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2025-07-31-accounts

REGISTERED COMPANY NUMBER: 00699933 (England and Wales) REGISTERED CHARITY NUMBER: 245054

Report of the Trustees and

Financial Statements

for the Year Ended 31 July 2025

for

The Crescent Theatre Limited

Locke Williams Associates LLP Chartered Accountants Registered Auditors Studio 2 50-54 St Pauls Square Birmingham West Midlands B3 1QS

The Crescent Theatre Limited

Contents of the Financial Statements for the Year Ended 31 July 2025

Page
Reference and Administrative Details 1
Report of the Trustees TBA
Report of the Independent Auditors TBA
Statement of Financial Activities 10
Balance Sheet 11 to 12
Cash Flow Statement 13
Notes to the Financial Statements 14 to 22
Detailed Statement of Financial Activities 23 to 24

The Crescent Theatre Limited

Reference and Administrative Details for the Year Ended 31 July 2025

TRUSTEES K Middleton (Chairman) Mrs J Cunningham (resigned 4.2.25) S Davis (Treasurer) Mrs J P Blackwood Miss E R Plumpton Mrs J J J Thurston (resigned 4.2.25) Miss K Maynard A M P Davenport (resigned 4.2.25) Mrs R A Snape Mrs V E Dean A Elkington D C A Johnson (co-opted) (resigned 4.2.25) R A Duddin (co-opted) (resigned 4.2.25) R V Natkiel Director (appointed 19.8.24) S C Message (appointed 13.8.25) P W Hodgetts (Secretary) (appointed 4.2.25)

PATRON

We acknowledge Ruby Turner as our president during the year and thank her for her support.

COMPANY SECRETARY P W Hodgetts
REGISTERED OFFICE 20 Sheepcote Street
Birmingham
West Midlands
B16 8AE
REGISTERED COMPANY 00699933 (England and Wales)
NUMBER
REGISTERED CHARITY 245054
NUMBER
AUDITORS Locke Williams Associates LLP
Chartered Accountants
Registered Auditors
Studio 2
50-54 St Pauls Square
Birmingham
West Midlands
B3 1QS
PRINCIPAL OFFICERS K Middleton - Chairman
S Davis - Treasurer
SENIOR EXECUTIVE TEAM J Booth – Theatre Manager
J Harper – Technical Manager
G Bouhayed – Accounts Administrator
Luke Sheppard – Front of House Supervisor

Page 1

The Crescent Theatre Limited

Statement of Financial Activities for the Year Ended 31 July 2025

31.7.25
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
14,381
Charitable activities
4
Charitable activities
884,861
Investment income
3
4,284
Other income
5
77,425
Total
980,951
EXPENDITURE ON
Charitable activities
6
Own productions
334,639
Theatre hire & facilities
621,470
Governance
4,300
Total
960,409
NET INCOME
20,542
RECONCILIATION OF FUNDS
Total funds brought forward
398,893
TOTAL FUNDS CARRIED FORWARD
419,435		 31.7.24
Total
funds
£
13,347
628,068
4,920
53,007
699,342
226,721
421,055
3,455
651,231
48,111
350,782
398,893

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 10

The Crescent Theatre Limited

Balance Sheet 31 July 2025

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 31.7.25
Total
funds
£
81,807
8,101
42,827
597,835
648,763
(311,135)
337,628
419,435
419,435
419,435
419,435		 31.7.24
Total
funds
£
75,115
4,224
18,854
556,362
579,440
(255,662)
323,778
398,893
398,893
398,893
398,893

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

Page 11

The Crescent Theatre Limited

Balance Sheet - continued 31 July 2025

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 ............................................. and were signed on its behalf by:

............................................. K Middleton - Trustee

The notes form part of these financial statements

Page 12

The Crescent Theatre Limited

Cash Flow Statement for the Year Ended 31 July 2025

Notes
Cash flows from operating activities
Cash generated from operations
21
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 31.7.25
£
55,797
55,797
(18,608)
-
4,284
(14,324)
41,473
556,362
597,835		 31.7.24
£
153,379
153,379
(500)
98
4,920
4,518
157,897
398,465
556,362

The notes form part of these financial statements

Page 13

The Crescent Theatre Limited

Notes to the Financial Statements for the Year Ended 31 July 2025

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.

Principal activities

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.

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.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

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.

Allocation and apportionment of costs

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.

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.

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.

