OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

Charity number: 1183321

THE YINKA SHONIBARE FOUNDATION (CIO)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

CONTENTS

Page
Reference and Administrative Details of the Charitable incorporated organisation, its 1
Trustees and Advisers
Trustees' Report 2 - 13
Independent Examiner's Report 14 - 15
Statement of Financial Activities 16
Balance Sheet 17
Notes to the Financial Statements 18 - 31

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE INCORPORATED ORGANISATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees Yinka Shonibare CBE, Chair
Ayelet Elstein
Doug Fishbone
Adebimpe Nkontchou
Oba Nsugbe QC
Ann Marie Pena
Tiwalade Akinlemibola
Charity registered
number
1183321
Principal office
Sunbury House
1 Andrews Road
London
E8 4QL
Accountants
Streets Chartered Accountants
Enterprise House
38 Tyndall Court
Commerce Road, Lynchwood
Peterborough
Cambridgeshire
PE2 6LR
Bankers
CAF
Kings Hill
West Malling
Kent
ME19 4JQ

Page 1

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statements of the charitable incorporated organisation (CIO) for the period ended 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the charitable incorporated organisation qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The Yinka Shonibare Foundation (Y.S.F.) supports the development of new work and ideas, fosters mutual understanding of cultural differences as we break down traditional barriers of privilege and wealth, build access and seek to create new pathways to education, forge new networks and a resilient cultural infrastructure that will enable the next generation to thrive, not just survive.

Our mandate is to partner with our sister organisation in West Africa, Guest Artists Space Foundation (G.A.S.), to fulfil that ambition: to encourage critical and engaged practices in the fields of contemporary art, design, architecture, ecology, agriculture, and the environment, providing time and space for research, experimentation, sharing, education, and the development of ideas.

Y.S.F. and G.A.S., as a charity in the UK and an NPO in Nigeria, share a close relationship, engaging in tight collaboration and jointly pooling HR resources to pursue a common mission and purpose. Governance, funding, and oversight are led by the Yinka Shonibare Foundation.

The foundation and its projects reflect the artist Yinka Shonibare's ongoing belief in nurturing the relationship between art and social justice, showing how the combined disciplines of art, agriculture and science can contribute to local cultural ecosystems, food security, the environment, cultural diplomacy and of course, supporting creativity.

Guest Projects was a project space established by Yinka Shonibare Studio in 2006 - 2020 which offered early career artists and practitioners of varied artistic disciplines free access to a space in which to experiment for one month. Guest Projects is not a constituted body or organisation of itself unlike G.A.S Foundation in Nigeria. Since closing the physical space in March 2020 this has now become a predominately online programme run by Y.S.F and renamed as Guest Projects.

Objectives and activities

a. Policies and objectives

The charity has been 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. The trustees approve strategy and policy which is then implemented by the Executive Director.

The current stated charitable objects are for the public benefit to promote, educate, maintain and improve the arts and culture, particularly but not exclusively in the UK and Nigeria by:

i. Supporting the establishment and programme of "Guest Artists Space Foundation" in Nigeria and the continuing work of "Guest Projects, London" by providing facilities and support (to African, African diaspora and international artists, researchers, scholars, and other creative individuals), in the research and development of their skills in the Liberal and Fine Arts, Creative Industries, Environment and Agriculture fields of study and practice.

ii. Encouraging cultural exchange and deeper knowledge between Africa and the rest of the world to promote mutual understanding of cultural differences through developing exchange programmes, hosting exhibitions,

Page 2

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

talks, workshops, events and performances and collaborating with cultural institutions in Nigeria, Africa and the rest of the world.

Values

The Yinka Shonibare Foundation believes actions are stronger than words, but as an organistion we are guided by these values intenally and externally:

b. Strategies for achieving objectives

The Yinka Shonibare Foundation (Y.S.F.) oversees and develops fundraising, programming, governance, operations, monitoring, communication, partnership brokering and advocacy for and with partner Guest Artists Space (G.A.S.) Foundation in Nigeria.

