Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 **CHARITY REGISTRATION NUMBER: 1159409** ## **OVO** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2023** 1 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **OVO** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **CONTENTS** ||**Page**| |---|---| |Reference and administrative details|1| |Trustees' annual report|3-4| |Independent Examiner's report to the trustees|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8-16| 2 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 DECEMBER 2023** ## **REGISTERED CHARITY NAME** OVO ## **CHARITY REGISTRATION NUMBER** 1159409 ## **REGISTERED OFFICE AND OPERATIONAL ADDRESS** The Maltings Theatre, Level 2 The Maltings, St Albans AL1 3HL ## **TRUSTEES** The trustees who served during the year and since the year end were as follows: Mr David Berryman (resigned 1st November 2023) Mr Robert Ferguson (resigned 1st November 2023) Mr Adam Nichols Mr Andrew Sawford (appointed 1st November 2023) Mr David Widdowson Miss Jane Withers (resigned 1st November 2023) ## **BANKERS** HSBC PLC ## **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 Theatre and the Roman Theatre of Verulamium 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. 1 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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 and appreciative audiences. The following productions were produced and performed by OVO during the reporting period: - A Christmas Carol - Little Women - Mosquitoes - Much Ado About Nothing - Private Lives - Romeo and Juliet - Sherlock Holmes: A Study in Lipstick, Ketchup and Blood - The Essence of Greek Tragedy - The Railway Children - The Threepenny Opera The following productions were performed at OVO’s venues during the reporting period: - A Little Night Music - A Room of One’s Own - A Summer Evening of Opera - Alice in Wonderland - Baby Broadway - Classical Crossover - Dark Side of the Uke - Eliza Carthy Trio plus Lizzy Hardingham - Herts Big Band Christmas Concert - Home, I'm Darling - Hypnotist Matt Hale: Top Fun! 80s Spectacular - Jungle Book - Norses Off - The Canterbury Improv Tales - The Comedy of Errors - The Count of Monte Cristo - The Dating Diary - The Dream Machine - The Valentine Letters - The Wind in the Willows 2 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **TRUSTEES' ANNUAL REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **FINANCIAL REVIEW** A surplus of £5,193 (2022, deficit £38,774) was made in the year, leading to a net balance sheet surplus of £6,861 (2022, £1,668). This includes claims for theatre tax credit relief of £105,599 (2022, £106,500). ## **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. At the year end there was £261,330 cash at bank. 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. 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 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **TRUSTEES' ANNUAL REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** 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 ……………………………………………….. Adam Nichols Trustee 19/7/2024 4 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **OVO** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF OVO** ## **On accounts for the year ended 31 December 2023 Charity no 1159409** Set out on pages 6 to 16 I report to the trustees on my examination of the accounts of the above **Responsibilities and** charity ("the Trust") for the year ended 31 December 2023. **basis of 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 statement** I have completed my examination. I confirm that no material matters have come 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. **Date:** 22/7/2024 **Signed: Name: Steve Robinson** ## **Relevant professional qualification(s) or body (if any):** **FCA. Institute of Chartered Accountants in England and Wales** **Address: Mercer & Hole LLP, St Albans, Herts, AL1 1NS** 5 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **OVO** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **YEAR ENDED 31 DECEMBER 2023** |**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/EXPENDITURE**
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD|Unrestricted
Funds
2023
£
Total
Funds
2022
£
69,317
24,700
582,664
419,088
105,599
106,500| |---|---| ||757,580
550,288
459,604
408,466
292,783
180,596| ||752,387
589,062| ||5,193
(38,774)| ||1,668
40,422| ||6,861
1,668| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 6 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **BALANCE SHEET AS** ## **AT 31 DECEMBER 2023** |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 (liabilities)/assets**
**Creditors**
Amounts falling due after more than one year
12
**Net assets**
**Funds of the charity:**
Unrestricted income funds
13
**TOTAL CHARITY FUNDS**|2023
2022
4,575
8,575
128,519
76,553| |---|---| ||133,094
85,128| ||3,144
3,144
184,710
157,740
261,330
16,181| ||449,184
177,065| ||462,399
118,054
(13,215)
144,139
113,018
142,471| ||6,861
1,668| ||6,861
1,668
6,861
