Charlty registration number NIC102887 Company rngistration number N1058177 {Northern Ireland) FESTIVAL OF FOOLS LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FESTIVAL OF FOOLS LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees G Erskine E S Adams JRDaly R Lynas A Malone C Traynor S Patterson L Kelly (Resigned 1410912023) (Resigned 10/1112023) Ch•rlty number NIC102887 Company number N1058177 Reglstered office 23 Gordon Street Belfast Co. Antrirn Northern Ireland B TI 2LG Audltor AAB Group Accountants Limited 1 3 Arthur Street Belfast Co. Antrim Northern Ireland BT14GA Bank•rs Unity Trust Bank PLC PO Box 7193 Planetary Road Willenhall WV1 9DG FESTIVAL OF FOOLS LTD CONTENTS Page Trustees, report Independent auditor'5 report 10- 15 Statement of financial activities 16 Balance sheet 17- 18 Statement of cash flows 19 Notes to the financial statements 20-31 FESTIVAL OF FOOLS LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and audited financial ststements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006. the Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities.. Statement ol 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.. Chalrs report Festival of Fools returned to Belfast for the first Bank Holiday weekend in May 2023. °Keep going - its honestly 8elfJ5r ar its best. No other Fesfrval locally compares."Audience Member 2023 "Such a wbran¢ inspiring, joirful weekend. 8elfJ5t 15 very lucky to have Ithi5], and the wonderful resoufce of the 2RA bui/ding"Audience Member 2023 7he /estiva/ olthe fools brought me to pèrt5 of the city that I normally wouldn t ￿51t snd was a great source ofjoy dunng hard tiine&-Audience Member 2023 Article5 of Association and objectives Festival of Foo15 Memorandum and Articles of Association remain the same as when last signed in 2006. They state that 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: For the advancement of the arts in Northern Ireland and in particular For the development and promotion of Street Theatre in the area of benefit., For the provision and rnanagement of a Street Theatre festival and other large scale street arts events available to all without distinction of gender, age, colour, political or religiou5 opinion- To promote access to the arts,. To cary on any other activity which may be advantageously carried on in connettion with any of the objects of the Company. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what attivities the charity should undertake. Activltles and achievements Delivery in the year 2023-24 built on the newly introduced strategic plan and values. developed relationships, engaged new audiences and inspired both community and professional performers. Thi5 Meant we worked in partnership with other organisations, built on previous Success and took time to reflec¢ respond and refocus our thinking. FESTIVAL OF FOOLS LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The main event: With over 80 free daytime performances programmed and another sold out ticketed 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 Germany, Portugal, Sweden, England, Ireland and South Korea, As in previous years the community programme included young people and adults from Belfast and young people from LondonderrylDerry and Cloughjordan, Tipperary and Galway. We held our first ever Fresh Fools cabaret on the Bank Holiday. We fijrther developed the Festival of Fools IFOFI After Hours strand of our programme this year, presenting three performances of Bricolage, an evening of contemporary circus from art15t5 across the island of Ireland. We also continued our partnerships with Hit The North street art festival, Cathedral Quarter Arts Festival, Ramada by Wyndham Hotel, Oh Yeah Centre. St Anne's Cathedral and built a new relationship for aUdIe￿e discounts With HJEM. For the first time we worked with 2 Royal Avenue as our community venue partner. This worked real￿ well and was one in one out for most of the weekend. The 2023 programme showcased the work of 43 professional artists, 12 emerging artlSt5 and 60 young performers supported by 18 tutors. The crew included 19 venue managers, 7 crew, 4 sound operators and we were also sUPPOrted by 34 volunteers. Total audience across all shows.. 17,250. Individual audience members- 2,949 each seeing an average of 6 show5. Percentage of individual audience members Surveyed: 13% (3831. 38% of our audience were childrenlyoung people. 