Charlty registration number XR106442 (North8m Ireland) Company registratlon numbar N1014495 CRESCENT ARTS CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CRESCENT ARTS CENTRE LEGALAND ADMINISTRATIVE INFORMATION Trustees EHOY C Maguire M Campbell K Beggs R Hooper N Shannon J Lenaghan S Mccullough H Milne B Sharma (Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) Charlty number (Northern Ireland) XR106442 Company number N1014495 Reglstered offlce 24 University Road Belfast BT71NH Audltor HM Chartered Accountants 6th Floor East Tower Lanyon Plard 8 Lanyon Placo Belfast Co. Antrim BT13LP 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 actlvities 11 Statement of financial FX)Sition 12 Statement of cash flov 13 Notes to the financlal statemonts 14-24
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006 present their report and financia statements for the year ended 31 March 2025. 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" The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reports'ng 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 IFRS 102)" Objectives and activitles Our Vislon is a society which actlV8ly values and promotes creativity and the arts for everyone. Our Mlssion 15 to be a vibrant and welcoming hub where everyone can experience the power of the arts and develop their creativity. The Crescent's Purpose is to make a difference lo everyday lives, through offering creative opportunities. Our Strateglc Plan 2024 - 28 is centred around 4 Pillars. Example milestone5 achieved 2024-25 are listed against each of the Pillars below, Beneath that is a Summary of our Activities. 1. PlacelNeighbourhood.' The Crescent is a local landmark, a source of local pride, a home from home, a celebrator of cultures. South Belfast Partnerships: We developed relationships & worked in partnership with x2 South Belfast Primary Schools,. Fane Street PS and Donegall Rd PS, with activity both in the schools, and at The Crescent Art Centre, including also for friends & families, with performance activity in Belfast Book Festival, South Belfast Partnerships,. Belfasl Book Festival. focussed on local relationships.. partnered with Accidental Theatre, Queens, Next We opened our spaces for a variety of free, non-tickeled & informal experiences, including engagement in Late Night Art. monthly drop-in Slilch & Natter and Tech Tips and inslalled a 'Free Little Library In The Crescent's café area. 2. People: We create the conditions for staff. artists, companies. customers and customers lo thrive. Staff. we maintained a high retention-rate arnongst Part Time Customer Services Team. Staff Expertise is recognised & celebrated. Communications Manager invited to speak at Ticketing Professionals Conference in partnership with thrive, in relation to x3 years of Pay Vvhat You Decide Model at Belfast Book Festival. Freelance., We directly engaged x85 freelance creative practitioners. in a variety of capacities.. as AssociateslAdvisors (Belfast Book Festival, Courses & Workshop Music Programme),, as Facilitators delivering Courses & Workshops, as Administrative SLlPPOrt. Belfast Book Festival Administrator, as Artisls Idesigns for Crescent Shop, Artist in Residence including Vasiliki stasinaki) Access & Inclusion The Crescent was invited by Open Arts: to share our journey in, and experience ofAccess & Inclusion, at a sequence of Belfast City Council Tourism events.
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 3. Artistic Practlce- We offer professional facilities for rehearsal, development and performance-, we bring audiences closer to the production process. 45 % of Crescent spaces were used by artistslarts organisations, against a targel of 40 %. This included introducing a 'Time To, project for artist5 to book facilities at a particular time of the dayl week, on a Pay What you Decide Model - Time to Dance, Time to Write & Time for Music. Artist in Residence. with Vasiliki Stasinaki.. example of multi-month Residency that engaged building-wide. with staff, wilh public and legacy of artwork on display in the building and for sale In The Crescent's Shop. Stripped Down.. Celebrating Northern Ireland musicians in cabaret-style gigs. 4. Busin8ss Exc611ence: We have a robust financial model that sustainably realises our potential. Maximising longstanding successful prograimmes.. Courses & Workshops.. year on year gradual increase in income. With sufficient research and support.. Irialling new income generation approaches.. The Crescent's Shop is up and running, contributing to unrestricted income. 2024-25 was the third full year of in-person activity further to closures as related to the Covid-19 pandemic and saw a gradual increase in the volume of our activities. Courses & Workshops: Into its 33rd year, our Courses and Workshops programme continued lo thrive, with activity delivered across six programme strands, across four Terms Children & Family., Dance & Wellbeing., Music & Drama; Visual Arts & Crafts., Creative Writing & Reading-, Languages & Culture We engaged 68 Tutors, who delivered 412 Courses and Workshops, to 3615 unique customers, with average capacity at 780A. Our Take the Stage initiative is now embedded into our programme structure.. al the end of each Term we invite Courses & Workshops participants lo present their work. as individuals or classes. to an audience: in The Cube and the David Hill Studio. At the end of Autumn Term this was run in conjunction with a Christmas Craft Market (December). We continued with our Associates Model (initiated in 2022). For this third year we engaged 4 creative practitioners from outside of Tutoi network (for the previous year we engaged Tutors within Ihe network), to advise us on our programming Strategies and approach. Example outputs included welcoming a number of new Tutors delivering new activities." clarifying our approach to 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.
