foyle Foundation ACNI Groundwork Cleaver Fulton Belfast City Council Leche Trust Black Santa 10,000 8,050 1,000 1,000 i 0,000 18,050) 14,131 11,000) (1,0001 14,131 2,500 750 (2,5001 17501 23,300 14,131 (13,300) 14,131 14 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement In funds In<omin9 R•sources r•sOue •xpended Movement In funds Incoming Resources Balance •t reJourc•s •xpended31 March 2023 Tr•n5fers Bolance •t l Aprll 2022 Belfast City Council ACNI Health & Safety Capital ACNI Lottery Grants Arts & Business Cathedral Quarter Foyle Foundation 20,134 15,750) (14,384) 37,500 137,825) (325) 22,801 9,450 14531 (9,4501 22,348 14,591) (30,000} 17,757 {4,4501 25,550 5,950 (3,1001 2,850 8,500 15,748) 2,752 10,000 11,027) 8,973 52,385 115,6531 (14,384) 22,348 87,500 182,2911 27,557 -26-
FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Analysis of net assets between funds Unrestricted funds Restricted funds Total Unrestricted Fund balances at 31 March 2023 are represented by., Tangible assets Unrestricted Current assetsllliabilities) 17,598 9,959 17.598 71,974 62,015 62,015 27,557 89,572 16 Related party transactlons Transactlons with related partles During the year the charity entered into the following transactions with related parties: During the year, Festival of Fools Limited {FOFI entered into transactions with Circusful, a related party- The balance owed to FOF at the balance sheet date was £0 (2022 - £6,153). FOF also entered into transactions with Premiere Circus Limited IPCI, a Related Party. The balance owed to FOF at the balance sheet date was £20,00012022 - The balance owed to Premiere Circu5 wa5 £6,212). 17 Cash generated from operations 2023 2022 Surplus for the year 36,689 43,310 Adjustments for. Depreciation and impairment of tangible fixed assets 4,591 800 Movements in working capital.. (Increase) in debtors (Decrease) in creditor5 IDecreasel/increase in deferred income (3,1761 (5,432) 19,169) (4,7271 129,3131 4,666 Cash generated from operations 23,503 14,736 18 Analysis of changes in net funds The charity had no debt during the year. -27-