**Registered number: 00745656 Charity number: 221629** **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD (A company limited by guarantee)** **UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **CONTENTS** **----- Start of picture text -----**
Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8 - 9
Notes to the financial statements 10 - 19
DRAFT
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**This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021** |**Trustees**|A Lowrie| |---|---| ||P Hodgetts| ||A Crocker| ||I Thompson| ||J M O'Dowd| ||W Barry| ||A Bull| |DRAFT
**Company registered**
**number**
00745656
**Charity registered**
**number**
221629
**Registered office**
20 Sheepcote Street
Birmingham
West Midlands
B16 8AE
**Company secretary**
I Thompson
**Independent examiner**
Helen Blundell LLB FCA FCIE DChA
**Accountants**
MHA MacIntyre Hudson
Chartered Accountants
Rutland House
148 Edmund Street
Birmingham
B3 2FD
**Investment Managers**
Rathbone Unit Trust Managers
PO Box 9948
Chelmsford
CM99 2AG|| Page 1 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2021** The Trustees present their annual report together with the financial statements of the Company for the year to 31 July 2021. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Objectives and activities** ##  **Policies and objectives** The objects of the Trust are for the promotion and encouragement of education in the arts among the public and the provision of a building suitable for this purpose. In applying these objects the Trust provides a building for The Crescent Theatre Limited and makes contribution to the financing and equipping of the building. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ##  **Main activities undertaken to further the Company's purposes for the public benefit** In providing the required support to the Crescent Theatre to continue to promote and encourage arts among the public the Trustees have considered the Charity Commission's guidance on public benefit. Page 2 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** ## **Achievements and performance** ##  **Review of activities** Covid 19 continued to impact the operations of The Crescent Theatre Limited (CTL) during 2020/21 but thanks to excellent management by the executive team of CTL the Crescent Theatre Trust Limited (CTT) suffered little to no impact. In view of the total loss of income caused by lockdown in March 2020 CTT allowed CTL to defer payment of rent for 6 months which has since been successfully repaid in full. In addition it was agreed that, following review of liabilities under the lease, rent from 1 August 2020 should be increased to £36,000 pa and payments at this rate were fully up to date at 31 July 2021. It has been further agreed that for 2021/22 the rent will be rebated by £1,000pm. This is to enable CTL to make repayments on their BBL which has been transferred to CTT to hold in a fund for future costs. CTL and consequently CTT are indebted to the Cultural Recovery Grant which has enabled our financial stability. It has also helped CTL to pay for replacement of the boiler heating system thus freeing up CTT funds for further improvements to the building. At the close of the financial year CTT and CTL jointly opened discussions with the Landlords to discuss an extension to our lease and future possible major alterations/extensions to the building. CTT will be investing further surplus funds into Rathbone Active Income and Growth Fund. ##  **Investment policy and performance** Under the Memorandum of Association the Trust has the power to invest in any way the Council Members wish. The investment policy takes into account the need to have sufficient access to cash funds for grant making purposes. ## **Financial review** ##  **Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ##  **Reserves policy** The reserves at the balance sheet date were £218,831 (2020: £134,560). The reserves are held for the maintenance of the obligations under the lease and to further promote and encourage the education in the arts of the general public by continued support of the Crescent Theatre. Free reserves available to meet these obligations were £127,002 (2020: £91,910). Grants are made as and when commitments under the lease arise and at such other times as appropriate requests are received from the Crescent Theatre. Page 3 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** ##  **Financial position** During the year rent was receivable of £36,000 (2020: £23,100) and income from investments of £1,502 (2020: £1,992). Grants were made to the Crescent Theatre for repairs and maintenance in the period of £9,376 (2020: £14,888). ## **Structure, governance and management** ##  **Constitution** The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 1 January 1963. The company is governed by its Articles of Association which were prepared at the time. On 20 July 2017 the charitable company changed it's name from The Crescent Theatre (New Building) Trust limited to The Crescent Theatre Trust Ltd. The objects of the Trust as set out in the Memorandum of Association are the promotion and encouragement of education in the arts among the public, and for that purpose to provide a building suitable for the carrying out of the before-mentioned objects. ##  **Appointment of Council Members** As set out in the Articles of Association, the Council may from time to time appoint any member of the Trust as a member of the Council, either to fill a casual vacancy or by way of addition to the Council up to the prescribed maximum of fifteen. Council members are the charity's trustees and directors for the purpose of charity and company law. ##  **Organisational structure and decision-making policies** The Council, which can have up to fifteen members and not less than seven members, administers the charity. The day to day operations of the charity are delegated to the Chairman, Treasurer and Secretary. All important decisions are referred to a full meeting of the Council. ##  **Policies adopted for the induction and training of Trustees** New Trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the Council and decision making processes, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. ##  **Related party relationships** The charity has a close relationship with The Crescent Theatre Limited in accordance with its main object. One trustee of the charity also serves as a trustee of The Crescent Theatre Limited. A Lowrie, A Crocker, P Hodgetts and J M O'Dowd are also members of The Crescent Theatre Limited. Page 4 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021** ## **Structure, governance and management (continued)** ##  **Financial risk management** The Members of the Council each year undertakes a review of the principal areas of the Trust's operations and considers the major risks faced in each of these areas. The object of the review is to ensure that the Trust has the resources and systems that, under normal conditions, will allow these risks to be mitigated to an acceptable level in its day to day operations. ## **Plans for future periods** ## **Statement of Trustees' responsibilities** The Trustees (who are also the directors of the Company for the purposes 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by: ## **J M O'Dowd** (Trustee) Date: Lease negotiations with the theatre company continued although are not yet finalised. Page 5 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2021** ## **Independent examiner's report to the Trustees of The Crescent Theatre Trust Ltd ('the Company')** I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 July 2021. ## **Responsibilities and basis of report** As the Trustees of the Company (and 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'). ## **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: 1. 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 3. 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 4. 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. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed: Helen Blundell Dated: LLB FCA FCIE DChA ## **MHA MacIntyre Hudson** Chartered Accountants Rutland House 148 Edmund Street Birmingham B3 2FD 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 the Company's accounts 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. Page 6 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2021** |D
**Note**
**Income from:**
Donations and legacies
3
Charitable activities
Investments
**Total income**
**Expenditure on:**
Charitable activities
4
**Total expenditure**
**Net income before net gains/(losses)**
**on investments**
Net gains/(losses) on investments
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|RAF
**Unrestricted**
**funds**
**2021**
**£**
**7**
**36,000**
**1,502**
**37,509**
**12,135**
**12,135**
**25,374**
**8,897**
**34,271**
**134,560**
**34,271**
**168,831**|T
**Restricted**
**funds**
**2021**
**£**
**50,000**
**-**
**-**
**50,000**
**-**
**-**
**50,000**
**-**
**50,000**
**-**
**50,000**
**50,000**|**Total**
**funds**
**2021**
**£**
**50,007**
**36,000**
**1,502**
**87,509**
**12,135**
**12,135**
**75,374**
**8,897**
**84,271**
**134,560**
**84,271**
**218,831**|_Total_
_funds_
_2020_
_£_
_28_
_23,100_
_1,992_
_25,120_
_17,553_
_17,553_
_7,567_
_(4,541)_
_3,026_
_131,534_
_3,026_
_134,560_| |---|---|---|---|---| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10 to 19 form part of these financial statements. Page 7 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee) REGISTERED NUMBER: 00745656** ## **BALANCE SHEET AS AT 31 JULY 2021** |DR
**Note**
**Fixed assets**
Tangible assets
8
**Current assets**
Debtors
9
Investments
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
12
**Total net assets**
**Charity funds**
Restricted funds
14
Unrestricted funds
14
**Total funds**|AFT
**21**
**65,799**
**122,943**
**188,763**
**(7,561)**|**2021**
**£**
**41,829**
**181,202**
**223,031**
**(4,200)**
**218,831**
**50,000**
**168,831**
**218,831**|_7,714_
_56,902_
