REGISTERED COhlPANY NUMBER: 03342581 (England and Wale5) REGISTERED CHARITY NUMBER: 1067869 Re rt of the Trustees and Consolidated Financial Statements for the Year Ended 31 March 2024 for The Court rd Trust
The Court ard Trust Contents of the Financial Statements for the Year Ended 31 March 2024 Page Reference and Admlnlstrative Detalts Report of the Trustees Report of the Independent Auditors 9 to 11 Consolidated staternent of Flnancial *£tivitie5 12 Consolidated and Charity Balance Sheet 13 Consolidated Cash Flow Statement 14 Notes to the Consolidated Cash Flow Statement 15 Notes to the Financial Statements 16 to 33
The Court rd Trust Reference and Administrative Details for the Year Ended 31 htsrch 2024 TRUSTEES Mr B Freeman (Chair} Mr S Liddle eike Chalr) Ms A Palfrey Aliss S Allen (resigned 31st October 2023) Alr M Baker Als L J Hall Als M Cooper {appointed 3rd April 20231 Alrs E L Forrest laptM)inted 3rd Aprfi 2023) rd ts L Gale (appointed 3 April 20231 ts J Hayes (appointed 3rd April 2023) l•& P N Stevens (appointed 3rd April 20231 COIAPANY SECREfARY Mr l Archer REGisfERED OFFICE The Courtyard Edgar Street Hereford Hereford5hire HR4 9JR REGISTERED COMPANY NUMBER 03342581 {Engiand and Wales) REGISTERED CHARrrY NUMBER 1067869 AUDoRs Thome Wldgery Accountanq Ltd Chartered AcccAJntants Statutory Auditors 2 Wyevale Business Pa Kings Acre Hereford Herefordshire HR4 7BS SOLicrroRS Gabb5 14 Broad Street Hereford HR4 9AP BANKERS LLoyds Bank pic 1 Gwent Square Cwmbran NP44 1XN Page 1
The Court rd Trust
ort of the Trustees
for the Year Ended 31 March 2024
The trLStees who are also directors of the charity for the PLTpo of the Ccrfnpanie5 Act 21))6, present their report with
the finandal statements of the charity and the grcAJP for the year ended 31 hlarch 2024. The trustees have adopted the
provisions of Accounting and Reporting by Charities: Statement of Recommended Practlce applicable to charities
preparing their accounts in accordance with the Finala1 RePfing Standard appllcable fn the UK and Republic of
Ireland {FRS 1021 (effective 1 January 20191.
OBJEC'fNES AND ACTivrriES
ives and alms
The charltable company was fomd to Pr(te the Imwovement and development of artistic taste and the knowledge,
understanding and appreciation of arts of cultural and educational value (including the art of dance. drama, literature.
muslc <ind singing) of the public and in particular the residents of the County of Herefordshire.
The charity has the general aim of contributing to the qLo1ity of life of the people of Herefordshlre and wider area by
expanding their horizons through the provision of exciting, challenging and accesslble professional and community arts
events.
The main objectives for the year continue to be the promotitM and fostering of artistic knowledge and the appreclation
of the arts by the provision of facilities for the education and entertainment of the public in the fields of art. craft,
music and drarna.
Through the charity's 5trate¥ic objectives, policies arKI strategies. we secure the future deveLopnnt of artlstic and
tJJtreaLh and education activitles throughout the Cnty of Herefordshire. Our busine55 plan. whlch is endorsed by Art5
Council England clearly defines our short-. medium, and long-term objectives. Thfis is reported to Arts Council England
in an Annual Report which clearly Shov the success of our objective5 throughout the year.
hlain a<tivities undertaken to f urther the charit
ses for the
blic benefit:
Concert5 and stage perforrnances
The coiicerts and stage perforniances presented OTr the stage of The Courtyard combine professional events, including
classical plays and dramatic modern performances. Vth amateur community events, tribute bands, origTnal bands,
comedians, dance, youth theatre etc. The programme contains an eclectic mix of the arts to suit a range of public
taste5, with the emphasis on maintainlng a popular programme vthich helps to maintain the viability of the theatre,
combin,ed with a programme to challenge the aUdIee. Similarly. the musical programme ranges from classical
orchestras to wofe55ional jazz, popular music, and folk and Y)rld music.
Participation
Our participation programme involve5 local schools and hlgher education colleges in a range of expressive arts. They
aim to develop students. confidence and expression across the range of arts including dance, drama and muslc. The
Courtyard vrkS with 98% of schoob in Herefordshire. The charity also runs a wbrant youth theatre proyramme both Tn
the venue and in the market towns including Bromyard, Ledbury and Ross. We also programme a variety of classes and
workshops for children of all ages to adult classes inclLKling Writin2 for Stage, Reading Room, Life Drawing and classes
for many genres of dance.
Art exhibitlons
The ch
The Court ard Trust rt of the Trustees for the Year Ended 31 March 2024 STRATEGIC REPORT nificant charftable actfvlrf 2023124 was an exceptional year for The Courtyard th ticket sales exceeding expectation5 and bLKlget. The organi5ation remaln5 resilient through g)d business practice and15 SUPPOrted through a grant from Arts Council England {2023-26} as one of its NatiiMal Portfolio Organisations. The C(rtyard align51ts objectives with Arts Council of England'5 Let's Create strategy for the financial year, where the ¢)bjectives and actions are reviewed.and monitored against ACE'S 'Lets Create Outcornes and Investment Principals. As a 'centre for the arts, in Herefordshire our programme remains eclectic and our programme includes: live event5. filrns, lfve screenings, w5ual arts and a partiapatory arts prograrnrne. 25th Anniversary Celebration: the 25th Anniversary Celebration was held on Saturday 23rd September 2023. The Celebration showcased the work of all The CcrfJrtyard'5 U5er5 over the 25 years and people which ended WTth a post- show party in the Café Bar. The Autumn wa5 a catalyst for our 25th Anniversary year. There wa5 also an exhibition of The Courtyard through the year5. The Courtyard produced and held producti¢Jns throughlxrt the 2023124 perfod without interruption and the programme included commissioned. programmed and hired piece5. The vast quantity of work which The Courtyard offers, both on and off stage, has supported its vision and was relevant to the community of Herefordshire and continue to be ambitious, hlgh quality and incluslve. Throughout the 2023124-year, audience numbers were excellent and the trend continued throughout the financial year. The film programme has been a major part of The C{rtYard.5 programme and has seen the best audience numbers since the record year of 2013 with over 4(KJ.CW visits to The Courtyard thrcwhout 2023124. 2023124 The Courtyard had completed the problem relating to the Curtain Walling. This had to be resolved through major structural changes to the original design faults at a cost of £175,0(Kl. The Courtyard Trust ha5 had to pay this from its reserves and remains in negotiation with Herefordshire Council about ariy potential 5UPPOrt The Courtyard may expect from the council. The outcome wlll not be knov+m until late 2024. Performances: HI hll hts from the 23124 Rhod Gllbert114- 15 May): thls was a very spedal performance, as we were the first venue Rhod had done since coming out of hospital. Rhc*J was making a documentary for TV regarding his road to recovery and scenes from his performance here will be featured in the documentary. Orchestra of the Swan 130 hlay): OOTS perfomied in the Nell Gwynne Studio offering something different to the programme and giving audiences something more intimate to enjoy. The concert fOrnd part of its residency. The Mousetrap126 June - 1st Jull: the West End returned to The Crtyard with The Mousetrap. The production sold out and a huge success. Clive Anderson (6 July): the wtty and clever presenter performed his one-man Show all about h15 lrfe and career with funny stories from the theatre world. The Courtyard nIOr Youth Theatre (19 - 22 July 21r23I, [wn to the Wtsjds: this production VRS aimed at early years and children in nurserie5. It was an exciting opportunity to create and devise a production for young children and engage with famllies that we don't usually reach. Fascinating Aida16 Sept>: celebrating 40 years on the road in 2023, Dillie, Liza arKI Adèle, Britain's raciest and 5as5ie5t musical cabaret trio, are bringing their brand-new strKiw to theatres across the UK. Fascinating Aida have racked-up rnillions of internet followers, performed in the world's most prestigious venues and been showered with awards and plaudits Sin they sashayed onto the scene back in 1983. The Courtyard's Pro-Am prodLKtlon (3 - 8 Oct): this year's Pro-Arn was The Secret Garden by Frances Hl450n-rnett. The Pro-Am 15 The Courtyard's flagship talent development project that brot4ht together our yi)uth theatre, members of the community and professional actors. Crown Ballet presented The Nutcracker and Swan Like 16 and 7 Nov): the ever-fjmpressfve Crown Ballet returned to The Courtyard wbth their cast of Eastern European ballet dancers, many of whom were from Ukraine. Dlrk Whlttfngton - Panto (Nov - Jan>- The Courtyard'5 highest achieving panto wa5 the much.loved and cla551C Story of Dick Whittington. The panto saw the highest value of tickets sales and sold over 20,(M)O tickets. These sales were achieved against 62 performance5 against the perviou5 year5 of 72 perfonnances and with a Week less in the run. Page 3
