crescent arts Crescent Arts Report of the Trustees and Unaudited Financial Statements for the year ended 31 March 2024 Reglstered Charlty Number: 513099 Ashby Berry Coulsons Chartered Accountants Belgrave Crescent Scarborough
Cre8cent Art# Contents of tbe FiD*nelal Statements for the Year Ended 31 March 2024 Page Reference and Admlnlstratfve Detalls Report of the Trustees Independent Examlner'8 Report Statement of Financial Actlvltles B8lance Sheet Notes to the FlnaDclal Statements Detalled Statement of FIDancial Activitie8 18
Cre8cent Art8 Reference 8nd Admlnlstratlve Details for the Year Ended 31 March 2024 Trustees Victoria Burns James Boaden Nll Obodai Becky Gee Jade Montserrat Sam Metz Appointed 24 July 2023 Resigned 13 November 2023 Resigned 23 November 2023 Dlr¢¢tor Vickie Bissett Prlnclpal address Woodend Creative Workspace Th¢ Crescent Scarborough North Yorkshire Yoll 2PW Reg18tered cbarlty number 513099 Independent examiner Ashby Beny Coulsons 2 BeIve Crescent Scarborough North Yorkshire YOI I IUB Bankers Virgin Money 24 Huntriss Row S¢arborough North Yorkshire YOI12EG Page I
Crescent Arts Report of the Trustees for the Year Ended 31 March 2024 The trustees present their report with the f1claI statements of the charity for the year ended 31 March 2024, The trustees have adopted the provisions of Accounting and Reporting by Charities: Siatement of Rccommended Practice applicable to charities prq)aring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Objectives And activilies The objectives of the charity are to foster and promote the maintenance, improvement and development of artistic taste and an interest, knowledge, understanding and appreciation of arts amongst the inhabitants of Scarborough, North Yorkshire and beyond. The trustees have had due regard to guidance published by the Charity Commission on public benefit and consider that public benefit is manifested in the annual arts programme which is free and promoted and open to all and through the programme of educational workshops, open to the public, which aim to enhance the appreciation and application of contemporary arts practice. The newly adopted vision, mission and values for Crescent Arts are embedded into the ethos and practice of the organisation, and are as follows: Vfjslon - Crescent Arts is a vibrant creative hub rooted in Scarborough: responding to the need for equity and social justice by nurturing diverse artistic talent, connecting people to art and artists, making contemporary visual arts publicly accessible through meaningful participation and enjoyment, and working to address the climate crisis and support climate justice. Mission To advance understanding and cngagement with contemporary visual art by establishing and maintaining a creative hub in Scarborough, providing exhibitions of art, workshops, professional development for artists, talks and events for the benefit of the public. Values Anti-racist Committed to being a learning organisation Invested in the well-being of artists and our communities Prioritising the development of contemporary visual arts and artists Working to address the climate crisis and support climate justice The above vision, mission and values are articulated through the Crescent Arts, year round programme. organisational culture and in the partnerships that we develop and take part in. Page 2
Creseent Art8 Report of the Trustees for the Year Ended 31 March 2024 Achievement and performance The charity's public programme is demonstrated as an annual visual arts programme of exhibitions, workshops and events, which is designed to attract and engage local Scarborough residents in accessible creative arts activities. Our evolving partnership with Scarborough Museums and Gallcrics (SMG), has provided a new environment and basc for these activitics at Woodend Creative Workspace. In partnership with SMG, we continue to support the development of the successful Connccting Coastal Culturcs (CCC) project fimdcd by Arts Council England (ACE) Lottery Projects fund. Collabordtively delivering an exhibition pmgramme offering new art comrnissions, talent dcvelopmcnt for emerging artists across North Yorkshirc and Humberside, and building relationships between visual art galleries and muscums in Northcrn towns on thc east and wcst coastlines. Cresccnt Arts remains an active contributor to FORGE, previously COAST, North Yorkshir¢'s Local Cultural Education Partnership, as a member of its Stewing Group. Our website. previously comrnissioned from Leeds-based design practice Saul Studio, continues to provide an important platforn] for public access to our worK complimented by an enhanced use of social media channels. Flnancial review Total reserves at 31 March 2024 amounted to £30,377 (2023: £28,579), all represented by unrestricted n current assets. The level of reserves is in line with our commitment to hold approximately 3 months unrcstricted running costs and maintains reserves to the lower end of the range of 34 months expenditure in line with the charity's reserves policy. Crescent Arts continues to be funded by ACE as a National Portfolio Organisation (NPO); we remain at standstill funding status. This report falls within the fst year of our current NPO agreement 2023-2026, which amounts to £71k per annum, and totals £213,219. In late 2023, ACE confirn]ed that NPOS will be invited to apply for a one year extension, which will extend NPO agTeements until March 2027. Crescent Arts intends to apply for the extension which will increase the cumt NPO grant to £284,292 over four years. The Connecting Coastal Culture (CCC) project secured from ACE Lottery Projects and totalling £71,642, is managed by SMG on behalf of our partnership. Crescent Arts currently receives £8,000 per annum from North Yorkshire Council. NYC have confirn]ed to maintain this annual funding agreement as an ongoing commitment to Crescent Arts in linc with thc ACE NPO fijnding timcframc. We continue to draw on independent expertise to support development of Fundraising Opportunities & Initial Strategy, to focus our appmaches to trusts and foundations and scopc the potcntial for earned income and philanthropy. Page 3