87% of our survey respondents say they came to this area the city specifically to attend FOF. 41% olour Judience are Irom outside Belfast The organisation wa5 especially well thought out and executed.1 So thanks for making u5 fee150 welcome and well taken care of 'Artist 2023 "Thankyou 50 much lor hawng us. We have been to many festivals and I've got to Say rhis was by lar the besr and most well organised event we've performed atl As an artist its Ve￿ rare to be able fo tscus sole on performitig and not have to worry about all the backgmund log15tlC5 that come along with ir. We fell in love ¢wth Bellasf and the festival of fools and can't thankyou and al/ the team enough for hawng us1 Plus what amazing crowdsl-Artist 2023 92% described the experience as FUN 76% described it as JOYFUL 71% said IT BRINGS PEOPLE TOGETHER 68% said COMMUNITY 49% as SURPRISING 51% a5 INSPIRING. FESTIVAL OF FOOLS LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Things we notfficed about Festival of Fools 2023: Participants: We had 206 participants, 65 who were under 25 years of age. The evèning programme: Was very popular, with all three nights sold out. Using 2 Royal Av•nue- This offered a brilliant. accessible, attractive indoor city centre venue that was very popular and a great addition to the programme as a whole. Plannlng: We built on the success of 2022,5 Event Management Plan, The addition of Anna Treanor to the team wa5 incredibly valuable and the weekend was 5rn00th. Environmental and 50cietal: We limited our carbon footprint by only supplying vegan and Veget￿lan foods for artists and crew. We a150 limited the use of one use plastic compared to previous years. noticed we had more 'incident5' relating to people who call our city streets/hostels home and whilsl there was no lasting damage it added to the stresses and points of concern over the weekend. Wet weather The weather was mixed over the weekend. We only had to cancel two shows. Community involvement and partnerships For many years, Festival of Fools has had a community component. In 2023 it wa5 developed even further thanks to our partnership with Circusful and funding from Circus Explored. Key activities included.. 60 young performers from across the island of Ireland performed inside 2 Royal Avenue. A group of young people shared a Belfast-inspired travelling piece that connected together multiple performance sites. Drop-in workshops were offered to a wide range of parents, children and pa55ers-by. 12 emerging performers put together our first ever Fresh Fools Cabaret. As briefly mentioned above, we also continued our partnership5 Wlth Hit The North street art festival, Cathedral Quarter Arts Festival, Ramada by Wyndham Hotel, Oh Yeah Centre, St Anne's Cathedral and bult a new relationship for audience discounts with HJEM. Pll medla and social m•dla Coverage: In preparation for the 2023 festival we built on our 2022 press/PR plan to try and ensure even greater coverage than previous years. As the following demonstrates we were successful in securing a good level of coverage across all channels. Radio - Festival of Fools was profiled across most Nl stations, primarily through interviews with Jenna Hall. Chief Executive and professional artists. Total Nl radio audience figures {weekly) are in the region of 1.6million. Printed coverage - Multiple articles were achieved across local and national printed publications. TV- UTV news Issued an 'as live, broadcast on the Friday night just before Festival of Fools opened. Onllne news - Extensive online coverage was achieved as a result of pres5 releases issued on the lead up to and following the festival weekend. Social - Between 13th April and 9th May 2023, Festival of Foo15 social media reach was just under 100,000. Women made up 65% of our audience on social media. Increases in 'follower5'. 'likes' etc was up across all platforms. FESTIVAL OF FOOLS LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In conclusion Festival of Fools 2023 was a great success and resulted in considerable press/media coverage, our largest audiences since 2018 and sell out ticketed performances. Alongside this, our redeveloped 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, videos and much more - htt www.facebook.com foolsfestival Wider work completed over the financlal year 2023-24 Partnership5 and sharlng In November 2023 Jenna Hall ICEOI and Frankie Magiligan were invited to represent Festival of Fools at an Arts and Business event for local businesses. They presented an overview of the festival, its impact and partnerships and Frankie performed a short act. Fe5tlvals Forum Festival of Fools continues to make an important contribution to the above through holding the ro￿ of Co- Chair. Over the year the thematic conversations introduced in late 2022-23 have continued. Funders and FOF as a going concern The Board of Trustees would like to thank our supporters. particularly, Belfast City Council, the Art5 Council of Northem Ireland, Arts & Business Nl and CQ BID 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 ha5 taken over the financial viability of the organisation has turned around. In 2018-19 the organisation ended the year in deficit. This wa5 negated and a surplus generated each year sinc¢ desplte the pandemic. As a Board we recognise the challenges that lie ahead in terms of fijnding, increased COSts and