Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 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 2023
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Contents Legal and admlnlstratlve Infom)•tfjon Page 1 Trustees, annual report Page 2 Independent audrtorf$ port Page11 Statement of financial activbtb8S Page 16 Balance sheet Pèje 17 ststement ol cash flows Pagt 18 Notès to tho flnanclal ststsm•nts Pag• 19
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House (A company limited by guarantee) Legal and administrative information Company d8ts118 Registered Name T[11 as Brixton HOUSÈ Registered Charity No.. 288931 Registered Ccrtnpany No." 1796513 Registered AddrE$5". Lc•JJon SW9 8GL Truste88.' Abid8 Agana adipo Agboluaie EddyAka Jacoui Becklord Richard Beeram ael Bri9hl DavKJ Bryan Sunil Chotai Maya frn5 Fionnu81a Htyan Lwise Johns-Sheph8rd Chrislina Litsaga Rotsn Pfiesi Share Ryan Carole Stewart Su$w Ttholhy ResKJnèY 10 Augusl 2022 ResigngJ 16 JurE 2022 Appointed 16 June 2022 RÈswJned 16 jur 2022 ResvJned 16 June 2022 Chair ted 15 November 2023 ted 15 November 2023 wonted 16 June 2022 Reswjned 26 Juty 2023 ted 1S Novemter 2023 Reslgned 16 Jure 2022 Member$". Christopher Eperlm-Wtrfty1 Man HumrS Hon. Peler Jay E51her Lee¥es The Dean. The Very Re¥ereThJ Proles$vmart) Perw. PSlent William Ralhbcfie OBE. WIpreslel John Spa• Re¥ereNJ Ra Willian Managing Director & Executive Direck Bwker & Gary jOhC Comp8ny Se¢ret8ry. D8VKI Bry8n Auditor.. Moore Slon Smith LLP 6th Floor 9 Appold Slreet ankers. Barday5 Bank PLC Lo0Th SE114PZ National Weslrnin51er Bank PLC London EC2Y 5AQ Investment advisers". CCiA Investrnent Manay*nt mited Sl phage Hwse 2 Fore Slreel L(0Th EC2 5AQ PagE: 1
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhousa Theatre Limitèd trdding as Brixton House (A company limrted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees Ibvho are also diwlors of the chanty forthe PUTposes of the Companies Acll present their annual report together wth the audited ffinancial statements of Ovalhouse Theatre Limf(ed trading as Brixton House Ilhe Chartyl for the year ended 31 March 2023.The trustees confirm that the annual report and financial statements of the Charity compty the current Statutory requirements. the requirements of the Charity's goveming document and the provisions of the Statement of RecommendeLI Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IThe FRS102 Charitie$ SORPI issued in July 2014. The charity is controlled by its governing document, its memorandum and its articles of association, and constrtutes a limited company. limited by guarantee, as defined by the Companies Act 2006. STRUCTURE, GOVERNANCE AND MANAGEMENT Obl¢ctlveJ of th• ¢harlty The Charity is a charitable company limrted by guarantee and was sel up on March the 1 1984. In setting objectives and planning a¢b'vities the trustee$ have given Careful consideration lo the Charity Commi$sion'$ general guidan on public benefft. including the guidance "public benefit.. running a charrty IP821.' The principal objects of the Charity as sel out in the ¢onsb'lution are to.. promote the mentsl. physical and sprilual well-being of all ages especially those of disadvantaged background resident in the neighbourhood of Lambeth and guch other nei9hbourhoods as may hereafter be decided.. provide edueatson in the arts of music, drama and crafts,. and lo advance the arts and ¢utture by producing and pr¢)moting theatre plays. encouraging and promoting the involvement of young people in theatre and performing arts and providing performance spaces. Re¢rullJnent and appolntmgnt of tru$legs The management of the company is the responsibilrty of the trustees who are elected and C0p1ed under the terms of the Articles of Association. The board of tnjstees may appoint any person as 3 member of the board provided the nLJmber of trustees is not less than eight, nor more than fourteen. Trustees must resign land may stand for re-ele¢lionl al the Annual General Meeting every three years. and one third of the Board must sign and stand for rethelection each year. After three conseculive thre&year temis, a trustee is expected to retire unless exceptional circumstances appty. Trustees are selected according to the skills, kno¥edge and experience which they can contribute to the charity's work. Potential trustees are interviewed by the Chair. a panel of tru51ees and Diieclor, and the recommendation for their appointment is put to the board for approval. Page 2
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 A skills audit is carried out on trustees on an annual basis. whether or not a vacancy occurs. lo Identify competencies and attributes needed for fijture members. The audit takes the form of a board Membership review carried out by the Chair and senior management team. All trustees give of their time freely and no remuneration or expenses were paid in the year. Trustees are required to disclose all levant interests and register them wrth the Executive Director and in ac¢ordan¢e with policy wthdraw from de¢i$i¢)n$ where a nflict of interest ari$e$. IndUcon and tralnlng of tru6t••* We have in place a comprehensive Trustee Induction Pack. The pack, covering 811 aspects of the charity's business and artistic endeavor, is part of our approved Appointment Poli¢y. A system of peer review continues to operate to ensure newer members can contribute most effectively to the board. Constitulion and oryanisational Structurn Members of the Association are responsible for voling on the board of Iruslee$ and approving the account$ ol the ¢harity. The governan¢e of the Charity is the responsibility of the tru$tee$ who are elected and Covopled under the tems of the Articles of Associats"on. The board of trustees has corporate TnsIbIlity for ensuring that the charitable company complies th any stslulory or adminislralive requirements for the use of put4ic andlof private fundg. The day to day running ol the chanty 1$ delegated to the Senior Management Team ISMTI consisting of the Managing Oirector lappoinled January 20231 and Exe¢ulive Director. Trustee Board meetings are held al least 4 times a year on a quartedy basis. There are an addth'onal four Finance & Slrale9y Committee IF&SI meetings which ijireclly prece<Je each Irvstee board meeting al which the Management Acwunts for each quarter. annual budgets and remuneration are agreed for recommendation to the fiJll board. An AGM is held th members of the assoCiatn and trustee5 each year. Risk mftigatlon The trustees are responsible for the management ofthe risks which face the charity. The board, through its Finance and Strategy Committee. and the Senior Management Team {SMTI currently operate a risk management system that ensures that the following key prinaples of effective risk management have been applied". covers all risks- including governance. management. quality, repulalion81 and financial- but is focused on the most important risks,. produces a balanced portfolio of risk exposure., is based on a clearfy articulated policy and approach,. requires regular monitoring and review, giving rise to action where appropriate., needs to be managed by an identified individual and involve the demonstrable commitment of Iruslees and senior stsff". is inlegraled into nomal business processes and aligneil lo the strategic objectives of the organisab'on. Page 3
