**Charity number: 1183321** ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2024** ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charitable incorporated organisation, its**|1| |**Trustees and Advisers**|| |**Trustees' Report**|2 - 12| |**Trustees' Responsibilities Statement**|13| |**Independent Examiner's Report**|14 - 15| |**Statement of Financial Activities**|16| |**Balance Sheet**|17| |**Notes to the Financial Statements**|18 - 35| **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE INCORPORATED ORGANISATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024** |**Trustees**|Yinka Shonibare CBE, Chair| |---|---| ||Ayelet Elstein| ||Doug Fishbone| ||Adebimpe Nkontchou| ||Oba Nsugbe KC| ||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 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024** The Trustees present their annual report together with the financial statements of the charitable incorporated organisation (CIO) for the period ended 31 March 2024. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity'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). 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. A key part of 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. a charity in the UK and G.A.S., an NPO in Nigeria, share a close relationship, engaging in tight collaboration and joint pooling of resources to pursue a common mission and purpose. Governance, funding and partnership development, strategic programming, evaluation, scrutiny 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. _“The mutually beneficial exchange, between artists and intellectuals, visitors and locals, is happening. In a global world of continuing and growing conflict, polarisation, ignorance and misinformation, providing a safe space to meet with other cultures for research, exchange, debate and collaboration, really feels to me more vital than ever.”_ ## **Yinka Shonibare CBE RA, Founder and Chair, Y.S.F. and G.A.S. Foundation** ## **Objectives and activities** ## **a. Policies and objectives** 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, talks, workshops, events and performances and collaborating with cultural institutions in Nigeria, Africa and the rest of the world. Page 2 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## **b. Strategies and activities for achieving objectives** The charity has been working to an initial startup strategy to focus on the testing and 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 Chief Executive Officer. 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 the following : 1. To run and manage fundraising campaigns and events for both Y.S.F. and G.A.S. Foundation to fund the activities and build an endowment to protect the future sustainability of both Foundations, the projects and programmes 2. To broker and work in partnership with global organisations to support residencies, build resilient creative infrastructure, education and residency alumni projects 3. To devise and implement 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. To support 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. To support the development and building of soft creative infrastructure, learning and dissemination programmes to connect local and global creatives, researchers and audiences 6. To celebrate, create visibility and accessible archives of the programmes, residents, their work and events 7. To hold G.A.S. Foundation accountable whilst providing governance, guidance and oversight ## **c. Activities undertaken to achieve objectives** Under the visionary guidance of our esteemed founder, the eminent British-Nigerian Artist Yinka Shonibare CBE RA, we have forged a path illuminated by the principles of inclusivity, collaboration, and innovation. Central to our mission is the synergy and teamwork between Yinka Shonibare Foundation (Y.S.F.) and our sister organisation, Guest Artists Space Foundation (G.A.S.) in Nigeria. Together, we have pioneered groundbreaking residency programs that serve as crucibles for creativity, research, and cross-cultural dialogue. The residency centres, strategically located in bustling Lagos, Nigeria and tranquil farmland in Ikise, near IjebuOde, serve as vibrant hubs where local talents and expertise intersect with international perspectives. Here, amidst the dynamic Nigerian art