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**
1
## **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
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## **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
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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**
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|**CIRCA ART MAGAZINE**|**CIRCA ART MAGAZINE**|**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|
||||||||||||||
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|**CIRCA ART MAGAZINE**|**CIRCA ART MAGAZINE**|**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 programme**s**||||||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**|**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 programme**s**||||||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||
||||||||||
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|**CIRCA ART MAGAZINE**|**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|||||
||||||||||
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|**CIRCA ART MAGAZINE**|**CIRCA ART MAGAZINE**|**CIRCA ART MAGAZINE**||||||||||
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|||||||||||||
|**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.|||||||||||
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|**CIRCA ART MAGAZINE**|**CIRCA ART MAGAZINE**|**CIRCA ART MAGAZINE**|||||||||
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||||||||||||
|**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|
||||||||||||
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