We fundamentally believe in the catalytic and transformative power of the arts. As a Nigerian/British artist led organisation built on diversity and established to support creative infrastructure, champion international exchange, build infrastructure and broaden opportunities in the arts for African and Diaspora artists and curators, we will deliver on this and our charitable objectives through:

  1. Running and managing fundraising campaigns and events for Y.S.F. and G.A.S. Foundation programmes

  2. Brokering and working in partnership with global organisations to support residencies, build resilient creative infrastructure, education and alumni projects

  3. Devising and implementing Y.S.F. led programmes and residencies with artists, curators and researchers, giving them the time, space and practical support to explore their ideas and area of practice

  4. Supporting Guest Artists Space Foundation (G.A.S.) to deliver residencies and public programs in Nigeria for artists and researchers from multiple disciplines, countries and cultures

  5. Supporting the development and building of soft creative infrastructure, learning and dissemination programmes to connect local and global creatives, researchers and audiences

  6. Celebrating, creating visibility and accessible archives of the programmes, residents, their work and events

  7. Holding G.A.S. Foundation accountable whilst providing governance, guidance and oversight

c. Activities undertaken to achieve objectives

We have developed and led a small team to deliver the residencies on the ground in Nigeria with continuing professional development support and guidance from Y.S.F. whilst continuing to broker and develop partnerships, devising and implementing the residency programmes, leading on communications, advocacy and fundraising.

Achievements and performance

a. Main achievements of the charitable incorporated organisation

At the end of May 2022 we commenced the residency programme at Guest Artists Space Foundation at two locations in Nigeria, with a curatorial residency with Savvy Contemporary, Berlin and two West African artist fellows. In the just over 10 months between May and March 2023 we facilitated 20 residencies at G.A.S. from nine different countries across Africa and the globe. Hosted 31 events for both local and global audiences, welcoming over 1,500 visitors, in Nigeria and digitally. Hosted an International Launch over a week in

Page 3

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

November 2022 with local and global guests.

b. Key performance indicators

We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success and viability of our projects, partnerships and fundraising activity. The review guides our future programme and partner commitments.

c. Review of activities

Activities April 2022 - March 2023

In May 2022 the charity accepted the incredibly generous donation of a lifelong personal library and archive collection by John Picton, Emeritus Professor of the Department of History of Art and Archaeology at SOAS University, London and Sue Picton, retired lecturer, museum consultant and ethnographer.

The scope of the Picton’s Library collection includes the visual arts of Sub-Saharan Africa (sculpture, masquerade, textiles), publications dealing with history and archaeology (including Saharan rock art), as well as African American and Black British arts, and more. The collection will be digitally catalogued and shipped to Nigeria in batches and housed at G.A.S. Foundation’s Lagos building in purpose-built library cabinets as an open resource for residents and researchers in Nigeria. We commissioned an archivist to work with Professor and Sue Picton to initially archive, categorise and establish the first 400 library books at G.A.S. between July and October 2022. This work continued with next 1000 books and archive materials from April 2023.

In the first week of November 2022 the Yinka Shonibare Foundation organised and led an International Launch of Guest Artists Space Foundation in Nigeria to cultivate new partnerships and support. A diverse group of global and local public and private gallery directors and cultural stakeholders were invited to participate in a dynamic programme of events that offered an insight into the vibrant artistic landscape in Lagos and beyond.

Yinka Shonibare Foundation also led and supported the recruitment, training, coaching and expansion of the G.A.S. Foundation’s team including a Communications Manager appointed in the first half of 2023.

Programme: Guest Projects (Digital)

After securing funding from Genesis Foundation, we partnered with University of the Arts London (UAL), Transnational Art, Identity and Nation (TrAIN) Research Centre led by Professor Paul Goodwin to award a three month digital research residency to UK based artist Chiizii. The initiative was conceived with the intention of providing an emerging, UK based African and/or Caribbean diaspora artist, with an opportunity to lead a collaborative research project investigating the intersection of art and design, ecology, food and identity. Chiizii’s research project took place between July and October 2022, and culminated in a blend of digital and new physical artworks including a new website, public screenings and exhibitions.

Programme: Guest Artists Space, Nigeria (G.A.S.)

