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2024-03-31-accounts

Registered number: 3120728 Charity number: 1062484

Africa Oye

INDEPENDENTLY EXAMINED ACCOUNTS FOR THE YEAR ENDED 31/03/2024

Prepared By:

Harvey Guinan LLP Chartered Certified Accountants Unit 17 Mersey House Matchworks Estate, 140 Speke Road Liverpool Merseyside L19 2PH

Africa Oye

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/03/2024

TRUSTEES

Gad Babatunde Adeyemi Kuju Sonia Bassey MBE (resigned 24 June 2024) Serge Patrick Heselton Anna Louise Maloney Christopher Bye Rebecca Jane Ross-Williams (appointed 30 November 2023)

SECRETARY

Paul Duhaney

REGISTERED OFFICE

11 Seymour Terrace Seymour Street Liverpool Merseyside L3 5PE

COMPANY NUMBER

3120728

CHARITY NUMBER 1062484

BANKERS

Barclays Bank PLC

INDEPENDENT EXAMINER - Julie Guinan FCCA

Harvey Guinan LLP Chartered Certified Accountants Unit 17 Mersey House Matchworks Estate, 140 Speke Road Liverpool Merseyside L19 2PH

page 1

Africa Oye

ACCOUNTS FOR THE YEAR ENDED 31/03/2024

CONTENTS

Page
Report of the Trustees 3
Independent Examiner's Statement 9
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Accounts 13 to 21
Detailed Statement of Financial Activities 22

page 2

Africa Oye

FOR THE YEAR ENDED 31/03/2024

TRUSTEES' REPORT

The trustees present their report and accounts for the year ended 31/03/2024 They intend that this report also acts as the Statutory Directors' Report.

PRINCIPAL ACTIVITIES

The principal activity of the charity in the year under review was to promote concerts and festivals to celebrate the cultural heritage and music of Africa, the Caribbean and the Americas .

STRUCTURE GOVERNANCE AND MANAGEMENT

Africa Oye is a company limited by guarantee, incorporated in England and Wales on 1 November 1995 and registered as a charity from 20 May 1997, whose objects are to bring the people of Merseyside, at prices all can afford, the best live music of Africa, the Caribbean and the Americas.

The company is dependant upon the continued financial support of the Arts Council England and Liverpool City Council, being the key revenue funders, together with project funding partners.

ORGANISATION

The charity has a board of trustees who plan to meet regularly to oversee the general management and control of the charity. The day to day operations management was carried out by the Artistic Director who commissions Freelancers as required.

POLICIES ADOPTED TO FURTHER THE OBJECTS

The trustees approve policy which is then implemented by the Artistic Director. The charity is working to a business plan and strategy to focus on the delivery of its objects. In setting policy the trustees and management give due consideration to guidelines issued by the Charity Commission regarding public benefit.

NEW TRUSTEES

New trustees go through a period of induction involving being provided with copies of the constitution, financial statements, relevant policies and business plans and reports to enable them to achieve an effective introduction to the charity. New trustees have an opportunity to meet the board and staff to familiarise themselves with the organisation.

TRAINING FOR TRUSTEES

Trustees holding office during the year brought skills drawn from the voluntary, public, private, business, arts and cultural and music sectors. The trustees are briefed by specialist staff with experience in this sector but where training needs are identified this is provided appropriately.

VOLUNTEERS

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Africa Oye

FOR THE YEAR ENDED 31/03/2024

TRUSTEES' REPORT

The charity's trustees are volunteers and do not receive remuneration for their services as trustees. Individuals are given the opportunity to volunteer and experience the organisation and structure of delivering an International Music Festival for their own personal development and progression in this sector.

TRUSTEES

The names of the trustees and of all who held office during the year are shown on page 1. In accordance with the Articles of Association, at the forthcoming Annual General Meeting, Christopher Bye and Gad Babatunde Adeyemi Kuju retire by rotation and being eligible offer themselves for re-election. During the year no remuneration was paid to any trustee for their services as a trustee, nor did any trustee have a material interest in any of the charity's contracts.