Page 14

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - Straight line over 20 years
Theatre and production equipment - Straight line over 7 years
Fixtures and fittings - Straight line over 7 years
Computer equipment - Straight line over 3 years

The charitable company capitalises fixed assets over a value of £300.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Page 15

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Box office, touring and programmes
Theatre and facilities hire
Bar and catering operations
Subscriptions
5.
OTHER INCOME
Other sundry income
6.
CHARITABLE ACTIVITIES COSTS
Own productions
Theatre hire & facilities
Governance		 Direct
Costs (see
note 7)
£
49,570
92,058
-
141,628		 31.7.25
£
14,381
31.7.25
£
4,284
31.7.25
£
178,078
492,285
201,854
12,644
884,861
31.7.25
£
77,425
Support
costs (see
note 8)
£
285,069
529,412
4,300
**818,781 **		 31.7.24
£
13,347
31.7.24
£
4,920
31.7.24
£
181,662
267,331
165,422
13,653
628,068
31.7.24
£
53,007
Totals
£
334,639
621,470
4,300
960,409

Page 16

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

Production costs
Bar purchases
Irrecoverable VAT		 31.7.25
£
66,167
70,959
4,502
141,628		 31.7.24
£
79,018
54,122
4,925
138,065

8. SUPPORT COSTS

Own productions
Theatre hire & facilities
Governance
Own productions
Theatre hire & facilities
Governance		 Premises
Staff
costs
costs
£
£
109,402
147,394
203,177
273,731
-
-
312,579
421,125
Finance
Governance
costs
costs
£
£
5,249
-
9,748
-
-
4,300
14,997
4,300		 Office
costs
£
23,024
42,756
-
65,780
Totals
£
285,069
529,412
4,300
818,781

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.

Support costs, included in the above, are as follows:

Own
productions
activities
£
Rent
53,324
Rates
389
Insurances
10,145
Heat, light and water
30,775
Repairs and
maintenance
10,909
Security costs
496
Cleaning
1,733
Sundry expenses
1,631
Salaries and wages
139,437
Social security
6,206
Pensions
1,751
Telephone
887
Stationery and general
printing
1,404
Carried forward
259,087		 Theatre
hire &
facilities
Governance
£
£
99,030
-
723
-
18,842
-
57,152
-
20,261
-
921
-
3,219
-
3,029
-
258,955
-
11,525
-
3,251
-
1,646
-
2,606
-
481,160
-		 31.7.25
31.7.24
Total
Total
activities
£
£
152,354
44,000
1,112
(5,241)
28,987
23,352
87,927
90,354
31,170
18,463
1,417
3,397
4,952
5,240
4,660
5,163
398,392
244,825
17,731
9,369
5,002
2,937
2,533
1,587
4,010
3,269
740,247
446,715

Page 17

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

8. SUPPORT COSTS - continued

Own
productions
activities
£
Brought forward
259,087
Computer expenses
8,310
Irrecoverable VAT
900
Legal and professional
fees
337
Licence and
subscriptions
7,015
Depreciation of tangible
fixed assets
4,171
Bank charges
5,249
Auditors' remuneration
-
285,069		 Theatre
hire &
facilities
Governance
£
£
481,160
-
15,433
-
1,672
-
625
-
13,029
-
7,745
-
9,748
-
-
4,300
529,412
4,300		 31.7.25
31.7.24
Total
Total
activities
£
£
740,247
446,715
23,743
18,854
2,572
2,814
962
1,007
20,044
16,423
11,916
11,580
14,997
12,318
4,300
3,455
818,781
513,166

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets		 31.7.25
£
4,300
11,916		 31.7.24
£
3,455
11,580

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2025 nor for the year ended 31 July 2024.

Trustees' expenses

Reimbursements of £3,240 were made to nine Directors in the year (2024 - £501) for purchases made on behalf of the charitable company.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 31.7.25
£
398,392
17,731
5,002
421,125		 31.7.24
£
244,825
9,369
2,937
257,131

Page 18

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

11. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Technical Support
Front of House
Management and administration
Cleaners		 31.7.25
12
21
8
3
46		 31.7.24
10
6
7
2
25

No employees received emoluments 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 £140,950 (2024 - £121,122). The charitable company considers its key management personnel comprises of 5 individuals, being Theatre Manager, Deputy Theatre Manager, Technical Manager, FoH Supervisor and Accounts Administrator.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

All income and expenditure for 2024 related to unrestricted funds.

13. TANGIBLE FIXED ASSETS

Improvements
to
property
£
COST
At 1 August 2024
219,016
Additions
-
At 31 July 2025
219,016
DEPRECIATION
At 1 August 2024
172,267
Charge for year
2,862
At 31 July 2025
175,129
NET BOOK VALUE
At 31 July 2025
43,887
At 31 July 2024
46,749		 Theatre
and
production
equipment
£
59,428
15,704
75,132
32,540
8,179
40,719
34,413
26,888		 Fixtures
and
fittings
£
25,499
1,966
27,465
24,857
343
25,200
2,265
642		 Computer
equipment
£
5,976
938
6,914
5,140
532
5,672
1,242
836		 Totals
£
309,919
18,608
328,527
234,804
11,916
246,720
**81,807 **
75,115

All fixed assets are held for charitable purposes.

