2021-03-31-accounts - The Courtyard Trust

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Reference and Administrative Details
Report ofthe Trustees	2	to	6
Report ofthe Independent Auditors	7	to	10
Statement of Financial Activities
Balance Sheet	12	to	13
Cash Fiow Statement		14
Notes to the Cash Flow Statement		15
Notes to the Financial Statements	16	to	33

TRUSTEES		Ms J Cobb (Chair)
		Mr S Liddle (Vice Chair)
		Mr 8 Freeman
		Mr TMcEwen
		Ms E Forrest
		Mr D Fowler
		Ms A Palfrey
		Ms SAllen
		Dr C Chima-Okereke
COMPANY SECRETARY		I Archer
REGISTERED OFFICE		The Courtyard
		Edgar Street
		Hereford
		Herefordshire
		HR4 9JR
REGISTERED COMPANY	NUMBER	03342581 (England	and Wales)
REGISTERED CHARITY NUMBER		1067869
AUDITORS		Thome Widgery Accountancy		Ltd
		Chartered Accountants
		Statutory Auditors
		2 Wyevale Business	Park
		Kings Acre
		Hereford
		Herefordshire
		HR4 7BS
SOLICITORS		Gabbs
		14Broad Street
		Hereford
		HR4 9AP
BANKERS		LLoyds Bank pic
		1 Gwent Square
		Cwmb ran
		NP44 1XN

INCOME AND ENDOWMENTS	INCOME AND ENDOWMENTS	FROM	Notes	Unrestricted fund E	Restricted funds E	31.3.21 Total funds E	31.3.20 Total funds 6
Donations and legacies			2	1,336,479	984,507	2,320,986	678,213
Charitable activities Concerts, performances Education and outreach	and	films	5	49,554 80		49,554 80	1,512,414 43,561
Other trading activities Investment income			3 4	224,046 70		224,046 70	806,329 1,261
Total				1,610,229	984,507	2,594,736	3,041,778
EXPENDITURE ON
Raising funds			6	298,905		298,905	623,899
Charitable activities Concerts, performances Art exhibitions Education and outreach	and	films	7	905,790 16,328 130,243	30,730 40	936,520 16,328 130,283	1,984,860 26,798 184,523
Other
				14,612	8 561	23,173	16,502
Total
				1,365,878	39,331	1,405,209	2,836,582
NET INCOME				244,351	945,176	1,189,527	205,196
Transfers between funds			23	50 000	~50 000
Net Movement in Fund				2~94 351	895 176	~1189527	205 196
RECONCILIATION OF FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward				199,787	332,501	532,288	327,092
TOTAL FUNDS CARRIED FORWARD				494,138	1 227,677	1,721 815	532,288

31 March 20	21
					31.3.21	Group	31.3.20	31.3.21	Charity	31.3.20
				Notes	E		E	E		E
FIXED ASSETS
Tangible assets				14	1,685,566		308,476	1,657,379		273,499
Investments				15				1		1
					1,685,566		308,476	1,657,380		273,500
CURRENT ASSETS
Stocks				16	3,239		7,094
Debtors				17	115,210		52,424	119,573		95,720
Cash at bank	and in hand				963,386		684,452	910,909		616,586
					1,081,835		743,970	1,030,482		712,306
CREDITORS
Amounts falling		due within one			(429,296)		(516,944)	(373,899)		(462,007)
year				18
NET CURRENT		ASSETS			652,539		227,026	656,583		250,299
TOTAL ASSETS		LESSCURRENT			2,338,105		535,502	2,313,963		523,799
LIABILITIES
CREDITORS
Amounts falling		due after more than one		19	(611,000)			(611,000)
year
PROVISIONS	FOR LIABILITIES
Deferred tax				25	(5,290)		(3,214)
NET ASSETS					1,721,815		532,288	1,702,963		523,799
FUNDS				23
Unrestricted	funds				475,287		191,298	475,286		191,298
Restricted funds					1,227,677		332,501	1,227,677		332,501
Non-charitable		trading	funds		18,851		8,489
TOTAL FUNDS					1,721,815		532,288	1,702,963		523,799

