Charity registration number XR10fA42 Company registratlon number N10144961Northern Ireland) CRESCENT ARTS CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CRESCENT ARTS CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees EHOY C Maguire M Campbell K Beggs R Hooper N Shannon A Holmes J Lenaghan S Mccullough H Milne B Shamia (Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) Charlty number XR106442 Company number N1014495 Reglstered offlco 2-4 University Road Belfast BT71NH Audltor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrlm Northern Ireland BT2 8HS Bankers Ulster Bank Limited 11-16 Donegall Square East Belfast BT15UB
CRESCENT ARTS CENTRE CONTENTS Page Trustees, report statement of Trustees, responsibilities Independent auditor's report 7-10 statement of financial activitles 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14-26
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006 present their report and financial statements for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" effective January 2015, and FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland Objectlves and actlvltles Our Vislon is a society which actively values and proinotes creativity and the arts for everyone. Our Mlsslon is to be a vibrant and welcoming hub where everyone can experience the power of the arts and develop theii crealivily. The Crescent's purpose is to make a difference to everyday lives, through offering creative opportunities. The Crescent operates within a set of key principles that encapsulate our belief that arts cenlres.. 1. Provide outstanding artistic experiences and maximise social impact and community cohesion through the breadth of activities and depth of engagement 2. are 'businesses' making significant contributions to the economy 3. drive economic growth by acting as incubators for individual artists and entrepreneurs and through cultural SME'S, supporting them with advice and training to establish their own @nlerprises 4. contribute to regeneration and growth through local economic impact and by providing cultural place making 5. provide 'safe houses, for the development of artists and companies, encouraging and supporting artistic experimentation and development 6. drive innovation within the industry, with business models that enable artistic risk-taking 7. provide safe and stimulating environments for the creative development of children and young people These principles were collaboratively developed by the network Future Arts Centres, of which The Crescent is a member. High level examples describing Impact are outlined below, and our Programme of activities described further beneath.. Soclal Impact We encourage collaborative and interdependent activities amongst all age groups, abilities and communities. This promotes active citizenship, tolerance and mutual respect. Our Courses and Workshops programme encourages creative expression and enjoyment of arts and culture. Our Courses run across multiple weeks, and many of our participants engage in multiple courses, so we can measure impact over lime. Our Youth Theatre, and Schools Programme, offers free quality artistic opportunities to those who may face economiclother barriers to participation. Economic Impact The Crescent contracts on average 60 freelance creative practitioners per quarter. We generate income via hiring space to local businesses and community groups, theatre and dance companies, music groups, playing an important role in the promotion of the arts in Belfast and the sustainability of the centre
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Place-making and tourism The Crescent's impact on cultural tourism is evident in terms of the visitors to the iconic Victorian building and the surrounding area. Our activity in 2023-24 contributed to making Belfast an artistically and culturally rich city by offering a diverse. accessible and high-quality arts programme, including an annual Book Festival that actively celebrates South Belfast as a literary place. 2023-24 was the second full year of in-person activity further to closures as related to the Covi&19 pandemic and saw a gradual increase in the volume of our aclivilies. Courses & Workshops.. Into Its 32nd year, our Courses and Workshops programme continued to thrive. with activily delivered across six programme strands.. Chil(Jren & Family, Dance & Wellbeing., Music & Drama., Visual Arts & Crafts,. Creative Writing & Reading, Languages & Culture, across 4 Terms. We engaged 68 Tutors, who delivered 375 CoUe$ and Workshops, to 3122 unique customers, wilh average capacity at 76 % . We continued with our Associates Model (initiated in 2022), For this second year we engaged 5 Creative practitioners from outside of Tutor network {for the previous year we engaged Tutors within the network), to advise lis on our programming strategies and approach. Example oulpuls included welcoming a number of new Tutors delivering new activities,. clarifying our approach lo progressionldevelopment routes {eg Levels within Languages and Dance)., a focus on innovation and expansion of activity in our Art Studio and Workshop 1 as a dedicated Arts & Craft space. New courses included.. Chlldren & Famlly; Decoration with Mahsa