The African Arts Trust Annual Report and Financial Statements For year ending 31st March 2024 Contents Contents Legal and Administrative Inform*'on Directors, & Trustees, Annual Rep￿1 Independent Ex2minerfs Report Statement of Finanaal Activits'es 10 Statement of Financial Position Statement of Ca*fflows 12 Notes to financial ￿tern￿ts S￿*m￿rtS 13 Page I Legal and Administrative Information CHARITY NAME: THE AFRICAN ARTS TRUST CHARITY NUMBER: 1141553 COMPANY NUMBER: 07495544 PRINCIPAL ADDRESS & REGISTERED OFFICE: Lower Farm Up Marden Chichester West Sussex P018 9LA TRUSTEES: Robert Devereux (Founder & Chaim￿n) Hamish Richard John Dewar Robin George Woodhead All trustees are also directors of the company. CORRESPONDENCE ADDRESS: Lower Fam Up Marden Chichester West Sussex P018 9LA WEBSITE AND FACEBOOK: w.Iheafricanartstrusl or http'.lfv#VhY.fa￿b0ok.C0mIPageS￿e-Afnca￿ArtS-TrUSull736273835l￿I32 BANKERS: Coutts & Co 440 Strand London WC2R OQS INDEPENDENT EXAMINER: Paul Alexander BFP FCA AccfJuntsncy Management Services knmited, South Street House, 51 South Street, Islevnrth, Middle56X. TWT 7AA Page 2 Directors, & Trustees, Annual Report For ear endi 31st Marth 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT: The African Arts Trust is a private company limited by guarantee, incorporated on 17th January 2011 with Artides of AFAociab'on as amended by Speaal Resolutions passed 28th February 2011 and 23rd April 2011. The Trust obtained thaiitable status on 21 st April 2011. The twstees who have served during the accounting period are set out on page 2. The appointment prO￿sS for new Trustees is as follows.. names of potential new Trustees are put forward at a Trustees, meeting,. cAndidates are then inte￿IeWed by the Chairman of Trustees and, whenever possible, by fellow Trustees., a fomial inwtation is made by the Trustees in writing. 8ccept8nce is 81so made in WTits"ng. The Chaiman is responsible for the inducts'on of any new Trustee.. which involves awareness of a Trustee's responsibilities,. the governing document- administrative procedures and the ethos of the charity. The African Arts Trust cU￿entlY has no plans to recruit new Trustees. The Trustees meet On￿ a year to assess grant applications and then approve or refuse grants, wilh deasions between meetings being made by the thairman. Potential applicants who submit enquiries to the Trust are given advice and directed to the ￿EbSIte where Ihere are guidance notes on what is induded within the trusys remit, what types of proposals the trust prioritises and how to complete the application pro￿sS. All applicants are required to provide comprehensive infomiation on their organisations, their proposal, intended delivery and budget. Potential grantees are asked to list organisations they have collaborated with in the past and where possible the Trust will contact them and nominated referees. This measure is viewed as a key part of the d￿ls1On-maknng process and a way of minimising the risks associated with grant making, particularly intemation811y. All re(apients are obliged to report bad( to the trust at the end of the funding penod or other times when requested. Key informats.on from these reports is presented to Trustees at meetings. Page 3 Directors. & Trustees, Annual Report - conts'nued For ear endi 31st March 2024 The major risks to which the charity is exposed, as idenkn'fied by the trustees, have been reviewed and systems of procedures have been established to manage those risks.. i)The founder 8nd chaimian has ￿)nfirned that he will continue to support the charity for a peri(yJ of at least 12 months from the date the accounts are signed. ii)New grant applications are rigorously vetted to ensure money laundering regulations are complied with. The trustees have complied with the charity's duty under Section 17(5) of the 2011 Charities Act pmd have p8id due regard to the guidelines of the public benefit statement pjblished by the Charity Commisson. FINANCIAL REVIEW, INVESTMENT POLICY AND RESERVES: The Founder, who is also the principal source of funding for the trust has underwritten all and any of the liabilits'es incurred by the trust. For the next accounting period 2024125 founder has not set aside any funds as the charity's funds are considered suffiaent to meet fixed costs. The Trust does not have its own capital and so therefore there is no investment policy. As the majority of the funding is currently provided by the founder, the tharity does not actively fundraise though this may be o)nsidered in the future. The Trust may set aside income as a reserve against future expenditure but only in accord8nc£ with a written policy. The reserves of £503,56212023'.