CRESCENT ARTS CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 New courses included.. Children & Famlly. Toddler Ballet., Craft Workshops- Art Lounge (13-17year olds) Dance & Wellbelng.. Ballet for Adults., Burlesque Feather Fan Dancing., Argentine Folk Dancing Music & Drama.. Explore Songwriting-, Fingerstyle Guitar Vlsual Arts & Crafts.. Perfecting Pastels, Crochet Decorative Edging,, Frida Kahlo Brooch Creatlve Wrlting & Readlng.. Writing Eco-Poetry', 'I'm a Fan!, (Fan Fiction) Language & Cultur8'. Saree Draping and Shringaar., The ECntrIC World of Luisa Casati Crescent Live 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 stripped down versions of their songs. Stripped Down was programmed by The Crescent's Music Associate Donal Scullion who has been collaborating with our Technical Manager Gareth Doran, to curate a series of events. In 2024 the line up included Becky McNeice & Gemma Bradley. Jealous of the Birds & Acqua Tofana., Pinkslips and Esmerelda Road, CHERYM & Monday's Child. 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. Imagine Festival of Ideas.. The Imaginel festival takes place in Belfast every March and presents 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. In 2024 we welcomed Vasiliki Stasinaki as Artist in Residence. Belfast Book Festival (June 2024) Our annual June festival celebrates bestselling authors, award-wirsning poetry and spoken word, and showcases the wealth of local talent that defines our thriving literary community. 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 to the cost of living crisis. Highlighting The Crescent Arts Centre as the Festival Hub.. creating a range of new activities alongside our traditional Events model, many of them free to customers including exhibitions, residencies and multiple drop-in sessions. Collaborative and innovative approach to programming: we engaged 2 Associates to develop the programme. Popular events included Palhways to Publishing.. a rselworking and social event for those interested in books and publishing. A celebration of Northern Ireland talent Deirdre Madden.. a conversation on the Menopause featuring journalist Marie-Louise Connolly with fiction writer Clara Geraghty, 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.
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Our thanks to Festival Funders The Adrian Brinkerhoff Poetry Foundation, Johns Elliot Solicitors, alongside our principal funders Arts Council of Northern Ireland and Belfast City Council. Our thanks to hotel Partner Hastings, Festival Bookseller No Alibis and Partner Seamus Heaney Centre at Queen's Mairtin Crawford Award 2024 2024 saw the continued trajectory of year-on year increase in submissions for both Awards. We welcomed new Judges in each category. Poetry.. For Poetry it was the 9th year of Award. Moyra Donaldson stepped back from Judging and joins us as Award Patron. The 2024 Judges were Kathleen Mccracken and Dawn Walson. The Winner was Lianne O'Hara, who completed her Residency in Belfast {with in-kind support from Hastings Hotel, and time at The CrescentArts Centre}. For Short Story It was the 7th year of the Award. Lucy Caldwell remained as Chair, and was joined by Wendy ErsKine, with support from Riley Johnston The Winner was Julie Cruickshank who completed her residency in Belfast (with in-kind support from Hastings Hotel, and time at The Crescent Arts Centre). Crescent Arts Yoiith Theatre ICAYTI 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. They presented a Home Show at The Crescent and a Festival show at The Lyric Belfast. Creative Hub The Crescent is a home to professional arts companies loffice space} and continued to offer its spaces for discounled creative activity - rehearsals, development. meetings. The trustees have paid due regard to guidance issued by the Charlty Commisslon In deciding what activities the charity should undertake. Flnancial revlew The Audited Financial Statements for 2024125 shows a deficit in unrestricted funds of £98.391 (2024.. £131,348) including £106,957 12024.. £112.1701 of depreciation within unrestricted expenditure The cash surplus for the 2024125 financial year was £39,340(2024.' deficit £20,822) which included £14,837 of capital expenditure. The principal funding resources were rental income and grants obtained from Arts Council Northern Ireland and Belfast City Council. Investment policy and objectives The Charity's Memorandum and Articles of Association pemjit 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 2025 are £4,229,441 made up of restricted funds of £129,264, designated funds of £3,749,802 and general unrestricted funds of £350,375.
