REGISTERED COMPANY NUMBER: 07591915 (England and Wales) REGISTERED CHARITY NUMBER: 1158624
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2024
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 2024
| 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 2024
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 2024. 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 £370,100 (2023 - £265,690) was ahead of last year due increases in fees and charges. Costs of £340,901 (2023 - £274,618) were also higher than last year due to inflationary pressures mainly on staff and utility costs. Overall there was a surplus of £29,199 which has been retained in reserves for funding future revenue and capital expenditure.
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. Inflationary pressures particularly on wages and utilities and the need to upkeep the old buildings will need to be carefully managed in the near future. 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 2024
Registered office
30 Bentinck Road Nottingham NG7 4AF
Trustees
Mr Atif Hussain Director & Teacher Dr Musharraf Hussain Chief Imam and CEO (resigned 18.9.23) 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 20 November 2024 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 2024.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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
-
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 The Institute of Chartered Accountants in England and Wales
M Ahmed & Co Chartered Accountants 83 Park Road Chilwell Nottingham NG9 4DE
20 November 2024
Page 3
Crescent Educational Trust Limited Trading as The Fig Tree
Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 161,560 Charitable activities Fees 206,902 Other trading activities 2 1,635 Investment income 3 3 Total 370,100 EXPENDITURE ON Charitable activities Educational activities 334,750 Other 6,151 Total 340,901 NET INCOME/(EXPENDITURE) 29,199 RECONCILIATION OF FUNDS Total funds brought forward 14,719 TOTAL FUNDS CARRIED FORWARD 43,918 |
31.3.23 Total funds £ 106,508 158,429 750 3 265,690 268,730 5,888 274,618 (8,928) 23,647 14,719 |
|---|---|
The notes form part of these financial statements
Page 4
Crescent Educational Trust Limited Trading as The Fig Tree
Balance Sheet 31 March 2024
| 31.3.24 | 31.3.23 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 9 | 3,452 | 4,602 |
| CURRENT ASSETS | |||
| Debtors | 10 | - | 3,004 |
| Cash at bank | 51,402 | 27,314 | |
| 51,402 | 30,318 | ||
| CREDITORS | |||
| Amounts falling due within one year | 11 | (10,936) | (20,201) |
| NET CURRENT ASSETS | 40,466 | 10,117 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 43,918 | 14,719 | |
| NET ASSETS | 43,918 | 14,719 | |
| FUNDS | 12 | ||
| Unrestricted funds | 43,918 | 14,719 | |
| TOTAL FUNDS | 43,918 | 14,719 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 2024
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 20 November 2024 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 2024
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 2024
2. OTHER TRADING ACTIVITIES
| 2. | OTHER TRADING ACTIVITIES | ||
|---|---|---|---|
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Rents | 1,635 | 750 | |
| 3. | INVESTMENT INCOME | ||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Deposit account interest | 3 | 3 | |
| 4. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Depreciation - owned assets | 1,150 | 1,534 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.3.24 | 31.3.23 | |
|---|---|---|
| Teachers and general staff | 13 | 10 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 106,508 |
| Charitable activities | |
| Fees | 158,429 |
| Other trading activities | 750 |
| Investment income | 3 |
| Total | 265,690 |
| EXPENDITURE ON | |
| Charitable activities | |
| Educational activities | 268,730 |
| Other | 5,888 |
| Total | 274,618 |
| NET INCOME/(EXPENDITURE) | (8,928) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 23,647 |
| TOTAL FUNDS CARRIED FORWARD | 14,719 |
8. 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. Inflationary pressures particularly on wages and utilities and the need to upkeep the old buildings will need to be carefully managed in the near future. 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.
continued...