uncertainty. However, we are confident that whilst the fonnat will necessarily evolve and develop, Festival of Fools will go from strength to strength. Financial r•vlew Gross income for 2023-24 was £106,409 compared to the prior year intome of £127,369. The difference is primarily made up for funding that Festival of Fools was either unsuccessful in applying for or now deemed ineligible due to changes in the criteria. Gross expenditure was £106,207 in 2023-24, compared to £90,680 in 2022-23. Thus demonstrating consistency in the level of expenditure year on year. Transfer of fund5 for 2023-24 was £2,204. Donatioris from ihe public Inot other organi5ationsl were similar to the previous year. in spite of the increase in cost of living and reduction in disposable income many households are experiencing. The audience Survey results demonstrate how highly the festival is valued and the stable levels of donations year on Ye￿ further evidence thi5. However. compared to 2018 and 2019 there has been a notable drop in income from public donations. This is believed to be in part due to the pandemic, the pause in festival activities that happened a5 a result and the impatt of the early cost of living increases had in 2021>2022. The Trustee5 are aware of this as a risk and a￿ taking Steps to bolster income and improve financial stability overtime. FESTIVAL OF FOOLS LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 ReseNes Over recent years, Festival of Fools has begun to build its reseNes and, whilst the position is still modes¢ the charity is becoming financially more resilient year on year. In 2024-25 the Trustees will be completing a full review of the reserves Posltion for Festival of Fools and setting some clear targets for 2025-26 and beyond. The Board recognises that the position has improved in recent years, but that there is Still some way to go until the organization 15 comfortable and rn0￿ able to weather the unpredictability of arts funding in the current climate. The following table captures the reserve5 POSltion for 2022-23 and 2023-24. Type 2022-23 2023-24 Unrestricted £62.015 £67,874 Restricted £9,959 £21,900 Capital l Tangible assets £17,598 £0 Total £89,572 £89.774 Risk Register. R15k A55e55ments and Event Safety Festival of Fools takes a consistent and. where relevant, partnershipled approach to risk assessment, risk management and event safety. Strategically Speaking, Festival of Fools has a stringent Risk Register which outlines the key risks to the organisation and the specific actions detailed to mitigate those risks. The main categorises of risk identified are- Governance, Operational, Financial. Environment and External and Compliance. The risk register is reviewed and discussed at each Board meeting and if additional risks have been identified they are added at that point and mitigations brought into place immediately after. The Risk Register is underpinned by the Risk Assessments we complete for operational activities. The Risk Register has been completely reviewed in Q4 of 2023-24 and was adopted at a Board meeting in April 2024. Safeguarding and Accident Reports are a standing item at each Board meeting. In 2021-22 a new Audit and Risk Sub-committee was formed with three members of the Board and the CEO attending as appropriate. It continued to meet in 2023-24 as needed. Operationally, in recent years the festival team have presented their Event Management Plan to the City Council at the Event Safety Advisory Group prior to the main festival event. In addition. they work c105ely with Belfast City Centre Management Team and the Department for Communities and the Department for Infrastructure to best ensure high quality and safe use of public spaces over both the main festival weekend and any other times events are tsking place throughout the year. Whilst Festival of Fools has its own Public Liability and wider insurance and completes its own risk assessments and risk register, it asks all perforrners to have their own insurance and to complete and share their own risk assessments too. This helps to ensure all possible eventualitie5 are taken into account when planning the event. FESTIVAL OF FOOLS LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Board review the Risk Register regularly and the Risk and Audit sub-committee tske responsibility for updating it and making recommendations to the full Board as needed. Structure. Govemance and Management. The Trustees who are also Directors for the Purposes of Company Law and who seNed in 2023-24 were.. Laura Kelly Ichairl G Erskine (Safeguarding lead) C Traynor (Safeguarding advisor) A Malone (Treasurer) R Lynas S Patterson Dr. E Adams {Secretaryl (Resigned September 20231 Julie Daly (Resigned November 20231 There are no related parties. As a Board, we have continued to provide governance and Strategic d1￿ctIOn to the organisation and offer support when difficulties arise. We continue to pay tribute to our staff and volunteers as well as our supporters for their contribution to the organisation os we continue to promote and profile the art and skills of both community and professional and local and international circus artists. Sadly, we said goodbye to two Board member5, Edward Adams and Julie Daly, in Autumn 2023. 