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 EC￿ntrIC 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 CreS￿nI 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 sUS￿pIlblIIty 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 be￿een
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 re￿iVed 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
prO￿edS 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 re￿iptS 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-