Crescent Arts Report of the Trustees for the Year Ended 31 March 2024 Structure) governance and management Crescent Arts is an associalion governed by its constitution, originally adopted in March 1981 and subsequently amended, most recently in October 1999. Crescent Arts beClle a registered charity on I st November 1982. The charity is managed by a committee. New committee members are recruited from the charity's subscribing members and are appointed at the Annual General meeting, The Management Committee regularly reviews the major risks which may arise in each of the charity's main areas of operation and considers that this review enables such risks to be identified and managed. Statement of compllance wlth prevailing laws and regulations The financial statements have been prepared to give a 'true and fair, view and 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 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. Approved by order of the board of trustees on £.o.aIL4W-,.p.Z.ts........ and signed on its behalf by: Ic)I'ia Burns- Co-chair Jamcs Boaden- Co-chair Page 4
Independent Ex¥4miner's Report to the Trustees of Crescent Arts Independent examlner's report to the trustees of Crescent Arts I report to the charity trustees on my examination of the accounts of Crescent Arts (the Trust) for the year ended 31 March 2024. ResponsibilitAes and basls of report As the charity Irustees of the TTUSt you are responsible for the prq)aration of the accounts in accordance with the requirements of the Charilics Act 2011 ('the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out Tny cxarnination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent exydminer's ststement I have completed my examination. I confinn that no material matters have come to my attention in connection with the cxamination giving me cause to believe that in any material rcspect: accounting records werc not kept in respect of the Trust as required by Section 130 of thc Act. or the accounts do nol accord with those records" or th¢ accounts do not comply with the applicable requirements concerning the fom] and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that th¢ accounts give a true and fair view which is not a Matter considered as part of an independenl examination. have no concerns and have come across no other rnatters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Anne Mead Bsc FCA Ashby Bery Coulsons 2 Bclgravc Crcscent Scarbomugh North Yorkshirc YOII IUB Datc: .£.(xknk)A.F,.2o.%l+.. Page 5
Crescent Arts Statement of Financial Aetivities for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted Restricted fimd fund Notes Income and endowments from Donations and legacies 79,073 14,874 93,947 99,551 Charitable activities Core activitics 401 401 7,342 Investment incom¢ 26 26 16 Total 94 106,909 Expenditure on Charitable activitie5 Core activities 92 104 1)68 IYET IIYCOME 1,798 1,798 1,941 Reconcillation of funds Total funds brought forward 2879 28,579 26,638 Total funds carried forward 30 ?8,579 The notes fonn part of these financial statements Page 6
Crescent Arts Balance Sheet 31 March 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 1,751 37,967 32,824 Creditors Amounts falling due within one year 12 (7,590) (4,245) Net current assets Total assets less current liAbilities 30J77 28,579 NET ASSETS 211.57() Funds Unrestricted funds 14 30 Total funds 311 .377 ?8,57y The financial statements were approved by the Board of Trustees and authorised for issue on .&..o.C4x)W..za%Lfr.... and were signed on its behalf by: jLtoria Burns - TNstee James Boaden - Trustee The notes forni part of these financial statements Page 7
Crescent Arts Notes to the Financial Statements for the Year Ended 31 March 2024 Accountlng polleie$ General informatlon Crescent Arts is an association governed by its constitution in England. Its address is given in the charity infomiation on page l of these financial statcinents. The nature of the charity's operations and principal activities to foster and prornotc the arts. Basis of preparing the flnancial statements The charity constitut&8 a public benefit entity as defined by FRS 102. The financial statements have been prq)ared in acrdanCe with Accounting and Rqx)rting by Charities: Statement of Recon]mended Practice applicable to charities prq)aring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Rq)orling Standard applicable in the Unitcd Kingdom and Republic of Ireland (FRS 102), the Charities Act 201 l and UK Generally Accepted Practice. Statement of compliance Ivith prevvdiling lajvs and regulations The financial statements have been prepared to give a 'tNe and fair, view and have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent required to provide a 'tTue and fair view,. This dq)arture has involved following the 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 on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost conventiorL modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. Accounting policies 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. Judgements and key sources of estimation uncertainty The trustees consider Ihat no judgements, apart from those involving estimates, have been made in the proc&8s of applying the abovc accounting policics which have had a significant effect on amounts rccogniscd in the financial statements. Thc trustees consider that no key assumptions concerning the future and other kcy sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Funds Unrcstrictcd funds are available for use at the discretion of the trustecs in furthcrancc of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administcring such funds are charged against the specific fi]nd. The aim and use of each restricted fund is set out in the notes to the financial statements, Pag¢ 8 continued...
