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2021-03-31-accounts

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

OVALHOUSE THEATRE LIMITED

trading as Brixton House

A Company Limited by Guarantee

Registered Company No. 1796513 Registered Charity No. 288931

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 MARCH 2021

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House (A company limited by guarantee) Legal and administrative information

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Legal and administrative information Page 1
Trustees' annual report Page 2
Independent auditor's report Page 12
Statement of financial activities Page 17
Balance sheet Page 18
Statement of cash flows Page 19
Notes to the financial statements Page 20
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Ovalhouse Theatre Limited trading as Brixton House (A company limited by guarantee)

Legal and administrative information

Company details

Registered Name: Ovalhouse Theatre Limited Ovalhouse Theatre Limited trading as Brixton House trading as Brixton House
Registered Charity No: 288931
Registered Company No: 1796513
Registered Address: 385 Coldharbour Lane
London
SW9 8GL
Trustees: Abiola Agana
Oladipo Agboluaje
Jacqui Beckford
Richard Beecham
Michael Bright
David Bryan Chair
Miles Eady Resigned 21st October 2020
Martin Humphries Resigned 22nd July 2020
Nankunda Katangaza
Esther Leeves Resigned 31st March 2021
Robin Priest
Anna Rentoul Resigned 3rd February 2021
Carole Stewart
Susan Timothy
Members: Christopher Egerton-Warburton
Martin Humphries
The Hon. Peter Jay
Esther Leeves
The Dean, The Very Reverend Professor Martyn Percy, President
William Rathbone OBE, Vice-President
Eve Salomon Resigned 15th November 2020
John Spall
Reverend Ralph Williamson
Royal Patron HM The Queen
Joint Chief Executive Officers Gbolahan Obisesan & Gary Johnson
Company Secretary: David Bryan
Auditor: Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Bankers: Barclays Bank PLC National Westminster Bank PLC
London London
SE11 4PZ EC2Y 5AQ
Investment advisers: CCLA Investment Management Limited
St Alphage House
2 Fore Street
London EC2 5AQ

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

Ovalhouse Theatre Limited trading as Brixton House (A company limited by guarantee)

The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Ovalhouse Theatre Limited trading as Brixton House (the Charity) for the year ended 31 March 2021. The trustees confirm that the annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS102 Charities SORP) issued in July 2014.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Objectives of the charity

The Charity is a charitable company limited by guarantee and was set up on March the 1[st] 1984. In setting objectives and planning activities the trustees have given careful consideration to the Charity Commission's general guidance on public benefit, including the guidance “public benefit: running a charity (PB2).”

The principal objects of the Charity as set out in the constitution are to:

Recruitment and appointment of trustees

The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.

The board of trustees may appoint any person as a member of the board provided the number of trustees is not less than eight, nor more than fourteen. Trustees must resign (and may stand for re-election) at the Annual General Meeting every three years, and one third of the Board must resign and stand for re-election each year. After three consecutive three-year terms, a trustee is expected to retire unless exceptional circumstances apply.

Trustees are selected according to the skills, knowledge and experience which they can contribute to the charity's work. Potential trustees are interviewed by the Chair, a panel of trustees and Director, and the recommendation for their appointment is put to the board for approval.

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Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

A skills audit is carried out on trustees on an annual basis, whether or not a vacancy occurs, to identify competencies and attributes needed for future members. The audit takes the form of a board membership review carried out by the Chair and senior management team.

All trustees give of their time freely and no remuneration or expenses were paid in the year. Trustees are required to disclose all relevant interests and register them with the Executive Director and in accordance with policy withdraw from decisions where a conflict of interest arises.

Induction and training of trustees

We have in place a comprehensive Trustee Induction Pack. The pack, covering all aspects of the charity's business and artistic endeavour, is part of our approved Appointment Policy. A system of peer review continues to operate to ensure newer members can contribute most effectively to the board.

Constitution and organisational structure

Members of the Association are responsible for voting in the board of trustees and approving the accounts of the charity. The governance of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.

The board of trustees have corporate responsibility for ensuring that the charitable company complies with any statutory or administrative requirements for the use of public and/or private funds.

The day to day running of the charity is delegated to the Joint Chief executives consisting of the Artistic Director and Executive Director. Trustee Board meetings are held at least 4 times a year on a quarterly basis. There are an additional four Finance & Strategy Committee (F&S) meetings which directly precede each trustee board meeting at which the Management Accounts for each quarter, annual budgets and remuneration are agreed for recommendation to the full board. For the Capital Project there is a co-opted Development Board with specific sector expertise which is chaired by a Trustee – this meets six times a year. An AGM is held with members of the association and trustees each year.

Risk mitigation

The trustees are responsible for the management of the risks which face the charity. The board, through its Finance and Strategy Committee, and the Senior Management Team (SMT) currently operate a risk management system that ensures that the following key principles of effective risk management have been applied:

The charity maintains a Risk Register for the recording and monitoring of risks. It has been designed to establish a clear link between the strategic objectives and each recorded risk; this ensures that any

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Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

process, project or initiative that will adversely affect Ovalhouse successfully achieving its overall business goals will be flagged and addressed.

These risks are mitigated by a combination of Quarterly management accounts, SMT vigilance, F&S Committee monitoring and the strategy of the SMT which is overseen by the trustees.

The trustees have assessed the potential risks to which the charity is exposed, in particular those related to the operations and finances of the charity during the year, and made some adjustments to the controls and systems in place in the areas of investment and budget over-runs to mitigate our exposure to the high risks.