T~tt dT t	T~tt dT t
Consolidated Cash Flow Statement
for the Year Ended 31 March 2021
				31.3.21	31.3.20
			Notes	E	E
Cash flows from operating activities Cash generated from operations				1,031,348	~236 605
Net cash provided by operating activities				1,081,348	~236 605
Cash flows from investing	activities
Purchase oftangible fixed	assets			(1,414,050)	(199,389)
Sale oftangible fixed assets				566
Interest received				70	1,261
Net cash used in investing	activities			(1,413,414)	~198,128)
Cash flows from financing	activities
New loans fn year				661,000
Net cash provided by financing activities				~661 000
Change in cash and cash equivalents		in
the reporting period				278,934	38,477
Cash and cash equivalents	at the
beginning ofthe reporting	period			684,452	645,975
Cash and cash equivalents	at the end	of
the reporting period				963,386	684,452

RECONCILIATION	OF NET INCOME TO NET CASH FLOW FROM OPERATING	OF NET INCOME TO NET CASH FLOW FROM OPERATING	OF NET INCOME TO NET CASH FLOW FROM OPERATING	ACTIVITIES
				31.3.21	31.3.20
Net income for the reporting Activities) Adjustments for:		period (as per the Statement of Financial		1,189,527	E 205,196
Depreciation charges Loss on disposal of fixed assets Interest received Increase/(decrease) in deferred (Increase) /decrease in stocks (Increase)/decrease fn debtors Increase/(decrease) in creditors		tax		32 222 4,167 (70) 2,076 3,857 (62,786) ~137,645)	28,564 (1,261) (87) 3,029 30,959 ~29,795)
Net cash provided	by operations			~1031,348	236,605
ANALYSIS OF CHANGES IN NET		FUNDS
			At 1.4.20	Cash flow	At 31.3.21
Net cash			E	E	E
Cash at bank and in	hand		684,452	278,934	963,386
			684,452	278 934	~963 386
Debt
Debts falling due after 1 year				(661,000)	(661,000)
				~661 000)	{661,000)

Individual fixed assets costing more than E1,000 are capitalised at cost. Tangible fixed assets are stated at cost less depreciation, which is charged at a rate so as to write off the cost ofthe asset, less its estimated residual value, over its expected useful economic life as follows:
Computers Equipment and fixtures Stage sets Improvements to leasehold bugdings Motor vehicles 33 1/3% reducing balance 25% reducing balance 33 1/3% straight line 4% straight line 33 1/3% reducing balance
Stock
Stocks are valued at the (ower of cost and net realisable value, after making due provision for obsolete and slow moving items.

DONAT	IONS	AND LEGACIES
					31.3.21	31.3.20
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			E	E	E	E
Grants	and	donations	~1336479	~984 507	~2320,986	~678 213
			~1 336479	984,507	2,320,986	678,213

				31.3.21	31.3.20
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
Hire of facilities Sundry income Income via The Courtyard incl. CJRS	Trading Co. Ltd	E 3,670 8,711 211,665	E	E 3,670 8,71 1 211,665	E 99,843 130,101 576,385
		224,046		224 046	806,329

					31.3.21	31.3.20
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
Deposit	account	interest	E 70	E	E 70	E 1,26'I

INCOME FROM CHAR	INCOME FROM CHAR	ITABL	E ACTIVITIES
Admission charges ft			Activity			31.3.21 E	31.3.20 E
programmes Performance	grants	ft	Concerts,	performances	and films	40,199	1,399,398
sponsorship Education Et	outreach		Concerts, Education	performances and outreach	and films	9,355 80	113,016 43,561
						49,634	1,555,975

Raising donati	ons and legacies
				31.3.21	31.3.20
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
The Courtyard Support costs	Trading Co. Limited	E 237,248 ~61 657	E	E 237,248 ~61 657	E 5'I5,671 1~08 228
		298 905		298 905	623,899

