Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 REGISTERED CHARrrY NO 1179682 SAO FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 UNAUDITED ARNOLD HILL & CO LLP Chartered Accountants 6th Floor, Capital Tower 91 Waterloo Road London SE18RT
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 INDEX PAGF= Trustees, Report Independent ExaTniner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8- 10 Projects Funded 10
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 The Trnstees have pleasure in submitting their report and the financial statements for the year ended 31, March 20?5. REFERENCEAYD ADMINISTRATIVE IThFORMATION Name of Charitable Incorporated Organisation Sao Foundation (formerly Oriaikhi-sao Foundation) Charity registration number 1179682 Correspondence address 35 Berkeley Square Mayfair London WIJ5BF Trustees" Mr William A Ofosu Dr Adegboyega O Au5ten-Peters (Chainnan) (Resigned 30 September 2025) Mr Nana Y Sao Mr Saliudeen B Bakare Mr San¥Fwani A Mabhena Mr Kwesi E Yankey (Chaimian} (Appointed l October 2025) (Appointed 27 May 2026} AccouNtaDtS Arnold Hill & Co LLP, 6th Floor Capital Tower. 91 Waterloo Road, London, SEI 8RT BakerS Triodos Bank UK Ltd, Deanery Road, Bristol, BS15AS STRiicfiiRE, Goi'ERliANCE.4ND MANAGEMENT Governing Document The Charity wa5 created as a Charitable Incorporated Or¥ani5ation (CIO) by a Constitution dated 281h August 2018 and is regisiered as a charity under reference number 1179682. The Charity changed its name to Sao Foundation on 12 July 2022. Recruilment and Appointment of Trustees The charity Trustees have the power to appoint new Trusteeg by a resolution at a properly convened Ineetii)g of the Trustees. Risk Management The TTU5tees have assessed the Tnajor risks to which the Charity is exposed, in particular those related to generating income. A fornial review ofthe Charity's risk management process is undertaken on an annual basis. Organisationol Structure The Charity is administered by all of the Trustees, none of whom is paid. The bookkeeping is carried out by Sao Capital Management LLP and the financial statements are prepared by Amold Hill & Co LLP. *Trustees SerVg at the date of approval of the finarnei statements
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 OBJF.CTIN'F.S AND Ac'TIVITIF.s FOR THF. PIiRI.Ic' BF.NF.FIT The Sao Foundation is dedicated to advancing opportunity, equity.. and well-being for underserved communities in London and beyond. Our core mission is to empower individuals tlirough targeted interventions across education, health. and social inclusion. During the year under review, the Foundation focused on initiatives supporting young people from disadvantaged batkgiounds through art and education programmes, alongside healthcare-related support initiatives. All activities were undcrtaken in fiirtherance of the Foundation's charitable objectives and for the public benefit. Ac.HIEI'EMEliT8,IND PERFORf*lANC.E Throughout the rewrting period, the Foundation remained committed to delivering impact despite ongoing ecojiomic challenges affecting the communities we serve. Key achievements include.. Edue#tion Support Progrxmmts We continued our financial support for the Yaa Asante Art Prize and the St Andrews Scholarship Programme, ensuring continuity of educational opportunities for beneficiaries from underserved Communities. GrAnt-Making Activities The Foundation disbursed targFeted bFrants to regFi5tered charities, COTnmunity orgFani5ation5 and individuals experiencing financial hardship. Individual grants were awarded in accordance with documented eligibiliry criteria and following assessment by the Trustees to ensure that assistsnee was provided solely in furtherance of the Foundation's charitable objectives. Aikido Art Program (USA) In partnership with The World Reimagined, the Foundation completed the Aikido Art Programme. an initiative desi&Tned to proinote education, cultural awareness, coinniunity engaLTeillent and social inclu51011 through public art installations and associated educational artivities. The programme engaged participants across multiple jurisdictions and culminated in the pemianent placement of artwork in the United Kingdom and United States. Trustees monitored pro¥ramme delivery thrtsughout its duration and are satisfied thgt expenditure incurred M."as applied solely in furtherance of the Foundation's charitable Purposes. FINANC.'IAL REI'IEW The Foundation remains in a stroii¥i finaiiLial position. Total income torthe year amounted to £812,356.33 {2024.. £517,n93.79), with total expenditurc of £826,040.69 {2024.. £390,200.66). All funds were applied in furtherance of the Ftsundatioii's chaiit2ble objectives. The Trustees continue to exercise prudent financial management. maintsining a strong focus on transparency. accountability.. and long-term sustainability. RTr.'sTr.RVF-s Poi.Ic.Y The Trugtee5 recognise the importance of maintaininbi adequate unrestricted reserves to Safeguard the continuity of the Foundation's activities and commitments. l)ue to the timing of charitable expenditure and funding receipts. unrestricted reserves reinained in deficit at the Swear end. The Trustees have reviewed the position and are Satisfied that sufficiei)t finaiicial support is available to enable the Foui)dation to continue operating as a going concern. The Trustees aim to rebuild unrestricted reserves over the medium tem) through increased fundraising activity and prudent expendilure mai)agement.