CRESCENT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management The charity is controlled by its goveming document, a memorandum and articles of association, and constitutes a company limited by guarantee, as defined by the Companies Act 2006. During the year th8 Board agreed a Govemance Manual. The Crescent's Board of NoTrExecutive Directors during 202&24 was as follows.. EHOY C Maguire M Campbell K Beggs R Hooper N Shannon A Holm8S J Lenaghan S Mccullough H Milne B Sharma (Resigned 10 September 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) (Appointed 14 May 2024) Recrultment 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 strategy 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 identified in the plan. The trustees also implement procedures to minimise any potential Impact on the charity should these risks arise. Audltor In accordance with the company's articles, a resolution proposing that HM Chartered Accountants be reappointed as auditor of the company will be put at a General Meating. 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 2025 The trustees, who are also the directors of Crescent Arts Centre for the purpose 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 statements for each financial year. Under that law the trustees have prepared the financial 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 expenditure, of the for that périod. In preparing these financial statements, the trustees are required to.. select suitsble accounts-ng policies and then apply them consistently., observe the methods and prlnciples in the Statement of Recommended Practice., Accounting and Reporting by Charities (20151., make judgments and estimates that are reasonable and prudent., and prepare the financial statements on the going concem basis unless it is inappropriate to Pfesume that the will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the 's transactions and disclose with reasonable accuracy at any lime the financial position of the and enable them lo ensure that the financlal statements comply with the Companies Act 20065. They are also responsible for safeguarding the assets of the and hence for taking 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 include a statement, in the case of each director in office at the date the directors, report is approved, that- (a) so far as the trustee is aware, there Is no relevant audit information of which the company's auditors are unaware; and (b) he has taken all the steps that he ought to have taken as a trustee in order to make himself aNare of any relevant audit information and to èstablish that the company's auditors are aware of that information. Company law requlres the trustees to prepare financlal statements for each financial year whlch give a true end fair vlew of the state of affairs of the charity and of the incoming resources and application of resources, Including the Income and expenditure, of the charitable company for thal year. In preparing these financial statements, the trustees are requlred to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP-, - make judgements and estimates that are reasonable and pruderrt,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable th8m to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and henTr for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CRESCENT ARTS CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CRESCENT ARTS CENTRE Opinion We have audited the financial statements of CreSnI Arts Centre (the 'charity'} for the year end8J 31 March 2025 which comprise the statement of financial activities, the statement of financial position, the ststement 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 Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, th8 financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources. for the year then ended., have been properly prepared in accordance wrth United Kingdom Generally Accepted Accountlng Practi. 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) IISAS IUKI) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors responsibilities for Ihe audit ol the fin8ncial stalements 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 statements 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. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees. use of the going concern 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 uncertainti8s relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Informatlon The other information comprfses the informatlon included in the annual report other than the finartial 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 and we do not eXp$S any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information 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 inconsistencies 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 perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. Vve 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 Nccounts and Reports Regulations (Northern Ireland) 2015 requires 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 sufficient accounting records have not been kept; or the financial 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 Responsibilities 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 lo 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 concem