80th had shown huge commitment to the charity over the years, as trustees and long-term and generou5 SUPPOrters of Festival of Fools. For several years, Ed had been Festival of Fools, Secretary. Ed's experiences as a circus parent, his professional career as an educator and his cère and passion for the work we do combine to mean his contribution was immeasurable. Julie, a trained accountant and HR professional, was generous with her expertise and support for the team. Also a circus parent she was supportive of the challenges we faced and committed to working with the team and partners to identify solutions. Both will remain an important part of our history and our on-going story. Following their resignations the remaining Board made the decision to brin9 forward the recruitment drive, which took place in Spring 2024. The CEO wa5 tasked with working with Arts and Business Nl to secure vp to four new Board Member5trrustees by February 2024. Unfortunately no suitable candidates were identified within this timeframe. FESTIVAL OF FOOLS LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Training and development of the Board Opportunities for development, partnership building and more are highlighted throughout the year. These are in addition to the work the Board do to ensure their knowledge and understanding of safeguarding and governance are up-to-date. Where appropriate, courses are accessed through Art5 & Business, Co3, Arts Council Northern Ireland, Northern Ireland Community and Voluntary Association, Children in Northern Ireland and other bodies. When new Trustee5 are appointed, they undergo a period of shadowing and induction. The charity holds whole board strategy day5 from time to time that are attended by other key personnel. The purpose of these days is to scrutinise progress against the strategy, to develop understanding of the current issues, challenges and priorities and to review in more detail upcoming opportunities. Pay Policy Festival of Fools does not currently employ anyone on salary. Where freelancers, artists or others are employed they are contracted on an hourly, daily or Job, basis. Commonly opportunities are widely advertised, quotations reqvested and compared. No trustees are paid for their contribution to the organisation. Plan5 for the Future The organisation remains committed to continuing to develop the festival. Thi5 will mean seeking sustainable, ongoing and recurrent funding to ensure its suNival. 2025 marks the 20th edition of Festival of Fools, so the programme in 2024 was reduced slightly to best ensure financial certainty for the following year. 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 Fools can energise the streets of Belfast 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 DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ststement of trustees. responsbilitie5 The Trustees, who are also the director5 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 applicable law and United Kingdom Accounting Stsndards (United Kingdorn Generally Accepted Accounting Practice). Company Law requires the trustees to Prepa￿ flnancial ststements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of 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,. observe the method5 and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed. subject to any malerial departures disclosed and explained in the financial statements,. and prepare the financial statement5 on the going concern basis unle55 It 15 inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclcse with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the finanoal statement5 comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and oth irregularities. FESTIVAL OF FOOLS LTD TRUSTEES. REPORT {INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsdosure of informatlon 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 fjJrther confirmed that they have taken appropriate Steps to identify such relevant information and to establish that the auditor is aware of such information. The Trust￿, r•port was approved by ih? Board of Tru$tee& L Kelly Trustee FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Oplnlon We have audited the financial statements of Festival of Fools Ltd (the 'charity'l for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheeL the statement of cash flows and note5 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 Financial Reporting Standard 102 The Financial Reporting Stèndaro applicable in the UK and Republic of Ireland Iunited 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 2024 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 Companie5 Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKI} and applicable law. Our responsibilities under those standards are furthef described in the Auditors respon51bilities for the audit orf the linancii15tJtements section of cur 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 UL 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 appr¢priate to provide a basis for our opinion. 10- FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Conclusions relating to going concem 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 Trustee5 Wlth respect to going concern are described in the relevant sections of this report. Other informatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The Trustee5 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 otherwise 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 material misstatement of this other information, we are required to report that fart. We have nothing to report in this regard. 11 FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Matters 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 oplnlon: the information given in the financial ststements is inconsistent in any material respect with the Trustees, report,. 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 explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are 3150 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 a5 the Trustees determine is necessary to enable the preparation of financial statements that are free from material mis5tatemen¢ whether due to fraud or error. In p￿parIng 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 charitable company or to cease operations, or have no realistic alternative but to do so. 12- 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 INorthem Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatemenC whether due to fraud or error, and to issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of a55urance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists. Misstatement5 can arise from *raud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these linancial statements. The extent to which our procedure5 are capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, sector research and the application of 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 charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 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 disclosure5 Wlthin the financial 5tstements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycle5 in place and enquiry of management. 13 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. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of managernent 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/auditorsresponsibilities. This description forms part of our auditoi's report. 14- 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 members as a body, for our audit worl for this report, or for the opinions we have formed. 6t yb Teresa Campbell (Senlor Statutory Auditor) For and on behalf of AAB Group Accountants Limited Chartered Accountants Statutory Auditors 1 3 Arthur Street Belfast Co. Antrim Northern Ireland BTI 4GA 11 15- FESTIVAL OF FOOLS LTD STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds nds 2024 2024 Totsl Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other income 16,489 6.825 7,037 16,489 82.883 7,037 29,153 29,153 87,500 10,716 76,058 87,500 10,716 Totsl Income 30,351 76,058 106,409 39,869 87,500 127,369 Expenditure on: Charitable attivities 22,468 83,739 106,207 8,389 82,291 90,680 Totsl expenditure 22,468 83,739 106,207 8,389 82,291 90,680 Net Income/(exp•ndlture) 7,883 17,6811 202 31,480 5,209 36.689 Transfers between funds 12,0241 2,024 Net mov•m•nt In funds 5,859 15,6571 202 31,480 5.209 36,689 Reconclllatlon of funds: Fund balances at l April 2023 62,015 27,557 89,572 30,535 22,348 52,883 Fund balance5 at 31 March 2024 67,874 21,900 89,774 62,015 27,557 89,572 The statement of financial activities includes all gains and losses recogni5ed in the year. All income and expenditure derive from continuing activities. FESTIVAL OF FOOLS LTD BALANCE SHEET ASA T31 MARCH2024 2024 2023 Notes Fixed •ssets Tangible assets 12 13,007 17,598 Current ass•ts Debtors Cash at bank and in hand 13 10,907 71,881 22,100 69,016 82,788 91,116 Credttors: amounts falling due wlthln one year 14 {6,0211 {19,142) Net ¢urrent assets 76,767 71,974 Totsl assets leyJ current liabilities 89,774 89,572 The funds of the ¢harity Restricted income fijnds Unrestricted funds 17 16 21,900 67,874 27,557 62,015 89,774 89,572 FESTIVAL OF FOOLS LTD BALANCE SHEET (CONTINUED) ASA T31 MARCH2024 The company is entrtled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an Audit has been carried out under sertion 65 of the Charities Act {Northern Ireland) 2008. No