Company Registration No. 02722822 (England and Wales)
Charity registration number 1013110
THE MAGIC MATHWORKS TRAVELLING CIRCUS
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
THE MAGIC MATHWORKS TRAVELLING CIRCUS
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs. P Middleditch
Mr. P Stephenson
Secretary
Mr. P Stephenson
Charity number
1013110
Company number
02722822
Registered office
Flat 61, The Maltings
Henty Gardens
Chichester
West Sussex
England
PO19 3DW
Accountants
Azets
First Floor
Unit 55 Ffordd William Morgan
St Asaph Business Park
St Asaph
United Kingdom
LL17 0JG
THE MAGIC MATHWORKS TRAVELLING CIRCUS
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Accountants' report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 11
THE MAGIC MATHWORKS TRAVELLING CIRCUS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 August 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 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Magic Mathworks Travelling Circus exists to explore and demonstrate the possibilities for learning mathematics through the senses. To this end the company tours mathematics laboratories nationally and internationally, supported by an interactive website from which material can be downloaded.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Apart from the usual Circus events and masterclasses, we have been working on how to deliver phased instruction by means of computer in addition to, or in place of, the caption boards we usually use. We have a trial version in use. A new masterclass is devoted to an important recent discovery in the world of aperiodic tilings. An interesting recent contact has been with an officer working with children in care for the London Borough of Hounslow. She hopes to arrange an event run by PGCE students at Brunel University. We are also in discussion with Talking Maths in Public, who plan to develop our 'Number City' idea for a wide public.

 

Financial review

The only significant expenditure has been on materials for a new senior masterclass - 'Finding the one stone', and for improvements to the 'Purple' exhibition, also work by our webmaster to create special PDF files for delivering instructions by iPad at Circus stations. Despite few events, the income has paid for this work.

 

Income

This is derived from the provision of services and some investment income. The total for 2024 amounted to £8,015 (2023: £5,376).

 

Expenditure

Expenditure for the year ended 31st March 2024 was monitored, controlled and increased as appropriate.

 

Unrestricted incoming resources amounted to £8,015 (2023: £5,376) and total unrestricted resources expended amounted to £4,224 (2023: £8,831) resulting in an unrestricted surplus for the year of £3,791 (2023: £3,455 deficit) after investment valuation movement.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have 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.

Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

THE MAGIC MATHWORKS TRAVELLING CIRCUS
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs. P Middleditch
Mr. P Stephenson
Mr. R A Percival
(Deceased 2 October 2023)

There were no new trustees appointed during the year.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Mr. P Stephenson
Trustee
27 September 2024
THE MAGIC MATHWORKS TRAVELLING CIRCUS
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The trustees, who are also the directors of The Magic Mathworks Travelling Circus 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 Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements 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 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 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE MAGIC MATHWORKS TRAVELLING CIRCUS
ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE MAGIC MATHWORKS TRAVELLING CIRCUS FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Magic Mathworks Travelling Circus for the year ended 31 August 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 1 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of The Magic Mathworks Travelling Circus and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Magic Mathworks Travelling Circus and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that The Magic Mathworks Travelling Circus has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Magic Mathworks Travelling Circus. You consider that The Magic Mathworks Travelling Circus is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of The Magic Mathworks Travelling Circus. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Azets
27 September 2024
First Floor
Unit 55 Ffordd William Morgan
St Asaph Business Park
St Asaph
LL17 0JG
United Kingdom
THE MAGIC MATHWORKS TRAVELLING CIRCUS
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Charitable activities
3
3,093
3,241
Investments
4
2,713
2,135
Total income
5,806
5,376
Expenditure on:
Charitable activities
5
4,224
5,603
Net gains/(losses) on investments
9
2,209
(3,228)
Net movement in funds
3,791
(3,455)
Fund balances at 1 September 2023
(67,274)
(63,819)
Fund balances at 31 August 2024
(63,483)
(67,274)

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.
THE MAGIC MATHWORKS TRAVELLING CIRCUS
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
54,212
52,004
Current assets
Cash at bank and in hand
559
4
Creditors: amounts falling due within one year
13
(118,254)
(119,282)
Net current liabilities
(117,695)
(119,278)
Total assets less current liabilities
(63,483)
(67,274)
Income funds
Unrestricted funds
(63,483)
(67,274)
(63,483)
(67,274)

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 August 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 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 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 statements were approved by the Trustees on 27 September 2024
Mr. P Stephenson
Trustee
Company registration number 02722822
Charity registration number 1013110
THE MAGIC MATHWORKS TRAVELLING CIRCUS
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
1
Accounting policies
Charity information

The Magic Mathworks Travelling Circus is a private company limited by guarantee incorporated in England and Wales. The registered office is Flat 61, The Maltings, Henty Gardens, Chichester, West Sussex, PO19 3DW, England.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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 statements, the trustees 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.

1.4
Income

Trading income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

THE MAGIC MATHWORKS TRAVELLING CIRCUS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 party to the contractual 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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 interest. Financial assets classified as receivable within one year are not amortised.

Basic financial 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 services 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates 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. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no critical accounting estimates or judgements.

THE MAGIC MATHWORKS TRAVELLING CIRCUS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
3
Charitable activities

Unrestricted income

Unrestricted income

2024
2023
£
£

Sales and fees for services

3,093
3,241
4
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Investment income

2,713
2,135
5
Charitable activities

Unrestricted expenditure

Unrestricted expenditure

2024
2023
£
£

Purchases

1
428

Sub contractors and assistants

65
130

Advertising and conferences

585
540

Subscriptions    

-
35

Travelling

352
250
1,003
1,383
Share of support costs (see note 6)
2,099
2,012
Share of governance costs (see note 6)
1,122
2,208
4,224
5,603
THE MAGIC MATHWORKS TRAVELLING CIRCUS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
6
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Insurance

395
-
395
380
-
380

Computer costs

-
-
-
462
-
462

Accommodation

-
-
-
146
-
146

Bank charges

-
-
-
1,000
-
1,000

Sundry expenses

144
-
144
24
-
24

Admin expenses

1,560
-
1,560
-
-
-

Accountancy

-
1,122
1,122
-
2,208
2,208
2,099
1,122
3,221
2,012
2,208
4,220
Analysed between
Charitable activities
2,099
1,122
3,221
2,012
2,208
4,220

Governance costs includes payments to the accountants of £1,122 (2023: £2,208) for accountancy fees.

7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8
Employees

There were no employees during the year (2023: nil).

9
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Revaluation of investments
2,209
(3,228)
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11
Fixed asset investments
THE MAGIC MATHWORKS TRAVELLING CIRCUS
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
11
Fixed asset investments
(Continued)
- 11 -

Investments

£
Cost or valuation
At 1 September 2023
52,004
Valuation changes
2,208
At 31 August 2024
54,212
Carrying amount
At 31 August 2024
54,212
At 31 August 2023
52,004
12
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
54,212
52,004
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trustees' loan account
117,624
117,050
Trade creditors
-
24
Accruals and deferred income
630
2,208
118,254
119,282
14
Going concern

At 31 August 2024 total liabilities exceeded total assets by £63,483 (2023: £67,274). It is considered that continued trading will lead to future profitability and this together with financial support provided by the trustees justify the preparation of the financial statements on a going concern basis.

15
Related party transactions

The Charity is reliant on continued financial support from the Trustees. At 31 August 2024, the balance owed to Trustees by the Charity was £117,624 (2023: £117,050).

 

The loan will be recovered by the Trustees when the charity has sufficient cash and reserves to repay the balance.

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