REGISTERED COIAPANY NUI•BER: 03342581 (England and Wales) REGisfERED CHARITY NUMBEK" 1067869 Re rt of the Trustees and C(bnsoiidated Financial Statements for the Year Ended 31 hlarch 2025 for The Court rd Trust Th)me Widgery Cnta Ltd Chartered Accountants Statutory Auditors 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS
The Cou ard Trust Contents of te Consolidated Financial Statements for the Year Ended 31 hlarch 2025 Page Reference and Administrative Details Report of the Trustees Report of the Independent Audltors 8 to 10 Consolldated Statement of FInala1 Activities 11 Consolidated Balan Sheet 12 to 13 Consolidated Cash Flow Statement 14 Notes to the Cash Flow Statement 15 Notes to the Financial Statements 16 to 31
The Court ard Trust Reference and Administrative Details for the Year Ended 31 hlarch 2025 TrUEEs Mr S L7ddle Vice Chair Mrs E L Forrest hts L J Richardson Alr M R Baker Ats M R Cooper (resigned 4.12.24) Mr B H Freeman Chair Ms L Gale Ms J Hayes Ms A M Palfrey (resigned 29.10.24) Mr P N StebEns l*tr l J Baker-Hedges (appointed 1.4.25} Mr D Etheraads (appointed 1.4.25) Ms A L Millward (appointed 1.4.25} COMPANY SECREfARY Atr l Archer REGISTERED OFFICE The Courtyard Edgar Street Hereford Herefordshire HR4 9JR REGISTERED COMPANY NUMBER 03342581 (England and Wales) REGisfERED CHARrrY NUMBER 1067869 AUDrroRS TFh)rne Widgery ACcntancY Ltd Chartered Accountants Statutory Auditors 2 Wyevale Bu51ne5s Park Kings Acre Hereford Herefordshire HR4 7BS SOLicrroRS Gabbs 14 Broad Street Hereford HR4 9AP BANKERS LLoyds Bank plc 1 Gvtht Square Cwmbran NP44 1XN
The Court ard Trust Re rt of the Trustees for the Year Ended 31 hlarch 2025 The trustees are also directors of the charity for rpe5 of the Companies Act 2(M%, present tlEir report with the financial statements of the charity for the year ended 31 March 2025. The trustee5 have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Prnctice applicable to charities preparing thelr accounts in accordance with t1 Flnancial Reporting Standard applicable in tlp UK and Rewblic of Ireland (FRS 1021 leffective 1 January 20191. OBJECTIVES AND AcfMTIES Objectlves and aims The charitable company vms fomied to promote the improvement and dLveloFMment of artistic taste and the knowledge, unthrstanding and appreciation of arts and culture {including dance. drama, literature, music and singing) for the public and in particular the residents of tlE CntY of Herefordshire. The charity has the general aim of CCA)tributing to the wality of life of the people of Herefordshire and wider area providing exciting, challenging and accessible wofessional and C(munItY arts events. The main objectives for the year continue to be the promotfon of the arts by the woviding facilities for edatIon and entertainment of the public in the fields of art, craft, music and drama. Through the charity'5 strategic objectives, policies and strategles. we secure the future development of artistic education and partTCTpatory activitTes throufvit tlkb cwnty of Herefordshire. Our 5-year strategic plan clearly defines our short-, medium, and long-term objectives. This is reFx*ted to Arts COUKTI England in an Annual Rep)rt which clearly shows the success of our objectiNps throuOThit the ytar.
The Court ard Trust Re rt of the Trustees for the Year Enthd 31 March 2025 OBJEcnvES AND AcfMTIES Public beneflt The directors have paid the regard to gUIdae Issued by the Charity coryynissiwS in deciding vh)at activities the organisati(m should undertake and to ensure that tly provide public benefit. Main activities undertaken to further the charlt ur ses for the ubllc beIt. During 2024-25, The Crtyard has contTnued to deliver an ambitious and wide-ranging programme of cultural, educational and community activity, strengthening (r role as the leading arts centre in HerefdShlre and a hub for creativity across the regiM. Artfstlc Programme The Courtyard presented a rich programme of theatre, nwsic, dance, film and visual arts, attracting both national touring companies and shovKaslng outstandlng local talent. Our in-IMxJse prothjctlrns. Including the annual pantomime, once again broke box office records and engaged audIereS of all ages. The concerts and stage perfom)ances presented combine professional events. iKluding classical plays and dramatic modem Pf0m1ances, wlth amateur community event5, tribute bands, original bands, comedians, dance, Yth theatre etc. The programme contains an eclectic mix of the arts to suit a range of wblic tastes, vath the emphasis on Maintaining a popular programrne vthich helps to maintain the viability of the tatre, cijmbined with a programrne to challenge the authence. Slmilarly, the musical programme ranges from classical orchestras to professional jazz, popular muslc, and folk and vKKld $}c. The Courtyard also exhibits several visiting art e>thibitions thmughout the year. These offer an opportunlty the publlc to view, free of charge. kS of art from a wide variety of mainly local artists. These exhibitions have a wide variety, including stained glass, acrylics, ramIC$, photwaphy and paintings, and range from traditional to more contemporary The charity al50 has a smaller st170 space vthich is used wedominantly for the screening of film5 and Live Screenings from the Natlonal Theatre. Royal Opera House and hlet Opera ancl many otr5. The films shown range from Hollywood blockbusters to small art house Moe5 from both the UK and abroad. This area of work gives the public the chance to see a wide variety of films vthich V+wld not l)e shovm in more cornmercial cinemas. Partlclpatlon. Edwatk*n and Outreath Our Participation, Education and Outreach prwamme is the fcAJndation to sirategic plan. In 2024125, The Cwrtyard expanded the participation and outreach programme, reaching more schools, rural communities and underrepresenled groups. Projects supporting older people, young carers, mental alth and those living with deEntIa continued to grow. ensuring that tFe arts remained accessible and inclusive to all. Our Youth Theatre and participation programmes thrived. with Inthed5 of young people taking part fn VrkShOps. classes and perfomances. Tr5e activities not only developed skills in drama, music and movement, tt a150 built confidence, resilience and sla1 connection for young people acro COLmty. We strengthened key partnershi with education providers and cultural organisations, contributing to the cultural vibrancy of Hereford and the viider region. CollabCa0n5 with other arts organi5ations enabled us to bring new work to local audiences and raise the profile of The Courtyard on a wider stage. The Courtyard's Learning, Participation and treach w08ra includes: - The Junior Youth Theatre - The Intemiediate Youth Theatre - The Senior Youth Tatre - Cornmunity Ywth Theats- Ross and Ledbjry, and Brumyard Dancing Tots Film Club - TalkAwayDontWalkAvMy: The Cwrtyard's Mental FaLth Fwramme - Inclusfve Project: this project is )W fun(kd by kf0rd City Council and the slMe$ 5ell-our Be a Star was a huge 5ucce55
The c4rt d Trust Re rt of the Trustees for the Year Ended 31 hlarch 2025 OBJEcllvES AND AcfMTIES - Schools: our regular drama clubs have qro%%m Tn strength aTrJ each vk we run clubs at the following schools: Brookfield, Kingsland. Wjrdiford (first half of term). Staunton, St Thomas, Kingt. Hereford Academy. MTchaelchurch and Earl hlortimer. We have alx VDrked with Ivington, Holmer, Alordrford, Stauntcfft, Rfverside and Ewyas Harold as part of our Roald Dahl and Shakespeare Literacy projects Garrick Singers. The A4Jse Café These sessions are unl£e, in50far as musicians c(¥ne in and play for members and encourage conversations to help reduce isolation. This is run by Orchestra of the SvMn in asgxiation with The Crtyard for veterans living with (knientia. . Playing Together: This year V•P have inccryorated singing and signing to encourage development in the toddlers. We regularly have attendance in double figures with consistent p)sitTve feedback. Life Dravling - Reading Room - Writing Room - Writing Room Extra - Chance to Dance Twnkling Stars - Acting Clrcle - Play works Veterans Choir - Family Festival Financlal Perforniance Despite ongoing economic pre55ures, The Courtyard maintsined staNe finances, balancing the need for sustainability th the ambition to invest in creative and capital programmes. Continued grovrth in ticket sales, alongside the vÉtal support of funders, donors and volunteers, ensured the year closed on a positive finarKial footlng. Fundralslng In the current econ¢)mic, fundraising ha5 becixne very challenwng, with many Trusts and Foundations dUCIng the leNl of funding available. Trust and Foundation inc(¥ne is restrrcted and Is used for the benefit of people