CHARITY REGISTRATION NUMBER : 1159409
OVO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
OVO
ANNUAL REPORT AND FINANCIAL STATEMENTS
CONTENTS
| Page | |
|---|---|
| Reference and administrative details | 1 |
| Trustees’ annual report | 2 - 4 |
| Independent Examiner’s report to the trustees | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8- 15 |
OVO
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022
REGISTERED OVO CHARITY NAME
CHARITY 1159409 REGISTRATION NUMBER REGISTERED OFFICE The Maltings Arts Theatre, AND OPERATIONAL Level 2 The Maltings, ADDRESS St Albans AL1 3HL14
TRUSTEES
The trustees who served during the year and since the year end were as follows:
Mr. David Berryman Mr Adam Nichols Mr David Widdowson Miss Jane Withers Mr Robert Ferguson
BANKERS
HSBC plc
INDEPENDENT EXAMINER
Neil Adshead FCA Creative Tax Reliefs Ltd Room F14A, First Floor, Bolton Arena, Arena Approach, Horwich, Bolton, BL6 6LB
1
OVO
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
.
OBJECTIVES AND ACTIVITIES
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To promote and advance the education of the public in the arts and in particular the performing arts.
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To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their youth, age, economic or social circumstances or for the public at large with the object of improving their conditions of life.
OVO fulfills these objects by providing affordable theatrical productions of a high standard to the public in and around St Albans, and enabling local people to participate in such productions .
OVO’s objects were fulfilled during the reporting period by delivering a programme of its own theatre productions and through running the Maltings Arts Theatre in St Albans which enabled a number of other local and national theatre companies to present their work.
The trustees have had regard to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the charity and in planning future activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
OVO is a registered charity, number 1159409. The governing constitution was adopted on 1 December 2014.
ACHIEVEMENTS AND PERFORMANCE
Productions were very well received and generally played to large audiences.
The following productions were produced and performed by OVO during the reporting period:
The Winter's Tale Peter Pan The Comedy of Errors Trestle Les Liaisons Dangereuses Vinegar Tom Hedda Gabler Mosquitoes Under Electric Candlelight Scissor Sisters Sniff Rockstar Prince
2
OVO
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
FINANCIAL REVIEW
A surplus of £40,242 (2021, deficit, £6,388) was made in the year, leading to a net balance sheet surplus of £40,442 (2021, £200). This includes claims for theatre tax credit relief of £27,836 (2021, £41,826).
Reserves and going concern policy
The Board aims to hold reserves equal to three months’ operating costs in the charity’s bank account, in unrestricted funds, as a contingency for normal operating purposes.
The Trustees have a reasonable current expectation that the organisation has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of the financial statements. At the date of signing, the charity had made a significant surplus for the period commencing 1 April 2022. For these reasons, the Trustees have adopted the going concern basis of accounting in the preparation of these financial statements. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the organisation was unable to continue as a going concern.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
3
OVO
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
By order of the board of trustees
David Widdowson
David Widdowson (Jan 24, 2023 17:19 GMT)
David Widdowson Trustee Dated: 24 January 2023
4
OVO
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF OVO
On accounts for the year ended
31 March 2022
Charity no 1159409
Set out on pages
6 to 15
I report to the trustees on my examination of the accounts of the above charity Responsibilities and basis of (“the Trust”) for the year ended 31 March 2022. report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's I have completed my examination. I confirm that no material matters have come statement to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Date: 24 January 2023 Name: Neil Adshead Relevant professional FCA. Institute of Chartered Accountants in England and Wales qualification(s) or body (if any):
Address: Creative Tax Reliefs Ltd
Room F14A, First Floor, Bolton Arena, Arena Approach,
Horwich, Bolton, BL6 6LB