member of the company has deposited a notice, pjrsuant to section 476. requiring an audit of these financial statements under the requirements of the COMP￿leS Att 2006. The directors acknowledge their responsibilities for Complying with the requirements of the Compaiwes Att 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 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 cornpanies regime. The financial statements were approved by the Trustees on L Kell TTUStee Company registration number N1058177 (Northem Ireland) 18- FESTIVAL OF FOOLS LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 20 2,865 23,503 Net cash uMd In Investing activities Net R THE YEAR ENDED 31 MARCH 2024 Other Income Unrestrlcted funds Totsl 2024 2023 Other income 7,037 10,716 7,037 10,716 FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities Unrestrlcted Re5trlcted Totsl 2024 Total 2023 2024 2024 Depreciation and impairment Production ArtlSts Fees Insurance Travel & Subsistence Accomodation Bank Charges Volunteer Expenses Equipment Marketing Design General 4,591 9,111 42,739 583 1651 5,333 447 10,431 12151 7,567 4,591 11,637 4S,379 891 1,967 5,433 447 4,591 14,232 38,363 889 3.130 2,537 311 9,286 2,526 2,640 308 2,032 1ChJ 1,745 4,525 5,064 12,176 4,310 12,631 12,918 3,528 2,213 5,741 3,423 22,468 82,739 105,207 89,680 Share of govemance costs (see note 71 1,000 1,000 1,000 22,468 83,739 106,207 90,680 Analy515 by fund Unrestricted funds Restricted funds 22,468 22,468 83,739 8,389 82,291 83,739 22,468 83,739 106,207 90,680 For the year ended 31 March 2023 un￿strICted funds Restricted funds 8,389 82,291 90,680 The total of £90,680 was split £8,389 unrestricted and £82,291 restricted. -26- FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities 2024 2023 Govemance costs 1,000 1,000 Anal￿d between: Audit Fees 1,000 1,000 Net movement In funds 2024 2023 The net movement in fund5 15 stated after charging.. Fee5 payable for the audit of the charity's financial statements Depreciation of owned tangible fixed a55ets 1,000 4,591 4,591 Trustees None of the Trustees lor any person5 connetted with them) received any remLJneration or benefrt5 from the charity during the year. 10 Employee5 The average monthly number of employees during the year wa5.. 2024 Number 2023 Number Totsl There were no employees whose annual remuneration was more than £60,000. 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. -27- FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed asset$ Plant ard Flxtur•s and equlpm•nt fitt¥ng5 Tot•1 At 1 April 2023 9,524 15,385 24,909 At 31 March 2024 9,524 15,385 24,909 Depreclatlon •nd Impairment At l April 2023 Depreciation charged in the year 4,749 2,395 2,562 2,196 7,311 4,591 At 31 March 2024 7,144 4,758 11,902 Carrying amount At 31 March 2024 2,380 10.627 13,007 At 31 March 2023 4.775 12,823 17,598 13 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 520 8,544 1,843 310 20,899 891 10.907 22,11)O 14 Creditor&' amounts falling due wlthln one year 2024 2023 Notes Deferred Income Trade creditors Other credito Accruals and deferred income 15 14,131 4,011 4,119 902 1,000 6,021 19,142 -28- FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Deferred income Opening Balance Incoming Out90ing Closing Balance ACNI 14,131 114,1311 14131 14131 16 Unrestrirted funds The unrestrlcted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustee5 for specific purposes. At 1 Aprll 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 62,01 S 30,351 122,4681 12,0241 67,874 Prevlous year. At 1 April 2022 Incomlng resources Resources expended Tr•nsfets At 31 March 2023 General fund5 30,535 39,869 18,3891 62,015 -29- ¢Y) LD O Ln Ln or￿0 N m J u) m * rs ¢¢ O M Ui 88 Ln o it 0> o FESTIVAL OF FOOLS LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Analysis of net assets between funds Unrestricted funds Restricted funds Total Unrestricted Fund balances at 31 March 2024 are represented ty. Tangible assets Unrestricted Current assets/(liabilitiesl 13,007 54,867 13,007 76,767 21,900 67,874 21,900 89.774 19 Related party transactions Transactions wlth related partles During the year the charity entered into the following transartions with related parties: Festival of Fools entered into transactions With Premiere Circus Limited, a Related Paty. The balance owed to Festival of Foo15 at the balance Sheet date was £8,500 12023 - £20,0001. Thi5 balance is included in other debtors as at year end. 20 Cash generated from operations 2024 2023 Surplus for the year 202 36,689 Adjustments for.. Depreciation and impairment of tsngible fixed assets 4,591 4,591 Movements in working capital: Decreasellincreasel in debtors Increaselldecreasel in creditors Decrease in deferred income 11,193 1,010 114,1311 13,1761 (5,4321 (9,1691 Cash generated from operatlons 2,865 23.503 21 Analysis of changes in net funds The charity had no material debt during the year. 31