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 ￿C￿nta￿ Ltd Chartered Accountants Statutory Auditors 2 Wyevale Business Park Kings Acre Hereford Herefordshire HR4 7BS The Cou ard Trust Contents of t￿e 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 FIna￿la1 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 TrU￿EEs 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 ACc￿ntancY 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 ￿rp￿e5 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 C￿ntY 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 ed￿atIon 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 gUIda￿e Issued by the Charity coryynissi￿wS 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 be￿It. During 2024-25, The C￿rtyard 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 Heref￿dShlre 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 audIer￿eS of all ages. The concerts and stage perfom)ances presented combine professional events. iKluding classical plays and dramatic modem P￿f0m1ances, wlth amateur community event5, tribute bands, original bands, comedians, dance, Y￿th 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 t￿atre, 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 st￿170 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 ot￿r5. The films shown range from Hollywood blockbusters to small art house Mo￿e5 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 de￿EntIa continued to grow. ensuring that tFe arts remained accessible and inclusive to all. Our Youth Theatre and participation programmes thrived. with I￿nthed5 of young people taking part fn V￿rkShOps. classes and perfomances. Tr5e activities not only developed skills in drama, music and movement, t￿t a150 built confidence, resilience and s￿la1 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. CollabC￿a￿0n5 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 T￿atre - Cornmunity Ywth Theat￿s- Ross and Ledbjry, and Brumyard Dancing Tots Film Club - TalkAwayDontWalkAvMy: The Cwrtyard's Mental F￿aLth Fwramme - Inclusfve Project: this project is ￿)W fun(kd by ￿k￿f0rd City Council and the s￿lMe￿$ 5ell-our Be a Star was a huge 5ucce55 The c￿4rt 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 v￿k 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* V*Drked 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 C￿rtyard 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 leN*l 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 throUgh￿t the auditoria. Audfence Growth Overall audience numters rose ccmpared to the previ￿5 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 invOl￿d in the comrnunity and is dependent on Tr*l)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 t￿dget. 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 reviev*d and monltored against ACES lets C￿ate 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 t￿08ramme. The Couityard produced and held productions tI￿oUgh￿t the 2024125 Feriod WIth￿t interruption and the program￿ included commissiorEd, Fffjgrammed and hired pieces. Tlkk vast fwantity of work V*hich 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 nUm￿r5 wpre excellent, and the trend cont]nL￿d 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 thrc1Jgh￿t 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 red￿ing 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 '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 Rep￿ting 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. r￿uP 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 bet*Een the Charity and its subsidiary have been eliminated on consolidation. A separate statement of financial activities and incorne and expenditure aCc￿nt 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 reS￿rCeS 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 wui*nt 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 0￿e the charity has entitieffent to the funds, it 15 probable that the incorne will ￿ received and the amojnt can be measired reliably. Voluntary I￿l￿ne 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 recogni*d 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 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 BETr￿F[[S There %*Ere no trustees. remuneration or other be￿fitS for the year ended 31 hlarch 2025 nor for the year ended 31 March 2024. Trustees. expenses Expenses of £43812024." £Nil) were re1mP￿r￿d 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. Contin￿1... The Court ard Trust Notes to the CcKtsolidated Financial Staterrents - contin￿1 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, F￿ad of Finance. Commerclal Manager, Associate Director. Head of Sales & Communications, 0￿ratiOnS 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 h*tsrch 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 Cl￿rtyard 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 retalr*d In I (loss ab50rt>ed by) subsidiary The assets and liabilities of the wbsidiary v￿re. 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 C￿rtyard Trust for £70,57412024: £23.209) and Other income of £Nil12024: £Nil). 22 1 Page continE*d... The Court ard Trust Notes to the c￿S011dated Financial Statements - cimtin￿l 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 - c￿tin￿l 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 St￿et £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 nurn￿r: 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 mc￿leS 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 Contin￿1... The Court ard Trust Notes to the Consolldated Financial StateThEnts - contin￿1 for the Year Ended 31 March 2025 21. LEASING AGREEMEKrs Minimum lease Pa￿entS 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 - contin￿1 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 f￿ded 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 contIn￿l... The Court ard Trust Notes to the C(msolidated Flnandal Statements - C¢￿tInl￿d 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 F￿d 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 coU￿ll 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) cOntin￿d... 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 lxbtW￿n 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 d￿r British Film Institute Education & outreach Sylvla Short D M Thomas Foundatlon Visual Arts - Hereford City COU￿11 Development - Loan balance Committed restricted fixed a55et fund5 The Elmley Fcyjndation - Older People's Activity ses51￿lS 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 (20,1￿0) 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 - contin￿1 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, e￿ndIture imirred during tIE year TS shown above. During the JEar. transfer bet￿￿en 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 Festi￿al 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 ￿0d￿tIOn Vlsual Arts - provide us funding to 9JPm and mentor up and c(Kning art15ts, vtho are selected via a competition to proth￿ work 0￿r a 12-month perfod vA)ich culrninates in an Exhibition of tlEir V￿rk 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 Ed￿atIOn 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 v*lwe v* wlll be able to offer s￿d5 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 - cilntin￿l 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 aM￿ntS outstanding at the bala￿e 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 Contri1￿te 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 t￿e payThent of the debts and liabilities of the company contracted before helshe cease to a member and of winding up the company.