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← The Crescent Trust

2025-04-05-accounts

Charity registration number 327644

THE CRESCENT TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

THE CRESCENT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees R A F Lascelles J C Tham Charity number 327644 Principal address 7-12 Sloane Square London SW1W 8EG Independent examiner Sam Thomas Azets Audit Services Gladstone House 77-79 High Street Heathrow United Kingdom TW0 9HY

THE CRESCENT TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 15

THE CRESCENT TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their annual report and accounts of the charity for the year ended 5 April 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the trust'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 (FRS 102)" (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

The purpose of the Trust, both long-term and short-term, is to benefit charities in general, but particularly charitable causes relating to the works of Sir Geoffrey Jellicoe. The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, and setting the grant making policy for the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

The principal activity of the trust during the year was to provide cash donations to a number of other charities and to provide public access to the Trust's land. Donations to other charities are shown under Donations to Institutions in Expenditure within the Statement of Financial Activities. The trustees decide on an annual basis which charities they will support with emphasis on the areas mentioned above.

Achievements and performance

During the year, donations of £169,150 (2024 - £340,684) were received. As a result, the Trust has continued to make donations of £20,161 (2024 - £25,449) during the year which are outlined in note 8 to the financial statements.

Financial review

Income increased during the year due to the level of donations received. As a result, there has been an overall net increase in funds of £53,077 (2024 - £160,265) before any investment gain or losses. Donations to charities are made when funds allow and all funds are considered to be unrestricted.

The unrestricted reserves, excluding investments and money designated for capital commitments, is £515,152 (2024 - £354,437) as at 5th April 2025. No reserves policy is in place as the level of donations to institutions and activity is dependent on the donations received and investment income. Overall, the fund balance has increased in the year and the trustees believe sufficient reserves exist.

The trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The trustees intend to operate the charity in a similar manner for the foreseeable future, but with continued focus on the encouragement of the public to appreciate gardens and the work of Sir Geoffrey Jellicoe. In furtherance of this, the Trustee's plan for the establishment of a centre of the study of Jellicoe and garden design is in an advanced stage.

The trustees anticipate a continued level of donations and investment income over the next 12 months.

Structure, governance and management

The Trust is a registered charity, number 327644, and is constituted under a charitable trust deed dated 10th September 1987.

The trustees who served during the year and up to the date of signature of the financial statements were: R A F Lascelles J C Tham

THE CRESCENT TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The charity's current policy concerning the payment of trade creditors is to:

The trustees consider the board of trustees to be key personnel of the charity in charge of directing and controlling the charity. All decisions are made by the trustees for which no remuneration is paid. No appointments or resignations occurred during the year and there is no formal process for recruiting, appointing or training trustees.

The trustees' report was approved by the Board of Trustees.

R A F Lascelles Trustee

22 July 2025

THE CRESCENT TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CRESCENT TRUST

I report to the trustees on my examination of the financial statements of The Crescent Trust (the Trust) for the year ended 5 April 2025.

Responsibilities and basis of report

As the trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sam Thomas

Azets Audit Services

ICAEW

Gladstone House 77 - 79 High Street Heathrow United Kingdom TW20 9HY

Dated: 22 July 2025

THE CRESCENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

**Unrestricted ** Unrestricted
funds funds
2025 2024
Notes £ £
Income and endowments from:
Donations and legacies 3 135,400 340,684
Investments 4 25,497 18,209
Other income 5 33,750 85,750
Total income 194,647 444,643
Expenditure on:
Raising funds 6 31,430 35,376
Charitable activities 7 112,936 105,183
Total expenditure 144,366 140,559
Net gains/(losses) on investments 13 2,796 (143,819)
Net movement in funds 53,077 160,265
Fund balances at 6 April 2024 1,775,457 1,615,192
Fund balances at 5 April 2025 1,828,534 1,775,457

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE CRESCENT TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 15 147,250 157,193
Investments 16 1,166,132 1,263,827
1,313,382 1,421,020
Current assets
Debtors 18 400,128 374,245
Cash at bank and in hand 122,600 12,846
522,728 387,091
Creditors: amounts falling due within
one year 19 (7,576) (32,654)
Net current assets 515,152 354,437
Total assets less current liabilities 1,828,534 1,775,457
Income funds
Unrestricted funds
General unrestricted funds 1,473,018 1,419,941
Revaluation reserve 355,516 355,516
1,828,534 1,775,457
1,828,534
~~—~~		 1,775,457

The financial statements were approved by the Trustees on 22 July 2025 R A F Lascelles Trustee[.]

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

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 with the Trust's charitable deed, 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 (FRS 102)” issued in October 2019. The Trust is a Public Benefit Entity as defined by FRS 102.

The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Incoming resources

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Governance and support costs, which are the costs associated with the governance arrangements of the trust and relate to the general running of the trust, have been apportioned between charitable activities based on the direct costs involved.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land for conservation is carried at its valuation and reviewed for any gains or impairment losses on an annual basis.

Plant and machinery

20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

Valuation of land and buildings held as an investment property has not been valued by an independent valuer.

1.8 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

1.10 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets classified as other financial assets are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

1.14 Grant funding

Grants expended to charities are accounted for on the basis of the date they are paid to the charity.