scene, artists, researchers, curators, and designers converge to explore, learn, and collaborate. It is within these spaces that transformative experiences unfold, catalysing not only individual artistic pursuits but also collective learning, new ways to engage with audiences and the exploration of new frontiers in creative practices. Recognising that the residency programme was intentionally conceived and designed to accommodate various creative and environmental research areas and disciplines, what began online has organically and physically expanded with artists and researchers tackling issues such as food security and production, environmental and climate concerns, identity, heritage, and ultimately our collective existence. Moreover, it has provided the opportunity to bring people together from diverse cultures and backgrounds, fostering mutual understanding and collaboration. Please refer to the ‘Achievements and performance’ section of this report for programme details. Page 3 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## **Achievements and performance** a. Main achievements of the charitable incorporated organisation Between April 2023 and March 2024, Y.S.F. have brokered partnerships and funding, undertaking the planning and administration to facilitate 26 residencies from 12 different countries across Africa and globally at G.A.S. Foundation in Nigeria. Y.S.F. have supported the devising, planning and communications for 33 events for both local and global audiences, welcoming over 1,000 visitors, in Nigeria and digitally. Y.S.F. hosted an International Art Tour over Lagos Art Week in November 2023 and again in February 2024 a Curators Tour for Lagos Biennial in partnership with the British Council with local and global Patrons, Partners, Institutional Organisations and Arts Professionals. Both trips included studio visits with acclaimed and emerging artists, gallery and museum visits hosted by their directors and curators, tours of the Biennial and ArtX Lagos, networking events hosted by the British Deputy High Commission and Patrons, music and performance events. Y.S.F. also led and supported the recruitment, training, mentoring, coaching and expansion of G.A.S. Foundation’s team. Phased in the handover from Y.S.F. of day to day residency operations management to the new Executive Director of G.A.S. Foundation whilst continuing with scrutiny and governance oversight. ## **b. Key performance indicators** We review our aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous 12 months. The review looks at the success and financial viability of our projects, partnerships and fundraising activity. The review guides our future programme and partner commitments. ## c. Review of activities Activities April 2023 - March 2024 Residencies completed Guest Artists Space, Nigeria (G.A.S.) between April 2023 and March 2024 are: ||NAME|RESIDENCY PRATIC|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'Odhiamb|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|June 2023| |10|Shuddhabrata Sengupta -
Raqs|Multidisciplinary / Film|Y.S.F.
/
World
Weather
Network|June 2023| |11|Jeebesh Bagchi - Raqs|Multidisciplinary / Film|Y.S.F.
/
World
Weather
Network|June 2023| |12|Leo Robinson|Painting|Tiwani Contemporary|Sept 2023| |13|Billy Fowo|Curator|Goethe Institute, Germany|Sept 2023| |14|Naima Hassan|Archivist|Y.S.F. & Goethe Institute|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 / Y.S.F.|Nov-Dec 2023| Page 4 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** |21|Elsa James|Multidisciplinary|Independent / ACE UK|Nov-Dec 2023| |---|---|---|---|---| |22|Eric Oetterli|Economics|Stockholm
School
of
Economics|Jan 2024| |23|Victor Svensson|Economics|Stockholm
School
of
