REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 FOR THE COURTYARD ARTS AND COMMUNITY CENTRE Com an Number . 03044085 istered Charit Number .1044469
THE COURTYARD ARTS AND COMMUNITY CENTRE INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Company information Report of the Trustees Independent Examiners Report statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements
THE COURTYARD ARTS AND COMMUNITY CENTRE COMPANY INFORMATION FOR THE YEAR ENDED 31ST MARCH 2024 TRUSTEESIDIRECTORS . Mr M. A. Robinson Mrs S.J. Pickup Mr J.A. Clark Mrs B.J. Hopkin MrBCox Ms A Fuller Mrs D.M. Carolan Mr P Morris SECRETARY: Mr M. A. Robinson REGISTERED OFFICE: The Stables Port Vale Hertford Hertfordshire SG14 3AA REGISTERED NUMBER: 03044085 (England and Wales) CHARITY NUMBER: 1044469 CHARITY WEBSITE: www.courtyardarts.org.uk INDEPENDENT EXAMINER: R.J. Sears FCCA Hentons Stag House Old London Road Hertford, Herts SG13 7LA BANKERS: HSBC Bank plc Howardsgate Welwyn Garden City Herts. AL6 6BH
THE COURTYARD ARTS AND COMMUNITY CENTRE REPORT OF THE TRUSTEES For the oses of art 8 of the Charities Act 2011 and Directors, Re 417 of the Com anies Act 2006 ort for the oses of section FOR THE YEAR ENDED 315t MARCH 2024 The Trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charity's Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the charities Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102) issued in October 2019. st PRINCIPAL ACTIVITY The principal activity of the charitable company as stated in the Memorandum and Articles of Association is the provision, in the interests of social welfare, of the facilities for the study, appreciation of the arts for the inhabitants of Hertford and the surrounding area and the advancement of the education of the general public in the arts. The Trustees, who are also directors of the company, and acted throughout the period, except where indicated, are.. Mr M. A. Robinson Mrs S.J. Pickup Mr J.A. Clark Mrs B.J. Hopkin MrBCox Ms A Fuller Mrs D.M. Carolan Mr P Morris (Appointed 12 November 2024) CONSTITUTION The Courtyard Arts and Community Centre, company number 3044085, is a company limited by the guarantees of its members to a maximum of £10 each. COMPANY INFORMATION The company is a registered charity, number 1044469, and as such is a non-profit making organisation with solely charitable objectives. The company gained charitable status on 21° August 1995.
THE COURTYARD ARTS AND COMMUNITY CENTRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 315t MARCH 2024 CONTINUED FINANCIAL ACTIVITIES During the year the charity's total income increased to £150,556 (2023.. £131,076). The level of expenditure in the year increased to £154,679 (2023: £125,523). Overall, the charity recorded a net deficit of £4,123 (2023.. surplus £5,553). This 2023124 deficit was after charging depreciation. Excluding depreciation, there was a surplus in 2023124 of £4,909. The principal sources of funding for the charity are income from studio rents, rent and sales from exhibitions, charges for classes and grants received towards specific educational projects. ACHIEVEMENTS AND PERFORMANCE Classes and workshops Classes have continued to be highly popular with both adults and children. Most are full, with some classes having people on a waiting list who were able to fill any available spaces straight away. Particularly popular areas are ceramics, acrylic and watercolour painting. We continue to run our home school class, which is a valuable resource to those parents who are homeschooling in our community. Also, we ran Life Drawing and printmaking day workshops Gallery We have been able to deliver a full programme of diverse exhibitions in both our Main Gallery and Stables Gallery, this year. Our Courtyard Open was once again very well received with a varied and interesting selection of work exhibited. We were delighted to welcome Maddy Durbin as our Artist in Residence this year. Events Due to the Town Council stepping away from the Hertford Art Trail, Courtyard Arts took over the running of the entire event. It was a huge success, despite having very little time to organise it. We engaged with over 30 venues, some of which had never taken part before and paired them all with local artists. It's importance of bringing people to the venues, is supported by the reports of local businesses noticing the increased footfall and increased sales it also brings. Artists were able to exhibit their work with feedback from them as very positive. Our first Members, Project also coincided with the Art Trail. We also partnered with Hertford East Train Station and ran a couple of pop-up printing sessions.