The Court rd Tnjst Re of the Trustee5 for the Year Ended 31 hlarch 2024 Goldllocks: The Courtyard's Christmas Studlo pr(Kluction, Goldilocks. a150 was a bert-selllng productlon and achieve<l our best ticket sales to date. The production, like panto, ran for a week less than prewous productions. Tom Allen12nd Febl: perfornd at The Courtyard for the first tfme in hi5 own 0-man show. Glovannl Pernice 2023112 Feb): Gfovanni, still on a hlgh after winning Strictly, retume(I with his latest dance 'show. Mld Wal@5 Opera presente(l Hansel and Gretei {18 Marl: Tr perforrnance was aimed at encouraglng the younger auithence to attend. Llve Screenln85 The Courtyard's Live kreening programme is a an essential part" of our programme and we saw the main distrlbutors return. We xreened perfomiances from the National Theatre, Royal Opera House, the hlet Opera and ExhTbition Screen. Some of the up-and-coming titles include La Traviata, Straight Line Crazy, Nutcracker, Swan Lake. Leopold Stadt. Frida Kahlo, Don Carlos, Rigoletto. Hamlet. Henry V, A Diarnond Celebration, Like Water for Chocolate and Romeo & Jullet and Prima Facie. Fllm kreenings Film Season-. the film season is now fully retumed with a full pro¢ramme of film throughout the week Includ7ng breakfast movies, matinee5 and evening screenings. 2023124 saw an extremely strong year both in audience numbers and flnancTally. Visual Art The Courtyard maintained its work with visual artists and arts groups by ensuring a full Gallery programme was scheduled for the year including: Cultivote Exhibition: this was the sixth year that Cultivate has been running and four artists were again selected to take part in this year's talent development project which enables young artists with a connectlon to Herefordshire to be mentored through the process of coming up with a concept, making it and then exhibltlng the work. It is a very rewarding project that has seen many artists further thelr skills and gain places at Goldsmith5, Southbank and Falmouth University. Thls year we partnered with Close to support the young people they Vrk with to upskill and glve them something to alm for by exhibiting their work too. The exhibition ran for all of June and July 2023. The Courtyard'5 25th Anniversory: the exhibition celebrated The Courtyard through the years with many of the photos we have in our archives. from old production photograph5 to model boxes of past plays. The exhlbition sought to build on our strong relationship with the community and audience members and they were encouraged to send us their own phot05 that Vre put on the exhibition boards. Picture Makers Exhibition: The Courtyard hosted The Picture Maker5 collective for the first time in over flve years. The group. who are based in west Wale5, create innovative work that is specifk to the venue they are exhibiting in. The exhibition also had a very strong environmental remit. Moppo Alarche5 by Helen Arthur: The Mappa Marche5 art exhibition brought together three artists and an aerial film maker to celebrate our rural Herefordshire landscape. Hereford College of Art - CA Winter Sh(Nw. Explore: A discovery of hlaterials and Environment. HCA'S level 2 Art and Design Students and Level 3 Creat?ve Practise Students explored, experimented and discovered new materials and wocesses, taking inspiration from the world around them frorn challenging concepts about how both natural materials and traditional art materials can be adapted and manipulated to create sornething unexpected. Retrospective Exhibition by Jone Thornhlll: a retrospective exhibiticrf) frnm artist Jane Thornhill. From her early work in the 19605 through to present day. Jane speciali5ed Tn pcrtrait painting but has covered a wlde range of subjects. This exhibition gave a sample of the broad range of her vffjrk from anatomy pencil studles, portraits in various ffledia, to landscape and so on. LEARNING PARTICIPATION AND OLrrREACH The Learning. Particlpation and Outreach vrt)rk at The Courtyard CtInueS to thrlve and is an essential part of The Courtyard. Highlight5 include: The Junlor Youth Theatre have been worklng on indivlthal projects as they lTrJked at dlfferent Style5 of theatre and work toward5 individual showcases. During the surnmer term some of the groups t{k part in the yearty Ignite Festival and we held our first IpIred Festival for the early years. grt)UPS. Page 4
The Court rd Tnjst rt of the Trustees for the Year Ended 31 March 2024 The Intermedlate Youth Theatre wrked towards The Insplred Festival which took place at The Courtyard. emphasis was lookfng at Poor Theatre. mlnimalism and physical theatre. It was great opwjrtunity to see how far youth theatre members had grown in their abilities. The Senlor Youth Theatre worked on the summerproductlon. The emphasis of the production was around using digital . work to look at 7ffiage. identity and.how sla1 media is now.a major part of young people's lives. Workshopped ideas around the story of lan Gray, rewlting in a perf0mnCe in July 21r24. Cornmunlty Youth Theatres: the comrnunity Y theatre5 have seen a hu rtse in bers, especially in Ross and Ledbury, and we have added an extra class to Ross. Bromyard numbers are now also on the rise. In Ledbury throughiyjt the first half of the autumn tenn the were contributing to the autumn workshops and parties. The Bromyard YT started to grow in strength as numbers have slowly but surely returned. The Bromyard also perfornied as part of the NT Connectlon5 Festival. Thts was very exciting and the flrst time a youth theatre from The Courtyard has done so. Dandn2 Tots: this is very much a regular class as part of cvr early years provision. The weekly session gives parents with young toddler5 the chance to enjoy dante and sociali*. We have seen a stea(ty increase of ThJmber5 With the average number of attendees now into double figures. Fllrn Club: we have combined l)oth junior and senior classes into one and this has had a genuinely positive impact on the young people who attend as it has really helped having more indivlduais In the group to help in all areas of film production. TalkAwayDontWalkAway: we were successful in securing funding from the Eveson Trust for 23124. The project received a small uplift to allow us to run workshop5 and training for teachers. This is a slight change to the project since feedback indicated teachers needed more training when handling set 51tuatlOfls like listening and dealing with their pupil5' anxieties. We worked with schools throughout the spring and sumrrer 5ea50n5 and the workshops culminated in a final performance on The Courtyards main stage in hiay 2024. Inclusive Project: thi5 project is now funded by Hereford City CowKil and the summer's sell-our Be a Star week was a huge succe55 Hereford Academy: we c1)ntinl to r1 drama SV4sions at Hereford Academy, and we have been able to suptth the school's production of We Will Rock. Schools: our regular drama clubs have grown in Strength and each week we run clubs at the foll0vn9 schools: Brookfield, Kingsland, hlordiford (first half of tennl, Staunton. St Thmias, Kington, Hereford Academy. Michaelchurch and Eari Mortimer. We have also worked vrith Ivington. Holmer. hknrdiford, Staunton, Riverside and Ewyas Harold as part of our Roald Dahl and Shakespeare Literacy projects Garrick Singers: the Garrick Sfnqers had a very enjoyable term last year with professional singers going into the session and even being able to perform in the foyer before events. The class Is take5 place on Mondays. The Muse Café These sessions are unique, insofar as musidans come In and play for the members and encourage conversations to help reduce isolation. Thi5 is run by Orchestra of the Swan in association with The Courtyard for veterans living with dementia. Piaylng Together: This year we have InCPOrated singing and signing to encourage development in the toddlers. We regularly have attendance in double figures consistent positive feedback. Life Drawing: thi5 workshop 15 our most kwilar adult class. with nearly 20 members attending each week. This has been helped by a nehT wave of enthuslastic lrfe m¢Jdels. Readlng Room: the group focu5e5 on contemporary texts. Writing Room Extra: thls new sesslon has been extremely popular and Is already full, after only a few weeks, with the vthter5 working towards a showcase at the end of the summer 2Lfi4. Writing Room: partldpants work alongside Lisle Turner to perfect thelr piaywrlting techniques. Chance to Dance: The workshop continues to offer a service for older generations to take part in dance and movement classes offering physical a5 well as mental benefits. Apart from Life Drawing, this is our m05t popular adult class. Zumba continues to attract strong partlcipatlon numbers each vk with many of the participants cornmenting on the benefits of the session for their physical and mental health. Page 5
The Court rd Trust Re rt of the Trustees for the Year Ended 31 IIArch 2024 Twfnkllng Stars has been well received with positive feedback and weil attended sessions on Saturday M)rning$. The sessions are based around family dance for 2 - and rnn for 45 mins. Actlng Clrcle: this is a new cla55 for 23124, aimed at adults. The ernphasis is very much on learning new skllb through drama like devising, improv, mask work and other technlques Play vrks". this is a new class aimed at adults wanting to get involved Sn theatre. The session5 centre on looklng at a particular play, reading. analysing it and then perfom)ing it. Veteran5 Cho5r: the Veterans Choir, run in collaboration with ENCORE. takes place on Wednesday morning¥ and is well supported by the Veterans Community, who enjoy quality time. socialising and singing. The class is a proven way of beating isolation and for many of the fonrw sernce men and women it is a chance to bulld friendships and gain a sense of wellbein8. Family Festfval: The Courtyard'5 annual Family Festival toc place (m Wednesday 1st November 2023 and was a huge succe55. Over 1000 people took part on the day enjoying W0shops. actlvltie5, events and performances, both drama and music related. Fundraisln In the current economfc, fundraising has becorne very challenglng, with many Trusts and Foundations reducing the level of funding available. Trust and Foundation Income is re5tsicted arKI 15 used for the benefit of the people of Herefordshlre to experience the arts in many ways. We are sUPPOrted through our Friends and Patrons and thr(wh our individual gimng campaigns. We have also conducted event5 thrwghout the year to increase our fundraTsing income including shows by The Hey Yahs, abseiling and skydiving events. Our Christmas Appeal 2023: this was a successful campaign held throughout our Christmas Pantomlme & Studio productlons and raFsed over £10k plus Gift Aid. Flnanclal revlew The Group's net Incoming resources for the year ended 315t March 2024 amounted to £n.520 (2023: £88,668 outgoing). Total income for the year amounted to £3,637.989 12023: £3,021.2101. Further information can be found in the Statement of Financial Activities on page 12 of these financial statements. Princi al risk arKI uncertainties The Courtyard is mainly self-fTnancing, having It its fvThJing from the Herefordshire Council from April 