basis of accounting unless the trustees erther intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audit of the financlal statements We have been appointed as auditors under section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraucl or error, and to issue an auditors 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 material 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 competents, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified 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, dats protection, anti-bribery, employment, environmental and health and safety legislation • we assessed the extent of compllance with the laws and regulatlons identified above through making enquiries of management and inspecting legal correspondence.. and identified laws and regulations were communicated withln the audit team regularly and the team rnaIned alert to instances of non-compliance throughout the audit. We assessed the sUSpIlblIIty 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 knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations., To address the risk of fraud through managernent bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicative of potential bias- and Investigated the rationale behind significant or unusual transactions; In response to the rlsk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentstion. r8adlng the minutes of meetings of those charged wlth governance; enquiring of management as to actual and potential litigation and claims; and reviewin9 correspondence with HMRC and the company's legal advisors., There are inherent limitations in our audit procedures described above. The more removed that laws and regulats-ons are from financial transacts'ons, the less likely it is that we would become aware of non-compliance. 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=Il 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 charity's trustees, as a body, in accordance with Part 4 of the Charities Accounts and Reports Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state 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 charity and the charity's trustees as a body. for our audit work, for this report. or for the opinions we have formed. Angela Cralg {Senlor Statutory A Itor) For and on behalf of HM Chartered Accountants, Ststutory Auditor Chartered Accountants 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim BT13LP Date:......... 9.1.2125 HM Chartered Accountants is eligible for appointment as auditor of the charity by virtue of its elgibility for appointrnent as auditor of a company under section 1212 of the Companies Act 2006. 10-
CRESCENT ARTS CENTRE STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Restricted funds funds 2025 2025 Totsl Unrestrlcted Restrlctsd funds funds 2024 2024 Total 2025 2024 Notss Income from: Donations and legacies Charitable activities Investments 7,160 631,951 1,692 7,160 950,731 1,892 5,365 501,448 1,593 5,365 887,275 1,593 318,780 385,829 Totsl Income 640,803 318,780 959,583 508,404 385,829 894,233 Expendlture on: Charitable activities 739,357 337,769 1,077,126 839,706 362,832 1,002,538 Total oxpendlture 739,357 337,769 1,077,126 639,706 362,832 1,002.538 Net expondlture (98,554) (18,989> (117,543) (131,302) 22,997 (108.305) Transfers beeen funds 163 (163) (46) 46 Net movement In funds (98,391) {19,152> (117,543) (131,348) 23,043 (108,305) Reconclllatlon of funds: Fund balances at 1 April 2024 4,198,568 148,416 4,346,984 4,329,916 125,373 4,455,289 Fund balances at 31 March 2025 4,100,177 129,264 4,229,441 4,198,568 148,416 4,346,984 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 11
CRESCENT ARTS CENTRE STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2026 2024 Notes Fixed assets Tangible assets 12 3,878,904 4,005,013 Current assets Debtors Cash at bank and in hand 13 29,557 436,601 62,339 397,261 466,158 459,600 Cr•dltors: amounts falllng due wlthln one year 14 (115,621) (117,629) Net current assets 350,537 341.971 Total assets less current Ilabllltles 4,229,441 4,346.984 The funds of the charity Restricted income funds Unrestricted funds 15 16 129,264 4,100,177 148.416 4,198,568 4,229,441 4,346,984 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025, although an audit has been carried out under section 65 of the Charities Act (Northern Ireland) 2008. No member of the company has deposited a notice, pursuant to section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financlal statements. The members have not required the company to obtain an audlt of tts financial statements under the requlrements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance wlth the provisions applicable to companies subject to the Small companies regime. ..9.1712 The financial 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 2025 2025 2024 Notes Cash flows from operatlng actlvltles Cash generated from operations 20 52,485 27,889 Investlng actlvltles Purchase of tangible fixed assets Investment income received (14,8371 1,892 (50,303) 1,592 Not ¢ash used In Invostlng actlvltles (13,145) {48,711) Not cash generated from flnanclng actlvltles Net Increasel{decroase) In cash and cash equlvalents 39,340 (20,822) Cash and cash equivalents at beginning of year 397,261 418,083 Cash and cash equlvalents at end of year 436,601 397,261 