5
OVO
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022
| Notes INCOME FROM: Donations and legacies 2 Charitable activities 3 Other income 4 Total income EXPENDITURE ON: Charitable activities 5 Other 6 Total expenditure NET INCOME TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD |
Unrestricted Funds 2022 £ 116,739 397,710 27,836 542,285 446,018 56,025 502,043 40,242 200 40,442 |
Unrestricted Funds 2021 £ 53,497 144,486 41,828 |
|---|---|---|
| 239,811 196,166 50,033 |
||
| 246,199 | ||
| (6,388) | ||
| 6,588 | ||
| 200 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
6
OVO
BALANCE SHEET AS AT 31 MARCH 2022
| Notes Fixed assets Intangible assets 7 Tangible assets 8 Current assets Stocks 9 Debtors 10 Cash at bank and in hand Creditors Amounts falling due within one year 11 Net current assets Creditors Amounts falling due after more than one year 12 Net assets Funds of the charity: Unrestricted income funds 13 TOTAL CHARITY FUNDS |
2022 12,575 16,789 29,364 1,674 79,778 6,908 88,360 48,165 40,195 29,117 40,442 40,442 40,442 |
2021 - 17,247 |
|---|---|---|
| 17,247 | ||
| 2,000 70,881 22,021 |
||
| 94,902 | ||
| 65,969 28,933 45,980 |
||
| 200 | ||
| 200 | ||
| 200 |
These financial statements were approved by the trustees and authorised for issue on 24 January 2023, and are signed on behalf of the board by:
David Widdowson
David Widdowson (Jan 24, 2023 17:19 GMT)
David Widdowson Trustee
The notes on pages 8 to 15 form part of these accounts
7
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Accounting Policies
General information
OVO is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The office address is The Maltings Arts Theatre, Level 2, The Maltings, St Albans, AL1 3HL.
1.1 Accounting convention
These financial statements have been prepared in accordance with the charity’s constitution, the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
At the date of approval of the accounts, the trustees are aware of the potential impact on the charity of Covid-19. The trustees have actively taken and continue to take all reasonable steps to mitigate any impact the virus may have on the charity
1.3 Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
1.4 Fund accounting
Unrestricted funds are funds that can be used in accordance with the objectives of the charity at the discretion of the trustees.
1.5 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
For donations to be recognised the charity will have been notified of the amounts. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
8
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Income from government and other grants, whether ‘capital grants or revenue grants’, are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Where a grant is received for a specific purpose, it is included in restricted income and any unexpended portion carried forward as a restricted fund.
1.6 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. All expenditure was incurred in carrying out the charitable activity of the charity, including the costs of operating.
The charity is not registered for VAT and therefore all expenditure is recorded inclusive of VAT.
1.7 Taxation
The charity is exempt from corporation tax on its charitable activities. The charity is not registered for VAT.
1.8 Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight line basis over its expected useful life as follows:
Plant, machinery and motor vehicles 4 years Fixtures, fittings and equipment 3,4&10 years
1.9 Intangible fixed assets
The charity has intangible fixed assets, that is, non-monetary assets that do not have physical substance but are identifiable and are controlled by the charity through custody or legal rights. They are valued at cost.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life as follows:
Website 3 years
9
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1.10 Stocks
Stocks held for sale are measured at the lower of cost or net realisable value
1.11 Basic financial instruments
The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS 102 SORP
10
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| 2 DONATIONS AND LEGACIES Donations Gift aid Grants 3 INCOME FROM CHARITABLE ACTIVITIES Theatre productions Events and hire Bar revenue 4 OTHER INCOME Theatre tax relief claim |
Total 2022 £ 6,630 1,510 108,599 116,739 Total 2022 £ 342,466 22,216 33,028 397,710 Total 2022 £ 27,836 27,836 |
Total 2021 £ 13,140 - 40,357 |
|---|---|---|
| 53,497 | ||
| Total 2021 £ 127,366 2,804 14,316 |
||
| 144,486 | ||
| Total 2021 £ 41,828 |
