Charity Registratlon No. 327644 THE CRESCENT TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 THE CRESCENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trust••s R A F Lascelles JCSTham Charlty numbor 327644 Prfn¢lpal addr••s 7-12 Sloane Square London SIA11W BEG Indep•nd•nt •x•mln•r Andrew Miller Bsc FCA Azets Audit Ser¥￿e5 Trinty Court 34 Wesl Street Sutton Surrey SMI 1SH THE CRESCENT TRUST CONTENTS Pa90 Truslee$' report Indyndenl examinerfs report Statement of financial adi¥itiè$ Balan¢e 8he•t Notes lo the financial state￿nts 6-16 THE CRESCENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2021 The trustees wesenl their annual wrt antj a¢￿LI)￿ of the ¢hanty kn the year ended 5 April 2021. The accounts have been prepared in ￿Cordance V•ith the accounting potioes sel out in note 110 the accoun15 and compty with the trus¥s goveming document, the Chanties Act 2011 and "Accounting and Reporting by Charities.. Statement ol Re¢ommended Pra¢b"¢e applicable to chanties prepanng their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of I￿laTh￿ IFRS 1021" {as arrEnded for accounbng periods commencing fr¢m 1 January 2016). Obloctlve• and actlvltl•# The purpose of the Trust. both long-tem) and short-lem. is to benefit charthes in general, but particulaty charitable ¢auses ￿lating lo the encouragement and protection of nalure. gardens and the Arts. The trustees confirm Ihat they have referred to the Charity commis￿on'5 guidance on public benefil ￿en reMewn9 th• Trust's aims and objethes, and setting the grant making poliq for the year. The Iru$lees have paKI due regard to 9uidance issued by the Charity COMMI￿￿)n in d•¢iding %that activi11è8 the Independent Examinabon 5houkl undertake. The principal activity of the trust during 11)e year was lo provide cash donatsons to a number of dher charib'e8 and to provide public access to the Trust's land. Donations to oiher charities are shovm under Donatitsn5 10 In51ilulions In expenditure wthin the Statement of Finanrjal Acbvilies. The Iruslees decide on an annual basis which Chanlies they wll Support wth ¢mpho$1s on IM are￿ menboned above. A¢hl•v•m•nts •nd p•rfomi•n¢• During the year. donations of £466,21712020 - £100,4081 and a 9ift aid daim of £118.750 12020 £12.5001 were received. A5 a result, the Trust has continued to make donab.ons of £41,53612020- £53.6521 durin9 the year Nthich are outlined in note 8 to the finan￿01 ststements. No change in value has been identified in the Tru$ts investment property 12020 - £nill during the year. Investments in UK companies a value of £n￿ {2020 - £98,061) wEre di¥Jos¢d of and aequisrt￿ns were made with a value 01 £224,00012020- £163.3791. Fln•n¢i•l r•vi•w Income increased subslanlialty during the year due to the level of donations received. As a resul, there has been an overall net increase in fuThJs of £487,659 12020 . £16,543) before any investment 98in or losses. Donations lo cbarrties are made when funds allow antj all fvnds are COA$idered to be unfestricted. The unre51ricted Teserve$. eXc￿di1￿j inveslrr*rts and money des￿nIted for capital commrtments, is £510,439 12020 - £280.9471 as al 5th April 2021. No reserves policy is in ￿ace as the level of donations lo institutions and activity is dependent on the donations fe¢eived and investment income. Overam. the fijnd balance hos seen an Increa￿ in the year and sufficient re$erve$ e￿$1. The trustees have assessed the major risks to vthich the Indepen(*irt Examination 18 exposed. and are satisfied Ihal systems are in place to mitigate exposu￿ lo the major risks. The trustees intend to operate the chanty in a $Nnilar manrw for the foreseeable future, but wth continued focus on the encouragement of the PU￿1¢ to appreciate gardens and the protection of wildlrfe. Despite the ongoing Covi¢*19 pandemic. the trustees anticipate a continued bevel of donations and investment income over the next 12 months. Stru¢tur•. gov•manc• and manag•m•nt The Independent Examination is a reglstefed charity. number 327644, and is constituted under a charitsble trust deed dated 10th September 1987. THE CRESCENT TRUST TRUSTEES. REPORT (CONTINUED) FOR THEYEAR ENDED 5 APRIL 2021 The trustoes who s•rved dudrq tho and up to th8 d•te of ￿na￿l0 oflhe financ5al stAt•ments wère.. R A F LaseeA8s JCSTham Tho charity's current pollcy cOr￿rnIng thè payment of Iraée credllors18 to follow the CBI'S Prompt Payers Code Icopies ar* avauable from the CBI. c￿tre Point, 103 New Oxford StrFet. London WC1A 1DUI. Tho current pollcy concèmlng th• paym•nl ol tr¥d8 cr•di¢ors1g 10: • sotttè thè tm ol payrnont wllh suppllers w￿n agre8lng Iha terms of each transa(*on'. onsur8 that suppli&r8 are ma(Je aware of the tsrms of paym￿1 by Snduslon of the relevant tams in contracts: and ' pay in au))rd•nce wth th• chadvs contraciual and oth8r l•gBI obllgauons. Tho trust•bS C•)nsiderthe toArd of tntstees to bè k8y personr￿1 of the charity In ehwge of direcb'n9 aThJ conlrolllng thè ch8rlty. déclslon8 aro mad8 by tho trusl•es fr)r whith no rèmuneration Is pald. No appointments or reslgnatlons occuryed durlng Iha year and ther¢ is no formal pKocess for rec￿lI1r￿J, aW￿n{irYj or training tNsts88. Tho tNsts8$' was approv8d by th8 Board of Truste¢& R A F La•c•llos Tru8tse THE CRESCENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CRESCENT TRUST I report to the Iwstees on my examinatKJn of the financial statements of The Crexenl Trust {the Independent Examination) lor the year ended S April 2021. Responsibiliti•s and basis of rnport As the trustees of the Independent Examinat￿ you are responsible for the ￿eparat￿n of the financial statements In accordance vth the requirements of the Charrt*s Acl 2011 (the 2011 Acti. l ￿pOrt in respect of my examination of the IndeperKfent Examination's financial slatemenls carried out under $e¢tion 145 of the 2011 A¢1. In ¢arrying oul my examinats'on I have 1o11owed all the applicab Directions given by the Charity Corrmission under section 14515)Ibl of the 2011 Act. Irbd•p•nd•nt •xamln•Vs stat•m•nt Since the Independent Examination's gross in¢ome exueded £250.000 your •xamin•r musl be a member of a body listed in secbon 145 of the 2011 Act. I confirm Ihat l am quaIrf￿d to undertake th• examination b￿Su¥e l am a member ol ICAEW. vth"¢h is one of the hsled bod￿$. Your attention 1$ drawn lo the fact that the th8rity has prepared financial statement5 in accorda￿ wrth A¢¢ounling and Reporting by Charities preparing their a¢¢ounls in a¢¢ordan¢e ￿th the Financial Reporting standard apF4icable in the UK and Republic of Ire￿nd IFRS 102) in preference to the Accounting and Reporting by Charities." Slalemenl of Recommended PraCt￿e igsued on 1 April 2005 which is referred lo in Ihg gxiant regulations but has now been Trhilhdra*n. l understand that this has been done in order for financial statement$ to provide a Ill￿ and fair view in accordance with Generalty Accepted Accounting Pr4cticti effeclive for Teporb'n9 penods beginning on or after 1 January 2015. I have completed my examlnalion. I confim? that no matters have come to my attention in connecthin 4 the examination giving me cause lo believe that in any material respecl.. a¢countln9 re¢ord$ were not k¢pl in rfjyct of th• Independent Examination as required by 8tctlon 130 of the 2011 Ad., or the financial statements do not accord with those records. or the financial statements Ilo not cijmpty vrfth the applicable requirements concerning the fom) and conlenl ol 8¢¢ounls get out in the Charitieg (Acc￿nIS and Reports) Regulations 2008 other than any r•quirement that the accounts give a true and fair view *thich is not a matter ¢on$id•red as part of an independent examination. I have no concerns and have corne a¢TOSS no other matters in connection the examination lo att*nb'on should ￿ drawn in this report in order to enable a proper understsnding of tr*e financial 5talemen15 lo be reached. Andrew Miller Bsc FCA Azets Audit Servi¢es Independent Examiner ICAEW Trinty Court 34 ￿$t Street Sutton Surrey SM1 1SH Dated.. .5111kn THE CRESCENT TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021 UnMJtrict•d Unrestricted funds fijnds 2021 2020 Donatstsns and legacAes Investments other in¢crfne 466,217 10.746 132.380 100,408 12.S34 12,500 Total In¢om• 609,343 125,442 Raising fvnds 14,474 15,391 Charitable activities 107.210 93,508 Total r•Sou￿•S •XP•fKl•d 121,684 108.899 Nel gain81llossèsl on Investments 13 4,523 18,426 N•t Incomlng r•#ourc•• 492.182 