Y.S.F. was invited by G.A.S. to oversee the planning and development of the residencies. Twenty residencies took place in the period end of May 2022 – March 2023 lasting between one and two months. The practices and research areas of the artists, performers, designers and curators have included diverse areas such as:

Page 4

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

G.A.S. Inaugural residents with G.A.S. Staff & Board Members, July 5, 2022

Aso là ´nkí, kí a tó ki ènìyàn – We greet the cloth before we greet its wearer. Farm House Exhibition, December 1, 2022

Residencies completed between May 2022 and March 2023 are:

Page 5

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

NAME RESIDENCY PRATICE PARTNER ORGANISATION PERIOD
1 Linehan Halabat-Belbock
(Germany)		 Curator (SAVVY
Contemporary, Berlin)		 TURN2 German Federal
Cultural Fund		 May- June 2022
2 Femi Johnson (Nigeria) Painting, Digital Media &
Research		 GAS Fellowship Award June 2022
3 Uzor Ugoala(Nigeria) Sculpture GAS FellowshipAward June 2022
4 Emmah Prempeh(UK) Painting Tiwani Contemporary Aug-Sept 2022
5 Ofem Ubi(Nigeria) Poetry& Photography GAS FellowshipAward Aug-Sept 2022
6 Miriam Hava Aslam (UK) Architecture / Sustainable
Food Security		 UAL (University of the Arts
London)		 Aug-Sept 2022
7 Antoniette Yetunde Oni
(UK/Nigeria)		 Architecture UAL (University of the Arts
London)		 Sep-Oct 2022
8 Seyi Adelekun(UK) Performance Art & Research BigGive Award Sep-Nov 2022
9 Gideon Gomo(Zimbabwe) Sculpture Tiwani Contemporary Oct-Nov 2022
10 Portia Zvavahera(Zimbabwe) Painting Tiwani Contemporary Oct-Nov 2022
11 Miriam Bettin (Germany/Austria) Curatorial Research / Textiles TURN2 German Federal
Cultural Fund		 Oct-Dec 2022
12 Sarafadeen Bello (Nigeria) Architecture / Digital
Restitution		 GAS Fellowship Award Nov-Dec 2022
13 Mahret Ifeoma Kupka (Germany) Curatorial Research / Design TURN2 German Federal
Cultural Fund		 Jan-Feb 2023
14 Samuel Nnorom(Nigeria) Sculpture GAS FellowshipAward Jan-Feb 2023
15 Nolan Oswald Dennis (South
Africa)		 Multidisciplinary, Fine Art Goodman Gallery Jan-Feb 2023
16 Umar Rashid(US) Painter Tiwani Contemporary Feb-Mar 2023
17 Evan Ifekoya(UK) Multidisciplinary,Sound Artist Lagos Biennial Feb-Mar 2023
18 Raymond Pinto(US) PerformingArts Lagos Biennial Mar 2023
19 Nate Agbetu(UK) Multidisciplinary,Design Independent Mar- Apr 2023
20 Tunji Adeniyi-Jones(UK/US) Painter Independent Mar- Apr 2023

Images Top left to bottom left clockwise: Detail Portia Zvavahera; Emma Prempeh; Gideon Gomo; Miriam Bettin at the Farm; Ofem Ubi; Samuel Nnorom installation.

Events included:

Page 6

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

consisting of a lecture, two performances, and two panel discussions featuring architecture historian Dr. Oluwatoyin Sogbesan, Editor-in-Chief of The Republic Wale Lawal, artist, filmmaker, and G.A.S. Fellow, Femi Johnson, freelance curator Olufisayo Bakare, The Treehouse curator in residence Tracian Meikle, design architect, researcher and G.A.S. alumni Sarafadeen Bello and Brenda Fashugba Head of SubSaharan Arts, British Council, Nigeria.

Page 7

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Clockwise from top right : Evening with Tunji Adeniyi Jones; Spoken Word by Ayomide Fasedu; Performance Workshop with Raymond Pinto ; Performance by Seyi Adelekun ; Discussion Papa Omotayo & Nate Agbeto; Evening of Film & Performance June 22

Fundraising Activities

The Foundation adopted a multifaceted strategy for its fundraising activities, encompassing various approaches to secure financial support. In summary:

Donor Development and Stewardship:

Page 8

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Organisational Partnerships for Funded Residencies:

Corporate Sponsorship:

Project Grants:

In summary, the Foundation's mixed fundraising approach demonstrates a comprehensive strategy that taps into various sources of financial support. By engaging with donors, forming partnerships, seeking corporate sponsorship, attracting individual support, and securing project grants, the Foundation diversified its funding streams.