_36,207_
_100,823_
_(3,663)_|_2020_
_£_
_42,650_
_97,160_
_139,810_
_(5,250)_
_134,560_
_-_
_134,560_
_134,560_| |---|---|---|---|---| Page 8 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD (A company limited by guarantee) REGISTERED NUMBER: 00745656** **BALANCE SHEET (CONTINUED) AS AT 31 JULY 2021** The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: **J M O'Dowd** (Trustee) Date: The notes on pages 10 to 19 form part of these financial statements. Page 9 **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **1. General information** The Crescent Theatre Trust Ltd is a charitable company limited by guarantee in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations is to provide support to The Crescent Theatre Limited to continue to promote and encourage arts among the public. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Crescent Theatre Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Going concern** The financial statements have been prepared on a going concern basis. In response to the COVID19 pandemic, the Trustees have considered the potential impact on the charity of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact. Based on these assessments and having regard to the resources available to the charity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. ## **2.3 Income** All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. ## **2.4 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. Page 10 **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **2. Accounting policies (continued)** ## **2.4 Expenditure (continued)** Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. ## **2.5 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.6 Tangible fixed assets and depreciation** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives . Depreciation is provided on the following bases: - Long-term leasehold property Straight line basis - over remainder of the lease - Fixtures and fittings Straight line basis - 10% per year. ## **2.7 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. ## **2.8 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid. ## **2.9 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. All expenditure is inclusive of irrecoverable VAT. Page 11 **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **2. Accounting policies (continued)** ## **2.10 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **3.** ## **2.11 Financial instruments** The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.12 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. ## **Income from donations and legacies** |**Unrestricted**
**funds**
**2021**
**£**
Donations
7
Grants
-
7
_Total 2020_
_28_|**Restricted**
**funds**
**2021**
**£**
-
50,000
50,000
_-_|**Total**
**funds**
**2021**
**£**
**7**
**50,000**
**50,007**
_28_|_Total_
_funds_
_2020_
_£_
_28_
_-_| |---|---|---|---| ||||_28_| ||||| The grant of £50,000 was received from The Crescent Theatre Limited. Provisions are measured at the best estimate of the amounts required to settle the obligation. Page 12 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **4. Analysis of expenditure by activities** **----- Start of picture text -----**
Activities Grant
undertaken funding of Support Total Total
directly activities costs funds funds
2021 2021 2021 2021 2020
£ £ £ £ £
Crescent Theatre 1,446 9,376 1,314 12,136 17,553
Total 2020 1,446 14,888 1,219 17,553
Analysis of direct costs
Total Total
funds funds
2021 2020
£ £
Depreciation 821 821
Ground rent 625 625
1,446 1,446
Analysis of support costs
Total Total
funds funds
2021 2020
£ £
Annual filing fee 13 13
Independent examiner's fee 1,249 1,206
Computer costs 43 -
Land registry 9 -
1,314 1,219
DRAFT
**----- End of picture text -----**
Page 13 **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** **----- Start of picture text -----**
5. Analysis of grants
Grants to Total Total
Institutions funds funds
2021 2021 2020
£ £ £
Crescent Theatre - Repairs and maintenance 9,376 9,376 14,888
Total 2020 14,888 14,888
6. Staff costs
The charity has had no employees in either the year ended 2021 or year ended 2020. Therefore there
has been no employees paid £60,000 or more in either period.
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 July 2021, no Trustee expenses have been incurred (2020 - £NIL) .
DRAFT
**----- End of picture text -----**
Page 14 **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **8. Tangible fixed assets** ||**Long-term**||| |---|---|---|---| ||**leasehold**|**Fixtures and**|| ||**property**|**fittings**|**Total**| ||**£**|**£**|**£**| |**Cost or valuation**|||| |At 1 August 2020|**91,410**|**7,895**|**99,305**| |DRAFT
At 31 July 2021
**91,410**
**7,895**
**99,305**
**Depreciation**
At 1 August 2020
**48,761**
**7,894**
**56,655**
Charge for the year
**821**
**-**
**821**
At 31 July 2021
**49,582**
**7,894**
**57,476**
**Net book value**
At 31 July 2021