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 The charity maintains a Risk Register for Ihe recording and monrtoring of risks. It has been designed lo estsblish a clear link between the strategic objectives and each recorded risk." and this ensuies that any process. project, or initiative that will adversely affect Ovalhouse Theatre Limited successfijlly achieving its overall business goals will be flagged and addressed. These risks are mitigated by a combination of Quarterfy management accounts, SMT vigilance, F&S Commrttee monitoring and the strategy of the SMT which is overseen by the trustees. The trustees have assessed the potential risks to which ihe charity is exposed, those related lo the operations and finances of the charty during Ihe 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 ASSESSMENT As part of its ongoing responsits'lity for ensuring the identthcation and management of risk, the 8oard adopts a rolling a5ses5menl of 51rategic and operational risk. This process of risk management is reviewed on a regular basis by the Finance and Strategy Committee which in lum reports into the Board. On an annual ba$i$, the SMT report$ lo the Board on the highest-level risks and their miligaling actions. The severty of a nsk is assessed in ways.. . Current Assessment- based on the perceived severity arKI probability of occurrence which when multiplied together results in a raw risk factor Assessment after Action - based on identified mrtigalion being taken and reducing the probability of occurrence resulting in a revised risk factor Key Rl•k8 Risks al an organisational level are grouped under the followng six heading5'. impact, financial sustainabilty, compliance. reput*ional and major operatsonal. The key risks after miligalion that the Board is currently focusing on are.. • Financial- the challenge of securing sufficient UnStrICted funds and hawng a strong pipeline of restricted income against the needs of Ihe budget and forecast expenditure. Organisational change and HR- the potential impact arising from the need to renew our structures and the ability lo attrad and relain talented 5tsff Growth- failure lo achieve the income targets around our public Programme and commercial Income. These key risks, and their potential impact on income and the use of the charity's services, are monitored continually an(1 revieweil regularty by SMT. and by the F&S Committee. Page 4
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENTS AND PERFORMANCE The last twelve months have seen us estsblish Brixton House as a new cultural institution. We have done this in our inaugural year. Starting just as a sector, we were negotiating the removal of restrictions and guidelines related lo the reopening of venues an¢J the relaxation of social distancing measures in venues following the pandemic. This period also marked the gradual recovery of audience attendance. For us, our transition from our fomier location in Oval to our present premises in Brixlon and the context and environment we were working in resutied in Brixton House effectively becoming a cultural start-up. De$prte the ¢hallenges, we achieved Signfficanl mile$tone$ during our opening year, and we learned a great deal about our new home and our new communities. We demonstrated resilience and determination, delivering an ambitious artistic offer that shoa$e1 our mission and vision. Our diverse programme spanned various art forms. with a continued emphasis on narrative theatre and we invited audience and participant5 to expenence this in our new and versatile Spaces. Our first full year artistic programme was filled wlh numerous highlight¥'. our inaugural Housemates Festival in April brought an offering of new work lo celebrate the stories that independent artists and freelancers had created over the past few years. We handed our'Housemale$' the keys fL)r two week5 to play and reimagine the theatre as a worfd of their own. The festival's mulli.artform line.up delivered an explosion of experimentsl live theatre. comedy. spoken word and dance exploring theme$ including self-d1$Very $howca$ing arti$t$ $u¢h a$ Shakira Newton's Things I Can Laugh About Now Ishortlisted lor a British Black Theatre awardl, Suchandrika Chakrabarti's l Miss Amy Winehouse, and Corey Bovell's Chicken Burger N Chips. In partnership wlh High Tide and in association with the Mercury Theatre Colchester we presented Waleed Akhtar's debut play Kabul Goes Pop. Widening our voi¢e and signaling an invrtalion into Brixton House to one of many our many communilies, this production proved successfvl in underfining our commitment to cenlering marginalised and underrepresented voices. Waleed went on lo win Most promising playwright at the Off West End awards. Working with the multi-award-wnning company Pollergeisl we produced Alice in Wondedand, our first Christmas offering. With a specific and deliberate use of the sights and sounds of Brixton we were able lo reach family and school au(Jiences wth hyper-local targeting. The production went on lo receive several award nominations and won an Off West End award for Best Newcorner (Nkhanise Phiril. These few examples are leslament to the strength of the inclusive and representative art151ic offer that has continued, taking the previous voice of the founding Ovalhouse Theatre and bringing il up to date and up to context in its new localion. We successfully reapplied for funding to remain on Arts Council England's list of National Portfolio Organisations and were fortunate to receive the uplrfl in revenue we requested. Alongside the delivery of our artisti¢ offering the funds support the necessary organisalional development and adaptation of our business to reflect the changing context of our sector. This organisational development continued to be a feature of this period. Flexing our staffing structure followng the departure of the Joint CEOIArtislic Director, we have laken our bme lo understand the Page 5
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 best leadership model for the ftrture and incorporated this into the thinking for the business plan. We have delivered a range of staff training designed to develop leadership across the organisalitsn and continue to stralegically appoint roles which are critical to success. We have remained committed to being a local employer wth over 70% of staff coming from within South London. We struggled in some areas lo recruit the qUire<l levels of expertise as we navigate the Changed recruitment landscape and the skills shortage in the cultural sector. This has slowed progress in some key areas such as fundraising and participation and we wognise that we have not mel the ptslenb.al we know we have. For thi$ reason, we wll be working to move forvrdrd in these areas as key priorities for the comin9 year. The impact of our delayed opening, the ambth'on of the first year and the speed of recruitment and the ider societal context of Covid and rts aftermath has undoubledty impacted us financially. Building audiences and providing affordable and ac¢es$ible points of entry lo our offer has been a constant focus and continuous balancing act. This, alongside increasing business costs, has made this a challenging year financially. Therelore. our other crili¢al focus for the ¢oming year wll be around cementing a financial model that is fit for Current times and includes a diversified income stream and secures a solid financial base for 8nxton House. We recognise that, a¥ many start up organi$ation$ have experienced. this first year of Brixton House'8 existence has been one lull of testsng, failing, leaming. and adapting and succeeding. We are clear where we are having success and clear where we are still further back in the process. With a strong board who bring a diverse range ol ski115 and experiences to support the leadership team we move forward wlh commitment lo progressing along this path and fvlly into our potential as a Lambeth cultural icon and key South L¢)ndon ueabve gener*¢y. Della Barker Managlng Olrector Page 6