RISK ASSESTMENT

As part of its ongoing responsibility for ensuring the identification and management of risk, the Board adopts a rolling assessment of strategic and operational risk. This process of risk management is reviewed on a regular basis by the Finance and Strategy Committee which in turn reports into the Board. On an annual basis, the SMT report to the Board on the highest level risks and their mitigating actions. The severity of a risk is assessed in two ways:

• Current Assessment - based on the perceived severity and probability of occurrence which when multiplied together results in a raw risk factor

• Assessment after Action - based on identified mitigation being taken and reducing the probability of occurrence resulting in a revised risk factor

Key Risks

Risks at an organisational level are grouped under the following six headings: impact, financial sustainability, compliance, reputational and major operational. The key risks after mitigation that the Board is currently focusing on are:

• Financial – the challenge of securing sufficient unrestricted funds and having a strong pipeline of restricted income against the needs of the budget and forecast expenditure.

• Local and Central Government – direction of material changes in national policy or local statutory implementation of policy

• Organisational change and HR – the potential impact arising from the need to renew our structures and the ability to attract and retain talented staff

• Growth – failure to take opportunities when they arise, the uncertainty caused by the delays in the capital project in Brixton will have a negative impact on delivery of the necessary cashflow and theatre activities over the short to medium term period.

• Cyber security and data protection – failure to adequately protect the Ovalhouse’s data in a sector which is constantly evolving and changing with increasingly stringent cyber security obligations through legislation

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

• Covid-19 – the uncertainty and disruption will have a negative impact on cashflow, delivery of activities and on the completion of the capital project.

These key risks, and their potential impact on income and the use of the charity’s services, are monitored continually and reviewed regularly by SMT, and reviewed by the F&S Committee.

ACHIEVEMENTS AND PERFORMANCE

A challenge

Upon my appointment as Artist Director and Joint CEO, the theatre sector and the wider society had to conform to the dominant and traumatic grip of the COVID 19 Pandemic; which catalysed the global Lockdown that meant I met the Ovalhouse staff team on Zoom and began working from home by assimilating organisational information & formulating a list of priorities with Gary Johnson, Executive Director and Joint CEO.

Identity Rebranding

Part of my priorities was to guide our rebranding agency D237 to help us create a distinctive identity for the relocation of Ovalhouse to Brixton House. In the effort to support D237 with their commission and creative process it was important to consolidate and rearticulate our Vision, Mission, and Values.

In keeping with our ethos and the historical narrative from Christ Church Oxford United Clubs the new Brixton House identity now distinguishes clearly:

Brixton House will create safe meeting spaces that appeal to a broad representation of audiences and artists.

Furlough & Redundancy

In the face of the work that we were doing to pursue the completion of the Capital Project and the organisational infrastructure; we had to pivot to respond to government advice and furlough the staff team.

The Executive Director later had to go through redundancy consultation with a small number of staff who held positions that were surplus to requirement at a difficult and unavoidably inactive period for the organisation. Some of those people have now found employment elsewhere or left the industry completely.

Freelance Taskforce

As the voice of neglected freelancers and independent artists became more desperate and indicting as unacceptable of our sector and DCMS we made the decision to work with FUEL Theatre to nominate and pay a freelancer as part of Freelance Taskforce. Previous Associate Artist and Lambeth Resident Joana Nastari became our local conduit of information for other artists in our community particularly sharing necessary and vital avenues of provisions with independent artists and

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

pockets of the Lambeth LGBTQIA+ community and sex workers strongly disenfranchised by lockdown restrictions and significantly lacking diminished opportunities to earn a living.

Digital Work

As the appetite for more diverse stories became more apparent, we launched our House-to-House Digital Series of 360 degree plays direct into people’s homes.

The House to House online series included Koko Brown’s critically-acclaimed productions WHITE and GREY which explored experiences of being mixed race and depressed in contemporary Britain and Mike Kenny’s Random Selfies , which looked through a child’s eyes at how it feels to be lonely.

We were able to find a moment to celebrate the anniversary of the Universal Declaration of Human Rights by commissioning a video poem written and performed by one of our Associate Artists Belinda Zhawi called WATER BODIES.

Imagining Futures - Mental Health Project

There was an urgent requirement to continue the work we were doing with our Imagining Futures project to support the 21 young women with emotional and mental health challenges. Imagining Futures is a group workshop programme using visual and performing arts, including drama, creative writing, music and photography combined with evidenced-based dialectical behavior therapy (DBT) skills.

Imagining Futures has three modules, each paired with an arts and DBT skill, which has mindfulness embedded throughout. Module One of Imagining Futures had the focus on distress tolerance skills and visual arts, with a focus on photography.

Due to the delicate nature of the workshops and psychology skills it cultivates, we felt that Imagining Futures needed to be face to face and found the desired space to facilitate these events Theatre Peckham.

The workshops allowed the young women to be creatively empowered in ways they hadn’t expected, and the outcomes from this first module included an exhibition at Theatre Peckham that could be viewed from outside the building as lockdown prevented an indoor show.

Expanding the Staff Team

Rebuilding the team based on our revised staff operating model, we have been able to welcome Nonny Nkomo as Chief of Staff, Oluwatoyin Odunsi as Head of Learning & Participation and she has been able to strategise funding-based projects with Darryl de Prez our Head of Development, whilst Lani Strange joined us as Interim Maternity Cover for Monique Baptiste-Brown as Head of Communications and Audience Development. Our aim is to recruit our Heads of department initially who will recruit the junior roles for their departments including a localised staff recruitment for front facing staff from the community.