THE COURTYARD ARTS AND COMMUNITY CENTRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" MARCH 2023 CONTINUED ACHIEVEMENTS AND PERFORMANCE- continued We were once again asked to assist Helen Fleming and The Friends of Bengeo in their Children's Art Day for the Church of St. Leonard's. We ran air clay model making and printmaking as activities, which were met with great enthusiasm by the children. We once again won an award in this years, Hertford in Bloom Competition, taking first Prize in the Best Shop or Business Category. RESERVES It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which enables the charity to meet its management and administration costs as they fall due. The Trustees have assessed the level of net current assets required in the form of unrestricted funds to be £10,000. They have therefore set up a Development Fund to hold the balance of the net current assets, amounting £28,467 at 31 March 2024 (2023.. £23,558). The charity also holds a legacy of £10,000 received during 2022 which is included in designated funds as a Legacy Fund. RISK MANAGEMENT The trustees are aware of the requirements under SORP 2005 to identify and mitigate major risks faced by the organisation and are adopting appropriate policies to reduce exposure to those risks. ASSETS AND OBLIGATIONS The net assets of the company are available and adequate to fulfil its obligations. INVESTMENT POWERS Under the memorandum and articles of association, the charity has the power to make any investments, which the trustees see fit
THE COURTYARD ARTS AND COMMUNITY CENTRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st MARCH 2024 CONTINUED ORGANISATION The board of trustees, which can have up to 8 members, administers the charity. The board meet monthly and individual trustees are responsible for specific areas i.e. Finance. Development, Marketing and Education. The managementladministration team includes the Centre Director and Assistant Director, plus 15 tutors and 45 Volunteers who assist in the day to day operation of the Centre. APPOINTMENT OF TRUSTEES The board has established procedures for recruiting and appointing board members, including the initial identification of potential candidates, informal visits or discussions, consideration by the board and finally election by a majority of votes. TRUSTEE INDUCTION AND TRAINING New trustees undergo induction to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association and the committee and decision making process. PUBLIC BENEFIT In planning the charity's activities for the year the trustees have been mindful of the Charity Commission's guidance on public benefit. In particular, the charity welcomes all people to participate in its activities regardless of personal background, faith, gender or personal circumstances. This includes Outreach in schools, care homes and other settings as well as classes at the centre for specific groups. POLICIES All necessary policies (including those required by law) are in place and reviewed at least annually. PLANS FOR FUTURE PERIODS The charity continues to invest in improvements to its facilities and the trustees are considering a number of further development opportunities, including a major expansion of the existing premises. To date, £32,515 has been expended on professional fees and other charges relating to this possible expansion. Planning permission has been obtained, detailed specifications have been prepared and tenders have been received, £26,595 was spent on a new boiler, kitchen and other improvements which form part of the planned development.
THE COURTYARD ARTS AND COMMUNITY CENTRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" MARCH 2024 CONTINUED TRUSTEES RESPONSIBILITIES The trustees (who are also directors of The Courtyard Arts & Community Centre for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccoLEnting Practice Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent. 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 charitable company will continue to operate. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD.. l Q. IT_4- Date Mr M. A. Robinson - SECRETARY
THE COURTYARD ARTS AND COMMUNITY CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COURTYARD ARTS AND COMMUNITY CENTRE I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of The Courtyard Arts and Community Centre st ('the charitable company,) for the year ended 31 March 2024 which comprise the statement of Financial Activities, the Balance Sheet and related notes. This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters l am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work. for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company's financial statements carried out under section 145 of the Charities Act 2011 ('the 2011 Act.) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as to whether the financial statements present a 'true and fair. view and my report is limited to those specific matters set out in the independent examiner's statement.
THE COURTYARD ARTS AND COMMUNITY CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE COURTYARD ARTS AND COMMUNITY CENTRE CONTINUED Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act", or the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view which is not a matter considered as part of an independent examination. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. R.J. Sears FCCA Hentons Chartered Accountants Stag House Old London Road Hertford. Herts SG13 7LA Date..