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 FINANCIAL REVIEWAND RESULTS FOR THE YEAR In¢om¢ from Donatlons and Grants Ovalhouse Theatre Limrted received a decrease in income from Donations and Grants of 68% from 2022 as a resuk of the Govemment's IDCMSI Coronavirus Recovery Fund support during the pandemic being received in the prior year. Additional capital support was also received from the Coronavirus Kickslart fvnd in 2022 wrth the residual balance of £120k being received in 22123. As National Portfolio Organisation our revenue grant from Arts Council England was maintained at £484,277 per annum and our unrestricted income was broadly consistent wth the prior year. Incomo from Charitable Actlvities Our income from Charitable Activities increased from £103,897120221 to £339,751 120231 as per the account5 due to the lifting ol lockdown restrictions on venues and the resumption of our public-facing theatre a1VIlle$. Audiences have been Slower to return than we intended and therefore this income is significantly short of our original PrpadeMiC predi¢tion$. The F&S committee has been providing additional oversight in this area to make improvements in the deficit positson going forward. Incomo from Othor Tradlng With a full year of operation our Trading InMe from Café, Hire and events increased Significantly from £18,785120221 to £397.486120231 an Increase of 2016% Expondlture on Ralsing Funds In line wth the full operation, our expenditure increased from £106,39212022110 £328,278120231 as we rolled out our full markets'ng and communications strategy and expanded the café operation in line wth the arts and acts'vty program$. Expenditure on Charitablè Actlviti This expendrture was increased to support the frjll resumption of our Theatre and Learning and Participation programme. The costs increased signfficanlly by 120% 10 £2,331.969120231 compared to £1,061,603120221 which was a resuli of onty one month of programme and staff costs in the prior year. The largest aaS ol movement were as a sUIt of increased inveslrnent in Theatre Development with costs in¢asIng from £138k120221 to £543k120231 and associated staff costs increasing from £204k12022} to £462k12023). Capital Projoct Whilst we did facilitsle the soft opening of the new building in February 2022 we have been operating on a 'license to occupy, rather than the lease wth London Borough of Lambeth ILBLI as originally Intended. Thi5 IS to allow all partie5 10 355ess the final construcb.on Cost and the proporb.on of the lease premium that will be paid by the charity. Most Capital receipts have been retained by the charity whilst this process is ongoing. Kickslart monies were paid across to LBL in line with the funding Page 7
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 agreement in March 2022. A loan facilty for any capital shortfall has been offered by LBL but il is the Intention of the trustees to look for alternth.ve solub"ons. As of December 2023, we are still in discussion with LBL over these rtems. Fundralslng Raising voluntary lunds from trusts. foundati¢)ns anY individuals is a vrtal source of income for Brixton House. enabling us to fulfil our charitable obj'ectives as effectivety as possible. We are very grateful for the support given by all our donors. Brixton House 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 and shared values. In developing our approach lo fvndraising we have taken account ol the Code ol Fundraising Practice issued by the Fundraising Regulator. We operate with a small internal fvndraising team and do not engage extemal professional fundraisers or commercial bOdS to carry out fijndraising activity and do not engage in face-to-face or telephone fundraising. Brixton House has received no complaints aboul its fundraising actIv.e$ either during the financial year or subsequenuy. AS part csf ils preparation for the General Data Pcolecbon Regulation Ihal came into force in May 2018, Brixton House has reviewed and updated ils Privacy Policy in 2022. This policy, published on our website, cleady stales what personal data we will hold in relab.on lo supporters and how this data will be used. 11 sets oul how individuals can raise ¢oncem$ or complaints. Investment Pollcy and Perforn)anco The twslees have adopted an ethical investment policy whith exclutjes investments In companies where a signifi¢ant part ol their business 1$ in amiamenls. toba¢. gambling or pomography. Reser48$ Pollcy The Trustees review the charity's reserves policy as an integral part of their VIeW of the charily'g future. Under its reserve policy the charty maintsins reserves lo prolect the charrty against reasonable fluctuations in trading income and donations in the future. The Trustees recognise the Inherent risks and uncertainties involved in presenting theatn.cal prodvth"on$ and aim lo maintsin inimum level of general reserves 01 £300,000 to cover contracted Production expenditure and admini51ralion, building and staff costs for three months. The policy Is lo build the reserve level over the medium lemi through the implemenlion of balanced budgets or budgets with Surpluses at a level consistent with the charitable status of the company. The free reserves at present are minus {£1.4ml and thus is £1.7m short of the targeted amount but thi5 is because of the loss in first full year of trading. The trustees recognise thi5 and thus have made the capital project funds as a provision for addrtional level of serveS which have allowed the support of a deficit position in 2022123 and will potenbally provide additional support for a deficit posth'on in future years. This has been enabled by our ongoing relationship wlh the London Borough of Lambeth and the Agreement for Lease which does not require the charity to fomialty enter a lease unb'l terms have been agreed. Discussions about the lease terms and payrnent schedule are ongoing wrth a view Page 8
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 to ensure the lonterm future of the charity. The need to maintain the general reserve level to above the minimum level will be rellecled in the budget for futu years once the capitsl project Is formally complele. The budget for the 2023124 year rellects ongoing caub'on around the expected reduction in box office and commercial income due to reduced consumer confidence. Pay and R•mun•ratlon Staff pay was reviewed in the year and limited cost of living increases were made in May 2022. The rate of pension Contributions remained at the level set in previous years. Post yoar End and Futur• Plans As of December 2023. the board are cvrrenlly in negotiation with London Borough of Lambelh lo conclude the Lease negotiations and in tum the Culiural Hub and FaCIl.eS Management agreements. The intention ol all stakeholders is lo ensure that the orgni5alion 1$ pul on a sustainable fooling. We 11 learn from our deficit posrtion in 2023 laround our pibt year of operation) wrth the intention to deliver a break-even budget wihin ts¥o years. Updaled business plans wll be developed in February 2023 for the 2023-2026 financial period. TRUSTEES, RESPONSIBILITIES STATEMENT The trustees Ivkno are also directors of alhouSe Theatre Ltd for the purposes of company lawl are responsible for preparing the trustees. report and the financial statements in accordance wf(h applicable law and United Kingdom Accounting Stsndards (Unrted Kingdom Generally Accepted Accounting Pra¢ticel. Company law reqvires the trustees to prepare financial stslements 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 lair view of the stsle of affairs of the charrtable company and of the incoming resources and application of resources. includrng the income and expendrture. of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently.. slate whether a Slalemenl of Recommended Prathce ISORP} applies and has been followed, subject lo any material departu$ Vdhich are explained in the financial slatemenls., make judgments and accounting estimates that are reasonable and prudent., comply wlh applicable accounting stsndards. including FRS 102, subject to any material departures disclosed and explained in the financial statements., prepare the financial Statements on the going concem basi5 unless il is inappropriate lo presume that the ¢harilable company wll continue in operation. The Iru5tees are responsible for keeping adequate accounting records that are sufficient to Show and explain the charitable company's transactions and disdose wilh reasonable accuracy at any time the financial posrtion of the charitable company and enable them lo ensure that the financial slalements Page 9