				Support
			Direct	costs (see
			Costs	note 8)	Totals
			E	E	E
Concerts,	performances	and films	662,808	273,712	936,520
Art exhibitions Education and outreach			11,163 ~123 826	5,165 6,457	16,328 ~130283
			797,797	285,334	1,083,131

SUPPORT	COSTS
				Information		Governance
			Finance	technology	Other	costs	Totals
			E	E	E	E	E
Raising donations		and
legacies			2,966		58,691		61,657
Other resources expended			4,450		4,409	5,750	14,609
Concerts,	performances
and films			68,193	21,220	184,299		273,712
Art exhibitions					5,165		5,165
Education	and outreach				6,457		6,457
			75,609	~21 220	259,021	5,750	361,600

Net income/(expenditure) is stated after charging/(crediting	):
	31.3.21	31.3.20
	E	E
Auditors' Remuneration	7,750	6,520
Depreciation - owned assets	32,227	28,567
Other operating leases	1,156	1,155
Deficit on disposal of fixed assets	1,860
Staff pension contributions	18,163	24,357

GROUP
	31.3.21	31.3.20
Wages and salaries Social security costs Pension costs	E 915,872 56,273	E 1,197,492 74,944
Life assurance	21,975	24,357
	2 189	2,108
	998,289	t 298 992
CHARITY
	31.3.21	31.3.20
Wages and salaries Social security costs Pension costs	E 707,130 51,712	E 930,651 67,757
Life assurance	18,163	20,64'I
	2,189	2,108
	779,194	1,021,157

The average monthly number ofemployees during th	e year was as follows:
Administration	31.3.21	31.3.20
Education and outreach	14	13
Sales and marketing Productions and shows	4 15	5 16
Trading subsidiary	10 23	13 23
	66	70

			Unrestricted	Restricted	Total
			fund	funds	funds
			E	E	E
INCOME AND ENDOWMENTS		FROM
Donations and legacies			379,816	298,397	678,213
Charitable activities
Concerts, performances	and	films	1,510,414	2,000	1,512,414
Education and outreach			43,56'I		43,561
Other trading activities Investment income			806,329 1,261		806,329 ~1261
Total			2,741,381	300,397	3,041,778
EXPENDITURE ON
Raising funds			623,899		623,899
Charitable activities
Concerts, performances Art exhibitions	and	films	1,984,860 26,798		1,984,860 26,798
Education and outreach			91,184	93,339	184,523
Other			~16502		16,502
Total			2,743,243	93,339	2,836,582
NET INCOME/(EXPENDITURE)			(1,862)	207,058	205,196
Transfers between funds			~51,000)	51,000
Net movement in funds			(52,862)	258,058	205,196
RECONCILIATION OF FUNDS
Total funds brought forward			252,649	74,443	327,092
TOTAL FUNDS CARRIED	FORWARD		199,787	~332 501	532,288

owns the entire sh	ar	e capital of 1	ordi	nary share ofE1.A sum	mary of the trading results is	shown below:
					31.3.21	31.3.20
Turnover Other operating income Cost ofsales Selling and distribution Management charge Administration costs Deferred tax Gift aid		costs			E (20) 252,430 (1,748) (1,125) (4,800) (232,300) (2,075)	E 593,081 10,697 (197,907) (4,450) (51,756) (313,402) 87 ~36,722)
Net profit retained in	/	(loss absorbed	by)	subsidiary	18 362	~372)
The assets and liabilities		ofthe subsidiary		were:
Fixed assets Current assets Current liabilities Provision for liabilities	and charges				28,187 72,085 (76,130) ~5,298	34,977 89,264 (112,537) ~3,214)
					18,852	8 4%1