Financial review

a. Going concern

This is the third period of accounts for the charity and during this period recorded a deficit. The costs incurred exceeded income for the year but were covered by bought forward funds and the charity has positive reserves to carry forward. The charity has raised sufficient funds to cover its expected financial liabilities as they fall due for a period of at least 12 months from approval of these financial statements. After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable incorporated organisation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trustees' policy is to build and maintain unrestricted funds adequate for the organisation to meet its obligation to staff, operational costs and to projects in progress for a minimum of six months. This gives time to

Page 9

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

adjust programme of activities in an orderly manner, should the need arise. The Yinka Shonibare Foundation will maintain free unrestricted reserves:

The board of trustees will review the above criteria with reference to The Yinka Shonibare Foundation’s strategy and Annual Plan and determine the target level of free reserves to meet these. The board of trustees will at times designate funds from free reserves for significant project costs or replacement of major assets.

c. Principal risks and uncertainties

The trustees have assessed the major risks to which the trust is exposed and are satisfied that the support is in place to mitigate exposure to these major risks whilst the charity is still being established.The below are the most significant risk factors facing the organisation:

d. Financial risk management objectives and policies

The trustees with the MD have an established Finance Committee and appointed a new Treasurer Trustee in May 2021. The charity works to an agreed Financial Management Procedures Policy and Due Diligence Policies for Donors, Partners and Beneficiaries.

e. Principal funding

The charity is able to raise sufficient funds to cover its own costs and programmes.

f. COVID-19 impact, risks, measures and uncertainties

During the Covid 19 pandemic, the Foundation was able to successfully adapt its delivery model and ensure it remained a going concern. The Trustees and management continue to monitor and assess any risks resulting from Covid 19, and will adapt the Foundation's activities as necessary.

g. Financial performance

During the period ended 31 March 2023 total income was £166,099 and expenditure was £227,149. Reserves carried forward as at the balance sheet date £157,600 (2022 £218,650).

h. Deficit for year

The costs incurred were more than the income for the year but were covered by bought forward funds and the charity has positive reserves to carry forward.

Plans for future periods

We have expanded the team on the ground in Lagos as well as bringing on board a dedicated Patrons and Philanthropy Manager at Y.S.F.

Y.S.F. continues to lead on the operations and programming of Guest Artists Space in Nigeria as a core part of our work alongside fundraising and development. The Residency programme is currently 60% booked for 2024 and expect another 6 residents to complete by the end of March 2024. From April 2023 the artists, curators and researchers who have completed residencies include:

Page 10

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

NAME RESIDENCY PRACTICE PARTNER ORGANISATION PERIOD
1 Laeila Adjovi Curatorial Research G.A.S. Fellowship Award Apr-May 2023
2 Chizitalu Uweachi Painting South London Gallery & Y.S.F. Apr-May 2023
3 Alexei Moore Economics Stockholm School of Economics May-2023
4 Miranda Hargborg Economics Stockholm School of Economics May-2023
5 CCA Lagos Multidisciplinary CCA Lagos May-2023
6 CCA: Rosie Olang'
Odhiambo		 Curatorial CCA Lagos May-2023
7 CCA: Mervi Linna Multidisciplinary CCA Lagos May-2023
8 CCA: Alison Naturale Multidisciplinary CCA Lagos May-2023
9 Monica Narula-Raqs Multidisciplinary / Film Y.S.F. / World Weather Network Jun-2023
10 Shuddhabrata Sengupta -
Raqs		 Multidisciplinary / Film Y.S.F. / World Weather Network Jun-2023
11 Jeebesh Bagchi-Raqs Multidisciplinary / Film Y.S.F. / World Weather Network Jun-2023
12 Leo Robinson Painting Tiwani Contemporary Sep-2023
13 Billy Fowo Curator Goethe Sep-2023
14 Naima Hassan Archivist Y.S.F. & Goethe Sept-Oct 2023
15 Belinda Kazeem Kaminski Multidisciplinary ArtX / Access Bank Oct-Nov 2023
16 Karl Ohiri, Photography Autograph Gallery, UK Oct-Nov 2023
17 Riikka Kassinen Photography Autograph Gallery, UK Oct-Nov 2023
18 Gareth Nyandoro, Painter Tiwani Contemporary Oct-Nov 2023
19 T K Smith, Curator Barnes Foundation, US Nov-Dec 2023
20 Alberta Whittle Multidisciplinary Big Give Nov-Dec 2023
21 Elsa James Multidisciplinary Independent / ACE UK Nov-Dec 2023