Economics|Jan 2024| |24|Raymond Pinto|Performance|Independent / Lagos Biennial|Feb 24| |25|Remi Kuforiji|Multidisciplinary|RCA BLK, UK|Feb-Mar 24| |26|Rafael Kouto|Fashion|Pro Helvetia, Switzerland|Feb-Mar 24| A Residency Spotlight ## G.A.S. Library and Picton Archive The G.A.S. Library and Picton Archive is available to residents and local cultural community. Its exceptionally rare content gathered from across the globe is a valuable resource that informs artists, researchers and thought leaders and foster deeper engagement with African art forms and values. During September and October 2023, G.A.S. residents and our Y.S.F. Picton archivist Naima Hassan and Zavvy Contemporary Berlin curator Billy Fowo embarked on a Lagos-Dakar Archive Study. They explored, expanded, and strengthened our engagement and ties with cultural and academic communities across significant sites in Lagos and Oyo such as CCA Lagos, Centre for Black and African Arts and Civilization (CBAAC), in Ibadan the New Culture Studio, and the National Archives of Nigeria Ibadan. This multifaceted approach, combining research, curation, and collaboration, fosters Page 5 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** enriched dialogue and engagement, shedding light on the past while igniting inspiration for our 2024/25 Reassemblages Library and Archive programme. In October 2023, an Art and Culture Study Group convened at G.A.S. Foundation, Lagos and delved into early writings on restitution through the prism of FESTAC ‘77 and FESMAN. Participants interacted with rare titles from the G.A.S. Library and Picton Archive collection, including volumes of the Black Orpheus publication, a literary journal founded in 1957, and a first edition print of the official publication from the FESTAC ‘77. ## Other Event Highlights ## Raqs Media Collective - The Blood of Stars To mark the end of their G.A.S. Farm House residency in June, New Delhi-based Raqs Media Collective (Monica Narula, Jeebesh Bagchi, Shuddhabrata Sengupta) hosted a screening and discussion at G.A.S. Lagos. Raqs are the Yinka Shonibare Foundation delegates for the World Weather Network, a visionary response to the climate crisis uniting 28 arts agencies worldwide in an endeavor to create an archipelago of voices, viewpoints, and responses to one of the most pressing issues of our time. During their time in Nigeria, Raqs visited several heritage sites in neighboring states such as Sungbo’s Eredo, the Osun-Osogbo Sacred Groves, and the palace of the Ooni of Ife. These trips were punctuated with meetings with local architects, scholars ecologists, researchers, and artists, all coordinated as a means of conducting vital research for the World Weather Network. Raqs Media Collective embraced this event as a means of engaging in a dialogue with the local community and sharing insights from their experiences. The evening started with a screening of their film The Blood of Stars which was followed by a discussion. ## Young Artists Open Critique In September Okiki Akinfe and G.A.S. Foundation invited young artists and arts students to participate in a group critique or ‘crit’, following an open call. The crit was facilitated by Okiki Akinfe, with guest moderators, artist Chidinma Nnoli, and Tracian Meikle, Director of 1952 Africa, and coordinator of the Africa Accelerator, an artist Incubator program whose young artists were also in attendance. The aim of the intimate session was to create a supported environment for networking and peer review, to offer an opportunity to exercise evaluation and critical review skills, and to use the presented work as a point of departure for in-depth discussions about practice .Applications were open to young artists and arts students working in all visual art mediums including fine art, sculpture, performance, and moving image, and the selection proved quite diverse, including ceramicists, movement artists, photographers, and visual artists with various mediums, techniques, and practices. The shortlist brought 15 finalists to the fore, whose works the organizing artist, Okiki, thought to be confident, diverse, had room to grow, and ripe for conversation and feedback. ## No One Knows Tomorrow - Archiving for the Future In the world of endangered archives, the challenges are as diverse as the records themselves. In late October, Karl Ohiri (one half of Lagos Studio Archives) and founder of Archivi.ng Fu'ad Lawal co-hosted an engaging talk and open discussion centred around two ambitious archiving initiatives dedicated to preserving Nigeria's rich cultural heritage. This event shed light on the impact of Lagos Studio Archives Projects and Archivi.ng, encouraging us to reflect on the vital importance of safeguarding cultural history for both current and future generations. Together the facilitators and audience delved into themes of collective responsibility, accessibility, and the hurdles encountered in establishing self-initiated