TANGIBLE FIXED ASSETS
	Improves
	to	Assets	Fixtures
	leasehold	under	and
CHARITY	building	construction	fittings
	E	E	E
COST
At 1 April 2020	37,093	170,350	409,646
Additions	1,277,496		78,003
Disposals Reclassification	170,350	~170350)	(8, 198)
At 31 March 2021	~1484 939		479,451
DEPRECIATION
At 1 April 2020	12,736		342,461
Charge for year Eliminated on disposal	3,616		15,210 ~7,874)
At 31 March 2021	~16 352		349,797
NET BOOK VALUE
At 31 March 2021	~1,468 587		129,654
At 31 March 2020	24,357	~170350	67,185
	Motor	Computer
	vehicles	equipment	Totals
	E	E	E
COST
At 1 April 2020	5,300	95,706	718,095
Additions		58,551	1,414,050
Disposals	(5,300)	(62,935)	(76,433)
Reclassification
At 31 March 2021		91,322	2,055,712
DEPRECIATION
At 1 April 2020	5,227	84, 172	444,596
Charge for year Eliminated on disposal	8 ~5235)	8,910 ~60,898)	27,744 ~74,007)
At 31 March 2021		32,184	398,333
NET BOOK VALUE
At 31 March 2021		59,138	~l,657 379
At 31 March 2020	73	11,534	273,499

	Improves
	to	Assets	Fixtures
GROUP	leasehold	under	and
	building	construction	fittings
COST	E	E	E
At 1 April 2020 Additions Disposals	37,093 '),277,496	187,632	497,238 78,003
Reclassification	187,632	~187,632)	(36,545)
At 31 March 2021	1,502,221		538 696
DEPRECIATION
At 1 April 2020 Charge for year E(iminated on disposal	12,736 3,674		412,358 19,635 ~33,914)
At 31 March 2021	'l6 4'l0		398,079
NET BOOK VALUE
At 31 March 2021	1,485,811		140,617
At 31 March 2020	24,357	187632	84,880
	Motor	Computer
	vehicles	equipment	Totals
COST	E	E	E
At 1 April 2020 Additions	5,300	95,706	822,969
Disposals Reclassification	(5,300)	58,551 (62,935)	1,414,050 (104,780)
At 31 March 2021		91 322	~2132,239
DEPRECIATION
At 1 April 2020 Charge for year Eliminated on disposal	5,227 8 ~5235)	84,172 8,910 ~60,898)	514,493 32,227 ~100,047)
At 31 March 2021		32,184	446,673
NET BOOK VALUE
At 31 March 2021		59,138	1,685,566
At 31 March 2020	73	11,534	308,476

	The charitable following:	The charitable following:	company	company	's i	nvestments at the	balance	sheet d	ate in the	share capital of com	panies includ
	The Courtyard		Trading		Co.	Limited
	Nature of	business:		Providing		Bar and Restaurant	facilities
	Company	number:		03350147
									K
	Class of share:							holding
	Ordinary							100
										31.3.21	31.3.20
										E	E
	Aggregate	capital		and reserves						18,852	8,490
	Profit/(Loss)		for the year							10,362	$372)
16.	STOCK
										31.3.21	31.3.20
										E	E
	Stock									~3239	~7094
17.	DEBTORS: AMOUNTS				FALLING DUE WITHIN ONE YEAR
										31.3.21	31.3.20
	CHARITY
										E	E
	Trade debtors									14,132	23,105
	Other debtors									1,905	3,853
	Due from	subsidiary		company						7,708	36,722
	VAT									25,529
	Prepayments		and accrued income							70,299	32,040
										119,573	95,720
	GROUP									31.3.21	31.3.20
										E	E
	Trade debtors									1,306	11,565
	Other debtors									17,110	3,853
	VAT									25,529
	Prepayments and accrued income									71,265	~37006
										115,210	52,424