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hence for tsking reasonable steps for the VentIOn and detection of fraud and other irregularities. DISCLOSURE OF INFORPIATION TO AUDITOR Each of the persons who are trustees at the time when this trustees. report is approved has confirmed that.. so far as the trustees are aware, there is no relevant audit infomalion of which the Charity's auditor 1$ unaware. and the trustees have taken all the steps that ought to have been taken as a trustee in order to be aware of any information needed by the Charity's auditor in nneCtIOn with preparing their report and lo establish thal the Charty's audilor is aware of that informats'on. The accounts have been prepared in accordance wth the provisi¢)ns of Part 15 of the Companies Act 2006, relaling to small Compan$. AUDITOR The audfcor, Moore Kingston Smith LLP, have Indated their wllingne$$ tg continue in the office. A proposal for their reappointment wll be put forward al the Annual General Meeting. 1212012023 Approved by the truslees on .................... 2023 and signed on their behalf by.. Docu8lgn•d br. FE78EEF3C60M2D... David Bryan Secreiary Page 10
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF OVALHOUSE THEATRE LIMITED Opinion We have audited the financial statements of Ovalhouse Theatre Limited fr)r the year ended 31 Mar¢h 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial stslements. including signtficanl a¢¢ounb'ng 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 Reporb"ng Standard ApplKable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practicel- In our opinion the financial $tstements'. give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of f(s incoming resources and application of resources, including its income and expenditure. for the year then ended., have been property prepared in accordance wth United Kingdom Generally Accepted Accounting Practice., and have been prepared in ardance th the requirements of the Companies Art 2006. Ba818 for oplnlon We conducted our audrt in accordance with Intemational Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audrt of the finan¢ial slalemenls $e¢lion of our report. We are independent of the charitable company in accordance the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis foT ¢)Uf opinion. Conclu81on$ r•latlng to golng ¢on¢•m In auditing the financial slatemenls, we have concluded thatthe trustees. use of the going concem basis of a¢¢ounting in the preparabon ol Ihe financial $tatemenl$ 1$ appropri*e. Based on the work we have performed. we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, may cast significant doubt on the charitable company's abilrty lo continue as a going ¢oncem for a period of al least tsvelve months from when the financial statements are authorised lor issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other infomation The other infomation comprises the infomation included in the annual pOrt, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial 5ts1emen15 does not cover the other infomialion and. except to the extent otherwse expliciuy stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial ststemenls or our Page 11
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED knoedge obtained in the course of the audit or otherwse appears to be materially misstated. If we Identify such material inconsistencies or apparent material misststements. 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 condude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing lo report in Ihis regard. Opinlon$ on other mattsrs prO$¢rib by tho Companlos A¢1 2006 In our opinion, based on the work undertaken in Ihe wurse of Ihe audit.. the infom)ation given in the trustees. annual report for the financial year for %thi¢h the financial statements are prepared is consistent with the financial statements,. and the Iru51ee5' annual report has been prepared in accordance wrth applicable legal requirements. Matters on wthi¢h we are roquired to report by ox¢•ptlon In the light of the knowledge and understsnding of the company and ils environment obtsined in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the foll0vng matters where the Companie$ Ad 2006 requires us lo report lo you if. in our opinion.. adequate accounting records have not been kept, or relums adequate for our audit have not been re¢eived from branches not visited ty us., or the financial Statements are not in agreement wth the accounting TOrdS and retums., or certain disclosures of trustees, remuneration specffied by law are not made., we have not received all the informats'on and explanations we require for our audit. the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies exemption in preparing the trustees, annual report and from preparing a strategic report. Responslbllllle$ of tru$te•s As eXained more lty in the trustees, responsibilfftes statement. the tfustees Ivtho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material mi5Statement. whether due lo fraud or error. In preparing the financial statemer, the trustees are responsible for a5se55ing the charitable company's ability to continue as a going concern, disdosing. as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitsble company or to Cease operations. or have no realistic attemative but to do so. Page 12
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED AUdit0S Responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboul vthether the financial statements as a whole are free from material misstalemenl. %thether due to fraud or error. and lo 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 wrth ISAS IUKI will aNvays detect a material misstalemenl when il exi515. Misstslements can arise from fraud or error and are nSIdered material if. individually or in aggregate, they could reasonably be expected to in)luence the economic decisions of users taken on the basis of these financial slatemenls. As part of an aud(( in accordance vith ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identty and assess the risks of material misstatemenl of the financial statements, ether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audrt evidence Ihal is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resutting from fraud is higher than for one resulting from error, as fraud may Involve Mllusion. forgery. intentional omissions, misrepresenlalions, or the override of internal control. Obtain an under$tantJing of inlemal control relevant lo the audrt in order to design audr( procedure5 that are appropriate in the circumstsnces. bul not for the purposes of expressing an opinion on the effectiveness of the charitsble company's internal control. Evaluate the appropriateness of acntIng policies used and the reasonableness of accountin9 estimates and related disdosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtsined. whether a matenal uncertainty exists related lo events or ndrtIOnS that may $t Signifint doubl on the ¢harilable Company's ability lo continue as a going concem. If we conclude that a material uncertainty exist5, we are required lo draw attention in our audrtor's report lo the related disclosu$ in the financial slalements or, il such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audrt evidence obtsined up lo the dale of our au*Yrtor's report. However, future events or conditions may cause the charitable company lo cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whetherthefinancial statemerts representthe underfying transactions and events in a manner that achieves fair presentslion. We communicate with those charged govemance regarding, among other matters, the planned scope and timin9 of the audit and significant audil findings, including any significant deficiencies in Internal control that we Identify dunng our audrt. Page 13