of Herefordshire to experience the arts in many ways. We are supported through Friends and Patrons and through our indivTOJal giving campaigns. We have also conducted events throughout the year to irKrease our fundraising income including shows by The Hey Yah5, Community Bingo and we have been successful in raising £360k for tIE LED project which will take place in August 2025. Our Christmas Appeal 2024: thi5 was a successful campaign held tlywthout (r Christmas Pantomime & Studlo prcKluctions and raised over £10k plus Gift A7d. Sustafnabfllty & Development The organisation tros remained committed to its environmental responsibilities, maklng further progress towards reducing wr carkth footprint and rew projects will be undertaken in 2025 to include EV Char¥ing fn the car park and LED lighting throUght the auditoria. Audfence Growth Overall audience numters rose ccmpared to the previ5 year, with particularly strong growth In family audierKes and flrst.time visitors to our family productions, family festival, panto and our studio Christmas show. Our marketlns campaigns, including digital initiatives, successfully broadened our reach and deepened audience engagement. Volunteers The Trust TS very invOld in the comrnunity and is dependent on Trl)luntary 1p. Besides those amateur performers and artist5 display their talents at The Courtyard. volunteers are used for stewarding events and performances. The charity has over 100 volunteers, and without this voluntary PElp charity Uld not be able to function. If the Twst VRS to pay for all stewarding duties cost for this alone would te in excess of £100,000 each year. 4 IPage
The Court ¥d Trust Re ort of the Trustees for the Year Ended 31 Alarch 2025 ATEGIC REPORT Achievements and perfomance Charltable actlvltles 2024125 was an excepticmal year for The Courtyard with ticket sale5 exceeding expectations and tdget. The OrganisatTc remains resilient through good business practKe and is supported through a grant from Arts Council England {2023-26) as one of its National Portfolio OrganlsatSons, It has also been conf1m that T1 Courtyard'5 NPO status wll continue til 2027, pending the next application round. The Courtyard aligns its objectives with Arts CourKil of England's Lets Create strategy for the financial year, v•the the objecifves and actions are revievd and monltored against ACES lets Cate l)Jtcomes and Investment Principals. As a 'centre for the arts, in Herefordshire our programme remains eclectic arKI our prowamme includes: live events, fllms, live screenings, vryjal arts and a participatory arts t08ramme. The Couityard produced and held productions tIoUght the 2024125 Feriod WItht interruption and the program included commissiorEd, Fffjgrammed and hired pieces. Tlkk vast fwantity of work Vhich The Courtyard offers, both on and off stage, has supported its Vision and was relevant to c(Mnmunity of Herefordshire and continue to be ambitious, high quality and inclusive. Throughwt 2023124-year, audience nUmr5 wpre excellent, and the trend cont]nLd throughout the financial year. The film programme has been a major part of The CtsJrtyard'5 programme and has seen the best audience numbers since the record year of 2013 vrith over 430,(KM) visit5 to Courtyard thrc1Jght 2024125. The Courtyard having completed the problem relating to the Curtain Walling structural problems, at a cost of £175,000, remains in negotiation with Herefordshire C¢)uncil about any potential 5UPPOrt TFE Ctyjrtyard may expect from the council. The outcL¥ne will not be knovm until late 2025. Fundralslry activities In the current e¢on4ynic. fundraising ha5 become very challenging, with many Trusts and Foundations reding the level of funding available. Trust and Foundation inccrfne 7s restricted and is used for the benefit of the people of Herefordshire to experience the arts in many ways. We are supported through our Friends and Patrons and through our indfvi(knal giving campaigns. We have also con(kJcted events throughout the year to Increa* our fvn(kaising income includlng shovts by The Hey Yahs, abseiling and 5kydTwng events. Financial review Flnanclal posltlon The Charity's net incoming resources for the year ended 31st March 2025 amounted to £126,759 {2024: £65,419). Total income for the year amounted to £3.126.412 {2024: £3.CK19.995). FurtFer information can be found in the Statement of Financial Activities on page 15 of these financial statement& Princl al rlsk and uncertafntles The Courtyard is mainly self-financing, having lost its funding from the Herefordshire Council frcrfn April 2016. The Courtyard Trust is funded by Arts Council England by sum of £216k per year and this funding has now been Secured until 31st March 21r26. In a nornal year this funding represents 7% of our total income. The Courtyard is a resilient organisaticm. vthich adapts to the need5 of the community and prograrmies for the population of Herefordsth're and the surrounding counties. Prlndpal fundlng sources Funding from the Arts Council has been c<Ynfirnd for 21T25126. Investment policy arKI objertfves Under the Ilemorandum and Articles of Association, the Trust has tlp power to invest wrplus funds in any that the director5 see fit. The directors, having regard to the liwidity requirements of the theatre, have operated a wlicy of keepTng any available funds in an interest bearing detM)sit accounL
The Court d Trust Re rt of the Trustees for the Year Ended 31 l•arch 2025 STRATEGIC REPORT Flnar)dal review Reserves pollcy Total group reserves balance at 31st March 2025 is £1,713.74512024: [1.572,9861, viith £575,782 12024: E610,2211 of this being unrestricted, £135,907 {2024: £74,574) desiated and £1,(Ki2,056 {2024: £888,192) of restricted. This Is broadly in line with the Reserves Policy agreed in April 2C)9. The basis of this policywas to trxjild up unrestricted reserves to a le1 sufficlent to cover the salarie5 of contracted staff for three months, and the remaining obligati5 under a lease. Included on the consolidated balance Sheet at the yearnd are tangible fixed ats of £1,781,25612024: £1,856,934) and investments of £Nil {2024: £Nill. Consolidated free re5erve5 at the year end, ing total reserves less any restrficted fund and fixed and investment ast held, amounted to £316,627 {2024: £357,8391. ThTS excludes £135.W7 {2024: £74,574) that has been ring fenced for maintenance. Going concern To the best of ability and knovAedge, the Trustees can confimi with confldence that The c(rtyard Trust and Trading Company will still be trading12 months ttrwough to SeptemEer 2025 and bwnd. We are confident that, through effective and timely managefflent and strong governae, organi5ation vrill continue its path of resilience. Flnancial and risk management obiectlves and policies Risk management The management committee has con(hJcted its ovm revie+V of the major risks to which the charity is exp)5ed and systems have been established to mitigate those risks. These prcKe<kn are perioth'cally revlewed to ensure that they still meet the needs of the chariL)ble company. Particular attention was fV$sed on non-flnanclal risks arising from fire, health and safety of artists and audience, management of perfijnning rithts, and frjxl hyw'ene. Future plans The Trust V11 continue hfjth its aims and objective5 for the coming financial year. The DItorS are continuing to revlew the current business Structu and are exploring new opportunities. ¥rRUCTURE, GOVERNAN AND MANAGEMEI Governing ¢)cument The Courtyard Trust is a private company limited by guarantee goNpmed ty its Articles of Associatlon adopted ty special resolution dated 5th March 2014. It is reglstered as a charity with the Charity Cc¥nmission. Recnfftment and appolntment of new trustees The process for recruiting new trustees has three main phases: AbrtiSing the role. an inteThiew with the CEO and Chaiman and finally approval by the Board of Directors. Organisational structure The Board of Trustees, vthich can haNE a rninimb of five and a maXuM of eleven members, administers the charity. The Board meets at every three months V*ryth sub<ommittees meeting less than every two months and cover matters relating to finance and human rescrtjrces. There is a cmipliance committee that meets three tlmes a year, and advise5 the Board on the adequacy and effectiveness of the systems of internal Ctrol and arrangements for risk management, control and governance PreSSes. A Chief Executive is aprx)inted by the trustees to manage the day-to.day operatlons of the charity. To facilitate effective operatlons, the Chief Executive had thlegated authority. wfthin tems of delegation appro by the trustees. for the operational matters including finan, employment and artistlc performance.
