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2022-03-31-accounts

Reference and Administrative
Details
Report ofthe Trustees 2 to 7
Report ofthe Independent
Auditors		 8 to 10
Statement
of Financial Activities
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 32
TRUSTEES Ms J Cobb (Chair)
Mr S Liddle (Vice Chair)
Mr BFreeman
Mr TMcEwen (resigned 3" November 2021)
Ms E Forrest (resigned 2T" October 2021)
Mr D Fowler
Ms A Palfrey
Ms S Allen
Dr C Chima-Okereke (resigned 14'"February 2022)
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 Thorne 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
Cwmbran
NP44 1XN

31.3.22 31.3.21
Unrestricted Restricted Total Total
fund funds funds funds
Notes E E E E
INCOME AND ENDOWMENTS FROM
Grants, donations
and legacies		 2 557,182 151,594 708,776 2,320,986
Charitable
activities
Concerts,
performances		 and films 978,896 978,896 49,554
Education
and outreach		 13,076 13,076 80
The Courtyard
Trading Co. Limited		 487,363 487,363 211,665
Other trading activities 348,986 348,986 12,381
Investment
income		 86 86 70
Total 2,385,589 151,594 2,537,183 2,594,736
EXPENDITURE ON
Raising funds 65,119 65,119 61,657
The Courtyard
Trading Co. Limit:ed		 475,919 475,919 237,248
Charitable
activities
Concerts,
performances		 and films 1,697,549 119,882 1,817,431 936,520
Art exhibitions 24,324 24,324 16,328
Education
and outreach		 118,808 66,949 185,757 130,283
Other 30,872 70,442 101,314 23,173
Total 2,412,591 257,273 2,669,864 1,405,209
NET INCOME(EXPENDITURE) (27,002) (105,679) (132,681) 1,189,527
Transfers between
funds		 23 98 554 ~98 554
Net Movement
in Fund		 ~71 552 ~204 233 ~132 681 1 189 527
RECONCILIATION
OF FUNDS
RECONCILIATION
OF FUNDS
Total funds brought
forward		 494,138 1,227,677 1,721,815 532,288
TOTAL FUNDS CARRIED FORWARD 565,690 1,023,444 1,589,134 1,721,815

31 March 20 22
Group Charity
31.3.22 31.3.21 31.3.22 31.3.21
Notes E E E
FIXED ASSETS
Tangible assets 14 1,726,726 1,685,566 1,701,971 1,657,379
Investments 15 1 1
1,726,726 1,685,566 1,701,972 1,657,380
CURRENT ASSETS
Stocks 16 15,218 3,239 2,595
Debtors 17 48,626 115,210 171,347 119,573
Cash at bank and in hand 1,059,482 963,386 913,906 910,909
1,123,326 1,081,835 1,087,848 1,030,482
CREDITORS
Amounts
falling		 due within one
year 18 (621,508) (429,296) (584,765) (373,899)
NET CURRENT ASSETS 501,812 652,539 503,083 656,583
TOTAL ASSETS LESSCURRENT 2,228,544 2,338,105 2,205,055 2,313,963
LIABILITIES
CREDITORS
Amounts
falling		 due after more than one 19 (634,707) (611,000) (634,707) (611,000)
year
PROVISIONS FOR LIABILITIES
Deferred tax (4,703) (5,290)
NET ASSETS 1,589,134 1,721,815 1,570,348 1,702,963
FUNDS 23
Unrestricted funds 546,904 475,287 546,904 475,286
Restricted
funds		 1,023,444 1,227,677 1,023,444 1,227,677
Non-charitable trading funds 18,786 18,851
TOTAL FUNDS 1,589,134 1,721,815 1,570,348 1,702,963
Consolidated
Cash Flow Statement		 Consolidated
Cash Flow Statement
for the Year Ended 31 March 2022
31.3.22 31.3.21
Notes E E
Cash flows from operating activities
Cash generated
from operations		 272,947 1,031,348
Net cash provided
by operating
activities		 272,947 1,031,348
Cash flows from investing activities
Purchase of tangible
fixed assets
Sale of tangible
fixed assets		 (150,686)
42		 (1,414,050)
566
Interest received 86 70
Net cash used in investing activities (150,558) (1,413,414)
Cash flows from financing activities
Interest
on Loan		 23,707
Loan repayments (50,000)
New loans in year 661,000
Net cash provided
by financing
activities		 (26,293) 661,000
Change in cash and cash equivalents in
the reporting
period		 96,096 278,934
Cash and cash equivalents at the
beginning
ofthe reporting		 period 963,386 684,452
Cash and cash equivalents at the end of
the reporting
period		 1,059,482 963,386

