## **THE CRESCENT THEATRE LIMITED** ## **A COMPANY LIMITED BY GUARANTEE DIRECTORS' REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 JULY 2022** **COMPANY NO: 00699933** **REGISTERED CHARITY NO: 245054** ## **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 July 2022** **______________________________________________________________________________________** |**Contents**|**Pages**| |---|---| |Charity Reference and Administrative Details|1| |Directors' and Trustees Report|2 – 9| |Independent Auditors' Report|10 – 13| |Statement of Financial Activities|14| |Balance Sheet|15 – 16| |Statement of Cash Flows|17| |Notes forming part of the Financial Statements|18 – 27| |**_The following schedules do not form part of the statutory accounts_**|| |Detailed income and expenditure account|28 – 29| **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** ## **For the Year Ended 31 July 2022** **______________________________________________________________________________________** Charity Name: The Crescent Theatre Limited Charity Registration Number: 245054 Company Number: 00699933 Registered Office: 20 Sheepcote Street Birmingham B16 8AE Independent Auditors: Haslehursts 88 Hill Village Road Four Oaks Sutton Coldfield West Midlands B75 5BE Bankers: Lloyds Bank Plc 114/116 Colmore Row Birmingham B3 3DP Secretary: J Cunningham Principal Officers: K Middleton – Chairman C Arnold – Treasurer Senior Executive Team J Booth – Theatre Manager E Mitchell – Deputy Theatre Manager J Harper – Technical Manager G Bouhayed – Accounts Administrator Page | 1 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES** **For the Year Ended 31 July 2022** ## **______________________________________________________________________________________** The Directors and Trustees present their report and the audited financial statements of the charity for the year ended 31 July 2022. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 published in October 2019. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **GOVERNING DOCUMENT** The Crescent Theatre Limited is constituted under a Memorandum of Association that established its objects and powers and is governed under its Articles of Association. The charitable company was incorporated as a company limited by guarantee and not having a share capital on 2 August 1961. The charitable company was registered as a charitable company on 23 March 1966. ## **RECRUITMENT AND APPOINTMENT OF DIRECTORS** The Crescent Theatre is made up of the following Directors (who are also the Trustees for the purposes of Charity Law). Directors have the power to appoint Directors to fill casual vacancies or add to the number of Directors but these must be notified at the next Annual General Meeting. The Directors of the charitable company who served during the year and up to the date of this report are set out below (one post vacant). K Middleton (Chairman) J Cunningham (Secretary) C Arnold (Treasurer) J Blackwood L Plumpton R Laird Appointed 7 November 2021 K Maynard S King (Mr) Appointed 7 November 2021 R Snape V Dean Appointed 8 March 2022 S King (Ms) Co-opted November 2021 R Duddin Resigned 8 March 2022 K Goldhawk Resigned 9 October 2021 J Hobbis Resigned 8 March 2022 ## **PATRON** We acknowledge Ruby Turner as our president during the year and thank her for her support. ## **DIRECTORS INDUCTION AND TRAINING** The directors have compiled a Board Induction Pack consisting of a copy of the Company's Memorandum and Articles of Association, a document outlining the basics of Directors' duties and responsibilities under Company Law and the major Charity Commission documents How To Be An Effective Charity Trustee, Trustee Responsibilities and CC03 - The Essential Trustee. The pack also contains eight other Charity Commission documents for reference as required. Page | 2 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES (continued)** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **PAY POLICY FOR SENIOR STAFF** The directors consider the board of directors, who are the Trust's trustees, and the senior management team as the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All directors give their time freely and no director received remuneration in the year. Details of directors' expenses and related party transactions are disclosed in note 7 to the accounts. The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay levels in other provincial theatres of a similar size run on a voluntary basis. ## **RELATED PARTIES** The Crescent Theatre Limited operates from a building leased from The Crescent Theatre Trust Limited, a separately owned and managed company and registered charity. ## **RISK MANAGEMENT** The assets of the charitable company are invested in Lloyds Bank account. The Board has reviewed, identified and assessed potential areas of risk to the organisation. The risks are classed in terms of low to high risk and are monitored on a monthly basis at the Board meetings. These use the main key performance indicators of Box Office Income, Hire Booking Income, Debtor Control and Expenditure set against pre targets to monitor progress. This allows prompt action to mitigate the risk identified. The steps taken include monthly Finance Meetings between the Treasurer/Chairman/Theatre Manager to highlight any shortfalls against set budgets. Monthly forecast reviews across the year trigger