THE COURTYARD ARTS AND COMMUNITY CENTRE STATEMENT OF FINANCIAL ACTIVITIES oratin the Income and Ex enditure account Incor FOR THE YEAR ENDED 31st MARCH 2024 Unrestricted Funds Designated Funds Restricted Funds Total Funds 2024 Total Funds 2023 INCOME Notes Incon7e from charitable activities.. Operation ofArls and Community centre.. Studio Income Gallery Income 120,239 20,344 120,239 20,344 108,463 12,490 Fundraising (net) 7,737 7,737 7,193 Grants and donations.. Investment income.. Bank interest received.. Total income 1,298 250 1,548 2,835 688 150,306 688 150,556 95 131,076 250 EXPENDITURE Expenditure on charitable activities.- Operation of Arts and Community Centre.. Total expenditure 250 154,429 154,679 125,523 154,429 250 154,679 125,523 Net income for the year {4,123) {4,1231 5,553 Gross transfers between funds (4,520) 4,909 (389) Net movement in funds (8,643) 4,909 (389) (4,123) 5,553 Reconciliation of funds: Balances brought forward 1 April 2023 65,925 33,558 389 99,872 94,319 Balances carried forward as at 31 March 2024 57,282 38,467 95,749 99,872 None of the company's activities were acquired or discontinued during the current or previous year. There are no recognised gains or losses other than the profit or loss that has been presented and deall with in the statement of financial activities.
THE COURTYARD ARTS AND COMMUNITY CENTRE Com an number 3044085 Re istered charit number 1044469 BALANCE SHEET AS AT 31" MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 47,282 56,314 CURRENT ASSETS Debtors Cash at bank and in hand 10,825 72,641 83,466 8,909 82,006 90,915 CREDITORS Amounts falling due within one year 10 34,999 47,357 NET CURRENT ASSETS 48,467 43,558 TOTAL ASSETS LESS CURRENT LIABILITIES 95,749 99,872 RESERVES Unrestricted funds Designated Fund Restricted funds TOTAL CHARITY FUNDS 57,282 38,467 65,925 33,558 389 99,872 14 95,749 la) For the year ended 31 March 2024, the Gompany was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. Ib) Members have not required the company to obtain an audit in accordance with section 476. (c) The directors acknowledge their responsibility for ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with SeGlions 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. ON BEHALF OF THE BOARD Ms S Pickup -Trustee Mr M Robinson - Trustee 10
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 1. ACCOUNTSNG POLICIES Basis of preparation and assessment of going concern The financial statements are prepared under the historical cost convention and are in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (issued in October 2019) - (Charities SORP (FRS 102)}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Act 2006. The charity constitutes a public charity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. No significant judgements have had to be made by management in preparing these financial statements. Debtors Trade and other debtors are recognised at the seltlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk to changes in value. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instruments The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31¥t MARCH 2024 1. ACCOUNTING POLICIES- continued Expenditure and Irrecoverable VAT Expenditure is recognised once there is a legal or GonstruGtive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the loan can be measured reliably. Expenditure on charitable activities include expenditure associated with art exhibitions and educational programs and their associaled support costs. All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was inGurred. Tangible fixed assets Individual fixed assets costing £250 or more are capitalised al cost. Any asset acquired for a value of less than £250 will be written off as expenditure in the period in which the expenditure was incurred. Depreciation is provided, but not in the year of addition, at the following annual rates in order to write off each asset over its estimated useful life. Fixtures, fittings & equipment -10 % or 250/0 on cost Premises improvements -5 % on cost. Where improvements have been financed wholly or partly by grants received the net book value of these improvements should be reduced by the amount of the grant receivable. Leasehold improvements are shown in the Balance sheet net of Building grants received. The landlord IEHDCI have agreed in principle to a new 40 year lease which will be finalised once the proposed new development Is underway. Existing leasehold improvements are now being written off over 20 years in line with their expected useful economic life. Limlted by guarantee The company is limited without share capital. In the event of the company being wound up, eaGh member is liable to contribute to the payment of debts and liabilities of the company as may be required, not exceeding £10. Operating leases The charity classifies the lease of its property as an operating lease and the title to the property remains with the lessor. Rental payments under operating leases are charged as expenditure as incurred over the term of the lease. Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. 12