The Court ard Trust Re rt of the Trustee5 for the Year Ended 31 h•arch 2025 STRucfuRE, GOVERNAN AND A4ANAGEMEKr Induction and trainin8 of new trustees New Iru5tees meet with the Chainnan and Chief Exeartfve to be briefed on the background of the Charity, its history, its objectives and its current activities. TW are also briefed on t1r roie and their responsibilities in relation to the Charity. All new trustees receive an Inducti pack contalning the A•emOrdUM and Articles of Association, the latest report and accounts. and the current business plan. Key management remuneratk+n Pay and remunerations for key management are t by the Board of the Trust. Salary leNEls are revkwed by the Board on an annual basis and any pay awards are set in Ilne with infiation and TNsts financial position. Subsldlary Undertaklng The Courtyard Trust owns 1(K)% of the iswed share capital of its subsidiary undertaking. The Courtyard Trading Co. Limited. which is registered in England and located at The Courtyard, Edgar Street, Herefd, 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 rewlts can be found in the note5 to the consolidated financial statement5. Audlted financlal statements of The Courtyard Trnding Co. Limlted (cmipany registered Nmber 033501471 have been filed with the Rwstrar of Companies. Related partles Transactions with related parties can te found in the notes in the acCints. STATEMEKf OF TRusfEES' RESPONSIBILMES The trustees Ittho are also directors of The Courtyard Trust for the purFfvws of company law} are responsible for preparing the Report of theTrustees and the finartial 5tateffnts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law require5 the trustees to prepare financial statements for ead) finandal year whKh gi¥E a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources. Including the income and expenditt5re. of the charitable company and grtyjp ftr that riod. In rrfeparing those financial statement5, the trustee5 are rewired to select suitable accounting policies and then apply them con5iStently: obserye ttre methods and prirKiples in Charity SORP" make judgeffents and estimates that are reasonable and prudent. prepare the financial 5tatement5 on the going concern basis unLess It Is Inapprowiate to presume that the charitable company will continue in sIness. The trustee5 are responsible for keeping proper accounting record5 vh)Ich disclose wlth reascmable accuracy at any tlme the financial position of the charitable company and group and to enable them to ensure that the financial statements comply with the Companies Act 2(. They are also reSps1b1e for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the weVentiC and detection of fraud and other irregularities. In so far as the trustees are awa. there is no relevant audit information of vhiich the charitable comparfs and group's audltcKs are unaware" and the trustees have taken all steps that tlw ought to have taken to makE themsel¥Ès avRre of any relevant audit Inforniatlon and to establish that tke auditors are avrdre of that infomiation. AUDITORS The auditors, Thorne 'dIery Accountancy Ltd. wlll be prowsed for re-apwintment at the forthcomlng Annual General Meeting. Report of the trustee directors, on . IOrPorating a strategic reFX)rt, appro by order of the board of tru5tee5, a5 the company . and on the board's behalf by: htr B H Freeman - Trus
Re rt of the Inde dent Auditijrs to the Trustees of The Court d Trust Oplnlon We have audited financial statements of The C{rtyard Trust (tPE charitable company and group'l for the year ended 31 March 2025 which comprise tIK• Consolidated Staternent of Financial Activities. the charitable cornpany and Cong)lidated Balance Sheet, the Consolldated Cash Flow Statement and notes to financial statements, including a summary of significant accounting policies. The financial rerm)rting framework that has been applied in their preparation Is applicable law and United Kingd Accounti Standards (United Kingdryn Gererally Accepted kcounting Practice). In our oplnlon the financial statements: give a true and fair view of the state of the charitable company's and group's affairs as at 31 March 2025 and of its incoming resources and application of re50urces. irKludrng its income and exFenditure, for the year then ended. have been properly pPared in accordance with United Kingdom Generally Accepted AccountTng Practice. and have been pyepared in ¥cordance wfth the rewirements of Companies Act 2LN)6. Basls for oplnlon We conducted wr audit in accordance with International Standards cffi Auditing {UKI11SAs {UKI) and applicable law. Our responsibilities under those standards are further (kscribed in the Auditors. responsibilitie5 for the audit of the financial Statements sect70n of our report. We are independent of the charitable company ard group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. includlng the FRC'S Ethical Standard, and we have fulfilled our otr ethKal re¥nSibilItIeS in accordance with these rewirements. We believe that the audit evidence VE have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going corKern In auditing the financial statements, have concluded that the trustees. u of the golns concem basis of accounting in the weparation of the financial statements is apFwate. Based on the work we have Ferfomied. VR have not identified any material ertaintleS relating to events or conditions that. indfvldually or collectively, may casl significant doubt on charitable companys and group's ability to continue as a going concern for a period of at least twelve mLN)ths fr(xn wtsn the financial statements are authorised for issue. Our responsiblllties and the re5FnSibIlitieS of the trustees with respect to 8olng concern are described in the relevant secti$ of this rewt. Other Infonnatfon The trustees are responsible for the otFKbr inf0mat7. The other infomation comprises the infonnation included in tk Annual Report, other than the financial Statennts and wr ReEMIrt of the Independent Audit$ thereon. Our opinion the finarKial statements does not cover otlpr information and, except to the extent otherwise explicitly stated Tn our pOrt, do not express any fonn of assurance coKlusion thereon. In connection with our audit of the financlal statements, our responsibility is to ad the other Information and, in doing so, consider wFEther the other information is materially inconsistent with the finarKial statements or our knowledge obtained in the audit or otherwise appears to be materfally mi55tated. If we identify such material Inconsistencies or apparent material misstatements, are rewired to detennine vthettrw this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have trftThed, V+E conclude that there is a materfal misstatement of thi5 Other informati, are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception We have nothing to report in resIrt of the following matters there tIE Charities (Acccwnts and Rer#Xts) Regulations 2CrfJ8 requires us to report to you if. in our opinion: the information given in the Report of the Trustees is inconsistent in any materfal respect with the financial statements. or the charitable company and group has not kept adequate accounting records. or the financial statements are not in agreement viith the accrAJnting records and retums; or have not received all the infMation and explanations Y rewire for our audit.
rt of the Inde ndent Auditor5 to the Trustees of The Court ard Trust Responsibilities of trustees As explained more fully in the Statement of Trustees. Resw)slbilities, the trustees (vtt are also the directors of the charitable company for the purposes of company law) a responsible for the preparation of financial statements and for being satisfied that tY live a true and fair view, and for such internal control as the trustees determine 15 necessary to enable Preparati of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are SnSIble for assessing the charitable company's and group's abllity to continue as a going concern. disclosing, as applicable, matters related to going concern and using going concern basis of accounting unle55 the trustees eitper intend to liquidate the charitable company and group or to cease operatlons, or have no realistic alternative Tr¢ to do so. Our responslbllltles for the audft of the financial staternents We have been appointed as auditors under Section 144 of Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance at vthether the flnanclal siatements as a whole are free from material misstatement, whetlEr due to fraud or error, and to issue a Report of the Inthpendent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, Lwt is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement vn it exists. Misstatements can arise frorn fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these finala1 statements. extent to which our procethres are capable of detectfng Irregwiarities. including fraud is detsiled belovr. Irregularities, including fraud, are instan5 of non-compliarce with Laws and regulations. We design procedures in Ilne with (wr responsibilities, wtlined above, to detect material rnisstatements in resFLXt of irregularities. including fraud. Tlp extent to whTch otr ProdureS are capable of detecting irregularities, including fraud is detailed below: Fraud and breaches of laws arml regulatlor6 - ablllty to detect Identifying and responding to risks of material misstatement due to fraud To Identlfy r15ks of materlal misstatement due to fraud Iyraud risks-l we assessed events or conditions that could indicate an incentive or pressure to commit fraud or wovide an Opmunity to commit fraud. Our risk assessment procedu5 irKluded: o Enqulring of tNstees, the finance c¢ynmittee and insF)ection of polTCy documentation as to the Charitys high-leI policies and procedures to prevent and detect fraud as VEIL as whether tw have knovAedge of ary actual, swspected or alleged fraud. o Reading Trustees. meetings and flnance ccvnmittee miwtes. o Considering performance targets for managenEnt. We communicated identified fraud risks tjgI)Ut the audit team and remained alert to any indication5 Of fraud throughout the au(lit. As required by auditing standards, and taking into accwnt our overall knovAedge of the control environment, v perform pr¢)cedures to address the risk of management override of controls. in particular the risk that management may be in a position to make inappropriate accounting entrles. On this audit do not believe there TS a fraud risk related to revenue recognition Eecause the revenue 15 non-judgemental and straightforward, with limited oFportunity for maniwlation. We did not identify any additial fraud risks. We perfonned prrKethJres including identifying journal entries to test based on risk criteria and c¢Paring the identified entries to SUPPOrtin8 documentation. These included those posted by finance management/ those posted and appru4ed by tIE $aft userl those pted to unusual acCnts. Identlfylng and respondlng to rlsks of material misstatement due to non<ompliance with laws and regulatlons We identified areas of laws and regJlati(s that could rea50nabiy be expected to ha¥E a material effect on the financial statements from our general commercial and sector experience, and thrwgh dixussii)n with management {as required by auditing standards} and discus*d th management policies and procedures regarding compliance wth law5 and regulations.