Crescent Arts Notes to the Financial Statements - continued for the Year Ended 31 March 2024 Accountlng polleies - Continued Income Income is recognised when the charity has entitlement to the funds, any perforn]ance conditions attached to the itcm(s) of income havc been met, it is probable that thc income will be receivcd and thc amount can be measured reliably. Income from govcrnmcnt and other grants, whcthcr 'capital' grants or 'rcvenue' grants, is recognised at fair value when the charily has entitlement to the funds, any perforn]ance conditions attached to thc grants have been met, it is probable ihat the incomc will bc rcccivcd and the amount can be mcasurcd reliably. liicome reccivcd in advancc of the provision of specified serviccs is dcfcrrcd until ihc Criteria for income recognition are met. 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 settlement will bc required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs. Support costs are those functions thal assist the work of the charity but do not directly undertake charitable activities. Support costs iiiclude administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Irrecoverable VAT Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred, Trdngible fixed assets Fixed assets costing more than £1,000 are capitaliscd at Cost and are depreciated over their estimatcd useful economic livcs on a straight line basis at the following annual rates. Plant and machinery Fixtures and fittings Computer equipment io% Debtors Vdnd creditors receivablelpayable Debtors and creditors with no stated interest rate and receivablc or payablc within onc year are recorded at transaction pric¢. Any loss&s arising from impairn]ent are recognised in ¢xp¢nditur¢. Page 9 continued...
Crescent Arts Notes to the Financial Statements - eoDtinued for the Year Ended 31 March 2024 Accountlng pollcies - continued Impairment Assets not measured at fair value are reviewcd for any indication that the asset may be impaired at each balance sheet date. Ir such indication exists, the recoverable amount of the asset, or the assct's cash gen¢rating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impaimient loss is rccogniscd in profit or loss unless the asset is carried at a revalued arnount wherc the impairment loss is a revaluation decrease. Leases Rcntals payable and receivable under operating leases arc charged to thc statcmcnt of financial activities on a straight line basis over the period of the leasc. Employee benefits When employees have rendered service to the charity, short-tern] employee benefits to which thc employccs are entitled are recognised at the undiscounted amount cxpected to be paid in exchange for that service. Thc charity contributes to a defined contribution workplace pension plan for the benefit of its employees. Contributions are charged to the statement of financial activities in the period to which they relate. Taxation The charity is exempt from corporation tax on its charitable activities. Golng concern The financial statements Ive been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trnstees have considered the level of funds held and in their view, the expected level of income and expenditure for 12 months from authorising these financial statemfflits, is sufficient, with the reserves held, for the charity to be able to continue as a going concern. Donatlons and legacies 2024 2023 Grants 99,551 £14,874 (2023: £20,348) of th¢ above income was attributable to restricted funds and £79,073 (2023- £79,203) was attribulable to unrestricted funds. Page 10 continued...
Crescent Arts Notes to the Flnancfjal Statements - contlnued for the YeAr Ended 31 March 2024 Donatlons and legrlcies - eontinued Grants received, included in the above, are as follows". 2024 2023 Arts Council England - National Portfolio Organisation grant Scart)orough Borough Council - Service level agreement National Heritagc Lottery Fund - Always Been Here Scarborough Borough Council - Young Scarborough Artists Gmw! Cross Lane Project Forestry Commission - Exhibition Scarborough Borough Council - Business Adaptation grant Other grant income 71,073 71,073 8.000 8,000 14,874 3,483 8,214 6,000 1,500 1.151 130 93,947 96,891 There were no unfulf)Iled conditions or other contingencies attaching to grants recognised in income for the year ended 31 March 2024 or for the preceding year. Investment Income 2024 2023 Deposit account interest 26 16 Income from Charitable activities 2024 2023 Activity Core activities Core activities Courses and workshops Partnership development 381 20 1,442 401 7,342 All thc above income for the current and preceding ycar was attributsble to unrestricted funds. Charitable aetivities costs Direct Costs (see note 6) Support costs (sec note 7) Totals Core activities Comparatlves for Charitable activities costs Core activities 99,497 5,471 104,968 Pagell continued...