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED Explanation as to what extent the audit was consideved capable of detecting irregularities, including fraud lryegularities, including fraud, are instances of noTrcompliance wth laws anij gUlatiOns. We design procedures in line with our responsibilities, oullined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularity'es. including fraud is detailed below. The objectives of our audrt in respect of fraud, are; to identy and asses$ the risks of material rnisstatement of the financial statements due to fraud.. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstslement 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 prirnary re5ponsibilrty for the prevention and dete¢tson of fraud resls ¥th both management an¢J those charged wlh governance of the charitable company. Our approach was as follows: We obtained an understanding of the legal and regulatory requirements applicable lo the charitable company and conside that the mosl significant are the Companies Act 2006. the Charities Act 2011, the Chanty SORP. and UK financial reporting standards as issued by the Financial Reporting C¢JJncil. We obtained an understsnding of how the charitsble company complies wlh these requirements by discussions with management. We assessed the risk of material misslatemenl of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management. We inquired of management and those charged wrth govemance as lo any known instances of non-¢omplian¢e or suspetted non•compliance wth laws and regulations. Based on this understanding, we deswned spea'fic appropriate audit procedures to identify instances of non-compliance wlh laws and regulations. This included making enquiries of management and those Charged go¥eman¢e and obtsining additional corroborative evidence as required. There are inherent lirnitalions in the audit procedures described above. We are less likely to become aware of instances of non-¢ompliance wth laws and regulations that are not closety related lo events and transactions refflected in the financial statements. Also, the risk of not detecting a material rn15Statemenl due lo 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. Page 14
Docusign Envdope ID.. E18177D>71AWCB?775E7ClDF2807 Ovalhouse Thèatre Limited trnding as Brixton House IA company limrted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OVALHOUSE THEATRE LIMITED Uso of our report This report is made solely to the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stsle lo 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 pemiitted by law. we do not accept or assume responsibilty lo any party other than the charitable company and charitable wnpany's members as a body, for our audit work, for this report, or for the opinions we have fomied. Karen Wardell Isenior Slalulory Auditor) for and on behalf of Moore lth'ngslon Smrth LLP, Statutory Audrtor 6th Floor 9 Appold Street Dale.. 21 December 2023 London EC2A 2AP Page 15
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Statement of Financial Aclivities For the year ended 31 March 2023 Unrestricted Restricted Re5triGlod Fund8 Total 2023 Total 2022 Inme Donsiions and grants Chartsble actiwlies Other Ir8diNJ Incory Inveslmenl income 501.536 201.193 397.486 3.610 120.988 622.524 339,7S1 397,486 3.610 1,954,973 103,897 18,785 3,350 138.558 Totsl Incom 1.103.825 120.988 138.558 1.363,371 2,081,005 ExpondltUf9 Exjxndifvre on,. R3i5ing funds Charitable a¢tiwlies 328.274 2.236.672 326.274 2 331.969 1C6,392 1.061,603 95.297 Totsl Expondltur8 2.W.946 95.297 2 660.243 1.167.995 Reali5ed and unrealised loss on iDve$imeni$ 10 4.663 4.685 11,407 N•t l•xp•ndllur•ylnGQffj• 11.465.e(61 120.988 43.261 11,301.SS71 924,417 Transfer beMen fuTrJs 14 Not mov•mont In lund• 11,465.8061 120.988 43.261 11.301.$571 924,417 Rgconclllltlon ol fund4- Fund balances tKWghl forwartl 21122 12. 9.810.134 10.695 9 833,794 8,909,377 Fund b•l•rb¢•• ¢•rrthl ftM•rd 22123 1.452.841 9.931.122 53.956 8.532,237 9.833,794 These resuhs are derived Irom continuiryJ actmts aThJ all g8irrJ 8TrJ lJsses recogni¥ed in Ihe year are induded in Ihe above Slalemenl. Page". 16
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Balance Sheet For the year ended 31 March 2023 Note 2023 2022 Flxtd 0$8ets Intsngible Assets Tangible fixed as5etS Investments 13.S37 1.374.OU 146.188 1.533.769 16.921 1,304.969 147.263 1,469,153 10a Current a880ts Debtors Stock Cash al bank and in hand 11 121.85YI 8.072 7.223.462 7.353.424 91,849 1,563 9,250,087 9,343,499 Credltorn- arnounts falling du& within one year 12 354,956 978.858 N•t ¢urr•nt a8••ts 6.998.468 8.364,641 N•t 188•ts 8.532.237 9,833,794 RelveS Unrastri¢t•d funds Restried funds 13 14 11.452.841) 9.985.078 12.965 9,820.829 Totsl fund• 8.532.237 9,833,794 12/2112023 The financial statenIS were approved by Ihe board and aulhorised lor issw and jigned on . behalf by. onits (tl4 7]E2B Eddy Akang Tasur Trustee Page." 17
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited Cashflow Statement For the year ended 31 March 2023 2023 2022 C•sh Ilow from operatlng actlvlllos Nel cèsh Ius8d inypro¥k1ed by oFraiir¥J acliwties 1.889.485 1.747.354 C•sh Ilow Irom Irwmtlng aEtfvhl•• Inve51menl Income A¢4ui$ilion offixed a$sa investyrS Purchase of intsngible assels Purthase of iawitAe movaNe assets 3.610 13.6101 3.350 13.3501 1137.1801 11.270.498> Not c••h provld•d by Invo¥tlng •CtfvIII8¥ 137.160 1.267.419 Change In cash and ca¥h 8qufvab•nts 12.026.625> 459.935 Cash gnd ca•h equlvalent• at th• be9lnnlng ol the yr 9.250.087 8.790.152 C•h gqulv•knt¥ •t thttnd ofthy••r 7.223.462 9.250.087 111 Reconclllatlon of n•t Inc¢Th to not c•8h flowfmm opwrntlng 4clMtle¥ 202) 2022 N•t Ineom• 11.301.557> 924.417 Adlu8bnonts for.. Oepreuatson charge Inveslmenl income IProfilllLoss on Sa of Investrrn1 Prov15ion lor ijoubtlul deb15 Ilncr8asel In debtors IDeuea¥eiiincrea$e in ¢rediliys 71.488 13.6101 4.685 1.000 129.2131 632.238 19.557 13.3501 828.951 148t cash lus8dypmvhJ8d by operntlng actlvllbe• 1.889.485 1.747.354 1111 Anaty818 of ¢h and cash oqulval•nts 2023 2022 Cash ai bank In hand 7.223.462 9.250.087 7.223.462 9.250.087 Page." 18