£618,084) at 315t Marth 2024 were unrestricted in nature and the balances held in charity bank accounts at that date w8s £338,057 {2023.£369,610) Grant commitments at the balan￿ sheet date of £1,759 (2023."£Nil) have been recognised in the Statement of Financial Activib'es this year. The tnjst has owns a number of works of art, induding those that have been donated by artists and organisations that it h8S SUPPOrt8d. Expenditure on grant making, furthering the aims and objectives of the charity, from 1 St April 2023 to 3181 March 2024 totalled £120,742 (2023'.£79,098).' Jepkorfr Rose tsludlo 5,563 Curation costs of 2 exhibits'ons at TAAT space in Nairobi: -The worst part of embodiment is being unseen Ararf C Hamadi -RIBA by Anthony Muisyo and Preaous Narotso Llverpool Blennlal of Contemporary Art 5,000 FundirYJ towards Nolan Oswald Dennis exhib'tion 'uMoya'. The Sacred Retum of Lost things, . Southbank Centre 4,045 Funding towards 'Otobong Nkanga, Dear Earth."Art and Hope in a time of crisis. exhibition. Page 4 Direcxors, & Trustees. Annual Re￿- (urtinued For ear endi 31st Marth 2024 The Afrlcan Centre Ltd Grant towards the ￿st of employing head of fundraisingldevelowent role 8t The Afrscan Art Centre N¢*llngham Contempornry Grant towards Kreshia Mukwazhi '￿"TaWa. exhitxtK)n Art Harare Ltd 2,503 Donation towards exhib guest ￿rator fees, transporation, a(￿Mmoda￿'on, shipping & hanging S.AF.E :Arts for Education Grant towards mobile ar￿ma and one t￿r Camden Art Centre 750 Fundiro towards Zayd Menk exhibrting as p*t of New Contemwaries Exhibition Barblcan Centre 5,CN)O Grant towards Ibrahim Mahama's Purple Hibiscus textile instsllth'on Njabala Foundatlon Ltd FundirvJ for Annual Niabala exhitxti.on in UgarNJa National Museums of Kenya 3,7(X) Support museum tX)sts, equipment & t0￿s, training workshop, paints Dulwlch Plcture Gallery FundirvJ towards Soulscape exhibiti(YF Lusaka Contemporary Arts Centre FundirKJ to assist expand studio faolib'es for i1￿1dent¥ program Open Studlo 2,920 Honorarium for facilitating Se￿OnS at the Nafasi Curatorial Academy. Anidan Chlldren's Art Project 4,591 Support towards Anidan Artsst in res￿er￿, Lamu projec* The Literature Prize FO￿datIOn Contribution towards The Writers Prize 2024 Conservation Collectlve Grant toward Lamu Environment Fcxjndation Corrle Wlngate Grant towards Anidan children arts project TOTAL Page 5 Dire(Xors' & Trustees, Annual RepcKt- (￿Inued For ear endi 318t Marth 2024 OBJECTIVES AND ACTMTIES: The tharitable purpose for whith The Afri￿n Arts Trust has been established is the benefit of the public thrO￿h the advancement of Aftican arts in all their various visual frxms arKI media, the advan(2ment of education indLKlirvJ the appre(?ation of Afn"c2n arts and any other lawful wrp)se under Charities Act 20CE and any amendment thereof. The mission of The African Arts Trust is to act as a Laalyst for the emergence and growth of locally manw arKI ￿StaInable uJntempor&y art organisations in AfrM2. The aims of the tharity are to supFM)rt a wide range of projects with an emphasis on grass roots organisations that support professional practiang artists trying to make a livelihood in the vkwal arts. The rt)jectives for the year ¥e shaped by tt*se aims and the typ8 of applications re￿ived. The SUC￿55 of the trust is Me8￿red monetarily with reference to the number of organisations supwled arKI the value of the grants made. Detsils of partrw (xga)isabons and Ihe projects the Trust has sw)ported are made available on the website. ACHIEVEMENTS AND PERFORMANCE: From 1# April 2023 to 31# Mar(* 2024, grants have been m*1￿mMItted to eighteen grantees, in a￿￿￿dan￿ with the obFds of the c*wity. In providing this supp(rt the Trustees have had regard to wblic benefft guidan￿ Iss￿1 by the Charity c0fflmissii￿. Art organisations in Atrica supporting emerging African artists with studio space, residency opportunities and book produth.on have been supported this year with grants being made for relevant events that raise the profile of African art and artists locally and intemationally. NINE grants have been given to UK organisations giviNJ opportunities lo African artists Io show in 8ritain. The Trust o)ntinues to employ low (x)st marketing ￿ social networking tools such as a Fatsbook page and the websrte to reath new p)tential applicants and also diwminate Afri12n art relatE)J infomiation, word of mouth is also a strong tool. These have prowded valuable netsworking opportunities both with artisb'c commwib"8s and tharrtable organisats"ons. whose aims overlap wFth ours. They have also given us a platt￿M frcxn ￿1(* to raise the wofile of African arts. Page 6 Diredor¥ & Trustees, Annual Repcxl- conlinued For ear endi 3111 Marth 2024 In September 2023 the Trust opened a gallery in Nairobi. The primary purpose of the gallery being to give African (xjrators and artists the opportunity to show work that might not find a Pla￿ in a commeroal gallery, to encourage them to share eJperimenL21 arKI cts11￿￿Ir￿j new work with an audience. In addition it NMII from time to time show V￿rk from the Trust's cx)Ilection. Tr first show in September 2023 was dra*n from the founders Sina Jina Ilection. All the works in the show have now been donated to the Trust. The Trusts, fomier a¢trninistralor has wt in place W0￿d￿eS to manage the Trust's intemal administration. FUTURE PLANS: The Trust was established to suppcxt African artists and to resporKI to their needs to develop their artisb"c prac*'(* and to assist the organisati(yts that support them on the ground. There has teen a huge inC￿Se in interest intemalionalty in the last 10 years for African art and consequently an increase in opportunits'es for African artists to travel to resdenaes, exhibib"ons, art fairs and Biennales both aixoss and outside the (x)nts"nent. The Trust conb'nues to respond to these new opportunities and the c*anging enmronment. As well as conb'nuing its core support of Afri(2n arts organi&*ions, rt is impcytant to the Trustees that the Trust be flexible and listen to what artists need to a)ntinue to build their careers and encourage new aUdien￿S. This means acThpting applications that support artists to expand their careers and opportunities in Europe as well as across Africa in the future. Trustees are aware of the Commissic)n's guidance for tharities Working internationally and will continue to monitor and observe wblished guidar and operate within IL Page 7 DireLtors' & Trustees. Annual ReFKKt- ￿rtInued For ear endi 31sI Marth 2024 DIRECTORS'rrRUSTEES' RESPONSIBIUTIES STATEMENT The DirectOts￿ruslees are required to Prepa￿ and approve finanaal statements for each finanaal year, whith give a true and fair view of the state of affairs of the charity at the end of the finanaal year and of rts eX￿sS or defic?t of income over expenditure for that period. In preparing these financial statements, the DirectOts￿rUsteeS are required to.. Select witable acLx)unts"ng polic?es and then apply them ujnsistently; Make judgments and estimates that are reasonable and prudent,. State whether applicable a(xounting standards have been folkmed, subject to any material departures disdosed and explained in the financial statements,. Prepare the financaal statements on the going ￿nCern basis unless it is inappropriate to presume that the charity will ￿nts'nue in txjsiness. The DireCtorS￿rUsteeS are respMsible for. preparirvJ the Diredorstfrustees repcxt and the finanaal statements in aC￿rdan￿ with appli12ble law and regulatTrons arKI in aco)rdance with United Kingdom Generally Accepted Ac£ounting Prad1￿., and keeping adequate acrounting records that are suffioent to show and explain the cxjmpany's transactions and disdose with reasonable ac￿racY at any ts'me the finan(aal tKJsition of the tharity and that enable them to ensure that the financial statements comply with the Companies Act" and safeguarding the assets of the tharity and hence for taking reasonable steps for prevents.on and dete(*ion of fr&MJ and other itregularits'es" and the rna1ntenan￿ ¥KI integrity of the ￿rpOrate and financial infonnation induded ￿ the tharity's website. SMALL COMPANY PROVISION: The a￿)unt5 have been prepared in a(￿rdar￿ wth ts small ojmpany regime (Sedion 419 {2)} of the Companies Ad 21￿. This report was ap behalf. . and signed on its Robert De Diredor Page 8 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE AFRICAN ARTS TRUST I report to the charity trustees on my examination of the accounts of The African Arts Trust for the year ended 31 March 2024, which Gomprise the Statement of Financial Activities, Statement of Financial Posrtion, Statement of Cashflows and the related notes. Responsibilities and basis of report As the charity's trustees land also the directors of the company for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the Companies Act 20061 report in respect of my examination of your charity's accounls as carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5}Ib) of the Charities Act 2011. Independent examiner's report I have completed my examination. l Confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= {1} accounting records were not kept in respect of Ihe company as required by section 386 of the Companies Act 2006., or (21 the accounts do not accord with those accounting records., or (31 the accounts do not comply with the accounting requirement of 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 {4) the accounts have not been prepared in accordance with the methods and principles of the Slatemenl of Recommended practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. 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 lo be reached. FllL Paul Alexander BFP FCA for and on behalf of Accountancy Management Servi￿$ Limited Chartered Accountants South Street House 51 South Street Isleworth Middlesex TW7 7AA OATE.. Iq &Z4 Page 9 The Afr￿￿ Arts Trnst forthè endqd 31 PAav¢h 2024 Total YE31Ma 2024 Total YE 31 March 2023 funds 31 March 2024 18 69.611 69.611 69,611 69.611 ExpendiluTr: Expen(*￿￿e on raising fimds 541 Expendibjre on charI￿le aclivrfie. 182.671 182,671 84.043 Total expendi￿rn 184,133 184.133 Net Incomel(exp8nd1ty￿ (114,522) {114.522) 581,916 Transfers befv*en funds {114.522) (114,522) 581,916 Totsl brou￿1 forward 618,084 618.084 36,168 Total fvnds ¢anled forward 618 084 Incoming resources and the net movement ITr are ￿1ved from c(xthing a¢thibes. Al reCo￿lSed and k*ses are ￿￿luded n Ihe &atement of Financial A(thi￿. The notey to the acc¢Mwts form pwl ofthese fmw)(ial slalements. 10 The African Arts Trust Registered number. statement of Financial Position as at 31 March 2024 07495544 2024 2023 Current assets Stocks Debtors Cash at bank and in hand 168.(K14 188,840 369,610 338.057 .101 within one year P.S391 (720) 10 503,562 618,084 Funds of the char*r.CaiMlal and reserves Unre51ricted fun 11 618,084 Total funds of the charity 503.562 618.084 The directofs are salisfied that the ￿MpanY is entilled to exemption from the reqwement to obtsin an audit under section 477 ofthe ComPar￿e5 Act 2(th. The mernbers have not wmred the conyany to obtswi I￿¢%￿0anCe vAlh se(lim 476 of the Act. The directors ackno1￿edge their res[K￿SIbIltles for comptyvig *ilh the re(wirements of Ihe Companies Act 20￿ ￿1th respect to ac¢rMJnting records the preparati(￿ of accounts. The accounts have been FKepared delivered li ac¢Cffdan￿ *ith the speoal provisio￿$ applicable to Comp￿leS subject to smam compar*es regime. Robert Devereux tlirector proved bythe board on ..(.. 11 The African Arts Tntst Yearend 31st March 2024 2024 2023 Net movemwrt in fw (114,522) 581,916 Increase n stock (107.650) {21,391) Decreasel(Inuease) in debtCrf5 188.800 (188,8001 Inc¥e8sel(Decrease) in uethtors 1.819 (52181 Cash used in opernling xliv*igs 31.553 Movement in cash and cash the (31.553) 366,507 Cash and cash equivalents at the start of the ￿ar 369.610 3,103 Totsl ¢Mh and Cash equival•nts at the end rfthe year 12 The Afric￿ Arts Twst forthe ￿rended 31 Ala￿ 2024 1 Px¢ounting polici•s The finan(#al Ststements have been KKepared in a¢¢wdance ￿TIh applicable ¢harity and company lavr. Financial Rwting Stsntsd 102. the Chwilies SORP 2019 (FRS 102). the Companies Ad 2006 and Charities Act 2011. Funda¢¢o￿tIng General unrestricted fijnds cOMpr￿e ac0jm￿ated Su￿use$ and deficats C￿ general furth. They are available for use at the discrelion of the Twstees in ￿rther￿ce of the generd L*artlable objectives. Designated (￿d5 represent amounts set aside by Tntstees ￿ a p¥ti￿ wrp05e. They part of the tharivs urKestricted fiJnLts may be re-aknated. Incoming resources represerrts income re¢eivable (knring Ihe year. They are induded in the Statement of Finanraal knbvibes the (*arity becomes entitied to the resources. 