FUTURE PLANNING

We have a unique opportunity to be a sector leader by implementing a company culture that reflects an inclusive organisational infrastructure & a diverse and representative board and staffing team.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

Our Business Plan for our new enterprise will reflect how our robust new operation serves the aspiration of meeting our revenue targets.

We must prioritise significant cultural relevance, inspiring generations whilst attaining our goals for expansion through a trusted national and international reputation for excellence.

We have to embrace attaining significantly higher fundraising targets and providing well-resourced arts, cultural and social provisions for our community. We would naturally benefit from kind altruistic gifts and large donations.

We will pursue the Red Hat Studio with the support of the £250k pledged by Christ Church to name a dedicated Learning & Participation studio in which the foundation and history of Ovalhouse by Christ Church graduates will be acknowledged and celebrated.

Our success and future ambitions will require honest and intentional support towards acquiring a generous and reliable endowment that will enable resilience and importantly allows our participatory work and artistic programme to be ambitious, innovative and excellent.

We are moving closer to the completion of our new building and there will be so much to be proud of and celebrate, not least the clinical delivery of our long hard fought and realised capital project during a global pandemic.

We are bright, shiny and smartly built and many have begun courting our attention, exploring partnerships as well as committing funds of support to see us thrive. We must band together, and leave no room to underwhelm but proclaim our excellence with our caring hearts, minds and glorious art.

Gbolahan Obisesan Artistic Director & Joint CEO

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Income from Donations and Grants

Ovalhouse received an increase in income from Donations and Grants of 51% from 2020 mainly as a result of a one-off grant (£250,000) from the government as part one of the Coronavirus Recovery Fund and additional support through the use of the furlough scheme. As a National Portfolio Organisation our revenue grant from Arts Council England increased marginally to £484,277 per annum. We are also grateful to the Garfield Weston Foundation and the Wolfson Foundation for their generous support of our capital project in this year.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

Capital Project

The Capital Project is scheduled to be completed in early 2022. The sale of our old site in Kennington Oval was completed in November 2020 and the proceeds of £8.7million has been transferred to our Capital restricted fund. The total development costs stand at £18.1m with income anticipated from fundraising, grants and interest payments.

It is anticipated that there will be a shortfall at the end of the project of £3,398,001 owed to Lambeth which will be added as a long-term loan secured on the lease. Past the opening we will continue fundraising to reduce the size of loan and for any items that were outside the scope of the original project.

Income from Charitable Activities

Our income from Charitable Activities reduced from £188,644 (2020) to £59,136 (2021) due to the closing of our old site at Kennington Oval and the impact of the Coronavirus pandemic upon our activities. The organisation was closed except some limited Learning & Participation and online activity for the duration of the 2020 – 2021 financial year, operating from our temporary office in Brixton and via homeworking during repeated lockdowns.

Income from Other Trading

There was no earned income in 2021 to support the organisation against £129,388 in 2020 due to the impact of coronavirus as indicated above.

Expenditure on Raising Funds

This expenditure was consistent £117,858 (2021) versus £119,130 (2020) as we maintained our fundraising presence to aid the completion of the Capital project. We were also able to utilise our resources on rebranding the organisation from Ovalhouse to Brixton House as part of our long term strategy.

Expenditure on Charitable Activities

This expenditure was incurred to support our participation projects, theatre programme and the governance of the organisation. The costs reduced significantly by over 29% to £664,667 (2021) compared to £1,047,150 (2020) as a result of the limited programme we were able to offer without a building and during repeated lockdown periods.

Fundraising

Raising voluntary funds from trusts, foundations and individuals is a vital source of income for Ovalhouse, enabling us to fulfil our charitable objectives as effectively as possible. We are very grateful for the support given by all our donors.

Ovalhouse believes that fundraising should be an open, honest and respectful process. We aim to build and maintain solid partnerships with our supporters and donors, based on mutual understanding

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Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

and shared values. In developing our approach to fundraising we have taken account of the Code of Fundraising Practice issued by the Fundraising Regulator.

We operate with a small internal fundraising team and do not engage external professional fundraisers or commercial bodies to carry out fundraising activity and do not engage in face-to-face or telephone fundraising. Ovalhouse has received no complaints about its fundraising activities either during the financial year or subsequently.

In accordance with the General Data Protection Regulation that came into force in May 2018, Ovalhouse has reviewed and updated its Privacy Policy. This policy, published on our website, clearly states what personal data Ovalhouse will hold in relation to supporters and how this data will be used. It sets out how individuals can raise concerns or complaints.

Investment Policy and Performance

The trustees have adopted an ethical investment policy which excludes investments in companies where a significant part of their business is in armaments, tobacco, gambling or pornography.

Reserves Policy

The trustees review annually the amount of free reserves needed by the charity to maintain its operational capacity in the event that grants and earned income are delayed due to unforeseen circumstances. The benchmark adopted in the recent past has been a level of free reserves of £125,000 which covers around 2 months’ unrestricted income. Current free reserves represent around 7 months’ unrestricted income and this higher level is intended to provide the added security to enable the charity to run a capital campaign to build a new theatre in Brixton (which is intended to strengthen the charity’s longer-term sustainability).

