2023-03-31-accounts - The Courtyard Trust

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Mrs J Cobb (resigned 2' November 2022)
Mr S Liddle (Vice Chair)
Mr BFreeman (Chair)
Mr D Fowler (resigned 2" November 2022)
Ms A Palfrey
Miss 5Allen
Mr M Baker (appointed 2"' November 2022) Ms LJ Hall (appointed 2" November 2022) Ms M Cooper (appointed 3"April 2023) Mrs E L Forrest (appointed 3"April 2023) Ms L Gale (appointed 3' April 2023) MsJ Hayes (appointed 3"April 2023) Mr P N Stevens (appointed 3"April 2023)

COMPANY SECRETARY		Mr 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

						31.3.23	31.3.22
				Unrestricted	Restricted	Total	Total
				fund	funds	funds	funds
			Notes	E	E	E	E
INCOME AND ENDOWMENTS		FROM
Grants, donations and legacies			2	344,967	102,700	447,667	708,776
Charitable activities
Concerts, performances	and	films		1,602,232		1,602,232	978,896
Education and outreach				29,637		29,637	13,076
The Courtyard Trading	Co. Limited			626,746		626,746	487,363
Other trading activities				311,692		311,692	348,986
Investment income				3,236		3 236	86
Total				2,918,510	102,700	3,021,210	2,537,183
EXPENDITURE ON
Raising funds				38,101		38,101	65,119
The Courtyard Trading	Co. Limited			599,478		599,478	475,919
Charitable activities
Concerts, performances	and	films		2,121,248	12,890	2,134,138	1,817,431
Art exhibitions				15,864	11,916	27,780	24,324
Education and outreach				168,303	44,627	212,930	185,757
Development					77,628	77,628
Other				19 823		19,823	101,314
Total				2,962,817	147,061	3,109,878	2,669,864
NET INCOME(EXPENDITURE)				(44,307)	(44,361)	(88,668)	(132,681)
Transfers between funds			23
Net Movement in Fund				~44 307	~44 361	~88 668	~132681
RECONCILIATION OF FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward				565,690	1,023,444	1,589,134	1,721,815
TOTAL FUNDS CARRIED FORWARD				521 383	979083	1,500 466	1,589,135

31 March 202	3
						Group			Charity
					31.3.23		31.3.22	31.3.23		31.3.22
				Notes	E		E	E		E
FIXED ASSETS
Tangible assets				14	1,773,714		1,726,726	1,742,401		1,701,971
Investments				15				1		1
					1,773,714		1,726,726	1,742,402		1,170,972
CURRENT ASSETS
Stocks				16	19,884		15,218	2,709		2,595
Debtors				17	75,583		48,626	105,827		171,347
Cash at bank	and in hand				996,762		1,059,482	939,984		913,906
					1,092,229		1,123,326	1,048,520		1,087,848
CREDITORS
Amounts falling		due within one
year				18	(701,729)		(621,508)	(650,197)		(584,765)
NET CURRENT ASSETS					390,500		501,818	398,323		503,083
TOTAL ASSETS		LESSCURRENT			2,164,214		2,228,544	2,140,725		2,205,055
LIABILITIES
CREDITORS
Amounts falling		due after more than one		19	(659,334)		(634,707)	(659,334)		(634,707)
year
PROVISIONS FOR LIABILITIES
Deferred tax				25	(4,414)		(4,703)
NET ASSETS					1,500,466		1,589,134	1,481,391		1,570,348
FUNDS				23
Unrestricted	funds				502,308		546,904	502,308		546,904
Restricted funds					979,083		1,023,444	979,083		1,023,444
Non-charitable		trading	funds		19,075		18,786
TOTAL FUNDS					1,500,466		1,589,134	1,481,391		1,570,348

The Court ard Trust	The Court ard Trust
Consolidated Cash Flow Statement
for the Year Ended 31 March 2023
				31.3.23	31.3.22
			Notes	E
Cash flows from operating	activities
Cash generated from operations				63 180	272 947
Net cash provided by operating activities				63 180	272 947
Cash flows from investing	activities
Purchase of tangible fixed	assets			(153,763)	(150,686)
Sale of tangible fixed assets					42
Interest received				3 236	86
Net cash used in investing	activities			~)50,527)	~)50.558)
Cash flows from financing	activities
Interest on Loan				24,627	23,707
Loan repayments					(50,000)
Net cash provided by financing activities				24 627	~26,293)
Change in cash and cash equivalents		in
the reporting period				(62,720)	96,096
Cash and cash equivalents	at the
beginning ofthe reporting	period			1 059 482	963 386
Cash and cash equivalents	at the end	of
the reporting period				996,762	1 059,482