Re rt of the Inde Court d Trust dent Audit(Ys to the Trustees of We communicated identified lav•5 and rewtations thr(KtglhJJt our team and remained alert to ary indicatlons of non- ompliance throLtghout the audit. The potential effect of these lav45 and regulations i)n the financial stateffents varies considerably. Firstly, the Charity and gr(wp is subject to Lay and regulations that directly affect financial statements including financial reporting legislation, taxation legislation and Charities Act legislation and we assessed the extent of compliance with these lay and regulations as part of our prcKedwes on the related financial statement items. Secondly, tl Charity and group is subject to mary other laws and rewlationsvthere the consequènces of noncornpliance could have a material efftyt on am¢)unts or disclosures in the finarKial statements, for instance through Imposition of fSne5 or litigation or the loss of the Charitys and group's license to operate. We identified the following areas as those most likely to have such an effect: alth and safety. anti-brIry, eMplOent law, data protection, anti-money laundering and speciflc area5 of other le551atIOn recognising the nature of the Charity'5 and group's activities. Auditing standards Ilmlt the rewired audit Pre(knres to identify nM<cKnpliance with these la and regulatlons to enwTry of management, insFection of regulat(ry and legal CorreSpdence. if any. Therefore, if a breach of operational regulations Is not disclosed to us or [dent fr{ relevant correspdenCe, an audit will not detect that breach. Context of the ability of the a4Klit to detect fraud or brthxhes of law or regulation Owing to the inherent limitations of an auth't. t1 is an unavoTdable risk that we may not have detected some materlal misstatements in the financial staternents, even th9h V have proFrly planned and performed our audit In accordance Vth aucliting standards. For example. the further removed non-cc¥npliance with laws and regulations 15 from the events and transactions refiected in financial staternents. the less likely inherently limited procethres reqred by auditing standards v•)uld identify IL In addition, as with any audlt, there remained a hitsr risk of non-detectlon of fraud, as these may involve collusion, forgery, intentional omission5, misrepresentations, or the overrith of internal controls. Our audit procedures are designed to detect material misstatenEnt. We are not reswnslble for weventing non<0Mplian or fraud and cannot be expected to detect non<ompliance with all lav and rewlati(ms. A further description of our responslbilities for the aTt of the financial statements is located on the Flnanclal Reporting Council's website at .frC.org.Uk/audIt0rsresP¢sib7litIe5. This description fonns part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable companrfs trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2(K18. Our audit has been undertaken so that we might state to tIE charitable company's trustees those matters are required to state to them in an auditors. POrt and for no other purpose. To the fullest extent permitted ty law, we do not accept or assume responsibility to anyone other than the charitable compaw and group and the charitable compan5 and grp.$ trustees as a boty, for audit work, for this report, or for the oplnions have fcrmed. Thome Widgery Accwntancy Ltd Chartered Accountants Statutory Auithtors Eligible to act as an auditor in terms of Sectim 1212 of the Cornpanie5 kt 2CA)6 2 Wyevaie Business Park Kings Acre Hereford Herefordshire HR4 7BS Date:
The Court ard Trust Consolidated Statement of Financial Activities for the Year Enthd 31 Varch 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted fund Restricted funds Designated Notes INCOME AND ENDOWMEKrs FROM Donations and legacies 301,514 61,333 263,538 626,385 513,944 Charitable activities Concerts, perforniances and films Education and outreach 1,881,Crf)8 34,686 1,881,(KJ8 34,686 1,8T7,486 42,775 Other trading activities Investment income Other fnccme 1,128,026 17,048 1,128,026 17,048 1,071,456 10,898 121 430 Total 263 538 3 735 935 3 637 989 EXPENDITURE ON Raising funds 649205 649,205 687,907 Charitable activities Concerts, perforThances and films Art exhibition5 Education and outreach 2,490,518 32,688 252,341 149,674 2.640,192 32,688 252,341 2,539,071 43,110 275,402 Otr Total 149,674 3 595 176 3 565 469 NEf INCOMEI(EXPENDfTURE) (34,438) 61,333 113,864 140,759 72,520 RECONCILIATION OF FUNDS Total fund5 brought forward 610,220 74,574 888,192 1,572,986 1,5C(1,466 TOTAL FUNDS CARRIED FORWARD 575 782 1 713,745 The notes forn) part of these finarKial statements
The Court d Trust Charit and Consolidated Balan Sheet 31 March 2025 31.3.25 Group 31.3.24 Group 31.3.25 Charity 31.3.24 Charity Notes FIXED ASSErs Tangible assets Investrnents 14 15 1,781,2% 1,856,934 1,735,906 1,818,310 1,781.256 1,856,934 1,735,907 1,818,311 CURREKf ASSErs Stocks Debtors Cash at bank and in hand 16 17 21,6% 219,520 11%325 19,330 152.144 934 430 5,169 307,961 1 095 901 3,946 220,382 820 734 1.437.541 1,105,904 1,409,031 1,045,062 CREDITORS Amounts fallin8 due within one year 18 {855,047) (718,9CKI) {821,364) (651,690) NEf CURREKf ASSErs 582,494 TOTAL ASSEfs LESS CURRENr UABILITIES 2,363,750 2,243,938 2,323,574 2,211,683 CREDITORS Amounts falling due after more than (me year 19 1650,IX15) {664,873 {650,IJ)51 {664,873) PROVISIONS FOR LIABILMES Deferred tax 16,079) NEr AsSS 1.713.745 1,5TI,986 1,673,569 1,546,810 FUNDS 23 Unrestrfcted funds 535,606 40,176 135,9)7 1,LM)2,056 584,045 26.176 74.574 888.191 671,513 658,618 Non-charitabie trading funds Designated funds Restricted fLmds 1,CW2,056 888,192 TOTAL FUNDS 1,713,745 1.5n,986 1,673,569 1,546,810 The group and charitable company is entitled to exemption from audTt unr Section 477 of the Companies Act 2CO6 for the year ended 31 March 2025. The rrMberS have not ¢Kx)sited noti, pursuant to Section 476 of t1 Companies Act 21) requiring an audit of these financlal statements. The memr5 have not deposited noti, pursuant to Section 476 of the Ccrfnpanies Act 2fA)6 requiring an audit of these flnancial statements. The trustees aclo)owiedge their responsibilities for (a) ensuring that tIE charitable company and gr4)} keeps accounting records that comply with Sections 386 and 387 of the CLwmpanies Act 2(J)6 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company and group as at the end of each financfal ar and of its surplus or deficit for each flnancial year in accordance with the requirements of Sections 394 and 395 and vthich otherwise comply with the rewirements of the Companies Act 21K16 relating to finandal statements, 50 far as applicable to charitable company and group. The notes f(m part of the*r financial statements
The Court ard Trust Charit and Consolidated Balance Sheet - c(mtinued 31 March 2025 These fInarla1 statements have been audited under the rewirements of Section 145 of Charities Act 2011. anci I statements were ap0 by the Board of Tru5tee5 and authorised for issue on and were signed on its behalf by: reeman - Tru 13 1 Page The notes fom) part of the* financial statements
The Court ard Trust Consolidated Cash Flow Statement for the Year Ended 31 March 2025 31.3.25 31.3.24 Notes Cash fltsv from operatlng artivities Cash generated from operations 292 617 Net cath provided by operatlng activities 292 617 Cash flows frorn Investing actmtles Purchase of tangible fixed assets Sale of tangible fixed assets Interest reCeid (43,164) 50 17,048 {194,7931 Net cath used in investing activities 183,8951 Cash flows from flnanclng artmtles Interest charged in the year 25.582 Net cash proded by financing actlvftles Change In cash and cash equlvalents In the reportlng period Cash and cash equlvalents at the beglnning of the reportfng riod 261,895 (62,332) 934 430 996,762 Cash and cash equlvalents at the end of the reportlry period 934,430 The notes fonn part of tTr financial statements