34,969 other r•cognls•d gaSrA and IN••s Olher gains or losses 14 4,839 N•t mov•m•nt In fund• 492.182 39,808 Fund balances at 6 Aw'l 2020 1.161,871 1,122,063 Fund bal*nc•• at 5 Awll 2021 1,654,053 1,161,871 The statement of financial ath'v7bes indudes gains aThl losses recognised in the year. I Income and expendrfure derive from contiwing ¥tsVi￿s. THE CRESCENT TRUST 8ALANCE SHEET ASAT 5APRIL 2021 2021 2020 Notes Flxad 488•ts Tan9lbl8 a880ts Inv6slm6nl$ 15 16 135,058 1.008,558 108,003 772,921 1,143,614 880.924 Curr•nt assots 18 19 247,500 164,153 104,441 48.250 178.381 64,347 D&btors Cash at bank and in hand 516,094 290,958 Cradllors: amounts falling duo wlthln one yaar 20 15.6551 110,0111 N•t current assgts 510.439 280.947 Tolal a8s¢ts les8 ¢urront Ilablllll8s 1,654,063 1.161.871 Incorne funds Designal8d funds General unr8strlct￿I fun(ts Revaluation reserve 21 18,750 1.279.787 355.516 806,355 355,516 1,654,053 1.161.871 1.e54,053 1.161.871 Thè fin8ndal ments were approv&d by th8 Tmsta8s on ...21212Q.22.... R A F Lastslies Trusts• THE CRESCENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 A¢¢ountlng poliel•s Charlty Infomiatl¢)n The Crescent Trust is constituted under a charitable trust deed dated 10th September 1987. 1.1 Accounting convention The accounts have been prepared in accordance V•ith the IndeperHlenl Examination's charitable deed, the Charibes A¢t 2011 and "Accounbng and Rewtng by Charrtj'es Statement of Re¢ommended Practice applicable lo thanties preparing thw"i account5 in accordance wth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. las amended for a¢¢ounling periods commencing from 1 January 2016). The Independent Examinalion is a Public Benefit Entsty as defi￿d by FRS 102. The Independent Examinab'on has taken advantage of the prowsions in the SORP for charrt￿5 applying FRS 102 Update Bulletin 1 not lo ple￿re a Statement of Cash Fb)vA. The financial statements have departed from the Chantses IAccounls and Report5) Re9ulalions 2008 only to the •xtent r¥quir¥d lo provide a tru• and fair view. Thi$ departure has invofve(1 followng the Statement of Recommended Prath'ce for charit￿S applying FRS 102 rather than the version of the Slalemenl of Recommended Prath"ce whKh is referred to in the Regulat￿n5 bul %•thi¢h ttas $ince been withdr￿. The financial statements are piepared in slerlin9, svhich ig the fun¢bonal ￿rrenCY of the Independent Examinabon. IAonetary amounts in Ihese financial statements are rounded to tho ngarosl £. The financial statemen15 have been prepared under the historical cost conventson, modified to ir)clude the revaluation of freehold propeityes and to include inve$ltrnnl prope￿.¢$ and certain financial instruments al fair value. The principal accounting policies adopted are set out below. 1.2 Golng conc•rn At the time ol approving the ffin*r￿al Statements. the Iruslee$ have a reasonable expectat￿n that the Independent Examinatson has a¢J•quale resour¢es lo ¢ontinue in opecational existence for the foreseeable ture. Thus the trustees continue to adopt the going concern basis of accountiThJ in preparing Ihe finanelal 8tslemenl$. 1.3 Charltabl• fund• Unrestricted lun(Is are av*lable for use at the dlsuelp)n of the trustees in fvrtherance of theK charitable objectives. 1.4 In¢omlng rnsourc•s Inceme is re¢ognised wthen the Independent Examination is legally enb"l￿d to il after any performance Conditions have been met, the amounts can be measured reliabty, and it 1$ probable thal income wll be received. Cash don81ion$ are re¢ognised on re¢eipl. Other donalioA$ are recognised once the Independent Examination has been notffied of the donation. unless perf0m￿nCe conditions require deferral of the amount. Income lax recoverable in relat￿n lo donal￿$ re¢eNed under GTft AHI or deeds of covenant 1$ re¢ognised at the bme of the donation. Legaoes are recognised on receipt or othe￿iSe rf the Independent Examination has been notified of an impending dislTibulion, the amount Is known, and receipt is expected. If the amount is not known, legacy is treated as a ¢onlingent assel. Tumover 1$ mea$ured at the fair value of the consideration received ¢Y re¢eIVab￿ and represent5 amounts receivable for goods and 5eryices provided in the normal Course of busine33. net of discounts, VAT and other sales rekaled laxes. THE CRESCENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED S APRIL 2021 Accounllng polklo# {contIn￿d> 1.5 R•$our¢•$ •xp•nd•d Govemance and support costs. which are the cost$ asgotyated wrth the govemance arrangements of the trLtst and relate to the general funning of the trnst. have been apporb'oned bets*￿n charitable acliwlie based on the direct Costs invofved. 