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2024-03-31-accounts

Registered Charity No: 1000799 Company No: 2535040

THE OILY CART COMPANY (Limited by Guarantee)

TRUSTEES' / DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024

TRUSTEES’ / DIRECTORS’ ANNUAL REPORT FOR THE YEAR ENDED 31[st] MARCH 2024

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CONTENTS
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  1. Objectives & Activities

  2. Objectives & Activities Page 2 2. Public Benefit Page 3 3. Achievements & Performance Page 4 - 12 3.1 Shows & Creative Projects Page 5 - 8 3.2 Exploration Page 8 - 9 3.3 Creative Diversity Page 9 3.4 Driving Change Page 10 3.5 Resilience Page 10 - 12

  3. Financial Review 2023-24 Page 12 - 13 4.1 Financial Review Page 12 4.2 Going Concern Page 12 4.3 Investment Powers & Policy Page 12 4.3 Reserves’ Policy Page 13

  4. Future Plans Page 13 - 14 6. Structure, Governance & Management Page 14 - 15 6.1 Governing Document Page 14 6.2 Governance & Management Page 14 - 15 6.3 Related Parties Transactions Page 15 6.4 Risk Management Page 15

  5. Reference & Administrative details Page 16 - 17 8. Independently examined financial statements Page 18 - 28

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1. OBJECTIVES & ACTIVITIES

Oily Cart continued to pursue its core mission to reimagine theatre for all babies, children and young people to enjoy, with a particular focus on D/deaf, disabled and N/neurodivergent babies, children and young people who experience the most barriers to access.

The company strives to achieve its mission through five core objectives:

SHOWS and CREATIVE PROJECTS :

To produce high-quality theatrical experiences created for and with D/deaf, disabled and N/neurodivergent babies, children and young people who experience multiple barriers to access, across the UK and internationally.

EXPLORATION :

To push the boundaries of sensory performance practice through research, collaboration, and artist development.

CREATIVE DIVERSITY :

To widen the diversity of perspectives in creating our work to enrich our working practices and make our output more relevant. To remove barriers for communities who are under-represented in our audiences and the wider theatre sector.

DRIVING CHANGE:

To advocate for and with disabled individuals to champion their right to lead active cultural lives. Advocating with our community for climate action.

RESILIENCE :

To make sustainable choices and develop a dynamic business model that grows and nurtures our resources (people, assets, finances, technology and those of the planet). These resources will allow us to be innovative and responsive in a rapidly shifting global context.

“‘Leave your words outside the door. Listen with all your senses.’ Lots of what you did during the show supported this important philosophy.” ( Teacher feedback on When The World Turns).

“[My favourite thing was] joining in and being loud which is usually not accepted in other shows so it was brilliant and beautiful” ( Audience feedback on The Lost Feather).

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2. PUBLIC BENEFIT 9

The charity confirms that the Trustees have considered the Charity Commission's guidance on The charitw public benefit, including the guidance on public benefit and fee charging.

Oily Cart’s purpose is to create theatrical artistic experiences that benefit the public, in particular disabled babies, children and young people. By ensuring each experience is as accessible as possible and of the highest quality, the charity achieves benefits that include:

“It was a wonderful experience for us and gave us the opportunity to access the theatre.”

(Delamere School on When The World Turns)

In 2023-24 we continued to provide a flexible programme that could give families more access and more choice in the way they experience theatre. This programme, which sees us presenting shows in different formats, allowed us to reach a total of 2,885 beneficiaries in person in the year (compared to 2,389 in 22-23 – a figure which fluctuates depending on the specific models delivered). By taking work to new settings, such as libraries, we were able to reach a wider demographic of people who might otherwise not experience the benefits that Sensory Theatre can bring.

The company relies on grants as well as earned income from fees (from venues and programmers) to cover its operating costs. In setting the level of fees, the Trustees give careful consideration to the accessibility of the work to the public, especially those in the most challenging situations. In the past year we have continued to deliver work directly to children in schools, as well as performances to families in community spaces and festivals that are either low-cost or free of charge. In addition we significantly subsidised fees to children’s hospices.

For all public events, we ensure adjustments are made to remove as many barriers as possible. For all models of delivery in 23-24, we provided preparation resources in advance, which included visual guides, video and audio-based resources, as well as touch maps. We took the work to places where young people were best supported and could feel at ease. We provided further resources for parents / carers and teaching staff to ensure they felt comfortable and confident in engaging in the activity. Rigorous health & safety protocols continued to be followed to ensure all beneficiaries remained safe.

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3. ACHIEVEMENTS & PERFORMANCE: 2023-24
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In the past year we extended our reach to many new places across the UK, engaging many families who had never been to the theatre before. The top words families used to describe our shows were “engaging”, “amazing”, “immersive”, “inspiring”, “sensory” and “inclusive”.