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 1 ACCOUNTING POLICIES- continued Fund Accounting Funds held by the charity are either.. Unrestricted general funds- These are funds, which can be used in accordance with the charitable objectives at the discretion of the Trustees. The Trustees have now set up a Development Fund within the unrestricted general funds. Designaled funds purposes. These are unrestricted funds earmarked by the Trustees for particular Restricted funds- These are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for a particular reslricted purpose. Income recognition Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from governmenl and other grants, whelher'capilal, grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached lo the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for art classes or provision of other specified service is deferred unlil the conditions for income recognition are met. Pension costs The charity operates a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 13
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 2. CHANGE IN ACCOUNTING POLICY In the current year, the following new and revised Standards and Interpretations have been adopted by the Company and have an effect on the current period and will have an effect on future periods: 2024 2023 Premises improvements 5% on cost 2.50h on cost If the previous years rates were applied in the current year, the nel book value as at 31sI March 2024 would have been £50,486 and the depreciation charge to the profit and loss account would have been £1,385. If the updated rates were applied last year, the net book value as at 31sI March 2023 would have been £48,326 and the deprecialion charge to the profit and loss account would have been £2,770. The reason for this change is for the policy to reflect a more accurate useful economic life of the asset. 3. SOURCES OF MATERIAL GRANTS AND DONATIONS Unrestricted Funds Restricted Funds 2024 2023 HCC Locality Budget Hertford Art Society Other donations 480 300 2,055 2,835 250 250 1,298 1,548 1,298 1,298 250 14
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024 4. EXPENDITURE ON CHARITABLE ACTIVITIES Operation of Arts and Community Centre.. 2024 2023 Costs directly allocated to activities Artists sales and materials Tutor fees Project Costs Insurance Depreciation 14,468 53,881 250 1,776 9,032 12,012 47,213 780 2,431 3,523 Governance costs Administration costs Independent examiners fees 500 4,230 500 3,800 Support costs allocated to activities Rent Rates Light and heal Cleaning Repairs and renewals, Postage, printing, stationery and marketing Telephone & internet Administration costs Refuse collection 5,100 1,108 3,933 1,507 5,476 5,000 1,155 3,537 1,450 2,478 9,574 7,171 3,666 2,088 39,247 31,838 931 567 154,679 125,523 The total amount of support costs incurred in the period relating to the operation of the Arts and Community Centre amounted to £70,542 (2023.. £55,264) and for governance costs were £4,730 (2023.. £4,300}. 5. OPERATING SURPLUS 2024 2023 The operating surplus is stated after charging= Depreciation owned assets Independent examiners fees Rentals payable under operating leases 9,032 4,230 5,100 3,523 3,800 5,000 15
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 6. TAXATION No liability to U K corporation tax arose on ordinary activities for the year ended 31 sl March 2024 nor for the preceding year ended 31sI March 2023. The company has a charitable slatus which exempts it from corporation tax on the income it has received and the company is not registered for VAT purposes. 7. STAFF COSTS The Costs of employing staff which are included within Charitable activities in Note 3 were= 2024 2023 Wages and salaries Pension contributions 55,666 1,634 57,300 48,680 1,480 The average monthly number of employees during the year for administration and tutor fees was 7 lin 2023 there were 71. No employee's emoluments exceeded £60,000 during the year. 8. TANGIBLE FIXED ASSETS Short Leasehold property & improvements Fixtures, fittings & equipment Total Cost At 1 st April 2023 Additions At 31SI March 2024 55,416 37,108 92,524 55,416 37,108 92,524 Depreciation At 1st April 2023 Charge for year At 31st March 2024 3,545 6,319 9,864 32,665 2,713 35,378 36,210 9,032 45,242 Net Book Values At 31sI March 2024 45,552 1,730 47,282 At 31sI March 2023 51,871 4,443 56,314 The original cost of the leasehold improvements amounted to £78,821 and a Building grant of £50,000 was received against these costs. 16
