**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** - To promote and advance the education of the public in the arts and in particular the performing arts. - 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgements and estimates that are reasonable and prudent; - 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: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - 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) 2023-01-24 - 1:02:29 PM GMT- IP address: 86.163.241.170 ## Document emailed to dgwiddowson@gmail.com for signature 2023-01-24 - 1:06:04 PM GMT ## Email viewed by dgwiddowson@gmail.com 2023-01-24 - 5:15:17 PM GMT- IP address: 2.218.86.83 - Signer dgwiddowson@gmail.com entered name at signing as David Widdowson 2023-01-24 - 5:19:46 PM GMT- IP address: 2.218.86.83 - Document e-signed by David Widdowson (dgwiddowson@gmail.com) Signature Date: 2023-01-24 - 5:19:48 PM GMT - Time Source: server- IP address: 2.218.86.83 - Document emailed to neil.adshead@creativetaxreliefs.com for signature 2023-01-24 - 5:19:50 PM GMT - Email viewed by neil.adshead@creativetaxreliefs.com 2023-01-24 - 6:45:22 PM GMT- IP address: 82.43.48.117 - 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 - Document e-signed by Neil Adshead FCA (neil.adshead@creativetaxreliefs.com) Signature Date: 2023-01-24 - 6:46:41 PM GMT - Time Source: server- IP address: 82.43.48.117 ## Agreement completed. 2023-01-24 - 6:46:41 PM GMT