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 ACCOUnn9 pollcie8 Company $tslu$ The charity Is a Company limiled by guarantee. The members of the CA)mpany have served a8 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 guaranlee Is limrted to £1 nmber of the company. Ba818 of accounting These Iinancial slalemenls are prepared on a going COnrn basis. under the historul cost convention. as modified by Ihe revaluaknon of inveslTnents being m8agJr8d at fair value through Incorne and expendrtur8 within the Statement of Financial Actits. The finanual ststements have been prepad IA accordance the Financial Reporting Standard 8pplicabl8 in the UK and Republic of Ireland IFRS 1021. The charitab Company a public benefit company for the purposes of FRS 102 and therefore the Chanty also prepared its financial sts18m8nls in 3ecordance with Ihe Ststement ol Recommended Pracbce applicable lo charities preparing Iheir accounts in ac¢ordan¢e with the Financial Rew>rbng Standard appIlts in the UK and Republic of Ireland (The FRS 102 charit5 SORP published on 16 20141, the Compani8s Act 2006 and th8 Chari118s Act 2011. The Iru51ees have asse55ed vthether the use of the going concem b351S 15 appropriate and hav8 consided poss1t) events or coThJilion$ that might casi $KJnthc•nt doubl on the abilty of the chantabk8 company lo continu¢ as 8 going nffl The Iruslees hove made thi$ 8$sessm?nt for a period of 81 le8$t elve months Irom the dale of approval of the financial ststernents. In particular the trustees hav8 onsideffjd the charilabb cok7wany's lorecasls and prqeclions atx¥ have tsken account of pressures on incomg ond Ihe impact of the ¢urrgnl Konomi¢ dinate. Aft¢r making enqui3 the trustees have eoncluded thal there 15 a rea5on8ts e>Teclalion Ihal Ihe Chantats company ha5 adequate resourcas to continue in operational existence for the fOseeab future. The charitatile company therefor& continues to adopt the going concern basis in preparing its finanaal slatements Ovalhouse Theatre Limited has rnoved into an new build theatre in Brixlon. There has been a delay In agreeing the final aSe term5 on the bu11n9 with Lambeth Counul and we (alndY 0UpY the bu11n9 on a Ii(tn¢e that expl$ In July 2024.. Our board of trustees are rnanaging thi5 negotiatK>n Ihe aim of Securing a long tem future of the organi5alion and reduang any residual debt. We are confideni tsf a rè$dution in earty 2024 with all $lakeholders. To provide a$suran to our 90in9 COnM status we are still holdin9 a signfficant capitsl balance1£7m+i which will only be reaSed on condusion of negofr'afr'ons and we maintain a backup loan facility of £5m Irom Lortrjon Borough ol Lamb•th whth is sbll in plac• within tr•nI 981 agrtèmènts. The financial ststements are prepared in sleding. is Ihe funcbonal currency of the charity. Monelary amounts In lh8 financial stat8rnents aw rourthd lo th8 n8aresl pound. Glfts In Klnd Where seNices are provided to Ihe Chanty al no cost 8nd 8 reliab estimate can be made based on the value of the contributson to Ihe Chanty. Ihis irKome and a550ciated ewendilure 15 recognised in the rinanoal statements. Employee MfflI The costs of $hort-lemi employee benefits are ¢¢QnISed as a lffjbility and an expense The ¢ost of any material unused holts4ay enliuement is recognBed in the period in which the employee's services are received. Terrnination benefft5 are recognised Imrnediatety as an ewpnse when the company Is demonstrably ¢ommitted temiinate the enwoyment of an employee or to provide temiination benefits. Govornrnent grants Governtnent grants are recogn*d at the fairvalue of Ihe asset reNed or re1v#ble when the 1$ reasonable assurance that grant Cnd'OnS wdl be met and Ihe grant will be received. Page". 19
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 Accounting policie8 continued Fund a¢¢ountln9 General funds are unwtrthts lund$whth a available for use althe dI$tiOn of the directors in furtherance of Ih8 obj'ecbves of the Charitab ojmpany and whK hav8 not baen d88un8ted for other putposes. D88ignatsd funds compris8 unre51ricted lunds Ihat have 58t ashle by th8 dir8Ctors for partiojlar uwoses. The aim and use oleach desKJnated fund is set out in Ihe notes to the finanaal ststements. Resthcted funds are funds whth are lo be used in accordanc£ with speafic restriction5 imposed by Llonors or which have been raL8ed ty Ihe d)arItab eompany for partiwlar puws. The aim and use of e8ch reStrle fund is set out in the notes to the financial ststements. Transfers ts8knn funds ar8 made at the discretion ol th8 dir8Ctor8. Inveslm&nl income. 9ain$ and Itrsges a allxated to the appropriate hjnd. In¢omlng Y••our¢•• All Incomin9 SoUrcS are induded in Ihe statement ol finanrAal 8¢tivibe$ when the Chanty has entitment to the fundg. receipt is probabK8 and Ihe arnounl can be measured with SuffiCnt reliability. Where the donor has 8ffied that donations or grant8 relate to luture periods or that certain preccndilion5 rnU51 be fu11 before use, amounts reteived ar• re¢ogntsed in the r?vant period or when precondibons have been ft1. Income tsx recoverable in relat'on to donabons r•tiv undèr Grft ordèèds of eovènant is recognised al the lim& ol the t1onalion. Incom• tax r•COv•rab in ml8¢) to invostrnont is r•cogfiéd al Ulè ts.mè th• instMan1 ineom• s rei¥¥bI&. R080urco8 expended Expenditure Is accounted for on an ac£rua18 ba$ and ha8 been induded under expense categorw that aggregate all costs lor albxaiion to acbvil*S. Whère Costs cannot b6 direcuy attributed to paCular activities Ihey have been allocated on a basis consistentwth Ihe use of sOUrCeS. Charitable activitS include expenditure assouated with the operab.on of Ihe theatre and related projects and prograrnrres undertaken In fU111g Ihe chanws objects. Costs induda trrt)th dI¢t C05t5 of activities and their lated $upwrt costs. Fundrai$in9 costs a those Incur in seekin9 voluntsry contritiutions and do not include the costs of disseminating InfOnatIOn in sUPPOrt of the charitab18 activib"es. Govemance costs are those incurred in connection administration of th& Chanty and Cor)Ilanc with consts"¢ub"onal and statutory requ1MentS. Value odd¢d tsx The charity Is gIstered forVAT. In rxynmon wilh many other charibe$. Ovalhou$e Theatre Limited e)Fen8e5 are irfated byVAT whKh cannol be recovered in full. Intsngible Fixed As$¢ts Expenditure in excess of £1.IW of a capitsl natt1 i8 ¢apitalised. IntsngIb fixed assets are arnrnorbsed at rates provhled to write olf Ihe cost s8 estimated reshjual value of eath as5el over it5 expecled lrfe. as follow. Intangib FLxed AsseL8 20-33% strawJht line At the end of each peri¢)d. Ihe widual Val and usefvl INe$ of assets a reviewed and adJu$tsd if necessary. Page." 20
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes lo the Financial Statements For the year ended 31 March 2023 Continued A¢¢ouMing polklos conunuod Tanglwe fixed 08$0ts All assets cosling more than £1.OW arecwsed. Tangible fixed assets are stsled al costle5s dppwation. DewatioTh is wowded at rates Calcu to wnle offthe sl of fLxed assets. 5S their esbfflaled reSu value. OVerthreXpeCted useful Iwes on the following bays.. Leasehold on Ihe building lrnprovemenls buihyings Furniiure, Fixlures & FingS over Ihe 0r8e ofthe lease 20.33% straiohl line 20-33% straIt line Al the end ole8ch reporbng ped, Ihe res81 yeeS and use1 li¥es olassets are reYM¥e(l and 8djusted If neTrssary In additn, ifevents orchanoe In orcymstances indvle thatthe carryro value may not be recOrat thefi the rTring ¥alues of langiblg fixed assets aFe lor 1nwa1rrnt. Investmènts are stabd ai m•rtet valu& * th& b•tsnc She dats. The 8tsmeni of finanoal acith Indudes the net 98ins and losses arisiny on maluaiths and disposalsthmughoul th& y&8r. Op•r•tlng I•4 R•ntal& applutAe lo owabw Ipa&eswh¢r $ub•i•nb#lty al 01th01)ffts d ri•¢f¢MnAshlp rem#in wth tho lessorare charged lo the SOFA as InGurT•d. FInIneI Intrum•nt4 The company h86 elecied to appty the wovrdths ol SeLon 11 '8asi¢ Finanu4 knstmments. 