Pay and Remuneration

Staff pay was reviewed in year and limited cost of living increase were made in April 2020. The rate of pension contributions remained at the level set in previous years.

GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and for a period of not less than twelve months from the date of approval of financial statements.

For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies including the ongoing implications of the Coronavirus Pandemic upon operations

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

Post year End and Future Plans

The impact of the Coronavirus lockdowns on the charity and our artists cannot be underestimated. The construction of the new building was severely restricted in early 2021 but has improved post year end as the country took steps to ease restrictions from May 2021 onwards. We have still been impacted by the shortage of materials and labour as a result of both Brexit and Coronavirus causing the repeated delays to the construction project. We have mitigated most of the financial impact due to the nature of our agreement with London Borough of Lambeth. The last significant risk related to delays to the final electrical connections (connected October 2021) and this has now enabled us to be able to plan for the building to open to the public in February 2022. The construction schedule has now been agreed and we are expecting handover around 17[th] January 2022.

We are now conducting a recruitment campaign to hire the additional staff resources to support our exciting Learning & Participation and Performance Programme. We are also planning for the launch of the creative hub in Carlton Mansions which we will be managing on behalf of London Borough of Lambeth. Post year end we have received two additional Coronavirus Recovery Fund grants of £125,000 each to provide additional support to our core operations during the extended closure period.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees (who are also directors of Ovalhouse Theatre Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:

The accounts have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006, relating to small companies.

AUDITOR

The auditor, Moore Kingston Smith LLP, have indicated their willingness to continue in office. A proposal for their reappointment will be put forward at the Annual General Meeting.

12/20/2021

Approved by the trustees on ……………….. 2021 and signed on their behalf by:

David Bryan Secretary

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OVALHOUSE THEATRE LIMITED

Opinion

We have audited the financial statements of Ovalhouse Theatre Limited for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED

concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House

(A company limited by guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Karen Wardell (Senior Statutory Auditor)

for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House 60 Goswell Road

Date:

London

EC1M 7AD

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Statement of Financial Activities

For the year ended 31 March 2021

Note
Income
Income from:
Donations and grants
2
Charitable activities
3
Other trading income
4
Investment income
5
Total Income
Expenditure
Expenditure on;
Raising funds
6a
Charitable activities
6b
Total Expenditure
Revaluation of fixed asset
held for sale
9
Loss on disposal of movable
assets
9
Realised and unrealised
gains or (loss) on
investments
10
Net (expenditure)/income
Transfer between funds
14
Net movement in funds
Reconciliation of funds:
Fund balances brought forward 19/20
Fund balances carried forward 20/21		 Unrestricted
Funds
£		 Restricted
Funds
Capital Project
£		 Restricted
Funds
Other
£		 Total
2021
£		 Total
2020
as restated
£
601,160
-
-
3,284
604,444
70,984
589,651
660,635
-
(4,350)		 195,338
-
-
-
195,338
46,874
27,028
73,902
-
-		 250,000
59,136
-
-
309,136
-
47,998
47,998
-
-		 1,046,498
59,136
-
3,284
1,108,918
117,858
664,677
782,535
-
(4,350)		 691,687
188,644
129,388
3,242
1,012,961
119,130
1,047,150
1,166,280
8,558,431
-
22,061 - - 22,061 (1,996)
(38,480) 121,436 261,138 344,094 8,403,116
(8,512,965) 8,735,000 (222,035) - -
(8,551,445) 8,856,436 39,103 344,094
8,565,283
8,909,377		 8,403,116
8,820,608 (261,530) 6,205 162,167
269,163 8,594,906 45,308 8,565,283

These results are derived from continuing activities and all gains and losses recognised in the year are included in the above statement.

Page: 17

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Statement of Financial Activities

For the year ended 31 March 2021

Note
Fixed assets
Tangible fixed assets
9
Investments
10a
Current assets
Fixed assets held for sale
9
Debtors
11
Cash at bank and in hand
Creditors:amounts falling due
within one year
12
Net current assets
Net assets
Reserves
Unrestricted funds
13
Restricted funds
14
Total funds		 £
£
54,029
132,505
186,534
-
82,598
8,790,152
8,872,750
(149,907)
8,722,843
8,909,377
269,163
8,640,214
8,909,377
2021		 £
£
5,947
107,160
113,107
8,734,999
78,720
611,762
9,425,481
(973,305)
8,452,176
8,565,283
8,820,608
(255,325)
8,565,283
2020
as restated

12/20/2021

The financial statements were approved by the board and authorised for issue and signed on …………...…..... on its behalf by:

Michael Bright Treasurer David Bryan Trustee

Page: 18

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited Statement of Financial Activities For the year ended 31 March 2021