2016. The Courtyard Trust is funded by Arts Council England by the sum of C216k per year and thls funding has now been secured until 31st March 2026. In a normal year this funding represents 7% of our total income. The Courtyard is a resilient organisation, which adapts to the needs of the community and programmes for the population of Herefordshire and the surrounding countie5. Princi al fundln rces Funding from the Arts Council has been confirmed for 2025126. Investment policy and objective5 Under the Memorandum and Articles of Association, the TrLSt has the power to invest surplus funds in any way that the directors see flt. The directors, hav5ng regard to the liquldity requireThnts of the theatre, have operated a polky of keeping any available fvrKls in an interest bearing deFM)Sit account. Total group reseThes balance at 31st March 2024 is £1,5n,986 {2023: £1,51X1,4661, £610,221 12023: £521,384I of this being unrestricted, £74,574 designated 12023: £Nil} and £888.191 12023: £979,083) of restricted. This is broadly in line with the Reserve5 Policy agreed in AprS12009. The ba515 of thfs policy was to build up unrestrlcted reseeS to a level sufficient to cover the salaries of contracted staff for three months, and the remaining obllgations under a lease. For 2024 this would be equal to £347.325 {2023: £320,4661. Included on the consolidated balance sheet at the yearnd are tangible ffixed assets of £1,856,934 {2023: £1,773,714) and investments of £Nil 12023: £Nill. Consolidated free reserves at the year end, being totsl reserves less any restricted fund and flxed and investment asset held. amounted to £283,265 I23. £253.392). This excludes £74,574 {2023: Nil) that has been rlng fenced for maintenance. Page 6
The Court rd Trust Re rt of the Trustees for the Year Ended 31 hlarch 2024 STRATEGIC REPORT contlnued Goin concern To the best of ability and knowledge, the Trustees can confirm with confidence that The Courtyard Trust and Trnding Company will still be trading 12 months through to September 2024 and beyond. We are confident that, through effertfjve. . and timely management and strong govemance, the organisation will continue its path of resilience. Financial and risk mana Rlsk mana ment The management committee ha5 cor)duct"ed its own review of the major risks to whKh the charity 15 exposed and systems have been established to mltlgate those rt5ks. These procedures are periodically reviewed to ensure that they still meet .the needs of the charitable company and group. Particular attention was focussed on non-financial risks arising from fire, health and safety of artists and audience, management of perfonning rights, and focAJ hygiene. ves and licies Future The Trust will continue with its aims and objectives for the coming financlal year. The Directors are contlnulng to revlew the current business structure and are exploring new opiM)rtunities. STRucfuRE GOVERNANCE AND MANAGEMEKr Governin document The Courtyard Trust is a private company limited by guarantee govemed by its Article5 of Assoclatlon adopted by speclal resolution dated 5th March 2014. It is registered as a charity with the Charity Commission. Recrultment and a intment of new trustees Recommendations for new appoinlments are made by either the current threctors or by the Chief Executive. Any new appointment will then be approved by the Board of Directors. nlsatlonal structure The Board of Trustees, which can have a minfmum of five and a maximwi of eleven members, administers the charity. The Board meets at every three months wfth sub-committees meeting no less than every two months and cover matters relating to finance and human resources. A Chf Executive is appointed by the trustee5 to manage the day-to- day operations of the charity. To facilitate effertive operatiiJn5. the Chief Executive had delegated authority, within tern)s of delegation approved by the trustee5, for the operational matters including finance, employment and artistic performance. Induction and trainin of new trustees New trustees meet with the Chairrnan and the Chief Executive to be briefed on the background of the Charity, its history, its objectives and its current actiwties. They are also briefed on their role and their re5ponsibilitie5 in relation to the Charity. All new trustees receive an induction pack containing the Ilanorandum and Articles of Association, the latest report and accounts, and the current business plan. mana ment remuneratlon Pay and remvrration5 for key management are set by the Board of the Tntst. Salary levels are reviewed by the Board on an annual basis and any pay award5 are set in line with inflation and the Tnts financial position. Subsldla Undertakfn The Courtyard Trust owns 1 tK)% of the 155ued share capital of its sthidiary undertaking. The Courtyard Trading Co. Limited, which 15 re4i5tered in England and located at The Courtyard, Edgar Street, Hereford, HR4 9JR. The principal activity of The Courtyard Trading Co. Limited is the running of the bar and restaurant facilities at The Courtyard. A summary of the trading results can be fOd in the notes to the corwlidated financial statements. Audited financial statements of The Courtyard Trading Co. Limited Icompany registered wmber 03350147} have been flle(1 wlth the Reglstrar of Companies. Related rtles Transactions Mth related parties can be f(wnd In the notes In the accounts. Page 7
The Court ard Trust rt of the Trustee5 for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees (who are also the directors of The Courtyard Trust for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Acccrtjnting Standards {United Kingdtyn Generally Accepted Accounting Practice). . Coffoany law requlres 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 C(panY and group and of the incoming resource5 and application of resources. including the income and expenditure. of the tharltable company ènd group for that period. In preparing those financial statements, the trustees are required to select suitable accntIng policies and then apply them con5iStently" observe the methods and principles in the Charity SORP; make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going C(cern basis unles5 it is inappropriate to presume that the charitable company and group will continue in business. The trustees are resp(sible for keeping proper accounting recd$ whKh disclose with reasonable accuracy at aTry time the financial p0s7tion of the charitable company and groLP and to enable them to ensure that the financial Statements comply th the Companies Act 2fX)6. They are also re¥)Dnsible for Safeguarding the assets of the charitable company and group and hence for taking reasonable steps the prevention and detection of fraud and other irregularfties. In so far as the trustees are aware: there is no relevant audit information of which the charitable company and group's aLMJitors are unaware. and the trustee5 have taken all steps that ttw ought to have taken to make them5elve5 aware of any relevant audit information and to establish that the auditors are aware of that information. AUDrroRS The auditor5, Thorne Widgery Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General hleeting. Report of the trustees, Incorporating a strategic repwti approved by the order of the ly)ard of trustee5, as the company directors, on ...... IioLI*....-...--...-...----. and signed on the board's behalf by: Free rust Page 8
Re rt of the Inde The Court rd Trust ndent Auditors to the Trustee5 of Oplnlon We have aLrdited the financial statements of The Courtyard (the 'charitable company and group. I for the year ended 31 l•arch 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant acctyJntin£ policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the.financial statements: give a true and fair view of the state of the charitable company and group's affalrs as at 31 'March 2024 and of its incoming resources and application of resources. including its incorne and experKYiture, for the year then ended. have been property prepared in accordance with Unlted Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act I1. Basis for oplnlon We conducted our audit in accordance wfth Intematiorkil Standards Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of wr report. We are independent of the charitable company and group in accordance with the ethical requlrements that are relevant to cdjr 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 ewderKe we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to qolng concern In auditing the financial statements, we have concluded that the tntee5 Use of the going concern basis of accountlng in the preparatlon of the flnancial statements is appropriate. Based on the work we have perforn)ed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the parent charitable company and group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. l)Jr responsibilities and the responsibilities of the trustees with respett to going concern are described in the relevant sections of this report. Other Informatlon The trustees are reSp[SIble for the other inforniatlon. The other infonnatkn comprises the information Included in the Annual Report, other than the financial statements and our RetM)rt of the Independent Auditors thereon. Our opiniM on the financial statements does not cover the other inforn)ation and, except to the extent otherwise explicitly stated in our report. we do not express any f(m of assurance Conclusion thereon. In connection with our aLKlit of the financial Statements, our responsibility is to read the other infomation and, Tn doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencle5 or apparent material mi55tatements, we are required to deterniine whether this gives rise to a material mi55tatement In the financial 5tatement5 themselves. If, Sed on the work have perfomed. we conclude that there is a material misstatement of thi5 Other infonnation, we are requlred to rewrt that fact. We have nothing to report in this regard. Page 9