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 Goi'ERN.4NCE STRI."CTI'RE The FoundatlOTI IS gaverned b}, a Bogrd of TSteeS who meet qugrterl}' to oversee stratcgy, ¢omplian¢e, and financial perfomance. All Trustees serve on a voluntary basis and receive no remuneration. During the year, the Board was strengthened bv the appointment of a new Trustee following the departure of Ihe Chaimlan. The Board benefils from enhanced expertise in education and governance as a result. The Trustees exteiid their Sincere appreciation to the outgoing CliaiTman for his leadership and contribution since the Foundation's inception. CI"RRENT AND FI"TIIRE PLANS In the Loming >iear, tlie Foundation intends to expand its education ai)d healthcare grant-n)aking activities and to develop new 5trategTiC partnerships to enhance it5 reach and etfectiveness. The Trustees remain cominitted to the Foundation's mission and are grateful to its partners, nders, and volunteers for their continued siipport. RESPOi%SIBILITIES OFTHE TRIISTEES Charity law requires the Trustees to prepare financial statements for each financial year that give a true and fair vieiv of the stste of affairs of the Foundation and of its incoming resources and application of resources. In preparing these financial statements, the Trustees are rquiTed to.. Select suitable accoutrtinb policies and apply them consistently; Make judgements and estimates that are reasonable and prudent,. Prepare the financial staten)ents on a going concern basis unless ir is inappropriate ro presume that the Foundation will continue in operation. The frustees are responsible for maintaining adequate accounting records that disclose, with reasonable accuracy at any time, the financial position of the Foundation and to enable them to ensure that the financial statements comply with applicable regulations. They are also responsible for safeguarding the setg of the Foundation and for taking reasonable steps to prevent and detect fraud and other irregularities.
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 RESPOThSIBILITIES OF THE TRIISTEES {CoNTJNIIED) The Tnistees are requircd to prcpare financial statcments in 8c¢ord8nce with Statutnry requireinents, the Statement of Recommended Praciice (SORP), and the Charities Acts. and to submit these to the Charity Cominission as appropriate. These financial statements comply with those requirernents. 61712026 These finaiicial statements were approved by the Trusteeg on . WILLIAM A OFOSU SAO NANA Y SAO TKIis'i Tr:Tr.'s Do¢ug1gnby'. SALIUDF.F.N B. BAKARE 57F.F5aC7A4&FF......................................... SANGWANI A MABHENA Kwesi Eduafo Yankey KWESI E YANKEY
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SAO FOUNDATION I report on the accounts of the charity for the year ended 3151 Marcl) 2025, which are set out on pages 6 to 10. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charity's trustees are responsible for the preparation of the accounts. The charity's trLLStees consider that an audit is nol required for this year under section 144{2} of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the 201 l Act; to follow the procediiTes laid down in the general Directions given by the Charity Commission under section 14515)(b} of the 2011 Act. and to stste whetl)er particulaT matteTS have come to Tn J. attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examinatilin was carried out in accordance with the general Directions given by the Charity Commission. An examinalion includes a review of the accounling reLords kept by the charity and a comparison of the account5 presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequcntly 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 iny examination. lio matter has Lome to my attention.. l) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in a¢¢ordance with se¢tion 130 of the 201 l Act. and to prepare accouiits which accord with the ac¢ountin&T records and Comply with the aecountiiib requirements of the 2011 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. rW&flllVtrco LLP Chartered Accountants 6111 Floor, Capital Tower 91 W'aterloo Road London SEI 8RT Date.. 15-Jun-202614."44 PM BST
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025 Unrestricted FuDd 2025 Unrestricted Fund 2024 Note Intome In¢oiMe froim generated funds Donations 500,518.62 i14,687.64 Charitable activities 311.837.71 202,406.15 Total Income 812.i56.33 517,093.79 Expenditure Cost of generating funds Expenditure on Charitable Activities Projects funded 71.206.75 563,046.29 199,092.39 Support costs 191.787.65 191,108.27 Total Expenditure 826,040.69 390.200.66 Net Movement in Funds (13,684.361 126.893.13 ReconciliAtion of Funds Unrestricted Fund brought forward at I st April 2024 (40,865.801 (167,758.93) Unre5trieted Fund CArried forwArd At 31st M&rch 2025 (54,550.161 (40,865.80) The notes on pages 8 to 10 form part of these fingncial statements.