----- Start of picture text -----
Note 2021 2020
as restated
£ £
Cash flow from operating activities
Net cash (used in)/provided by operating activities (i) (501,377) 570,667
Cash flow from investing activities
Investment income 3,284 3,242
Acquisition of fixed asset investments (3,284) (3,242)
Proceeds from disposal of fixed asset investments - 30,000
Proceeds from disposal of fixed assets 8,735,000 -
-
Purchase of tangible movable assets (55,233)
Net cash provided by investing activities 8,679,767 30,000
Change in cash and cash equivalents 8,178,390 600,667
Cash and cash equivalents at the beginning of the year 611,762 11,095
Cash and cash equivalents at the end of the year (ii) 8,790,152 611,762
(i) Reconciliation of net income to net cash flow from operating activities
2021 2020
£ £
Net income 344,094 8,403,116
Adjustments for:
Depreciation charge 2,801 6,971
Investment income (3,284) (3,242)
(Profit)/Loss on sale of investments (22,061) 1,996
Loss on disposal of fixed assets 4,350 -
Revaluation of fixed asset held for sale - (8,558,431)
(Increase) in debtors (3,879) (45,667)
(Decrease)/Increase in creditors (823,398) 765,924
Net cash (used)/provided by operating activities (501,377) 570,667
(ii) Analysis of cash and cash equivalents
2021 2020
£ £
Cash at bank and in hand 8,790,152 611,762
8,790,152 611,762
----- End of picture text -----

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021

1 Accounting policies

Company status

The charity is a company limited by guarantee. The members of the company have served as directors or are currently serving as directors as named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Basis of accounting

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit company for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP published on 16 July 2014), the Companies Act 2006 and the Charities Act 2011.

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charitable company’s forecasts and projections and have taken account of pressures on income and the impact of the Covid-19 pandemic. After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements. Ovalhouse Theatre Limited has completed the sale of their old site at Kennington Oval and look forward to moving into an new build theatre in Brixton in 2022. The new building will give the organisation a new income base and new opportunities to secure the sustainability of Ovalhouse in to the future. The organisation has managed to secure an agreement with Lambeth Council to pay staged payments on the signing of the new lease at Practical Completion. This will have a positive impact on the cashflow.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in the financial statements are rounded to the nearest pound.

Gifts in Kind

Where services are provided to the Charity at no cost and a reliable estimate can be made based on the value of the contribution to the Charity, this income and associated expenditure is recognised in the financial statements.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any material unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that grant conditions will be met and the grant will be received.

Page: 20

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021

1 Accounting policies continued

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the objectives of the charitable company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Transfers between funds are made at the discretion of the directors.

Investment income, gains and losses are allocated to the appropriate fund.

Incoming resources

All incoming resources are included in the statement of financial activities when the Charity has entitlement to the funds, receipt is probable and the amount can be measured with sufficient reliability.

Where the donor has specified that donations or grants relate to future periods or that certain preconditions must be fulfilled before use, amounts received are recognised in the relevant period or when preconditions have been met.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of resources.

Charitable activities include expenditure associated with the operation of the theatre and related projects and programmes undertaken in fulfilling the charity's objects. Costs include both direct costs of activities and their related support costs.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

Value added tax

The charity is registered for VAT. In common with many other registered charities, Ovalhouse Theatre Limited expenses are inflated by VAT which cannot be recovered in full.

Page: 21

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

1 Accounting policies continued

Tangible fixed assets

All assets costing more than £1,000 are capitalised.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold property 2% straight line Improvements to buildings 20-33% straight line Furniture, Fixtures & Fittings 20-33% straight line

At the end of each reporting period, the residual values and useful lives of assets are reviewed and adjusted if necessary. In addition, if events or change in circumstances indicate that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impairment.

Investments

Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA as incurred.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial instruments are recognised at transaction value and subsequently adjusted for impairment with the exception of investments which are initially measured at transaction price and subsequently at fair value.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Critical accounting estimates and areas of judgement

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

The annual depreciation charge for fixed assets is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended were necessary to reflect current circumstances.

Page: 22

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

----- Start of picture text -----
Unrestricted Restricted Restricted Total
2 Donations and grants Capital Project Other 2021
£ £ £ £
Donations 44,247 195,338 - 239,585
Grants:
Arts Council - London 484,277 - - 484,277
Arts Council Recovery Fund 1 - - 250,000 250,000
Government grant- Furlough payments 72,636 - - 72,636
Total Voluntary Income 601,160 195,338 250,000 1,046,498
Unrestricted Restricted Restricted
Capital Project Other 2020
£ £ £ £
Donations 7,228 10,329 48,603 66,160
Grants:
Arts Council - London 475,527 - - 475,527
Garfield Weston Foundation - 100,000 - 100,000
Wolfson Foundation - 50,000 - 50,000
Total Voluntary Income 482,755 160,329 48,603 691,687
3 Incoming resources from charitable activities
2021 2020
£ £
Restricted Income
Youth Arts and education
- grants see below 59,136 135,093
Unrestricted Income
Theatre Activities - 53,551
59,136 188,644
Restricted Income
Youth Arts and Education - Grants 2021 2020
£ £
Guys & St Thomas Trust Imagining Futures Project 59,136 71,385
London Borough of Lambeth Short Breaks Demonstrate Project - 53,835
Arts Council Grant Untold Season - 9,673
Other Income CEC - 200
Total 59,136 135,093
----- End of picture text -----

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

4 Other trading income

----- Start of picture text -----
4 Other trading income 2021 2020
£ £
Café Income - 41,014
Rent and overhead recharges - 88,374
- 129,388
All other trading income received in 2020 is unrestricted income.
5 Investment income 2021 2020
£ £
Income from listed investments 3,284 3,242
3,284 3,242
All investment income realised in 2021 and 2020 is unrestricted income
----- End of picture text -----