Jahangirpour,. A Swift Adventure: Family Yoga with Zoe Kohner Dance & Wellbelng: Pilates with Palmira Rendilheiro., Greek Dance Workshop with Vasiliki Stasinaki Muslc & Drama.. Ukulele wlth Sean Lawlor {lead of Belfast Ukulele Jam)., Traditional Singing & Tin Whistle Catriona Gribben., Acting as a Career with Charis Agbonlahor., Rock Band (Adults) - Gary Lutton Visual Arts & Crafts- Macramè with Alison Pascoe., Knitting for Beginner5 Wlth Katie Harte; Life Sculpting with Tara McGinn Creatlve Wrltlng & Readlng: Writing Surgery: Feedback & Editing Skills with Chris Wright; The Poetry of Mary Oliver with Mary Montague Language & Culture.. Irish.. Absolute Beglnners., Irish.. Beginners Continuation with Neil O'Brlaln Crescent Llve This is our Events platform, held mainly in our beautiful space 'The Cube,. We curate activity. we facilitate hires and we offer special Artist rates. We worked with partners to deliver Festivals. Highlights included-. Stripped Down at The Crescent is a series of gigs that brings together some of the most talented original acts currently working In Northern Ireland, and who perform stnpped down versions of their songs. Stripped Down has been programmed by The Crescent's Music As who has been collaborating with our Technical Manager Gareth Doran. to curate a series of events. In 2023 the line up included Leo Miyagee. Winnie Ama, Belfast Groove Collecive, Ben Flavelle Cobain and Célia Tiab. Bounce Festival.. Held annually in October, The Crescent is proud to be a key partner for Bounce Festival, organised by University of Atypical for Arts & Disability. For 2023 the organisation Open Arts staged a takeover of The Crescent which included performance5 from Monday Players, Open Arts Community Choir, Luminous Soul dancers. readings froin the creative writing group and workshops in visual arts.
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Imagine Festival of Ideas.. The Imaginel festival takes place in Belfast every March and presents a unique way of imagining the future of this great city and the wider world. The Crescent hosted 25 Imagine events. including the ever-popular Democracy Days. Alongside Events we introduced a new strand Artist Residencies. In 2023 we were delighted to work with Improvised Music Company Dublin, as their first partner in Northern Ireland to host the Navigator Jazz Residency. We welcomed pianisl Izumi Kimura lo The Crescent for 10 days, offering connections and introduction into the City, time and space to focus on her work. and sharings of her work with audiences. Belfast Book F8Stlval (June 2023) Our annual June festival celebrates bestselling authors, award-winning poetry and spoken word., and showcases the wealth of local lalenl Ihat defines our thriving literary community Festival 2023 was our second in-person festival post-Covid-19. We maintained the focus on access, reach and connectivity established in 2022, which included.. Adopting, for a second year, a Pay What You Decide Model as our ticketing mechanism, in response lo the cost of living crisis. Highlighting The Crescent Arts Centre as the Festival Hub,. creating a range of new activities alongside our traditional Events Inodel, many of them free to customers includin9 exhibitions, residencies and multiple drop-in sessions. Collaborative and innovative approach lo programming.. we engaged 4 Associate5 to develop the programme Popular events included our inaugural FunFair'. a networking and social event for those interested in books and publishing., a celebration of Northern Ireland lalenl Deirdre Madden., a conversation on the Menopause featuring journalist Marie-Louise Connolly with fi'ction writer Clara Geraghly,, Seamus Heaney Centre Fellows Conor Mitchell, Kate Tempest and Roddy Doyle in conversation and Pulitzer Prize winner Richard Ford with Northern Ireland-based talent Michael Magee. Our thanks to Festival Funders The Adrian Brinkerhoff Poetry Foundation, Johns Elliot, CllP Ireland and Translink, alongside our principal funders Arts Council of Northern Ireland and Belfast City Council. Our thanks to hotel Partner Bullitl, Festival Bookseller No Alibis Bookstore, Seamus Heaney Centre al Queen's. Malrtin Crawford Award 2023 2023 saw Ihe continued trajectory of year-on y@ar increase in submissions for both Awards. We continued our emphasis on devising innovative ways to present the Awards in the Belfast Book Festival to maximise profile for the Winners. For 2023 we combined the Award with marking 150 years of The Cresn1'S building, with reflection in particular on the late Helen Waddell, one of the most influential and yel under- appreciated figures in Irish and British Literature. Poetry. For Poetry it was the 8th yeai of Award, with Judges Moyra Donaldson and Annemarie Ni Churreain. The Winner was Estelle Price, who we met later in the year when she completed her residency at The Crescent. For Short Story il was the 6th year of the Award. with Judges.. Lucy Caldwell, Rachael Kelly and Chris Wright. The Winner was Simon Gilbet, who spent time later in the year at The Crescent for his writing residency. Our thanks to CILIP Ireland for contributing to the cash prize, and to Bullitt Hotel for the accommodation for the Winners Residency Prize.
