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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

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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

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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
Ba￿kerS
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 SerV￿g at the date of approval of the finarnei￿ statements

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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.

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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 T￿SteeS 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.

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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¢ug1gn￿by'.
SALIUDF.F.N B. BAKARE
57F.F5aC7A4&￿FF.........................................
SANGWANI A MABHENA
Kwesi Eduafo Yankey
KWESI E YANKEY

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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

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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.

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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 fil￿nCial statements.

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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.

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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
ConsliltE￿CY
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

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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