Docusign Envelope IO". A39BF5B3-393A4D03-A3BB-EAAD58779945 CHARITY REGISTRATION NUMBER: 1159409 ovo ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Do¢usign Env&lop9 ID: A39BF583-393A4D03-A3BB.EAAD58779945 ovo ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS Page Referen and administrative details TrUSts, annual report Independent Examiner's report to the trustees Statement of financial activities Balance sheet Notes to the financial statements 8-17
Docusign Envelope ID: A398F5B3-393A4DO&A3BB-EAAD58779945 ovo REFERENCE AND ADMINISTRATIVE DEtAILS FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 DECEMBER 2024 REGISTERED CHARifi NAME ovo CHARITY REGISTRATION NUMBER 1159409 REGISTERED OFFICE AND OPERATIONAL ADDRESS The Maltings Theatre. Level 2 The Maltings, St Albans AL13HL TRUSTEES The trustees who served during the year and since the year end were as follows: Mr Adam Nichols Mr Andrew Sawford Mr David Widdowson (resigned 30 September 2024) Professor Timothy Boatswain (appointed 17 October 2024) BANKERS HSBC PLC OBJECTIVES AND ACTIVITIES To promote and advan 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 circumslances or for the public at large with the object of improving their conditions of life. OVO fulfills these objects by providing affordable Iheatrical 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 guidan on public benefit when reviewing the aims and objectives of the charity and in planning future activities.
ovo REFERENCE AND ADMINISTRATIVE DETAILS FOR THEYEAR ENDED 31 DECEMBER2024 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 Sense and Sensibility The Importance of Being Earnest The following productions were performed at OVO'S venues during the reporting period.. A Musical Voyage Baby Broadway Best's Dramatic Double Bill Bob Marley The King of Reggae Christmas with the Herts Big Band Classical Chorus From Stage to Screen Henry V Into the Woods Katzenmusik Love is All, Love is Uke MacDethl Magic Mishaps Maltings Mostly Comedy Present Laughter Pretty, Witty Nell l Love Labours Won R.O.G.E.R Radio Attempts Frankenstein Radio Ballads Richard 111 Robin Hood Silent Cinema Spring Awakening Sweet Love Adieu The Art of Guitar.. An Evening of Classical and Spanish Favourites Treasure Island Tunes in the Ruins Wildest Dreams
Docusign Envglop8 ID.. A39BFSB3-393A4D03-A3B&EAAD58779945 ovo TRUSTEES. ANNUAL REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW A surplus of £9,453 (2023, deficit £19,573) was made in the year, leading to a net balance sheet deficit of £8,452 (2023, deficit of £17,905). This includes claims for theatre tax credit relief of (£1,329) (2023, £105.599). Reserves and going concern policy The Board aims to hold reserves equal to three months, operating costs, in unrestricted funds, as a contingency for normal operating purposes. At the year end there was £1,394 cash at bank and this aim had not been met. The board has instituted a new strategic plan, with a renewed focus on fundraising in order to ensure this objective is met within the next 12-18 months. 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 liabiltties thal would result if the organisation was unable to continue as a going concern. STATEMEf+tr OF TRUSTEES. RESPONSIBILrriES 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.
