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2024-12-31-accounts

Almas Art Foundation

(A company limited by guarantee)

Report and Financial Statements For the Year Ended 31 December 2024

Charity Number: 1195449 Company Registration Number: 12990359

Almas Art Foundation Contents

Contents

Reference and administrative details .......................................................................................................... 3 Report of the Trustees ........................................................................................................................... 4-11 Independent examiner's report…………………………………………….…………………………………………………………….. 12-13 Statement of Financial Activity for the year ended 31 December 2024 ..................................................... 14 Balance Sheet as at 31 December 2024..................................................................................................... 15 Notes forming part of the Financial Statements for the year ended 31 December 2024………………….….. 16-20

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Almas Art Foundation Reference and administrative details

Charity Registration 1195449
Number:
Company Registration 12990359
Number:
Trustees P A Bayliss
F J Fonkenell
N Mohamed –Appointedand resigned 1 May 2024
Company Secretary L Mitchelson – resigned 25 March 2025
Registered Office Arch 28
Old Union Yard Arches
229 Union Street
London SE1 0LR

Independent examiner Michael Webb FCCA Haines Watts Swindon Limited Old Station House, Station Approach Swindon SN1 3DU

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Almas Art Foundation Trustees Report

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Almas Art Foundation (“the Charity”) is a charitable company constituted under a Memorandum of Association dated 02 November 2020 and amended by a special resolution dated 15 February 2021. It is a registered Charity with Charity number being 1195449.

The Charity is limited by guarantee and does not have share capital. All Trustees are members of the Charity and guarantee to contribute £1 in the event of winding up.

Organisation and management

In accordance with the Articles of Association, the charity shall always have at least 2 Trustees. Trustees are appointed or reappointed by ordinary resolution or by decision of the Trustees. Any decision of the Trustees is made by majority vote at Trustees’ meetings.

The administration of the Charity was carried out by the Trustees who are also the directors.

Trustees

The Trustees of the Charity during the period ended 31[st] December 2024 and up to the date of approval of this report were:

F J Fonkenell

P A Bayliss

N Mohamed (appointed and resigned 1 May 2024)

OBJECTIVES AND ACTIVITIES

The main objectives of the Charity and their activities are:

ACHIEVEMENTS AND PERFORMANCE

Key achievements:

Almas Art Foundation continued its support, documentation and presentation of visual artists from Africa and its diaspora through three main artist projects in 2024 featuring Andile Dyalvane, Richard Kimathi and Ermias Ekube. Our film screenings also continued to introduce audiences to diverse filmmakers and stories from Africa and its diaspora.

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Almas Art Foundation Trustees Report

International audiences were exposed to these resonant art practices, films and critical writing, launched in multiple locations such as Nairobi, Cape Town, London and New York. The documentaries and publications continue to be available to the public digitally and free of charge.

Almas Art foundation continues to support the art ecosystem; the environments where artists and other creative practitioners develop and produce through meaningful collaborations with writers, curators, artist residencies and art organisations. These collaborations included:

ARTISTS FEATURED

ANDILE DYALVANE

Andile Dyalvane is guided by a deep spiritual connection to his Xhosa ancestors. His medium of clay or “umhlaba” (mother earth) is, at its most fundamental, a life-affirming connection to the soil. Dyalvane completed a National Diploma in Art and Design at Sivuyile Technical College in Gugulethu, Cape Town, followed by a National Diploma in Ceramic Design from Nelson Mandela Metropolitan University in 2003. In 2005, he and Zizipho Poswa co-founded Imiso Ceramics. He has developed a language of incision marks

RICHARD KIMATHI

Born 1971 in Nyeri, Richard Kamathi studied Graphic Arts at the Nairobi Creative Art Centre. In 1996, he joined the artists’ incubator Kuona Trust studios. Kimathi’s work represents the human tendencies, how we feel and behave in political and social situations. He reflects on issues around fatherhood and male suicides. Kimathi has represented Kenya at Dak’Art in Senegal and has had some international exposure.

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Almas Art Foundation Trustees Report

ERMIAS EKUBE

Ermias Ekube (b. 1970, Addis Ababa, Ethiopia) studied at the Alle School of Fine arts and Design, Addis Ababa, graduating in 1990. He is an artist of Eritrean descent and has lived in Addis, Asmara, and Nairobi before moving to Kalmar, Sweden. Merging figurative and conceptual strands, Ekube’s work draws on thoughts and memories to imbue stories with meaning via simple objects, signs and gestures.