KEY PERSONNEL

Artistic Director: Paul Duhaney

PAY POLICY OF SENIOR STAFF

The pay of senior staff is reviewed regularly by the board of trustees and the Artistic Director and reflects the level of skill, experience and knowledge for the roles and remuneration levels in the sector.

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the net incoming or outgoing resources of the charity for that period.

In preparing the financial statements the trustees are required to:

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Africa Oye

FOR THE YEAR ENDED 31/03/2024

TRUSTEES' REPORT

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. 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.

RISK ASSESSMENT

The charity confirms that management and Board are in the process of reviewing the major risks faced by the Charity to ensure that procedures and controls established by the organisation are designed to mitigate those risks. This review will include management training in formal risk assessment. The risk of shortfalls of revenue funding and other income has been given serious consideration. Projects will only be undertaken if viable. The charity's major revenue funder, Arts Council England, has confirmed funding to 31 March 2025 and Liverpool City Council have confirmed funding to 31 March 2026. The charity has applied to Arts Council England for NPO extension programme funding to 2026-27.

OBJECTIVES AND ACTIVITIES

The principal activity of the charity is to promote concerts and festivals to celebrate the cultural heritage and music of Africa, the Caribbean and the Americas. Africa Oye has an international reputation for world class performances.

The objects of the charity are:

To benefit and educate the public in the art of African, Caribbean and American music in particular by promoting concerts and festivals to celebrate the cultural heritage of music of Africa, the Caribbean and the Americas.

REVIEW OF THE YEAR

SUMMARY OF ACHIEVEMENTS

April 2023

May 2023

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Africa Oye

FOR THE YEAR ENDED 31/03/2024

TRUSTEES' REPORT

June 2023

August 2023

September 2023

October 2023

November 2023

February 2024

March 2024

FINANCIAL REVIEW

The Statement of Financial Activities is at page 11. Total incoming resources were £388,520 (2023 £356,710). Total resources expended were £459,917 (2023 £420,196) giving rise to net outgoing resources of £71,397 (2023 net outgoing resources £63,486) . The net outgoing resources total is all on the unrestricted general fund as all incoming restricted funds were spent during the year. The charity is grateful to its main funders - Arts Council England, and the Liverpool City Council. The net outgoing resources of £71,397 result in a reduction of reserves with a deficit carried forward at 31 March 2024 of £71,157.

page 6

Africa Oye

FOR THE YEAR ENDED 31/03/2024

TRUSTEES' REPORT

RESERVES POLICY

Though the charity operates on a not-for-profit basis they will endeavour to provide for financial stability by maintaining a free reserve. Based upon 4-6 months' running costs it is estimated that the charity will require an ideal free reserve of £100,000 to sustain its operations. Actual free reserves at 31 March 2024 were £71,164 in deficit. The development of a reserve over an agreed period is an objective for future financial stability and sustainability and the reserves policy is regularly monitored by management and Board to ensure there are sufficient resources to cover planned activity, growth and development. A strategic review to increase and widen income sources has been undertaken and plans implemented to increase income and build reserves.

PLANS FOR THE FUTURE

Africa Oye has policies in place to develop current and new sources of income from Oye's activities to create a financially sustainable organisation. The charity is developing a new fundraising strategy to attract investment from public, corporate and trust and foundation sources and increase self-generated income in order to provide adequate resources to run a successful festival with increasing infrastructure, health and safety and compliance costs year on year. We are exploring new ways of working collaboratively, raising funds and maximising the return on our resources. We continue to work with key revenue funders Arts Council England and Liverpool City Council for whose support we are grateful.

EMPLOYEES

Africa Oye is committed to equal opportunities at every level.

POLITICAL CHARITABLE CONTRIBUTIONS

During the year there were no political or charitable contributions made by the charity.

INDEPENDENT EXAMINER

The independent examiner, Julie Guinan on behalf of Harvey Guinan LLP, has indicated her willingness to remain in office and a resolution will be proposed for their re-appointment at the forthcoming Annual General Meeting.