1,668| 19/7/2024 These financial statements were approved by the trustees and authorised for issue on , and are signed on behalf of the board by: Adam Nichols Trustee The notes on pages 8 to 16 form part of these accounts 7 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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. ## **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 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** 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 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **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 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**DONATIONS AND LEGACIES**
Donations
Gift aid
Grants
**3**
**INCOME FROM CHARITABLE ACTIVITIES**
Theatre productions
Events and hire
Bar revenue|**Total**
Total
**2023**
2022
**£**
£
3,829
3,296
-
6,404
65,488
15,000
69,317
24,700| |---|---| ||**Total**
Total
**2023**
2022
**£**
£
469,356
312,688
33,429
32,519
79,879
73,881
582,664
419,088| |**4**|**OTHER INCOME**|**Total**|Total| |---|---|---|---| |||**2023**|2022| |||**£**|£| ||Theatre tax relief claim|105,599|106,500| 11 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **5 EXPENDITURE ON CHARITABLE ACTIVITIES** ||||**Total**||**Total**|||| |---|---|---|---|---|---|---|---|---| ||||**2023**||**2022**|||| ||||**£**||**£**|||| |Theatre productions||408,545|||355,949|||| |Ticket platform|||15,278|
|13,287|||| |Fundraising|||-|
|10,000|||| |Bar - cost of sales|||35,781||29,230|||| |||459,604|||408,466|||| |**6 SUPPORT AND GOVERNANCE COSTS**||**Governance**||**Total**|**Support**||**Governance**|**Total**| |**Support costs**||**costs**||**2023**|**costs**||**costs**|**2022**| ||**£**|**£**||**£**||**£**|**£**|**£**| ||||||||**_**|| |Staff costs|108,292|-|108,292||94,271|||94,271| |Bills utilities & overheads|86,962|1,756|
88,718||6,901||1,500|8,401| |Marketing|33,804|-|
33,804||16,994||-|16,994| |Depreciation/Amortisation|25,796|-|
25,796||18,596||-|18,596| |Building costs|15,389|-|
15,389||31,600||-|31,600| |Loan interest & bank|20,784|-|
20,784||10,734||-|10,734| |charges||||||||| ||**291,027**|**1,756**|
**292,783**||**179,096**||**1,500**|**180,59**
~~**6**~~| 12 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **7 INTANGIBLE FIXED ASSETS** |**Cost**
At 1 January 2023
Additions
Transfer
At 31 December 2023
**Amortisation**
At 1 January 2023
Amortisation
Transfer
At 31 December 2023
**Net book value**
At 1 January 2023
At 31 December|**Website**
**£**
19,100
-
-
19,100
10,525
4,000
-| |---|---| ||14,525| ||4,575
8,575| ## **8 TANGIBLE FIXED ASSETS** |**Cost**
At 1 January 2023
Additions
Transfer
At 31 December 2023
**Depreciation**
At 1 January 2023
Depreciation
Transfer
At 31 December 2023
**Net book value**
At 1 January 2023
At 31 December 2023|**Plant, machinery and**
**motorvehicles**
**Furniture and**
**equipment**
**Total**
**£**
**£**
**£**

29,276
94,202
123,478
-
73,762
73,762
-
-
-| |---|---| ||29,276
167,964
197,240| ||
22,418
24,507
46,925
6,858
14,938
21,796
-
-
-| ||29,276
39,445
68,721| ||
6,858
69,695
76,553
-
128,519
128,519| 13 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**9STOCKS**
Charitable activities stock for resale
**10 DEBTORS**
Prepayments
Accrued income
Trade debtors
Other debtors
**11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE**
Bank loans and overdrafts
Accruals and deferred income
Trade creditors
Other loans
Oher creditors|**2023**
**£**
2022
£
3,144
3,144| |---|---| ||**2023**
2022
**£**
£
-
859
122,513
57,692
4,505
151,144
1,232
4,505| ||184,710
157,740| ||**2023**
2022
**£**
£
3,800
9,200
263,113
166,501
28,985
-
36,222
22,018
25,214
25,400
462,399
118,054| 14 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** - **12 CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR** |Bank loans
Other loans|**2023**
**£**
22,419
90,599
113,018|**2022**
**£**
22,886
119,585
142,471| |---|---|---| 15 Docusign Envelope ID: 3588D8EC-4AC3-4D50-B1B6-59765E5CA294 ## **O VO** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** |**13**
**UNRESTRICTED FUNDS**
Unrestricted funds
**For the year ended 31**
**December 2022**|**Balance at 1**
**January 2023**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at 31**
**December 2023**
**£**
**£**
**£**
**£**
1,668
757,580
(752,387)
6,861| |---|---| ||**Balance at 1**
**January 2022**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at 31**
**December 2022**
£
£
£
£
40,442
540,288
(579,062)
1,668| 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. One trustee was reimbursed for production materials, theatre running, travel costs and website development costs of £488 (2022 £18,459). Mr A. Nichols received fees of £35,217 (2022, £30,117) as artistic director and £11,078 (2022, £3,578) for directing. ## **15 RELATED PARTY DISCLOSURES** Mrs L Widdowson (spouse of a trustee) received fees of £nil (2022 £14,955) for provision of venue management services. Mrs L Widdowson and was also reimbursed £556 (2022, £16,584) for theatre running and website development costs. 16