archives. Following an opening presentation by Karl, Fu'ad shared some insights from his work with Archivi.ng. After the individual presentations, Karl and Fu'ad facilitated an interactive dialogue, inviting the audience to participate actively by posing questions and sharing their thoughts. ## A Curators Lunch In November, TK Smith, curator in residence from the Barnes Foundation in the US, invited curators, exhibition makers, and cultural producers from across the city of Lagos to converse over a shared meal as an opportunity Page 6 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** to engage in open conversation about the intricacies and nuances of curatorial labour. The event prompted participants to reflect on how curatorial practices unfold in diverse geographical, cultural, and economic contexts. Addressing provocations such as "How can the curatorial community best serve its diverse audiences?" attendees engaged in a rich exchange of ideas, sharing insights and perspectives that spanned the spectrum of their profession. ## Y.S.F Led Tours ## Lagos Art Week November 23 Between October 30th and November 5th, we hosted the Lagos Art Tour 2023 - an immersive week filled with gallery, museum, and studio visits, complemented by exclusive events at both G.A.S. locations and ART X Lagos. The initiative stemmed from the success of a similar experience organized by Y.S.F. in 2022 to celebrate the International Launch of Guest Artists Space Foundation, providing global visitors with a firsthand encounter of the vibrant cultural scene in Lagos and beyond. While our core guests comprised of patrons, gallery directors, curators, and philanthropists, this year, we expanded our programme to include other distinguished groups from Yale, KIISA, UK Government Art Collection and OUTSET. They gained unprecedented insights into our residency programme and had the opportunity to engage with the residents - Belinda Kazeem-Kaminski (Austria), Gareth Nyandoro (Zimbabwe), Karl Ohiri (Finland). ## Lagos Biennial February 24 “There was such an overwhelming spirit of collaboration, generosity and shared growth, not just amongst our delegation but also with the artists and practitioners we encountered and interacted with.” – Aïcha Mehrez, Curator for Tate London and Doctoral Researcher at University of Leicester Yinka Shonibare Foundation, Guest Artists Space Foundation, and British Council collaborated to create a cultural nexus by hosting a group of visual art curators in Lagos during the 4th edition of the Lagos Biennial. Joined by G.A.S. friends, Biennial VIPs and our Y.S.F. patrons, the group participated in an immersive itinerary that took place between the 2nd and 7th of February and included participation in the official programme of the Lagos Biennial alongside in-depth tours of local institutions, artist studios, collections and galleries. Page 7 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## **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. - We helped secure a Library Patron donation for our sister organisation G.A.S. Foundation in Nigeria from a Nigerian Corporate Donor. - A Patron scheme. Page 8 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## 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. - These included in 23-24: - Stockholm School of Economics, Sweden - South London Gallery - Autograph London - Barnes Foundation, US - Royal College of Art - Goethe Institute, Germany - Pro Helvetia, Switzerland - These include partnerships developed in 23-24 for delivery in 24-25-26: - Atlanta University Center Art History + Curatorial Studies Collective - Terra Foundation - A4 Arts - Yale School of Art ## Corporate Sponsorship: - The Foundation pursued financial backing from corporate entities for projects, residencies and unconditional support. - These included for Mar 23 - 24: - Goodman Gallery - Tiwani Contemporary - Cristea Roberts Gallery ## 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 applied for in 23/24: - 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** 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. Page 9 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## **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 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 CEO have an established Finance Committee that reports to the Board. 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 2024 total income was £374,002 (2023: £166,099) and expenditure was £358,121 (2023: £227,149). Reserves carried forward as at the balance sheet date £173,481 (2023 £157,600). ## **Plans for future periods** Y.S.F. continues to lead on the fundraising and programming of Guest Artists Space in Nigeria as a core part of our work alongside governance, scrutiny and evaluation. The Residency programme during 24-25 has run at 95% capacity for Lagos with the final quarter to be completed. Y.S.F. have already booked just over 50% of residency capacity for April 25 - March 26 ## _Library/Archives – Re:Assemblages_ This is a seven-month project that explores major African cultural festivals and their dual nature as historic events and repositories of postcolonial pan-African encounters. Led by co-curators Naima Hassan (Interim Picton Archivist) and Maryam Kazeem (iranti press), Annotations explores the entangled histories of FESMAN, Panaf, Page 10 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** Zaire 74, and FESTAC’77 through a pedagogical programme, residency and publication. The Annotations Research Associate Programme (June-August 2024) is designed as a seven-week-long programme falling under the wider scope of G.A.S. Library and Picton Archive’s Re:assemblages project. Running parallel to our three archival practice internships supported Spelman College, and the Atlanta University Center Art History + Curatorial Studies Collective (AUC Collective), this opportunity for three matched Lagosbased practitioners foregrounds our foundation's dedication to building capacity within our local industry in Lagos. ## **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 . ## **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 provides the delivery of residencies devised by the charity. The charity has been financially supported during the period by Yinka Shonibare Limited, a company owned by the trustee Yinka Shonibare. Page 11 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** ## **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** Y.S.F. is a charitable incorporated organisation (CIO), and members and trustees have limited liability; in accordance with Y.S.F. constitution. In the event of Y.S.F. 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. Approved by order of the members of the board of Trustees and signed on their behalf by: ## **R Y Shonibare** (Chair of Trustees) Date: Page 12 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024** 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 year 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 its behalf by: **R Y Shonibare** (Chair of Trustees) Date: Page 13 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024** ## **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 2024. ## **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** Since the charitable incorporated organisation's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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 Page 14 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024** 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. Heather McConnell (BA (Hons), FCA) for and on behalf of ## **Streets Chartered Accountants** Enterprise House 38 Tyndall Court Commerce Road, Lynchwood Peterborough Cambridgeshire PE2 6LR Dated: Page 15 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024** |**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 income/(expenditure)**
Transfers between funds
17
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**281,004**
**-**
**33,410**
**251**
**314,665**
**95**
**287,196**
**287,291**
**27,374**
**(5,453)**
**21,921**
**151,560**
**21,921**
**173,481**|**Restricted**
**funds**
**2024**
**£**
**24,927**
**36,658**
**-**
**-**
**61,585**
**-**
**73,078**
**73,078**
**(11,493)**
**5,453**
**(6,040)**
**6,040**
**(6,040)**
**-**|**Total**
**funds**
**2024**
**£**
**305,931**
**36,658**
**33,410**
**251**
**376,250**
**95**
**360,274**
**360,369**
**15,881**
**-**
**15,881**
**157,600**
**15,881**
**173,481**|_Total_
_funds_
_2023_
_£_
_135,208_
_9,934_
_20,700_
_257_
_166,099_
_9,436_
_217,713_
_227,149_
_(61,050)_
_-_
_(61,050)_
_218,650_
_(61,050)_