Library/Archives – Re:Assemblages

The establishment of a library at G.A.S. Foundation envisioned by Yinka Shonibare as a crucial resource for both visiting residents and local researchers lies at the heart of the foundation’s vision. The generous contribution of Professor John and Sue Picton’s Library serves as a catalyst for this endeavour. The remaining 1000 books and archives were collated and sent to Nigeria in the summer of 2023, our freelance archivist Naima Hassan spent a month in Lagos, training staff and cataloguing these books. The final books are now all on the shelves.

Y.S.F. aim to launch Re:assemblages in 2024, initiated to foster activations in/beyond the Picton Library and Archive Collection and to establish a dynamic hub for African arts libraries and new publishing not only in Nigeria but the wider African continent. Re:assemblages will feature publishing, research and writing residencies, a satellite book club, printing studio, and African wide symposiums.

The harvest from the multi-year programme will result in the establishment of the African Arts Libraries Lab (AAL Lab) focused on incubating translocal networks between arts libraries in Africa. The resulting symposiums, will foster interdisciplinary dialogues between African arts libraries, conservation, and new publishing practice, working to refocusing the lens and combat risk of cultural knowledge loss.

Structure, governance and management

a. Constitution

The Foundation is established by constitution, dated 7 May 2019, and was registered with the Charity Commission as a Charitable Incorporated Organisation on 8 May 2019 and amended on 28th September 2021.

The members of the CIO shall be its charity trustees for the time being. The only persons eligible to be members of the CIO are its charity trustees. Membership of the CIO cannot be transferred to anyone else. Any member and charity trustee who ceases to be a charity trustee automatically ceases to be a member of the CIO.

Page 11

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

b. Methods of appointment or election of Trustees

The Trustees are the primary authority of the charity and are ultimately responsible for holding and applying its assets for its charitable purposes. New Trustees are recruited as and when required with reference to their abilities that will enhance and further the charity's objectives.

c. Organisational structure and decision-making policies

The Foundation comprises: seven trustees, a CEO and two other staff. Trustees and the CEO meet a minimum of four times per year. The minimum number of trustees is three with a maximum of twelve at any one time as set out by the constitution. The trustees make all strategic decisions and support the staff and CEO to carry out these decisions. The Board appoints the CEO, and a Board member will attend interviews of any senior management positions. All other staff appointments are made internally. The Board also approves all major suppliers based on staff recommendations and market tested price comparisons, following the Financial Management Procedures Policy which is reviewed annually by the Finance Committee. The day to day running of the organisation is delegated to the CEO.

d. Policies adopted for the induction and training of Trustees

New trustees are appointed for up to 3 years under authority of a resolution of the trustees passed at a trustees' meeting. 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 are briefed on their legal responsibilities and obligations under charity law, they are offered the opportunity for training and support as appropriate. New trustees meet the board and staff to familiarise themselves with the organisation.

e. Pay policy for key management personnel

The pay of senior staff is reviewed regularly by the board of trustees and the managing director. Based on limited staff numbers there is no requirement for a formal structure for pay scales. The organisation is young and growing so salaries are set in line with market forces and reflect the level of skill, experience and knowledge for the roles and remuneration levels in the sector. The senior management team is made up of Belinda Holden, CEO.