	RECONCILIATION	OF NET INCOME	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
								31.3.23	31.3.22
									E
	Net income for the		reporting			period (as per the Statement of Financial
	Activities)							(88,668)	(132,616)
	Adjustments for:
	Depreciation charges							106,776	109,440
	Loss on disposal of fixed				assets				45
	Interest received							(3,236)	(86)
	Increase/(decrease) Increase/(decrease)		in in	deferred tax corporation tax				(289)	(641) 640
	(Increase)/decrease		in	stocks				(4,666)	(11,978)
	(Increase)/decrease		in	debtors				26,957	66,586
	Increase/(decrease)		in	creditors				26 306	241,557
	Net cash provided	by operations						63,180	272 947
2.	ANALYSIS OF CHANGES				IN NET FUNDS
							At1.4.22	Cash flow	At 31.3.23
							E	f,	E
	Net cash
	Cash at bank and in		hand				1,059,482	~62 720)	996762
							1,059,482	(62,720)	996,762
	Debt
	Debts falling due after			1	year		~634,707)	~24 627)	(659,334)
							(634,707)	~24 627)	(659,334)
	Total						424,775	(87,347)	337,428

OTHER TRADING ACTIVIT	IES
				31.3.23	31.3.22
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		E	E		E
Hire of facilities		151,605		151,605	80,108
Sundry income		160,087		160,087	268,878
Income via The Courtyard	Trading Co. Ltd	626 746		626 746	487 363
		938,438		938,438	836,349

							31.3.23	31.3.22
				Unrestricted		Restricted	Total	Total
				funds		funds	funds	funds
					E	E	E	E
Deposit account interest					~3236		3,236	86
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
							31.3.23	31.3.22
			Activity				f,	E
Admission charges	Et
programmes Performance grants	8		Concerts,	performances	and films		1,567,126	929,362
sponsorship			Concerts,	performances	and films		35,106	49,534
Education B.outreach			Education	and outreach			29,637	13,076
							1,631 869	991,972

				31.3.23	31.3.22
		Unrestricted	Restricted	Total	Total
		funds	funds	funds	funds
		E	E	E	E
The Courtyard	Trading Co. Limited	599,478		599,478	475,919
Support costs		38,101		38,101	65,119
		637,579		637 579	541,038

							Support
						Direct	costs (see
						Costs	note 8)	Totals
						E	f,	E
Concerts, performances Art exhibitions Education and outreach			and films			1,902,044 21,707 205 338	232,094 6,073 7 592	2,134,138 27,780 212 930
						2,129,089	245 759	2,374,848
SUPPORT	COSTS
					Information		Governance
				Finance	technology	Other	costs	Totals
				E	E	E	E	E
Raising donations legacies Other resources		and expended		3,224 4,836		34,877 6,391	8,596	38,101 19,823
Concerts, performances and films Art exhibitions Education and outreach				111,548	25,014	95,532 6,073 7,592		232,094 6,073 7,592
				119508	25,014	150,465	8,596	303,683

Net income/(expenditure) is stated after charging/(crediting	):
	31.3.23	31.3.22
	E	E
Auditors' Remuneration	8,053	7,053
Depreciation - owned assets Other operating leases Deficit on disposal of fixed assets Staff pension contributions	106,776 1,017 28,263	109,440 1,155 45 23,603

GROUP
	31.3.23	31.3.22
	E	E
Wages and salaries	1,164,144	1,051,698
Social security costs	88,184	74,128
Pension costs	28,263	23,603
Life assurance	1 272	2,160
	1,281,863	1 151 589
CHARITY
	31.3.23	31.3.22
	E	E
Wages and salaries	856,191	788,150
Social security costs	72,807	61,704
Pension costs	22,509	19,177
Life assurance	1,272	2,160
	952 779	871 191

The average monthly number of employees during the	year was as follows:
	31.3.23	31.3.22
Administration	6	10
Education and outreach	5	4
Sales and marketing	14	16
Productions and shows	20	10
Trading subsidiary	26	25
	71	65