Docusign Envelope ID.. A39BF5B3-393A4D03-A3BB-EAAD58779945 ovo TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 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 DoCsIgnI0 by.. 18/12/2025 88F6Q84DFO5249tp.""" "'"" ................ Adam Nichols Trustee
Docusiyn Envelope ID.. A39BF5B3-393A4DO>A3BB-EMD58779945 ovo INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OVO On accounts for the year ended 31 December 2024 Charity no 1159409 Set out on pages 6t017 Responsibilities and basis of report I report to the trustees on my examination of the accounts of the above charity ('the Trust") for the year ended 31 Dember 2024. As the charity's trustees, you are responsible for the prepardtion 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 Charily Commission under section 145(5){b) of the Act. Independent examiner's I have completed my examination. I confirm that no material matters have statement 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 reqU1ments conmIng the form and content of accounts set out in the Charities (Ac(x)unts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter consided as part of an independent examination. I have no concEms and have come across no other matters in conneclion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. DOe$19n• by.. 18/12/2025 Signed: Date: SSIIA04AM2A4Fts.. Name: Steve Robinson Relevant professional qualification(s) or body (if any): FCA. Institute of Chartered Accountsnts in England and Wales Address: Mercer & Hole LLP, 72 London Road, StAlbans, Herts, AL11 NS
Docusign Envelope ID.. A39BF583-393A4D03-A3BB-EA4058779945 ovo STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds 2024 Restricted Funds 2024 Restated Total Funds 2023 Notes Total Funds 2024 INCOME FROM: Donations and legacies 22,908 22.908 69,317 Charitable activities 351,341 351,341 582,664 Other income (1,329) (1,329) 105,599 Total income 350,012 22,908 372,920 757.580 EXPENDITURE ON: Charitable activities 236,641 236,641 484.450 Other 126.826 126,826 292,703 Total expenditure 363,467 363,467 777,153 NET INCOMEIEXPENDITURE (13,455) 22,908 9,453 19,573 TOTAL FUNDS BROUGHT FORWARD 13 (56,912) 39,007 (17,905) 1,668 TOTAL FUNDS CARRIED FORWARD 13 (70,367) 61,915 (8,452) (17,905) The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
DuSign Envelope ID.. A39BF5B3-393A4DO>A3B&EAAD58779945 ovo BALANCE SHEET AS AT 31 DECEMBER 2024 2024 Restated 2023 Notes Fixed assets Intangible assets Tangible assets 575 190,845 191,420 4,575 188,517 193,092 Current assets Stocks Debtors Cash at bank and in hand 4,036 246,087 1,394 251,517 3,144 184,710 261,330 449,184 10 Creditors Amounts falling due within one year 351.319 493,397 Net current (liabilities)lassets (99,802) (44,213) Creditors Amounts falling due after more than one year 12 100,070 166,784 Net assets (8,452) (17,905) Funds of the charity: Unrestricted income funds 13 (70,367) (56,912) Restricted funds 13 61.915 39,007 TOTAL CHARITY FUNDS (8,452) (17,905) These financial statements were approved by the trustees and authorised for issue on 18 / 12 /,202 5 and are signed on behalf of the board by: DocuSl9thpd ty.. OQF8ce40FD5248D.. Adam Nichols Trustee The notes on pages 8 to 17 fonn part of these accounts
Docusign Envelope10: A39BF5B3-393A4DO>A3BB-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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, AL13HL. 1.1 Accounting convention These financial statements have been prepared in accordan with the charity's constitution, the Statement of Recommended Practi. Accounting and Reporting by Charities preparing their accounts in accordan 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 benefrt 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 rnea5ured 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.
Docusign Envelope ID.. A39BF5B3-393A4DO&A38B-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from government and other grants, whether 'capital grants or revenue grants,. are recognised when the charity has entitlement to the funds, any perf0mlan 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 reiVed 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 Fixtures, frttings and equipment 4 years 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
Docusign Envelope ID: A39BF5B3-393A4D03-A3BB-EAAD58779945 ovo NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 DECEMBER 2024 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. io
