2023-12-31-accounts - Circa Art Magazine

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Registered No. NI 20141

CIRCA ART MAGAZINE

(A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL)

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

CIRCA ART MAGAZINE

COMPANY

INFORMATION

Directors Mr Peter FitzGerald Ms Stephanie McBride Ms Sara Greavu Ms Michaële Cutaya Mr Gavin Murphy

Secretary Mr Peter FitzGerald Company number NI 20141 (Incorporated in Northern Ireland) Registered OfOice 10-12 Artillery Street Derry BT48 6RG Northern Ireland

Bankers Allied Irish Banks Plc 40-41 Westmoreland Street Dublin 2

CIRCA ART MAGAZINE (A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL) CONTENTS

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Page
Directors’ report 4
Statement of Oinancial activities 6
Balance sheet 7
Notes to the Oinancial statements 8 – 10
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CIRCA ART MAGAZINE

(A COMPANY LIMITED BY GUARANTEE NOT HAVING SHARE CAPITAL) DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and Oinancial statements for the year ended 31 December 2023.

Principal activities and review of the business

During 2010 the company ceased publication of the print edition of the Circa Art Magazine. The online version of Circa Art Magazine has continued – www.circaartmagazine.net

The commissioned texts from our two guest editors, Brian Curtin and Laurence Counihan, have been coming in, but with some time delays. Only two texts were published online during 2023, with more expected in 2024 and 2025.

JSTOR continues to be our only source of funding.

Directors/Secretary

The following directors have held ofOice during the year

Mr Peter FitzGerald

Ms Stephanie McBride

Ms Sara Greavu

Ms Michaele Cutaya

Mr Gavin Murphy

Statement of directors’ responsibilities

Company law requires the directors to prepare Oinancial statements for each Oinancial year which give a true and fair view of affairs of the company and of the surplus or deOicit of the company for the period. In preparing those Oinancial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and estimates that are reasonable and prudent;
-prepare the Oinancial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the Oinancial position of the company and to enable them to ensure that the Oinancial statements comply with the Companies Act 2006. They are also

responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Status of the company

The company is an incorporated company limited by guarantee, with each member being required to contribute an amount not exceeding €1.27 in the event of the company being wound up. The company operates as a not for profit entity in the public interest

Audit arrangements

For the year ending 31 December 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

By order of the board

Mr P FitzGerald Secretary 5 August 2024

Michaële Cutaya Director

CIRCA ART MAGAZINE

STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating an Income and Expenditure Account)
FOR THE YEAR ENDED 31 DECEMBER 2023
				2023	2022
		Unrestricted	Restricted	Total	Total
		Funds	Funds	Funds	Funds
	Notes	€	€	€	€

Incoming resources
Online Revenues		1,968		1,968	1,916
Arts Council Grant-allocation for current year programmes			-	-	350

Total incoming resources		1,968	0	1,968	2,266


Resources expended
Direct charitable expenditure	2	500	-	500	1,450
Management and administration	3	68		68	309

Total resources expended		568	0	568	1,759


Net (outgoing)/incoming resources	4	1,400	0	1,400	507
before transfers

Transfer between funds		0	0	0	0
Being programme subsidyfrom unrestricted reserves

Taxation
Corporation Tax at 12.5%
Currentyear		175	0	175	65
Prior Year		10	0	10	(4)
		185		185	61


Net movement in funds		1,215	0	1,215	446

Fund balances brought forward at 1 January 2023		2,544	0	2,544	2,098

Fund balances brought forward at 31 December 2023		3,759	0	3,759	2,544

CIRCA ART MAGAZINE

BALANCE SHEET
AS AT 31 DECEMBER 2023

		2023	2022
	Notes	€	€

Fixed Assets
Tangible assets		0	0

Current Assets
Debtors		0	0
Arts Council-undrawngrant due		0	0
Cashat bank		3,934	2,609

		3,934	2,609

Creditors: amounts falling due
withinone year
Portion of Arts Council grant applicable to future programmes		0	0
Accruals: Taxation		175	65
		175	65
Current Assets less Current Liabilities		3,759	2,544


Total Assets Less Current Liabilities		3,759	2,544


Reserves
Unrestricted Funds	5	3,759	2,544
Restricted Funds	5	0	0
		3,759	2,544



For the year ending 31 December 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006
relatingto small companies

The members have not required the companyto obtain an audit of its accounts for theyear inquestion in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records
and thepreparation of accounts.