stronger cost control ensuring manager authorisation of all expenditure. All expenditure agreed limits across the management team. New Media Marketing strategy has been developed to allow swift, proactive campaigns to address any potential income risk. ## **ORGANISATIONAL STRUCTURE** The day-to-day management of activities, as directed by the Board of Directors, has been delegated to the Theatre Manager. The full board of Directors meets at monthly intervals. Page | 3 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES (continued)** ## **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **OBJECTIVES AND ACTIVITIES** - a. Policies and Objectives The charitable company's objects are to promote, maintain and improve and advance education, particularly by the production of educational plays and the encouragement of the Arts, including the arts of drama, dramatic authorship, mime, dancing, singing and music and to formulate, prepare and establish schemes thereof. - b. Strategies for Achieving Objectives The strategies employed to achieve the Charity’s aims and objectives include: - Presenting a broad range of productions - Engaging with local and national educational organisations to offer performance opportunities to young people. - Engaging with local schools and colleges to ensure that our season includes plays that are relevant to the syllabus and give students the opportunity to see the plays they are studying. - Offering opportunities to a broad range of people to be involved in the dramatic arts as performers, technicians, artists and administrators. ## c. Activities Undertaken to Achieve Objectives The Crescent Theatre Limited continues to provide the resources for a wide-ranging programme of theatre productions staffed by its amateur membership, at the same time offering hiring facilities to independent musical societies and other groups. Bar and refreshment services for patrons and members together with costume and properties hire services are also provided. - d. Main Activities Undertaken to Further the Charity’s Purpose for the Public Benefit The Directors have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the charitable company and in planning any future activities. In particular, they have considered how planned activities will contribute to the aims and objectives set. We host a wide range of events from across the local, national and international community with events for people of all ages and backgrounds. Page | 4 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES (continued)** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **CHAIRMAN'S REVIEW OF THE ACTIVITIES AND ACHIEVEMENTS** We gratefully acknowledge the support of our President Ruby Turner during the year. We continue to recover from the effects of covid with audiences returning to the theatre. We have observed that audience numbers are lower than before the pandemic, a situation that is mirrored across the Business Improvement District in which the Crescent is located as well as other theatres – the closure of multiple West End and Broadway shows has been covered by the media. Our Box Office income is higher than in our last full year of trading pre-covid, buoyed by additional productions occurring in the year, including 2 musicals for a total of 7 Main House and 11 Studio productions versus a normal 6 Main House and 9 Studio. Per production, however, average attendance is lower. We have recruited a Marketing Officer to address this. We received our final payment from Arts Council England under the Culture Recovery Fund in December 2021, which increased our total income on an exceptional basis. The hire operation has proven particularly successful with many companies eager to get back to performing. This helped offset some of the decline in audience numbers that impacted our own Box Office income. Learning from this, we have selected a range of crowd pleasing shows for our centenary season in 2023/24. Through strong budgetary management we have controlled our costs to balance against our income resulting in a strong financial position at the end of the year. Our financial reserves were depleted during covid. Our previous policy of holding 6 months of reserves proved prudent in helping us weather the pandemic and the strong performance this year will allow us to re-build some of the reserves. Electricity costs have been controlled due to us being in a long term contract with our supplier, however gas prices have increased and electricity will increase from August 2023. We are exploring opportunities to obtain more energy efficient stage lighting. Having strong reserves will be important in helping us navigate the energy cost crisis. Our Youth Theatre is back to full activity and after tackling Faustus has moved on to 1984, with a version written specifically for our Youth Theatre. We are working towards our centenary year and steps are underway to mount an exciting programme of events and celebrations. We have some exciting key events locked in and will work on further events and celebrations in the approach to the centenary. Kevin Middleton Chairman Date: Page | 5 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES (continued)** ## **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **ACHIEVEMENTS AND PERFORMANCE** ## **REVIEW OF ACTIVITIES** |**STATISTICS**||**2022**|**2021**| |---|---|---|---| |Membership