CRESCENT ARTS CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 CresLeiit Arts Yoiitli 'fheatre ICAYT) Our Education and Talent Development Programme for 14-19-year-olds met 22 times for 3 hour sessions on Saturday aftemoons in The Crescent and participated in the National Theatre's Connections Programme with the play The Sad Club by Luke Barnes. They presented a Home Show at The CreSnI and a Festival show at The Lyric Belfast. Creative Hub The Crescent is a home to professional arts companies (office space) and continued to offer its spaces for discounted creative activity - rehearsals, development, meetings. The trustees have paid due regard to guidance Issued by the Charity Commission in deciding what activities the charity should undertake. Flnanclal revlew The ALidited Financial Statements for 2023124 shows a deficit in unrestricted funds of £131,34812023.' £136.735) including £112,170 {2023'. £114,800} of depreciation within unrestricted expenditure. The cash deficit for the 2023124 financial year was £20,822 {2023'. surplus £126,047) which included £50.303 of Gapital expenditure. The pnor year surplus was in part linked lo the liming of grant receipts The principal funding resources were rental income and grants obtained from Arts Council Northern Ireland and Belfast City Council. Investment pollcy and objectives The Charity's Memorandum and Articles of Association permit the Trustees to invest as they decide, with professional advice as appropriate. Reserves pollcy The organisation's Reserves Policy is reviewed annually by the Board. Total reserves at 31 March 2024 are £4,346,984 made up of restricted funds of £148,416, designated funds of £3,856,596 and general unrestricted funds of £341,972. Structure, governance and management The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a company limited by guarantee, as defined by the Companies Act 2006. During the year the Board agreed Governance Manual. The Crescent's Board of Non-Executlve Dlrectors during 2023-24 was as follows.. EHOY C Magulre M Campbel K Beggs K Collins R Hooper J Kirk O O'Kane N Shannon A Holmes E Branagh J Lenaghan S Mccullough H Milne B Sh8rma (Resigned 5 December 2023) (Resigned 5 March 2024) (Resigned 11 June 2023) (Resigned 16 May 2023) {Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) {Appoint8d 14 May 2024)
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recruitment and appointment of new trustees Crescent Arts Centre regularly reviews the skills requirements of the board and recruits and selects new board members to fill gaps identified. Rlsk management The Board has a risk management stralegy which consists of reviewing the risks that the charity may face including health and safety, employment and misappropriation of funds. The strategy also includes the establishment of procedures to mitigate those risks identifi'ed in the plan. The trustees also implement procedures to minimise any potential impact on the charity should these risks arise. Audttor In accordance wlth the company's articles, a resolutlon proposing that Harbinson Mulholland be reappointed as auditor of the company will be put at a General Meeting. The Trustees, report was approved by the Board of Trustees. EHOY Trustee Dated..
CRESCENT ARTS CENTRE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of Crescent Arts Centre for the purpos& of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulation. Company law requires the trustees to prepare financial ststements for each financial year. Under that law the trustees have prepared the fi'nancial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the and of the incoming resources and application of resources, including the income and expendrture, of the for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Statement of Recommended PractiC6'. Accountlng and Reporting by Charities12015)- make Judgments and estimates that are reasonable and prudent., and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the will continue in business. The trustees are responsible for keeping ad@quate accounting records that are sufficient to show and explain the 's transactions and disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Companies Act 20085. They are also responsible for safeguarding the assets of the and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. In certain circumstances clients may choose to include an additional statement here which is required to be made within the directors, report as a result of Section 418 of the Companies Act 2006. In accordance with Section 418, directors, reports shall indude a statement, in the case of each director in office at the date the directors, report is approved, that.. (al so far as the trustee is aware, there is no relevant audit informatlon of which the company's auditors are unaware,. and Ib) he has taken all the steps that he ought to have taken as a trustee in order to make hlmself aNare of any relevant audit information and to estsblish that the company's auditors are aware of that information.