The Court d Trust Notes to the Consolidated Cash Flow Statement for the Year Ended 31 hlarch 2025 RECONauATION OF NEf INCOME TO pEr CASH FLOW FROM OPERATING AcnvmES 31.3.25 31.3.24 Net Income for the reportfng perlod (as per the Statemert of Flnandal Activities) Adjustments for: Depreciation charges (PofitllLoss on disposal of fixed assets Interest received Increaselldecreasel in deferred tax {Increa5È}/decrease in stocks (Increaselldecrease in debtors Increasel(decreasel in creditors 140.759 72.520 118,612 180 117,0481 16,0791 12.3661 167,376} 125 935 111,518 55 (10.8981 1,665 554 (76,561) Net cash provided by operations 292 617 ANALYSIS OF CHANGES IN NEf FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and in hand 261 895 1 196 325 261 895 1 196 325 Debt Debts falling due wthin 1 JEar Debts falling dLP after 1 year (20,043) (10,2121 {30.255) 650 0051 684,916 680 260 Total 249 514 266 551 The notes form part of these financial statement5
The Court ard Tmst Notes to the Consolidated Financial Statements for the Year Ended 31 March 2025 AccoupmNG POLiaES Basts of preparlng the financlal statements The financial stateffEnts of the charitable company and grcAJP, which is a public tenefit entity under FRS 102, have been prepared in accordance with the Chanties SORP IFRS 102> 'Accwnting and ReFQrting by Charities: Statement of Recommended Practice applicable to charities preparing tkoir accounts in accordance with the Financial Reporting Standard applicable in the UK and Rewblic of Ireland IFRS 102} (effective 1 January 20191., Financial Repting Standard 102 The Financial Rep)rting Standard applicable in the UK and Republic of Ireland, and the Companles Act 2CIJ6. The financial statements have been prepared under the historical cost convention, Trmth the exception of Investments Ythich are included at market value. ruP Finandal Statements The results of The Courtyard Trust and its wtrdly ovmed subsidiary The Courtyard Trading Co. Ltd have been consolidated and group accwnts have iten wesented. Ail transactions betEen the Charity and its subsidiary have been eliminated on consolidation. A separate statement of financial activities and incorne and expenditure aCcnt for the Charity itself a not wesented cause the Charity has taken athantage of the exeff4)tions afforded by Section 408 of Comparbies Act and paragraph 397 of the SORP. Golng Concern The Trustees of Tr Cwrtyard Trust ha reVIev the financial position of the TNst and Its Trading Company. together with projected Income and expenditure for coming year. Having considered current performance, conflrmed Arts Council funding and other funding streams, and forecasted trading activities, the Trnstees are satisfied that the Trust has adequate reSrCeS to Contin trading for the foreseeable futu. To the best of our knowledge and bellef, the Trust$ con confinn confidence that ts)th Twst and Trading company VAIL remain viable and continue trading in the foreseeable future. Thi5 assessment has been made after careful consideration of several key factors including: Ongoing and potential diversified IVKome streams • The commitment and resilience of staff, volunteers and Supmers . Strong Governance Effective and timely management practices in place, enabling prompt response to any challenges and opportunities. The Trustees are confident that, through wuint financial Stewardship and careful monitoring of costs and cashflow. the Trust will continue to meet its obligations as tfv fall due. Accordingly. Trustees consider it appropriate that the financial statements have been prepared on the golng concern basi5. Ineorne All income is recognised In the Statement of Financial Activities 0e the charity has entitieffent to the funds, it 15 probable that the incorne will received and the amojnt can be measired reliably. Voluntary Ilne compr1$ donations, gifts and grants that provide core fundlng or are of general nature, and are recognised wFEre there 15 entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Grants received fcr specific purposes are accounted for as restricted fund5. Grant5 are recognid in the period to which they relate and V*hen the conditions for receipt have been met. frorn commercial trading actIvitk Is recognlsed as earned {as tIK• related to goods and Services provided). Investment incwe Is recogn15ed on a receivable basis. Incoming resources from charitable activities includes a<knission fees from theatrical shows and films, which are recognised Tn the period in vthich relevant perfcmarKe is Tr1d, and income received under contract or where entitlement to grant funding is subject to Specific performance conditions and Is certainty of receipt. Donated Goods Donated professional services and donated facilities are recognised as irKome vthen the charity has control over the item, any cOn(liticS associated with the donated item have been met, the receipt of economic benefit from the use by the charity of item Is probable and that economic benefit can be ffleared reliably. In accordance with the Charities SORP (FRS 1021. Contin1...
The Court ard Trust Notes to the Consolidated FTnancial stateEnts - cmtinwl for the Year Ended 31 Alirch 2025 ACCOUIrnNG p{laE5- contlnued Expendlture Liabilities are recognlsed as expenditure as soon as there ts a legal or construciive obligation committlng the charity to that exFenditure. it is probable that a transfer of econ(xrtic beneflts will be required in settlement and the amount of the obllgation can be measured reliably. Expenditure is accounted for on an accrua15 basis and ha5 been classified under heading5 that aggregate all cost related to the category. Where costs cannot be directly attritrHJted to particular headings they ha%E been allocated to activities on a basis consistent with the use of reSrte5. Ra151ng Funds Raising funds includes all expenditure by charity to raise funds for its charitable wrp)ses and includes costs of all fundraising activities, events and non-charitatle trading. Charitable actiylties Charitsble activities include experrtliture a550ciated V•fjth the staging of concerts, stage productions, art exhlbitions and e(kKati(mal prothctlons and include both the direct costs and the supwt C05ts relating to these activities. Allocatfon and apportionment of costs Support costs include central functions and have been allcKated to actfv6ty cost categorie5 on a basis cfmsistent with the use of reyjurces. Irrecoyerable VAT Ail resources exkEnded are classified under activity headirEs that aggregate all costs related to the category. Irrecoverable VAT is charpd against t1 category of reSrCeS ended for which it was incurred. Tangible fTxed assets Individual fixed assets costing more than £10C() are cap7talised at cost. Tanw'ble fixed ats are stated at cost less depreciation, which is charged at a rate so as to write off the cost of the asset, less its estimated residual value. over its expected useful economic life as follow5: Computers Equipment and fixtures Stage sets Irrtprovements to leasehold buildings Plotor vehicles 33 113% reducing balance 25% reducing balance 33 113% straight line 4% Straight line 33 113% reding balance Stock5 Stocks are valued at the lovRr of cost and net realisable value, after making due allowance for obsolete and slow moving item5. Stock5 are valued at the104Nw of cost and reali5able )rnlue, after making due proision for obsolete and 4ow momng items. FurKI accountlTrA Unrestricted funds can be used in accordan with the charitable obiectis at the discretion of the trustees. Restricted fundscan ClY be used for particular restricted wrpcjseswithin the objerts of tFE charity. Restrictions arise Vrtn specified by the donor or v+ funds a raised for particular restricted purposes. Further explanation of the nature and Purp of each fund is included in the notes to the financial statements. Debtors Trade and other debtors are QgnISed at the settleFrtht amount dt after any trade dfscount offered. PrePanentS are valt*d at the arnount prepaid net of any trade discrwnts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short tenn highly liquid investments vrith a thort maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 17 1 Page Contin1...
