REGISTERED COMPANY NUMBER: 07591915 (England and Wales) REGISTERED CHARITY NUMBER: 1158624
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2021
for
Crescent Educational Trust Limited Trading as The Fig Tree
M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
Crescent Educational Trust Limited Trading as The Fig Tree
Contents of the Financial Statements for the Year Ended 31 March 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
Crescent Educational Trust Limited Trading as The Fig Tree
Report of the Trustees for the Year Ended 31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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
Objectives and aims
The principal activity of the charity is that of a school.
The DFES registration number is 8926013.
FINANCIAL REVIEW
Financial position
The financial position is shown in the Statement of Financial Activities. Total income of £232,174 (2019-20 - £252,567) was less than last year due to the effects of Covid-19. Costs of £216,105 (2019-20 - £232,134) were well managed and 7% less than last year resulting is a surplus for the year of £16,069.
Principal funding sources
The Charity does not have any endowments or investments.
The main sources of funds are grants from Nottingham City Council and local organisations, fees from students and donations from local residents and organisations.
Investment policy and objectives
The Charity has not been able to generate any reserves.
Reserves policy
Trustees are aware of the need to maintain reserves of around six months of regular expenditure but it has not been possible to generate such reserves at the moment.
Going concern
The Charity is wholly dependent on fees collected from students, grants from Nottingham City Council and local organisations and donations from local residents. It has small cumulative reserves but has generated a surplus this year. Covid-19 continues to put pressure on funding from fees and other activities but the trustee directors believe that funds will be secured to continue to operate for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity's governing document is the Memorandum and Articles incorporated on 5 April 2011 as amended by special resolution registered at Companies House on 30 August 2014.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07591915 (England and Wales)
Registered Charity number
1158624
Page 1
Crescent Educational Trust Limited Trading as The Fig Tree
Report of the Trustees for the Year Ended 31 March 2021
Registered office
30 Bentinck Road Nottingham NG7 4AF
Trustees
Mr Atif Hussain Director & Teacher Dr Musharraf Hussain Chief Imam and CEO Ms Nusrat Parveen Director
Company Secretary
Ms Nusrat Parveen
Independent Examiner
M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
Approved by order of the board of trustees on 10 November 2021 and signed on its behalf by:
Mr Atif Hussain - Trustee
Page 2
Independent Examiner's Report to the Trustees of Crescent Educational Trust Limited
Independent examiner's report to the trustees of Crescent Educational Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Maqbool Ahmed ACA M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
10 November 2021
Page 3
Crescent Educational Trust Limited Trading as The Fig Tree
Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 165,573 Charitable activities Fees 60,812 Other trading activities 2 5,788 Total 232,173 EXPENDITURE ON Charitable activities Educational activities 216,104 NET INCOME 16,069 RECONCILIATION OF FUNDS Total funds brought forward 841 TOTAL FUNDS CARRIED FORWARD 16,910 |
31.3.20 Total funds £ 131,397 107,201 13,968 252,566 232,133 20,433 (19,592) 841 |
|---|---|
The notes form part of these financial statements
Page 4
Crescent Educational Trust Limited
Trading as The Fig Tree
Balance Sheet 31 March 2021
| 31.3.21 | 31.3.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 8 | 2,077 | 2,769 |
| CURRENT ASSETS | |||
| Debtors | 9 | 1,934 | - |
| Cash at bank | 18,063 | 27,916 | |
| 19,997 | 27,916 | ||
| CREDITORS | |||
| Amounts falling due within one year | 10 | (5,164) | (29,844) |
| NET CURRENT ASSETS | 14,833 | (1,928) | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 16,910 | 841 | |
| NET ASSETS | 16,910 | 841 | |
| FUNDS | 11 | ||
| Unrestricted funds | 16,910 | 841 | |
| TOTAL FUNDS | 16,910 | 841 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
Crescent Educational Trust Limited Trading as The Fig Tree
Balance Sheet - continued 31 March 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 November 2021 and were signed on its behalf by:
Mr Atif Hussain - Trustee
The notes form part of these financial statements
Page 6
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements for the Year Ended 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 7
Crescent Educational Trust Limited
Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
2. OTHER TRADING ACTIVITIES
3.