						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. Limited			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	1D1 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
Net Movement in Fund				71 552	L22D4 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,D23,444	1 589.134	1,721 815

owns the entire	shar	e capital of 1 o	rdin	ary share of E1.A summ	ary of the trading results is s	hown below:
					31.3.23	31.3.22
					E	E
Turnover					672,546	481,125
Other operating income					3,500	132,418
Cost of sales					(217,610)	(147,246)
Selling and distribution		costs			(3,853)	(3)189)
Management charge					(46,800)	(16,000)
Administration costs					(377,304)	(325,419)
Deferred tax					289	587
Gift aid Corporation tax Net profit retained	in /	(loss absorbed	by)	subsidiary	(30,479) 269	(121,689) ~652) ~65)
The assets and liabilities ofthe subsidiary				were:
Fixed assets					31 313	24,754
Current assets					87,035	162,349
Current liabilities Provision for liabilities		and charges			(94,858) ~4,414	(163,613) (4,703)
					19,076	18,787

for th	e Year Ended 31 March 2023
14.	TANGIBLE FIXEDASSETS
		Improves
		to	Assets	Fixtures
		leasehold	under	and
	CHARITY	building	construction	fittings
		E	E	E
	COST
	At 1 April 2022 Additions	1,574,969	119,921	534,625 23,163
	Disposals
	Reclassification
	At 31 March 2023	1 574,969	119921	557,788
	DEPRECIATION
	At 1 April 2022 Charge for year	76,980 62,998		371,842 27,256
	Eliminated on disposal
	At 31 March 2023	139978		399,098
	NET BOOK VALUE
	At 31 March 2023	1 434,991	119,921	158690
	At 31 March 2022	1 497 989		162,783
		Motor	Computer
		vehicles	equipment	Totals
		E	E	E
	COST At 1 April 2022 Additions		91,322	2,200,916 143,084
	Disposals
	Reclassification
	At 31 March 2023		91,322	2,344,000
	DEPRECIATION
	At 1 April 2022 Charge for year		50,122 12,402	498,944 102,656
	Eliminated on disposal
	At 31 March 2023		62 524	601 600
	NET BOOK VALUE At 31 March 2023		28 798	1 742,400
	At 31 March 2022		41 200	1 701 972

TANGIBLE FIXED ASSETS - continued
	Improves
	to	Assets	Fixtures
	leasehold	under	and
GROUP	building	construction	fittings
	E	E	E
COST
At 1 April 2022	1,592,251		593,870
Additions		119,921	33,842
Disposals
Reclassification
At 31 March 2023	1,592,251	119,921	627,712
DEPRECIATION
At 1 April 2022	77,729		422,866
Charge for year	63,689		30,685
Eliminated on disposal
At 31 March 2023	141,418		453,551
NET BOOK VALUE
At 31 March 2023	1,450,833	119921	174,161
At 31 March 2022	1,514,522		171 004
	Motor	Computer
	vehicles	equipment	Totals
	E	E	E
COST
At 1 April 2022		91,322	2,277,443
Additions			153,763
Disposals
Reclassification
At 31 March 2023		91 322	2,431 206
DEPRECIATION
At 1 April 2022		50,122	550,717
Charge for year		12,402	106,776
Eliminated on disposal
At 31 March 2023		62,524	657,493
NET BOOK VALUE
At 31 March 2023		28 798	1 773 713
At 31 March 2022		41,200	1,726,726

	The charitable following:	The charitable following:	company	company	's investments at the	's investments at the	balance sheet date in the	share capital of comp	anies include
	The Courtyard		Trading		Co. Limited
	Nature of	business:		Providing		Bar and Restaurant	facilities
	Company	number: 03350147
	Class of share:						holding
	Ordinary						100
								31.3.23	31.3.22
								E	I:
	Aggregate	capital and			reserves			19,076	18,787
	Profit/(Loss)		for the year					289	~65
16.	STOCK
								31.3.23	31.3.22
								E	E
	Stock							19,884	15,218
17.	DEBTORS:		AMOUNTS		FALLING DUE WITHIN ONE YEAR
								31.3.23	31.3.22
CHARITY
									E
	Trade debtors							27,306	9,616
	Other debtors							11,493	11,719
	Due from	subsidiary		company				37,908	121,689
	VAT
	Prepayments		and accrued income					29,120	28,323
								105,827	171,347
	GROUP							31.3.23	31.3.22
								E	E
	Trade debtors							30,383	7,797
	Other debtors							11,493	11,719
	VAT
	Prepayments		and accrued income					33,707	29,111
								75,583	48,627

CHARITY			31.3.23	31.3.22
			E	E
Trade creditors			101,264	93,099
Social security	and other taxes		18,755	14,115
Other creditors			96,800	68,107
VAT			16,301	8,012
Accruals and deferred		income	417077	401 428
			650,197	584,761
GROUP			31.3.23	31.3.22
			E	E
Trade creditors			114,050	99,274
Social security and other taxes			26,309	17,767
VAT			42,280	24,553
Other creditors			86,290	73,671
Accruals and deferred		income	432,800	405,591
Corporation tax				652
			701,729	621,508