CRESCENT ARTS CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CRESCENT ARTS CENTRE Oplnion We have audited the financial statements of Crescent Arts Centre (the 'charity') for the year end&1 31 March 2024 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Irel8nd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its Incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounting Pract1., and have been prepared In accordance with the requirements of the Companles Act 2006. Basls for oplnlon We conducted our audit In accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statem8nts in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslon8 relatlng to golng concern In auditing the financial ststements, we have concluded that the Trustees, use of the going Goncem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least e1ve months from when the fsnancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the rel8vant sections of this report. Other Infomiatlon The other information comprises the infomatlon Included in the annual report other than the finartlal statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information 8nd we do not express any form of assurance conclusion thareon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistenci8s or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or SLfficient accounting records have not been kept; or the fi'nancial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
CRESCENT ARTS CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CRESCENT ARTS CENTRE Responslbllltles of trustees As explained more fully in the statement of Trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltlas for tho audlt of the flnanclal statements We have been appointed as auditors under section 65 of the Charities Act (Northern Ireland) 2008 wtd report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obt8ln reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an audrtor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a matenal misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
CRESCENT ARTS CENTRE INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF CRESCENT ARTS CENTRE Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competen, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations- we identffied the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector,. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identifi'ed laws and regulations were communicated within the audit team regularly and the team remained 816rt to instances of non-compliance throughout the audit. We assessed the susceptibillty of the company's financial statements to material misstatement, Induding obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledga of actual, suspected and alleged fraud,. and considering the internal controls In place to mitigate risks of fraud and non-compliance wlth laws and regulations., To address the risk of fraud through management bias and override of controls, we.. perfomied analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determlnlng the accounting estimates set out in Note 2 were indicative of potential bias- and investigated the rationale behlnd slgnificant or unusual transactions,. In response to the risk of irregularities and non-compllance with laws and regulations, we designed procedures which included, but were not limited to- agreeing fi'nancial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims,. and reviewing corresF)ondence with HMRC and the company's legal advisors., There are inherent limitations in our audit procedures described above. The more removed that laws and regul8tions are from financial transactions, the less likely it is that we would become aware of noTrcompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion, A further description of our responsibilities is available on the Financial Reporting Council's web51te at.. https-11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
CRESCENT ARTS CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF CRESCENT ARTS CENTRE This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to stste to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Ang8la raigan (Senlor Ststutory Audltor) for and on behalf of Harblnson Mulholland .ICJl.i.l.2Lfr Chartered A¢countants Statutory Audltor Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS Harbinson Mulholland is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10-