Re ort of the Inde endent Audltors to the Trustees of The Court ard Trust Matter5 on whlch we are requlred to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Report5) Regulatlons I8 requires us to report to you if, in our opini- the informatlon given in the Report of. the Trustees is inconsistent in any material respect with the flnancial statements" or the charitable c¢Thpany arKI group has not kept ade(wate accounting records; or the flnancial statements are not in agreement with the accounting records and retums; or we have not received all the Tnfonnation and explanaticffis we require for our audit. Responsibilltles of trurtees As explained more fully In the Statement of Tntstees. Res57b111t1e$, the trustees (who are also the directors of the charitable company for the purposes of company Law) are respon51ble for the preparation of the financial statements and for being satisfled that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free fr(m material misstatement, whether due to fraud ¢)r error. In preparfng the financial statements. the tntee5 a responsible f(Y assessing the charitable company and group's ablllty to continL as a going concern. disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company and group or to cease operati¢y)s, or have no realistic alternative but to do so. Our responslbllftfes for the audft of the f5nandal statements We have been appointed as auditors under Sect70n 144 of the Charities Act 2011 and report in accordance th the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable aswrance about vthether the financial statements a5 a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted Tn 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, indivldually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of rK>n-cc#npliance with lavts and regulations. We design prc(edures in Ilne with our responsibilities, outlined above, to detect material misstatements in respect of irregularlties, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Fraud and breaches of laws and regulatlons - ability to detect Identifying and responding to risks of material misstatement due to fraud To identify risks of material misstatement due to fraud {Yraud risk5-) we asssed events or conditions that could indicate an incentive or pressure to commit fraj or provide an opportunity to commit fraud. Our risk assessment procedures included: o Enqulring of trustee5, the finance committee and inspectfon of policy dc(umentation as to the Charit5 high-level pollc7e5 and procedure5 to prevent and detect fraud a5 V1[ as whether they have knowledge of any actual. suspected or alleged fraud. o Reading Trustees. meetings and finance cornmittee minutes. o Considering perfom)ance targets for rnargement. We communicated identified fraud risks throughoLrt the audit tearn and remained alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account our overall knowledge of the control envlronment, we perfom procedures to address the risk of management override of controls, in particular the risk that management may be in a pos7tion to make inappropriate accounting entries. On th15 audit we do not believe there 15 a fraud risk related to revenue recognition because the revenue is nOn-]taL and straightforward, with limited opportunity for rnanlpulation. We did not identify any addltional fraud risks. We perf1)rnd wocedures including identifylng journal entries to test based on rlsk criteria and comparing the identified entries to 5UPPOrting docurrEntatTon. These included those posted by fSnance managementl those posted and appmed by the same userl those posted to unusual account5. Page 10
Re rt of the Inde The Court rd Trust Thjent Auditors to the Trustees of Identlfyln8 and respondlng to rlsks of materfal mlsrtatement due to non<ornpllance wlth laws and regulatlons We identified areas of lav+S and regulations that could reasonably be expected to have a materfal effect on the financial statements from our general commercial and sector experience. and through discussion with management las required by auditing standards) and discussed with management the polKies and prixedures regardlng compliance with laws and regulations. We communicated Identffled laws and regulati¢Jns thr(yJghout team arKI remained alert to any Indlcations of non- compliance throughout the audit. The potential effect of these iavts and regulations on the financial statements varies c(7derabLy. Firstly, the Charity and group are subjert to laws and regulatlons that directly affect the financial statements including financial reporting legislation. taxation legislation and the Charities Act legislation and we assessed the extent of compliance with these law5 and regulatims as part of Iwr procedures on the related financial staternent Items. Secondly, the Charity and grP are subject to many other laws and re4ulations Whe the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imp05itTon of fines or litigation or the loss of the Charity and group's license to operate. We identified the following areas as those m05t likely to have such an effert: health and safety. anti-bribery, employment law, data protection, anti-money laundering and specific areas of other legislation recogning the nature of Charity and groups activities. Auditlng standards Ilmlt the required audit procedures to Identify non-compLiance with these la¥v5 and regulation5 to enquiry of management. inspection of regulatory and legal c0rreSwnden, rf any. Therefore. if a breach of operatlonal regulations is not disclosed to us or evident from relevant correwndence, an audit will not detect that breach. Context of the ability of the audit to dete(t fraud or breaches of law or regulation Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions refiected in the financial statements, the less likely the inherently limited predureS required by auditing standards would identtfy It. In addition, as with any audit, there remalned a hlgher rlsk of noneCtIOn of fraud, as these may involve collusion, forgery, intentlonal om15$1ons. misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material mis5tatemenC. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect Mn-Compliae with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditor5re5ponsibilities. This description form5 part of our Report of the Independent Auditors. Use of our report This rep)rt is made solely to the charitable companl5 trustees. as a tKxty. In accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2CK)8. Our audit work has been undertaken so that we might State to the charitable companys trustees those matters we are required to state to.thern in an auditors. report ènd for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and eroup arKJ the charitable company's trustees as a body. for our audit work. for this report, or for the opinions we have forrned. Thome Widgery Acco Chartered Accountant Statutory Auditors Eligible to art a5 an auditor In tenn5 of Sectien 1212 of the Companies Act 2006 2 Wyevale Business Park Klng5 Acre Hereford Herefordshlre HR4 7BS tan Ltd Date: Page 11
The Court ard Trust Consolidated Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 31.3.23 Unrestricted fund Restricted funds Total funds Total funds De518nated Notes INCOME AND ENI)OWMEIUS FROM Donations and legacies . 341,236 22,410 150,298 513,944 447.,667 Charitable activltles Concert5, performances and films Education and outreach 1.877.486 42,775 1,877,486 42.775 1,602.23Z 29,637 The Courtyard Trading Co. Ltd 748,308 323,147 10,898 748,308 323,148 10.898 121.430 Other trading activities Investment income Other income 626,746 311.692 3,236 Total 3.398 516 150,298 3 637,989 3.021.210 EXPENDITURE ON Raising funds The Courtyard Trading Co. Ltd 43,803 644,104 43,803 644.104 38,101 599,478 Charitable artivities Concerts, performances arKI films Art exhibitions Education and outreach 2,406,861 31,540 237,307 14,601 117.609 11.570 38,095 2,539.071 43,110 275,402 2,167,139 27.780 257,557 Other Total 3 383 594 14.601 167,274 3 565 469 3 109 878 NEf INCOMEI{EXPENDrruRE) 14,922 74.574 (16,976) 72,520 18B.668) Transfer5 between funds n.916 (73,9161 NEf MOVEME1 IN FUNDS 88,838 74,574 {90,892} 72.520 {88,668} RECONCILIATION OF FUNDS Total funds brought forward 521,383 979,083 1,5CIl,466 1,589,134 TOTAL FUNDS CARRIED FORWARD 610 221 The notes form part of these flnancTal staternents Page 12
The Court ard Trust Charit and Consolidated 8alance Sheet 31 March 2023 Grwp Charity 31.3.24 31.3.23 31.3.24 31.3.23 Notes FIXED ASSErs Tangible assets Investments 14 1,856,934 1,773,714 1,818,310 1,742,401 1.856.934 1.773.714 1,818,311 ,742,402 CURRENT ASSErs stks Debtors Cash at bank and in hand 16 17 19,330 152.144 934,430 1,105,904 19,884 75.583 996.762 2.709 105.827 939.984 220.382 820.733 1,092,229 1,045,062 1,048,520 CREDrroRS Amounts falling due w7thin one year 18 (718.9(X)) 1701.n9) (651,690} (650,197) NEf CURRENT ASSErs 387,IJM 39),5(h) 393,372 398,323 TOTAL ASSEfs LESS CURREKr LIABILITIES 2,243,938 2,164,214 2,211.683 2,140,n5 CREDoRs Amounts falling due after more than one year 19 1664,8731 {659,334) {664,873) 1659,3341 PROVISIONS FOR LIABILrriES Deferred tax 25 (6,079) (4,414} ASSErs 1,5TI,986 1.5(Kl.466 1,546,810 1,481,391 FUNDS Unrestrfcted funds Non-charitable trading funds Designated funds Restricted funds 584.045 26,176 74.574 888,191 1,572,986 502.308 19,075 658.619 502,308 979,083 1,500,466 888,191 1,546,810 979,083 1,481, 391 TOTAL FUNDS The group and charitable company is entitled to exemption frorn audit urKler Section 477 of the Companies Act 2006 for the year ended 31 Alarch 2024. The members have rK)t deposited notice. pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The trustees acknowledge thelr responsibilities for (a) ensuring that the charitable company and group keeps accounting records that comply WTth Sectlons 386 and 387 of the Companies Act 2(X16 and preparing financial statements which give a true and fair vTrew of the state of affalrs of the charltable company and group a5 at the efKI of each financial year and of its surplus or deficit for each flnancial year in accordance with the requirement5 of Section5 394 and 395 and which otherwise comply with the requirements of the Companies Act 2(Ki6 relating to flnandal statÉThents. $0 far as applicable to the charitable company and group. (b) These financial statements have been audlted under the require1rts of Section 145 of the Charities Art 2011. The financial statements were approved by the Board of Trustees and authorised for on ISlio.jt4-................ and were signed its behalf by: notes fonn part of these financial statements Page 13 Continued .