The report was prepared in accordance with the special provisions within Part 15 of the Companies Act 2006.

This report was approved by the Board of Trustees on 31/12/2024

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Africa Oye

FOR THE YEAR ENDED 31/03/2024 TRUSTEES' REPORT

Christopher Bye Trustee

page 8

Africa Oye

INDEPENDENT EXAMINER'S STATEMENT

FOR THE YEAR ENDED 31/03/2024

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AFRICA OYE

I report on the accounts of the company for the year ended 31/03/2024 .

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER

As the charity's trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

BASIS OF INDEPENDENT EXAMINERS STATEMENT

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINERS STATEMENT

The company's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ACCA. I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:

• accounting records were not kept in accordance with section 386 of the Companies Act 2006; or

• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

• the accounts have not been prepared in accordance with the Charities SORP (FRS102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ................................................... Independent Examiner - Julie Guinan FCCA Date: 31/12/2024 fobs fran

Harvey Guinan LLP

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Africa Oye

INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31/03/2024

Chartered Certified Accountants Unit 17 Mersey House Matchworks Estate, 140 Speke Road Liverpool Merseyside L19 2PH 0151 709 7797

page 10

Africa Oye

Statement of Financial Activities for the year ended 31/03/2024

Income
Income from generated funds
Other trading activities
Income from Investments
Income from charitable activities
Total Income
Expenses
Costs of generating funds
Expenditure on Charitable activities
Total Expenses
Net Income
Net movement in funds:
Net income for the year
Total funds brought forward
Net funds carried forward		 Unrestricted
funds
£
111,018
43
231,239
342,300
413,697
413,697
(71,397)
(71,397)
240
(71,157)		 Restricted
funds
£
-
-
46,220
46,220
46,220
46,220
-
-
-
-		 2024
Total
£
111,018
43
277,459
388,520
459,917
459,917
(71,397)
(71,397)
240
(71,157)		 2023
Total
£
121,335
18
235,357
356,710
420,196
420,196
(63,486)
(63,486)
63,726
240

This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities

page 11

Africa Oye

BALANCE SHEET AT 31/03/2024 BALANCE SHEET AT 31/03/2024
2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 7 7
CURRENT ASSETS
Debtors (amounts falling due within one year) 5 11,714 18,144
Cash at bank and in hand 24,651 11,545
36,365 29,689
CREDITORS: Amounts falling due within one year 6 107,529 29,456
NET CURRENT (LIABILITIES) / ASSETS (71,164) 233
TOTAL ASSETS LESS CURRENT LIABILITIES (71,157) 240
RESERVES
Unrestricted funds 8
General fund (71,157) 240
(71,157) 240

For the year ending 31/03/2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board of trustees on 31/12/2024 and signed on their

behalf by ............................. . Christopher Bye Trustee

page 12

Africa Oye

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31/03/2024

1. ACCOUNTING POLICIES

1n. Basis Of Accounting

The accounts have been prepared under the historical cost convention.

The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.

1b. Incoming Resources

All Incoming Resources are included on the Statement of Financial Activities when the charity is legally entitled to the Income and the amount can be quantified with reasonable accuracy.

1c. Resources Expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1d. Allocation And Apportionment Of Costs

All costs relate to the single activity of the charitable company and are recognised accordingly.

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Africa Oye

1e. Fund Accounting

Unrestricted Funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific future purposes or projects.

1f. Going Concern

The charity incurred a deficit of £71,397 for the year ended 31 March 2024 resulting in negative reserves on the balance sheet at 31 March 2024 of £71,157 due to increasing infrastructure and compliance costs of a major festival. The charity works to a monthly business plan and cash flow forecast monitoring actual versus budget regularly to manage income and costs. The charity is dependent upon the continued support of key funders and raising sufficient funds to cover its festival activities in the foreseeable future, including increasing essential infrastructure, health and safety and compliance costs each year. Based upon the reprofiling of future Arts Council England revenue funding and successful outcomes of fundraising plans and cost management the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and have adopted the going concern basis of accounting. They confirm that they have considered a period of not less than 12 months from the date of approval of these accounts. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1g. Depreciation

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Equipment straight line 20-33.3%

1h. Pension Costs

The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.