Page 9
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
9. TANGIBLE FIXED ASSETS
| 9. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Fixtures | |||||
| and | |||||
| fittings | |||||
| £ | |||||
| COST | |||||
| At 1 April 2023 and 31 March 2024 | 30,991 | ||||
| DEPRECIATION | |||||
| At 1 April 2023 | 26,389 | ||||
| Charge for year | 1,150 | ||||
| At 31 March 2024 | 27,539 | ||||
| NET BOOK VALUE | |||||
| At 31 March 2024 | 3,452 | ||||
| At 31 March 2023 | 4,602 | ||||
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.24 | 31.3.23 | ||||
| £ | £ | ||||
| Prepayments | - | 3,004 | |||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 31.3.24 | 31.3.23 | ||||
| £ | £ | ||||
| Social security and other taxes | 1,510 | 1,696 | |||
| Other creditors | 8,376 | 16,958 | |||
| Accrued expenses | 1,050 | 1,547 | |||
| 10,936 | 20,201 | ||||
| 12. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.4.23 | in funds | 31.3.24 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 14,719 | 29,199 | 43,918 | ||
| TOTAL FUNDS | 14,719 | 29,199 | 43,918 |
continued...
Page 10
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 370,100 TOTAL FUNDS 370,100 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 23,647 TOTAL FUNDS 23,647 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 265,690 TOTAL FUNDS 265,690 |
Resources Movement expended in funds £ £ (340,901) 29,199 (340,901) 29,199 Net movement At in funds 31.3.23 £ £ (8,928) 14,719 (8,928) 14,719 Resources Movement expended in funds £ £ (274,618) (8,928) (274,618) (8,928) |
Resources Movement expended in funds £ £ (340,901) 29,199 (340,901) 29,199 Net movement At in funds 31.3.23 £ £ (8,928) 14,719 (8,928) 14,719 Resources Movement expended in funds £ £ (274,618) (8,928) (274,618) (8,928) |
|---|---|---|
| (8,928) |
A current year 12 months and prior year 12 months combined position is as follows:
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1.4.22 | in funds | 31.3.24 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 23,647 | 20,271 | 43,918 |
| TOTAL FUNDS | 23,647 | 20,271 | 43,918 |
continued...
Page 11
Crescent Educational Trust Limited Trading as The Fig Tree
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12. MOVEMENT IN FUNDS - continued
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 £ 635,790 635,790 |
Resources Movement expended in funds £ £ (615,519) 20,271 (615,519) 20,271 |
|---|---|---|
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 12
Crescent Educational Trust Limited Trading as The Fig Tree
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 51,567 | 21,797 |
| Grants | 109,993 | 84,711 |
| 161,560 | 106,508 | |
| Other trading activities | ||
| Rents | 1,635 | 750 |
| Investment income | ||
| Deposit account interest | 3 | 3 |
| Charitable activities | ||
| Fees | 206,902 | 158,429 |
| Total incoming resources | 370,100 | 265,690 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 237,017 | 195,049 |
| Social security | 7,027 | 4,831 |
| Pensions | 5,365 | 4,659 |
| Rates and water | 10,117 | 10,012 |
| Light and heat | 28,764 | 20,752 |
| Telephone | 1,314 | 1,017 |
| Books and stationery | 8,968 | 6,370 |
| Repairs and maintenance | 13,315 | 9,555 |
| Student welfare | 6,552 | 5,494 |
| Refuse and cleaning | 1,346 | 1,136 |
| Legal & professional | 4,978 | 2,705 |
| Training and consultancy | 105 | 1,524 |
| Licences and subscriptions | 5,570 | 1,684 |
| Events and activities | 4,146 | 2,408 |
| Travel | 166 | - |
| 334,750 | 267,196 | |
| Support costs | ||
| Management | ||
| Advertising | 107 | 1,233 |
| Finance | ||
| Accountancy | 1,650 | 1,602 |
| Carried forward | 1,650 | 1,602 |
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 2024
| 31.3.24 | 31.3.23 | |
|---|---|---|
| £ | £ | |
| Finance | ||
| Brought forward | 1,650 | 1,602 |
| Bank charges | 240 | 120 |
| 1,890 | 1,722 | |
| Other | ||
| Insurance | 3,004 | 2,933 |
| Depreciation | 1,150 | 1,534 |
| 4,154 | 4,467 | |
| Total resources expended | 340,901 | 274,618 |
| Net income/(expenditure) | 29,199 | (8,928) |
This page does not form part of the statutory financial statements
Page 14