6a Cost of raising funds

Generating donations and grants
Theatre publicity
Brixton project includes staff costs
Generating donations and grants
Theatre publicity
Brixton project includes staff costs
Support costs
Other trading activities
Café costs
Charitable activities
Youth Arts and Education Participation
Theatre Costs
Governance costs
Brixton project costs
Youth Arts and Education Participation
Theatre Costs
Governance costs
Brixton project costs		 Unrestricted
£
70,984
-
70,984
Unrestricted
£
44,894
-
33,370
25,232
103,496
Unrestricted
£
73,967
458,810
56,873
-
589,651
Unrestricted
£
107,493
560,719
64,963
-
733,175		 Restricted
Capital Project
£
-
46,874
46,874
Restricted
Capital Project
£
-
15,475
-
-
15,475
Restricted
Capital Project
£
-
-
-
27,028
27,028
Restricted
Capital Project
£
-
-
-
116,544
116,544		 Restricted
Other
£
-
-
-
Restricted
Other
£
-
-
159
-
159
Restricted
Other
£
47,998
-
-
-
47,998
Restricted
Other
£
196,473
798
160
-
197,431		 2021
£
70,984
46,874
117,858
2020
£
44,894
15,475
33,529
25,232
119,130
2021
£
121,965
458,810
56,873
27,028
664,677
2020
as restated
£
303,966
561,517
65,123
116,544
1,047,150

6b Charitable activities

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

6c Charitable activities by expenditure type

----- Start of picture text -----
Charitable activities
Charitable activities
Learning & Governance Support costs 2021
Theatre Costs
Participation
£ £ £ £ £
Charitable activities
Staff costs 34,176 - - - 34,176
Demonstrate 1,008 - - - 1,008
Guys & St Thomas Trust Imaging Future 46,990 - - - 46,990
Theatre staff costs - 35,345 - - 35,345
Theatre development & running costs - 64,646 - - 64,646
Brixton project costs - 27,028 - - 27,028
Support costs
Staff costs - - - 287,934 287,934
Overhead costs - - 139,392 139,392
Depreciation - - - 2,801 2,801
Staff costs 117,791 143,967 26,176 (287,934) -
Overhead costs 41,818 83,635 13,939 (139,392) -
Depreciation 840 1,681 280 (2,801) -
Governance costs
Auditor's remuneration - - 14,200 - 14,200
Board expenses - - 597 - 597
Legal and professional fees - - 2,250 - 2,250
Wages and salaries - direct - - 6,522 - 6,522
Senior Team Travel - - 384 - 384
Management expenses - - 1,404 - 1,404
242,623 356,302 65,752 - 664,677
----- End of picture text -----

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

6c Charitable activities by expenditure type

Charitable activities
(Youth and Arts
Education)
£
Charitable activities
Staff costs
60,929
Arts Education Challenge
16,215
Demonstrate
39,122
Guys & St Thomas Trust Imaging Futur
49,512
Performance Company
1,737
Coop Foundation- Child Loneliness
28,479
Artistic Agitators
17,985
Theatre staff costs
-
Theatre development & running costs
-
Payments to theatre companies
-
Other theatre running costs
-
Brixton project costs
-
Support costs
Staff costs
-
Overhead costs
-
Depreciation
-
Staff costs
106,045
Overhead costs
57,981
Depreciation
2,091
Governance costs
Auditor's remuneration
-
Board expenses
-
Legal and professional fees
-
Wages and salaries - direct
-
Senior Team Travel
-
Management expenses
-
380,096
Net income/expenditure
This is stated after charging:
Depreciation of tangible fixed assets
- owned by the charity
Auditor's remuneration - current year
- prior year under accrual		 Charitable activities
(Youth and Arts
Education)
£
Charitable activities
Staff costs
60,929
Arts Education Challenge
16,215
Demonstrate
39,122
Guys & St Thomas Trust Imaging Futur
49,512
Performance Company
1,737
Coop Foundation- Child Loneliness
28,479
Artistic Agitators
17,985
Theatre staff costs
-
Theatre development & running costs
-
Payments to theatre companies
-
Other theatre running costs
-
Brixton project costs
-
Support costs
Staff costs
-
Overhead costs
-
Depreciation
-
Staff costs
106,045
Overhead costs
57,981
Depreciation
2,091
Governance costs
Auditor's remuneration
-
Board expenses
-
Legal and professional fees
-
Wages and salaries - direct
-
Senior Team Travel
-
Management expenses
-
380,096
Net income/expenditure
This is stated after charging:
Depreciation of tangible fixed assets
- owned by the charity
Auditor's remuneration - current year
- prior year under accrual		 Charitable
activities
(Theatre Costs)
£
-
-
-
-
-
-
-
175,496
54,450
13,791
16,329
116,544
-		 Governance
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Support
costs
£
-
-
-
-
-
-
-
-
-
-
-
-
235,655		 2020
as
restated
£
60,929
16,215
39,122
49,512
1,737
28,479
17,985
175,496
54,450
13,791
16,329
116,544
235,655
-
-
106,045
57,981
2,091		 -
-
106,045
115,961
4,183		 -
-
23,565
19,327
697		 193,269
6,971
(235,655)
(193,269)
(6,971)		 193,269
6,971
-
-
-
-
-		 -
-		 10,000
993		 -
-		 10,000
993
- - 1,000 -
-
-
-
-
2021
£
2,801
13,000
1,200
14,200		 1,000
- - 7,190 7,190
- - 1,204 1,204
- - 280 280
1,047,151
2020
£
6,971
12,500
602,799 64,256
-
12,500

7 Net income/expenditure

Page 26

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

8 Staff Costs

Staff costs were as follows:

Wages and salaries
Social security costs
Pension costs		 2021
£		 2020
£
364,095
36,090
10,664
410,849		 430,572
36,119
22,419
489,110

The average monthly number of employees during the year was as follows:

Generating Funds
Youth arts and education
Theatre operations
Support		 2021
No.
1
1
2
7
11		 2020
No.
1
1
11
5
18

Included in Wages and salaries above is £7,532 relating to redundancy and termination payments (2020: £29,787).

