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** **Page 3 of 11 Osun Arts Foundation** 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: 1. select suitable accounting policies and apply them consistently; 2. observe the methods and principles in the Charities SORP; 3. make judgements and estimates that are reasonable and prudent; 4. 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 **2020-21 Report and Annual Financial Statements Page 4 of 11 Osun Arts Foundation** 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). **2020-21 Report and Annual Financial Statements Page 5 of 11 Osun Arts Foundation** 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 **2020-21 Report and Annual Financial Statements Page 6 of 11 Osun Arts Foundation** ## 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 **2020-21 Report and Annual Financial Statements Page 7 of 11 Osun Arts Foundation** ## 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. **2020-21 Report and Annual Financial Statements** **Page 8 of 11 Osun Arts Foundation** ## OSUN ARTS FOUNDATION ## **NOTES TO THE ACCOUNTS** for the year ended 31st March 2021 - 1 **ACCOUNTING POLICIES** - 1.1 Accounting Convention - 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. - 1.2 Incoming resources Incoming resources represents grants, awards donations, self-generated - and investment income due in the year. - 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. - 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. - 1.5 Investment Properties - 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| |---|---| **2020-21 Report and Annual Financial Statements** **Page 9 of 11 Osun Arts Foundation** 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| |---|---| - 2.4 FINANCIAL COMMITMENTS There were no financial commitments made by the Board of Trustees during the coming year. **2020-21 Report and Annual Financial Statements** **Page 10 of 11 Osun Arts Foundation** ## 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| |---|---|---|---| **2020-21 Report and Annual Financial Statements** **Page 11 of 11 Osun Arts Foundation**