13-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Charlty Infomiation Crescent Arts Centre is a charitable company limited by guarantee incorporated in Northem Ireland. The registered office is 2-4 University Road, Belfast, BT7 1 NH. 1.1 Accountlng conventlon The accounts have been prepared in accordance with the Companies Act 2006 and "Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab18 in the UK and Republic of Ireland IFRS 102). (as amended for accounting perlods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financlal statements have been prepared under the historlcal cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern The Crescent Arts Centre re-opened lo in-person activity in September 2021, having been forced to close its doors since March 2020 (Covid 191UK Govemment legislation). The charity secured COVID-19 related Emergency Grant Funding, and the Trustees note the gradual but encouraging recovery of earned income Projections have been prepared for 12 months after the year end which show 8 deficit. The Trustees believe that the Charity holds sufficient reserves, including cash at bank, in order to absorb this deficit if n8cessary. 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 as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised 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 charty has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity ha5 been notified of an impending di%tribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Turnover is measured at the fair value of the consideration reiVed 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 2025 Accounting pollci88 (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each adivity ar8 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 basls of time spent, and depreciation charges are allocated on the portion of the asset's use. Expendfture is included in the Statement of Financial Actlvltles on an accruals basis, exclusive of any VAT which can be recovered. Certain expenditure is directly attributable to specific actlvltles 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 fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairmenl 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 100A reducing balance 200A reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale prOedS and the carrying value of the asset, and is recognised in th8 statament of financial activities. 1.7 Impalmient of flx•d assets At each reporting end date, the charity reviews the carrying amounts of its tanglble assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indration 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 equlval8nts 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 borrowings in current liabilities. 15-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 1.9 Financial 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 ar8 recognised in the charity's balanc8 sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offsel, 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. Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reiptS discounted at a market rate of Interest. Financial assets classified as receivable within one year are not amortised. Baslc financial liabllities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unles8 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 amortlS8d. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financlal liabilities Financial liabilities are derecognised when the charlty's contractual obligations expire or are discharged or cancelled. The cost of any unused holiday entitlement is racognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is d8monstrably 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 2025 Crltlcal accountlng 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 experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are revi&wed 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 15 sensitive 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 legacles Unrestrlcted funds 2026 Unrestrlcted funds 2024 Donations and gifts 7,160 s,5 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 2025 Charltable activities 2025 2024 Room hire services Grants Licances Box office other income 79,661 318,780 37,144 506,880 8,266 70,024 385,829 36,681 389,225 5.516 950,731 887.275 Analysls by fund Unrestricted funds Restricted funds 631,951 318,780 950,731 For the year ended 31 March 2024 Unrestricted funds Restricted funds 501,446 385,829 887,275 Grants recelved ACNI ACNI Health and Safety Programme Beffast City Councll Belfast City Councll Open Call Future Screens Nl Art Work Dormant Accounts Fund Nl Foyle Foundation Other 207,752 208,502 47,520 86,000 1,900 21,273 20,634 74,990 21,038 15,000 318,780 385,829 Income from Investments Unrestricted Unrestrlcted funds funds 2025 2024 other income 1',692 1,593 18