CHARITY		31.3.21	31.3.20
Trade creditors Social security and other taxes Other creditors VAT		E 89,590 13,252 86,519	E 102,338 16,397 111,759
Accruals and deferred	income	184,538	(258) 231,771
		~373 899
GROUP		31.3.21	31.3.20
Trade creditors Social security and other taxes VAT		E 87,329 15,559	E 102,550 20,748
Other creditors		462	22,567
Bounce Back Loan Accruals and deferred	income	73,773 50,000 202,173	102,311 268,768
		429,296	516 944

received	for perfor	, (2020: E179,912) being moni period.
		CHARITY
		& GROUP
		31.3.21
Deferred Resources Amounts	income at 1 April 2020 deferred in the year released from previous year	E 'I80,439 143,003 (180,439)
		143,003

31.3.21	31.3.20
E	E
611,000

An anaiysi	s of the maturity o	f loans is given below:
			31.3.21	31.3.20
			E	E
Amounts	falling due between	two and five years:
Other loans - 2-5 years
Amounts	falling due in more	than five years:
Repayable	by instalments:
Other loans more 5yrs instal			602,117

Minimum lease payments under non-cancellable operatin	g leases fall due as follows:
	31.3.21	31.3.20
Within one year	1,120	1,020
Between one and five years	1,960	3,080
	3,080	4,100

				31.3.21	31.3.20
		Unrestricted	Restricted	Total	Total
		fund	funds	funds	funds
		E	E	E	E
Fixed assets		144,967	1,540,599	1,685,566	308,476
Current	assets	745,195	336,640	1,081,835	743,970
Current	liabilities	(390,734)	(38,562)	(429,296)	(516,944)
Long term liabilities Provision of liabilities		~5,290)	(611,000)	(611,000) ~5,290)	~3,214)
		494,138	~1,227 677	1,721,815	532,288

MOVEMENT		IN FUN		S
											Net Transfers
											movement between		At
									At.	1.4.20	in funds funds		31.3.21
										E	E	E	E
Unrestricted		funds
Unrestricted		fund								191,298	233,989	50,000	475,287
Non-charitable trading						subsidiary				~8489	10,362		~18851
										199,787	244,351	50,000	494,138
Restricted funds
Equipment										8,780	(1,091)		7,689
Education (l		outreach								30,036	5,121		35,157
Development		funded		by various sources						166,441	264,097	(50,000)	380,538
Sylvia Short										1,066			1,066
D M Thomas	Foundation									3,138	(2,548)			590
Visual Arts -	Hereford			City Council						6,627	3,747		10,374
Garfield Weston - Culture							Fund				138,798		138,798
Kickstart											155,133		155,133
Development		funded		by		ACE				116~413	381,919		~498	332
										332,501	~945 176	50,000	1,277	677
TOTAL FUNDS										532,288	1,189,527		~1,721	815
Net movement		in funds,				included		in the above	are as foBows:
										Incoming	Resources	Movement
										resources	expended	m	funds
										E	E		E
Unrestricted		funds
Unrestricted	fund									1,398,564	(1,164,575)	233,989
Non-charitable		trading			subsidiary					252,410	~242 048		10,362
										1,650,974	(1,406,623)	244&351
Restricted funds
Equipment Education ft outreach										15,160	(1,091) (10,039)		(1,091) 5,121
Development		funded		by various sources						272,718	(8,621)	264,097
D M Thomas Foundation											(2,548)		(2,548)
Visual Arts - Hereford				City			Council			12,000	(8,253)		3,747
Garfield Weston - Culture							Fund			144,404	(5,606)	138,798
Kickstart Development		funded	by		ACE					156,639 ~383 586	(1,506) ~1,667)	155,133 381,919
										984,507	~39,331)	945,176
TOTAL FUNDS										~2 635,481	(1,445,954)	1,189,527