1.6 Tanglbl• fix•d assets Tangible fixed asset5 are inithalty measured at cost and subsequerrfy measured at ¢o$l or valu8lion. nel of depre¢iab"on and any impaimenl losses. Land for ¢onsep48tion 18 Carried 8t its valuation and reVth￿d for any gains or Impairment Josses on an annual basis. Plant and machir 20% strawhl thne The gain or 105s arising on the disposal of an assel is deternined as the differonce beh¥een the sale prc¢eed8 Ihe urrying value of the asset. and 18 recogni•ed in net incomellexperKlilurel for the year. 1.7 Flx•d •s$•t Invo•tm•nts Fixed asset investments are inilialty measured al transaction prke excludlng transaction cogts. and are subsequently measured at fair value at each reporb'ng date. Changes in lair value are recogni6ed in nel incomellexpenditurel lor Ihe year. Tranuction costs are expensed as incuffed. Valuation ol land and buildings held a$ an investment proyty has not been valued by an Indepgndfjnt valuer. 1.8 Impalmi•nt of flx•d ass•ts At each reporting end date, the Independent Examination rewews the carying amounts of its tangible assets lo determine vknelher Viere Is any ind¢abon that those a$$els have Suffered an impaimient loss. If any such indication exists, the recoverable aff￿1nt ol the asset is esknrnated in order lo delemine the extent of the impairmenl10g$ (rf any). 1.9 Sto¢ks Stocks a￿ slaled al the loww of cost and esllmaled ￿l￿n9 price le￿ costs to complete and sell. Co81 comprises direct materials and, where applICa￿e. direct labour costs and those overheads that have beèn incurred In bringing the $lo¢k$ to their present locat￿n and condrtion. Itern5 held for distribution al no or r￿Minal consideration are measured the lOv￿r of replacement cost and cosl. Nel realisable value is the estimated selling wice less all estimated costs ol completion and ¢osts lo be incurred in markeb'ng, selh'ng and dislribLrth)n. 1.10 Cash and cash •qulval•rrts Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-lerm liquid investments with original maturitses of three months or less. and bank overdrafts. Bank overdrafts are shown within borrwng$ in Currerrt liabilitie$. THE CRESCENT TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Accountlng pollcl•s (Contlnuèdl 1.11 Financial instruments The Independent Examinats"on ho$ elected to apply the prow*on$ of Section 11 'Basic Financial In$truments' and Section 12 '0ther Financwl In$trument$ l$sues' of FRS 102 10 all of ils financial in$truments. Financial Instruments are recognised in the Independent Examinats"on's balan¢e Sheet %then the Independent Examination becomes party to the contractual provisions of the instwment. Financial assets and lia￿"1￿leS are offyet. V+rth the net amounts presented in the financial statements, %thgn 1htt￿ 1$ a legally enforceable right to set off the recognised amounts and there is an inlenlim lo settle on a net basis or to realise the asset and setde the liablty s1muttaneo￿y. 8ask financial assets Basi¢ financial a$$els, rn¢lude debtors and cash and bank balances. afe initialty measured at transaction price includir¥J transaction costs and are subsequenUy carried al atrnrtised cost using Ihe effective Interest method unless the arrange￿nt conslrtules a fin4nang Iransaclion. ¥there the tra￿aCts0n is measured at the present value of the ftthjre receipts discounted at a marf(el rale of interest. Financial assets classified as receivatAe v*rthin one year are not amortijed. Financial a$gels dag9ified 89 other financbal assets are staled at fair value with any gains or bsses arising on remeasurement reco9nis•d in profit or loss. The n•t gain or loss r•wnised in profrt or loss Includes any dividend or interest earned on the finanual asset. 