These accounts have beenprepared in accordance with theprovisions applicable to companies subject to the small companies’ regime.



The financial statements were approved by the Board on 26th June 2024 and signed on its behalf by




Mr P Fitzgerald			Ms Stephanie McBride
Director			Director

CIRCA ART MAGAZINE

BALANCE SHEET
AS AT 31 DECEMBER 2023

		2023	2022
	Notes	€	€

Fixed Assets
Tangible assets		0	0

Current Assets
Debtors		0	0
Arts Council-undrawngrant due		0	0
Cashat bank		3,934	2,609

		3,934	2,609

Creditors: amounts falling due
withinone year
Portion of Arts Council grant applicable to future programmes		0	0
Accruals: Taxation		175	65
		175	65
Current Assets less Current Liabilities		3,759	2,544


Total Assets Less Current Liabilities		3,759	2,544


Reserves
Unrestricted Funds	5	3,759	2,544
Restricted Funds	5	0	0
		3,759	2,544



For the year ending 31 December 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006
relatingto small companies

The members have not required the companyto obtain an audit of its accounts for theyear inquestion in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records
and thepreparation of accounts.

These accounts have beenprepared in accordance with theprovisions applicable to companies subject to the small companies’ regime.



The financial statements were approved by the Board on 26th June 2024 and signed on its behalf by




Mr P Fitzgerald			Ms Stephanie McBride
Director			Director

CIRCA ART MAGAZINE	CIRCA ART MAGAZINE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1	ACCOUNTING POLICIES

1.1	Accounting convention

	The financial statements areprepared under the historical cost convention.

	The companyhas taken advantage of the exemption in FSR1 from the requirement toproduce a
	cashflow statement because it is a small company.

1.2	Incoming resources

	Incoming resources include revenues received from online past editions of the magazine


1.3	Grants

	Grants receivable are allocated in income on aphased basis,calculated
	by reference to the underlying work programme which the grant is supporting




1.4	Taxation

	The Companyoperates as a not forprofit entityin thepublic interest
	Taxation charges arise on certain activities in the Republic of Ireland

1.5	Foreign currencies

	Monetary assets andliabilities denominatedin foreigncurrencies are translatedinto euro at therates
	of exchangeprevailingat the accountingdate. Transactions in foreign currencies are recorded at the
	date of the transactions. All differences are taken to the Income and Expenditure account.

1.6	Fund accounting

	The companyisresponsibleforvarioustypes of funds which require separate disclosure asfollows:

	Restricted funds	-	funds earmarked for a specificpurpose,including programmes
			funded bytheArts Council,AnChomhairleEaloin
	Unrestricted funds	-	funds which are expendable at the discretion of the board

CIRCA ART MAGAZINE	CIRCA ART MAGAZINE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED31 DECEMBER 2023


		Unrestricted		Restricted	2023	2022
2	Direct charitable expenditure		Funds	Funds	Total	Total
			€	€	€	€


	Writers and Review Fees		500		500	1,100



			500	0	500	1,100



		Unrestricted		Restricted	2023	2022
3	Management and administration		Funds	Funds	Total	Total
			€	€	€	€
	Filingfees and web maintenance		0		0	247
	Vouchers for editors		0		0	48
	Sundriesincluding bankcharges		68		68	14
			68		68	309



4	Net (outgoing)/incoming resources				2023	2022
					€	€

	Net(outgoing)/incomingresources are stated after charging:
					-	-
	Registration fees				-	-
					-	-

	These costs were discharged byone of the directors.

CIRCA ART MAGAZINE	CIRCA ART MAGAZINE

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5	Reconciliation of movements in funds	2023	2022
		€	€

	Surplus/(Deficit) for the financial year	1,215	446
	OpeningBalance	2,544	2,098

	ClosingBalance	3,759	2,544


	Unrestricted Funds	3,759	2,544

	Restricted Funds	-	-

	Total	3,759	2,544