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
Page 5 of 12 Osun Arts Foundation
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.
Page 8 of 12 Osun Arts Foundation
2024-25Report and Annual Financial Statements
## OSUN ARTS FOUNDATION
## NOTES TO THE ACCOUNTS
for the year ended 31st March 2025
## 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.
Rentals 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.
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|
Page 12 of 12 Osun Arts Foundation
2024-25 Report and Annual Financial Statements