_157,600_| |---|---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 35 form part of these financial statements. Page 16 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **BALANCE SHEET AS AT 31 MARCH 2024** |**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**|**11,522**
**171,781**
**183,303**
**(19,932)**|**2024**
**£**
**3,751**
**6,359**
**10,110**
**163,371**
**173,481**
**173,481**
**173,481**
**-**
**173,481**
**173,481**|_22,704_
_134,559_
_157,263_
_(9,820)_|_31 March_
_2022_
_£_
_7,203_
_2,954_| |---|---|---|---|---| |||||_10,157_
_147,443_| |||||_157,600_| |||||_157,600_| |||||_157,600_| |||||_6,040_
_151,560_| |||||_157,600_| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: **R Y Shonibare** Chair of Trustees Date: The notes on pages 18 to 35 form part of these financial statements. Page 17 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. 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 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **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. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **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. Page 19 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **2. Accounting policies (continued)** ## **2.7 Tangible fixed assets and depreciation (continued)** 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 ## **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 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **3. Income from donations and legacies** |**Unrestricted**
**funds**
**2024**
**£**
Donations
270,504
Grants
10,500
**Total 2024**
281,004
_Total 2023_
_73,129_|**Restricted**
**funds**
**2024**
**£**
17,927
7,000
24,927
_62,079_|**Total**
**funds**
**2024**
**£**
**288,431**
**17,500**
**305,931**
_135,208_|_Total_
_funds_
_2023_
_£_
_127,414_
_7,794_
_135,208_| |---|---|---|---| ||||| During the prior 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** |Residency fees
_Total 2023_|**Restricted**
**funds**
**2024**
**£**
36,658
_9,934_|**Total**
**funds**
**2024**
**£**
**36,658**
_9,934_|_Total_
_funds_
_2023_
_£_
_9,934_| |---|---|---|---| ||||| Page 21 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **5. Income from other trading activities** ## **Income from fundraising events** |**Unrestricted**
**funds**
**2024**
**£**
Art Tours
33,410
Fundraising
-
33,410
_Total 2023_
_-_|**Restricted**
**funds**
**2024**
**£**
-
-
-
_20,700_|**Total**
**funds**
**2024**
**£**
**33,410**
**-**
**33,410**
_20,700_|_Total_
_funds_
_2023_
_£_
_-_
_20,700_
_20,700_| |---|---|---|---| ||||| ## **6. Investment income** |**Unrestricted**
**funds**
**2024**
**£**
Interest received
251
_Total 2023_
_257_|**Total**
**funds**
**2024**
**£**
**251**
_257_|_Total_
_funds_
_2023_
_£_
_257_| |---|---|---| |||| Page 22 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **7. Expenditure on raising funds** ## **Fundraising costs** |**Unrestricted**
**funds**
**2024**
**£**
Fundraising and governance costs
95
_Total 2023_
_9,436_|**Total**
**funds**
**2024**
**£**
**95**
_9,436_|_Total_
_funds_
_2023_
_£_
_9,436_| |---|---|---| |||| ## **8. Analysis of expenditure on charitable activities** ## **Summary by fund type** |**Unrestricted**
**funds**
**2024**
**£**
Promotion and education in the arts and
culture in the UK and Nigeria
287,196
_Total 2023_
_93,937_|**Restricted**
**funds**
**2024**
**£**
73,078
_123,776_|**Total**
**2024**
**£**
**360,274**
_217,713_|_Total_
_2023_
_£_
_217,713_| |---|---|---|---| ||||| Page 23 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **9. Analysis of expenditure by activities** |Promotion and education in the arts and
culture in the UK and Nigeria
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
245,143
_147,849_|**Support**
**costs**
**2024**
**£**
115,131
_69,864_|**Total**
**funds**
**2024**
**£**
**360,274**
_217,713_|_Total_
_funds_
_2023_
_£_
_217,713_| |---|---|---|---|---| |||||| Page 24 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **9. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Staff costs
Depreciation
Consultancy
Conference and events
Travel and accommodation
IT and website costs
Office costs
Bank charges
Project costs
Mentoring and Talks
Guest Projects Digital
Marketing costs
G.A.S. operational and residency costs|**Total**