The Court ard Trust Consolidated Cash Flow Statement for the Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flows from operating actlvltles Gish generated from operations 95.981 63.180 Net cash provided by operating activlties 63,180 Cash flows from Investlnq activlttes Purchase of tangible fixed a55ets Sale of tangible fixed assets Interest received (194,7931 1153,763} 10,898 3,236 Net cash used in Investing activities 183 8951 150 527) Cash flows from finarbdng artfv6ties Interest on Loan Loan repayments 25.582 24,627 Net cash wovided by financing activities 25,582 24,627 Change In cash and cash equivalents in the reportlng period Cash and tash equivalents at the be8lnnln8 of the reporting perl¢)d {62,332} 162,720) 1,059,482 Cash and cash equlvalents at the end of the reportlng perlod 996.762 The note5 fonn part of these financial statements Page 14
The Court ard Trust Notes to the Consolidated Cash Flow Statement for the Year Ended 31 Hrch 2024 RECONCILIATION OF NEf INCOAIE TO NEf CASH FLOW FROAI OPERATING AcnvmES 31.3.24 31.3.23 Net income for the reportkng perfod (as per the Statement of Flnancial Actfvftles) Adjustments for: Depreciation charges Gain/lLossl on disrrt)sai of fixed assets Interest received Increaselldecreasel in deferred tax Increaselldecreasel in corporation tax {IreaSe}/decrea5e in 5tock5 (Increase}Idecrease in debtors Increaselldecr&ise) in creditors 72,520 (88,6681 111,518 55 (10,898) 1,665 106,776 {3.236) (289) 554 176,5611 2,8721 14,6661 26.957 26,306 Net cash provlded by operatlons 95,981 63,180 ANALYSIS OF CHANGES IN NEf FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 996 762 934.430 996,762 (62,332) 934,430 Debts falling due thin 1 year Debts falling due after 1 year 120,0431 (20,0431 659.334) 684.916 Total 337.428 87,914 249,514 The notes fonn part of these financial statements Page 15
The Cou ard Trust Notes to the Consolidated Financial Statements for the Year Ended 31 March 2024 ACCOVIrnNG POLICIES Basts of preparlng the flnancial statements The financial statements of the charitable company and group, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charltie5 preparing their accounts in accordance with the Financial Reporting Standard appllcabie Tn the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191.. Financial Reporting Standard 102 The Financial Rewrting Standard applicable in the UK and Republic of Ireland, and the Companie5 Act 2(MJ6. The financial statements have been prepared under the historical cost ccffivention, wlth the exception of investrents whlch are include(l at market value. Group Flnancfal Statements The results of The Courtyard Trust and Tts wholly owned subsidiary The Courtyard Trading Co. Ltd have been consolldated and group accounts have been presented. All transaCti(S between the Charity and its subsidlary have been eliminated on Cor017dat10rt. A separate statement of financial activities and Income and expendlture account for the Charity Itself are not presented because the Charity has taken a<fvanta8e of the exemptions afforded by Section 408 of the Companie5 Act 2(K16 and paragraph 397 of the SORP. Going Concern To the best of abTlity and knowledge, the Ttee5 can Confi with c}fIdence that The Courtyard Trust and Trading Company will still be trading through to October 2025 and beyorKI. We are confident that, through effective and timely management and strong govemance. the organisation wtll continue its path of resilience. Glven the economic climate for the arts and theatre sector, there is uncertainty surrounding the generation of future net income. However, the current year to date performance of the group is largely in line with budget and the organisation is carefully monitoring costs. Income All income is recognised in the Staternent of Financial Activities once the charlty has entitlement to the funds, It is probable that the income wlll be received and the amnt can be measured rellably. Voluntary incc#ne comprises donations, grfts and grants that provide core fwKling or a of general nature, and are recognised where there is entitlement. certainty of receipt and the amount can be measured Vrfith sufficient reliability. Grants received for specific purposes are accounted for as restricted funds. Grants are recognised in the period to vthich they relate and when the conditions for receipt have been met. Income from COMWral tradFng activities is recognlsed as earned (as the related to goods and Services prOded). Investment income is recognised on a receivable basi5. Page 16 Continued..
The Court rd Trust Notes to the Consolidated Financial Statements - cOntind for the Year Ended 31 March 2024 ACCOUNTING POLICIES - contlnued Income Incoming resources frcrfn charitable activities inclL¥Jes adTni5sion fees from theatrical Shows and films, which are . recognised In the period In which the relevant performance i& held, and income received under contract or where entitlement to grant funding Is subject to specific performance conditions and there is certainty of recelpt. Donated Goods Donated professional services and donated facilities are recognised a5 income when the charity has control over the Item, any conditions associated with the donated item have been rt, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance wlth the Charities SORP {FRS 102}. Expendfture Liabilities are recognised as expenditure as s(w)n as there is a legal or constructive obligation committing the charity to that expenditure, Tt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be meawred reliably. Expenditure ts accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where cost5 cannot be directly attributed to particular headlngs they have been allocated to activities on a basls conslstent with the use of re50urce5. Raising Funds Raising funds include5 all expendlture by the charity to raise fuThJs for its charitable purp)ses and includes costs of all fundraising activitle5, events and non-charitable trading. Charitable activities Charitable activitie5 include expenditure a550ciated wth the staging of concerts. stage productlOD5. art exhibitions and educational productions and include both the direct costs and the support cost5 relating to these activitie5. Allocatlon and appoffjonment of costs Support cost5 include central functlons and have been allocated to activity Cost categories on a basis conststent with the use of reSrceS. Irrecoverable VAT 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 incurred. Tanglble fixed assets Indiwdual fixed assets costing more than £1,(KM) are capitalised at C05t. Tangible fixed assets are stated at cost less depreciation, which is charged at a rate 50 as to vffjite off the cost of the asset, less its estimated residual value, over its expected useful econcrfnk Ilfe a5 foilovrs: Computers Equipment and fixtures Stage sets Improvements to leasehold buildings Motor vehicles 33 113% reducing balance 25% reducing balance 33 113% Straight Ilne 4% straight line 33 113% reducing balan Stock Stocks are valued at the lower of cost and net reallsabie value, after making due provision for obsolete and slow nM)vfng Items. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretiffi of the trustees. Restricted funds can only be used f particular restricted purpose5 WtthTn the objects of the charity. Restrictions arise vthen specified by the donor or when funds are raised for particular restricted Purposes. Further expuination of the nature and purpose of each fund 15 Included in the nDte5 to the financial statements. Page 17 Continued...