In this challenging economic and environmental climate, we strove to make the most of our resources. We adapted two shows created during the pandemic, The Lost Feather and Space to Be , to extend the life of these shows and reach new audiences in new settings.

The year kicked off with an 8-week tour of The Lost Feather , which fulfilled our aim of touring a more flexible show to smaller venues and community settings. Not only was this loved by audiences, but it also reached a different demographic, with many lower-socio economic families able to discover the joy of theatre for the first time. This tour culminated with shows at two family festivals.

We were thrilled to bring our sustainable international co-production When The World Turns (cocreated with Polyglot Theatre, Australia) to UK audiences for the first time. Using the original show ‘blueprint’ we re-created this biophilic show, transforming specialist schools into immersive natural wonderlands, filled with hundreds of live plants.

Towards the end of the year, we engaged our youngest-ever Associate Artist, Greta McMillan who we look forward to working with over the next year.

In 2023-24 our key achievements were:

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3.1: SHOWS and CREATIVE PROJECTS CM

This was our second year of testing a new ‘flexible programme’ directly in response to family feedback and our Uncancellable Programme report.

THE LOST FEATHER

Toured: 30th May - 27th August

Following the success of The Cart (delivered in 2021-23), we wanted to extend the impact of this project by developing it into a new sensory storytelling show. Using the original story “The Lost Feather” that was contained within The Cart and working with co-lead artists Amani Napthali (original co-writer), and storyteller Usifu Jalloh, we redeveloped the project for community settings including libraries, hospitals and small community venues.

AUDIENCE ENGAGEMENT & FEEDBACK

Feedback from families was overwhelmingly positive. Comments included:

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WHEN THE WORLD TURNS

Toured: 9th October - 24th November

We’re growing a new world: enter a living, breathing landscape to touch, smell and explore together. When the World Turns invites disabled children of all ages who experience the most barriers to access, and their adults, to connect with nature and each other. In this sensory show, you can feel things happen all around you, but you can also make things happen. Play and discover together, surrounded by live plants, music, scents, sounds and shadows. The show is an immersive, close-up, interactive experience, where we are all important parts of the ecosystem. The world will be different because you are here.

Following the successful premier of this show in Melbourne, Australia, we adapted this for touring to specialist schools across the UK. Based on the original ‘blue-print’ we tailored this for touring to these specific settings, working with a UK-based creative team. In 2024-25 we will further develop this to create two new versions that can tour UK venues and family homes.

AUDIENCE ENGAGEMENT & FEEDBACK

Again, teacher feedback was extremely positive – on both the impact in engaging disabled children, and the impact for staff. Comments included:

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Australian performances in 2023-24:

Our co-producing partners, Polyglot, continued to deliver this co-production in Australia to codirect this new production.

AUDIENCE ENGAGEMENT & FEEDBACK

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SPACE TO BE HOSPICES Touring: January 2024

We continued to make our adapted ‘At Home’ show available for children’s hospices.

PARTICIPANT ENGAGEMENT & FEEDBACK

Audience engagement & feedback from hospice staff:

3.2. EXPLORATION

Pushing the boundaries of sensory performance practice through research, collaboration and artist development

“To find something that is not just accessible, but designed for her to enjoy was incredible. Every fine detail was considered from physical access and inclusion to sensory stimulation and enjoyment.” (Family feedback from Joyride R&D).

Exploration is a vital part of our process. Creating time and space to test out new ideas, enables us to push the boundaries of the artform, and find new, creative ways to remove barriers for disabled children and artists to engage in our work – ultimately leading to more exciting, more relevant and more inclusive shows.

Key activity in this area in 23-24 included:

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Family feedback from R&D:

3.3. CREATIVE DIVERSITY

Inviting diverse perspectives to enrich all of our working practices

Oily Cart continued to champion best practice in representation by:

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3.4 DRIVING CHANGE

Advocating with and for the rights of D/deaf, disabled and N/neurodivergent children who experience the most barriers to access to lead active cultural lives.

As part of this strategy:

3.5 RESILIENCE

Making sustainable choices that nurture our resources (creative, financial, organisational and the planet). These resources will allow us to be responsive to our audiences’ changing needs.

DIGITAL RESOURCES

The company took a more strategic approach to social media, which led to the development of a Communications Strategy in January 2024. We also began reporting digital activity in a new way, tied to the organisation’s mission and aims. The company’s accessible website www.oilycart.org.uk remained an effective resource for the company and its audiences.