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from Investments (Contlnued) All investment income in both the current and comparative p8riods is unrestricted. Charftable activltles 2025 2024 Creative Le8mlng Programme Events Core Costs 280.276 86.586 407,558 227,276 84,936 395,160 774.420 707,372 Share of support costs (see note 7) Share of govemance costs (see note 7) 298,906 3,800 291,088 4,100 1,077,126 1,002,538 Anaty819 by fund Unrestricted funds Restricted funds 739,357 337,769 1,077,128 For the year ended 31 March 2024 Unrestricted funds Restricted funds 639,708 362,832 1,002,538 19-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governance Cogts costs 2026Support costs Governance costs 2024 Depreciation Rates Heat, light and power Maintenance and cleaning Telephone Postage, stationery and sundry Subscriptions and membership Legal and professional IT costs Insuranca Irrecoverable VAT Audit fees 140,946 2,694 45,025 140,946 2,694 45,025 136,815 (1,017) 43,938 138,815 (1,017) 43,938 46,891 2,991 46,891 2,991 44,438 3,017 44,438 3,017 1,720 1,720 1,284 1,284 4,741 8.825 25,207 19.866 4,741 8,825 25,207 19,866 4,316 10,530 24,425 23,320 4,316 10,530 24,425 23,320 3,800 3,800 4,100 4,100 298,906 3,800 302,706 291,066 4,100 295,166 Analysed between Charitable activities 298,906 3,800 302,706 291,066 4,100 295,166 Net movement In fund$ 2026 2024 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 3.800 140,946 4,100 136,815 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.. 2025 Number 2024 Numbar 17 18 -20-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees (Contlnued Employment costs 202S 2024 Vlages and salaries Social security costs Other pension costs 333,822 23,956 5,383 316,129 21,005 4,965 363,161 342,099 Remuneratlon of Key Management Personnel The total amount of remuneration received by Key Management personnel In the year was £58,69412024'. £51,180). There were no employees whose annual remuneration was more than £60,000. 11 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 12 Tanglble flxed assats Freehold l•nd Flxturns and and bulldlngs flttlngs Cornputsrn Totsl Cost At 1 April 2024 Additions 5,802,538 3,700 216,401 11,137 83,095 6,102,034 14,837 At 31 March 2025 5,806,238 227,538 83,095 6,116,871 Depreclatlon and Impalment At 1 April 2024 Depreciation charged in the year 1,881.884 116,125 153,472 11,614 81,665 2,097,021 13,207 140,946 At 31 March 2025 1,998.009 165,086 74,872 2,237.967 Carrying amount At 31 March 2025 3.808,229 62,452 8.223 3,878.904 At 31 March 2024 3,920,654 62,929 21,430 4,005,013 Ulster Bank Ltd hold a first legal charge over premises at 2 - 4 University Road, Belfast. 21
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Debtors 2025 2024 Amounts falllng due withln one year: Trade debtors Other debtors Prepayments and accrued income 11.381 16,810 1,586 22,477 38,542 1,320 29,557 62,339 14 Credltors: amounts falllng due wlthln on• year 2025 2024 Trade creditors other creditors Accruals and deferred income 10,295 1,728 103,598 17,855 3,311 96,463 115,621 117,629 15 Restricted funds The restrlcted 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 Aprll 2024 Incomlng resources Resources expended Transfers At 31 March 2026 ACNI Annual Funding BCC Funding Flxed Asset Fund Future Screens Nl Art Work 207,752 74,990 15,000 21,038 (207,752) (74,990) (33,989) (21,038) 148,416 (163) 129,264 148,416 318,780 (337,7691 {163) 129,264 -22-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1 S Restrlcted funds {Continued) Prevlous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 ACNI Annual Funding BCC Funding BCC Open Call Belfast 24 Fixed Asset Fund Future Screens Nl Art Work Dormant 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 The fixed asset fund represents funds received for the purchase of tangible fixed assets. The fund is represented by the net book value of these assets. The balance of restricted funds represents funds for the ongoing malntenance and running of the Crescent Arts Centre, 16 Unrestrlcted funds The unrestricted funds of the charity 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 indude designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Transfers At 31 March 2025 At 1 Aprll 2024 Incomlng resources Resources expended Fixed asset fund General funds 3,856,596 341,972 (106,957) (632,400) 163 3,749.802 350,375 640,803 4,198,568 640,803 (739,357) 163 4,100,177 Prevlous year: 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) 4,198,568 -23-
CRESCENT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Analys18 of net assets between funds UnreBtricted fund5 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Current assetsl(liabilities) 3,749,640 350,537 129,284 3,878,904 350,537 4,100,177 129,264 4,229,441 Unre8trlcted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsl(liabilities> 3,856,597 341,971 148,416 4,005,013 341,971 4,198,568 148,418 4,346,984 18 Contlngent Llabilitl88 A contingent liability exists in relation to the capital grants received from the Arts Council Northern Ireland in respect of the refurbishment 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 bullding within entY five years. The building was officially opened in April 2010. 19 Penslon contrlbutlons The pension cost and charge represents contributions payable by the company to the fund and amounted to £5,383 (2024.. £4,965). At 31 March 2025, contributions amounting to £NIL12024'. £1,490) were payable to the fund and included in creditors. 20 Cash generated from operatlons 2025 2024 Deficit for the year (117,543) (108,305) Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (1,692) 140,946 (1,5931 136,815 Movements in worklng capital: Decreasel(increasel in debtors (Decrease)lincrease in creditors 32,782 (2,008) (15,710) 18,682 Cash generated from operatlons 52,485 27,889 -24-