The Court ard Trust Notes to the Consolidated Financ7al Statements - contin for the Year Ended 31 hlarch 2024 ACCOUNTING POLICIES - contlnued Debtor5 Trade and other debtors are recognised at the settlement amount due after any trade thscount 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 temi highly liquid investments with a short rnaturity of three month5 or less from the date of acqui51tlon or openTng of the deposit or similar account. .Credltors and provlslons Creditors and provisions are reco4nised where the charity has a present obligatiC resultlng from a past event that VAII probably result in the transfer of fund5 to a third party and the amount due to settle the obllgation can be measured or estimated reliably. Creditors and provisions are nornmlly recognised at their settlement amount after allon8 for any trade discounts due. Finandal instruments The trust ¢)nly has financial assets and financial liabilitles of a kind that qualify as basic flnancial instruments. Basic financial instruments are initially recognised at traraCtiOn value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost Using the effective interest method. Taxatfon The charity is exempt from corporation tax on its charitable activities. In addition, there is a deed of covenant in place which enables the Courtyard Trading Co. Limited to covenant its taxable profits to the Charity. Deferred tax Deferred taxation TS provided in fult in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance have not been discounted. Hire purchase and leasing commltments Rentals paid under operating leases are charges to the profit and loss account a5 incurred. GRAKfs, DONATIONS AND LEGACIES 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted funds Grants and donations 363,646 150,298 513,944 447,667 £102,7fKI of donations and legacies in 2023 related to restricted funds and the remalnlng balarsce of £344.967 was unrestricted. Page 18 Contlnued...
The Court ard Trust Notes to the Consolidated Financial Staternents - continwl for the Year Ended 31 March 2024 OTHER TRADk4G ACTIVMES 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted Hfre of facllltks Sundry income Income via The Courtyard Trading Co. Ltd 147.013 176,134 147,013 176,134 748.308 151.5 160.087 626 746 1,071,455 1,071.455 938 438 All of the Income received in the Pri year was unre5tritted. INVESTMENT INCOME 31.3.24 Total funds 31.3.23 Total funds Unrestricted furKIs Restricted funds Deposlt account Interest 10.898 All of the inve5trnent income arises fr(Kn an interest-bearing deposit account. The income received in the prior year was unrestricted. INCOME FROM CHARITABLE ACTivmES 31.3.24 31.3.23 Activity Admission charges & programmes Performance Srants & sponsorship Education & outreach Concerts, perfOanceS and films 1,844,608 1,567,126 Concerts. perfomiances and films Education and outreach 32,878 42,775 35,106 29,637 1,920,261 1,631,869 The income received from charitable activities in 2023 relates to unrestricted funds. In the prior year all income received from charitable activities relates to unrestricted funds. RAISING FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted funds Restricted fund5 The Courtyard Trading Co. Limited Support costs 644,102 644,102 599,478 38.101 687.rA)5 637 579 Page 19 Continued...
The Court ard Trust Notes to the Consolidated Financial Statements - Continld for the Year Ended 31 March 2024 CHARrrABLE AcnvmES cosrs Support costs (see note 81 Dlrect Costs Totals Concerts, perfomiance5 and films Art exhTb7tions Educati(yn and outreach 2.162,443 37,720 268.663 376.628 5.390 6.739 2,539,071 43,110 275.402 388.757 2 857 583 SUPPORT COSTS InfotiOn technotoqy Govemance costs Finar Other Totals Raising donations and legacies Other resources expended Concerts, performances and films Art exhibitions Education and (Mjtreach 32,788 11.015 10,850 43,803 19,981 9,131 14.978 314 392 26.712 559 699 334.938 4.517 5,648 376,628 5,390 6.739 48.472 27.970 366,968 9,131 Included within general costs 15 irrecoverable VAT of E119,276 {2023: E99,936) Support costs are allocated to activity cost categorle5 on a basis cMsistent with the sOUrCe used. INCOMEI(EXPENDITURE) Net income/(expenditurel is stated after charglnq/lcrediting}: 31.3.24 31.3.23 Auditors. Remuneration Depreciation - owned assets Other operatlng leases Surplusllloss)Deficlt on disposal of fixed assets 9.131 111,518 1,834 55 8,053 106,776 1,017 10. TRUSTEES. REMUNERATION AND BENEFrrs There were no tru5tees' remuneratfon or other benefits for the year ended 31 March 2024 nor for the year ended 31 hlarch 2023. Trustees. expenses Expenses of £Nil {2023: £NII) were reimbursed to O {2023: 01 tTUStee(5l during the year in line vAth the Trust's expenditure policy. Page ZO Continued...
The Court ard Trust Notes to the Consolldated Flnancial Statements - continued for the Year Ended 31 March 2024 11. STAFF COSTS GROUP 31.3.24 31.3.23 Wages and salaries Social security costs Pension costs Life assurance 1,263,685 93.285 31,028 1,303 1,164,144 88,184 28,263 1.389.301 1,281,863 CHARITY 31.3.24 31.3.23 Wage5 and salarie5 Soclal securlty costs Pension costs Life assurance 9,867 76.6(Kl 24,636 856.191 72,807 22,509 The charity and group operates a defined contribution pension scheme for employees, the assets for which are held separately from those of the company. There were no unfunded pension costs at the balance Sheet date. The avera¥e monthly number of employees during the year wa5 a5 follows- 31.3.24 31.3.23 Admlnistratlon Education and outreach Sales ar marketing Productions and shows Trading wbsidiary 18 23 31 14 20 26 71 The number of ernployees whose employee benefits exceeded £60,CIXI was nil for the year ended 31 March 2024 nor for the year ended 31 March 20Z3. Key management personnel The key management personnel of the Trust comprise of the Chief Executive, Head of Finance. Commerclal Manager, Associate Direttor, Head of Sales & Communications, Operations hlanager and Head Chef. The total employee benefits of the key management personnel of the Trust were £277.897 12023: £257.305I. Page 21 Contlnued...
The Court rd Trust Notes to the Consolidated Financial Statements - continued for the Year Ended 3111orch 2024 12. COMPARATIVES FOR THE STATEMENf OF FINANCIAL AcnvmES 31.3.23 Total funds 31.3.22 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWAIENT5 FROM Grants, dcffiations and Legades 344,967 11Y2,700 447,667 708,776 Charitable arttvltle5 Concerts, performances and films Education and outreach 1,602.232 29.637 1,602,232 29,637 978,896 13,076 The Courtyard Trading Co. Limited Other trading activities Investment income 626.746 311,692 3.236 626.746 311.692 3,236 487,363 348,986 86 Total 2,918,510 102,7(10 3.021,210 2,537,183 EXPENDrruRE ON Raising funds The Courtyard Trading Co. Limited 38.101 599.478 38.101 599,478 65,119 475,919 Charitable activities Concerts, performance5 and films Art exhlbltions Educatim and outreach 2,121.248 15.864 168,303 90,518 11,916 44,627 2,211,766 27,780 212,930 1,817,431 24,324 185,757 Other 19.823 101 314 Trtal 2,962.817 147,061 3,109,878 2,669,864 MEf INCOME{EXPENDrruRE) 144,307) 144.361 } {88,6681 1132,6811 Transfers between fund5 Net lknement in Fund 132 681 RECONCILIATION OF FUNDS RECONCILIATION OF FUNDS Total funds brought forward 565,69) 1,023,444 1,589,134 1,T21,815 TOTAL FLINDS CARRIED FORWARD 521 383 CONTINUING OPERAnoNS All income and expend?ture have arisen from continuing activities. Page 22 Continued...