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 DEBTORS 2024 2023 Other debtors 10,826 10,826 8,909 8,909 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Deferred income (Note 10) Trade creditors Other taxes and soGial security costs Accruals 20,772 7,121 2,247 4,859 34,999 28,890 8,888 1,533 8,046 47,357 11. DEFERRED INCOME 2024 2023 At 1 April 2023 Amount released to incoming resources Amount deferred in the year At 31 March 2024 28,890 (28,890) 20,772 20,772 18,209 (18,209) 28,890 28,890 Deferred income re5ates to income received for class fees and grants in advance. 12. ULTIMATE CONTROLLING PARTY The company has no ultimate controlling party during the current or preceding year. 13. RELATED PARTY TRANSACTIONS During the year, no truslee reGeived tutor fees (2023.. no trustee). No trustees received reimbursement of incidental expenses (2023.. no trustee). 17
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315t MARCH 2024 14. ANALYSIS OF DESIGNATED FUNDS Balance at 0110412023 Incoming Resources Utilisedl Released Balance at 3110312024 Development Fund Legacy Fund 23,558 10,000 33,558 4,909 28,467 10,000 38,467 4,909 ANALYSIS OF DESIGNATED FUNDS - PREVIOUS YEAR Balance at 0110412022 Incoming Resources Utilisedl Released Balance at 3110312023 Development Fund Legacy Fund 16,791 10,000 26,791 6,767 23,558 10,000 33,558 6,767 The Development Fund was set up by the Trustees in 2011 to build a fund which can be utilised in future years on opportunities identified by Trustees to expand the charity. The Legacy Fund relates to a £10,000 legacy received in 2022. The Trustees intend to ensure that this sum is spent specifically to enhance and develop the operation of the Centre 15. ANALYSIS OF MOVEMENT IN RESTRICTED FUNDS Movement in funds Incoming utilisedl Resources Released Balance at 0110412023 Balance at 3110312024 Kiln fund Outreach Fund 389 (389} (250) (639) 250 250 389 ANALYSIS OF MOVEMENT IN RESTRICTED FUNDS- PREVIOUS YEAR Movement in funds Incoming utilisedl Resources Released Balance at 0110412022 Balance at 3110312023 Kiln fund Outreach Fund 778 (389} (780) (1,169) 389 780 780 778 389 18
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" MARCH 2024 15. ANALYSIS OF MOVEMENT IN RESTRICTED FUNDS - continued The Outreach Fund relates to project work undertaken and completed by the charity during the year. As at 31 $1 March 2024 the following restricted funds had been fully utilised.. Kiln Fund In a previous year grants and donations were received as a contribution towards the cost of a new kiln and the remaining balance of £389 has been offset against the remaining depreciation in the year. The capital element of grants received will be released to the unrestricted general funds over a time period in line with the depreciation policy of the assets which have been capitalised and will be included within the transfer between funds. 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Net Current Liabilities Cash at Bank Total Restricted Funds Development Fund Unrestricted Funds 38,467 34,174 72,641 38,467 57,282 95,749 47,281 47,281 (24,173} (24,173) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PREVIOUS YEAR Tangible Fixed Assets Net Current Liabilities Cash at Bank Total Restricted Funds Development Fund Unrestricted Funds 389 389 33,558 65,925 99,872 33,558 48,448 82,006 55,925 56,314 (38,448) (38,448) 19
THE COURTYARD ARTS AND COMMUNITY CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315t MARCH 2024 17. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Funds Designated Funds Restricted Funds Total Funds 2023 Total Funds 2022 INCOME Income from charitable activilies.. Operation ofArls and Community centre.. Studio Income Gallery Income 108,463 12,490 108,463 12,490 111,389 7.181 Fundraising (net) 7,193 7,193 8,573 Grants and donations.. Investment income.. Bank interest received.. Total income 2,055 780 2,835 31,953 95 130,296 95 131,076 780 159,099 EXPENDITURE Expenditure on charitable activities.. Operation ofArts and Community Centre-. Total expenditure 124,743 780 125,523 120,279 124,743 780 125,523 120,279 Net expenditure for the year 5,553 5,553 38,820 Gross transfers between funds {6,378) 6,767 (389) Net movement in funds 1825) 6,767 (389) 5,553 38,820 Reconciliation of funds: Balances brought fotward 1 April 2022 778 66,750 26,791 94,319 55,499 Balances carried forward as at 31 March 2023 65,925 33,558 389 99,872 94,319 20