Trustees and Key Management Personnel

During the year, no trustees received any remuneration (2021 - £nil). No trustees received reimbursement of expenses in the current year (2021 - £nil).

During the year, no trustees received any benefits in kind (2020 - £nil).

The Senior Management Team are Gbolahan Obisesan Artistic Director/Joint CEO and Gary Johnson Executive Director/Joint CEO. The total employee remuneration of the charity's senior management team including pension costs for the year is £130,416 (2020: £155,342).There are no related party transactions in the year. (2020: Interest free loan from a trustee of £35,000 was fully paid off in the year.)

9 Tangible Fixed Assets

Cost
At 1 April 2020
Additions
Disposal
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
Disposal
At 31 March 2021
Net Book Value
As at 31 March 2021
As at 31 March 2020		 £
9,114,999
Freehold
Property		 £
354,692
Plant &
Machinery		 £
75,867
Fixtures &
Fittings		 Total
£
9,545,558
-
(9,114,999)
-		 51,621
(337,365)
68,948		 3,612
(63,711)
15,768		 55,233
(9,516,075)
84,716
380,000
-
(380,000)		 352,528
1,597
(336,798)		 72,084
1,204
(59,928)		 804,612
2,801
(776,726)
- 17,327 13,360 30,687
- 51,621 2,408 54,029
8,734,999 2,164 3,783 8,740,946

During the year the Freehold property was sold on 31 October 2020 thus was disposed during the year.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

10a Fixed Asset Investments

Market Value
At 1 April 2020
Additions
Disposals
Realised Gain
Unrealised gain/(loss)
At 31 March 2021
0b Investment at Market Value Comprise:
Listed Investments
Other fixed asset investments - Deposit Fund
Total market value
Material Investments
COIF Charities Investment Fund
11 Debtors
Trade debtors
Other debtors
12 Creditors: Amounts falling due within one year
Trade creditors
Taxation and social security
Pension
Deposit on sale of building
Other creditors
Accruals		 2021
£
107,160
3,284
-
-
22,061
132,505
2021
£
126,575
5,930
132,505
2021
£
126,575
2021
£
23,170
59,428
82,598		 2020
£
135,914
3,242
(30,000)
1,028
(3,024)
107,160
2020
£
104,514
2,646
107,160
2020
£
104,514
2020
£
56,557
22,163
78,720
2021
£
55,084
7,286
-
-
-
87,537
149,907
2020
as restated
£
89,878
9,493
5,159
748,000
388
120,387
973,305

10b Investment at Market Value Comprise:

Page: 28

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

13 Unrestricted Funds

Designated Funds
J G Borough
Investment Fund
General Funds
General Funds
Total Unrestricted
Funds 2021
Designated Funds
J G Borough
Investment Fund
General Funds
General Funds
Total Unrestricted
Funds 2020		 Brought
forward
£
107,160
107,160
8,713,448
8,820,608
Brought
forward
£
135,914
135,914
315,994
451,908		 Income
£
3,284
3,284
601,160
604,444
Income
£
3,242
3,242
665,694
668,936		 Expenditure
Transfers
in/(out)
£
£
-
-
-
-
(660,635)
(8,512,965)
(660,635)
(8,512,965)
Expenditure
Transfers
in/(out)
£
£
-
(30,000)
-
(30,000)
(836,671)
10,000
(836,671)
(20,000)		 Gains/
(Losses)
£
22,061
22,061
(4,350)
17,711
Gains/
(Losses)
£
(1,996)
(1,996)
8,558,431
8,556,435		 2021
£
132,505
132,505
136,658
269,163
2020
£
107,160
107,160
8,713,448
8,820,608

The J G Borough Investment Fund was designated by the directors of the charity. It represents an investment fund started up from a legacy given by J G Borough. The fund was named in memory of J G Borough. It is the policy laid down by the board of Ovalhouse Theatre Limited that the capital funds may not be depleted, and that the value of the funds must be maintained in real terms. This is specifically so that income from the fund over and above that needed to maintain the value of the funds and meet their direct expenses can be made in annual grants to the charity.

For the duration of the Capital Campaign and up until the move into the new building, the board has decided that this fund will also be used to provide cash flow to the organisation in advance of donations, trust and foundations and lottery monies being received. It is the intention of the trustees for the fund to return to its primary purpose once this activity has been completed. Amount of £8,735,000 from the sale of the Oval site was transfered from unrestricted funds to the restricted capital to fund construction of the new theatre building in Brixton. The net movement between unrestricted and restricted funds is (£8,512,956).