CRESCENT ARTS CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlcted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 5,385 501,446 1,593 5.365 887,275 1,593 8,958 409,996 519 8,958 762,184 519 385,829 352,188 Total Income 508,404 385,829 894,233 419,473 352,188 771,661 Expendlture on: Charitable activities Other expenditure 639,706 362,832 1,002,538 554,307 1,901 350,632 904,939 1,901 11 Totsl expendlture 639,706 362,832 1,002,538 556,208 350,632 906,840 Net Incomel(oxpendlture) {131,302) 22,997 (108,305) (136,735) 1,556 (135,179) Transfers between funds (46} 46 Net movement In funds {131,348) 23,043 (108,305) (138,735) 1,556 {135,179) Roconclllatlon of fund8: Fund balances at 1 April 2023 4,329,916 125,373 4,455,289 4,466,651 123,817 4.590,488 Fund balances at 31 March 2024 4,198,568 148,416 4,346,984 4,329,916 125,373 4,455,289 The statement of financial activities includes all galns and losses recognised in the year. All in¢ome and expenditure derive from continuing activities. 11
CRESCENT ARTS CENTRE STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 13 4,005,013 4,091,524 Current assots D&btors Cash at bank and in hand 14 62,339 397,281 46,629 418,083 459,600 484,712 Credltors: amounts falllng due wlthln one year 16 1117,629) (100,947) Net current assets 341.971 383,765 Total assets1888 current Ilabllltie8 4,346,984 4,455,289 Net assets •xcludlng penslon Ilablllty 4,346,984 4,455,289 The funds of the charlty Restricted income funds Unrestricted funds 16 148,416 4,198,568 125,373 4,329,916 4.346,984 4,455,289 The company is entitled to the exemption from the audit requlrement contalned in section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carried out under section 65 of Ihe Charities Act (Northern Ireland) 2008. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financlal statements under the requirements of the Companies Act 2006. The directors acknowledge thelr responsibilities for complying with the requlrements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtaln an audit of its financial statements under the requlrements of the Companies Act 2006, for the year in question in accordance with section 476. These fi'nancial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The finanaal statements were approved by the trustees on . EHOY Trustee M Campbell Trustee Company registration number N1014495 {Northern Ireland) 12-
CRESCENT ARTS CENTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng activities Cash generated from operations 22 27,889 173,694 Investing actlvltles Purchase of tsngible fixed assets Proceeds on disposal of tangible fixed assets Interest received (50,303) (48,866) 700 519 1,592 Net cash used In Investlng actlvltles (48,711) (47,647) Net cash used In financlng actlvltles Nat Idecreaseylncrease In cash and ca8h equlvalents (20.822) 126,047 Cash and cash equivalents at beginning of year 418,083 292,036 Cash and cash equlvalents at end of year 397,261 418,083 The notes on pages 14 to 26 fomi part of these financial statements. 13-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policie8 Charlty information Crescent Arts Centre is a charitable company limited by guarantee incorporated in Northern Ireland. The registered office is 24 University Road, Belfast, BT7 1 NH. 1.1 Accountlng convention The accounts have been prepared in accordance with the Companies Act 2006 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 20161. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functlonal currency of the charity. Monetary amounts In these financial statements are rounded to the nearest £. The financlal statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern The Crescent Arts Centre r&opened to in-person activity in September 2021, having been forced to close its doors since March 2020 (Covid 191UK Governm8nt legislation). The charity secured COVID-19 related Emergency Grant Funding, and the Trustees note the gradual but encouraging recovery of earned income Projections have b88n prepared for 12 months after the year end which show a deficit. The Trustees believe that the Charity holds sufficient reserves, including cash at bank, in order to absorb this deficit if necessary. They do not therefore feel that a material uncertainty exists regarding going concern. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors es to how they may be used. The purposes and uses of the restricted funds a set out in the notes to the financial statements. 1.4 Income Income is recognlsed when the charity 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 charity h85 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 15 recognised at the time of the donation. Legacie5 are recognised on receipt or otherwise if the charity 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. Tumover 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. 14-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnued) 1.6 Expendlture 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 classifi'ed by activlty. 