TRUSTEES' REPORT AND ANNUAL FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2021
REGISTERED CHARITY NO 1039875
2020-21 Report and Annual Financial Statements Page 1 of 11 Osun Arts Foundation
OSUN ARTS FOUNDATION
Charity Information
Trustees Michele Ross Chair Kingsley Akinyele Ass Chair Stanley Ifamene Treasurer Dr Ibrahim Idowu Member Prince G. Araoye Member Coordinator/Artistic Director Oladimeji Adisa
Coordinator/Artistic Director Charity No
1039875
Registered Office The Old Saint Lawrence Building Westminster Road Kirkdale Liverpool L4 3TQ Auditors
Asiamah & Co Chartered Certified Accountants Unit 92 Battersea Business Centre 99/109 Lavender Hill London SW11 5QL
Bankers: Barclays Bank Plc 20 Stamford Hill, London N16 6RB
2020-21 Report and Annual Financial Statements Page 2 of 11 Osun Arts Foundation
OSUN ARTS FOUNDATION
Contents
| Page | |
|---|---|
| Charity information | 2 |
| Trustees' Report | 4 |
| Independent Examiners Report | 5 |
| Balance Sheet | 7 |
| Statement of Financial activities | 8 |
| Notes to the Financial Statements | 9-11 |
2020-21 Report and Annual Financial Statements
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OSUN ARTS FOUNDATION
REPORT OF THE TRUSTEES/MANAGEMENT COMMITTEE
The trustees present their report with the audited accounts of the charity for the year ended 31st March 2021
PRINCIPAL ACTIVITY
The Osun Foundation aims to advance education for the public benefit concerning Africa and its’ Art, anthropology and culture.
RESULTS
The results for the period, financial position of the organisation are as shown in the annexed financial statements.
TRUSTEES
The trustees of the charity in office during the year were as follows:
Michele Ross Kingsley Akinyele Dr. Ibrahim Idowu Stanley Ifamene Prince G. Araoye
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The constitution of the charity and law applicable to Charities in England and Wales requires the trustees to prepare financial statement for each financial year which give a true and fair view of the financial activities of the charity during the year and of its financial position at the end of each year.
In preparing the financial statements, the trustees are required to: In preparing those accounts, the trustees are expected to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue its operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statement comply with the charities Act 2011.
They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps to the prevention and detection of error, fraud and other irregularities.
ON BEHALF OF THE TRUSTEES ON THE 15th April 2021
Signature
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OSUN ARTS FOUNDATION
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OSUN ARTS FOUNDATION
We have examined the financial statements for the year ended 31 March 2021 on pages 7 to 11, which have been prepared in accordance with the accounting policies set out on page 9.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER
As described on page 2, the trustees are responsible for the preparation of the financial statements of the church. The trustees consider that an audit is not required for this period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is our responsibility to:
examine the financial statements under section 145 of the 2011 Act;
follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act;
and state whether particular matters have come to our attention.
We have been appointed under section 145 of the Charities Act 2011 and report in accordance with the regulations under that Act.
BASIS OF INDPENDENT EXAMINER'S OPINION
We conducted our examination in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and the seeking of explanations from the trustees concerning such matters. The procedures undertaken do not provide all of the evidence that would be required by an audit and, consequently, no opinion is given as to whether the financial statements present a 'true & fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
During the course of our examination, nothing has come to our attention which gives us reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:
a) proper accounting records have been kept in accordance with Section 130 of the Charities Act 2011; and
b) the financial statements for the year ended 31 March 2021 are in accordance with those records and comply with the accounting requirements of Charity Act 2011 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities (revised 2014).
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Further, during the course of our examination, nothing has come to our attention that, in our opinion, should be drawn to your attention in order to enable a proper understanding of the financial statements to be reached.