RECONCILIATION OF NET INCOME OF NET INCOME OF NET INCOME OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES TO NET CASH FLOW FROM OPERATING ACTIVITIES TO NET CASH FLOW FROM OPERATING ACTIVITIES
31.3.22 31.3.21
E E
Nei: income for the reporting period (as per the Statement of Financial
Activities) (132,616) 1,189,527
Adjustments
for:
Depreciation
charges		 109,440 32,222
Loss on disposal of fixed assets 45 4,167
Interest received (86) (70)
Increase/(decrease) in deferred tax (641) 2,076
Increase/(decrease) in corporation tax 640
(Increase)/decrease in stocks (11,978) 3,857
(Increase)/decrease in debtors 66,586 (62,786)
Increase/(decrease) in creditors 241,557 (137,645)
Net cash provided by operations 272,947 1,031,348
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.21 Cash flow At 31.3.22
E E
Net cash
Cash at bank and in hand 963,386 96,096 1,059,482
963,386 96,096 1,059,482
Debt
Debts falling due after 1 year (661,000) 26,293 (634,707)
(661,000) 26,293 (634,707)
Total 302,386 122,389 424,775

GRANT S, D ONATIONS
AND LEGACI		 ES
31.3.22 31.3.21
Unrestricted Restricted Total Total
funds funds funds funds
E E E. E
Grants and donations 557,182 151,594 708,776 2,320,986
557,182 151,594 708,776 2,320,986

OTHER TRADING ACTIVIT IES
31.3.22 31.3.21
Unrestricted Restricted Total Total
funds funds funds funds
f. E E E
Hire of facilities 80,108 80,108 3,670
Sundry income 268,878 268,878 8,711
Income via The Courtyard Trading Co. Ltd 487,363 487,363 211,665
incl. CJRS
836,349 836,349 224,046

31.3.22 31.3.21
Unrestricted Restricted Total Total
funcls funds funds funds
E E E E
Deposit account interest 86 86 70
All of the investment income arises from an interest-bearing deposit account.
The income received in the prior year was unrestricted.
INCOME FROM CHARITABLE ACTIVITIES
31.3.22 31.3.21
Activity E
Admission charges Et
programmes Concerts, performances and films 929,362 40,199
Performance grants Et
sponsorship Concerts, performances and films 49,534 9,355
Education h outreach Education and outreach 13,076 80
991,972 49,634

31.3.22 31.3.21
Unrestricted Restricted Total Total
funds funds funds funds
E. E E E
The Courtyard Trading Co. Limited 475,919 475,919 237,248
Support costs 65,119 65,119 61,657
541,038 541,038 298,905

Support
Direct costs (see
Costs note 8) Totals
E E E
Concerts, performances and films 1,588,082 229,349 1,817,431
Art exhibitions 19,521 4,803 24,324
Education and outreach 179,753 6,004 185,757
1,787,356 240,156 2,027,512
SUPPORT COSTS
information Governance
Finance
f		 technology
E		 Other
E		 costs
E		 Totals
f.
Raising donations and
legacies 3,226 61,893 65,119
Other resources expended 4,839 16,428 9,605 30,872
Concerts, performances
and films 105,905 24,010 99,434 229,349
Art exhibitions 4,803 4,803
Education and outreach 6,004 6,004
113,970 24,010 188,562 9,605 336,147