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Africa Oye

1i. Turnover

Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.

1j. Policy For Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discount due.

1k. Policy For Cash At Bank And In Hand

Cash at bank and in hand includes cash and short term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1l. Policy For Creditors And Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement value amount after allowing for any discount due

1m. Policy For Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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Africa Oye

2. DIRECTORS AND EMPLOYEES

Particulars of employees (including directors) are shown below:

Employee costs during the year amounted to:
Wages and salaries
Pension costs		 2024
£
58,812
1,302
60,114		 2023
£
46,305
1,191
47,496

No trustee (director) receives remuneration for their services. The number of staff employed in each year was 2 (2023-24) 1 (2022-23). The aggregate remuneration of the key personnel as listed in the Trustees Report is £47,813 inclusive of pension contributions and employer national insurance contributions. There were no employees whose remuneration was £60,000 or more.

3. PENSION CONTRIBUTIONS

3. PENSION CONTRIBUTIONS
Pension contributions 2024
£
1,302
1,302		 2023
£
1,191
1,191

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Africa Oye

4. TANGIBLE FIXED ASSETS

Equipment Total
£ £
Cost
At 01/04/2023 7,976 7,976
At 31/03/2024 7,976 7,976
Depreciation
At 01/04/2023 7,969 7,969
At 31/03/2024 7,969 7,969
Net Book Amounts
At 31/03/2024 7 7
At 31/03/2023 7 7
5. DEBTORS 2024 2023
£ £
Amounts falling due within one year:
Trade debtors 9,015 17,572
VAT 25 -
Other debtors 2,674 572
11,714 18,144
Other debtors include an amount of £424 owed by Africa Oye Trading Limited; a company that has not traded during 2023-2024.

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Africa Oye

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Taxation and social security
Other creditors		 2024
£
-
107,529
107,529		 2023
£
3,717
25,739
29,456

Included in creditors due within one year is income in advance being £34,473 Traders and other Festival Income (2023 £13,160), and £49,780 (2023 £nil) from Liverpool City Council for core funding.

7. LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £1, to the company should it be wound up. At 31/03/2024 there were 5 members.

8. UNRESTRICTED FUNDS

General fund

Brought
forward
£
240
240		 Incoming
resources
£
342,301
342,301		 Outgoing
resources
£
(413,698)
(413,698)		 Transfers
£
-
-		 Carried
forward
£
(71,157)
(71,157)

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Africa Oye

9. RESTRICTED FUNDS

Liverpool City Council
Liverpool City Region Combined Authority SIF fund
Torus		 Brought
forward
£
-
-
-
-		 Incoming
resources
£
26,220
15,000
5,000
46,220		 Outgoing
resources
£
(26,220)
(15,000)
(5,000)
(46,220)		 Transfers
£
-
-
-
-		 Carried
forward
£
-
-
-
-

Liverpool City Council

Donation towards festival costs

Liverpool City Region Combined Authority SIF fund

Funds for Black Music Action Group

Torus

Funds towards festival costs

10. RELATED PARTY TRANSACTIONS

Africa Oye Trading Limited is a trading company limited by guarantee which will gift its profits to the charity Africa Oye. Africa Oye Trading Limited did not trade during the year ended 31 March 2024. At 31 March 2024 there is an amount of £424 (2023 £424) included in other debtors which is owed by the trading company.

The charity has a Bank Overdraft facility of £15,000. The facility is secured by limited guarantees given by Gad Babatunde Adeyemi Kuju (a trustee) and Charles Easmon (who resigned as a trustee on 01/05/2016)

11. GENERAL INFORMATION

Africa Oye is a private company limited by guarantee registered in England company number 03120728. Its registered office is 11 Seymour Terrace, Seymour Street, Liverpool, Merseyside, L3 5PE.

The financial statements are stated in sterling the functional currency of the company.