Summary statistics:

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STAFFING

CLIMATE CRISIS

Our identifiable footprint was 14 tonnes CO2e, which represents a 46% drop in emissions compared to the previous year (26 tonnes CO2e) and a drop from pre-pandemic levels (e.g. 36 tonnes CO2e in 2019-20). Levels of emissions fluctuate year on year depending on the project delivery, and whether international touring is included. Year on year comparison is further complicated due to data reporting tools evolving, however the company’s new “sustainability working group” will continue to monitor these differences in more detail, striving to reduce the company’s environmental impact wherever possible.

Graph depicting the breakdown of the company’s known emissions in 23-24

Areas of development included:

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to look at ways we can continue to tour the show whilst keeping our carbon footprint to a minimum.

EVALUATION

We continued to make strategic decisions, and evaluate our work, in line with our Theory of Change model. This provides clarity in our mission and objectives and allows us to review our assumptions and ensure the company remains on track.

We evaluated all our work, and signed up to the Audience Agency’s “Impact & Insights” evaluation platform which ensures our work is consistently measured on an industry-wide set of metrics, allowing us to benchmark our impact, as well as ensuring each project is peer reviewed.

a>: 4. FINANCIAL REVIEW 2023-24

4.1 Financial review

The detailed figures are included in the Financial Statements. At the year end, the accumulated surplus on the General Fund after fund transfers was £188,035 (of which £3,280 is Fixed Assets and £184,755 is net Current Assets). The company also carries forwards a restricted fund of £283,000 arising from grants awarded for future work, as well as a designated Creative Fund of £15,000, in order to support future work, as detailed in the reserves policy below.

The principal funding of the Charity’s activities continues to be fees (charged to venues and programmers) from performances given in schools and theatres, as well as public subsidy received from Arts Council England and London Borough of Wandsworth. The Charity continued to attract generous support from major charitable trusts and foundations.

The security of continued Arts Council England funding as a National Portfolio Organisation has played a vital part in maintaining the viability of the company at such a critical time, and in maintaining confidence of other funders in Oily Cart’s work. The company is currently funded until March 2026, and has been invited to apply for an extension year.

Debtors and net assets have increased significantly during the year which is due to the restricted funds that are receivable but not yet received in cash from the The National Lottery Community Fund and Paul Hamlyn Foundation.

4.2 Going Concern

After making enquiries the Trustees / Directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

4.3 Investment powers and policy

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish. To the extent that cash balances exceed short term needs they are invested in deposit accounts.

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4.4 Reserves Policy

The level of free reserves held in the General Fund at 31st March 2023 is £188,035, which comprises free reserves within the General Fund of £184,755 (not including fixed assets of £3,280) and the Creative Fund of £15,000 which is designed to support the company’s future creative work (see detail below). At the year-end the company also held a Capital Fund of £213,822, which represents the past funding of the leasehold premises improvements.

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the company, at a level which can ensure the sustainability of the charity through periods of change, uncertainty and financial challenges. This is deemed necessary as a substantial part of the charity’s funding is from trusts and foundations and there is no certainty that the level of funding required to continue and develop the Charity’s activities will be received. In setting the level of required reserves, the Trustees have considered the costs to which the company is committed on a regular basis, and the length of that commitment (usually between 3 – 6 months). This includes, but is not limited to, the lease on the company’s premises, supplier contracts, core staff contracts, freelance and performer contracts. Additionally, the Trustees have considered the timelines and commitments the company undertakes when booking its productions and the potential costs required to underwrite these key commitments for a period of 6 months. The Trustees have also taken into consideration the expected cashflow of the company over the year ahead. The Trustees deem that the target level of free reserves to support this policy is £185,000. The company’s General Fund is available for the general purposes of the Charity. The Trustees’ policy has been to build the reserves where possible, particularly in the current economic climate.

Creative Fund

The purpose of the designated Creative Fund is to set aside monies for future expenditure on strategic artistic activities where we foresee that we may have an income shortfall during the period 2024-26. This takes into account the fact that the company’s new business model of delivering a programme that includes smaller scale ‘At Home’ shows will affect the level of income received through Theatre Tax Relief.

5. FUTURE PLANS: 2024-25 ,

A World Beneath Us

We will work with Associate Artist Greta McMillan and Associate Director Natalya Martin, as codirectors of this new ‘At Home’ show, inspired by When The World Turns .

When The World Turns & Great Big Tiny World

We will continue to develop When The World Turns (co-production with Polyglot, Australia) for UK audiences. In 24-25 we will take this to UK public venues for the first time. We will also develop a new version for baby audiences.

Space to Be: Hospices

We will continue to promote this project to hospices across the UK and respond to demand.