The Court rd Trust Notes to the Consolidated Financial Statements - continued for the Year Ended 31 l•arch 2024 13. AcfiviTIES OF THE TrADING SUBSIDIARY The wholly owned tradlng sijbsldiary The Cwrtyard Trading Co. Limited Icompany Nmber 033501471, which is Incorporated in the Unlted Kingdom. has transferred profits to The Courtyard Trust via gift aid. The Courtyard Trading Co. Limited operates the bar, cafe and restaurant at the premises of The Courtyard Trust. The Charity ¢)wns the entire share capital of 1 ordinary share of £1. A summary of the trading results is shown below: 31.3.24 31.3.23 Tumover Other operating income Cost of sales Selling and d1stributi costs Management charge Administration costs Deferred tax Gift aid Corporation tsx 768,017 672,546 (248,9331 13.1201 I46.8} 1390,3841 (1.665) 173,514) 1217,6101 13,8531 I46.8} (377,3041 130,479) Net profit retained in l {loss absorbed by) subsidiary 7,101 289 The assets and liabilit7es of the subsidiary Te. Fixed assets Current assets Current liabilities Provision for liabilities and charges 38,624 143,455 1149,8231 6.079 31,313 87,035 194,8581 4,414 Gift aid of £73.514 {2023: E30.47911s payable fr(Th the trading company to the tntst. Included within the above turnover ts sales to The Courtyard Trust for £23.209 {2023: £39,618) and Other income of £Nil (2023: £Nill. Page 23 Continued...
The Court rd Trust Notes to the Consolidated Financial Statements - c(mtinued for the Year Ended 31 March 2024 14. TANGIBLE FIXED ASSErs Improves to leasehold building Assets under construction . Fixtures arKJ flttlng5 CHARrrY COST At 1 April 2023 Additions Disposals Reclassification 1.574.969 145,288 119.921 557.788 30,468 12.716} 419,921 119 9211 At 31 March 2024 1,840,178 585,541 DEPRECIATION At 1 April 2023 Charge for year Elirninaied on disposal 139,978 68,039 399,098 27,967 12,661) At 31 March 2024 208,017 424,404 NEf BOOK VALUE At 31 Jl+larch 2024 1,647,312 161,137 At 31 hlarch 2023 1.434,991 119.921 158,690 Computer equipment Totals COST At 1 April 2023 Additions Disposals Reclassification 91,322 6,095 2,344,OCrf) 181,851 {2,7161 At 31 March 2024 97,417 2,523,136 DEPRECIATION At 1 April 2023 Charge for year Elimlnated on disposal 62.524 9,881 601,600 105,887 At 31 March 2024 NEf BOOK VALUE At 31 March 2024 25,012 1 818 310 At 31 March 2023 1,742 401 Page 24 Continued...
The Court rd Trust Notes to the Consolidated Financial Statements - contin1 for the Year Ended 31 March 2024 14. TANGIBLE FIXED ASSEfs - continued Improves to leasehold building Fixtures and. fittings under construction. GROUP COST At 1 Aprll 2023 Additi(w Disposals Reclassification 1,592,251 145,288 119,921 627,713 43,410 {2,716) 119.921 (119,921) At 31 March 2024 1,857,460 668,407 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal 141,418 68,730 453,551 32,907 {2,6611 At 31 hlarch 2024 210,148 NEf BOOK VALUE At 31 March 2024 1.632.161 184,610 At 31 hlArch 2023 1,450.833 119,921 174.161 Computer equipment Tola15 COST At 1 April 2023 Additions t)isposals Reclassification 91.322 6.(fJ5 2.431.206 194.793 {2.716) At 31 htsrch 2024 97,417 2,623,284 DEPRECIATION At 1 Aprll 2023 Charge for year Eliminated on disposal 62,524 9.881 657,493 111,518 At 31 IAarch 2024 766 350 NEf BOOK VALUE At 31 March 2024 1 856 934 At 31 March 2023 28,798 1,773,714 Page 25 Continued.-
The Cwrt ard Trust Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024 15. FIXED Assrr INVESTMEirrs Shares in group undertakings CHARrri MARKEf VALUE At 1 April 2023 and 31 March 2024 NEf BOOK VALUE At 31 l•arch 2024 At 31 hlarch 2023 The investment value in the charity's balance Sheet £1 (2023: £1) relates to the rTrInaL value of the Share held in its WhlY owned subsidiary the Courtyard Trading Co. Limited {Company number 03350147). The charitable compan$ investments at the balance sheet date in tlE share capltal of companies include the following: The Courtyard Tradlng Co. Llmlted Nature of busine55: Prowding Bar and Restaurant facilitie5 Company number: 03350147 Class of share: Ordinary holding 1CA) 31.3.24 31.3.23 Aggregate capltal and resee$ Profit/lLossl for the year 26,177 19,076 289 16. STOCK GROUP 31.3.24 31.3.23 Stock 19.330 19,884 17. DEBTORS.. AMouTrrrs FALLING DUE wrrHIN ONE YEAR 31.3.24 31.3.23 CHARrrY Trade debtors Other debtors Due from Subsidiary company Prepayments and accrued income 32,864 4,125 73,514 27,306 11.493 37.908 220,382 105,827 GROUP 31.3.24 31.3.23 Trade debtors Other debtors Prepayment5 and accrued income 28,138 4,125 119.881 30,383 11,493 75.583 Page 26 Contlnued...
The Court rd Trust Notes to the Consolidated Financial Statements - contin1 for the Year Ended 31 l•Lirch 2024 18. CREDtTORS: AMouF¥fs FALLING DUE wrrHIN ONE YEAR CHARrrY 31.3.24 31.3.23 .Other loans Trade creditors ScKial security and other taxes" Other creditors VAT Accruals and deferred income 20.043 105.539 22,859 124,299 22.121 356 829 101,264 18.755 96,800 16,301 417,077 650,197 GROUP 31.3.24 31.3.23 Other loans Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income CorporatTon tax 20,043 123.009 28,328 114,050 26,309 42.280 86,290 432,800 127,971 369,089 718,900 Deferred incorne Included in accruals and defeed incornels deferred iKome of £335.143 (2022: £254,839) being monies received for performances to be held In the subsequent accounting period. CHARrrY & GROUP 31.3.24 Deferred fncome at 1 April 2023 Resources deferred in the year Amounts released fr(n prewous year 336,383 276,297 (336,383} 276,297 19. CREDrroRS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR CHARITY & GROUP 31.3.24 31.3.23 Other Ii)ans (see note 20) 664.873 659,334 659,334 Page 27 ContlnLd...
The Court ard Trust Notes to the Consolidated Financial Statements - c(mtinued for the Year Ended 31 March 2024 20. LOANS CHARrrY & GROUP An analy$15 of the maturity of loans is given bei(w: 31.3.24 31.3.23 Amounts falling due within one year demand: Other loans 20,043 Amounts falling between one and two years: Other loans - 1-2 year5 Amounts falling due betn two arKI five year5: Other loans - 2-5 years Amounts falling due in MO than flve years: Repayable by instalments". Other loans more 5yrs instal 544,617 639,599 No repayments are due until the year 2024125, interest is not payable until this date. 21. OPERATING LEASE CommMENTs Minimum lease payments under non-cancellable operating leases fall due as follows." 31.3.24 31.3.23 Wlthln one year Between one and five year Over five years 7,199 The above leases are in relation to the charitable company. 22. ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS - fAOUP 31.3.24 Total funds 31.3.23 Total fund5 Unrestricted fd Restricted funds Fixed assets Current assets Current liabilities Long tenn liabilitfes Provision of liabilities 326,956 1,062,775 (698,857 1.529,978 43,129 120.0431 {664,873) 1,856,934 1,105,904 (718.9IXI) (664,873> 1,773.714 1,092,229 (701.729 1659,3341 684,795 888,191 1.572,986 1,5LKI.466 Page 28 ContTnued...