Comparatives	for m	ov	ement	in fund	s
							Net	Transfers
							movement	between	At
						At 1.4.19	in funds	funds	31.3.20
						E	E	E	E
Unrestricted	funds
Unrestricted fund Non-charitable trading			subsidiary			243,788 8,861	(1,490) ~372	(51,000)	191,298 8,489
						252,649	(1,862)	(51,000)	199,787
Restricted funds
Equipment						11,282	(2,502)		8,780
Education is	outreach					487715	(18,679)		30,036
Family Festival						56	(56)
Development	funded	by various sources					116,441	50,000	166,441
Sylvia Short						830	(764)	1,000	1,066
D M Thomas	Foundation						3,138		3,138
Visual Arts -	Hereford	City Council				5,651	976		6,627
Church Street In House			Productions			6,000	(6,000)
Eveson Charitable Trust - Braille Guides						1,908	(1,908)
Development	funded	by ACE					116,413		116,413
						74,442	207,059	51,000	~332 501
TOTAL FUNDS						~327 091	205,197		532,288
Comparative	net movement			fn funds,	included	in the above are	as follows:
							Incoming	Resources	Movement
							resources	expended	in funds
							E	E	E
Unrestricted	funds
Unrestricted Non-charitable	fund trading		subsidiary				2,253,474 487 987	(2,254,964) ~488,279	(1,490) ~372
							2,741,381	(2,743,243)	(1,862)
Restricted funds
Equipment								(2,502)	(2,502)
Education ft outreach							46,406	(65,085)	(18,679)
Family Festival							3,000	(3,056)	(56)
Development	funded	by various sources					116,441		116,441
Sylvia Short							3,000	(3,764)	(764)
D M Thomas Foundation							3,138		3,138
Visual Arts - Hereford		City Council					12,000	(11,024)	976
Church Street	In House		Productions					(6,000)	(6,000)
Eveson Charitable Trust - Braille Guides Development funded by ACE							116,413	(1,908)	(1,908) ~116413
							300,398	~93,339)	207,059
TOTAL FUNDS							~3041 779	(2,836,582)	205,197

					Net	Transfers
					movement	between	At
				At 1.4.19	in funds	funds	31.3.21
				E	E	E	E
Unrestricted funds
Unrestricted fund Non-charitable trading		subsidiary		243,788 8,861	232,499 9,990	(1,000)	475,287 18,851
				252,649	242,489	(1,000)	494,138
Restricted funds
Equipment Education 8 outreach				11,282 48,715	(3,593) (13,558)		7,689 35,157
Family Festival				56	(56)
Development funded	by various sources				380,538		380,538
Sylvia Short				830	(764)	1,000	1,066
D M Thomas Foundation					590		590
Visual Arts - Hereford		City Council		5,651	4,723		10,374
Church Street In House		Productions		6,000	(6,000)
Eveson Charitable Trust - Braille Guides				1,908	(1,908)
Garfield Weston - Culture			Fund		138,798		138,798
Kickstart					155,133		155,133
Development funded	by ACE				~498 332		~498 332
				74 442	1,152 235	~1 000	~1,227 677
TOTAL FUNDS				327,091	~1394724		~1721 815
A current year 12 months			and prior year 12 months	combined	net movement	in funds, included	in the abov
are as follows:
					Incoming	Resources	Movement
					resources	expended	in funds
					E	E	E
Unrestricted funds
Unrestricted fund Non-charitable trading		subsidiary			3,656,838 740,317	(3,424,339) ~730,327	232,499 9,990
					4,397,155	(4,154,666)	242,489
Restricted funds
Equipment Education & outreach					61,566	(3,593) (75,124)	(3,593) (13,558)
Family Festival					3,000	(3,056)	(56)
Deveiopment funded	by various sources				389,159	(8,621)	380,538
Sylvia Short					3,000	(3,764)	(764)
D M Thomas Foundation					3,138	(2,548)	590
Visual Arts - Hereford City Council Church Street In House Productions Eveson Charitable Trust - Braille Guides Garfield Weston - Culture Fund Kickstart Development funded by ACE					24,000 144,404 156,639 499,999	(19,277) (6,000) (1,908) (5,606) (1,506) ~1,667)	4,723 (6,000) (1,908) 138,798 155,133 498,332
					~1284,905	~132,670)	~1152,235
TOTAL FUNDS					5,682,060	~4 287,336)	1 394,724