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 CoU￿e$
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 Cres￿n1'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 CreS￿nI 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 Se￿iCeS
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-