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Almas Art Foundation Trustees Report

Projects and Events 2024

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Almas Art Foundation Trustees Report

Baloji, Augure – Infinite Trolling, 2024, produced by Almas Art Foundation and Defise Foundation.

Key Contributions to Documentations and Archiving of Artworks

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Almas Art Foundation

Trustees Report

Looking forward to 2025

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Almas Art Foundation Trustees Report

Financial review

Results for the period

The results for the period are shown in the statement of the financial activities on page 14.

The main source of income is donations and related gift aid. During the period, the Charity received donations totalling of £231,375 (2023: £447,621). This significant variance is primarily attributable to a £115,000 donation received on 27 December 2023. Although this donation was recorded in the 2023 accounts, it was largely designated for activities taking place in 2024.

The amount spent on charitable activities totalled £312,963 (2023: £276,911). The result for the period ended 31 December 2024 was a deficit of £66,591 (2023: surplus of £176,762).

As at 31 December 2024, the balance of the unrestricted funds was £135,393 (2023: £201,984) and restricted funds was £Nil (2023: Nil).

Reserves policy

The level of reserves is monitored and reviewed by the Trustees at least annually. The Trustees believe that the charity should target to hold unrestricted financial reserves equivalent to a minimum of three months operating costs. This is in the region of £70,000.

As at 31 December 2024, the charity’s free reserves were £135,393. This is comfortably above the reserve policy stated above.

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Almas Art Foundation Trustees Re Trusteos. responsibilities Statsment The Trustees Iwho are also directors of the Charity forthe purposes of company law} are responsible for preparing the Trustees, Rewrt Ilncorporating the strate8ic report and director￿ report) and ihe financlal statements in accordance with applicable law and Unjted Kiftgdom Accounting Standard5, induding Hnancial Reportin8 Stsndard IOZ= The Financial ReportinB Standard applicable in the UK and Republic of Ireland (United KinEdom Generally Accepted Accounting Prncticel. Company law requires the Trustees to prepare financial statements for each financial year whlch gNe a true and falr vlew of the stste of affairs of the Charlty and of the income and eJ(penditure, of the Charity for that period. In preparin8 these financlal statements. tht Trustees ère required to- select sultable aecountin8 polScles and then apply them consistentty; observe the methods and princlple5 in the Charit￿$ SORP {FRS 102): make judgments and accounUnB estirnates that are ￿lsonable ar￿ prudent,. state whether applicable UK Accounting Standards have been followed, Subject to any material departures disclosed and explained In the financlal ststements. and prepare the financial statements on the 80in8 concern basls unless it is Inapproprfate to presume that the Charity will contlnue in business. The Trustees are responsSble for maintainln8 proper accountln8 fecords whkh disc105e wlth reasonable accurary at any tlme the financlal position of the Charty and enabbe them to ensure that the financlal statements comply with ihe Companies Act 2￿6. They are also resFonslble fof safeBuardlng the assets of the Charlty and hence for taking reasonable steps for the preventlon and detertion of fraud and other irregularltkes. The Trustees are re5ponslble for the malntenance and Integrity of thè Charity and financlal infomiatlon included on the Charitys website. Leglslation In the Unlied Kingdom 8overnin8 the preparat5on and dlssemination of accounts may differ from le8lsktiOA in other lurlsdlct￿n& Thli rt Wa8 apwo¥•d by Tru￿8e6 8ry1 •lw on thoir bWty'. F J Fonk•nell TrustÈe 26 S•ptemb•r 2025 li Prepared by Extluserv Ltd

Almas Art Foundation Independent Examiner’s Report

Independent Examiner's Report to the Trustees of Almas Art Foundation

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024 which are set out on pages 7 to 13.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’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 The Chartered Institute of Certified Accountants.

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 company as required by section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

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Almas Art Foundation Independent Examiner’s Report

Michael Webb FCCA

Haines Watts Swindon Limited

Old Station House

Station Approach

Swindon

SN1 3DU

Date: 26 September 2025

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Almas Art Foundation Statement of Financial Activities (incorporating income and expenditure) for the year ended 31 December 2024

Notes
Income and endowments from:
Donations and legacies
2
Trading income
3
Investment Income
4
Other Income
Total income and endowments
Expenditure on:
Charitable activities
5
Total Expenditure
Net Income/(expenditure) for the year
Transfer between funds
Net movement of funds
Reconciliation of funds
Total funds brought forward
11
Total funds carried forward		 Unrestricted
Restricted
Total Funds
Total Funds
2024
2024
2024
2023
£
£
£
£
231,375
-
231,375
447,621
14,834
-
14,834
5,356
163
-
163
6
-
-
-
690
246,372
-
246,372
453,673
312,963
-
312,963
276,911
312,963
-
312,963
276,911
(66,591)
-
(66,591)
176,762
-
-
-
-
(66,591)
-
(66,591)
176,762
201,984
-
201,984
25,222
135,393
-
135,393
201,984

All recognised gains and losses are included in the above Statement of Financial Activities. All income and expenditure derive from continuing activities.