f. Related party relationships

The Charity has a close relationship to Guest Artists Space Foundation a non-profit organisation based in Nigeria that will be providing artist residency space which commenced in May 2022. The charity has been financially supported during the period by Yinka Shonibare Limited, a company owed by the trustee Yinka Shonibare.

g. Financial risk management

The trustees have assessed the major risks to which the charitable incorporated organisation is exposed, in particular those related to the operations and finances of the charitable incorporated organisation, and are satisfied that systems and procedures are in place to mitigate our exposure to the identified risks.

h. Trustees' indemnities

YSF is a charitable incorporated organisation (CIO), and members and trustees have limited liability; in accordance with YSF constitution. In the event of YSF winding up, the members of the CIO have no obligation to contribute to its assets and no personal responsibility for settling its debts and liabilities. Trustee and Directors Liability, Public and Products Liability and Professional Indemnity insurance are currently held.

Funds held as custodian

No fund was held as custodian.

Page 12

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable incorporated organisation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable incorporated organisation's transactions and disclose with reasonable accuracy at any time the financial position of the charitable incorporated organisation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the charitable incorporated organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities

Approved by order of the members of the board of Trustees and signed on their behalf by:

R Y Shonibare Chair of Trustees Date: 1/31/2024

Page 13

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

Independent Examiner's Report to the Trustees of The Yinka Shonibare Foundation (CIO) ('the charitable incorporated organisation')

I report to the charity Trustees on my examination of the accounts of the charitable incorporated organisation for the year ended 31 March 2023.

Responsibilities and Basis of Report

As the Trustees of the charitable incorporated organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charitable incorporated organisation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the charitable incorporated organisation has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm 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 the charitable incorporated organisation as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

This report is made solely to the charitable incorporated organisation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitable incorporated organisation's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable incorporated organisation and the charitable incorporated organisation's Trustees as a body, for my work or for this report.

Page 14

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Signed: Dated: 1/31/2024 Jonathan Day BA (Hons), ACA

Streets Chartered Accountants

6 Snow Hill, Farringdon, London, EC1A 2AY

Page 15

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
73,129
-
-
257
73,386
9,436
93,937
103,373
(29,987)
181,547
(29,987)
151,560		 Restricted
funds
2023
£
62,079
9,934
20,700
-
92,713
-
123,776
123,776
(31,063)
37,103
(31,063)
6,040		 Total
funds
2023
£
135,208
9,934
20,700
257
166,099
9,436
217,713
227,149
(61,050)
218,650
(61,050)
157,600		 Total
funds
2022
£
130,149
-
30,840
-
160,989
18,648
185,398
204,046
(43,057)
261,707
(43,057)
218,650

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 31 form part of these financial statements.

Page 16

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
17
Unrestricted funds
17
Total funds		 22,704
134,559
157,263
(9,820)		 2023
£
7,203
2,954
10,157
147,443
157,600
157,600
157,600
6,040
151,560
157,600		 -
221,708
221,708
(17,098)		 31 March
2022
£
10,375
3,665
14,040
204,610
218,650
218,650
218,650
37,103
181,547
218,650

The financial statements were approved and authorised for issue by the Trustees on 30 January 2024 and signed on their behalf by:

R Y Shonibare Chair of Trustees

The notes on pages 18 to 31 form part of these financial statements.

Page 17

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

As set out in the trustees' report, The Yinka Shonibare Foundation is a charitable incorporated orgnisation registered in England and Wales. The charity was incorportated on 8 May 2019. The address of their registered office is Sunbury House, 1 Andrews Road, London, E8 4QL.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The charity's objects are stated in the trustees' report.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) effective 1 January 2019, the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The charity is in a position to financially support itself and cover its expected financial liabilities as they fall due for a period of at least 12 months from approval of these financial statements. After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable incorporated organisation has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable incorporated organisation and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable incorporated organisation for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 18

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.4 Income

All income is recognised once the charitable incorporated organisation has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable incorporated organisation's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.6 Intangible assets and amortisation

Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Website - 25 % per annum straight line

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Office equipment - 25% per annum straight line Computer equipment - 25% per annum straight line

Page 19

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. Accounting policies (continued)

2.8 Debtors

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

2.9 Cash at bank and in hand

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

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable incorporated organisation anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.11 Financial instruments