of Limited Company||118|146| |Youth Theatre||3|-| |Total number of performances:|||| |Main House||52|7| |Studio||80|5| |Touring||11|8| |Seating Capacity:|||| |Main House||301|301| |Studio||100|100| |Bar (as a performance area)||60|60| |**Main House**|**Seats Sold**|**Capacity**|| |||**percentage**|| |Blackadder II|682|22.66%|| |The Wizard of Oz|1292|53.65%|| |All Together Now|94|31.23%|| |James and the Giant Peach|1977|43.79%|| |A Christmas Wassail|381|63.29%|| |The Lovely Bones|738|30.65%|| |Little Shop of Horrors|1214|50.42%|| |**Ron Barber Studio**|||| |Cock|316|39.50%|| |The Revlon Girl|356|44.50%|| |Table Manners|421|52.63%|| |Red Lion|236|29.50%|| |A Number|140|17.50%|| |Swallow|164|23.43%|| |Much Ado about Nothing|470|58.75%|| |The Pitmen Painters|357|44.63%|| |Handbagged|364|45.50%|| |Clybourne Park|219|31.29%|| |Lady Windermere's Fan|117|58.50%|| |**Tour**|||| |A Christmas Wassail @ Highbury Hall|127|63.50%|| |A Christmas Wassail @ Hartlebury Castle|100|100.00%|| |Lady Windermere's Fan @ Birmingham Botanical Gardens|101|50.50%|| |Lady Windermere's Fan @ Castle Bromwich Hall Gardens|58|33.14%|| |Lady Windermere's Fan @ Selly Manor|111|79.29%|| |Lady Windermere's Fan @ Harvington Hall|181|60.33%|| |Lady Windermere's Fan @ Blakesley Hall|90|30.00%|| Page | 6 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES (continued)** ## **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **FINANCIAL REVIEW** ## **Principal Funding Sources** The principal funding sources of the charitable company were box office receipts from productions and touring £134,205 (2021: £13,353), theatre and facilities hire £227,337 (2021: £41,678) and income from bar and catering operations £116,616 (2021: £7,719). The charity was also in receipt of government grants for the year of £36,100 (2021: £341,036) and other grants of £nil (2021: £30,000). ## **Investment Policy** The charitable company's investments are held in cash bank accounts so as to protect capital invested. ## **Reserves policy** The Board of Directors has considered the level of financial reserves required to enable the charity to meet its obligations on an on-going basis. The Directors consider that they should aim to hold as unrestricted funds a level of reserves equivalent to at least two months' outgoing resources increasing to six months' outgoing resources held in reserve over the longer term. The budgeted expenditure for 2022/23 is £530,000 and therefore the targeted level of reserves is in the region of £132,500, the Directors intention is to retain reserves at a minimum of two months and at a maximum of six months with the practical working level considered to be three months. This figure would allow the charity an orderly reduction in activities in the event of a major loss of income. The strategy has always been to build sufficient reserves through operating surpluses and fundraising. The Directors and management of the charity are aware of the urgency to react of any shortfall in income. Unrestricted free general reserves at the year end totalled £309,676 (2021: £245,981). In the coming years it is the intention of the Directors to implement a reserves policy and commit to a level of reserves which will enable the charitable company to continue to be in a position to operate as envisaged. ## **Future Plans** The ongoing repair and maintenance programme will be a major focus. The theatre roof requires work and funds are being raised for this. Audience development will be a key area of the marketing effort to ensure income is maintained. Daytime hire and an expansion of the Prop / Furniture hire are considered good opportunities for income growth. Page | 7 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES (continued)** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **TRUSTEES RESPONSIBILITIES** The trustees (who are also directors of The Crescent Theatre Limited for the purposes of company law) are responsible for preparing the annual Report of the Directors' and Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounted 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 in the Charities SORP FRS102; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK accounting standards 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 charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page | 8 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **REPORT OF THE DIRECTORS AND TRUSTEES (continued)** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **TRUSTEES RESPONSIBILITIES (continued)** In so far as the directors are aware: - there is no relevant audit information of which the charitable company's auditor is unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. ## **AUDITORS** Haslehursts has expressed their willingness to continue in office and will be proposed for re-appointment at the Annual General Meeting. The report has been prepared having taken advantage of the small companies exemptions in the Companies Act 2006. Approved by the board and signed on its behalf by: K Middleton Chairman Date: Page | 9 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CRESCENT THEATRE LIMITED** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **OPINION** We have audited the financial statements of The Crescent Theatre Limited (the 'charitable company') for the year ended 31 July 2022 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **BASIS