Docusign Envelop8 ID.. A39BF5B&393A4DO>A38B-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2. DONATIONS AND LEGACIES Total 2024 Total 2023 Donations Grants 3,829 65.488 69.317 22,908 22,908 3 INCOME FROM CHARITABLE ACTIVITIES Total 2024 Total 2023 Theatre productions Events and hire Bar revenue 209.510 63,248 78,583 351.341 469,356 33,429 79,879 582.664 4 OTHER INCOME Total 2025 Total 2023 Theatre tax relief claim (1,329) 105,599 li
Docusign Envelope ID.. A39BF5B&393A4D03-A38B-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 5 EXPENDITURE ON CHARITABLE ACTIVITIES Total 2024 Restated Total 2023 Theatre productions 189,085 433,391 Ticket platform 8,815 15,278 Bar - cost of sales 236 641 484,450 6 SUPPORT AND GOVERNANCE COSTS Support costs Governance costs Total Support 2024 costs Governance costs Total 2023 Staff costs 108,292 108,292 Bills utilrties & overheads 38,655 10,592 49,247 86,962 1,756 88.718 Marketing 17.656 17,656 33,804 33,804 DepreciationlAmortisation 27,136 27,136 25,796 25,796 Building costs 11.472 11.472 15,389 15,389 Loan interest & bank charges 21,315 21,315 20,704 20,704 116,234 10,592 126,826 290,947 1,756 292,703 12
Docusign Envelope ID.. A39BF5B3-393A4003-A3BB-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 INTANGIBLE FIXED ASSETS Website Cost At 1 January 2024 Additions 19,100 Transfer At 31 December 2024 19,100 Amortisation At 1 January 2024 Amortisation 14.525 4,000 Transfer At 31 December 2024 18.525 Net book value At 1 January 2024 At 31 December 2024 4.575 575 8 TANGIBLE FIXED ASSETS Land and Buildings Restated Plant and equipment Total Cost At 1 January 2024 Additions 39,007 22,908 218.231 2,556 257.238 25,464 Transfer At 31 December 2024 61,915 220,787 282,702 Depreciation At 1 January 2024 Depreciation Transfer 68,721 23,136 68.721 23.136 At 31 December 2024 91,857 91,857 Net book value At 1 January 2024 At 31 December 2024 39,007 61,915 149,510 128,930 188,517 190,845 13
Docusign Envelope ID.. A39BF5B3-393A4D03-A3BB-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 STOCKS 2024 2023 Charitable activities stock for resale 4,036 3,144 10 DEBTORS 2024 2023 Accrued income Trade debtors Other debtors 2,868 233,219 10,000 122,513 57,692 4,505 246,087 184,710 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE 2024 Restated 2023 Bank loans and overdrafts 34,998 34.798 Accruals and deferred income 237,604 263.113 Trade creditors 47,880 166,501 Other loans 30,837 28,985 351,319 493.397 14
Docusign Envelopè ID.. A39BF5B3-393A4D03-A3BB-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR 2024 Restated 2023 Bank loans 18,624 81,446 100,070 22,419 144,365 166.784 Other loans 13 FUNDS Restated Balance at 1 January 2024 Incoming resources Resources expended Balance at 31 December 2024 Restricted funds 39,007 (56,912) (17,905) 22,908 350.012 372.920 61,915 (70,367) (8,452) Unrestricted funds (363,467) (363,467) For the year ended 31 December 2023 Balance at 1 January 2023 In¢omlng resources Resources expended Balance at 31 December 2023 Restricted funds 39.007 718,573 757,580 39,007 {56,912) (17,905) Unrestricted funds 1,668 1,668 (777.153) (777.153) 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 cornprise grant income for the renovation of St Germain's Barn. 15
Docusign Envelope ID.. A39BF5B3-393A4D03-A3BB-EAAD58779945 ovo NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 NET ASSETS BETWEEN FUNDS 2024 Unrestricted Restricted Funds Funds Total 2024 2024 2024 Fixed Assets 129.505 61,915 191,420 Stocks 4,036 4,036 Debtors 18.995 227,092 246,087 Cash at bank 1,394 1,394 Creditors (224,297) (227,092) (451.389) Total net assets (70,367) 61,915 (8,452) 2023 Unrestricted Restricted Restated Funds Funds Total 2023 2023 2023 Fixed Assets 154,085 39,007 193,092 stocks 3,144 3.144 Debtors 184,710 184.710 Cash at bank 11,330 250.000 261.330 Creditors {410,181) (250,000) (660,181) Total net assets (56,912) 39,007 (17,905) 16
Oocusign Envelope ID.. A39BF583-393A4D03-A3BB-EAAD58779945 15 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 £4,838 (2023 £488). Mr A. Nichols received fees of £nil (2023, £35,217) as artistic director and £1,000 (2023, £11,078) for directing. 16 PRIOR YEAR ADJUSTMENT The prior year comparatives have been 2djusted to correctly show hire purchase liabilities on the balance sheet that were previously accounted for as operating leases. 17