The Court ard Trust Notes to the Consolidated FinancFal Statements - Cltin[d for the Year Ended 31 March 2025 AccouKfiNG POLICIES - contlnued Credltors and provisions Creditors and rxovisions are recognised charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount the to settle the obligation can be measured or estimated reliably. Creditors and w0viOn5 are ncfmally recognised at tFEir settlement amount after allowing for any trade discounts due. Financlal Instruments The twst only has financial assets and financlal liabilities of a kind that wallfy as bas7c financial Instruments. Basic financial Instruments are initially recogni5ed at transaction value and subsequently measured at their settlement value viith the eXptiOn of bank loans which are subsequently measured at amortised cost using the effective interest method. Taxation The charity is exempt from corporation tax on its charitable activities. In additlon ttrhre is a deed of covenant in Pla which enabLes the Courtyard Trath'ng Co. Limited to covenant its taxable profits to the Charlty. Deferred tax Deferred taxation is provlded in full Tn resw of taxati defeed by timing drfferences betKeen the treatment of certain items for taxation and acCOting purpose5. The (kkferred tax balance have not been discounted. Hire purchase and leasing commitments Rentals paid under operating lea5e5 are charges to the wofft and 1055 accryjnt as Incurred. DONATIONS AND LEGACIES 31.3.25 Total funds 31.3.24 Total funds Unrestricted funds Restricted funds Grants and dcffiatlcffis 263 538 626 385 £150,298 of donations and legacies In 2024 related to restricted ldS and the remaining balance of £363,646 was unrestricted. OTHER TRADING AcllviTIES 31.3.25 Total funds 31.3.24 Total funds Unrestricted funds Restricted fund5 Hire of facllities Sundry income Ross Market HcMJse Income via The Courtyard Trading Co. Ltd 143.571 160,605 35,927 787 923 143,571 160,605 35,927 787 923 147,013 176,134 1 128 OZ6 1 128 026 1 071 455 Ail of the income reCeId in the prior star vffis also unrestricted. contiTh...
The Cou ard Twst Notes to the Consolidated Financial Statements - contin for the Year Ended 31 March 2025 INVESTMEiif INCOME 31.3.25 Totsl funds 31.3.24 Total fund5 Unrestricted funds Restricted funds Deposit account Interest All of the investment income ari*s from an interest-bearing deposit accwnt. The income received in the wor year was also unrestricted. INCOME FROM CHARrrABLE AcrivmES 31.3.25 31.3.24 Activity Admission charges & programmes Hlre of facilities Education & outreach Concerts, performances and film5 Concerts, perfornances and films Education and outreach 1,833,248 47,760 1,844,608 32,878 1 915 694 1,920,261 See the Staternent of Financial Activities for the analysis of Income from charitable activities by fund. RAISING FUNDS Raising donatlons and legades 31.3.25 Total fund5 31.3.24 Total funds Unrestricted funds Restricted funds The Courtyard Trading Co. Limited Support costs 595,523 595,523 644,104 Support costs are allocated to activity cost categories on a basis consistent with the resource used. AII costs in the prior year vEre unrestrlcted. CHARITABLE AcnviTIES COSTS Support costs (see note 81 Direct Costs Totals Concerts, perfonnances and fTlms Art exhibitions Education and outreach Other 2,242,680 26.803 244,987 397,512 5,885 7,354 2,640,192 32.688 252,341 2 514 470 431 501 2 945,971 IKluded within general costs is irrecorable VAT of £115,T%12IT24: £119,276) continued...
The Court rd Twst Notes to the Consolidated Financial $talennts - c(ffitinued for the Year Ended 31 Jvorch 2025 SUPPORT Cosrs Inf(matlc technolo4y Governance costs Finance Other Totals Raising donations and legacies Other resowces exFended Concerts, performance5 and films Art exhibitions Ethcation and outreach 41.271 12.411 10,410 53,682 20,750 10.340 13,5( 283 354 31,488 659 824 352,518 4,943 397,512 5,885 485 183 Support costs include central functions and have ten alk(ated to activity cost categories on a basis consistent wrth the use of resources. NEf INCOAIEIIEXPENDITURE) Net incomel1exiditure> is stated after chargingl{creditingl: 31.3.25 31.3.24 Auditors. remuneration Depreciati¢Jn - owned assets Other operating Leases Deficit on disposal of fixed assets 10,340 118,611 101 9,131 105,887 1,834 53 10. TRU5fEES' REMUNERATION AND BETrF[[S There %Ere no trustees. remuneration or other befitS for the year ended 31 hlarch 2025 nor for the year ended 31 March 2024. Trustees. expenses Expenses of £43812024." £Nil) were re1mPrd to 1 (2024: 0) trustee{sl during the year in li with tIE Trust's expenditure policy. 11. KEY MANAGEMEtrif PERSONNEL GROUP 31.3.25 31.3.24 Wages and salarles Social securlty costs Pensicm costs Life assurance 1.364,426 102,927 34,205 1,263.685 93,285 31,028 1 389 301 31.3.25 31.3.24 Wages and salaries Social security costs Pension costs Life assurarKe 1,029,977 84.234 26,367 950,867 76,600 24,636 1 142 220 1 053,406 The charity operates a defined contribjtlon penston scheme emplosees, the assets for ¥•thich are held separately from those of the company. There V•pre no unfLmded Fension costs at the balan sheet date. Contin1...
The Court ard Trust Notes to the CcKtsolidated Financial Staterrents - contin1 for the Year En(kd 31 March 2025 11. KEY AiANAGEIIENT PERSONNEL - continued The average monthly number of emplosEes durlng year was as follov•S: 31.3.25 31.3.24 Administration Educatlon and outreach Sales and marketing Productions and show5 Trading subsidiary 18 23 31 18 23 31 85 84 No employees receiNtd ernoiuments in excess of £60,0. The key management personnel of the Trust cixnprise of the Chief Executive, Fad of Finance. Commerclal Manager, Associate Director. Head of Sales & Communications, 0ratiOnS Manager and Head Chef. Thè total employee benefits of the key management personnel of the Trust were £288,785 {2024: £254,698). 12. COMPARAMVES FOR THE sfATEi•EFif OF FINAKIAL AcnvmES 31.3.24 31.3.23 Unrestricted fund Restrfcted funds Total funds Total funds Designated Notes INCO AND ENDOWMEi¥rs FROM Donatlons and legacies 341,236 22,410 150,298 513,944 447,667 Charltable actfvitfes Concerts, perfonnances and film5 Education and outreach 1,8TI.486 42,T15 1,877,486 42,775 1,602,232 29,637 The Courtyard Trading Co. Ltd 748,308 323.147 10,898 748,308 323,148 10,898 121430 626,746 311.692 3,236 Other trading activities Investment incorr Other income Total 3 398 516 150 89.175 98 3 637 989 3 021 210 EXPENDftURE ON Raising funds The Courtyard Trading Co. Ltd 43,803 644,104 43,803 644,104 38,101 599,478 Charltable activities Concert5, performances and films Art exhibitions Educatlon and outreach 2,41Y).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 OtF*r 19,823 Total 3 383 594 167 14.601 74 3 565 469 3,109 878 NEf INCOMEI(EXPENDITURE 14,922 74,574 {16,9761 72,520 188,6681 Transfers between furKIs NEf MOVEMEKf IN FUNDS 88.838 74,574 (90,8921 72.520 188.6681 continued...