Joyride R&D

We will continue to develop Joyride in collaboration with co-producers Ockham’s Razor. This will include at least 1 further week’s R&D to test elements of ‘positive risk’ with local families. Subject

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to successful fundraising / commissioning, we aim for this kinaesthetic production for disabled children to tour in Summer 2026 or 2027.

Tactual R&D

We will continue to develop our partnership with two Swedish producing theatres, Folkteatern Gavleborg and Estrad Norr, to develop a new show. Tactual will start life as an ‘At Home’ show, and build to a touring sensory exhibition. The starting point for creative exploration is the theme of non-visual beauty.

Aquatic Symphony R&D

We will continue to work with former collaborators Independent Arts Projects and composer Shiori Usui, to develop a new show that can tour to hydrotherapy pools. In 24-25 we will focus on testing elements of this work with families.

Associate Artist

We will continue to support Greta McMillan through 2024-25 – an extended timeline that will allow us to address multiple barriers to access.

Thought Leadership

6. 6. STRUCTURE, GOVERNANCE AND MANAGEMENT

6.1 Governing Document

Oily Cart is a registered charity (registered with the Charity Commission) and a company limited by guarantee, governed by its Memorandum and Articles of Association.

6.2 Governance & Management

Oily Cart continued to benefit from having effective financial monitoring systems in place, and a successful fundraising programme. The company has a strong and dedicated Board with a diversity of relevant skills and experience.

The Trustees are continuing planning for the retention and succession of Trustees. New Trustees are elected to the board by existing members, following an initial induction and observation process. The new trustees then undergo a full induction and training process to brief them on their legal obligations under charity and company law, the company’s board policy, the Memorandum and Articles of Association, safeguarding, the committee and decision-making processes, the strategic plan and recent financial performance of the charity. Trustees are encouraged to undergo regular internal and external training when this will facilitate the undertaking of their role.

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The key management personnel of the charity comprise the members of the Board, the Artistic Director (Joint CEO) and the Executive Director (Joint CEO). The Board of Trustees administers the charity. The board meets a minimum of four times a year, and the Finance and General Purposes Sub-Committee meet at least once in between each meeting. Senior Management, who are subject to appointment by the board, are responsible for the day to day running of the Company and operational matters including finance, employment and artistic performance and strategy. New staff / board working groups are currently being set up to further increase oversight on key company areas including Evaluation and Environmental Responsibility.

The organisation benchmarks salaries and fees for all personnel within the organisation, including Key Management personnel, with the wider independent theatre sector. Changes to levels of pay for employees can be made in line with the benchmarking process and the annual appraisal process that all permanent employees complete. Salaries are reviewed annually, subject to the approval of the Board.

6.3 Related Parties Transactions

Other than the payments to key management personnel as disclosed in the financial statements, the charity had no related party transactions.

6.4 Risk Management

The Trustees’ risk management strategy comprises:

The Trustees have identified and reviewed the major risks to which the charity is exposed on a regular basis. Particular risks that are being regularly monitored include:

The Trustees are satisfied that systems are in place to mitigate the charity’s exposure to the major risks. Company policies and procedures are closely monitored as is the company risk register, which provides the impetus for better organisational planning. A key element in the management of financial risk is the setting of a reserves policy and its regular review.

The Trustees foster an environment in which the creative team are able to take appropriate artistic risks as part of the development and innovation of new artistic approaches.

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7. REFERENCE & ADMINISTRATIVE DETAILS

The Trustees/Directors present their report, together with the independently examined financial statements of the charitable company, for the year ended 31st March 2024.

Charity Number: 1000799 Company Registration Number: 02535040 The Company’s Registered Office: Smallwood School Annexe, Smallwood Road, London SW17 0TW

DIRECTORS & TRUSTEES

The Directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. The Trustees who served during the year and since the year-end were as follows:

Lisa Mead (Chair. Resigned on 17 July 2023) Taiwo Dayo-Payne (Interim Chair from 17 July 2023) Philip Barden David Bickle (resigned on 17 July 2023) Linda Davidson Sue Kingscote Rita Ray April Sethi Charlotte Wood

SENIOR MANAGEMENT

Artistic Director & CEO: Ellie Griffiths Executive Director & CEO: Zoë Lally

BANKERS:

HBOS CAF Bank Ltd Charity Bank Ltd.

INDEPENDENT EXAMINERS

Bridget Kalloushi ACIE Independent Examiner 6 Linden Road Muswell Hill London N10 3DH

A resolution was proposed at the Annual General Meeting that Bridget Kalloushi ACIE be reappointed as independent examiner to the charitable company.