The charitable incorporated organisation only 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

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

Page 20

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

3. Income from donations and legacies

Donations
Grants
Total 2023
Total 2022		 Unrestricted
funds
2023
£
73,129
-
73,129
83,124		 Restricted
funds
2023
£
54,285
7,794
62,079
47,025		 Total
funds
2023
£
127,414
7,794
135,208
130,149		 Total
funds
2022
£
83,124
47,025
130,149

During the year the charity received a donation of a lifelong personal library collection from Professor John Picton and Sue Picton totalled around 2000 books and magazines which will be catalogued and photographed and then pass over to G.A.S in Lagos to be used as references for all residencies and others. There is no current market value for the items therefor no value was included in the accounts.

4. Income from charitable activities

Restricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Residency fees 9,934 9,934 -

5. Income from other trading activities

Fundraising
Total 2022		 Restricted
funds
2023
£
20,700
30,840		 Total
funds
2023
£
20,700
30,840		 Total
funds
2022
£
30,840

Page 21

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

6. Investment income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Interest received 257 257 -

7. Expenditure on raising funds

Fundraising costs

Unrestricted
funds
2023
£
Fundraising and governance costs
9,436
Total 2022
18,648		 Total
funds
2023
£
9,436
18,648		 Total
funds
2022
£
18,648

8. Analysis of expenditure on charitable activities Summary by fund type

Promotion and education in the arts and
culture in the UK and Nigeria
Total 2022		 Unrestricted
funds
2023
£
93,937
72,270		 Restricted
funds
2023
£
123,776
113,128		 Total
2023
£
217,713
185,398		 Total
2022
£
185,398

Page 22

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by activities

Promotion and education in the arts and
culture in the UK and Nigeria
Total 2022		 Activities
undertaken
directly
2023
£
147,849
110,663		 Support
costs
2023
£
69,864
74,735		 Total
funds
2023
£
217,713
185,398		 Total
funds
2022
£
185,398

Analysis of direct costs

Staff costs
Depreciation
Consultancy
Conference and events
Travel and accommodation
IT and website costs
Office costs
Bank charges
London Community response costs
Mentoring and Talks
Guest Projects Digital
Marketing costs
Lagos operational costs		 Total
funds
2023
£
63,560
1,235
6,930
772
18,129
1,091
3,299
1,265
168
-
8,184
16,046
27,170
147,849		 Total
funds
2022
£
59,163
669
17,157
4,717
10,370
192
-
25
1,622
2,200
3,324
11,224
-
110,663

Page 23

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Depreciation
IT and website costs
Staff recruitment
Postage and freight
Donations
Rent
Bank charges
Insurance
Training
Marketing costs
Administrative support
Telephone
Legal and professional fees
Accountancy and bookkeeping fees		 Total
funds
2023
£
25,816
3,937
5,594
-
941
-
11,752
694
983
109
5,785
-
2,632
-
11,621
69,864		 Total
funds
2022
£
28,123
3,718
3,933
3,468
410
600
-
1,100
1,327
158
4,791
14,094
1,878
360
10,775
74,735

10. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £4,800 (2022 - £5,100) , and Other services of £ - ( 2022 - £1,920 ).

Page 24

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
84,092
560
4,724
89,376		 2022
£
77,400
8,242
1,644
87,286

The average number of persons employed by the charitable incorporated organisation during the year was as follows:

2023 2022
No. No.
Management and administration 2 2

The average headcount expressed as full-time equivalents was: 2

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the charity comprise the trustees and the Director. None of the trustees receive any remuneration. The total amount of employee benefits (including employer national insurance and pension contributions) received by key management personnel for their services to the charity was £62,741 (2022 £64,650).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 March 2023, an expense of £367 was reimbursed to a trustee.