CREDITORS: AMOUNTS FALLING DUE AFTER MORE	THAN ONE YEAR
CHARITY It GROUP	31.3.23	31.3.22
	E	E
Other loans (see note 20)	659,334	634,707
	659,334	634,707

An analysi	s of the maturity o	f loans is given below:
			31.3.23	31.3.22
			E	E
Amounts	failing due between	two and five years:
Other loans - 2-5 years			19,735	14,516
Amounts	falling due in more	than five years:
Repayable	by instalments:
Other loans more 5yrs instal			639,599	620, 191

Minimum lease payments under non-cancellable operatin	g leases fall due as follows:
	31.3.23	31.3.22
	E	E
Within one year	840	1,120
Between one and five years		840
	840	1,960

				31.3.23	31.3.22
		Unrestricted	Restricted	Total	Total
		fund	funds	funds	funds
		E	E	E	E
Fixed assets		267,991	1,505,723	1,773,714	1,726,726
Current	assets	1,007,869	84,360	1,092,229	1,123,326
Current	liabilities	(701,729)		(701,729)	(621,508)
Long term liabilities Provision of liabilities		(48,334) (4,414)	(611,000)	(659,334) ~4,414)	(634,707) ~4,703)
		521 303	979,083	1 500.466	1,589,134

MOVEMENT IN FUNDS
						Net	Transfers
						movement	between		At
					At 1.4.22	in funds	funds		31.3.23
					E	E		E	f
Unrestricted funds
Unrestricted fund					546,904	(44,596)			.502,308
Non-charitable trading		subsidiary			18786	289			19	075
					565,690	(44,307)			521,383
Restricted fixed asset		funds
Equipment					5,695	(1,424)			4,271
Kickstart					205,492	(11,244)			194,248
Development - funded		by various sources			837,753	(35,023)			802,730
Development - funded		by ACE			478,332	(19,997)			458,335
Garfield Weston - Culture Fund					43,953	(8,840)			35,113
Solar panels						11 026			11	026
					1,571,225	~65,502)			1,505,723
Other restricted asset		funds
Education Et outreach					42,993	24,263			67,256
Sylvia Short					5,084				5,084
D M Thomas Foundation					590					590
Visual Arts - Hereford		City Council			9,862				9,946
Development - loan					(611,000)				(611,000)
Committed restricted		fixed asset		funds	1,484				1,484
Donations &E5,000					3,206
					~547,781	21,141		~526,640
TOTAL RESTRICTED FUNDS					1,023,444	~44,361			979,083
TOTAL FUNDS					1,589,134	~88 668			1 500	466
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					2,358,361	(2,402,957)		(44,596)
Non-charitable trading		subsidiary			677 046	~676	757		289
					3,035,407	(3,079,714)		(44,307)
Restricted fixed asset		funds
Equipment						(1,424)		(1,424)
Kickstart						(11,244)		(11,244)
Development funded	by various sources					(35,023)		(35,023)
Development funded	by ACE					(19,997)		(19,997)
Garfield Weston —Culture Fund						(8,840)		(8,840)
Solar Panels					12,126	(1,100)		11,026
Other restricted asset			funds
Education Et outreach					78,574	(54,311)		24,263
Sylvia Short
Visual Arts —Hereford		City Council			12,000	(11,916)			84
Donations &E5,000						(3,206)		(3,206)
					102,700	~)47,06))		~44,	36))
TOTAL FUNDS					3 138 107	~3,226	775)	~88,668)

for t	he Year Ended 31 March 2	he Year Ended 31 March 2	02	3
23.	MOVEMENT IN FUNDS
	Comparatives for movement				in funds
									Net Transfers
									movement between		At
							At 1.4.21		in funds funds		31.3.22
									E E
	Unrestricted funds
	Unrestricted fund Non-charitable trading		subsidiary				475,287 18 851		(26,937) ~65 98,554		546,904 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 Garfield Weston - Culture			ACE Fund			498,332 36 831	(20,000) ~11328 18		450	478,332 43,953
							1,540,599		77,814) 108,440		1,571,225
	Other restricted asset		funds
	Education Et 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 Non-charitable trading		subsidiary				1,772,046 613,543		(1,798,983) ~613608	(26,937) ~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 Et outreach						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 Donations &f5,000	fixed asset				funds	65,304 9 199		(24,200) ~5,993)		41,104 3,206
							151,594		~257,273)	~)05 679)
	TOTAL FUNDS						2,537,183		(2,669,864)	(132,681)