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SMALL COMPANY EXEMPTIONS This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small Companies. This report was approved by the Board of Trustees on 2nd De￿mber 2024 and signed on its behalf by: TAIWO DAYO-PA NE Chair of TrusteeslDir8Ctors 17

THE OILY C,ART COMPANY Page18 (Limited bpy Guaranlee) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OILY CART COMPANY FOR THE YEAR ENDED 31st MARCH 2024 I report on tlie finaiicial stat¢inents for the )'ear ¢nded 315t March 20?4 whicli are s¢t out on ?agcs 19 to 28. Respective responsibilities of Irustees and examiner The trustees (who are also the directors of the company for tlie purposes of companv law) are responsible for the preparation of tlie accounts. The truslces considei. that an audit is noi rcquired for this year linder section 144(2) of the Charities Act 2() I l (tlie ?0 I l Act) and tliat an ii)dependeni ¢xamindtioi? is needed. The charity's BI'OSS iiicoine exceeded £250.000 aiid l am 9valifAed io undertake ihe ¢xaininaLion bv bL'ing a qLialified membLr of the InstilLIEC of Chartered Accouiitants ivl LIi&Fland aiid Wal¢s. Havin&y salisified myself that ihe ¢harity is not siibject to an audit under company law and is eligyible foi. independent examination, it is my responsibil ity ta.. examine the accounts under sectii)n 14$ of the 201 l Act. follow the pro¢edi)res laid down in the General Directions given by tlie Cliarity Comin ission 14_S{S)(b) of the 201 l Act, and State ivl)eiher particular inatteis liave coine to my attention. Bgsis of IDdependen¢ txamlner's 5tgtement My ¢xaiiiiiialioi) w&5 carried oul in aLLoi-danLe willi Generdl Dii'ectiuns gi*en by the Charity Cuininission, An ¢.X<iminalioii includes a review of the accountingv record5 kept by thc charity and a comparison ot. the aCCOLints pirsented wiE11 those records. It also includes consideration of any unusual itenis or disclosui'es iii the accounts. and s¢eking explanulions from yvu as triisEe¢5 ¢onceming any SLEch rniltlers. I'lie prolvdiires underlakeii do not provide all tlie evidence that would be reqiiired in an nudit. and conseqLieiitly no opihion is given as to wliether the accounts present a "true aiid fair view" and tlie report is limited to tliose matters set out in tlié qtatement helnw. IndependeDt examiner's $tatement In CL)nneLlion with my exaTnination. no matter has come to Iny attention.. l. which give.s me reasoFiable caL15e to believe t1￿1 in any material respect. tlie requii'cments: to keep accountiiig recoirls in accord￿]ce wiLlI seciioii 3 86 uf ili¥ Cornpanies Act 2006. and r• to pi"epare accounts ivhich accord witli the accoiintiiig records, comply with tli¢ dcroiintin requirejnents of section 396 of thc Coinpanies A¢t 2006 and with the Inethods and principles of il)¢ Statement of R¢¢oinm¢nd¢d Pi7ctic¢: Accounting a]id R¢porting by Charities hav¢ not been imet, or ? to wh ich, in Illy opiiiion. attention shoLLld b¢ drawn in order to enable a proper understanding of the accolinls lo be reached. Bridget Kallc)ushi ACIE Independent E.Yaminer 6 1.inden Road London NIO 3DH 2nd December ?024

Page 19

THE OILY CART COMPANY

(Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MARCH 2024

note
INCOME from
Grants and Donations
2a
Investments
2b
Charitable Activities
2c
Other Income
2d
TOTAL INCOMING RESOURCES
2e
EXPENDITURE ON:
Charitable Activities
3
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE)
BEFORE TRANSFERS
TRANSFER BETWEEN FUNDS
From Capital Fund
From (To) Designated Fund
NET INCOME / (EXPENDITURE)
AFTER TRANSFERS
FUND BALANCES at 31st March 2023
FUND BALANCES at 31st March 2024
£
note		 General
Designated Restricted
Funds
Funds
Funds
414,127
-
278,150
3,891
-
-
81,676
-
-
5,000
-
-
504,694
-
278,150
570,209
-
99,701
570,209
-
99,701
(65,515)
-
178,449
20,230
-
-
45,000
(45,000)
-
(285)
(45,000)
178,449
188,320
60,000
104,551
188,035 £
15,000 £ 283,000 £
5b
5d
5c		 Capital
Funds
-
-
-
-
-
-
-
-
(20,230)
-
(20,230)
234,052
213,822 £
5a		 Total
Funds
2024
692,277
3,891
81,676
5,000
782,844
669,910
669,910
112,934
-
-
112,934
586,923
699,857 £		 General
Designated
Funds
Funds
506,536
-
1,304
-
69,275
-
8,053
-
585,168
-
591,954
-
591,954
-
(6,786)
-
20,230
-
(10,000)
10,000
3,444
10,000
184,876
50,000
188,320 £
60,000 £		 Restricted
Funds
171,107
-
-
-
171,107
131,663
131,663
39,444
-
-
39,444
65,107
104,551 £		 Capital
Total
Funds
Funds
2023
-
677,643
-
1,304
-
69,275
-
8,053
-
756,275
-
723,617
-
723,617
-
32,658
(20,230)
-
-
-
(20,230)
32,658
254,282
554,265
234,052 £
586,923

This statement of Financial Activities includes all gains and losses recognised in the year. All Income and Expenditure derives from continuing activities.