Page 25

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

13. Intangible assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Amortisation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Website
£
13,707
330
14,037
3,332
3,502
6,834
7,203
10,375

Page 26

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

14. Tangible fixed assets

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Office
equipment
£
2,686
1
2,687
970
672
1,642
1,045
1,716		 Computer
equipment
£
3,302
958
4,260
1,353
998
2,351
1,909
1,949		 Total
£
5,988
959
6,947
2,323
1,670
3,993
2,954
3,665

Page 27

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

15. Debtors

Due within one year
Other debtors
Prepayments and accrued income		 2023
£
7,768
14,936
22,704		 2022
£
-
-
-

16. Creditors: Amounts falling due within one year

Paypal
Trade creditors
Pension
Accruals and deferred income		 2023
£
42
3,744
834
5,200
9,820		 31 March
2022
£
-
4,503
67
12,528
17,098

Page 28

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds - all funds
Restricted funds
The British Council
Genesis Foundation
Lagos Launch Dinner
BIG GIVE
Residency
Lagos International launch
Donations for rent
Patrons
Total of funds
Statement of funds - prior year
Unrestricted funds
General Funds - all funds
Restricted funds
London Community Response Fund
The British Council
Genesis Foundation
Lagos Launch Dinner
BIG GIVE
Residency		 Balance at 1
April 2022
£
181,547
2,518
10,000
12,500
12,085
-
-
-
-
37,103
218,650
Balance at
1 January
2021
£
257,162
4,545
-
-
-
-
-		 Income
£
73,386
-
-
-
-
35,848
20,700
10,666
25,499
92,713
166,099
Income
£
83,124
-
37,325
10,000
12,500
12,190
5,850		 Expenditure
£
(103,373)
(2,518)
(10,000)
(12,500)
(6,045)
(35,848)
(20,700)
(10,666)
(25,499)
(123,776)
(227,149)
Expenditure
£
(158,739)
(4,545)
(34,807)
-
-
(105)
(5,850)		 Balance at
31 March
2023
£
151,560
-
-
-
6,040
-
-
-
-
6,040
157,600
Balance at
31 March
2022
£
181,547
-
2,518
10,000
12,500
12,085
-

Page 29

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

17. Statement of funds (continued)

Statement of funds - prior year (continued)

Total of funds Balance at
1 January
2021
£
4,545
261,707		 Income
£
77,865
160,989		 Expenditure
£
(45,307)
(204,046)		 Balance at
31 March
2022
£
37,103
218,650

Unrestricted Funds

General Funds

General funds are available for use at the discretion of the trustees, for any charitable purpose. The general fund includes grants and donations received towards the charity's core costs.

Restricted Funds

The British Council

The Digital Catalyst Fund was received from The British Council for the digital collaboration on international projects, specifically Guest Projects Digital.

Genesis Foundation

The grant was awarded for use in the project Guest Projects Digital by The Genesis Kickstart Fund. It is to enable exceptional artistic projects that are geographically and socially diverse and include people from all backgrounds and races.

BIG GIVE

The Big Give Christmas Challenge crowdfunding appeal carried out during November 2021 and December 2021 was for a Residency at Guest Artists Space Foundation in Nigeria.

Lagos Launch Dinner February 2022

In February 2022 a "Dinner" event was held to raise funds for the launch of the Guest Artists Space, Nigeria.

Lagos International Launch November 2022

An event was held in Lagos in November 2022 to raise income and profile.

Residency

Some of the residencies paid own fees where no sponsors were found.

Donations for rent

Yinka Shonibare donated fund for rent of the office in London

Patrons

These are funds received from patrons of the charity.

Page 30

DocuSign Envelope ID: 745962D9-5836-4E29-A967-02D844ACAACE

THE YINKA SHONIBARE FOUNDATION (CIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
2,954
Intangible fixed assets
7,203
Current assets
151,223
Creditors due within one year
(9,820)
Total
151,560		 Restricted
funds
2023
£
-
-
6,040
-
6,040		 Total
funds
2023
£
2,954
7,203
157,263
(9,820)
157,600

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
3,665
10,375
184,605
(17,098)
181,547		 Restricted
funds
2022
£
-
-
37,103
-
37,103		 Total
funds
2022
£
3,665
10,375
221,708
(17,098)
218,650

19. Related party transactions

During the period Yinka Shonibare Limited, a company controlled by Yinka Shonibare, has made a donation to The Yinka Shonibare Foundation which totalled £10,667 (2022 £12,822).

Page 31