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Dinner monies | 5,038 | 11,593 |
| Rents | 750 | 2,375 |
| 5,788 | 13,968 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.3.21 | 31.3.20 | |
| £ | £ | |
| Depreciation - owned assets | 692 | 923 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Teachers and general staff No employees received emoluments in excess of £60,000. |
31.3.21 10 |
31.3.20 12 |
|---|---|---|
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 131,397 |
| Charitable activities | |
| Fees | 107,201 |
| Other trading activities | 13,968 |
| Total | 252,566 |
EXPENDITURE ON
continued...
Page 8
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| Charitable activities | |
| Educational activities | 232,133 |
| NET INCOME | 20,433 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | (19,592) |
| TOTAL FUNDS CARRIED FORWARD | 841 |
7. GOING CONCERN
The Charity is wholly dependent on fees collected from students, grants from Nottingham City Council and local organisations and donations from local residents. It has small cumulative reserves but has generated a surplus this year. Covid-19 continues to put pressure on funding from fees and other activities but the trustee directors believe that funds will be secured to continue to operate for the foreseeable future. Accordingly, the accounts have been prepared on a going concern basis.
8. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 DEPRECIATION At 1 April 2020 Charge for year At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 |
Fixtures and fittings £ 25,504 |
|---|---|
| 22,735 692 |
|
| 23,427 | |
| 2,077 | |
| 2,769 |
continued...
Page 9
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses Deferred government grants 11. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 841 TOTAL FUNDS 841 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 232,173 TOTAL FUNDS 232,173 Comparatives for movement in funds At 1.4.19 £ Unrestricted funds General fund (19,592) TOTAL FUNDS (19,592) |
31.3.21 31.3.20 £ £ 1,934 - 31.3.21 31.3.20 £ £ 698 - 4,466 3,746 - 26,098 5,164 29,844 Net movement At in funds 31.3.21 £ £ 16,069 16,910 16,069 16,910 Resources Movement expended in funds £ £ (216,104) 16,069 (216,104) 16,069 Net movement At in funds 31.3.20 £ £ 20,433 841 20,433 841 |
|---|---|
continued...
Page 10
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 252,566 252,566 |
Resources Movement expended in funds £ £ (232,133) 20,433 (232,133) 20,433 |
Resources Movement expended in funds £ £ (232,133) 20,433 (232,133) 20,433 |
|---|---|---|---|
| 20,433 |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.19 | in funds | 31.3.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | (19,592) | 36,502 | 16,910 |
| TOTAL FUNDS | (19,592) | 36,502 | 16,910 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 484,739 484,739 |
Resources Movement expended in funds £ £ (448,237) 36,502 (448,237) 36,502 |
Resources Movement expended in funds £ £ (448,237) 36,502 (448,237) 36,502 |
|---|---|---|---|
| 36,502 |
continued...
Page 11
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2021.
Page 12
Crescent Educational Trust Limited Trading as The Fig Tree
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 35,735 | 15,946 |
| Grants | 129,838 | 115,451 |
| 165,573 | 131,397 | |
| Other trading activities | ||
| Dinner monies | 5,038 | 11,593 |
| Rents | 750 | 2,375 |
| 5,788 | 13,968 | |
| Charitable activities | ||
| Fees | 60,812 | 107,201 |
| Total incoming resources | 232,173 | 252,566 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 161,464 | 187,296 |
| Social security | 2,471 | 2,921 |
| Pensions | 3,463 | 3,420 |
| Rates and water | 11,008 | 8,318 |
| Light and heat | 11,141 | 11,240 |
| Telephone | 926 | 858 |
| Books and stationery | 4,997 | 2,237 |
| Repairs and maintenance | 8,974 | 3,200 |
| Student welfare | 1,933 | 3,463 |
| Refuse and cleaning | 1,194 | 1,422 |
| Training and consultancy | 662 | 1,550 |
| Licences and subscriptions | 3,895 | 2,857 |
| 212,128 | 228,782 | |
| Support costs | ||
| Finance | ||
| Accountancy | 1,350 | 1,220 |
| Other | ||
| Insurance | 1,934 | 1,208 |
| Carried forward | 1,934 | 1,208 |
This page does not form part of the statutory financial statements
Page 13
Crescent Educational Trust Limited Trading as The Fig Tree
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 31.3.21 | 31.3.20 | |
|---|---|---|
| £ | £ | |
| Other | ||
| Brought forward | 1,934 | 1,208 |
| Depreciation | 692 | 923 |
| 2,626 | 2,131 | |
| Total resources expended | 216,104 | 232,133 |
| Net income | 16,069 | 20,433 |
This page does not form part of the statutory financial statements
Page 14