Net income/(expenditure)
is stated after charging/(crediting		 ):
31.3.22 31.3.21
E E
Auditors'
Remuneration		 11,605 7,750
Depreciation
- owned assets		 109,440 32,222
Other operating
leases		 1,155 1,155
Deficit on disposal of fixed assets 45 4,167
Staff pension
contributions		 23,603 21,975

GROUP
31.3.22 31.3.21
E E
Wages and salaries 1,051,698 915,872
Social security costs 74,128 56,273
Pension costs 23,603 21,975
Life assurance 2,160 2,189
1,151,589 996,309
CHARITY
31.3.22 31.3.21
E E
Wages and salaries 788,150 707,130
Social security costs 61,704 51,712
Pension costs 19,177 18,163
Life assurance 2,160 2,189
871,190 779,194
The average
monthly
num		 ber of employees during the year was as follows:
31.3.22 31.3.21
Administration 10 14
Education
and outreach		 4 4
Sales and marketing 16 15
Productions
and shows		 10 10
Trading subsidiary 25 23
66
The number ofemployees whose employee benefits exceeded E60,000 was:
31.3.22 31.3.21
E60,001 - E70,000 1

31.3.21 31.3.20
Unrestricted Restricted Total Total
fund funds funds funds
Notes E E E
INCOME AND ENDOWMENTS FROM
Donations
and		 legacies 2 1,336,479 984,507 2,320,986 678,213
Charitable
activities
Concerts, performances and films 49,554 49,554 1,512,414
Education
and		 outreach 80 80 43,561
Other trading activities 224,046 224, 046 806,329
Investment
income		 70 70 1,261
Total 1,610,229 984,507 2,594,736 3,041,778
EXPENDITURE ON
Raising funds 298,905 298,905 623,899
Charitable
activities
Concerts,
performances		 and films 905,790 30,730 936,520 1,984,860
Art exhibitions 16,328 16,328 26,798
Education
and		 outreach 130,243 40 130,283 184,523
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 294 351 895 176 1 189 527 205 196
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

owns the en tire shar e capital of 1 o rdin ary
share of E1.A summa		 ry
ofthe trading
results is sh		 own below:
31.3.22 31.3.21
E E
Turnover 481,125 (20)
Other operating income 132,418 252,430
Cost of sales (147,246) (1,748)
Selling and distribution costs (3,189) (1,125)
Management
charge		 (16,000) (4,800)
Administration costs (325,419) (232,300)
Deferred tax 587 (2,075)
Gift aid (121,689)
Corporation
tax		 (652)
Net profit retained in I (loss absorbed by) subsidiary (65) 10,362
The assets and liabilities of the subsidiary were:
Fixed assets 24,754 28,187
Current assets 162,349 72,085
Current
liabilities		 (163,613) (76,130)
Provision
for liabilities		 and charges (4,703) (5,290)
18,787 18,852
TANGIBLE FIXED ASSETS
Improves
to Assets Fixtures
leasehold under and
CHARITY building construction fittings
E E E
COST
At 1 April 2021 1,484,939 479,451
Additions 90,029 60,656
Disposals (5,483)
Reclassification
At 31 March 2022 1,574,968 534,625
DEPRECIATION
At 1 April 2021 16,352 349,797
Charge for year 60,628 27,441
Eliminated
on disposal		 (5,396)
At 31 March 2022 76,980 371,842
NET BOOK VALUE
At 31 March 2022 1,497,989 162,782
At 31 March 2021 1,468,587 129,654
Motor Computer
vehicles equipment Totals
E E E
COST
At 1 April 2021 91,322 2,055,712
Additions 150,686
Disposals (5,483)
Reclassification
At 31 March 2022 91,322 2,200,915
DEPRECIATION
At 1 April 2021 32,184 398,333
Charge for year 17,938 106,007
Eliminated
on disposal		 (5,396)
At 31 March 2022 50,122 498,944
NET BOOK VALUE
At 31 March 2022 41,200 1,701,971
At 31 March 2021 59,138 1,657,379