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, Expenditure is included in the Statement of Flnancial Activities on an accruals basis, exclusiv8 of any VAT which can be recovered. Certaln expenditure is directly attributable to speclfic actlvitles and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Fixtures and fittings Computers 20A reducing balance 10% reducing balance 20% reducing balance The gain or loss arislng on the dlsposal of an asset is dètermined 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 Impalrnient of flxed assets At each reporting end date. the charity reviews the carying amounts of Its tanglble assets to detennine whether there is any Indication that those assets have suffered an impairment loss. If any such indcation exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing5 in current liabilities. 15-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies (Contlnued 1.9 Flnanclal Instruments The charity 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 thé charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financlal 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 financlal assets Basic financial assets, which indude 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 th8 future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financlal Ilabllltles Basic financial liabilities, includlng 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 rat8 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 classifi'ed as current liabilities rf 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. Derecognltlon of flnancl81 liabilities Financial liabilities are derecognised when the charlty's contractual obligations expire or are dlscharged or cancelled. The cost of any unused hollday entltlement is recognised in the period in whlch the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 16-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accounting estlmates and Judgements In the application of the charity'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 experien and other factors that are considered to be relevant. 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. The annual depreciation charge for tangible fixed assets Is sensltlve to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. Income from donatlon8 and legacle8 Unrestrlcted fund8 2024 Unrestrlcted funds 2023 Donations and gifts 5,365 8,958 All income from donations and legacies in both the current and comparative periods is unrestricted. 17-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activitles 2024 2023 Room hire SeiCeS Grants Licences Box office Other income 70,024 385,829 36,681 389,225 5,516 83,376 352,188 38,912 279,624 8,084 887,275 762,184 Analysls by fund Unrestricted funds Restricted funds 501,446 385,829 887,275 For the year ended 31 March 2023 Unrestricted funds Restricted funds 409,996 352,188 762,184 Grants rocelved ACNI ACNI Health and Safety Programme Belfast City Council Belfast City Council Open Call Future Screens Nl Art Work Domiant Accounts Fund Nl Other 208.502 47,520 86,000 1,900 21,273 20,634 207,752 86,000 26,201 21.919 10,316 385,829 352,188 Income from Investments Unrestrlctsd Unrestrlcted funds funds 2024 2023 Interest received 1,593 519 All investment income in both the current and comparative periods is unrestricted. 18-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable actlvftle8 2024 2023 Creative Learning Programme Events Core Costs 227,276 84,936 395,160 189,976 81.236 325,622 707,372 596,834 Share of support costs {see not8 7) Share of governance costs (see note 7) 291,066 4,100 304,005 4,100 1,002,538 904,939 Analysls by fund Unrestricted funds Restricted funds 639,708 362,832 1,002,538 For the year ended 31 March 2023 Unrestricted funds Restricted funds 554,307 350,632 904,939 19-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support Costs Support Governance costs costs 2024Support costs Governance costs 2023 Depreciation Rates Heat, light and power Maintenance and cleaning Telephone Postage, ststionery and sundry Subscriptions and membership Legal and professional IT costs Insurance Irrecoverable VAT Audit fees 138,815 (1,017) 43,938 136,815 (1,017) 43,938 139,445 5,464 32,700 139,445 5,464 32,700 44,438 3,017 44,438 3,017 51,298 4,636 51,298 4,636 1,284 1,284 2,271 2,271 4,316 10,530 24,425 23,320 4,316 10,530 24,425 23,320 4,538 12,728 27,759 23,166 4,538 12,728 27,759 23,166 4,100 4,100 4,100 4,100 291,066 4,100 295,168 304,005 4,100 308,105 Analysed between Charitable activities 291,086 4,100 295,166 304,005 4,100 308,105 Net movement In fund8 2024 2023 The net movement In funds is stated after chargingl(crediting): Fees payable for the audit of the charlty's financlal statements Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 4,100 136,815 4,100 139,445 1,901 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number 18 15 -20-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Employees (Contlnued) Employment costs 2024 2023 +Vages and salaries Social security costs Other pension costs 316,129 21,005 4,985 273,327 18,160 4,222 342,099 295,709 Remuneratlon of Key Management Personnel The total amount of remuneration received by Key Management personnel in the year was £49,498 (2023: £47,573). There were no employees whose annual remuneration was more than £60,000. 11 Other Total Unrestrlcted funds 2024 2023 Net loss on disposal of tangible fixed assets 1,901 12 Taxatlon The charity Is exempt from taxatlon on its actlvities because all its income is applied for charitable purposes. 21