FOR OPINION** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **CONCLUSIONS RELATING TO GOING CONCERN** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Page | 10 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CRESCENT THEATRE LIMITED (continued)** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **OTHER INFORMATION** The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **OPINIONS ON OTHER MATTERS PERSCRIBED BY THE COMPANIES ACT 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the trustees' report incorporating the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report has been prepared in accordance with applicable legal requirements. ## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit ## **RESPONSIBILITIES OF TRUSTEES** As explained more fully in the trustees' responsibilities statement set out on page 7 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page | 11 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee) INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CRESCENT THEATRE LIMITED (continued)** ## **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the company’s legal and regulatory framework and the industry in which it operates. We considered the risk of acts by the company that might have contravened applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by way of forgery, intentional representations or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Charities Act and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and third party company representatives. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report. Page | 12 ## **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE CRESCENT THEATRE LIMITED (continued)** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **USE OF OUR REPORT** This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Haslehursts Statutory Auditor 88 Hill Village Road Four Oaks Sutton Coldfield West Midlands B75 5BE Date Page | 13 ## **THE CRESCENT THEATRE LIMITED** ## **(A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account)** **For the Year Ended 31 July 2022** **______________________________________________________________________________________** |**Unrestricted**
**Restricted**
**Note**
**Funds**
**Funds**
**£**
**£**
**Income and endowments from:**
Donations and legacies
3
21,845
-
Charitable activities
4
487,550
-
Other income
5
68,102
-
_______
_______
**TOTAL INCOME**
577,497
-
_______
_______
**EXPENDITURE ON:**
Charitable activities
6
513,802
-

_______
_______
**TOTAL EXPENDITURE**
513,802
-
_______
_______
**NET INCOME AND NET**
**MOVEMENT IN FUNDS FOR THE**
**YEAR**
63,695
-
**Reconciliation of Funds**
Total funds brought forward
245,981
-

_______
_______
**TOTAL FUNDS CARRIED**
**FORWARD**
13
309,676
-

|**2022**
**Total**
**£**
21,845
487,550
68,102
_______
577,497
_______
513,802
_______
513,802
_______
63,695
245,981
_______
309,676
|**2021**
**Total**
**£**
15,915
68,869
372,464
_______
457,248
| |---|---|---| |||_______
372,767
_______
372,767
| |||_______
84,481
161,500
_______
245,981
| All amounts above are derived from continuing operations. The statement of financial activities includes all gains and losses recognised during the year. Page | 14 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **BALANCE SHEET** ## **For the Year Ended 31 July 2022 Registered Number 00699933** **______________________________________________________________________________________** |**2022**
**Note**
**£**
**FIXED ASSETS**
Tangible assets
9
**CURRENT ASSETS**
Stock
5,854
Debtors
10
24,085
Cash at bank and in hand
456,224
________
486,163
**CREDITORS:**Amounts falling due
within one year
11
(236,965)
________
**NET CURRENT ASSETS**
**TOTAL ASSETS**
**CREDITORS:**Amounts falling due
after a year
12
**TOTAL ASSETS LESS LIABILITIES**
**RESERVES**
Unrestricted funds
14
Restricted funds
14|**2021**
**£**
**£**
88,815
3,545
34,327
275,402
________
313,274
(132,781)
________
249,198
________
338,013
(28,337)
________
309,676
~~________~~
309,676
-
_______
309,676
~~________~~|**£**
105,075
180,493
________
285,568
(39,587)
________
245,981| |---|---|---| |||~~________~~
245,981
-
________
245,981| |||~~________~~| For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies but as the company is a charity, it is subject to audit under the Charities Act 2011. Page | 15 ## **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** **BALANCE SHEET (continued)** **For the Year Ended 31 July 2022 Registered Number 00699933** **______________________________________________________________________________________** ## **Directors' responsibilities** - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. K Middleton Chairman Date Page | 16 ## **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **STATEMENT OF CASH FLOWS** ## **For the Year Ended 31 July 2022** |**___________________________________________________________________**
**Note**
Cash flow from operating activities
19
Interest paid
**Net cash flow from operating activities**
**Cash flow from investing activities**
Purchase tangible fixed assets
**Net cash flow from investing activities**
**Cash flow from financing activities**
Cash in from new borrowing
Repayments of borrowing
**Net cash flow from financing activities**
**Net increase/(decrease) in cash and cash equivalents**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**|**___________**
**2022**
**£**
194,034