Page: 29

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

14 Restricted Funds

Restricted Funds
Learning and Participation:
Co op Foundation
(1)
Demonstrate Project
(2)
Guys & St Thomas Imagining Futures
(3)
ACE Covid Recovery Fund 1
(4)
Total restricted funds other
Capital Project - Brixton
(5)
Total restricted funds 2021
Restricted Funds
Learning and Participation:
Co op Foundation
CEC Untold Season
Demonstrate Project
Guys & St Thomas Imagining Futures
Performance Company
Total restricted funds other
Capital Project - Brixton
Total restricted funds 2020		 Brought
forward
£
6,205
-
-
-
6,205		 Income
£
-
-
59,136
250,000
309,136		 Expenditure
£
-
(1,008)
(46,990)
-
(47,998)
(73,902)		 Transfers
in/(out)
£
-
1,008
-
(223,043)
(222,035)
8,735,000		 Carried
Forward 31
March 2021
£
6,205
-
12,146
26,957
45,308
(261,530) 195,338 8,594,906
(255,325) 504,474 (121,900) 8,512,965 8,640,214
Brought
forward
£
-
99
-
-
-
99
(289,840)
(289,741)		 Income
£
48,603
9,673
53,835
71,385
200
183,696
160,329
344,025		 Expenditure
£
(42,398)
(26,698)
(53,835)
(71,385)
(3,274)
(197,590)
(132,019)
(329,609)		 Transfers
in/(out)
£
-
16,926
-
-
3,074
20,000
-
20,000		 Carried
Forward 31
March 2020
as restated
£
6,205
-
-
-
-
6,205
(261,530)
(255,325)

Transfers out in the year are to bring funds in deficit up to £nil for those where no future income is expected. Proceeds from sale of Oval site have transferred to fund the Capital project. Cultural Recovery Fund 1 grants were restricted to expenditure stated in the application. The funds were spent in accordance with the terms of the grant to fund theatre and artistic operations during the Covid-19 lockdown period to aid the recovery of the organisation.

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DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

14 Restricted Funds (continued)

Co op Foundation is a three year exploration into the impact of child loneliness through theatre and performance. The grant is funding a series of school workshops where children use arts activities to address issues around loneliness and isolation (especially for those making the transition from primary to secondary school). The final implementation has been delayed due to Covid 19 restrictions and delays on the construction of the theatre.

(2) Demonstrate! Project:

Demonstrate 2010 - present

Demonstrate is a unique dance-led participatory arts project for children and young people with autism and complex and profound disabilities that is run in partnership with the Corali Dance Company. Demonstrate has developed a practical, safe and exciting model for engaging young people with disabilities, especially those who may have challenging behaviours. Brixton House was successful in winning the tender extension for three years starting in January 2021. Covid-19 lockdown restrictions negatively affected activities during the year. All activities had to be cancelled. We look forward to continue with the project in the next year.

(3) Guys & St Thomas (Imaging Futures)

Imagining Futures is a three year project which consist of 30-week group workshop programmes combining mental wellness strategies and arts practice for young women aged 14 to 18, living in Lambeth or Southwark. The project supports young women whose immediate and longer-term mental health may be affected by issues including emotional distress, self-harm, social or school exclusion, exploitation, vulnerability, trauma and deprivation. The project uses arts skills combined with evidencedbased Dialectical Behaviour Therapy (DBT) skills and mindfulness to support mental wellness and resilience in participants and to promote creativity and engagement in the arts. Due to covid-19 restrictions there was a delay in implementation and completion of activities.The project will finally come to an end in July 2021.

The charity was successful in securing £250,000 by way of a government grant to assist with Corona virus related expenditure, redundancy and staff costs as well as reinflating our reserves.

(5) Capital Project - Brixton

Donations received through our Capital Fundraising Campaign to raise funds for our new building in Brixton.

The transfers out of restricted funds reflect the contributions to general overheads borne by each restricted fund. The transfers into restricted funds reflect the programme costs borne by unrestricted funds.

Page: 31

DocuSign Envelope ID: AF8A90A3-D51C-4356-BF4B-5713AE01A3D6

Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2021 Continued

15 Analysis of Net Assets Between Funds

----- Start of picture text -----
Restricted Unrestricted Total funds
funds funds 2021
£ £ £
Tangible fixed assets - 54,029 54,029
Fixed asset investments - 132,505 132,505
Current assets 8,640,214 232,536 8,872,750
-
Creditors due within one year (149,907) (149,907)
8,640,214 269,163 8,909,377
Restricted Unrestricted Total funds
funds funds 2020
as restated
£ £ £
Tangible fixed assets - 5,947 5,947
Fixed asset investments - 107,160 107,160
Current assets (255,325) 9,680,806 9,425,481
-
Creditors due within one year (973,305) (973,305)
(255,325) 8,820,608 8,565,283
----- End of picture text -----

16 Operating Leases

At the reporting end date the charity had the following future total lease payments under non-cancellable operating leases which fall due as follows:

Within 1 year
1 to 5 years		 2021
Other
Equipment
£
4,178
6,615
10,793		 2020
Other
Equipment
£
4,178
10,793
14,971

17 Prior period adjustment

A prior year adjustment has been processed to reflect legal costs for the sale of the Oval site incurred in earlier years.

Changes to the balance sheet

Changes to the balance sheet
Creditors due with one year
Other Creditors
Capital and reserves
Reserves
Changes to the statement of financial activities
Capital Project expenditure		 As previously
reported
£
(873,305)
(8,665,283)
As previously
reported
£
(32,019)		 At 31 March 2020
Adjustment
As
restated
£
£
(100,000)
(973,305)
100,000
(8,565,283)
At 31 March 2020
Adjustment
As
restated
£
£
(100,000)
(132,019)
Net Profit for financial period 8,503,116 (100,000) 8,403,116

Page: 32