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Africa Oye

12. RESOURCES EXPENDED

Organisational costs are support costs and include stationery, print, insurance, depreciation, premises and office running costs. Governance costs include independent examination costs.

2024 2023
Direct Artistic and Performance costs 353,539 332,968
Staff costs 60,114 47,496
Organisational Costs 44,464 37,932
Governance 1,800 1,800
___ ___
459,917 420,196

13. INCOMING RESOURCES

Interest Received
Incoming Resources from Generated Funds
Traders Income
Bar Income
Merchandise, Box Office, Sponsorship, Learning and Participation
Incoming Resources from Charitable Funds
Arts Council England
Liverpool City Council
Donations and Trusts and Foundations
Total Incoming Resources		 2024
43
67,762
22,057
21,199
_
111,018
217,456
26,220
33,783
_
277,459
388,520		 2023
18
52,762
25,973
42,600
_
121,335
166,456
33,220
35,681
_
235,357
356,710

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Africa Oye

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible Fixed Assets
Net Current Assets		 General
Funds
7
(71,164)
(71,157)		 Restricted
Funds
-
-
-		 Total
Funds
7
(71,164)
(71,157)

15. TRANSACTIONS WITH DIRECTORS

During the year no amounts were paid to any Trustee during the performance of duties as a Trustee (2023 £nil).

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Africa Oye

Incoming Resources for the year ended 31/03/2024

Incoming resources
Incoming resources from generated funds
Commercial Trading
Traders Income
Box Office Income
Bar Income
Sponsorship
Merchandising
Learning and Participation Income
Earned Income
Miscellaneous
Interest received
Bank Interest Received
Grants & Donations
Arts Council of England, North West - Revenue Funding
Liverpool City Council
Grants and Donations
Eleanor Rathbone Trust		 67,762
-
22,057
7,000
7,127
300
6,772
-
39
217,456
26,220
33,783
-		 2024
£
111,018
111,018
39
43
277,459
277,459
388,520		 52,762
6,617
25,973
12,875
8,638
2,300
11,449
721
18
166,456
33,220
33,681
2,000		 2023
£
121,335
121,335
18
18
235,357
235,357
356,710

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Africa Oye

Expenses
for the year ended 31/03/2024
Expenses
Costs of generating funds
Charitable Activities
Artists' Fees
Artists' & Staff Festival Travel
Food & Accommodation
Equipment Hire
Crew Fees, Security & Stewards
PR, Design, Artwork & Website
Licences & Permits
Site Cleaning
Production Management Fees
Digital Activity
First Aid
Volunteers Project Cost
Learning & Participation Workshop Expenses
Traffic Management
Venue hire
Other Performance Costs
Songlines
Trade Manager
Fund Raising Fee
Insurance
Rent
Repairs and renewals
Salaries
Pension contributions
Freelancers
Accountancy fees
Consultancy fees
Access Costs
Stationery & office supplies
Merchandise
Telephone
Subscriptions
Youth Worker costs
Irrecoverable VAT
Bank charges
Trustees Expenses
Sundry expenses
Depreciation of equipment		 2024
£
69,157
10,383
9,935
102,466
44,024
23,872
6,413
6,250
1,920
1,848
14,646
2,000
-
1,250
500
14,357
3,990
6,000
15,783
13,082
8,640
-
58,812
1,302
3,136
3,433
-
5,780
2,812
4,509
622
896
4,918
14,043
936
90
312
-
458,117		 2023
£
59,142
9,003
15,754
89,007
43,003
32,168
5,846
12,500
1,570
345
15,261
2,125
2,420
1,500
67
5,826
6,096
2,025
1,364
13,487
8,372
10
46,305
1,191
11,920
3,600
4,182
5,941
5,255
4,234
854
387
4,284
-
602
214
1,332
1,204
418,396

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Africa Oye

Expenses
for the year ended 31/03/2024
Governance Costs
Independent Examiner Fees		 2024
1,800
1,800
459,917		 2023
1,800
1,800
420,196