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2022-12-31-accounts

CHARITY REGISTRATION NUMBER : 1159409

OVO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 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- 14

OVO

REFERENCE AND ADMINISTRATIVE DETAILS

FOR THE PERIOD ENDED 31 DECEMBER 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 PERIOD ENDED 31 DECEMBER 2022

.

OBJECTIVES AND ACTIVITIES

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 T he Maltings 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:

A Midsummer Night’s Dream

The Importance of Being Earnest Little Women Beginning Middle Mosquitoes Women of Whitechapel Julius Caesar A Christmas Carol

2

OVO

TRUSTEES’ ANNUAL REPORT FOR THE PERIOD ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

A deficit of £38,774 (2021, surplus £40,242) was made in the year, leading to a net balance sheet surplus of £1,668 (2021, £40,442). This includes claims for theatre tax credit relief of £106,500 (2021, £27,836).

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 has a balance sheet surplus at the period end. 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:

• 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 PERIOD ENDED 31 DECEMBER 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 Trustee Dated: 27 April 2023

4

OVO

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF OVO

On accounts for the period ended

31 December 2022

Charity no 1159409

Set out on pages 6 to 14

I report to the trustees on my examination of the accounts of the above charity Responsibilities and basis of (“the Trust”) for the period ended 31 December 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:

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: Name: Neil Adshead

Date: 27 April 2023

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 STATEMENTOF FINANCIALACTIVMES PERIOD ENDED 31 DECEMBER 2022 Unre5trirted Funds 3111212022 Re5trirted Funds 3111212022 Totsl Funds 3111212022 Total Fund5 3110312022 Note5 It4COME FROM: Donation5 and le8aae5 Charitable activltie5 Other income 14.700 419.088 106500 10.000 24.700 419,088 106.500 116,739 397,710 27,836 Total In<ome 540.288 10.000 550,288 542,285 EXPENDMJRE ON: Charitable actlvltle5 Other 398.466 180.596 10.000 408.466 180.596 446,018 56,025 Total expendlture 579.062 10.000 589,062 502,043 NEf INCOME TOTAL FUNDS BROUGHT FORWARD 138,7741 40,442 1.668 138,7741 40,442 1,668 40,242 200 TOTALFUNOSCARRIED FORWARD 40,442 The statement of financial artiwties Includes all gains arKI105se5 reco8ni5ed in the year. All Income and expendlture derlve from contlnulng actrvltles.

OVO

BALANCE SHEET AS AT

31 DECEMBER 2022

These financial statements were approved by the trustees and authorised for issue on 27 April 2023 and are signed on behalf of the board by:

David Widdowson

David Widdowson

Trustee

The notes on pages 8 to 14 form part of these accounts

7

OVO

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 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.

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.

Restricted funds are funds that can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

8

OVO

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

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.

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.

There were no employees during the period (previous year NIL)

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 3-10 years

9

OVO

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

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

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 PERIOD ENDED 31 DECEMBER 2022

11

OVO

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

7 INTANGIBLE FIXED ASSETS

Cost
At 1 April 2022
Additions
At 31 December 2022
Amortisation
At 1 April 2022
Amortisation
At 31 December 2022
Net book value
At 1 April 2022
At 31 December 2022		 Website
£
19,100
-
19,100
6,525
4,000
10,525
12,575
8,575

8 TANGIBLE FIXED ASSETS

Cost
At 1 April 2022
Additions
At 31 December 2022
Depreciation
At 1 April 2022
Depreciation
At 31 December 2022
Net book value
At 1 April 2022
At 31 December 2022		 Plant,
machinery
and motor
vehicles
£
29,276
-
29,276
21,155
1,263
22,418
8,121
6,858		 Furniture
and
equipment
£
19,842
74,360
94,202
11,174
13,333
24,507
8,668
69,695		 Total
£
49,118
74,360
123,478
32,329
14,596
46,925
16,789
76,553

12

OVO

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

9
STOCKS
Charitable activities stock for resale
11
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Bank loans and overdrafts
Other loans
Other creditors
Accruals and deferred income
12
CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR
Bank loans		 31/12/2022
£
3,144
31/12/2022
£
22,018
9,200
25,214
25,400
36,222
118,054
31/12/2022
£
22,886		 31/03/2022
£
1,674
31/03/2022
£
-
9,200
-
-
38,965
48,165
31/03/2022
£
29,117
-
29,117
Other loans 119,585 -
142,471

13

OVO

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

13 MOVEMENT IN FUNDS

Balance at
1 April 2022
£
Unrestricted funds
40,442
Restricted funds
Big Invest Reach fund
-
The Big Invest Reach fund was restricted to fund raising
For the year ended 31 March 2022
Balance at
01/04/2021
£
Unrestricted funds
200		 Incoming
resources
£
540,288
10,000
Incoming
resources
£
542,285		 Resources
expended
£
579,062
10,000
Resources
expended
£
502,043		 Balance at 31
December
2022
£
1,668
-
Balance at
31/03/2022
£
40,442

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.

Restricted funds are funds that can only be used for particular restricted purposes within the objectives of the charity.

14 TRUSTEES

No trustee received remuneration for their services as a trustee during the year.

Two trustees were reimbursed for production materials and bar stock of £8,317 (31/03/22 £10,459)

Mr A. Nichols received fees of £30,637 (31/03/22, £30,117) as artistic director and £3,217 (31/03/22, £3,578) for directing Ms J Withers received £4,968 (31/03/22 £NIL) as actor

Mr D Widdowson received £4,117 (31/03/22 £NIL) as actor

15 RELATED PARTY DISCLOSURES

Mrs L Widdowson, spouse of trustee, was reimbursed £618 (31/03/22, £8,454) for theatre running costs

During the year Mr D Berryman , trustee, loaned the charity £25,000. This amount was outstanding at the year end and is included in 'other creditors'

The loan is interest free.

14

2023-04-27

OVOaccounts1222final

Final Audit Report

Created: 2023-04-27 By: Sandra Lee (sandra.lee@creativetaxreliefs.com) Status: Signed Transaction ID: CBJCHBCAABAA3ROdEf9q8uP1UDK8Obf8toQy4-snGLc3

"OVOaccounts1222final" History

Document created by Sandra Lee (sandra.lee@creativetaxreliefs.com)

2023-04-27 - 10:09:49 GMT- IP address: 212.139.0.30

Document emailed to dgwiddowson@gmail.com for signature

2023-04-27 - 10:11:21 GMT

Email viewed by dgwiddowson@gmail.com

2023-04-27 - 10:11:29 GMT- IP address: 66.249.93.75

2023-04-27 - 10:32:48 GMT- IP address: 90.208.203.79

Signature Date: 2023-04-27 - 10:32:50 GMT - Time Source: server- IP address: 90.208.203.79

2023-04-27 - 10:38:16 GMT- IP address: 109.149.154.25

Agreement completed.

2023-04-27 - 10:39:11 GMT