YORUBA CONTEMPORARY ARTS TRUST
YORUBA CONTEMPORARY ARTS TRUST
TRUSTEE’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023
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YORUBA CONTEMPORARY ARTS TRUST
| Page | |
|---|---|
| Corporate Information | 3 |
| Board of Trustee’s Report | 4 |
| Independent Examiner’s Report | 7 |
| Statement of Financial Activities | 8 |
| Statement of Financial Position | 9 |
| Accounting Policies | 10 |
| Notes | 11 |
2 |
Corporate Information
| Registered Charity Number: | 1055632 |
|---|---|
| Principal Office: | 79 Willmore Road |
| Birmingham | |
| B20 3JL | |
| Board of Trustees: | Majemite Jaboro |
| Prince Tai Fadipe-Davids | |
| Kafayat Oluseyi Adegoke | |
| Angela May Anderson | |
| Mr O Alakija | |
| Bankers: | Natwest Bank Plc |
3 |
Board of Trustee’s Report
1.0 Introduction
The trustees submit their annual report and the financial statements of Yoruba Contemporary Arts Trust (the charity) for the year ending 31 March 2023. 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.
2022:
April
Received the Arts Council England Funding to Produce Tales of Orisas 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.
May
Performance of Tales of Orisa at the University of Birmingham as part of the activities for the commonwealth games.
June
Preparation for the Festival and engagement with young people through a series of workshops.
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Board of Trustee’s Report
July
Production of the 6th Birchfield Jazz Festival featuring a variety of community projects and local Artists to celebrate the Commonwealth Games being hosted in Birmingham.
September
Development sessions with Linden Dance for a project with Linden Youth in November funded by The Arts Council England.
October
Rehearsals and composition / choreography
November
Tales of Orisa Performance with Linden Dance at The MAC Birmingham, featuring the artefacts from University of Birmingham West African Department.
November/December
Development of the Tales of Orisa project with UoB and a bid made to the Heritage Lottery.
2023
January
Links made with BMAG venues in North Birmingham to programme in April 2023 at Aston Hall.
February/March
Planning for Tales of Orisa project at Aston Hall and Soho House and the Community Discussion element and workshops. Commissions of related materials and documentation.
1.4 Financial Review
During the year to 31 March 2023, the charity had total income of £54,713. Total operating charitable expenditure was £52,428 giving an operating surplus of £2,285. At the year end, the level of reserves available for the charity’s use was £3,315.
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:
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Select suitable accounting policies and then apply them consistently;
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Make judgments and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material
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• departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going-concern basis unless it is inappropriate to
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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 24th January 2024 and signed on their behalf by:
Full Name: Mr Omodele Alakija
Signature:
Position: Chairman of Trust
Date: 24th January 2024
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Independent Examiner’s Report
Report to the trustees/members of: Yoruba Contemporary Arts Trust On accounts for the year ended: 31st March 2023, set out on pages 8 - 12 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:
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examine the accounts under section 145 of the Charities Act,
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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
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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:
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(1) which give me reasonable cause to believe that in, any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the Charities Act;
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or
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(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: 24 January 2024
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 2023
| 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 |
2023 2023 2023 Unrestricted Funds Restricted Funds Total Funds £ £ £ - 47,213 47,213 - 7,500 7,500 - 54,713 54,713 - 54,713 54,713 - 51,778 51,778 - 650 650 - 52,428 52,428 - 2,285 2,285 - - - - - 2,285 2,285 - 7,320 7,320 - 9,605 9,605 |
2022 2022 2022 |
|---|---|---|
| Unrestricted Funds Restricted Funds Total Funds |
||
| £ £ £ |
||
| - 14,948 14,948 |
||
| - 8,300 8,300 |
||
| - 23,248 23,248 |
||
| - 23,248 23,248 |
||
| - 40,363 40,363 |
||
| - 650 650 |
||
| - 41,013 41,013 |
||
| - (17,765) (17,765) |
||
| - - |
||
| - - |
||
| - (17,765) (17,765) |
||
| - 25,086 25,086 |
||
| - 7,320 7,320 |
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Statement of Financial Position: Year Ended 31st March 2023
| 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 |
2023 £ 5,040 5,040 950 - 3,315 - 4,265 (300) - (300) 4.565 9,605 - - 9,605 7,320 2,285 9,605 |
2022 |
|---|---|---|
| £ | ||
| 6,980 | ||
| 6,980 | ||
| 950 | ||
| - | ||
| 690 | ||
| - | ||
| 1,640 | ||
| 1,300 | ||
| - | ||
| 1,300 | ||
| 340 | ||
| 7,320 | ||
| - | ||
| - | ||
| 7,320 | ||
| 25,086 | ||
| (17,765) | ||
| 7,320 |
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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% |
10 |
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 |
2023 £ 47,213 47,213 7,500 - 7,500 54,713 2023 £ 2,576 663 1,933 - - 6,681 667 - 37,169 150 1,940 51,778 - - 650 650 |
2022 |
|---|---|---|
| £ | ||
| 14,948 | ||
| 14,948 | ||
| 8,300 | ||
| - | ||
| 8,300 | ||
| 23,248 | ||
| 2022 | ||
| £ | ||
| 2,339 | ||
| 243 | ||
| 636 | ||
| - | ||
| 292 | ||
| 2,772 | ||
| 1,551 | ||
| - | ||
| 29,900 | ||
| 642 | ||
| 1,987 | ||
| 40,363 | ||
| - | ||
| - | ||
| 650 | ||
| 650 |
11 |
Notes
3. Tangible Assets
| Cost At 1 April 2022 Additions Disposals Revaluations At 31 March 2023 Depreciation At 1 April 2022 Charge for the year Adjustments At 31 March 2023 Net Book Value At 31 March 2023 At 31 March 2022 |
Plant & Machinery £ 5,971 5,971 2,790 1,114 - 3,904 2,067 3,181 |
Office Equipment £ 5,806 - - - 5,806 2,008 825 - 2,833 2,973 3,799 |
Total £ 11,777 - - - |
|---|---|---|---|
| 11,777 | |||
| 4,797 1,940 - |
|||
| 6,737 | |||
| 5,040 | |||
| 6,980 |
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