Page 19

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

14.
STOCKS
Stocks
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals
Deferred income - hire deposits in advance
17.
MOVEMENT IN FUNDS
At 1.8.24
£
Unrestricted funds
General fund
398,893
TOTAL FUNDS
398,893
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
980,951
TOTAL FUNDS
**980,951 **		 31.7.25
31.7.24
£
£
8,101
4,224
31.7.25
31.7.24
£
£
17,066
1,624
2,748
753
23,013
16,477
42,827
18,854
31.7.25
31.7.24
£
£
116,475
139,954
43,229
22,239
40,905
28,208
12,740
13,400
97,786
51,861
311,135
255,662
Net
movement
At
in funds
31.7.25
£
£
20,542
419,435
20,542
419,435
Resources
Movement
expended
in funds
£
£
(960,409)
20,542
(960,409)
20,542

Page 20

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.8.23
£
Unrestricted funds
General fund
350,782
TOTAL FUNDS
350,782
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
699,342
TOTAL FUNDS
699,342		 Net
movement
At
in funds
31.7.24
£
£
48,111
398,893
48,111
398,893

Resources
Movement
expended
in funds
£
£
(651,231)
48,111
(651,231)
48,111

18. 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.

19. MEMBERS LIABILITY

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 2025 there were 250 members of the company (2024 - 260 members).

20. RELATED PARTY DISCLOSURES

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 (2024 - £24,000). At the year end there was a balance of £2,748 (2024 - £753) owing from The Crescent Theatre Trust Limited.

During the year The Crescent Theatre Limited paid £132,294 to the Old Rep Theatre Limited, a company limited by guarantee, whose directors are also trustees of the charity. Old Rep Theatre Limited (ORT) holds a 15 year lease on The Old Rep Theatre, Station Street, Birmingham. ORT has asked the charity to operate the building on its behalf. ORT costs, such as rent and utilities will be passed on to the Charity on a cost plus 1% basis. Any operating surplus will be retained by the charity.

Page 21

The Crescent Theatre Limited

Notes to the Financial Statements - continued for the Year Ended 31 July 2025

21. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.7.25 31.7.24
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 20,542 48,111
Adjustments for:
Depreciation charges 11,916 11,580
Interest received (4,284) (4,920)
(Increase)/decrease in stocks (3,877) 70
(Increase)/decrease in debtors (23,973) 5,799
Increase in creditors 55,473 92,739
Net cash provided by operations **55,797 ** 153,379

22. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.24 Cash flow At 31.7.25
£ £ £
Net cash
Cash at bank and in hand **556,362 ** 41,473 597,835
**556,362 ** 41,473 597,835
Total **556,362 ** 41,473 597,835

Page 22

The Crescent Theatre Limited

Detailed Statement of Financial Activities
for the Year Ended 31 July 2025
31.7.25 31.7.24
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 14,381 13,347
Investment income
Deposit account interest 4,284 4,920
Charitable activities
Box office, touring and programmes 178,078 181,662
Theatre and facilities hire 492,285 267,331
Bar and catering operations 201,854 165,422
Subscriptions 12,644 13,653
884,861 628,068
Other income
Other sundry income 77,425 53,007
Total incoming resources 980,951 699,342
EXPENDITURE
Charitable activities
Production costs 66,167 79,018
Bar purchases 70,959 54,122
Irrecoverable VAT **4,502 ** 4,925
141,628 138,065
Support costs
Premises costs
Rent 152,354 44,000
Rates 1,112 (5,241)
Insurances 28,987 23,352
Heat, light and water 87,927 90,354
Repairs and maintenance 31,170 18,463
Security costs 1,417 3,397
Cleaning 4,952 5,240
Sundry expenses 4,660 5,163
312,579 184,728
Staff costs
Salaries and wages 398,392 244,825
Social security 17,731 9,369
Pensions **5,002 ** 2,937
421,125 257,131

This page does not form part of the statutory financial statements

Page 23

The Crescent Theatre Limited

Detailed Statement of Financial Activities
for the Year Ended 31 July 2025
31.7.25 31.7.24
£ £
Staff costs
Office costs
Telephone 2,533 1,587
Stationery and general printing 4,010 3,269
Computer expenses 23,743 18,854
Irrecoverable VAT 2,572 2,814
Legal and professional fees 962 1,007
Licence and subscriptions 20,044 16,423
Depreciation of tangible fixed assets 11,916 11,580
65,780 55,534
Finance costs
Bank charges 14,997 12,318
Governance costs
Auditors' remuneration 4,300 3,455
Total resources expended 960,409 651,231
Net income 20,542 48,111

This page does not form part of the statutory financial statements

Page 24