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION BALANCE SHEET 31ST MARCH 2025 Note 2025 2024 Current Assets Cash at bank Bank Account 4,998.12 9,426.65 Debtor Amoiints owed from Affiliated Entities 4,775.00 13,280.83 9,773.12 22,707.48 Creditors- Amounts falling due withiD one year 64,323.28 6i,573.28 Ntt Lixbilities (54:550.16) {40,865.801 Represented by: The Funds of the Ch8rity- Capital and Reserves: Unrestricted Fund (54.550.16) (40,865.80) Total Funds (54,550.16) (40,865.80) 61712026 These financial statements were approved by the Trustees on .............................. O¢¢usi4n*dby'. NANA Y SAO ON BEHALF OF THE TRI"STEES The note5 on pages 8 to 10 fotyn part of these filnCial statements.
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS OF 31ST MARCH 2025 Accounting polieieg a) The accounts (financial statements) of the Charitable Incorporated Organisation have been prepared in accordance with FRS102, The Charities Statement of Recommended Practice IFRS102) and the Charities Act 201 l and applicable regulations. Tlit account5 have been prepared under the historic cost convention. b) Interest on cash balances is recoTded when receivable. c) Expenditure on donations is recorded once the payment has been made. d) Other income and expenses are included on an accruals basis. e) The Unrestricted Fund comprises the undistributed illCOTne received or liabilities due.
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS OF 31ST MARCH 2025 Debtors 2025 2024 Amounts owed from affiliated entities 4,775.00 li,280.83 4.775.00 13.280.83 Support costs 202S 2024 Rent and Service Char¥es 23,205.35 10.000.00 Computer and IT 4.470.45 1,488.02 Accountancy 750.00 750.00 Bank Charges 1,128.17 (10.001 ConsliltECY LogistlC5 Costs Advertising & Marketing Travel 78,491.50 153,412.02 21,553.19 18,348.13 53.57 5,8i8.70 24,260.51 1,281.40 Support Staff Sundry expenses i5,100.00 2,774.91 191.787.65 191,108.27 Creditor5 2025 2024 Nana Sao 60,003.23 60,003.23 Arnold Hill & Co LLP 4,320.00 3,570.00 64,323.28 6J.573.28
Docusi9n Envelope ID.. A9E31EcC3D74BF3-8238-EACFA4Fls3F6 SAO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS OF 31ST MARCH 2025 Trustee remuneration and Related party trnnsk)ctions Duriiig the year, the Foundation benefited froin finai)cial support provided through Sao Capital Management LLP, an entity in which Trustees Nang Y. Sao and Saliudeen B. Bgkare has gn interest. Funding of £nil (2024.. £nil) were received from Sao Capital Management LLP. a company of which Nana Sao is a partner. Tl)e balances of amounts oived from affiliated entities at i 1st March 2025 are shown iii Note 2 (2024.. Note 2). Any transactions involvingT connected parties were reviewed and approved by the non-conflicied Trustees in accordance with the Foundation's conflict of interest policy. The loans are unsecured, interest-free aiid repayable on deinand. No trugtee received remuneration or personal benefit from the charitv during tlie year. Analysis of assets and liabilities Unrestricted Fund Total Funds 2025 Total Funds 2024 Current assets 9.773.12 9,773.12 22.707.48 Current liabilities (64,323.28) (64,323.28) {63,573.28) (54,550.161 (54,550.16) (40,865.80) Projects Funded 2025 2024 Aikido (Artwork) 376,236.41 186,359.91 Grants & donations to individuals 44,461.20 3,250.00 Grants to non-individuals 142.348 68 9,482.48 563,046.29 199,092.39 Grants and programme expenditure were applied in support of the Foundation's charitable objectives relating to education, healthcare. communitj. support and social inclusion. Trustees reviewed and approved all material grants and programme expenditures during the l'ear and monitored outcomes Ihrough reportiiig from bei)eficiarieg and partner orgaiiisations where appropriate. Cost of generating funds 2025 2024 Aikido (Artwork) 71.206 75 71,206.75 10