10 811 of its finandal In8trumenls. Finandl inStrunIs8re recoonised In the Umpan5 b8latKe sheet %%han Ihe company becomes parw to Ihe conlr8Ciu81 ryovisK?ns of ihe innJmeth. Fin(81 asseis and Ikqbilrtiwd are of(sei. the nel amounts Frf88enled In the flnanck81 swernents. when Ihwe isa Wltyfenforc88bk riohl 10 set oltthe feLwni8ed 8munts and there Is an Intenlion to S8lUe on a baw5 crf lo realwts a58018nd setU8the Ikgbilty mUltanUSty. Bask fin8nci81 instrumenl$8re rwnised 81 transactim vahje and subsequentyadjusted forimpaimienl the excewon of Investnts whKh measured at tran8x•on and wb8equenty al fair ¥alu8. Stoek StOGk offood. drinks. books and nw¢h•n(h¢ ¥t th her Of{4nd rt r•4wblg v¥luè. C••h •Trd ¢••h oqyfv•hnts Cash and cash equivalenl$ Inc1¢5h In hand. dop)5ts 0¥¢ co11 with b8nks and othershort-tsrn IlqubJ Invesmenls with oiiginal malunlEs of Ihree wrf)nlhs or Crltlc•l •¢¢ounVng g•tkn•tg¥ And •rv¥ of ludggm•nt In Ihe appliulion of the company 5 accounting pdioes. Ihe direclors are requi lo rnakejudgemenls. e51imales and Ssumpb¥ aboul Ihe carrying amounlol a5sels and Iwbilibes Ihatyre notwdity opparenl from other sourGes. The esbmales and a5soriated assumpts5 are based Thist1 experi2ntr and olhprfactors thai are (x)ndered lo rekvanl. Aciual results tnaydifferfrom these e5tsmales. The estimates and underlwno assumptions a ¥1¥d M an th)ooTrYJ basis. Re$10Th$ to actounting estimates are rewunised in the periDd in whth the estitnate Is rewsed whwp the reSK)n aff15 ontylhat p, or in thè pÈri(xl of the thi0 and future pentsJ$Whtr the rewsw)n affe(ts both oJrMi)d fuiure pemds. The mosl signthcanl esbm&les ¥ssumMk)nsfith 8ffecl the ww)unl of¥sse¢$ •nd 1kgbillb.es in th8 counts relale to.. The annual depreciatiw thargeforfrd awt5i5senkneto thange in the estimated useful economic li¥e5 ond red31 value ofa5sels. Thware reasses5&1 nu arbd am2nded rSSat0 refied cutrent ci[cumstan(. P392." 21
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Thèatr Limited tradiny as Brixton Hous Not85 to the Financial Ststsrnents Forthe yèarended 31 March 2023 Unrostrlcled Rosthcts Total 2023 2 Donatlom and gyants Donations Gr8nl&. Arts Council- London Art5 Council Ckstart Caprtal Fund Other 12.259 13,168 484.277 484,277 120,079 5,000 120.079 Total Voluntary Income 501.536 120. 622,524 Unrn•trlct•d Il••tslct•d 2022 Donation• GrAnl5'. Arts CounGil. London Arts Council Recovery Fund 2 Arts Council Reco¥ry Fund 3 Art5 Council ck$tart Capital Fund Garfield Weston Foundalion Arts Counol." On These Stree 12.828 21.203 39,031 484.277 484,277 125.000 125.000 1.093,637 35,000 53,028 125.1Y)O 125.000 1.093.837 35.00) 53.028 Total Voluntary Income 497.105 1.149.840 308.026 1.954,973 3 In¢ornlng from Cknrtl•b •thlll•• 2023 2022 R•Btrl¢t•d In¢orn• Youth Arts 8nd education & Theatre prcds - giants see below UnMtrl¢t8d In¢om• Theatre Actiwlies 136.558 64.835 201.193 39,062 339.751 103.897 R•St¢td Ineom• Youth and Educatlon & Theatr•. Grnnts & Contrlbullo 2023 2022 Guy5 & StThomas Trust Imaglnlry FLrture5 Pr London Borough ol L8mbelh Short Breaks Demonstrate Prqocl LOrOn Borough of Lambelh SOAR Cre81i¥ learrMfwJ Prclect 88riro Foundation Glow Menial Heatth 018 Brockwell Bounce Family Festival Fresh Youw ProdLKers Programm? 19,493 45,342 65.956 70.ODO 41.600 io.cw)o 11.wo Total 136,558 64.835 P". 22
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 Continued othertradlng Income 2023 2022 Café Inoyyne Hire5 & Events irKxThe Other Income 116,066 133.328 148.094 1D,414 8.371 397,486 16785 All other trading Incorne rved In 2023ard 2022 isresIr1•S irmn•. Invufmfym It•m$ 2023 2022 Intome from lisieo Investn¢S 3,fj10 3.350 3,010 3.350 All Inveslrnqnl IrKome rnaised 2023 ard 2022 M wweslricted inrome 8• Co•t ol r•lilno lund• Unmth¢t•d R••trt¢t•d Il•th¢tsd 2023 Generating dunalions aThJ grnnts Theatre pulty Olh8rir80ing a1vIll Calé c0818 Hires & Evenl& colts 136.069 138.089 157.343 34.862 157,343 34.862 328.274 32B,274 Llnr••trl¢¢•d Rwtrfct•d R•Atrfct•d 2022 G•ratIng dwa119 and gram• Th•aire pUlty Other trading 8thivrtle8 Calé c0818 Hios & Evenits tobts 85.067 86,067 17.7)0 3.589 17,736 I.392 Ib Charft8bl• •¢tlvltl Unrn•irl¢t•d Ro•trtd•d R•$1¢1•d 2023 Yh Art8 Edw8b(Mi Parbtypal Theatre Cos15 Governonce (xxls Capital project costs 402.112 1.750.428 84.134 87,297 28,000 469.409 1,778.428 84,134 2.236.672 95,297 331,969 Unr•Jtrfct•d Restrfcted Rostrfetqd 2022 Y(Krth Art¥ Ea¥bon P¥rbcipab Theatre C0515 Governance costs Capital project costs 13fj.fj72 710.743 8B.689 77,491 53,028 214,163 763.771 88.669 15,000 15.(X)O 916.084 15.thjo 130,519 1 061,603 Pap. 23
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 Continued 6¢ Chavll8blv 8¢tl¥btlè8 by oxwndmuro typ• L••rnlThg & P•rtklp4U Th•4tr• Co• Gtsvthl*ht• 2023 Chwiiable Ktlvltl8• staff ¢08ts Demon51rale Gl¢)w Mental Hgallh Pr4e Brockwell Bou Famity Fe$b.l Othercommunily b35e¢ actiwli•s Theatre staff c051s Theatre developrnenl & runnir4 cos18 bnxlon prqect costs 167,837 50.239 5.342 11.716 e6.041 167,837 50,239 5,342 11,716 86,041 482,775 477,097 462.775 477.097 Sypport¢wts Staff costs Overhead cost8 Deprèc49tion 429.017 547.936 71.468 429,017 547,936 71,468 si•ff ¢0$ Ovofvad Gosll Depre911 331.514 328.761 67.623 39.001 54.794 3.502 1429.0171 1547.9361 171.4661 164.382 143 Gov•m•ne• colts Audilor's remvnerjtlon Board expenses Leg818nd profes$ion81 fees W8ges 8rKJ salaries- direci SeniorTeam Tra¥d Mansgemem e¥pense5 20.200 1.362 4.S02 13.269 2.649 499 20,200 1,382 4,502 13,269 2,649 499 524.201 1,667.970 139.797 2.331.969 P". 24
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 6c charitab activities by exndItUTe type Ch•vttab Ch•rft•bl• Govom•nc• Support costs 2022 & P•n*•UoD (The•tyv ¢otsl Staff c05t5 Staff cost5 Derncn51rate Guy5 & Sl Thern8s Twst Imaging Future Th88tre staff c051s Theatre devekpment & runnirYJ costs Brixton proieel costs 83.291 27.247 16.074 83.291 27.247 16.074 138,551 204.207 15.000 138,551 204,207 15.000 Support ¢o•t• Staff costs erhead costs Dèpreciation 350.758 178,682 19.557 350.758 178,882 19.557 Staff cc8t5 erhead costs Depreciation 143.492 53.605 5.867 175.379 107.209 11.734 31.887 17.868 1,958 1350.7581 1178.6821 119.5571 Governanco costs Auditorf5 remun8rats.on Board trxwnses Legal and professional letss Wage$ and salanes. di¢1 Senior Team Travel Management expenses 16.100 569 4.000 6.742 692 133 18.100 $89 4.000 8.742 892 133 329.576 652.¢180 79.947 1.061.603 7 N?1 1n¢omg1gxnd10 This is Staled alter charging.. 2023 2022 Depreciation of tangib fixed 858els owned by the charty Auditor's remuneration- current year - prior year under accrual 71.468 17.000 3.200 20.200 19.557 15.000 1,100 16,100 Page 25
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 alhou5e Theatre Limrte<l trading a5 Brtxton House Notes lo the Finanaal Staterrnts For Ihe yeareniled 31 March 2023 Continued B 5twff ¥)2$ 1.079. .g16 491.W2 151 1 2W2.268 554.&26 2J NL JF$ 12fr22 Nill Trut•w •ndK•y 13022- Inil E110.OW.E120.C(IJ teo,otsJ.£70.ts)) p• Trl Colt It i AprI2Q22 Add 16.921 T l Apn12Q22 CMfwTtyfvyo N•t8o0kv4• •J•l 31114rch 31 Mvth2022 Ib Tanlll• th•d Pl•M• At I APnl?&22 4ddillL5 Di¥P¢ .102 I.3214 Ita257 112 At31 MFthkV23 1912 114 DeprWI0Tr At i ApllI22 Chwsyforvpyp Dl¥os51 192 35L157 At31Math2 54.819 51 N•t8ookV• A5M 31 2023 142617 Ji fd4rth Z022 69417 67 420
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 Continued 10a Fixad Asset Inv•stm•nts 2023 2022 Markèt Valu8 Al 1 April 2022 Addrtions Unrealised gainllloss) 147.263 3.810 4,685 132.505 3,350 11,407 Al 31 March 2023 146.188 147,262 10b Invostmont at Market Valuo Comprl#e- 2023 2022 Listed Investments Other fixed asset investments- Deposit Fund 133.298 12.890 137,983 9,280 Total market value 146.188 147,263 Matodal InvMtm•nts 2023 2022 COIF Charities Investrnent Fund 133.298 137,983 11 Dobtorn 2023 2022 Trade debtors Other debtors 91.641 30,249 10,971 82,441 121,890 93,412 12 Credltors: Amounts falllng due wlthln one year 2023 2022 Trade creditors Taxation and social securty Pension Other creditors Accruals and deferred income 246,603 16.380 4,057 385 87,531 802,300 22,017 4,514 5,569 144,458 354.956 978,858 Deferred income relates to Theatre tickets income. £11.324 is induded wthin accruals & deferred income 12022.. £51.3041, and all was delerred within this year. Page.. 27