**funds**
**2024**
**£**
**100,384**
**1,235**
**32,338**
**3,458**
**28,875**
**950**
**-**
**635**
**7,210**
**490**
**-**
**2,839**
**66,729**
**245,143**|_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_| |---|---|---| Page 25 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **9. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Staff costs
Depreciation
IT and website costs
Staff recruitment
Postage and freight
Rent
Bank charges
Insurance
Training
Marketing costs
Telephone
Accountancy and bookkeeping fees|**Total**
**funds**
**2024**
**£**
**33,643**
**4,601**
**8,276**
**8,058**
**8,178**
**16,824**
**1,022**
**4,033**
**1,775**
**9,381**
**3,654**
**15,686**
**115,131**|_Total_
_funds_
_2023_
_£_
_25,816_
_3,937_
_5,594_
_-_
_941_
_11,752_
_694_
_983_
_109_
_5,785_
_2,632_
_11,621_
_69,864_| |---|---|---| ## **10. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £5,040 _(2023 - £4,800_ ). Page 26 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **11. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£**
**120,208**
**8,307**
**5,512**
**134,027**|_2023_
_£_
_84,092_
_560_
_4,724_| |---|---|---| |||_89,376_| The average number of persons employed by the charitable incorporated organisation during the year was as follows: ||**2024**|_2023_| |---|---|---| |Management and administration|**3**|_2_| The average headcount expressed as full-time equivalents was: 2 The number of employees whose employee benefits (including Employers National Insurance Contributions but excluding employer pension costs) exceeded £60,000 was: |||**2024**|_2023_| |---|---|---|---| |||**No.**|_No._| |In the band £60,001|- £70,000|**1**|_-_| 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 £65,173 (2023: £62,741). ## **12. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ . During the year ended 31 March 2024, an expense of £367 was reimbursed to a trustee. Page 27 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** |**13.**
**Intangible assets**
**Cost**
At 1 April 2023
At 31 March 2024
**Amortisation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Website**
**£**
**14,037**| |---|---| ||**14,037**| ||**6,834**
**3,452**| ||**10,286**| ||**3,751**| ||_7,203_| Page 28 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **14. Tangible fixed assets** |**Cost or valuation**
At 1 April 2023
Additions
At 31 March 2024
**Depreciation**
At 1 April 2023
Charge for the year
At 31 March 2024
**Net book value**
At 31 March 2024
_At 31 March 2023_|**Office**
**equipment**
**£**
**2,687**
**-**
**2,687**
**1,642**
**672**
**2,314**
**373**
_1,045_|**Computer**
**equipment**
**£**
**4,260**
**5,790**
**10,050**
**2,351**
**1,713**
**4,064**
**5,986**
_1,909_|**Total**
**£**
**6,947**
**5,790**
**12,737**| |---|---|---|---| ||||**3,993**
**2,385**
**6,378**| ||||**6,359**| ||||_2,954_| ## **15. Debtors** |**Due within one year**
Other debtors
Prepayments and accrued income|**2024**
**£**
**7,065**
**4,457**
**11,522**|_2023_
_£_
_7,768_
_14,936_
_22,704_| |---|---|---| Page 29 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **16. Creditors: Amounts falling due within one year** |Paypal
Trade creditors
Other taxation and social security
Pension
Other creditors
Accruals and deferred income|**2024**
**£**
**-**
**8,532**
**3,824**
**977**
**99**
**6,500**
**19,932**|_2023_
_£_
_42_
_3,744_
_-_
_834_
_-_
_5,200_| |---|---|---| |||_9,820_| Page 30 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **17. Statement of funds** ## **Statement of funds - current year** |**Unrestricted funds**
**Designated funds**
Art Week & Biennial Tours
**General funds**
General Funds - all funds
**Total Unrestricted funds**
**Restricted funds**
The British Council
Big Give
Residency Income
Donations for rent
**Total of funds**|**Balance at 1**
**April 2023**
**£**
**-**
**151,560**
**151,560**
**-**
**6,040**
**-**
**-**
**6,040**
**157,600**|**Income**
**£**
**43,910**
**270,755**
**314,665**
**7,000**
**-**
**52,452**
**2,133**
**61,585**
**376,250**|**Expenditure**
**£**
**(16,473)**
**(270,818)**
**(287,291)**
**(7,000)**
**(6,040)**
**(57,905)**
**(2,133)**
**(73,078)**
**(360,369)**|**Transfers**
**in/out**
**£**
**-**
**(5,453)**
**(5,453)**
**-**
**-**
**5,453**
**-**
**5,453**
**-**|**Balance at**
**31 March**
**2024**
**£**
**27,437**| |---|---|---|---|---|---| ||||||**146,044**| ||||||**173,481**| ||||||**-**
**-**
**-**
**-**
**-**| ||||||**173,481**| Page 31 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **17. Statement of funds (continued)** ## **Statement of funds - prior 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**|_Balance at_
_1 April 2022_