Improves
to Assets Fixtures
leasehold under and
GROUP building construction fittings
E E E
COST
At 1 April 2021 1,502,221 538,696
Additions 90,030 60,656
Disposals (5,483)
Reclassification
At 31 March 2022 1,592,251 593,869
DEPRECIATION
At 1 April 2021 16,410 398,079
Charge for year 61,319 30,183
Eliminated
on disposal		 (5,396)
At 31 March 2022 77,729 422,866
NET BOOK VALUE
At 31 March 2022 1,514,522 171,003
At 31 March 2021 1,485,811 140,617
Motor Computer
vehicles equipment Totals
E E E
COST
At 1 April 2021 91,322 2,132,239
Additions 150,686
Disposals (5,483)
Reclassification
At 31 March 2022 91,322 2,277,442
DEPRECIATION
At 1 April 202'I 32,184 446,673
Charge for year 17,938 109,440
Eliminated
on disposal		 (5,396)
At 31 March 2022 50,122 550,717
NET BOOK VALUE
At 31 March 2022 41,200 1,726,725
At 31 March 2021 59,138 1,685,566

CHARITY 31.3.22 31.3.21
E E
Trade creditors 93,099 89,590
Social security and other taxes 14,115 13,252
Other creditors 68,107 86,519
VAT 8,012
Accruals
and deferred		 income 401,428 184,538
584,761 373,899
GROUP 31.3.22 31.3.21
E. E
Trade creditors 99,274 87,329
Social security and other taxes 17,767 15,559
VAT 24,553 462
Other creditors 73,671 73,773
Bounce Back Loan 50,000
Accruals and deferred income 405,591 202,173
Corporation
tax		 652
621,508 429,296

received for perfor mances
to be held in the subsequent
accounting
period.
CHARITY
Et GROUP
31.3.22
E
Deferred income at 1 April 2021 143,003
Resources deferred in the year 256,619
Amounts released from previous year (143,003)
256,619
CREDITORS: AMOUNTS
FALLING DUE AFTER MORE THAN ONE YEAR
CHARITY Et GROUP 31.3.22 31.3.21
E E
Other loans (see note 20) 634,707 611,000

An analysi s of the maturity
o		 f loans is given below:
31.3.22 31.3.21
E
Amounts falling due between two and five years:
Other loans - 2-5 years 14,516 9,492
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal 620,191 601,508

Minimum
lease payments
under non-cancel		 lable
operating
lease		 s fall due as foll ows:
31.3.22 31.3.21
E E
Within one year 1,120 1,020
Between one and five years 840 1,960
1,960 2,980
ve leases are in relation to the charitable company.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
31.3.22 31.3.21
Unrestricted Restricted Total Total
fund funds funds funds
E. E E E
Fixed assets 155,501 1,571,225 1,726,726 1,685,566
Current assets 1,060,107 63,219 1,123,326 1,081,835
Current
liabilities		 (621,508) (621,508) (429,296)
Long term liabilities (23,707) (611,000) (634,707) (611,000)
Provision of liabilities (4,703) (4,703) (5,290)
565,690 1,023,444 1,589,134 1,721,815

