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: - Collaboration - working together, actively supporting and developing cultural diplomacy, acting as catalysts for mutual exchange - Integrity - firm adherence to our moral code and values, ethical and honest, accountable and diligent - Empowerment - being proactive to ensure that we respect welcome and empower those with diverse backgrounds and experiences in our procurement, programmes and initiatives - Education - the importance of learning and inspiration, empowering individuals and communities to build from the ground up. Developing professional practice and knowledge sharing - Environment / Sustainability - working towards sustainable environmental, cultural and economic choices in what we do, supporting local economic viability, building sustainable infrastructures, minimising negative impact on the environment, an awareness of our natural resources ## 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: - Designing for community food production in reclaimed urban space - Climate Crisis creatively explored through weather & ecological narratives - Mental health, spirituality, identity and performance - Third Spaces and contemporary placemaking - Water Sonics - Digital restitution and decolonising collection practice - Male emotion and mental health - Poetry and grief - The politics of fabric 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: - Unexpected Lessons 4: Decolonizing Restitution by Dr. Mahret Ifeoma Kupka - A curated evening 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. - The Politics of Fabrics: A solo exhibition of work developed by artist Samuel Nnorom during his residency. The sculptural pieces, created almost entirely from pre-owned garments, include an ambitious 25ft sitespecific intervention that was hung on the exterior of the G.A.S. Lagos building. - Carry My Not Knowing by Raymond Pinto : A two-day-long affair consisting of an interactive movement workshop and performance on the first day, and an installation and screening on the second. This came in the round up of a very productive two-week residency for the US-based Lagos biennial artist. - Water Is Life, O! by Evan Ifekoya : An intimate invite-only listening session a cocktail of sounds from Ifekoya's residency. - Third Spaces - Contemporary Placemaking with Nate Agbetu and Papa Omotayo : An evening of knowledge exchange collaboratively exploring how we make spaces for culture. The talk included participatory cocreation sessions alongside a panel discussion between Papa Omotayo & Nate Agbetu. - Exclusive Evining with Resident Artists at G.A.S. Foundation: An invite-only event where G.A.S residents (Tunji, Tobi, Chizii & Laeila) met with distinguished guests and connoisseurs from Lagos’ buzzing arts ecosystem. - Interwoven Histories: A panel discussion between Tunji Adeniyi-Jones in conversation with Victor Ehikhamenor, Gbolahan Ayoola, and Temitayo Ogunbiyi. 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: - Donor Development: Actively cultivating relationships with potential donors. The Foundation engaged in targeted outreach, communication, and events to attract and connect with individuals or entities interested in supporting our mission. - Stewardship: Once donors were secured, the Foundation implemented stewardship practices to maintain and enhance these relationships. This includes acknowledging contributions, updating donors on the impact of their support, and ensuring ongoing engagement. - The charity received a number of UK donations. - We received individual US donors via our affiliate fund with Chapel and York which is registered in the US as a 501(c) (3) tax-exempt organisation. 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** - We helped secure a Founding Patron donation for our sister organisation G.A.S. Foundation in Nigeria from a Nigerian Corporate Donor. - We developed a Patron scheme (which has since August 2023 been revised) in Apr 22 – Mar 23. ## Organisational Partnerships for Funded Residencies: - The Foundation sought collaborations with other organisations to establish funded residencies. This involved partnerships with institutions, NGOs, and galleries willing to financially support and participate in the Foundation's residency programs. - Those initiated in 22-23 for delivery in 23-24: - Stockholm School of Economics, Sweden (continuing in 24-25) - South London Gallery - Autograph London - Barnes Foundation, US - Royal College of Art ## Corporate Sponsorship: - The Foundation pursued financial backing from corporate entities for projects, residencies and unconditional support. - These included for Mar 22 - 23: - Goodman Gallery (continuing in 23-24) - Tiwani Contemporary (continuing in 23-24) - Cristea Roberts Gallery (continuing in 23-24) - Individual Funded Residencies: - This approach developed from demand by individual artists and researchers who brought their own funding to support residencies at G.A.S. Nigeria which the Foundation led on planning and logistics. ## Project Grants: - The Foundation applied for project-specific grants from government agencies, private foundations, or other grant-making organisations tied to specific projects. - Grants Projects delivered in 22/23 were: - Turn2 German Cultural Foundation – Curatorial residencies - Genesis - Guest Projects Digital - Grants applied for in 22/23 and subsequently awarded in 23/24 were Outset 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: - to provide a level of working capital that protects the continuity of our core work - to provide a level of funding for unexpected opportunities - to provide cover for risks such as unforeseen expenditure or unanticipated loss of income 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: - Fundraising and a failure to meet fundraising targets: Y.S.F. has successfully diversified it’s funding sources by securing income from a number of new patrons, corporate supporters, foundations and institutions. - Due Diligence in relation to overseas donors: Y.S.F. has Due Diligence Policies for Donors, Partners and Beneficiaries in place including Know your Donor/Partner enhanced reports from a global third party provider. - Staff capacity and a mismatch between resources and ambitions: Y.S.F. has expanded its team to increase capacity and work with our partner organisation G.A.S. Foundation is carefully planned and reviewed. - Our partner organisation G.A.S. Foundation’s staff capacity and lack of particular skills: Y.S.F. has worked with the Trustees of G.A.S. Foundation to expand and train it’s new team. ## **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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable incorporated organisation will continue in business. 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** - **Income from fundraising events** |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