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2021-03-31-accounts

IFA-YORUBA CONTEMPORARY ARTS TRUST

IFA-YORUBA CONTEMPORARY ARTS TRUST

TRUSTEE’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021

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IFA-YORUBA CONTEMPORARY ARTS TRUST

Page
Corporate Information 3
Board of Trustee’s Report 4
Independent Examiner’s Report 8
Statement of Financial Activities 9
Statement of Financial Position 10
Accounting Policies 11
Notes 12

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Corporate Information

Registered Charity Number: 1055632
Principal Office: 79 Willmore Road
Birmingham
B20 3JL
Board of Trustees: Mike Davies
Mr O Alakija
Oyebisi Ilaka
Mr Majemite Jaboro
Bankers: Natwest Bank Plc

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Board of Trustee’s Report

1.0 Introduction

The trustees submit their annual report and the financial statements of Ifa-Yoruba Contemporary Arts Trust (the charity) for the year ending 31 March 2021. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in March 2005.

1.1 Public Benefit Statement

The Trustees confirm that they have complied with the duty in section 4 of the Charites Act 2011 to have due regard to the Charity Commission’s guidance on public benefit "Charites and Public Benefit".

1.2 Structure, Governance and Management

Status

The charity was constituted under a trust deed dated 18th January 1996 and is registered in England and Wales with charity number 1055632.

Appointment or Election of Trustees

Trustees are appointed and or co-opted under the terms of the trust deed.

Organisational Structure and Decision Making

The charity is organised so that the trustees meet regularly four times per year to manage its affairs, with regular updates via email and other communications between these times. Additionally, an AGM is held once a year.

1.3 Achievements and Performance

The charity has been engaged in various activities detailed below in pursuance of our charity objectives and public benefit.

May

Creation of The Birchfield Jazz Creative Ensemble. As an initiative of The Ifa Yoruba Contemporary Arts Trust encouraging engagement and learning about Yoruba Arts and Culture, the impact of this on the African Diaspora and the development of art and musical forms from the roots of Yoruba tradition.

This project used Yoruba text, prose, images, songs, stories as starting points to drew from to create work. It’s source and background were explained and disseminated. This content also provided a point for reflection and discussion about the human condition, how we reflect on life and our place in the world and how we can use arts for the wellbeing of ourselves and others.

Equally members of the Ensemble were encouraged to create their own responses to this material, bringing it to life from their own perspective.

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Board of Trustee’s Report

Received the Arts Council England Funding to Produce Dilogun multimedia project involving animation, film, dance, music and visual art based on the Icons of Yoruba Mythology, drawing on the influences of the African Diaspora.

June

Development of young Artists within the Birchfield Creative Ensemble through a series of online workshops delivered by the Trust to provide the stimulus for creating new pieces of work, including animation, live and recorded music and film. Filmed and presented via Live streamed.

July

Production of the 4th online Birchfield Jazz paying tribute to late greats Manu Dibango and Tony Allen live streamed to the world on Friday, July 24th, 2020 7pm UK time.

August

'Voice for the people'

In it’s 25th year The Ifa Yoruba Contemporary Arts Trust was very pleased to be able to establish a new internet radio station in Birmingham- “Birmingham Jazz Radio” (www.birminghamjazzradio.co.uk) celebrating a broad range of Jazz and exploring the journey of jazz through the African Diaspora. This required renting premises for the Radio and the Trust as an invoice.

October Online from Performance by young and talented Birmingham-based artists. The Birchfield Creative Ensemble. The event was part of the Black History Month.

February 2021

Produced cultural research in Yorubaland-Nigeria West-Africa.

March 2021

Production of 2 radio drama plays for Birmingham Jazz Radio

‘The Story of how the world was Created’ by Dipo Agboluaje ‘Why No one can look directly at the sun’ by Gabriel Unokan

Directed by Aisling Caffery, Co-Directed and Produced by Jane English Music by Kate Luxmoore, Lekan Babalola and Ruben Reynolds Supported by Heritage Lottery

1.4 Financial Review

During the year to 31 March 2021, the charity had total income of £83,321. Total operating charitable expenditure was £66,671 giving an operating Surplus of £16,650. At the year end, the level of reserves available for the charity’s use was £15,968.

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Board of Trustee’s Report

1.5 Investment & Reserve Policy

The charity does not have an investment and reserve policy and the trustees are reviewing the need to have one in place.

1.6 Future Development

The charity is continuing to grow and explore various ways of increasing its scope of services. The charity is still exploring further measures to grow its activities and continue to develop its work to make life-changing impact in society.

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Board of Trustee’s Report

Trustees’ Responsibilities

The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for the year. In preparing these financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The appended financial statements have been prepared on the accruals basis and have been examined by an independent examiner, whose report is also appended.