Kofi Asiamah
ASIAMAH & CO. CHARTERED CERTIFIED ACCOUNTANTS UNIT 92BATTERSEA BUSINESS CENTRE 99/109 LAVENDER HILL LONDON SW11 5QL
Dated: 16[TH] April 2021
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OSUN ARTS FOUNDATION
BALANCE SHEET AS AT 31ST MARCH 2021
FIXED ASSETS Tangible Assets CURRENT ASSETS Debtors/Prepayments Bank/Cash CREDITORS Amount falling due within one year Net Current Assets Total Assets less Liabilities Net Assets Represented by Unrestricted Funds Restricted Funds |
£ 2021 3244 0 3981 3981 550 3431 6675 6675 6675 0 |
£ 2020 3244 1000 1763 2763 400 2363 5607 5607 5607 0 |
|---|---|---|
…………………………………… Stanley Ifamene Treasurer Signature Name Position Approved by the board on the 15[th] April 2021
The notes form part of these accounts
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OSUN ARTS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOMING RESOURCES 3 Awards & Grants Other Funds Total Incoming Resources RESOURCES EXPENDED Cost of Activities 4 Total Resources Expended Net Incoming Resources for the year Balance brought forward Prior year adjustment Balances carried forward |
2021 2020 £ £ 68051 23500 362.5 5191 68414 28691 67345.15 26979 67345.15 26979 1068.35 1712 5607 3895 6675.35 5607 |
|---|---|
The charitable company has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charitable company are classed as continuing
The notes on pages 9-11 form part of these financial statements.
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OSUN ARTS FOUNDATION
NOTES TO THE ACCOUNTS
for the year ended 31st March 2021
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1 ACCOUNTING POLICIES
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1.1 Accounting Convention
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The accounts have been prepared under the historical cost convention and in accordance with SORP2 - accounting by Charities.
Exemption has been taken from preparing a cash flow statement on the grounds that the charity is a small undertaking.
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1.2 Incoming resources Incoming resources represents grants, awards donations, self-generated
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and investment income due in the year.
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1.3 Tangible Fixed Assets The organisation's policy is to write off all assets in the year of purchase Deposits on Assets are shown as fixed assets until they are fully paid up.
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1.4 Leasing and hire purchase commitments Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods.
The finance element of the rental payments is charged to the profit and Loss account so as to produce a constant periodic rate of charge on the Net obligation outstanding in each period.
Rental payable under operating leases are charged against income on a straight line basis over the lease term.
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1.5 Investment Properties
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Investment properties are shown at their open market value. The surplus Or deficit arising from the annual revaluation is transferred to the Investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
| GRANTS AND AWARDS Total Grants 1.6 OTHER INCOME Workshops/Performances |
2021 2020 68051 23500 362.5 5191 |
|---|---|
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TOTAL
6841 4 28691
| 1.7 FIXED ASSETS Tangible Fixed Assets VAN Cost 45214 Additions 0 45214 Depreciation b/f 1.4.20 41970 Charge for the year 0 41970 N.B.V. 31.03.21 3244 N.B.V. 31.03.20 3244 2 bank/cash Bank No1 Bank No2 2.1. Debtors/Prepayments Sundry Prepayments 2.2 CREDITORS: Amount falling due within one year: Accountants/Auditors 2.3 UNRESTRICTED FUNDS OPENING BALANCE Net Resources 31.3.20 5607 0 1068 |
Equipment Total 45214 45214 0 0 45214 45214 41970 41970 0 0 41970 0 3244 0 3244 2021 2020 3981.35 1763 0 0 3981.35 1763 0 1000 2021 2020 550 400 550 400 CLOSING BALANCE 31.3.21 6675 |
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- 2.4 FINANCIAL COMMITMENTS
There were no financial commitments made by the Board of Trustees during the coming year.
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3 Detailed Incoming Resources/Resources Expended for the year ended 31/03/21
4 |
Income unrestricted Grants Awards for All Arts Council England Liverpool Council for Voluntary Service (LCVS) The Hemby Trust Liverpool Learning Partnership Donations Odeiga House Ltd Global Given Other Donations Other Income St Patricks Catholics School St Cecilia Infants School Other School Workshops Income Direct Charitable Expenses Workshop Artists Fees/Expenses Management Fees Software Costumes Rent/Rates Volunteers Expenses Repairs/Maintenance Travel/Transport/Insurance Telephone/Broadband/Internet Printing/Postage & Stationery Advertising and Promotion Streaming Tools/Materials/Equipment Editing Subscription Website Development/Social Media Updates Accountancy fees Sundries/workshop materials Capital Expenditure Surplus/Deficit |
2021 £ Total 0 68051 0 0 0 0 0 362.5 0 0 0 68414 2021 20766 11700 3200 765 2030 1771.61 1620 1110 5150 1028.21 1500.41 715 3888.45 0 1002 4521 550 2020 4007.47 67345.15 1068.35 |
2020 £ Total 10000 13500 0 1500 1000 20 296 0 650 500 1225 28691 2020 600 13318 0 315 0 2014 485 1325 3390 784 1075 72 0 740 50 1135 350 0 742 26979 1712 |
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