The notes on pages 15 to 19 form part of the financial statements.

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Almas Art Foundation Balance Sheet as at 31 December 2024 314lec43 Cufr•ntA8ets Stock Cash at b8nk 4nd In hand Deblorn and Prepayments 44.377 129,206 31A56 142.893 216.850 Cr•dltorn: Amounts l•llln9 dua vAthln on• y￿r 10 13 N•t ¢￿T•￿A¥••￿ IlllabllStt••l 135.393 201.W N•t A•••ts Illlbllitl8•1 The fundg Oft￿ ¢hAIrty: Unr6stsithd Funth Total Charlty fund• 11 135393 201,984 r••prfi to •CCo￿tIng r•ryd¥ ¢ryarntion Off￿8￿￿￿ 8ta¢wnwl•. The finandil been pi•p8r•d n #e<4yd•rK4 Vilh the provi8kn 4yltst4e to Lxxnpankn 8ubJoct to lh• Small ￿MPani•l r8Orn• •nd in oc£tydorK• whh woviiiNM ofFRS1Wk 1A-•mo11 •ntit108. Fcff tho period endod 31 Do￿be1 21Y23. trè CtsnPAny enlitled Io fr£rfn u¢Jl und•r 477 of tho coM￿ni￿ Art 2006 TèlatstyJ to c<>ryanle8. The 8tstements w8r• appfo¥•J by ￿ Tjwtoès ￿ 26 S•pt•JRb•r 2025 ar#J wed on thth'r behall.. J Fonk• Trut8• The nots• on 1S to 19 fomi olth• finJn¢iil •t•t•m•nts. 15 Prepared by Excluserv Ltd

Almas Art Foundation Notes to the Financial Statements as at 31 December 2024

1) Accounting Policies

(a) General information and basis of preparation of financial statements

Almas Art Foundation (“the Charity”) is a company limited by guarantee not having share capital and is incorporated in England and Wales. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The company registration number is 12990359 and the Charity Registration number is 1195449. Its registered office and principal place of business is Somerset House Strand, S62, London, WC2R 1LA.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Account Practice.

The financial statements are prepared on a going concern basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or in the notes of the accounts.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

(b) Critical accounting estimates and areas of judgement

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates/ It also requires management to exercise judgement in applying the company’s accounting policies.

The following accounting policies have been applied:

(c) Assessment of going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of at least 12months from the date of approval of these accounts.

The Trustees of the Charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern.

(d) Cash flow statement

The financial statements do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to produce a statement under Accounting and Reporting by charities Statement of Recommended Practice (Charites SORP (FRS 102)).

(e) Income

Income is recognised in the period in which the Charity is entitled to receipt, the amount can be measured reliably and it is probable that income will be received. Where income relates to future periods, this income will be deferred. Grants and donations received for the general purposes of the charitable company are included as unrestricted funds, grants and donations for activities restricted by the wishes of the donor are taken to restricted funds.

(f) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to make payment to a third party, it is probable that a transfer of economic benefit will be required in the settlement and the amount of the obligation can be measured reliably.

Expenditure is included in the accounts on an accrual basis and included attributable VAT, which cannot be recovered.

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Almas Art Foundation Notes to the Financial Statements as at 31 December 2024

(g) Debtors and prepayments

Trade and other debtors are recognised at the settlement amount due after any trade discounts and less any provisions for non-recoverability. Prepayments are valued at the amount prepaid net of any discounts.

(h) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured or estimated reliably.

(i) Stocks – Change in Accounting policy

Stocks are now stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slowmoving stock where appropriate. This represents a change in accounting policy during the year; previously all costs associated with book production were written off as incurred.