The Court ard Trust Notes to the Consolidated Financial Statements - contInd for the Year Ended 31 March 2024 23. AIOVEMENT IN FUNDS Net Transfers movement between In funds funds At 31.3.24 At 1.4.23 Unrestricted Fund& Unrestricted fund Non-charitable trading subsidiary Designated fund - Maintenance 502.308 19,075 .7.821 7,101 73.916 584,045 26,176 521,383 89,496 73,916 684,795 Re5trlcted flxed asset funds Equipment Kickstart Develwment . funded by varlous sources Development . funded by ACE Garfield Weston - Culture Fund Solar panels Changing Places (funded by HCC) Changing Places (funded by CIN) New L)oor Ifunde(1 by Rowland5 Tru5t} Equipment (funded by BFII 4,271 194,248 802,730 458,335 35,113 11,026 {1,0681 (10,761 } (34.957 (20,[} 16,754) 11,090) 79,733 124) 4,271 11,961) 3,203 183,487 767.773 438,335 28,359 9,936 79,733 4,271 7,937 9,898 1,505,f23 7,389 16,988 1,530,11KI Other restrlcted a55et funds Education & outreach Sylvia Short D M Thoma5 Foundation Visual Arts - Hereford City Council Development - loan Committed restricted fixed asset furKts The Eimley Foundation GM Morrison Eveson Charitable Trust The Alan and Dorothy Brailsford Charitable Trust 67,256 143,507) (5,084) 120,810) 2,939 590 {590) 430 10.376 1684,9161 {611.(KK)) 173.916) 5,475 3,5IXI 14.998 1177 5,475 3,5 19,410 {177} 4,412 1526,6401 124,3651 90,904 (641,909 TOTAL RESTRICTED FUNDS 979.083 {16.976 173.916 888.191 TOTAL FUNDS 1.5(X).466 1,572,986 Page 29 Continued.-
The C¢rt ard Trust Notes to the Consolidated Financial Statements - contlnued for the Year Ended 31 hlarch 2024 23. MOVEMENT IN FUNDS Net movement In funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Unrestricted fund Non-charitable tradlng subsidiary Des18nated fund - hlaintenance 2,770,522 771,517 (2.762,7011 (764.4161 7,821 7,101 74.574 3,631,214 13,541,718) 89,496 Restricted fixed asset funds Equiprnent Kickstart Development furKled by varfous sources Development funded by ACE Garfield Weston - Culture FxI Solar Panels Changlng Places {funded by HCCI Changlng Place5 {funded by CIN) New Door (funded by RowLands Trust) Equipment (funded by BFII (1,068) 110,761) 134,957) 120,000} (6,754} 11,0901 12671 {241 17291 1.9611 11,068) {10.761 } {34,957} {20,IM {6.754} {1.0901 79,733 {241 4,271 {1,961) 85,C(10 77.611 7,389 Other restricted asset funds Education & outreach Sylvia Short Visual Arts - Hereford City Councll Fllm Hub Mldlands The Elmley Foundation Beaumont Trust Theatre Trust HCF Promenade The Elmley Foundation - Promenade GM Morrison Eveson Charitable Trust The Alan and Dorothy Brailsford Charitable Trust 143,507) {5.084) 111.570) 110,000) (3,525} (6,C(Q} (5.IXOI 12,3CQI 12,5001 {43, 507} 15,084) 430 12,(X)) 10,IX(I 5,475 2,3IXI 3.5(NJ 14,998 14,998 1771 11771 TOTAL REsfRICTED FUNDS 167 2741 16 976) TOTAL RESTRICTED FUNDS 3,781.512 3 708 992) 16.976) Page 30 Continued_.
The Court rd Trust Notes to the Consolidated Financial Statements - continued for the Year Ended 31 PAarch 2024 Cornparatives for movement in funds Net Transfers movement between in funds funds At 31.3.23 At 1.4.22 Unrestrlcted funds Unrestricted fund Non-charitable trading subsidiary 144,596) 289 502.308 19,075 565.690 144,307) 521,383 Restricted fixed asset funds Equipment Kickstart DeVeL0pfft . funded by various sources Development - funded by ACE Garfield Weston - Culture Fund Solar panels 5.695 205.492 837.753 478,332 43,953 {1.4241 (11,2441 (35,0231 (19,997 (8,840 11,026 4,271 194,248 802.730 458.335 35,113 11,026 1,571,225 165,502) 1,505,723 Other restricted asset funds Education & outreach Sylvia Short D M Thomas Foundation Visual Arts - Hereford City Council Development . loan Cornmitted restricted fixed a55et funds Donations <£5,000 42.993 24,263 67,256 590 9.862 1611,CO)I 590 9,946 1611,000} 3,206 {3.2061 547.781 21,141 526,640} TOTAL RESTRICTED FUNDS 979 083 TOTAL FUNDS 1,589,134 188,668) 1,5(K),466 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement In furKJs Unrestricted funds Unrestricted fund Non-charitable trading subsidiary 2.358.361 677.046 12.402.957) 1676.7571 (44.5961 289 3,035,407 (3,079,714) {44,307 Restricted flxed asset funds Equipment Kickstart Development funded by various sources Development funded by ACE Garfield Weston - Culture Fund Solar Panels 11,424 {11,244} {35.0231 {19,997) (8,840) (1,100) 11,4241 111.244) 135.023) 119,997) {8,840) 11.026 12,126 Other restricted asset funds Education & outreach Sylvia Short Visual Arts - Hereford City cncIl Donatlons <£5.(j 78,574 154,311) 24,263 12,(KiO 111,916) 3.206 1147,061 TOTAL FUNDS 3 138.107 Page 31 Continued...
The Court ard Trust Notes to the Consolidated Financial Statements - contird for the Year Ended 31 March 2024 23. MOVEMENT IN FUNDS - contlnued The equipment fund is made up of capital grants reived, to be spent on flxed assets. Ail other funds relate to grants for speclfic projects, expenditure jrKUed durin8 the year is shown above." Educatlon and Outreach . funding towards this enables us to work WTth all age groups of children both able and disabled helping to improve life and essential Skills. Wor*shops in schools help to empower pupils to deal with menral health issues and we run courxs for Arts Awards activltfes. We are also able to wovide tea dances for people living with Dementia, we provide practitioners to go into care h(rn and run activities for the resident5. Famlly Festival . each year run a Family Festival where we run a full range of all types of activities for all a8e5. Activities include drama, puppetry, dance, creatfve kshopS and many more. Sylvla Short - we receive funding tovnrds tran5P(rt costs for wpiis from schools to enable them to attend The Courtyard and participate in drama vrks1 and performances and to attend live shows as well. Church Street - provide us with supwt funding for (r Y(xrth Theatre prodtIOns, enabling them to experlence appearing on the Main Hse stage in an In House PrOdtiC Visual Arts - provide us with funding to support and mentor and coming artists. who are selected via a competition to produce worl( over a 12-month perlod which cthlnates In an Exhlbition of their work at the Courtyard. D M Thoma5 - provided us wth funding to Source and fit a hoist and changing bed, this will enable more children with disabilities to attend The Courtyard and participate in some of Education and Outreach projects. Development - We have received funding to expand The Courtyard to enable us to provide additional space for courses and classes and performance space for our Youth Theatre and other IaL groups. We will also be extending our Café Bar. the additional room that this will give will help to keep our sustainabillty for the future, along with an improved retail area where we will be able to offer goods from local artists. Ki¢k5tart- fundlng was awarded by ACE to those organisatlon5 that had already received Capital Funding, in our case for the Development. The funding wa5 to be used to help cOd proof the building as well a5 fittlng out the area5 altered by the Development. Garfield Weston Culture Fund - funding was granted to allow us to restart i)ur Work both in the building and digTtally and to make critical adaptions and improvements to our digital infrastructure. 24. RELATED PARTY DISCLOSURES During the year, the Trust made purchases totalllng £18,252 12023". £23,492) and sales of £Nil 12023: £4.4551 to the X-Entricity Theatre Company. Trustee S Liddle is a member of the X-Entricity Theatre Company. There were no amounts outstanding at the balance sheet date £Nil {2023: £Nill- During the year the Trust made purchases totalling £8Th) {2023: £2.7531 and sales of £622 12023: E1,123} to The Hey Yahs. Trustee Steve Llddle is a member of the band. was £747 Including VAT owed to the Trust at the balance sheet date12023: £Nil}. Durlng the year the Trust made sales totalling £1,680 12023: £1,860) to The Hereford Academy in relation to drama classes Trustee Bruce Freeman is Chair of Govemors at The Hereford Academy. There were no amounts Lxrtstandlng at the balance Sheet date £Nill22]. £Nill. Durlng the year, the Group made sales totalling £1,5[ {2023: £1.4401 to Cotswold Mini in relation to advertlsTng. Trustee S Liddle is Head of Sales at Cotswold Hereford. There were no amcMJnts outstanding at the balance sheet date £Nil 12023: £Nil). Page 32 Continued.-
The Court rd Trust Notes to the Consolidated Financial Statements - cffitin1 for the Year Ended 31 Alarch 2024 25. PROVISION FOR LIABILrriES AND CHARGES Group 31.3.24 Charity 31.3.24 Group 31.3.23 Charlty 31.3.23 Deferred tax 6.079 6,079 4,414 In connection with accelerated capital allowance5, rnovement In the Jpar £1,665 (2023: £289). 26. LIABILrrY OF THE hlEMBERS Every member of the company undertakes to contribute an amount not exceeding £1 to the assets of the company In the event of the company being wound up while helshe is a member. or within one year after he/she ceases to be a member. This contribution is for the payment of the debts and liabilities of the company contracted before helshe cease to be a member and of wirKling up the company. Page 33