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 13 Unr•strleted Funds Continued Brought forward Incorne Transfers inlloutl Gainsl (Losses) Expenditure 2023 Designated Funds J G Borough Investment Fund 147.262 147,262 3.610 3.610 4.685 {4,6851 146.187 148,187 General Funds General Funds 134.29 1,1LK),215 2,W,946
REFI
REFI
Total Unrestricted Funds 2023 12.5 1,103,825 2,564.946
REFI
REFI
Brought foard Gainsl (Lossesl Income Expendilure Transfers inlloLrt 2022 D¢81gnat•d Fund8 J G Borough Investment Fund 132.505 132.505 3,39) 3.350 11.407 11.407 147,262 147.262 General Fund¥ General Funds 136.658 554.952 1.022.476 196.569 134.29 Total Unrestricted Funds 2022 269.183 558,302 1,022.476 1.569 11.407 12,965 Th8 J G Borough Investment Fund was d&snated by Ihe directors ol th& chartty. It represents an investment fund 8tarted up from a legacy given by J G Borough. The fvnd was named in memory of J G Borough. It is the policy laid down by the board of Ovalhouse Theatre Limrted that the capital funds may not be deeted, and that the value ol the funds must be maintained in real terms. This 1$ specifically so that incA)me from the fijnd over and above that lo maintain the value of the funds and meel their direct expenses can be made in annual grant5 to the charity. For the duration of the Capital Campaign and up until Ihe move inlo the new building, the board has decAded that this fund will also be used to provide cash Ilow to the organisalion in advance ol donations, trust and foundations and lottery monies being received. It is the intention of the trustees for the fund to rern to rts primary purpose once this activity has been completed. Page: 28
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 Continued 14 Restrlcted Funds Brought forward 1 Apnl 2022 Carried Forward 31 March 2023 IrKcme Expendrtufe Transfers inllouLI Restrlcted Funds Leamlng and Partlclpatlon: Co op Foundation Lets Build Oemonstrate Prqect 121 Lambeth SOAR Prqect 131 8aring Foundation Glow Prqecl 141 8rockwell Bounce Family Festsval 151 Young PrOdUr$ Programrne 161 Theatrg Fund9d Project. Fathers 161 6.205 16.2051 165,9581 65,958 10,000 41,600 10,000 11,C(KJ 15101 9.490 33.466 18.1341 110.0001 11.000 15.0001 Total restricted funds other 10.695 138.558 95.297 53.956 Capital Project- Brixton 171 9.810.134 120,988 9,931.122 Tgtal restricted funds 2023 9.820.829 259,546 95.297 9,985.076 Brought forward 1 April 2021 IrCe Eypendthre Transfers inllouti Carri¢d Forward 31 March 2022 Reatrleted Fund$ Leamlng and Partl¢lpatlon: Co op Foundation Lèts Build Demonstrate Prqect Guys & St Thomas Imagining Futures ACE Thasa Stra6tslTalk It Out SOAR Project ACE Covid Recovery Fund 1 Arts Council Recovery Fund 2 Arts Council Recovery Fund 3 Theatre Funded Project." Fathors 6.205 6,205 45,342 19,493 53,028 145.3421 131.6391 153.0281 15101 12.146 15101 26.957 126.9571 1125,0001 1125,(X)01 12S,CM)O 125,(M)O 5.000 Total restricted fund5 other 45.306 372,863 130,519 276.957 10.695 Capital Project- Brixton 8.594. 1.149,840 115.(KlOI 80,388 9,810.134 Tot81 restrict8d funds 2022 8,640.214 1.522.703 145,519 1£E.569 9.820.829 Transfers out In the year a to bring funds in deficrt up to £nil for those where no futuiè Income is expected. Proceads from the sale of the Oval site have been transferred to fund the Capitsl project Baring Glow mental project. D8rnon5trate. Young Producers aj SOAR progr8rnmes continue Into the next finan1 year. Page.. 29
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 Continued 14 R•$trlcted Fund$ Icontlnugdl 111 Coop Foundab"on Co op Foundation is a three year expl¢yats"on into the impact of chikl loneliness through theatre and performance. The grant is funding a series of School workshops where children use arts activitie5 10 address issues around loneliness and isolation lespecialty for those making the transition from primary to secondary school). The final implementatson has been delayed due to Cowd 19 restrictions and delays on the construction of the theatre. Projected was successfully deliveied in March 2023. 121 Demonslralel Project". Demonstrate 2010- present Demonstrate is a unique dance-led parb'cipatory arts project for children and young people with auti$m and complex and profound disabilities that 1$ run in partnership the Corali Dance Company. Demonslrale has developed a pra¢ts"cal. safe and excibng model for engaging young people wlh disabilities, especially those vkno may have challenging behaviours. Brixton House was successful in nning the tender extension for three years stsrting in January 2021. Covid-19 lockdown restrictions and delays in the theatre conslru¢ts'on$ affected a¢tiwties during the year. We managed to delNer project offsi(e during the year. We look forwrard lo the project being resident al Brixton House. 131 SOAR Project Funded by Lambeth Council. Our Soar Creative Careers programme 1$ for young people and ygung adults aged between 13 10 25 years interested in working in the perfomiing arts sector and looking for creative work experience opportunities. Programme is set to continue lo wn into 2023124. 141 Baring Foundation Glow Glgw 1$ a perfomiing and visual art$, health and wellbeing project primarily aimed al young people between 14-25 years wlh the Brixlon and the lambelh area. In partnership with the Marcus Lipton Community Enterprise. Brixton House wll present a Creative programme lo explore the performing arts through storytelling. circus. visual arts, music and drama. Generously funded by The Baring Foundation. This is an eighleen monlh project schedule to end in 2025. 151 Brockwell Bounce Family Develtspe<l in partnership with Brixton House and the Bemie Grant Arts Centre and presented as part of Brixlon House's Tadahl Circus family day summer event in Brockwell Park. Audiences will gel sneak peak of this work in progress production that playfully explores themes of connection and identity and the problems and pos$ibilrtJ'es of being melanin ri¢h in a black and vthite worfd. A week of activities 81 Brockh%tll Park Summer festival. 161 Young Producers Programme The Brixton House Fresh Young Producers is a new performing arts events management project open lo young people aged 11-16 years. The programme enables young people lo explore the performing arts sector from all angles, gaining prath.cal skills from arts professionals, leaming how lo produce, programme, and deliver Iwe events both onsrte at Brixton House and offsrte across Lambelh and London. Part fvnding by Walcot Foundation. 171 Capital Project- Brixton Donations received through our Caprtal Fundraising Campaign to raise funds for our new building in Brixton. The transfers out of restricted funds reflect the contribLth'ons to general overheads borne by each restricted fund. The transfers into restricted funds refflect the programme costs borne by unrestricted funds. Page: 30
Docusign Envdope ID.. E18177D>71AwCB2775E7ClDF2807 Ovalhouse Theatre Limited trading as Brixton House Notes to the Financial Statements For the year ended 31 March 2023 Continued 15 Anaty81s of NtrtAssats Funds R05thcted fvnds Unre5trfjcted nds Total fund5 2023 In18ngible Assets Tangible fixed a5se15 Fixed asset investments Current a55ets Cr8drtors due 1th1n one year 13,537 1.374,044 148,188 12.631.654) 354.956 13.537 1.374.044 146.188 7.353.424 354.956 9.985.078 9.985.078 1.452.841 È,S32,237 Ré&trfctsd fund Utt111¢d fvnd¥ Total fund& 2022 IniangiblÈ Assets Tangible fixed a58els Fixed a5sel invesimenl$ Current 8ssels Creditors due ¥%ilhln one year 16.921 1.304,969 147.263 1477.3301 978.858 18,921 1,304.969 147.263 9,343,499 978.858 9.820.829 9,820.829 12.965 9,833,794 18 Owratlng Loa4 Al the rep(Kting end dale IhB charty had the fthure lot4 IBase le( rarble operalng le8se8 %thich fall due 8s lollows.. 2023 Oth•r Equlpmont 2022 Oth•r Equlpment Wlthln 1 year 1106yrn 4,417 7.425 11,842 e,158 11,842 1e,000 Page". 31