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← Osun Arts Foundation

2025-03-31-accounts

TRUSTEES' REPORT AND ANNUAL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

REGISTERED CHARITY NO 1039875

Page 1 of 12 Osun Arts Foundation

2024-25 Report and Annual Financial Statements

OSUN ARTS FOUNDATION

Charity Information

Trustees

Michele Ross Chair Stanley Ifamene Treasurer Olajumoke Oyenuga Member Prince G. Araoye Member Charles Williams Vice Chair

Coordinator/Artistic Director

Oladimeji Adisa

Charity No

1039875

Registered Office The Old Saint Lawrence Building Westminster Road Kirkdale Liverpool L4 3TQ

Auditors Asiamah & Co Chartered Certified Accountants 12 Holliday Square London SW11 2HR

Bankers: Barclays Bank Plc 20 Stamford Hill, London N16 6RB

Page 2 of 12 Osun Arts Foundation

2024-25 Report and Annual Financial Statements

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

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2024-25 Report and Annual Financial Statements

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 2025

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 and financial position of the organisation are as shown in the annexed financial statements.

REVIEW OF FINANCIAL ACTIVITIES

The net incoming resources of the charity for the year ended 31 March 2025 amounted to £29667 (2024 - £19674).

RESERVES POLICY

It is the policy of the trustees that the reserves of the charity, which are all made up of unrestricted funds, should be held as current assets in order to meet the future requirements of its activities.

TRUSTEES

The trustees of the charity in office during the year were as follows:

Michele Ross Olajunmoke Oyenuga Stanley Ifamene Prince G. Araoye Charles Williams

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:

  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 financial statements 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

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2024-25 Report and Annual Financial Statements

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 20th October 2025

Signature

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 2024 on pages 7 to 12, 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 foundation. 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

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2024-25 Report and Annual Financial Statements

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 2024 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).

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 12 HOLLIDAY SQUARE LONDON SW11 2HR

Dated: 25[st] October 2025

2024-25 Report and Annual Financial Statements Page 6 of 12 Osun Arts Foundation

OSUN ARTS FOUNDATION

BALANCE SHEET AS AT 31ST MARCH 2024 BALANCE SHEET AS AT 31ST MARCH 2024
£ £
2025 2024
FIXED ASSETS
Tangible Assets 0
4000		 4000
CURRENT ASSETS
Debtors/Prepayments 0 0
Bank/Cash 934 3425
3425
CREDITORS
Amount falling due within one year 600
4500		 4500
Net Current Assets 334 -1075
Total Assets less Liabilities 334 2925
Net Assets 334 2925
Represented by
Unrestricted Funds 334 2925
Restricted Funds 0 0
…………………………… Stanley Ifamene Treasurer
Signature
Name		 Name Position Position
Approved by the board on the 20th thOctober 2025
The notes form part of these accounts

Page 7 of 12 Osun Arts Foundation

2024-25 Report and Annual Financial Statements

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
Deficit for the year
Prior year adjustment
Balances carried forward		 2025
2024
£
£
23217
19674
6450 0
29667
19674
33195
21146
33195
21146
-3528
-1472
2925
-4183
-3528
269
8580
-334
2925

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 9-12 form part of these financial statements.

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2024-25Report and Annual Financial Statements

OSUN ARTS FOUNDATION

NOTES TO THE ACCOUNTS

for the year ended 31st March 2025

1 ACCOUNTING POLICIES

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.

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.

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.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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.

Page 9 of 12 Osun Arts Foundation

2024-25 Report and Annual Financial Statements

2025 2024
1.6 GRANTS AND AWARDS
Total Grants 23217 10500
Other Income
Workshops/Performances 6450 9174
Total Incoming Resources 29667
 19674
COST OF ACTIVITIES 33195 21146
Total Resources Expended 33195 21146
1.7 FIXED ASSETS
Tangible Fixed Assets 0 4000
Cost 0
 0
Additions 0 0
2 Bank/cash
Bank Current Account 934
3424
934 3424
2.1. Debtors/Prepayments
Sundry Prepayments 0 0
2.2 CREDITORS:
Amount falling due within one year:
Accountants/Auditors 600 4500
600
 Ü4500
2.3 UNRESTRICTED FUNDS

OPENING BALANCE		 Net Resources CLOSINGBALANCE
31/3/2022 b/f 31/3/2025
 31/03/2024
B/F 2925
2925		 ÜÜ
-4183
Prior year adjustment 269 0
269		 8580
Surplus/deficitT
-3528		 Ž-3528 -1472
-334 0
-334		 2925

2.4 FINANCIAL COMMITMENTS

There were no financial commitments made by the Board of Trustees during the coming year.

Page 10 of 12 Osun Arts Foundation

2024-25 Report and Annual Financial Statements

3 Detailed Incoming Resources/Resources Expended for the year ended 31/03/25

Income

unrestricted

Grants		 2025

£
Total
 2025

£
Total
 2024
£
Total
0
0
0
0
0
0
2500
3000
5000
0
500
8674
1250
19674
2024
9228
450
0
1210
260
970
0
1589
482
0
0
1250
450
455
0
200
0
Austin Smith Grants 500
The Hemby Trust 2000
Culture Liverpool

Sports England
Eleanor Rathbone Charity Trust
Duchy of Lancaster Benevolent Fund
P H Holt Foundation
Community Impact Fund
Foyle Foundation
Other Income
Performances

Community and School Workshops Income
4



Cost of Activities
Artists Fees/Expenses
Software
Costumes
Rent/Rates
Volunteers Expenses
Motor Vehicle/Repairs/Maintenance
Equipment Repairs
Travel/Transport/Insurance/Fuel
Telephone/Broadband/Internet
Printing/Postage & Stationery
Business Development
Advertising and Promotion
Training
Performance Script/Research
Video Editing
Props
Instrument















1400
7892

4000

1425

6000

0

0

2100
4350
29667

2025
9040

585
800

1938

720
3095
0

2411

1495

1000
615
500

1456
0
500
0

925

2024-25Report and Annual Financial Statements Page 11 of 12 Osun Arts Foundation

Subscription 250 0
Website Development/Social Media Updates 2160 1820
Accountancy fees 500 350
Sundries/workshop materials 450 1570
33195 21146

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2024-25 Report and Annual Financial Statements