THE OILY CART COMPANY (Limited by Gmaranlee) BALANCE SHEET AS AT 31st MARCH 2024 Page 20 2024 2023 FIXED ASSETS Leasehold Premises Improvements (note 4a) Equipment (nore 4b) Motor VehiLles (nole 4L) 213,822 558 2,722 217.102 234,052 744 4.230 239,026 CURRENT ASSETS Debtors (iiote sc aiid note l O) Casli at bank and in liand 29f),327 215.39() 511,717 2$3.9_19 386,303 CURRENT LIABILITIES C.r¢ditors Aniounts falling du¢ Th'ithiIi one !¢ar (not¢ I l } EXCESS OF CIIRRENT ASSETS OVER CURRENT LIABILITIES EXCESS OF ASSETS OVER LIABILITIES {28.962) 482,75.S 699.857 £ (38.406) 347,897 586,913 R¢pr¢s¢ntid bv: INCOME AND EXPENDITIIRE ACCOLINT I GENERAL FLND (note Sb) CAPITAL FUND {no¢e 5a) RE.STRICTED FUNDS (note Sc) DF,SI(:NATF.D FIJND (liote .Sd) 188.035 213.822 283,000 15,000 188,320 234,052 104,5.51 60,000 TOTAL CHARITY FUNDS 6()l),X57 £ 586.923 F(?r the vedr ending 31 sl MaT¥h 2024 the compan), Ivas entitled to exemption from audit under scLliun 477 ofihc CuFnpanies ALt 2006 relating to small companies. Dircctors, rcsponsibilities: The iiiembers have not required the companv to obtain an audit ot-its accounts for the year in qucstion in accordance with section 476: The directors ackiiowledge their respoiisibilities for coinpls'ing wilh tlle r¢quir¢ments of ihc Act with respect to accounting records and ihc preparation ofaccounis. These linuncial %talemerJts have been prepared in accordance with thi provisi()ns of the Companies Act 2006 applicable lo compdnies subject to ihe small cnmpanies regime. TIIL financial staiLmcnls w'er¢ approvcd by tlie Board of Trust¢¢s on 2nd D¢Leinber 2024 and signcd on its bchalt. by { Dir¢ctor l TrusteL TAIWO DAYO-PAYNE

Page 21

THE OILY CART COMPANY (Limited by Guarantee)

STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31st MARCH 2024

CASH FLOW FROM OPERATING ACTIVITIES
Net Income for the reporting period
Funds awarded for future periods (restricted)
Depreciation / Amortisation
Decrease / (Increase) in debtors
(Decrease) / Increase in creditors
Net cash inflow (outflow) from operating activities
NET CASH MOVEMENT
Cash at 1st April 2023
Cash at 31st March 2024
NET CASH MOVEMENT
£		 2024
2023
(65,515)
(6,786)
178,449
39,388
112,934
32,602
21,924
21,887
(163,963)
(105,613)
(9,444)
(38,441)
(38,549)
(89,565)
(38,549)
(89,565)
253,939
343,504
215,390
253,939
(38,549)
£
(89,565)

Page 22a

THE OILY CART COMPANY (Limited by Guarantee)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2024

1 Accounting Policies

a Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2019) - (Charities SORP FRS 102), and the Companies Act 2006.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

b Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

c Tangible Assets

Individual fixed assets costing £1,000 or more are capitalised at cost.

Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

d Incoming Resources

All incoming resources are included in the Statement of Financial Activities when:

Income from performance fees is included in the Financial Statements for the period in which the relevant performance takes place.

Grants for core activities are included in the year to which they relate.

Grants from Trusts and Donors are recognised as income in the SOFA in the year in which they are received. Any such income that is received for projects to be undertaken in future periods is carried forward as a restricted fund.

The Income and Expenditure account recognises the income applicable to the year's activities.

Interest receivable is included when received by the Charity.

Page 22b

THE OILY CART COMPANY (Limited by Guarantee)

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

e Expenditure

Expenditure is recognised on the accruals basis. All costs which can be directly attributable to charitable activities are allocated thereto.

