## IFA-YORUBA CONTEMPORARY ARTS TRUST
## **IFA-YORUBA CONTEMPORARY ARTS TRUST**
**TRUSTEE’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021**
**|**
## **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|
**2 |**
**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|
**3 |**
## **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.
**4 |**
## **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.
**5 |**
## **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.
**6 |**
## **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:
- Select suitable accounting policies and then apply them consistently;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material
- • departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going-concern basis unless it is inappropriate to
- presume that the charity will continue in business.
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
**5 |**
## **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:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act), and
- to state whether particular matters have come to my attention.
## **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:
- (1) which give me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act;
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **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.
**8 |**
## **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**|
**9 |**
## **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**|
**10 |**
## **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%|
**11 |**
## **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**|
**12 |**
**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**|
**11 |**