(1,102)
_______
192,932
_______
(2,110)
_______
(2,110)
_______
-
(10,000)
_______
(10,000)
_______
180,822
275,402
_______
456,224
_______|**________**
**2021**
**£**
114,467
(197)
_______
114,270
_______
(80,922)
_______
(80,922)
_______
-
(1,667)
_______
(1,667)
_______
31,681
243,721
_______
275,402
_______| |---|---|---| Page | 17 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS For the Year Ended 31 July 2022** ## **1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** ## **BASIS OF PREPARATION** The Crescent Theatre Limited (the limited charity) is a registered incorporated charity in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is shown in note 17. The address of the registered office is given in the charity information on page 1. The nature of the charity's operations and principal activities are to promote, maintain and improve and advance education, particularly by the production of educational plays and the encouragement of the Arts, including the arts of drama, dramatic authorship, mime, dancing, singing and music to formulate, prepare and establish schemes thereof including the provision of a library and reading room. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **INCOMING RESOURCES** All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). - Voluntary income by way of grants, donations and gifts is included in full in the Statement of Financial Activities when receivable and when the amounts are known with certainty and are measurable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charitable company, are recognised when it becomes unconditionally entitled to the grant. - Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charitable company earns the right to consideration by its performance. Where income is received in advance of performance it is treated as deferred income and included within creditors. ## **RESOURCES EXPENDED** Expenditure is recognised on an accruals basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include audit fees and costs linked to the strategic management of the charitable company. Page | 18 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **RESOURCES EXPENDED (continued)** All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. ## **FUND ACCOUNTING** ## **Restricted Funds** Restricted funds represent grants and donations which are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. ## **Unrestricted funds and designated funds** Unrestricted funds represent funds that are expendable at the discretion of the Directors in the furtherance of the objects of the charitable company. Such funds may be held in order to finance both working capital and capital investment. Designated funds are those funds which are unrestricted in nature but which have been designated by the Directors to be used in a particular manner. ## **VAT** The charitable company is partially exempt for VAT. Value added tax which is not recoverable by the charitable company is included in the relevant costs in the Statement of Financial Activities and tangible fixed assets. ## **TANGIBLE FIXED ASSETS AND DEPRECIATION** Tangible fixed assets are included at cost. Depreciation is provided at the following annual rates on a straight line basis to write off the cost, less the estimated residual value of the assets, over their expected useful economic lives on the following bases: |Fixtures and equipment|7 years| |---|---| |Theatre and production equipment|7 years| |Computer equipment|3 years| |Leasehold improvements|10% and 20%| The charitable company capitalises fixed assets over a value of £300.00 ## **STOCK** Stocks are valued at the lower of cost and estimated net realisable value. ## **OPERATING LEASES** Assets acquired under finance leases are capitalised and depreciated over the lease term and expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net future charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease. Page | 19 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR** Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. ## **RECOGNITION OF LIABILITIES** Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. ## **PENSIONS** The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. Contributions payable for the year are charged in the Statement of Financial Activities. ## **GOING CONCERN** The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. ## **GOVERNMENT GRANTS** Government grants have been recognised under the accruals model. Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. ## **BORROWING COSTS** Borrowing costs are recognised as an expense in the financial statements. ## **2. NET OUTGOING RESOURCES AND OPERATING SURPLUS** |**3.**
**DONATIONS AND LEGACIES**
These are stated after charging the following
Depreciation
Auditors' remuneration - audit services
Operating lease rentals
Donations and legacies
All of the above is attributable to unrestricted funds.|**2022**
**£**
11,727
5,550
-
______
**2022**
**£**
21,845
______|**2021**
**£**
14,465
5,280
-
| |---|---|---| |||______
**2021**
**£**
15,915
| |||______| Page | 20 ## **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** ## **4. CHARITABLE ACTIVITIES** |**OTHER INCOME**
Box office, touring and programmes
Theatre and facilities hire
Bar and catering operations
Subscriptions
All of the above is attributable to unrestricted funds.