This report was approved by the Board of Trustees on 29 March 2022 and signed on their behalf by:

Full Name: Mr Omodele Alakija

Signature:

Position: Chairman of Trust

Date: 29th March 2022

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Independent Examiner’s Report

Report to the trustees/members of: Ifa-Yoruba Contemporary Arts Trust On accounts for the year ended: 31st March 2021 Charity No: 1055632

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s statement

My examination was carried out in accordance with 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Signed: Date: 29 March 2022

Name: Tobi Labeodan, on behalf of Chedders Ltd

Relevant professional qualification(s) or body (if any): ACCA

Address: Ground Floor, Synium House, R/O 94-96 High Street, Henley In Arden, England, B95 5FY.

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Statement of Financial Activities: Year Ended 31st March 2021

Notes
Income:
Donations and legacies
1
Other income (Grants)
1
Total Income
Total Income
Expenditures on:
Charitable Activities
2
Other Costs
2
Total Expenditures
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses):
Gains/(losses) on revaluation of fixed
assets
Gains/(losses) on investment assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward at 1 April
Total funds carried forward at 31 March		 2021
2021
2021
Unrestricted
Funds
Restricted
Funds
Total
Funds
£
£
£
-
11,721
11,721
-
71,600
71,600
-
83,321
83,321
-
83,321
83,321
-
66,021
66,021
-
650
650
-
66,671
66,671
-
16,650
16,650
-
-
-
16,650
16,650
-
12,151
12,151
-
28,801
28,801		 2020
2020
2020
Unrestricted
Funds
Restricted
Funds
Total
Funds
£
£
£
-
10,639
10,639
-
41,316
41,316
-
51,955
51,955
-
51,955
51,955
-
55,805
55,805
-
650
650
-
56,455
56,455
-
(4,500)
(4,500)
-
-
-
(4,500)
(4,500)
-
16,652
16,652
-
12,151
12,151

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Statement of Financial Position: Year Ended 31st March 2021

Notes
Fixed Asset
Tangible assets
3
Total Fixed Asset
Current Assets
Loans & Advances
Accrued Income
Cash at bank and in hand
Other Debtors
Total Current Assets
Creditors: amounts falling due within one year
Other Creditors
Other Current Liabilities
Total Creditors: amounts falling due within one year
Net current assets (liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one
year
Other Non-Current Liabilities
Total Creditors: amounts falling due after more than
one year
Total net assets (liabilities)
The funds of the charity:
Restricted reserves
Surplus/(Deficit) for the year
Total charity funds		 2021
£
8,517
8,517
1,250
-
15,969
-
17,219
650
-
650
16,569
25,086
-
-
25,086
8,436
16,650
25,086		 2020
£
3,071
3,071
-
-
8,094
-
8,094
650
2,078
2,728
5,365
8,436
-
-
8,436
12,936
(4,500)
8,436

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Accounting Policies

Scope and Basis of the Financial Statements

The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities published in March 2005.

Income

Revenue is recognised in the period in which the charity is entitled to receipt once the amount can be measured with reasonable certainty.

Expenses

Expenditure is included in the Statement of Financial Activities (SoFA) on an accruals basis and is recognised at the point when a legal or constructive obligation arises. The majority of costs are directly attributable to specific activities. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Fixed assets

Fixed assets with an individual purchase of £500 or more are capitalised and stated at cost less depreciation which is provided at rates calculated to write off the cost of each asset over its expected useful life as follows:

Sound & Musical Instruments 20%
Equipment 20%

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Notes

1. Income

Income
Donations and legacies
Total donations & legacies
Other income
Grants Received
Interest Earned
Total other income
Total Income
2.
Expenditures
Resources Expended
Charitable Activities
Premises
Utilities
Travel
Motoring & transportation
Insurance
Administration
Advertising
Finance charges
Operations
Charitable donations
Depreciation
Total Charitable Activities
Other Costs
Other costs
Legal fees
Accountancy fees
Total Other Costs		 2021
11,721
11,721
71,600
-
71,600
83,321		 2020
10,639
10,639
41,316
-
41,316
51,955
2021 2020
£
1,913
200
253
-
-
3,445
3,797
-
54,103
585
1,724		 £
832
400
2,724
581
248
5,094
3,341
-
41,678
480
427
66,021 55,805
-
-
650
-
-
650
650 650

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Notes

3. Tangible Assets

Cost
At 1 April 2020
Additions
Disposals
Revaluations
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
Adjustments
At 31 March 2021
Net Book Value
At 31 March 2020
At 31 March 2021		 Plant &
Machinery
1,322
4,649
5,971
609
987
-
1,596
713
4,375		 Office
Equipment
£
2,834
2,522
-
-
5,356
477
738
-
1,215
2,357
4,142		 Total
£
4,156
7,171
-
-
11,327
1,086
1,724
-
2,810
3,070
8,517

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