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CHARITY REGISTRATION NUMBER: 1159409
OVO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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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 | 8-17 |
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REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2025
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE PERIOD ENDED 31 DECEMBER 2025
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 Adam Nichols
Mr Andrew Sawford Professor Timothy Boatswain
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.
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REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
The following productions were performed at OVO’s venues during the reporting period:
-
A Funny Thing Happened on the Way to the Forum
-
A Room of One's Own
-
An evening with Victor and Albert
-
Alex Kealy: The Fear
-
All The Happy Things
-
Baby Broadway
-
Baby Broadway Christmas
-
Christmas with the Hertfordshire Big Band
-
Disco Divas Live with The Sundaes
-
Get Yer Ukes Out: It's Rolling Stones Night
-
Hamlet
-
Hertfordshire Big Band
-
Ladies Down Under
-
Our Friends Electric: 80's Live Band
-
Rabbits Out Of The Hat
-
Talking Heads
-
The Art of Guitar: An Evening of Classical and Spanish Favourites
-
The Bear
-
The Bluetones (Acoustic)
-
Where the Wild Things Were
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O V O
TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
FINANCIAL REVIEW
A surplus of £71,905 (2024, deficit £50,658) was made in the year, leading to a net balance sheet surplus of £63,543 (2024, deficit of £43,797). This includes claims for theatre tax credit relief of £26,348 (2024, £1,329).
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. 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.
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TRUSTEES' ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
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
……………………………………………….. 80F8C64DFD5248D... Adam Nichols Trustee
30/3/2026
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INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF OVO
On accounts for the year ended 31 December 2025 Charity no 1159409
Set out on pages 6 to 17
Responsibilities and I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 31 December 2025. 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.
31/3/2026 Signed: Date: Name: Steve Robinson [ Stow5516A04AAA2A4F6...DocuSigned Ko ivsow b y:
Relevant professional FCA. Institute of Chartered Accountants in England and Wales qualification(s) or body (if any):
Address: Mercer & Hole LLP, 72 London Road, St Albans, Herts, AL1 1NS
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STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31 DECEMBER 2025
| 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 13 TOTAL FUNDS CARRIED FORWARD 13 |
Unrestricted Funds 2025 £ Restricted Funds 2025 £ Total Funds 2025 £ Total Funds 2024 £ 5,060 43,714 48,774 22,908 384,319 1,829 386,148 351,341 253,848 - 253,848 (1,329) |
|---|---|
| 643,227 45,543 688,770 372,920 434,001 - 434,001 236,641 182,864 - 182,864 126,826 |
|
| 616,865 - 616,865 363,467 |
|
| 26,362 45,543 71,905 9,453 |
|
| (70,367) 61,915 (8,452) (17,905) |
|
| (44,005) 107,458 63,453 (8,452) |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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BALANCE SHEET AS
AT 31 DECEMBER 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Notes | |||
| Fixed assets | |||
| Intangible assets | 7 | - 575 |
575 |
| Tangible assets | 8 | 193,619 190,845 |
190,845 |
| 193,619 191,420 |
191,420 | ||
| Current assets | |||
| Stocks | 9 | 3,679 4,036 |
4,036 |
| Debtors | 10 | 757,567 246,087 |
246,087 |
| Cash at bank and in hand | - 1,394 |
1,394 | |
| 761,246 251,517 |
251,517 | ||
| Creditors | |||
| Amounts falling due within one year | 11 | 834,314 | 351,319 |
| Net current (liabilities)/assets | (73,068) | (99,802) | |
| Creditors | |||
| Amounts falling due after more than one year | 12 | 57,098 | 100,070 |
| Net assets | 63,453 | (8,452) | |
| Funds of the charity: | |||
| Unrestricted income funds | 13 | (44,005) | (70,367) |
| Restricted funds | 13 | 107,458 | 61,915 |
| TOTAL CHARITY FUNDS | 63,453 | (8,452) |
30/3/2026
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 17 form part of these accounts