Creseent Arts Notes to the Financial Statements - continued for the Year Ended 31 March 2024 Support costs Governance costs Management Totals Core activities Comparatives for support costs Core activitics 3,437 2,034 5,471 Independent examiner's remuneration 2024 2023 Indcpcndcnt examination and accounts pryaration ,()51) Support costs, included in the above, are as follows: Management 2024 Core activities 2023 Total activities Bookkeeping Recruitment advertising 1,404 240 3,437 Governanee Costs 2024 2023 Total activities Core activities Accountancy Professional fees Other governancc costs 1,650 3,060 1,650 384 Page 12 continued...
Crescent Arts Notes to the Flnanclal Statements - contlnued for the Year Ended 31 March 2024 Trustees, remuneration and benefits No trustee received any remuneratio or other benefits during the year. (2023- Nil) Trustees expenses No expenses werc rcimbursed to any trustee during the year (2023: £Nil). St¥4ff costs 2024 2023 Wages and salaries Othcr pension costs 49.206 206 62,141 819 49,412 62,960 The full time equivalent number of staff at 31 March 2024 was l (2023: 1). The total remuneration of key management personnel amounted to £7,000 (2023: £21,559}. The average monthly number of employees during the year was as follows: 2024 2023 Part Time employees No employees received emoluments in excess of £60,000, Comparatlves for the stAtement of fin4neial activities Unrestricted Restricted fund fund Total funds Income and endoivments from Donations and Icgacics 79,203 20,348 99,551 Charitable activities Core activities 7,342 7.342 Investment incomc 16 16 Total 86,561 106 909 Expenditure on Charitable activities Core activities 84,620 20,348 104,968 IYET INCOME 1,941 1,941 Page 13 continued...
Crescent Arts Notes to the Flnanclal Statements - continued for the Year Ended 31 March 2024 Comparatives for the statement of fiDanclal actlvllle8 - conllnued Unrestricted Restricted nd fund Total funds Reconclllation of funds Total funds brought forward 26,638 26,638 Total funds rrIed forward 28,579 28,579 10. Tanglble flxed assets Fixtures and fittings Cost At l April 2023 and 31 March 2024 Depreclatlon At l April 2023 and 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 I l. Debtor8: amounts falling due within one year 2024 2023 Other debtors Prepayments 18J34 350 19 3(18 Page 14 continued...
Crescent Arts Notes to the FIDancial Statements - continued for the Year Ended 31 March 2024 12. Credltors: amounts falllng due within one year 2024 2023 Trade creditors Social security and other taxes Other creditors Accrued exp¢nses 2,710 386 2,204 417 1,625 4.245 13. AnAIysi8 of net assets behveen funds 2024 Total funds 2023 Total funds Unrestrithed Restricted fund fund Current assets Current liabilities 37,967 37,967 32,824 30 30,377 28,579 Comparatlves for analysls of net assets between funds Current Assets Current Liabilities 32.11?4 4,?45 4,?45 28,579 28.579 Page 15 continued...
Crescent Arts Notes to the Flnanclal Statements - continued for the YeY4r Ended 31 March 2024 14. Movement In funds At l April 2023 Incoming Resourtes Resources Expended At 31 March 2024 Unrestrieted funds General fund 79,500 77,70? 30,377 Restricted funds National Heritage Lottery Fund - Always Been Here 14.874 (14,874) Comparatlves for movement In funds Unrestricted funds General fund 26,638 86,560 (84,619) 28,579 Restricted funds Cross Lan¢ project SBC - Young Scarborough Artists SBC - Business adaptation grant Dalby Forest exhibition Grow! project 6,000 (6,000) 3,483 (3,483) (1,151) (1,500) {8,214) 1 .501) 8,214 (20,348) IS. Related party disclosures There wcrc no related party transactions for thc ycar cnded Page 16 continued...
Crescent Arts Detailed Statement of Finaneial Actlvities for the Year Ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Grants 93,947 99,551 Investment income Dq)osit account intercst 26 16 Charitable activities Courses and workshops Partnership development 381 20 1,447 5 C)O(I 401 7,-342 Total incoming resources 94J74 l 0(),90() Expenditure Charitable activities Wages Pensions Photocopier leasing Insurance Basement clearance costs Office costs Other establishment costs Travel and subsistence Rent Exhibition costs Courses & workshops Publicity costs Consultancy Staff training Funding contributions to partners 49,206 206 62,141 819 671 2,674 1,446 3,345 2,464 3,086 641 540 6,481 15,207 6,433 958 724 4,628 17,561 1,724 2,081 1,317 366 86,222 99.497 Support costs MvanY4gement Bookkeq)ing Recruitment advertising 1,404 240 3,437 1,644 3,437 This page does not fomi part of the statutory financial statements Page17
Crescent Arts Detalled Statement of Flnanclal Aetlvltle$ for the Year Ended 31 March 2024 2024 2023 Management Governanc¢ eosts Accountancy Pmfessional fees Other governanoe costs 1,650 3,060 384 Total resources expended 104,9()8 Net Income 1,941 This page does not fonn part of the statutory fllwicial statements Pag¢ 18