The Court ard Trust Notes to the Consolidated Flnanclal Statements - continLEd for the Year Ended 31 htsrch 2025 12. COMPARATIVES FOR THE sfATEKKf OF FINANaAL AcllvmES RECONauATION OF FUNDS Total funds brought forward 521.383 979,083 1,%XI,466 1,589,134 TOTAL FUNDS CARRFED FORWARD 610,221 13. AcrivmES OF THE TRADING SUBSIDIARY The vknoily ovmed trading bSIth"ary The Courtyard Tradlr4 Co. LTmited (company Nmber 033501471, which is incorporated in the United Kingdom, has transferred profits to Tr Clrtyard Trust via gift aid. The Courtyard Trading Co. Limited operates bar. cafe and restaurant at the premlses of The Courtyard Trust. The Charity OV•rylS the entire share capTtal of 1 ordinary share of £1. A summary of the tradlng re5uIt5 is shown below: 31.3.25 31.3.24 Turnover Other operating income Cost of Sales Selling and distribution costs hlanagement charge Administration costs Deferred tax Gift aid Corporatlon tax 780,619 7.304 1247,1791 {4,8111 151.480} (420,1861 6,079 156,3461 768,017 3.5C 1248,9331 {3.120) (46,800> (390,384> (1,665} 173,5141 Net proflt retalrd In I (loss ab50rt>ed by) subsidiary The assets and liabilities of the wbsidiary vre. Fixed assets Current assets Current liabilities Provision for liabilities and charges 45,350 126,556 {131,n91 38,624 143,455 1149,8231 Gift aid of £56,346 Q024: £TJ,514) is payable from the trading company to the trust. Included within the above tumo¥Er Is sales to The Crtyard Trust for £70,57412024: £23.209) and Other income of £Nil12024: £Nil). 22 1 Page continE*d...
The Court ard Trust Notes to the cS011dated Financial Statements - cimtinl for the Year Ended 31 Alarch 2025 14. TANCABLE FIXED ASSErs Impro to A5*ts leasehold under bulldfng constructlon Fixtures and fittings Compjter equipment CHARrrY Totals cosr At 1 April 2024 Additions Disposals 1,840,178 585.541 17.275 97,417 6,197 2,523.136 28,672 5.2Q) At 31 March 2025 103 614 DEPRECIATION At 1 April 2024 Charge for year Ellminated on di5Fosal 208,017 73,607 424,404 28,402 72,405 9.017 704,826 111,026 Ai 31 hlarch 2025 281.624 450 127 813 173 BOOK VALUE At 31 March 2025 149,%0 1 735 91)6 At 31 hlarch 2024 1,632,161 161,137 1 818 310 Improves to leasehold buildTng Assets under construction Fixtures and fittings Comwter equipment GROUP Totals cosr At 1 April 2024 Additions Disposals 1.857,460 668.407 31,767 11 926) 97,417 6,197 2,623,284 43,164 11 9261 5,21Y) At 31 March 2025 1,857,460 103 614 2 654 522 DEPREaATION At 1 April 2024 Charge for year Eliminated on disposal 210.148 74.299 483.797 35.295 11 6951 72,405 9,017 766,350 118,611 11 695) At 31 March 2025 873 266 NEf BOOK VALUE At 31 March 2025 1,573,013 180 851 1 781 256 At 31 March 2024 1 647 312 184 610 1 856 934 continued...
The Court d Trust Notes to the Consolidated Financial Statements - ctinl for the Year Ended 31 hlarch 2025 15. FIXED ASSEf INVESTME>rrs Shares In group undertakings Al4 VALUE At 1 April 2024 and 31 March 2025 BOOK VALUE At 31 March 2025 At 31 March 2024 The investment value In charity's balance Stet £1 12024: £11 relates to the nominal value of the share held in its wholly oN¥ned sub*diary Courtyard Trading Co. Limited {Ctrfnpany number 03350147}. The charitable companys investments at the balance sheet date in the Share capital of companies Include the following: The Courtyard Tradlng Co. Llmlted Nature of business: Providing Bar and Restaurant facilities Company nurnr: 03350147 Class of share: Ordinary holding 1CKI 31.3.25 31.3.24 Aggregate capltal and reser¥Es ProfitllLos51 for the year 40,177 14,(XX) 26,1TI 7,101 16. STOCKS GROUP 31.3.25 31.3.24 StLKks 17. DEBTORS: AiiouKfs FALLING DUE wrrHIN ONE YEAR 31.3.25 31.3.24 CHARrrY Trade debtcys Other debtors Due from subsidiary company Prepayments and accrued income 73,(Q5 3,050 56,346 32,864 4,125 73,514 307 961 220 382 GROUP 31.3.25 31.3.24 Trade debtor5 Other debtors Prepayments and accrued income 37,529 3.050 178 941 28,138 4,125 119 881 219 520 continwl...
The Court rd Trust Notes to the Con501idated Financial Statements - continued for the Year Ended 31 hlarch 2025 18. CREDITORS: AMOUNTS FALLING DUE wfTHIN ONE YEAR CHARITY 31.3.25 31.3.24 Other loan5 (see note 19) Trade creditors Social security and otlEr taxes VAT Other creditors Accruals and deferred income 30,255 129,562 17,129 61,078 115,198 468 142 20,043 105,539 22,859 22,121 124,299 356 829 651 690 GROUP 31.3.25 31.3.24 Other loans Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred income Corporation tax 30,255 136,631 23,594 61,078 134,087 469,402 20,043 123,IXI9 28,328 127,971 369,089 Deferred income Included in accruals and deferred inct)me is deferred income of £347,26712024: £262.5301 belng mcleS received for perfonnances to be treld in the subsequent accounting rEriod. 31.3.25 Deferred income at 1 April 2024 Resources deferred in the year Amounts released fr¢yn previous year 262,530 347,267 262.5301 347 267 19. CREDrroRS: Amoutrifs FALLI DUE AFfER IAORE THAN (X4E YEAR 31.3.25 31.3.24 Other loans (see note 201 664.873 20. LOANS An analysis of the maturity of loans is given below. 31.3.25 31.3.24 Amounts falllng d within one ypar on dernand: Other loans Amounts falling betV•Een one and year Other loans - 1-2 years 30.255 Amounts falling due betV•pen two and fr years: Other loans - 2.5 years Amounts fallin8 due in rrw)re than fi Jtars: Repayable by in5talments: Other loans more 5yrs instsl 528,985 544.617 Contin1...
The Court ard Trust Notes to the Consolldated Financial StateThEnts - contin1 for the Year Ended 31 March 2025 21. LEASING AGREEMEKrs Minimum lease PaentS under non-caKellabie operating leases fall the as foilov#5: 31.3.25 31.3.24 Within one year Between one and fiNE years In more than five years 1.8 6,299 1,8LM) 7,199 91)0 ANALYSIS OF trEf Assrrs BEfwEEN FUNDS - GROUP 31.3.25 Total funds 31.3.24 Total funds Unrestricted fund Restricted funds Fixed assets Current assets Current liabilities Long lem liabilities Provision of Ilabillties 259,155 1.957.586 (824.792) 1,522,101 (520,045) (30,255) 1650,005) 1,781,256 1,437.541 1855,047) 1650,CK15) 1,856,934 1,105,904 (718,9001 (664,873) 711 689 1 713,745 contin...
The Court ard Trust Notes to the CC$011dated Financial Statements - contin1 for the Year Ended 31 A4arch 2025 23. MOVEAIEKf IN FUNDS Net movement in funds At 31.3.25 At 1.4.24 Unrestrlcted funds Unrestricted fund Non-charitable trading subsidiary Maintenance Fund {48,4381 14,IKX) 535,606 40,176 26,176 684,794 26,895 711.689 Restrfcted furxls Equipwnent Kickstart Development fded by variou5 source5 Development funded by ACE Garfield Weston - Culture FurKI Solar Panels Changing Places Facility (KC) Changing Places Facility ICIN) Rowlands Trust - New door British Film Institute Education & outreach Sylvia Short Visual Arts - Hereford City Council Development - Loan balance Committed restricted fixed a55et funds The Etmley Foundation - 01(kr People's Actiwty 5e5Si(X)S GM hlorrison Eveson Charitable Trust The Alan and t)orothy Brailsford Charitable Trust Accessibility and Play Project HAF Give Green light 3,204 183,487 767,773 438,335 28,359 9,936 79,733 18011 110,3381 134,9091 120,LKiII (5,2081 (9811 (3,2[) (2841 (1,0681 (2,1531 {3361 1,240 8,818 2,403 173,149 732,864 418,335 23.151 8,955 76,533 6,782 3,203 5,784 2,603 1,240 19,194 1684,9161 330 4,271 7,937 2,939 10,376 (684.9161 {1,1541 5,475 3,51)) 19.410 2,556 8,031 (7.1831 12,227 1177) 5,319 14,2(Xi 5,142 14,2) 160,750 160 750 TOTAL FUNDS 140 759 1 713 745 contInl...