MOVEMENT
IN FUNDS
Net
Transfers
movement
between		 At
At 1.4.21 in funds
funds		 31.3.22
E E E
Unrestricted
funds
Unrestricted
fund		 475,287 (26,937) 98,554 546,904
Non-charitable
trading		 subsidiary 18,851 (65) 18,786
494,138 (27,002) 98,554 565,690
Restricted fixed asset funds
Equipment 7,689 (1,953) (41) 5,695
Kickstart 186,533 (11,798) 30,757 205,492
Development
- funded		 by various sources 811,214 (32,735) 59,274 837,753
Development
- funded		 by ACE 498,332 (20,000) 478,332
Garfield Weston
- Culture		 Fund 36,831 (11,328) 18,450 43,953
1,540,599 (77,814) 108,440 1,571,225
Other restrict:ed asset funds
Education
Is outreach		 35,157 7,836 42,993
Sylvia Short 1,066 4,018 5,084
D M Thomas Foundation 590 590
Visual Arts - Hereford City Council 10,374 (512) 9,862
Development
- loan		 (611,000) (611,000)
Garfield Weston - Culture Fund non-FA 101,967 (83,517)
(18,450)
Committed
restricted		 fixed asset funds 148,924 41,104
(188,544)		 1,484
Donations
«E5,000		 3,206 3,206
(312,922) (27,865)
(206,994)		 (547,781)
TOTAL RESTRICTED FUNDS 1,227,677 (105,679)
(98,554)		 1,023,444
TOTAL FUNDS 1,721,815 (132,681) 1,589,134
Net movement
in funds,		 included in the above are as follows: Incoming Resources Movement
resources expended in funds
E E E
Unrestricted
funds
Unrestricted
fund		 1,772,046 (1,798,983) (26,937)
Non-charitable
trading		 subsidiary 613,543 (613,608) (65)
2,385,589 (2,412,591) (27,002)
Restricted fixed asset funds
Equipment (1,953) (1,953)
Kickstart (11,798) (11,798)
Development
funded		 by various sources (32,735) (32,735)
Development
funded		 by ACE (20,000) (20,000)
Garfield Weston
—Culture		 Fund (11,328) (11,328)
Other restricted asset funds
Education
&.out:reach		 62,656 (54,820) 7,836
Sylvia Short 5,435 (1,417) 4,018
Visual Arts
—Hereford		 City Council 9,000 (9,512) (512)
Garfield Weston
—Culture		 Fund non-FA (83,517) (83,517)
Committed
restricted		 fixed asset funds 65,304 (24,200) 41,104
Donations
«E5,000		 9,199 (5,993) 3,206
151,594 (257,273) (105,679)
TOTAL FUNDS 2,537,183 (2,669,864) (132,681)

for th e Year Ended 31 March 31 March 2022 2022 2022
23. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds Net Transfers
movement between At
At 1.4.20 in funds funds 31.3.21
E E E
Unrestricted funds
Unrestricted fund 191,298 233,989 50,000 475,287
Non-charitable
trading		 subsidiary 8,489 10,362 18,851
199,787 244,351 50,000 494,138
Restricted fixed asset funds
Equipment 8,780 (1,091) 7,689
Kickstart (1,506) 188,039 186,533
Development funded by various sources (59) 811,273 811,214
Development funded by ACE 170,350 (1,667) 329,649 498,332
Garfield Weston
—Culture		 Fund (1,616) 38,447 36,831
179,130 (5,939) 1,367,408 1,540,599
Other restricted asset funds
Education
Et		 outreach 30,036 5,121 35,157
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
Development —loan (611,000) (611,000)
Garfield Weston
—Culture		 Fund non-FA 140,414 (38,447) 101,967
Committed
restricted		 fixed asset funds 112,504 804,381 (767,961) 148,924
153,371 951,115 (1,417,408) (312,922)
TOTAL RESTRICTED FUNDS 332,501 945,176 (50,000) 1,227,677
TOTAL FUNDS 532,288 1,189,527 1,721,815
Comparative net movement in funds, included in the above are as follows:
incoming Resource Movement
resources expended in funds
E E E
Unrestricted funds
Unrestricted fund 1,357,819 (1,123,830) 233,989
Non-charitable
trading		 subsidiary 252,410 (242,048) 10,362
1,610,229 (1,365,878) 244,351
Restricted fixed asset funds
Equipment (1,091) (1,091)
Kickstart (1,506) (1,506)
Development funded by various sources (59) (59)
Development funded by ACE (1,667) (1,667)
Garfield Weston
—Culture		 Fund (1,616) (1,616)
Other restricted
asset		 funds
Education
R		 outreach 15,160 (10,039) 5,121
D M Thomas Foundation (2,548) (2,548)
Visual Arts
—		 Hereford City Council 12,000 (8,253) 3,747
Garfield Weston
—Culture		 Fund non-FA 144,404 (3,990) 140,414
Committed
restricted		 fixed asset funds 812,943 (8,562) 804,381
984,507 (39,331) 945,176
TOTAL FUNDS 2,594,736 (1,405,209) 1,189,527

Group Charity Group Charity
31.3.22 31.3.22 31.3.21 31.3.21
E E E E
Deferred tax 4,703 5,290
4,703 5,290