Other sundry income
Government grants received
All of the above income is attributable to unrestricted funds.|**2022**
**£**
134,205
227,337
116,616
9,392
_______
487,550
_______
**2022**
**£**
32,002
36,100
_______
68,102
_______|**2021**
**£**
13,353
41,678
7,719
6,119
_______
68,869
| |---|---|---| |||_______
**2021**
**£**
29,147
343,317
_______
372,464
| |||_______| ## **5. OTHER INCOME** Page | 21 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** ## **6. RESOURCES EXPENDED** Where support costs can be specifically identified as being related to an activity they have been allocated on that basis. All other support costs have been allocated to activities on a percentage basis that reflects where the expenditures have been incurred. |**Own**
**productions**
**£**
**Theatre hire**
**& facilities**
**£**
**Governance**
**costs**
**£**
**Costs directly allocated to**
**activities**
Production costs
72,763
-
-
Bar purchases
14,392
26,729
-
Car park subsidy
6,187
11,490
-
Salaries and wages
4,196
7,793
-
Irrecoverable VAT
1,229
2,282
-
**Support costs allocated to**
**activities**
Rent
8,400
15,600
-
Rates
1,637
3,041
-
Insurances
6,495
12,063
-
Heat, light and water
19,742
36,663
-
Repairs and maintenance
2,865
5,322
-
Security costs
209
389
-
Cleaning
1,435
2,666
-
Sundry expenses
2,502
4,646
-
Wages, salaries and pensions
61,968
115,083
-
National insurance
610
1,133
-
Pensions
842
1,565
-
Telephone
359
668
-
Stationery and general printing
1,278
2,372
-
Computer expenses
-
-
-
Irrecoverable VAT
702
1,305
-
Legal and professional fees
450
835
-
Licence and subscriptions
6,585
12,228
-
Auditors’ remuneration
-
-
5,550
Donations
-
-
-
Bad debts
457
849
-
Depreciation
4,104
7,623
-
Bank charges
3,064
5,691
-
Loan interest
386
716
-
Profit/loss sale intangible asset
2,325
4,318
-
________
________
________
225,182
283,070
5,550


|**Total**
**2022**
**£**
72,763
41,121
17,677
11,989
3,511
24,000
4,678
18,558
56,405
8,187
598
4,101
7,148
177,051
1,743
2,407
1,027
3,650
-
2,007
1,285
18,813
5,550
-
1,306
11,727
8,755
1,102
6,643
_______
513,802
|**Total**
**2021**
**£**
15,575
3,918
10,390
400
1,414
43,700
588
19,054
35,105
10,576
238
1,773
4,294
129,419
2,949
1,460
3,982
1,085
5,148
808
2,132
7,931
5,280
50,000
(1,805)
14,465
2,691
197
-
_______
372,767
| |---|---|---| Of the above expenditure £513,802 (2021: £372,767) was attributable to unrestricted funds and £nil (2021: £nil) was attributable to restricted funds. Page | 22 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **7. STAFF COSTS AND NUMBERS** |Salaries and wages
Social security
Pension costs
All of the above income is attributable to unrestricted funds.
The average number of employees during the year was:
Technical Support
Front of House
Management and administration
Cleaners
Other|**2022**
**£**
189,040
1,743
2,407
_______
193,190
_______
**2022**
9
5
7
4
1
___
26
___|**2021**
**£**
129,819
2,949
1,460
_______
134,228
| |---|---|---| |||_______
**2021**
7
4
6
3
1
___
21
___| No employees earned in excess of £60,000. In addition to the above paid staff, there are a large number of volunteers who assist duty staff with ushering and catering tasks and the technical team with event presentation. The total amount of employee benefits received by key management personnel is £72,914 (2021: £48,926). The charitable company considers its key management personnel comprises of 3 individuals, being Theatre Manager, Deputy Theatre Manager and Technical manager. ## **8. DIRECTORS REMUNERATION AND TRANSACTIONS WITH DIRECTORS** No Director received any remuneration or expenses during the year. Reimbursements of £785 were made to three Directors in the year (2021: £119 made to three Directors) for purchases made on behalf of the charitable company. No Director or other person related to the charitable company had any personal interest in any contract or transaction entered into by the charitable company during the year. Page | 23 ## **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **9. TANGIBLE