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglble fixed assets Freehold land Flxtures and and buildings fittingy Computer9 Total Cost At 1 April 2023 Additions 5,786,930 15,608 182,546 33,855 82,255 6,051,731 840 50,303 At 31 March 2024 5,802,538 216,401 83,095 6,102.034 Depreclatlon and Impalmient At 1 April 2023 Depreciats'on charged in the year 1,766,104 115,780 145,948 7,524 48,154 1,960,206 13,511 136,815 At 31 March 2024 1,881,884 153,472 61,865 2,097,021 Carrylng amount At 31 March 2024 3,920,654 62,929 21,430 4,005,013 At 31 March 2023 4,020,825 36,598 34,101 4,091,524 Ulster Bank Ltd hold a first legal charge over premises at 2 - 4 University Road, Belfast. 14 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 22,477 38,542 1,320 20,551 26,078 62,339 46,629 16 Credltors: amounts falllng due wlthln one y•ar 2024 2023 Trade creditors Other creditors Accruals and deferred income 17,855 3.311 96,463 16,386 5,597 78,964 117,629 100,947 -22-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 April 2023 Incomlng Resources resources 8xp8nded Transfers At 31 March 2024 ACNI Annual Funding BCC Funding BCC Open Call Belfast 24 Fixed Asset Fund Future Screens Nl Art Vvork Domant Accounts 208,502 86,000 1,900 47,520 21,273 20,634 (208,502) (86,000) (1,900) (24,523) (21,273) (20,634) 125,373 148,416 125,373 385,829 (362,832) 46 148,416 Prevlous year: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 ACNI Annual Funding BCC Funding Fixed Asset Fund Future Screens Nl Art Work Dormant Accounts Fund Nl 207,752 86,000 26,201 21,919 10,317 (207,752) (86,0001 (24,645) (21,919) (10,317) 123,817 125,373 123,817 352,189 1350,633) 125,373 The fixed asset fund represents funds recelved for the purchase of tanglbl& flxed assets. The fund Is represented by the net book value of these assets. The balance of restricted funds represents funds for the ongoing maintenance and running of the Crescent Arts Centre. -23-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources expended Transfers At 31 March 2024 Fixed asset fund General funds 3,968,752 361,164 2,783 505,621 (114,893) {524,813) (46) 3,856,596 341,972 4,329,916 508,404 (639,706) (46) 4,198,588 Prevlous year: At 1 Aprll 2022 Incomlng resources Resourcw3 expended Tran8fers At 31 March 2023 Fixed asset fund General funds 4,060,885 405,768 (114.566) 1441,642> 22,433 (22,433) 3,968,752 361,164 419,473 4,488,651 419,473 (556,208) 4,329,916 18 Analysls of net a880ts between funds Unrestrlcted funds 2024 Restrfcted funds 2024 Total 2024 At 31 March 2024: Tangible asse15 Currenl assetsl(liabllities) 3,856,597 341,971 148,416 4,005,013 341,971 4,198,568 148.416 4,346,984 Unrestrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsl(liabilities) 3.966,151 363,765 125,373 4,091,524 363,765 4,329,916 125,373 4,455,289 -24-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Contlngent Liabilities A contingent liability exists in relation to the capital grants received from the Arts Council Northern Ireland in respect of the relurbishment of the building. The conditions of the grant stipulate that there will be a claw back of grants if Crescent Arts Centre disposes or loses their interest in the building within enty five years. The building was officially opened in April 2010. 20 Penslon contrlbutlons The pension cost and charge represents contributions payable by the company to the fund and amounted to £4,965 (2023: £4,222). At 31 March 2024, contributions amounting to £1,490 (2023.. £410) were payable to the fund and included in creditors. 21 Related party tran8actlons Transactlons wlth related partles During the year the charity had the followlng related party transaction8 Wlth some of the Trustees. Income was received from Walk on Air Films, of which trustee Rachel Hooper is a director: 2024 2023 Vvalk on Air Films Open Arts 19,687 14,310 11,338 19,687 25,648 The followlng amounts were outstandlng at the reporting end date.. Amounts owed by related Amounts owed by r6lated partles partles 2024 2023 Balance Balance Net Net Ivalk on Air Films Open Arts 30 30 2,558 2,254 2,556 2,254 30 30 4,810 4,810 -25-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Cash generated from operatlons 2024 2023 Deficit for the year (108,305) (135,179) Adjustments for: Investment income recognised in statement of financi81 activities (Gain)Iloss on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets (1,593) (519) 1,901 139,445 136,815 Movements in working capital.. (Inuease)Idecrease in debtors Increasel(decrease) in credltors (15,710) 16,882 210,854 (42,808) Cash generated from operatlons 27,889 173,694 -26-