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2. DONATIONS AND LEGACIES
| Donations Gift Aid Grants |
Total Total 2025 2024 £ £ 13,174 - 5,060 - 30,540 22,908 48,774 22,908 |
|---|---|
| 3 INCOME FROM CHARITABLE ACTIVITIES Theatre productions Events and hire Bar revenue 4 OTHER INCOME Management fee Theatre tax relief claim |
Total Total 2025 2024 £ £ 162,313 209,510 115,924 63,248 107,911 78,583 386,148 351,341 |
|---|---|
| Total Total 2025 2024 227,500 26,348 (1,329) 253,848 (1,329) |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
5 EXPENDITURE ON CHARITABLE ACTIVITIES
| Theatre productions Ticket platform Bar - cost of sales |
Total 2025 £ 328,442 17,625 87,934 434,001 |
Total 2024 £ 189,085 8,815 38,741 236,641 |
|---|---|---|
| 6 SUPPORT AND GOVERNANCE COSTS | 6 SUPPORT AND GOVERNANCE COSTS | Governance | Total | Support | Governance | Total |
|---|---|---|---|---|---|---|
| Support costs | costs | 2025 | costs | costs | 2024 | |
| £ | £ | £ | £ | £ | £ | |
| Bills utilities & overheads | 86,395 | 7,800 | 94,195 | 38,655 | 10,592 | 49,247 |
| Marketing | 23,133 | - | 23,133 | 17,656 | - | 17,656 |
| Depreciation & Amortisation | 44,909 | - | 44,909 | 27,136 | - | 27,136 |
| Building costs | 7,241 | - | 7,241 | 11,472 | - | 11,472 |
| Loan interest & bank | 13,386 | - | 13,386 | 21,315 | - | 21,315 |
| charges | ||||||
| 175,064 | 7,800 | 182,864 | 116,234 | 10,592 | 126,826 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
7 INTANGIBLE FIXED ASSETS
| Cost At 1 January 2025 Additions Transfer At 31 December 2025 Amortisation At 1 January 2025 Amortisation Transfer At 31 December 2025 Net book value At 1 January 2025 At 31 December 2025 |
Website £ 19,100 - - 19,100 18,525 575 - |
|---|---|
| 19,100 | |
| 575 - |
8 TANGIBLE FIXED ASSETS
| Cost At 1 January 2025 Additions Dispoals At 31 December 2025 Depreciation At 1 January 2025 Depreciation Transfer At 31 December 2025 Net book value At 1 January 2025 At 31 December 2025 |
Land and Buildings Plant and equipment Total £ £ £ 61,915 220,787 282,702 30,540 16,568 47,108 - - - |
|---|---|
| 92,455 237,355 329,810 |
|
- 91,857 91,857 - 44,334 44,334 - - - |
|
| - 136,191 136,191 |
|
| 61,915 128,930 190,845 92,455 101,164 193,619 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
| 9 STOCKS Charitable activities stock for resale 10 DEBTORS Accrued income Trade debtors Other debtors 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE Bank loans and overdrafts Accruals and deferred income Trade creditors Other creditors Other loans |
2025 £ 2024 £ 3,679 4,036 |
|---|---|
| 2025 2024 £ £ 89,849 644,524 23,194 2,868 233,219 10,000 |
|
| 757,567 246,087 |
|
| 2025 2024 £ £ 142,726 34,998 220,098 237,604 437,493 47,880 14,820 - 19,177 30,837 834,314 351,319 |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12 CREDITORS: AMOUNTS FALLING AFTER MORE THAN ONE YEAR
| YEAR | |||
|---|---|---|---|
| Bank loans Other loans 13 FUNDS Restricted funds Unrestricted funds For the year ended 31 December 2024 Restricted funds Unrestricted funds |
Balance at 1 January 2025 Incoming resources £ £ 61,915 45,543 (70,367) 643,227 |
2025 £ 15,028 42,070 57,098 Resources expended £ - (616,865) |
2024 £ 18,624 81,446 100,070 Balance at 31 December 2025 £ 107,458 (44,005) |
| (8,452) 688,770 Balance at 1 January 2024 Incoming resources £ £ 39,007 22,908 (56,912) 350,012 |
(616,865) Resources expended £ - (363,467) |
63,453 Balance at 31 December 2024 £ 61,915 (70,367) |
|
| (17,905) 372,920 |
(363,467) | (8,452) |
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 comprise grant income for the renovation of St Germain’s Barn.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
14 NET ASSETS BETWEEN FUNDS
| 2025 | Unrestricted | Restricted | |
|---|---|---|---|
| Funds | Funds | Total | |
| 2025 | 2025 | 2025 | |
| £ | £ | £ | |
| Fixed Assets | 101,164 | 92,455 | 193,619 |
| Stocks | 3,679 | - | 3,679 |
| Debtors | 503,858 | 253,709 | 757,567 |
| Cash at bank | - | - | - |
| Creditors | (652,706) | (238,706) | (891,412) |
| __ | __ | __ | |
| Total net assets | (44,005) | 107,458 | 63,453 |
| ============== | ============== | ================= | |
| 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) |
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
============== ============== =================
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 £nil (2024 £4,838).
Mr A. Nichols received fees of £nil (2024, £1,000) for directing.
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