OROKO PROJECTS CIC

Company limited by guarantee

Company Registration Number:
15037717 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 31 July 2023

End date: 31 July 2024

OROKO PROJECTS CIC

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

OROKO PROJECTS CIC

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Principal activities of the company

The company is a Community Interest Company (CIC). As such, the CIC's activities are outlined in the Community Interest Annual Report that is included within this filing.



Directors

The directors shown below have held office during the whole of the period from
31 July 2023 to 31 July 2024

Nicolas Kwame Adomako
Kikelomo Adejoke Anuoluwa Oludemi


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 April 2025

And signed on behalf of the board by:
Name: Kikelomo Adejoke Anuoluwa Oludemi
Status: Director

OROKO PROJECTS CIC

Profit And Loss Account

for the Period Ended 31 July 2024

2024


£
Turnover: 61,599
Cost of sales: ( 59,050 )
Gross profit(or loss): 2,549
Administrative expenses: ( 30,966 )
Other operating income: 28,417
Operating profit(or loss): 0
Profit(or loss) before tax: 0
Profit(or loss) for the financial year: 0

OROKO PROJECTS CIC

Balance sheet

As at 31 July 2024

Notes 2024


£
Fixed assets
Tangible assets: 3 2,842
Total fixed assets: 2,842
Current assets
Debtors: 4 832
Cash at bank and in hand: 37,499
Total current assets: 38,331
Creditors: amounts falling due within one year: 5 ( 41,173 )
Net current assets (liabilities): (2,842)
Total assets less current liabilities: 0
Total net assets (liabilities): 0
Members' funds
Profit and loss account: 0
Total members' funds: 0

The notes form part of these financial statements

OROKO PROJECTS CIC

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 18 April 2025
and signed on behalf of the board by:

Name: Kikelomo Adejoke Anuoluwa Oludemi
Status: Director

The notes form part of these financial statements

OROKO PROJECTS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Grants and funding are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant/funding conditions will be met, and the grants will be received. Grants and funding that specify performance conditions are recognised in Other Operating Income when the performance conditions are met. Where grant or funding income does not specify performance conditions, it is recognised in income when the proceeds are received or receivable. Grants and funding received before the recognition criteria are satisfied is recognised as a liability.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: - Plant and machinery - 6 years - Fixtures and fittings - 5 years - Office Equipment - 3 years

    Other accounting policies

    Statutory information The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. Functional and presentation currency The financial statements are presented in sterling and this is the functional currency of the company. Going concern After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements. Foreign currency translation Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

OROKO PROJECTS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024
    Average number of employees during the period 2

    This number only includes the directors.

OROKO PROJECTS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
Additions 346 2,713 3,059
Disposals
Revaluations
Transfers
At 31 July 2024 346 2,713 3,059
Depreciation
Charge for year 43 174 217
On disposals
Other adjustments
At 31 July 2024 43 174 217
Net book value
At 31 July 2024 303 2,539 2,842

OROKO PROJECTS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Debtors

2024
£
Prepayments and accrued income 832
Total 832

Short-term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

OROKO PROJECTS CIC

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Creditors: amounts falling due within one year note

2024
£
Trade creditors 2,047
Accruals and deferred income 38,570
Other creditors 556
Total 41,173

Short-term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at the amortised cost determined using the effective interest method.

COMMUNITY INTEREST ANNUAL REPORT

OROKO PROJECTS CIC

Company Number: 15037717 (England and Wales)

Year Ending: 31 July 2024

Company activities and impact

Over the past 12 months, Oroko Projects CIC has hosted a series of events, workshops and initiatives, both in the UK and further afield that have had a tangible positive impact on our community. - Oroko Projects CIC runs an internet radio station, showcasing talent from marginalised communities from all around the world. We broadcast new radio shows every Tuesday - Friday between 12 - 11pm GMT. Our radio platform is now host to over 300 residents, all contributing regular radio broadcasts, providing training, guidance, a network and a platform to help develop their artistic careers. Residents have received press coverage from respected publications such as Resident Advisor, DJ Mag, Dazed, Mixmag, Mixcloud and more. All of this coverage has helped the progression of our communities careers, averaging around 15,000 unique listeners every month. - Over 50 of our residents have received offers to perform around the world, connected with community in different countries and received professional development as a result of their involvement with our internet radio - We have collaborated with 15 collectives and organisations from all around the world to host showcases, featuring members of our community. These events have provided our community not only with paid performance opportunities, but also opportunities to develop other skills, such as graphic design, event production, set design and more. - We have collaborated with a number of cultural institutions around the world, from the Biennale in Dakar, Vibrate Space in Accra, Global Music Movement in Dubai, African Artists Foundation in Cotonou and The Moleskine Foundation in Milan to provide paid development opportunities to our community, including DJ performances, production of soundscapes for exhibitions, speaker opportunities and more. - We collaborated with the London based organisation LAGO Collective, to create a documentary highlighting the implications of visa inequality on creatives in Ghana. A screening was held in London to amplify the issues faced. The documentary was produced entirely by our community - filming, editing and sound-tracking. Our community was financially compensated for their work, making this an additional paid development opportunity. - We hosted a resident meet up in London, prior to a collaborative event with Brazilian collective Batekoo, providing a safe space for marginalised communities to commune, and environment for cultural exchange, and once again, paid opportunities for artistic expression and skill development - Oroko Projects CIC was able to hire 4 part time roles (consultancy based) from within our community, providing mentorship opportunities, work experience, travel opportunities and learning opportunities. All of these activities directly benefit our community by promoting and enriching the global cultural landscape and in particular, but not limited to, by providing a performance platform for African and Diasporic artists; encouraging and facilitating music innovation; broadening the accessibility of radio station and studio facilities; providing training and employment opportunities; and providing opportunities for people to connect, communicate and collaborate.

Consultation with stakeholders

The company's stakeholders are residents of the radio station, the listenership of the radio station, our contracted consultants hired from within the community, and our wider community including but not limited to social media followers (over 20,000 across all platforms), funding bodies and foundations, cultural institutions, brand sponsors and other community radio stations around the world. Regular feedback forms are distributed to our radio residents (Google Form shared to our residents via email and Discord), and we host an open server on the platform Discord to promote an environment for community exchange. We also allow people to message us via our several social media platforms to enable us to get even more feedback. Any feedback is discussed amongst the core operational team as a part of our bi-weekly meetings, and any necessary improvements are added to our weekly tasks using online task management tool Notion (for full team visibility and to track progress). Changes are then communities. Some actions that have been taken based on feedback from our stakeholders include: - changing the names of radio shows to make them more inclusive towards the disabled community. - providing more development opportunities outside of DJing (e.g. mentorship opportunities, paid work experience). - Providing more opportunities for cross-border collaboration. - Changes to our workflow (e.g. introduction of tools such as Notion to help improve collaboration).

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
18 April 2025

And signed on behalf of the board by:
Name: Kikelomo Adejoke Anuoluwa Oludemi
Status: Director