FIXED ASSETS** ||||**Fixtures**|**Theatre and**|| |---|---|---|---|---|---| ||**Leasehold**|**Computer**|**and**|**production**|| ||**Improvements**|**equipment**|**fittings**|**equipment**|**Total**| ||**£**|**£**|**£**|**£**|**£**| |**COST**|||||| |1 August 2021|219,016|46,747|183,403|344,858|794,024| |Additions|-|965|-|1,145|2,110| |Disposals|-|(41,736)|(157,774)|(296,025)|(495,535)| ||_______|______|_______|_______|_______| |31 July 2022|219,016|5,976|25,629|49,978|300,599| ||_______|______|_______|_______|_______| |**DEPRECIATION**|||||| |1 August 2021|163,681|43,922|174,629|306,717|688,949| |Charge for the year|2,862|1,099|995|6,771|11,727| |Disposals|-|(40,799)|(151,863)|(296,230)|(488,892)| ||_______|______|_______|_______|_______| |31 July 2022|166,543|4,222|23,761|17,258|211,784| ||_______|______|_______|_______|_______| |**NET BOOK**|||||| |**AMOUNT**|||||| |31 July 2022|52,473|1,754|1,868|32,720|88,815| ||_______|______|_______|_______|_______| |31 July 2021|55,335|2,825|8,774|38,141|105,075| ||_______|______|_______|_______|_______| All fixed assets are held for charitable purposes. ## **10. DEBTORS: AMOUNTS DUE WITHIN ONE YEAR** |Trade debtors
Prepayments
Other debtors
VAT|**2022**
**£**
7,953
12,629
3,503
-
_______
24,085
_______|**2021**
**£**
3,675
23,178
5,198
2,276
_______
34,327
_______| |---|---|---| Page | 24 ## **THE CRESCENT THEATRE LIMITED** ## **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **11. CREDITORS: AMOUNTS DUE WITHIN ONE YEAR** |||||||**2022**|**2021**| |---|---|---|---|---|---|---|---| |||||||**£**|**£**| ||Banks loans and overdrafts|||||9,996|8,746| ||Trade creditors|||||94,153|51,802| ||Deferred income - hire deposits|in advance||||67,322|43,950| ||Other creditors|||||48,304|18,424| ||Accruals|||||17,190|9,859| |||||||_______|_______| |||||||236,965|132,781| |||||||_______|_______| |**12.**|**CREDITORS: AMOUNTS DUE WITHIN ONE YEAR**||||||| |||||||**2022**|**2021**| |||||||**£**|**£**| ||Banks loans and overdrafts|||||28,337|39,587| |||||||_______|_______| |||||||28,337|39,587| |||||||_______|_______| |**13.**|**ANALYSIS OF NET ASSETS BETWEEN FUNDS**||||||| |||||**Unrestricted**||
**Restricted**|**2022**| ||Tangible fixed assets|||88,815||-|88,815| ||Net current assets|||259,194||-|259,194| ||Non-current liabilities|||(38,333)||-|(38,333)| |||||_______||_______|_______| |||||309,676||-|309,676| |||||_______|||_______| |**14.**|**FUNDS**||||||| |||**Balance at 1**||**Incoming**|**Outgoing**
**Balance at**||| |||**August 2021**||**Resources**|**Resources**
**31**||**July 2022**| ||**UNRESTRICTED FUNDS**||||||| ||General|245,981||577,497||(513,802)|309,676| ||**RESTRICTED FUNDS**||||||| ||None||-|-||-|-| |||_______||_______||_______|_______| |||245,981||577,497||(513,802)|309,676| |||_______||_______||_______|_______| Page | 25 **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **15. FINANCIAL COMMITMENTS** At the year end the charitable company has minimum payments under non-cancellable operating leases as follows: |Lease payments due within a year|**2022**
**£**
-
_______
-
_______|**2021**
**£**
-
_______
-
_______| |---|---|---| ## **16. TAXATION** As a charitable company, The Crescent Theatre Limited, is exempt from tax on income and gains falling within section 478 of the Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen within the charitable company. ## **17. MEMBERS LIABILITY** The liability of the members as set out in the Memorandum of Association of the charitable company is as follows: Every member of The Crescent Theatre Limited undertakes to contribute to the assets of The Crescent Theatre Limited in the event of the same being wound up while they as a member, or within one year after they cease to be a member, for payment of the debts and liabilities of The Crescent Theatre Limited contracted before they cease to be a member, and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributors amongst themselves, such amount as may be required not exceeding 12 ½p. At 31 