The Court ard Trust Notes to the C(msolidated Flnandal Statements - C¢tInld for the Year Ended 31 hlarch 2025 23. IAOVEMEKf IN FUNDS - contlnued Net movement In funds, inc[led in the atx)ve are as fdlows: Incoming re%)ur Resources expended A¥ement in funds Unrèstritted funds Unrestricted fund Non-charitable tradtng subsidiary Maintenance Fd 2,801,541 787,923 (2,849,979) 1773,923) {48,438) 14,IXJO 3,650,797 (3,623,2) 26,895 Restricted funds Equipment Kickstsrt Development funded by various sources Development funded by ACE Garfield Weston - Culture Fund Solar Panels Changing Place5 Facility IKC> Changing Places Facility ICINI Rowlands Tnjst - New door British Film Institute Education & outreach Sylvia Short Visual Arts - Hereford City coUll Committed restricted fixed asset funds Fllm Hub Midlands The Elmley Foundation - Olthr People's Activity sessions GM Worrison Eveson Charitable Trust The Alan and Dorothy Brailsford Charitable Trust Family Festival Acce55ibility and Play Project HAF Gfve Green light 1801) 110,338) {34.9091 {20,IX)O) 15,208) {981 } 13,20)1 (284} 11,068 12,1531 110,3361 {3.2601 113,1821 {1,3541 19,OCA)) (8011 110,3381 134,9)91 120,OJOI (5.2081 (9811 (3,2CL)I 1284) (1,068) (2,153) 1336) 1,240 8,818 11.154} 10,IX)O 22,((K) 2(M) 9,5 3.5( 16,944) 2,556 (11,9831 {7,183) 11,5(X) 16,181 {5,IXKII 5,319 14,2(Kl 8,588 14,2CiI {3,4921 160,750 263 538 149 674 TOTAL FUNDS 3 914 335 3 T73 576) cOntind...
The Court ard Trust Notes to the Con5didated Financial StatenEnts - contin for the Year Ended 31 Alarch ZQ5 23. MOVEiIEKf IN FUNDS Comparatives for movement in funds Net Transfers lxbtWn funds At 31.3.24 At 1.4.23 in funds Unrestrlrted funds Unrestricted fund Non-charitable trading sthidTary Maintenance Fwd 502.308 19,075 7,819 7.101 74,575 73,916 584,043 26,176 521,383 89.4% 73,916 684,795 Restrlcted funds Equitmnent Kick5tart Development funded various sources Development funded by ACE Garfield Weston - Culture Fund Solar Panels Chan-nI Places Facility IHCC) Changing Places Facility ICIN) Rowlands Trust - New dr British Film Institute Education & outreach Sylvla Short D M Thomas Foundatlon Visual Arts - Hereford City COU11 Development - Loan balance Committed restricted fixed a55et fund5 The Elmley Fcyjndation - Older People's Activity ses51lS GM Morrison Eveson Charitable Trust The Alan and Dorothy Brail5ford Charitable Trust 4,271 194,248 802,730 458,335 35,113 11,026 3,203 183.487 767,773 438,335 28,359 9,936 79,733 7,066 4,271 7,937 2,939 {10,7611 (34.9571 (20,10) 16.7541 (1,0901 79,733 124) 4,271 {1,9611 143.5071 (5,0841 9,898 {20,810} 67,256 590 9.946 {611,OLM)I 159)) 430 10,376 1684,9161 1,484 {73,9161 5.476 5.476 14,998 4,412 19,410 1771 TOTAL FUNDS 15n986 continL*d...
The Court rd Trust Notes to the Consolldated Financial Statements - contin1 for the Year Ended 31 htsrch 2025 23. MOVEMENT IN FUNDS - continued The equlprnent fund is made up of capital grants recehtd, to be spent on fixed assets. All other funds relate to grants for speciflc projects, endIture imirred during tIE year TS shown above. During the JEar. transfer beten funds vrds made to move unrestricted fundTng. Educatlon and Outreach - funding towards this enables us to with all age groups of children both able and disabled helping to improve life and essential skills. Work%lops in 5chool5 help to empo%%pr pupils to deal with mental health issues and run courses for hrts Avftrds activities We are also able to provide tea dances for people living with Dementia, provide practitioners to go into care horne5 and run activities for the resldents. Family Festival - each year we run a Family Festial kne V run a full range of all types of actTVities for all ages. Actmties include drama, pupFEtry, darKe, Creati vffjrkslws and many more. Syma Short - rece?NE fundlng towards transp(rt costs for pupils from schcL)Is to enable tkem to attend The Courtyard and partklpate in drama vffjrkslws and perf¢anCeS and to attend live 5how5 as well. Chwch Street - provlde u5 Vrith 5UPWt fundingfor our Youth Theat producti(ms, enabling them to experience appearing on the Maln stage in an In Hwse 0dtIOn Vlsual Arts - provide us funding to 9JPm and mentor up and c(Kning art15ts, vtho are selected via a competition to proth work 0r a 12-month perfod vA)ich culrninates in an Exhibition of tlEir Vrk at the Courtyard. D M Thomas- provided us with funding to source and fit a hoist and changing bed, this viill enable more children with disabilities to attend TIE Courtyard and participate in some of EdatIOn and Outreach projects. tjeveiopment - We have received funding to expand Cwrtyard to enable us to provide additional space for courses and classes and perfonnance space for our Ywth Theatre and other local group5. We will also be extending our Café Bar, the additional rts)m that thls wll glve us will help to keep our sustainability for the future, along with an imwoNEd retail area vlwe v wlll be able to offer sd5 from local artists. Kackstart - funding VRS awarded by ACE to those organisations that had already received Capital Funding, in our case for the Develo[ent. The funding was to be used to help Covid sxoof tlE building as VRII as fltting out the areas altered by the Development. Garfield Weston Culture Fund - funding was granted to allow us to restart our work both in the building and digltally and to make critical adaptions and imwovements to our diwtal infrnstnjcture. 30 1 Page contlnued...
The Court d TNst Notes to the Consolidated Flnancial Statements - cilntinl for the Year Ended 31 l•arch 2025 24. RELATED PARTY DISCLOSURES During ttr year, the Trust made purchases totalling £Nil12024: £18.252) and sales of £Nil (2024: £Nill to the X- Entricity Theatre Company. Trustee S Liddle is a member of the X-Entricity Theatre Company. There were no aMntS outstanding at the balae sheet date £Nil (2024: £Nil). During the year the Trust made wrchases totallinq £3,080 {2024: £80)} and sales of £747 {2024: £6221 to The Hey Yahs. Trustee Steve Liddie 15 a member of the band. There was £Nil balance omed to the Trust at the balance sheet date R024: £7471. During the year the Trust made sales totalling £Nil12024: £1,680} to The Hereford Academy in relation to drama classes Trustee Bruce Freeman is Chair of Governors at The Hereford ka&¥my. There vEre no amounts outstanding at the balance sheet date £Nil12024: £Nil). During the year, t Group made sales totalling £Nil 12024: £1.5001 to Cot5V+vld Mini in relation to advertising. Trustee 5 Liddle is Head of Sales at cots1>[d Hereford. Ttrere were no amounts outstanding at balance sheet date CNil (2024: ENill. 25. PROVISION FOR LIABILMES AND CHARGES Group 31.3.25 Charity 31.3.24 Group 31.3.25 Charity 31.3.24 Deferred tax In connection viith accelerated capital allovftnces, movement in year -£6,079 {2024: £1,665). 26. LIABILrrY OF THE MEMBERS Every memkRr of the cornpany undertakes to Contri1te an amount not exceeding £1 to the assets of the cffiipany in the event of the company being V+Thind up while FElshe is a mernber, or within one year after he15he ceases to be a member. This contribution is for te payThent of the debts and liabilities of the company contracted before helshe cease to a member and of winding up the company.