1.15 Taxation

As a registered charity, the trust is generally exempt from income tax and capital gains tax, but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The trustees have used judgement when deciding how to allocate support and governance costs across the two activities. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 135,400 340,684

4 Investments

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Rental income 21,323 12,688
Income from listed investments 3,288 406
Interest receivable 886 5,115
25,497 18,209

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

5 Other income

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Claim for repayment of income tax 33,750 85,750

6 Raising funds

Investment property expenditure 2025
£
31,430
31,430		 2024
£
35,376
35,376

Included within investment property expenditure is repairs and maintenance of £10,885 (2024 - £19,654), insurance of £Nil (2024 - £1,038), rates of £1,240 (2024 - £2,901), staff costs of £10,266 (2024 - £10,628) and general expenses of £2,701 (2024 - £808).

7 Charitable activities

Donations
to
Institutions
Gardens &
Nature
Conservation
2025
2025
£
£
Staff costs
-
38,126
Depreciation and
impairment
-
9,944
Gardens & Nature
conservation
-
-
-
48,070
Grant funding of activities
(see note 8)
20,161
-
Share of support costs (see
note 9)
8,318
19,833
Share of governance costs
(see note 9)
4,891
11,663
33,370
79,566		 Total
2025
Donations
to
Institutions
Gardens &
Nature
Conservation
2024
2024
£
£
£
38,126
-
20,790
9,944
-
9,926
-
-
17,340
48,070
-
48,056
20,161
25,449
-
28,151
9,319
11,248
16,554
5,035
6,076
112,936
39,803
65,380		 Total
2024
£
20,790
9,926
17,340
48,056
25,449
20,567
11,111
105,183

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

8 Grants payable

Grants to institutions:
Chalke Valley History Trust
The Garden Museum
Team Domenica
Loughborough Festival
Firefly International
Seeds 4 Success
Great Ormond Street
Save The Children
Opera Holland
Attingham Trust
Clovely Talks
Epilepsy Society
Other
Grants to individuals		 2025
£
-
2,500
-
-
-
-
-
1,500
2,500
1,782
900
2,500
20
11,702
8,459
20,161		 2024
£
7,500
-
3,750
3,500
1,000
1,000
1,500
-
-
-
-
-
10
18,260
7,189
25,449

All of the above grants are in line with the general objectives of the trust and its trustees.

Grants that are in excess of 5% of the total grants for the period are shown separately.

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

9 Support costs

Support
costs
Governance
costs
£
£
Exchange Losses
3
-
Printing, Postage &
Stationery
-
-
Support costs heading 3
28,148
-
Audit fees
-
2,000
Legal and professional
-
14,492
Bank charges
-
62
28,151
16,554
Analysed between
Charitable activities
28,151
16,554		 2025
Support
costs
Governance
costs
£
£
£
3
2
-
-
1,140
-
28,148
19,425
-
2,000
-
1,920
14,492
-
9,128
62
-
63
44,705
20,567
11,111
44,705
20,567
11,111		 2024
£
2
1,140
19,425
1,920
9,128
63
31,678
31,678

Governance costs includes payments to the Independent Examiners of £2,000 (2024- £1,920) for independent examiner fees.

10 Auditor's remuneration

Fees payable to the Trust's auditor and associates:
Audit of the Trust's annual accounts
Non-audit services
All other non-audit services		 2025
£
2,000
4,708		 2024
£
1,920
5,560

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

12 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
3
2025
£
28,443
356
396
29,195		 2024
Number
2
2024
£
20,468
464
179
21,111

Staff costs attributable to Gardens & Nature Conservation of £38,126 (2024 - £21,399) include wages and salaries of £35,078 (2024 - £19,556), social security costs of £2,435 (2024 - £1,443) and pension costs of £613 (2024 - £396). Staff costs attributable to investment property expenditure of £10,266 (2024 - £10,628) include wages and salaries of £10,266 (2024 - £10,628).

No employees received emoluments of more than £60,000 p.a.

13 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investments
Fair Value adjustments to financial instruments		 2025
2024
£
£
-
(150,311)
4,059
-
(1,263)
6,492
2,796
(143,819)

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

15 Tangible fixed assets

Cost
At 6 April 2024
At 5 April 2025
Depreciation and impairment
At 6 April 2024
Depreciation charged in the year
At 5 April 2025
Carrying amount
At 5 April 2025
At 5 April 2024		 Plant and
machinery
Land for
conservation
£
£
49,718
129,803
49,718
129,803
22,327
-
9,944
-
32,271
-
17,447
129,803
27,390
129,803		 Total
£
179,521
179,521
22,327
9,944
32,271
147,250
157,193

16 Fixed asset investments

Listed
investments
Unlisted
investments
£
£
Cost or valuation
At 6 April 2024
172,695
601,132
Additions
-
75,000
Valuation changes
(2,685)
-
At 5 April 2025
170,010
676,132
Impairment
At 6 April 2024
-
-
Disposals
170,010
-
At 5 April 2025
170,010
-
Carrying amount
At 05 April 2025
-
676,132
At 05 April 2024
172,695
601,132		 Land &
Buildings
£
490,000
-
-
490,000
-
-
-
490,000
490,000		 Total
£
1,263,827
75,000
(2,685)
1,336,142
-
170,010
170,010
1,166,132
1,263,827

THE CRESCENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

17 Financial instruments 2025 2024
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 210,365 204,883

Financial instruments measured at fair value have been calculated using the retail price index as stated in the contract details. A fair value increase of £5,481 (2024: £6,492) has been recognised through the statement of financial activities.

18 Debtors

Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2025
£
399,136
992
400,128		 2024
£
372,224
2,021
374,245

Prepayments and accrued income includes accrued rental income of £nil.

19 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2025
£
1,776
5,800
7,576		 2024
£
27,094
5,560
32,654

20 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).