It is not considered that any purpose would be served in apportioning support costs

(ie. overheads, administration expenses and staff salaries) to particular charitable activities, as to do so would be arbitrary and could be misleading.

f Fund accounting

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

g Taxation

The Company, as a theatre production company, is entitled to claim Theatre Tax Credit. As a registered Charity (1000799), it is exempt from taxation on investment income applied for Charitable purposes and from taxation on capital gains. The company is standard rated for VAT. The VAT number is 466440930.

h Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.

Cash at bank and in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquistion or opening of the deposit or similar account.

j Creditors and provisions

k Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, which is the same as settlement value.

Page 22c

THE OILY CART COMPANY (Limited by Guarantee)

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

l Significant Accounting Estimates and Judgements

The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually.

m Pensions

The company contributes to a defined contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due.

n Reserves Policy

In setting the level of reserves, the Trustees have considered the costs to which the company is committed on a continuing basis and the length of that commitment.

See note 5 for details of each reserve.

Page 23

THE OILY CART COMPANY

(Limited by Guarantee)

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

2 Statement of Financial Activities - Analysis of Income a Grants and Donations

Unrestricted
Funds
Grants for Core Activities - Public Bodies
304,147
- Trusts
109,701
Other Donations
279
£
414,127 £
b Investment Income
Bank Interest
£
3,891 £
c Incoming Resources from Charitable Activities
Fee Income from Productions
44,531
Theatre Tax Credit
37,145
£
81,676 £
d Other Incoming Resources
Sundry Income (inc reimbursed expenses)
£
5,000 £
TOTAL INCOMING RESOURCES
£
504,694 £		 Restricted
Funds
-
278,150
-
278,150 £
- £
-
-
- £
- £
278,150 £		 Total
2024
304,147
387,851
279
692,277
£
3,891
£
44,531
37,145
81,676
£
5,000
£
782,844
£		 Unrestricted
Funds
303,348
201,849
1,339
506,536 £
1,304 £
59,724
9,551
69,275 £
8,053 £
585,168 £		 Restricted
Total
Funds
2023
-
303,348
171,107
372,956
-
1,339
171,107 £
677,643
- £
1,304
-
59,724
-
9,551
- £
69,275
- £
8,053
171,107 £
756,275

Page 24

THE OILY CART COMPANY

(Limited by Guarantee)

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

3 Statement of Financial Activities - Analysis of Expenditure Charitable Activities

Unrestricted Restricted
Funds
Funds
Direct Activities Costs
227,605
94,675
Advertising, Publicity and Marketing
19,651
-
Staff Salary Costs (inc. Artistic salaries)
209,067
4,800
Depreciation / Amortisation
21,924
-
Other Support Costs - administration,
overheads etc
86,275
226
Legal and Professional Costs
5,687
-
£
570,209 £
99,701 £
TOTAL EXPENDITURE
£		 Total
Unrestricted
2024
Funds
322,280
276,540
19,651
16,290
213,867
199,800
21,924
21,887
86,501
71,019
5,687
6,418
669,910
£
591,954 £
669,910		 Restricted
Total
Funds
2023
131,663
408,203
-
16,290
-
199,800
-
21,887
-
71,019
-
6,418
131,663 £
723,617
£
723,617

Page 25

(Limited by Guarantee)

THE OILY CART COMPANY

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

4 Fixed Assets

a Improvements to Leasehold Premises (see also note 5a)

Cost:
As at 31st March 2023
Additions during the year
Less:
Amortisation as at 31st March 2023
Amortisation charge for the year to 31st March 2024
NET BOOK VALUE at 31st March 2024
b Equipment
Cost:
As at 31st March 2023
Additions during the year
Depreciation: As at 31st March 2023
Charge for year to 31st March 2024
NET BOOK VALUE at 31st March 2024
c Motor Vehicles
Cost:
As at 31st March 2023
Additions during the year
Depreciation: As at 31st March 2023
Charge for year to 31st March 2024
NET BOOK VALUE at 31st March 2024
Fund Balances
a Capital Fund(established for Building Fund for Improvement to
Leasehold Premises)
Balance at 1st April 2023
Amortisation for year to 31st March 2024
Balance at 31st March 2024		 433,572
-
199,520
20,230
£
48,583
-
47,839
186
£
47,204
-
42,974
1,508
£
234,052
(20,230)
£		 433,572
219,750
213,822
48,583
48,025
558
47,204
44,482
2,722
213,822
213,822

5 Fund Balances

b General Fund - £188,035

The surplus accumulated is in line with the Company's policy on reserves

and is retained in order to continue the development of the Company's work (see Trustees' Report).

c Restricted Fund - £283,000

Grants have been received from charitable trusts for artistic projects which are planned for future years.