_£_
_181,547_
_2,518_
_10,000_
_12,500_
_12,085_
_-_
_-_
_-_
_-_
_37,103_
_218,650_|_Income_
_£_
_73,386_
_-_
_-_
_-_
_-_
_35,848_
_20,700_
_10,666_
_25,499_
_92,713_
_166,099_|_Expenditure_
_£_
_(103,373)_
_(2,518)_
_(10,000)_
_(12,500)_
_(6,045)_
_(35,848)_
_(20,700)_
_(10,666)_
_(25,499)_
_(123,776)_
_(227,149)_|_Balance at_
_31 March_
_2023_
_£_
_151,560_| |---|---|---|---|---| |||||_-_
_-_
_-_
_6,040_
_-_
_-_
_-_
_-_
_6,040_| |||||_157,600_| Page 32 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **17. Statement of funds (continued)** ## Unrestricted 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 2023 - 2024 project relates to "Art Exchange Moving Image" which is a new collaborative and crosscultural curatorial professional development and exhibition programme for early to mid-career visual arts curators from Sub-Saharan Africa to work with the British Council Visual Arts moving image collection. ## BIG GIVE The Big Give Christmas Challenge crowdfunding appeal carried out during November 2021 and December 2021 was for two residencies one completed in 2022 - 2023 and one in 2023 - 2024. ## 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. ## Lagos International Art Week Planned and hosted a trip for Patrons, Project Partners, Arts Institution Directors and curators in November 2023 Lagos Biennial Planned and hosted a British Council Lagos Biennial trip for UK Curators in February 2024. ## Residency Fees Residencies are paid for by partnerships with organisations or by residents direct. 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 33 ## **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **18. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** |**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
6,359
Intangible fixed assets
3,751
Current assets
179,975
Creditors due within one year
(16,604)
**Total**
173,481|**Restricted**
**funds**
**2024**
**£**
-
-
3,328
(3,328)
-|**Total**
**funds**
**2024**
**£**
**6,359**
**3,751**
**183,303**
**(19,932)**
**173,481**| |---|---|---| ## **Analysis of net assets between funds - prior period** |Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2023_
_£_
_2,954_
_7,203_
_151,223_
_(9,820)_
_151,560_|_Restricted_
_funds_
_2023_
_£_
_-_
_-_
_6,040_
_-_
_6,040_|_Total_
_funds_
_2023_
_£_
_2,954_
_7,203_
_157,263_
_(9,820)_
_157,600_| |---|---|---|---| ## **19. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income/expenditure for the period (as per Statement of Financial
Activities)
**Adjustments for:**
**Net cash provided by/(used in) operating activities**|**2024**
**£**
**15,881**
**15,881**|_2023_
_£_
_(61,050)_
_(61,050)_| |---|---|---| Page 34 **THE YINKA SHONIBARE FOUNDATION (CIO)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **20. Analysis of cash and cash equivalents** ## **Total cash and cash equivalents** ## **21. Analysis of changes in net debt** |Cash at bank and in hand
Debt due within 1 year|**At 1 April**
**2023**
**£**
**134,559**
**(876)**
**133,683**|**Cash flows**
**£**
**37,222**
**(101)**
**37,121**|**At 31 March**
**2024**
**£**
**171,781**
**(977)**
**170,804**| |---|---|---|---| ## **22. 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 £112,800 (2023 £10,667). Page 35 ## **Virtual Cabinet Portal Digital Signatures** ## **Digital Signature Verification** You can verify that this is a genuine Virtual Cabinet Document Portal signed document by uploading it to the following secure web page: https://www.virtualcabinetportal.com/VerifySignedDocument ## **Signature Dates and Times** All dates and times shown in the signatures below are expressed in Coordinated Universal Time (UTC), which is generally equivalent to GMT. You can find out more about UTC at the following web page: http://www.virtualcabinetportal.com/WhatIsUTC ## **Signature 1** Signed by Yinka Shonibare using authentication code cS5WUyo1dTJpdSxC at IP address 51.14.29.43, on 2025/01/30 15:15:04 Z. Yinka Shonibare's e-mail address is: yinka.shonibare@btinternet.com. ## **Signature 2** Signed by heather mcconnell using authentication code aFgxZFNVbERnJTZr at IP address 46.31.170.130, on 2025/01/30 15:27:42 Z. heather mcconnell's e-mail address is: heather.mcconnell@streets.uk.