July 2022 there were 118 members of the company (2021: 146 members). ## **18. RELATED PARTY TRANSACTIONS** The Crescent Theatre Limited operates from a building leased from The Crescent Theatre Trust Limited, a separately owned and managed company and registered charity. One director of the company was a trustee of The Crescent Theatre Trust Limited during the year. Rent is charged by The Crescent Theatre Trust Limited to The Crescent Theatre Limited for use of the building amounting to £24,000 (2021: £43,700). At the year end there was a balance of £3,503 (2021: £5,198) owing from The Crescent Theatre Trust Limited. Page | 26 ## **THE CRESCENT THEATRE LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ## **19. RECONCILIATION OF NET MOVEMENT IN FUNDS TO CASH FLOW FROM OPERATING ACTIVITIES** |Net movement in funds
Depreciation of tangible fixed assets
Interest paid
Loss on disposal of fixed assets
(Increase) / Decrease in stock
Decrease/(Increase) in debtors
Increase in creditors|**2022**
**£**
63,695
11,727
1,102
6,643
(2,309)
10,242
102,934
_______
194,034
_______|**2021**
**£**
84,481
14,465
197
-
565
(17,300)
32,059
_______
114,467
_______| |---|---|---| Page | 27 ## **THE CRESCENT THEATRE LIMITED** ## **(A company limited by guarantee)** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT For the Year Ended 31 July 2022** **______________________________________________________________________________________** ||**2022**||**2021**|| |---|---|---|---|---| ||**£**|**£**|**£**|**£**| |**Income**||||| |Box office|134,205||13,353|| |Theatre hire|216,637||40,674|| |Wardrobe|1,520||10|| |Properties hire|9,180||994|| |Bar|116,616||7,719|| ||_______||_______|| |||478,158||62,750| |**Direct Costs**||||| |Production costs (page 29)|72,763||15,575|| |Salaries & wages re Theatre hire|11,989||400|| |Bar purchases|41,121||3,918|| |Car park subsidy|17,677||10,390|| ||_______||_______|| |||(143,550)||(30,283)| |||_______||_______| |**Gross Surplus**||334,608||32,467| |**Other operating income**||||| |Sundry receipts|-||30,000|| |Subscriptions|9,392||6,119|| |Donations|21,845||15,915|| |Other (including interest received)|32,002||1,428|| |Government grants received|36,100||341,036|| ||_______||_______|| |||99,339||394,498| |Theatre overheads (page 29)|321,254||253,913|| |Administrative expenses (page 29)|48,998||38,571|| |Donations|-||50,000|| ||_______||_______|| |||(370,252)||(342,484)| |||_______||_______| |**Net incoming / (Expenditure) resources for**
**the year**||63,695||84,481| |||_______||_______| Page | 28 ## **THE CRESCENT THEATRE LIMITED** ## **(A company limited by guarantee)** ## **DETAILED INCOME AND EXPENDITURE ACCOUNT (continued) For the Year Ended 31 July 2022** **______________________________________________________________________________________** ||**2022**|**2021**| |---|---|---| ||**£**|**£**| |**Production Costs**||| |Production costs|29,559|5,523| |Royalties|21,791|2,925| |Publicity (including hire publicity)|16,898|5,310| |Irrecoverable VAT|4,515|1,817| ||_______|_______| ||72,763|15,575| ||_______|_______| |**Theatre Overheads**||| |Salaries and wages|177,051|129,419| |National insurance|1,743|2,949| |Pension costs|2,407|1,460| |Heat, light and water|56,405|35,105| |Rates|4,678|588| |Repairs and maintenance|8,187|10,576| |Security costs|598|238| |Computer costs|11,561|5,148| |Insurances|18,558|19,054| |Cleaning|4,101|1,773| |Rent|24,000|43,700| |Sundry expenses|7,148|4,294| |Bad debts|1,306|(1,805)| |Irrecoverable VAT|3,511|1,414| ||_______|_______| ||321,254|253,913| ||_______|_______| |**Administrative expenses**||| |Bank and credit card charges|8,755|2,691| |Loan interest|1,102|197| |Stationery and general printing|3,650|1,085| |Telephone|1,027|3,982| |Licenses and subscriptions|7,252|7,931| |Legal and professional fees|1,285|2,132| |Auditors’ remuneration|5,550|5,280| |Depreciation|11,727|14,465| |Irrecoverable VAT|2,007|808| |Loss on disposal|6,643|-| ||_______|_______| ||48,998|38,571| ||_______|_______| Page | 29