National Lottery Community Fund
Paul Hamlyn Foundation
National Heritage Lottery Fund
Victoria Wood Foundation
£		 2023
Brought
Forward
-
94,500
7,051
3,000
104,551 £		 Incoming
Resources
(note 10)
275,000
3,150
-
-
278,150 £		 Outgoing
Resources
55,000
34,650
7,051
3,000
99,701 £		 2024
Transfers
Carried
Foward
-
220,000
-
63,000
-
-
-
-
- £
283,000

Page 26

THE OILY CART COMPANY

(Limited by Guarantee)

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

5 Fund Balances (continued) d Designated Fund - £15,000

The purpose of the designated fund is to set aside monies for future expenditure on strategic artistic activities where we foresee that we may have a funding shortfall.

6 Funds Raised

a Grants from Trusts for Core Funding

The National Lottery Community Fund
Anonymous
BBC Children In Need
Esmée Fairbairn Foundation
Garfield Weston Foundation
National Heritage Lottery Fund
Paul Hamlyn Foundation
Victoria Wood Foundation
The Hedley Foundation
£
b Sundry Donations
Miscellaneous donations
£
7
Grants Receivable
a Arts Council England, London, offered a Revenue Grant
£
b It is confirmed that the Revenue Grant received from London
Borough of Wandsworth was expended on creation and
presentation of performance projects engaging with children
with disabilities, and training of teachers within the London
Borough of Wandsworth.
£		 2024
2023
55,000
-
10,000
5,000
-
32,186
-
30,000
-
25,000
7,051
73,163
34,650
31,500
3,000
2,000
-
3,000
109,701 £
201,849
2024
2023
279
1,339
279 £
1,339
2024
2023
291,849 £
291,849
12,298
11,499
304,147 £
303,348

Page 27

THE OILY CART COMPANY

(Limited by Guarantee)

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

8 Staff

The average number of persons employed full time by the company was 4 (2023 - 4). No member of staff received a salary in excess of £60,000. Total staff costs were:

2024 2023
Salaries - Artistic 130,110 124,665
- Administration 56,957 52,350
National Insurance 17,685 18,222
Pension Fund Contributions 4,315 4,563
£ 209,067 £ 199,800
2024 2023
Total remuneration of key management personnel in the year was £ 106,813 £ 102,743

9 Pension costs

The company contributes to a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £4,315 (2023 - £4,563).

10 Debtors

Trade Debtors
Prepayments
Grants due (including funds awarded but not yet received)
Other Debtors
Revenue and Customs - VAT
£
11 Creditors
Trade Creditors
Revenue and Customs - PAYE
Sundry Creditors
Deferred Income
Accruals
£		 2024
1,480
6,759
285,280
1,781
1,027
296,327 £
2024
4,721
3,960
2,356
-
17,925
28,962 £		 2023
8,866
13,007
102,521
3,454
4,516
132,364
2023
12,217
4,461
5,122
-
16,606
38,406

12 Fund Balances

Net Assets are held for the various funds as follows:

Fixed Assets
Current Assets
Current Liabilities
FUND BALANCES at 31/03/2024
£
FUND BALANCES at 31/03/2023
£		 General
Designated
Fund
Fund
3,280
-
213,717
15,000
(28,962)
-
188,035 £ 15,000 £
188,320 £ 60,000 £		 Restricted
Fund
-
283,000
-
283,000 £
104,551 £		 Capital
Fund
213,822
-
-
213,822 £
234,052 £		 TOTAL
FUNDS
217,102
511,717
(28,962)
699,857
586,923

Page 28

THE OILY CART COMPANY (Limited by Guarantee)

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31st MARCH 2024

13 Future Commitments

The Company has entered into a 25 year lease with Wandsworth Council for the occupation of premises at Smallwood School. The lease was effective from 1st July 2011 at an initial annual rent of £15,000. The Company may terminate the lease by giving 24 months notice. At each 5 year break the lease provides for a 25% increase in the rent. The cost included in the accounts for the year is £23,437

14 Limited by guarantee

The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31st March 2024 there were seven members.

15 Trustees' Remuneration and Expenses

No Trustee received any remuneration or expenses.

16 Trustee Indemnity Insurance

Insurance is in place to protect the trustees and other officers against the consequences of any neglect or default on their part. The cost of this insurance is £1,000 (2023 - £901).

17 Net Income / (Expenditure)

2024 2023
£ £
Net Income / (Expenditure) is stated after charging
Independent Examiner's fees - current year 2,000 2,000
Independent Examiner's - other services - current year 2,250 2,250
Depreciation / Amortisation of Tangible Fixed Assets 21,924 21,887

18 Related Party Transactions

The only related party transactions are as described in note 8 relating to key management personnel (see also note 14).