(j) Financial instruments

The charity 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

(k) Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

The charity is not registered for VAT purposes. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

2) Income from donations and grants

Donations
Gift aid		 Unrestricted
Restricted
Total Funds
31 December 2024
Total Funds
31 December 2023
£
£
£
£
185,100
-
185,100
340,000
46,275
-
46,275
107,621
231,375
-
231,375
447,621

3) Trading Income

Publication sales
Courier		 Unrestricted
Restricted
Total Funds
31 December 2024
Total Funds
31 December 2023
£
£
£
£
13,154
-
13,154
5,356
1,680
-
1,680
-
14,834
-
14,834
5,356

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Almas Art Foundation Notes to the Financial Statements as at 31 December 2024

4) Investment Income

Interest Unrestricted
Restricted
Total Funds
31
December
2024
Total
Funds 31
December
2023
£
£
£
£
163
-
163
6
163
-
163
6

5) Analysis of expenditure on charitable activities

Direct Charitable and Support costs
Direct Project costs
Cost of publications
Staff costs
Other professional and legal fees
Rent and related expenses
Subscriptions
Office costs
Insurance
Computer Costs
Accountancy
Volunteer expenses
Travel Costs
Staff Recruitment
Independent review
Trustees expenses
AGM/Board meetings
Other		 Charitable
activities
Support
Costs
Governance
Total Funds
31 December
2024
Total Funds
31 December
2023
£
£
£
£
82,330
11,133
-
93,463
86,218
22,433
882
-
23,315
24,562
49,599
77,678
-
127,277
97,498
-
783
64
847
1,743
-
27,765
-
27,765
32,541
-
2
-
2
3,361
3,645
12,916
-
16,561
7,280
-
1,165
-
1,165
648
-
5,474
-
5,474
5,923
-
15,006
-
15,006
12,018
-
35
-
35
2,250
66
119
-
185
238
-
-
-
-
300
-
-
1,240
1,240
1,080
-
-
-
-
109
-
-
-
-
96
(36)
664
-
628
1,046
158,037
153,622
1,304
312,963
276,911

6) Governance costs

Independent examination
Trustee expenses
Board Meeting Expenses
Other		 Unrestricted
Restricted
Total Funds
31 December
2024
Total Funds
31 December
2023
£
£
£
£
1,240
-
1,240
1,080
-
-
-
109
-
-
-
96
64
-
64
13
1,304
-
1,304
1,298

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Almas Art Foundation Notes to the Financial Statements as at 31 December 2024

7) Employee and Trustees remuneration and expenses

Payroll Details:
Wages and Salaries
Social Security Costs
Pension contributions		 2024 Total
2023 Total
£
£
117,000
92,500
7,380
3,178
2,897
1,820
127,277
97,498

No employee received remuneration of more than £60,000.

The total staff headcount throughout the year was 3 (2023: 3) and the average full-time equivalent employees during the year was 3 (2023: 2.75)

No Trustees received any emoluments for their services as Trustees during the period.

No Trustees were reimbursed for travel expenses during the period £0 (2023: £109)

8) Stock

Stock
)Debtors and prepayments
Trade Debtors
Prepayments
Other Debtors
Accrued Income		 31-Dec-24
31-Dec-23
£
£
64,564
44,377
64,564
44,377
31-Dec-24
31-Dec-23
£
£
291
-
15,632
6,793
30,850
6,440
-
28,834
46,773
42,067

9) Debtors and prepayments

10) Creditors: Falling due within one year

Trade Creditors
Taxation and social security
Accruals
Other creditors		 31-Dec-24
31-Dec-23
£
£
2,696
10,476
4
4
4,800
3,259
-
(73)
7,500
13,666

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Almas Art Foundation Notes to the Financial Statements as at 31 December 2024

11) Movement in Funds

Current Year
Unrestricted Funds
General fund
Total Funds		 At 1 January
2024
Income
Expenditure
Transfers of Funds
At 31 December
2024
£
£
£
£
201,984
246,372
(312,963)
-
135,393
201,984
246,372
(312,963)
-
135,393
At 1 January
2023
Income
Expenditure
Transfers of Funds
At 31 December
2023
£
£
£
£
25,222
453,673
(276,911)
-
201,984
Prior Year
Unrestricted Funds
General fund
Total Funds 25,222
453,673
(276,911)
-
**201,984 **

12) Analysis of net assets between funds

Current Year
Fund balances at 31 December 2024 are represented by:
Current assets
Creditors: amounts falling due within one year
Prior Year
Fund balances at 31 December 2023 are represented by:
Current assets
Creditors: amounts falling due within one year		 Unrestricted
Restricted
2024
Total
£
£
£
142,893
-
142,893
(7,500)
-
(7,500)
135,393
-
135,393
Unrestricted
Restricted
2023
Total
£
£
£
215,650
-
215,650
(13,666)
-
(13,666)
201,984
-
201,984

13) Related Party Transactions

Related party transactions consisted of donations received from G Fonkenell, who is the husband of F J Fonkenell, a Trustee of the Charity amounting to £172k (2023: £340k).

14) Prior Year Adjustment

No prior year adjustments were made.

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