||
| 41,828 |
11
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5 EXPENDITURE ON CHARITABLE ACTIVITIES
| Theatre productions Ticket platform Fundraising Bar- cost of sales |
Total 2022 £ 415,181 11,711 1,502 17,624 446,018 |
Total 2021 £ 188,380 - - 7,786 |
|---|---|---|
| 196,166 |
6 SUPPORT AND GOVERNANCE COSTS
| Staff costs Bills utilities & overheads Marketing Depreciation/Amortisation Building costs |
Support costs £ 17,324 14,844 2,686 11,226 8,445 54,525 |
Governance costs £ - 1,500 - - - 1,500 |
Total 2022 £ 17,324 16,344 2,686 11,226 8,445 56,025 |
Support costs £ 29,239 4,081 1,488 8,440 6,035 49,283 |
Governance costs £ - 750 - - - 750 |
Total 2021 £ 29,239 4,831 1,488 8,440 6,035 |
|---|---|---|---|---|---|---|
| 50,033 |
12
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7 INTANGIBLE FIXED ASSETS
| Cost At 1 April 2021 Additions Transfer At 31 March 2022 Amortisation At 1 April 2021 Amortisation Transfer At 31 March 2022 Net book value At 1 April 2021 At 31 March 2022 |
Website £ - 16,130 2,970 |
|---|---|
| 19,100 | |
| 6443 82 |
|
| 6525 | |
| - 12,575 |
8 TANGIBLE FIXED ASSETS
| Cost At 1 April 2021 Additions Transfer At 31 March 2022 Depreciation At 1 April 2021 Depreciation Transfer At 31 March 2022 Net book value At 1 April 2021 At 31 March 2022 |
Plant, machinery and motor vehicles £ 26,084 3,192 29,276 19,911 1,244 - 21,155 6,173 8,121 |
Furniture and equipment £ 18,791 4,021 - 2,970 19,842 7,717 3,539 - 82 11,174 11,074 8,668 |
Total £ 44,875 7,213 - 2,970 |
|---|---|---|---|
| 49,118 | |||
| 27,628 4,783 - 82 |
|||
| 32,329 | |||
| 17,247 16,789 |
13
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| 9STOCKS Charitable activities stock for resale 10DEBTORS Prepayments Accrued income 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts Accruals and deferred income 12 CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR Bank loans |
2022 £ 1,674 2022 £ 13,817 65,961 79,778 2022 £ 9,200 38,965 48,165 2022 £ 29,117 29,117 |
2021 £ 2,000 |
|---|---|---|
| 2021 £ 30,816 40,065 |
||
| 70,881 | ||
| 2021 £ - 65,969 |
||
| 65,969 | ||
| 2021 £ 45,980 |
||
| 45,980 |
14
OVO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13 UNRESTRICTED FUNDS
| Unrestricted funds For the year ended 31 March 2021 |
Balance at 1 April 2021 £ 200 Balance at 1 April 2020 £ 6,588 |
Incoming resources £ 542,285 Incoming resources £ 239,811 |
Resources expended £ 502,043 Resources expended £ (246,199) |
Balance at 31 March 2022 £ 40,442 |
|---|---|---|---|---|
| Balance at 31 March 2021 £ 200 |
Unrestricted funds comprise income granted or donated to or earned by the charity to be used at
the discretion of the trustees to fund any activity in furtherance of the charity’s objectives.
14 TRUSTEES
No trustee received remuneration for their services as a trustee during the year.
Two trustees were reimbursed for production materials, theatre running, travel costs and website development costs of £18,459 (2021 £4,767)
Mr A. Nichols received fees of £30,117 (2021, £20,450) as artistic director and £3,578 (2021, NIL) for directing.
Mr D Widdowson received no fees (2021, £1,575) as actor
15 RELATED PARTY DISCLOSURES
Mrs L Widdowson (spouse of a trustee) received fees of £14,955 (2020 £11,332) for provision of venue management services.
Mrs L Widdowson and was also reimbursed £16,584 (2021, NIL) for theatre running and website development costs.
15
2023-01-24
OVO accounts 2022 final[62]
Final Audit Report
Created: 2023-01-24 By: Rachel Lee- Suggett (rachel.lee@creativetaxreliefs.com) Status: Signed Transaction ID: CBJCHBCAABAAZOvkPBWaR4luwp2W3ZFop2JR5lyVab6p
"OVO accounts 2022 final[62]" History
- Document created by Rachel Lee- Suggett (rachel.lee@creativetaxreliefs.com)
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Document emailed to dgwiddowson@gmail.com for signature
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- Signer dgwiddowson@gmail.com entered name at signing as David Widdowson
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- Document e-signed by David Widdowson (dgwiddowson@gmail.com)
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Document emailed to neil.adshead@creativetaxreliefs.com for signature 2023-01-24 - 5:19:50 PM GMT
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Signer neil.adshead@creativetaxreliefs.com entered name at signing as Neil Adshead FCA 2023-01-24 - 6:46:39 PM GMT- IP address: 82.43.48.117
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Agreement completed.
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