7then the trustees believe that it is probable Ihey *41 receive the reS￿￿ceS and the monetary vabje can bè MeasU￿d *ilh sufficient relFa4y. Donated g)oth afe recO￿r￿d as income fty the year voluntary income *then received a ¢￿spOn￿g in¥ease to stock. and are valued at market value Ythere available. Gfft aid receivable is induded in income *then Ihere is a valid dedaration from the donor. kny gift èid amount recovered M a donation 15 considered to be part of Ihot and is treated as an addilion to Ihe same lund as the inilial th￿allon ￿lesS the donor specifies otheTh4se. costs, t*recty athilyjiable to Ihe acti¥ity. Where cc6ts carnot be th¢ty attributed they have been allo¢ated to act"¥￿"e5 on the basB of estimated tlme spent by staff M eath actsvty. to pay out reS￿r¢e8. Volunt••r Imlp ￿ gilts in kind The monetsry value of any voluntary help and in kn.nd re¢ei¥ed is not in￿ded in the a￿￿nts but 15 desuibed n the dYeCt￿ dwing the year P023..0). No le￿l￿d beneffl5 (exduding empw costs) ofmore than £60.000. thJring the J*ar none of the Trustee¥ have been wd any remunualion ry re¢er¥ed any other beneffts from an employment ￿tyth the tharity or a related entity. No trustee expenses have been oJrred. S Analysis of expWKIi￿lV 2023 Expgnditure on r￿SIng funds Website and i*)main registratic Dats protection Bank tharges Stationery and Fffirig 434 40 241 40 248 12 541 1.462 Expenditure on charrf*le xb"vkn"es charits￿e ￿ants {See note 14) Exh.b1b￿ space runn￿￿ costs Govemance costs (see rKJte 6) Administration ¢<*ts Consultaney fees Companies house fees 120.742 79.098 57S 3.520 837 840 10.181 3.795 133 13 182,671 14 The African Ar15 Trnst forth* y•4rended 31 Mar¢h 2024 6 Governan￿ costs all¢•cknl to eXpendi￿rn on d￿ritablE xlivities 2024 2023 Independent examinatim fèes Management fee5 840 7 Stock 2024 2023 168.004 60.354 8 Debtors 2024 2023 Gift receivable Other debtCrf8 151,3(M) 37,540 9 Cveditors: 9Th￿￿ts falkng due wilhin one year 2024 2023 Accruals delwrnl in¢0 Indepertdent examinatbon fee ComThMtted wit expenthbjre 720 1,759 2.539 ComThtted grant expenithkne 15 expen(knJre Ihat has been approved by the thartty in VKTthng to the grantee pfior to the balance sheet date that has perf0mla￿e C(￿(￿b0￿$ attached to the fulure payments thje. 10 Anatysi5 of net ajsets funds funds Current assets Current liabilities s(￿.101 {2,5391 506,101 (2,5391 11 Funds mDvwnent lal unmsti￿W} At 1 Aw4 20rJ Deficit for the year 618,084 (114.522) At 31 March 2024 503 562 15 The Altri￿￿ Arts TN$t Notes to the Finan¢i&l Statem￿ts forthe ywr•nded 31 Plarch 2024 12 Company Ivnit•d by guarnntet The company ig limited by warantee and e8¢h memberf$ liabthty wil not exceed £1. The number of members a5 at 31 March 2024 was 3 (2023'.3). 13 Rthted ￿rtY transactions 2023 Mr R Devernux (Director and Trustee) Unrestricted donations made to the charity (ind. gift aid) Ell￿ Kisiwa Investments Limited {Mr R Oevereux ts a director of both companies and sole shareholder of Eilean Kisiwa Inveslments Limited) Donations of offv￿rk received 57,181 14 Chaiitable grnnts 2024 2023 Grants to Inslittrfions (see websiteltwstees report for more detal) 120.742 120 742 79,098 16 Going Concern The Tntstees consrder that there are no material uncertainties regarding the tharitys wing concern stalus. 16 Presen￿10￿ currency and ￿￿nd1 The accounts are presented in pound5 SterlNig fiwres are rounded to the nearest pwnd. 17 Other infonnatlon The African Trust is a prrvate company and publK benefft entity limbted by warantee. and incorporated in En￿and. lls reg5tered office is L¢P￿r Fam), Up Marden. Chichester, West Sussex, P018 9LA. 18 Donations and legacies rn¢eived 2024 2023 Donations 69,611 666,500 16