8a$i¢ flnan¢l•l li•blliti•s 8a$ic financ*al liabilits'es, induding creditors and bank loan$ are initiaNy rewgnised at transactlon price unless the arrangement ¢on51itute5 a financing transacI￿n, vthere the debt instrument is measured at th• present value of the fvture payments discounted at a market rate of interest. Finanaal lialy.lilies ¢lassif4ed as payat4e ￿thIn one year are not amort15ed. Debt instruments are subsequentty carried at a￿Tts'$ed cost, U￿n9 the effeclive interest rale method. Trade creditors are obligations to pay for goods or sevvices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current Iiabililies rf payment is due wthin one year or less. If not, they are presented as r￿*CUrrent Iiakn'lth'es. Trade credrtors are re¢ogni$ed inthalty at transaction price and subsequently measured at amortised cost using the effective Inte￿St method. Dere¢ognltlon of Iln•n¢l•l Ilabllldes Financial liabilities are defecognised wthen the IndepeTrJent Examination's contractual Obl￿allOnS expire or are dischargèd or can¢el*d. 1.12 Employw I￿nrf The cost of any unused holKlay entillem￿l is recogniseil in the pertod in vknlch the employee's seNices are received. Temiination benefits are Tecognised immediatety as an expense when the 1TrJepend￿I Examlnatlon demonstrabty ¢ommrtted lo lerminale the empknyment of an *M￿Oyee or to provKle termination benefits. 1.13 Retlr•m•nl benefits Payments lo defined ¢￿tribUtIon re11r￿ent benefft s¢hemes are Charged as an expense as they fall due. THE CRESCENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 A¢¢ounting polkl•s (Continued} 1.14 Foreign exchange Transactions in currencies other than pounds $terfiNJ a￿ recorrled at rates of exchary prèvailing al Ihe dates ol the transactions. At ea¢h reporting end date. monetary assets and liabilit￿$ that are denominated in foreign ujrrenc￿S are retranslated at the lates prevailing on the reportin9 end date. Galns and lo$ses ansing on translation are induded in nel in¢omellexpendrturel for the period. 1.15 Grnnt fundlng Grants expenden charged in ￿ year 1,051 1.051 Al S April 2021 1,051 1,051 Carrylng *mount At 5 April 2021 5,255 129.803 135,058 Al 5 April 2020 108,003 108,003 16 Flx•d a##•t Inv•*tm•nl• Unllstsd Inv•¥tm•nts L•nd & 8u51d5ngs Total Colt or v4lu•llon Al 6 April 2020 Addrt￿n9 137,501 224,000 635.420 11.635 772,921 235,635 At S April 2021 361,501 647,055 1.008.556 C•rrylng amount Al 05 April 2021 361.501 647.055 1,008,556 Al 05 Aprll 2020 137,501 635,420 772,921 14_ THE CRESCENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 17 Flnanclal Instrunwnts 2021 2020 Carrying amount of financial assèts Instruments measured al fair vallte through proffit or loss 163.426 155,927 Carylng amount olllnancl•l Ilabllllfj•s Measured al amort¢sed cost 5,116 5,005 Flnanclal Instrurn•nts al falr valu• through profft or lou ¥thkh •r• not h•ld as of • tr*dlnll portlollo and av• not d•r6v•tOv•s Financial instruments measured at fair value have been ca￿￿￿ted using lh• retsil price index as stsled in the contract details. A fair value increase of £4,523 12020 £2.3421 has been rwni$ed through the $talernenl of financi* actNrties. 18 Sto¢k• 2021 2020 Finished 9oods and goods for resale 247,500 48,250 19 D•btor• 2021 2Q20 Amounts falllng du• wlthln on• y•ar: Other debtors Prepayment$ and •¢¢n￿￿ income 163.426 727 155,927 22,434 164.153 176.361 Prepayments and accIL￿d income inclLKles accrued rentsl irthme of £559. 20 Cr•dlior5: amounts falllng due wlthln on• y•ar 2021 2020 Oiher taxation and social securty Tfade creditofs Other creditors A¢¢Nal$ and deferred in¢ome 206 4,800 25 4,980 524 5.087 5,655 10,011 15- THE CRESCENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 21 D•s5gnat•d funds The income funds of the chanty include the follthMn9 designated fi￿d$ have been set aside out of unrestricted funds by the trustees fof specific purposes.. Mov?m•nt in funds Incomlt at ur¢•A $Apdl 2020 r••oU￿•S IAov•m•nt in lund• 8•lanc• •t •xp•nd•d l Aprbl 2021 Publi¢abon fiJnds 21.000 {2.2501 18,750 21,000 12.2501 18,750 Some of the donations received in the year have been sel aside by the Injslees lo fund educational and resear¢h ¢o$l$ in relalion lo a future publication on por¢elain. These designated funds are spent a8 the $ls are incurred. 16-