**41,828**
**1**
**41,829**
_At 31 July 2020_
_42,649_
_1_
_42,650_
The long-term leasehold property relates to the theatre buildings which were subject to a land exchange
areement and are now situated at Sheepcote Street Birminham Costs represents the oriinal cost t|||| The long-term leasehold property relates to the theatre buildings which were subject to a land exchange agreement and are now situated at Sheepcote Street, Birmingham. Costs represents the original cost to the trust. The leasehold theatre buildings are leased to The Crescent Theatre Limited on a 75 year lease running until 23 June 2073. ## **9. Debtors** ||**2021**|_2020_| |---|---|---| ||**£**|_£_| |**Due within one year**||| |Accrued income|**21**|_7,714_| Page 15 **This draft produced on 22/3/2022 14:16** ## **THE CRESCENT THEATRE TRUST LTD** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **10. Current asset investments** Listed investments **----- Start of picture text -----**
2021 2020
£ £
65,799 56,902
**----- End of picture text -----**
Listed investments held at the year end are Rathbone Active Income and Growth Fund Units. |DRAFT
**11.**
**Creditors: Amounts falling due within one year**
**2021**
**£**
Bank loans
**1,050**
Accruals
**6,511**
**7,561**
**12.**
**Creditors: Amounts falling due after more than one year**
**2021**
**£**
Bank loans
**4,200**
The aggregate amount of liabilities payable or repayable wholly or in part more than five y|_2020_
_£_
_-_
_3,663_| |---|---| ||| ||_3,663_| ||_2020_
_£_
_5,250_| ||ears after the| The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is: ||**2021**|_2020_| |---|---|---| ||**£**|_£_| |Payable or repayable by instalments|**-**|_1,050_| The bank loan is with Lloyds Bank and is supported by the Bounce Back Loan Scheme (BBLS), managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy. LLoyds Bank have received a guarantee from the UK Government under BBLS. The guarantee provides LLoyds Bank with a full guarantee, should The Crescent Theatre Trust Ltd default on repaying this loan. The loan has a fixed interest rate per annum of 2.5% and is repayable in monthly instalments. The Loan period is for 72 months with nothing to pay for the first 12 months. Page 16 **This draft produced on 22/3/2022 14:16** **(A company limited by guarantee)** ## **THE CRESCENT THEATRE TRUST LTD** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **13. Financial instruments** ||**2021**|_2020_| |---|---|---| ||**£**|_£_| |**Financial assets**||| |Financial assets measured at fair value through income and expenditure|**65,799**|_56,902_| Financial assets measured at fair value through income and expenditure comprise of listed investments. ## Page 17 **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **14. Statement of funds** |DRAFT
**Statement of funds - current year**
**Balance at 1**
**August 2020**
**£**
**Income**
**£**
**Expenditure**
**£**
**Unrestricted funds**
General Funds
**134,560**
**37,509**
**(12,135)**
**Restricted funds**
Major improvements
**-**
**50,000**
**-**
**Total of funds**
**134,560**
**87,509**
**(12,135)**
**Restricted Funds**
Major Improvements
Funds received to be used for major improvements to the building.|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2021**
**£**
**8,897**
**168,831**
**-**
**50,000**
**8,897**
**218,831**|**Gains/**
**(Losses)**
**£**
**Balance at**
**31 July 2021**
**£**
**8,897**
**168,831**
**-**
**50,000**
**8,897**
**218,831**| |---|---|---| |||**50,000**| |||**218,831**| |||| Page 18 **This draft produced on 22/3/2022 14:16** **THE CRESCENT THEATRE TRUST LTD** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** ## **14. Statement of funds (continued)** **Statement of funds - prior year** _Balance at 1 August Gains/ Balance at 2019 Income Expenditure (Losses) 31 July 2020 £ £ £ £ £_ **Unrestricted funds** General Funds _131,534 25,120 (17,553) (4,541) 134,560_ **Members' liability** Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £5 for the debts and liabilities contracted before he/she ceases to be a member. **Related party transactions** During the year, in accordance with the main objects of the Trust £36,000 (2020: £23,100) of rent was due. Rent of £Nil (2020: £7,700) was outstanding at the year end and £9,376 (2020: £14,888) of grants ## **15. Members' liability** Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £5 for the debts and liabilities contracted before he/she ceases to be a member. ## **16. Related party transactions** During the year, in accordance with the main objects of the Trust £36,000 (2020: £23,100) of rent was due. Rent of £Nil (2020: £7,700) was outstanding at the year end and £9,376 (2020: £14,888) of grants were paid to The Crescent Theatre Limited. At the year end £4,573 (2020: £2,080) of grants was outstanding. In the year The Crescent Theatre Trust Ltd received a grant of £50,000 from The Crescent Theatre Limited. During the year seven Trustees (2020: seven Trustees) paid subscriptions totalling £7 (2020: £28). Page 19