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2021-01-31-accounts

Registered number: 09959987 Charity number: 1168447

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

CONTENTS
Page
Reference and Administrative Details 1
Trustees' Report 2 - 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 15

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JANUARY 2021

Trustees

Harry Small (Chair) Naomi Barnard Alan De’Ath Rhona O’Sullivan Ethan Spibey Ephraim Ehrhardt (appointed 10 August 2020)

Company registered number 09959987

Charity registered number 1168447

Registered Office

113 – 115 Fonthill Road London N4 3HH

Independent Examiner

Rachel Balchin FCA Bulldog Accounting Limited 12 Brogdale Place Faversham ME13 0AF

Page 1

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2021

The Trustees (who are also directors of the charity for the purposes of the Companies Act, and are listed on page 1, present their annual report together with the financial statements of Bisi Alimi Foundation (the company) for the year ended 31 January 2021. The Trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Structure, governance and management

The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 19th January 2016. It has no share capital and the liability of each member in the event of winding-up is limited to £1.

Recruitment and appointment of trustees

The trustees are appointed by Board of Directors' vote.

Objectives and activities

OBJECTS AND AIMS

  1. Build a wealth of knowledge through research and training;

  2. Develop a fellowship program for journalist and lawyers that not only supports them but rewards them for being

  3. part of the change movement;

  4. Develop powerful and soul moving campaigns that will challenge and change the perceptions of Nigerians when it comes to LGBT+ people;

  5. Engage with small and medium-sized enterprise and large corporations in Nigeria to create an awareness of the impact of homophobia on individuals and businesses.

PUBLIC BENEFIT

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Research: We conduct public opinion surveys and studies on the social perception of LGBTQ+ people in Nigeria to monitor change within the country. We also research into the impact of homophobia on the LGBTQ+ community in Nigeria.

Campaign and Advocacy : We develop short video campaigns to create awareness around Homo/Bi/Transphobia, with the aim of changing public social perception of LGBTQ+ people in Nigeria. We also advocate for equal opportunity and social inclusion for LGBTQ+ people in Nigeria and advocate for accelerated acceptance.

Fellowship: We develop a mentorship based residential fellowship program that trains lawyers and journalists in understanding sexual orientation and gender identity. Our fellowship program provides a platform to equip lawyers and the journalists with the right tools and support to be agents of change.

Page 2

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2021

PUBLIC BENEFIT (continued)

Business Engagement: We as an organisation believe that businesses (big, medium and small) have a role to play in accelerating social acceptance for LGBTQ+ people in Nigeria. We uphold the principles that says inclusion is good business for businesses and that is why our business engagement unit is focused on supporting businesses to create a culture of inclusion and diversity and make the work place safe for all their staff irrespective of their sexual orientation or gender identity.

Nigeria is the first country in recent years to constitutionally criminalise LGBTQ+ people with 14 years of imprisonment. In parts of Northern Nigeria governed by Sharia, homosexuality is punishable by death - one of only a few countries in which this is the case. This puts Nigeria in the spotlight, creating fear within the LGBTQ+ community, as well as among their families and friends. It has led to indiscriminate arrests of LGBTQ+ people and constant victimisation from society.

ACHIEVEMENTS AND PERFORMANCE

Webinar

In the year ending 2021, we held seven webinars focusing on the impact of COVID-19 on the LGBT people in Nigeria.

Webinars included:

We were able to host some of these webinars with support from Role UK.

Through these webinars, we produced 3 policy papers around the COVID-19 pandemic and dedicated a page on our website to it.

IDAHOBIT/Pride

We hosted the first ever virtual Pan-African IDAHOBIT event on May 17[th] last year which had over 10 partner organisations across Africa and in the diaspora. This event was attended by over 2000 LGBT people and allies from all over Africa and beyond

We also supported the Rainbow Academy Scholars to host a Pride Event in June for the Nigerian LGBT community which had about 300 people in attendance.

During the Danish Pride week, BAF was approached by a Danish radio show to speak on Life as an LGBT person in Nigeria and we were represented by Judith, who spoke on the life and times of the average LGBT person whilst coping with the laws in Nigeria and the highs and lows of social acceptance in Nigeria

One of our scholars, Zainab Adakole, was featured on Give Out virtual interview and we also has Emmanuella Okoroh and Tiwalade, a trans-woman features on a virtual documentary at the panel sessions.

Page 3

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2021

COVID-19 Relief funds

As a result of the impact and the adverse effects of the COVID-19 pandemic on LGBT people in Nigeria, we were able to secure a grant from AIDS Healthcare Foundation (AHF) to provide financial aid to LGBT people in Nigeria. Through this relief fund, we reach the basic needs of over 100 LGBT people in Nigeria.

We also provided relief funds for all our fellows and scholars both past and present.

FUNDRAISING

Last year, the Bisi Alimi Foundation fundraising was as follows:

During COVID 19, the Bisi Alimi Foundation received COVID-19 related grants from the following organizations:

ROLE UK - To support the Media Justice fellowship webinars and Staff support, and potentially fund the Media Justice Fellowship in March 2021.

Gilead Cares - To support Gilead donor organisations during the pandemic

AHF - COVID 19 Emergency Support fund

Google – Google has placed BAF on a company fundraiser for the BAF Queer Coding Program

HRC - BAF was granted $3,000 for the Business Round Table which will hold in March 2021.

STAFF RECRUITMENT AND TRAINING

Last year, we recruited 3 new members of the team and 2 volunteers.

To realign staff with their new roles and get to understanding our departments, we organized a Staff away week.

We held our yearly week-long staff retreat for a week In November 2020 and some of the topics discussed included:

VIRTUAL JOB FAIR

In November 2020, in a bid to connect businesses with the LGBT community in Nigeria, we organized the first ever virtual Nigerian LGBT Job fair which had over 200 registered members and 7 businesses in attendance. The Job fair started with a keynote speech by Prof. M.V. Lee Badgett and was followed by a discussion between Bisi Alimi and Rtd. Justice Edwin Cameron. It was rounded up with breakout sessions where businesses gave different presentations to the participants about the recruitment processes, D&I policies and had discussions with the participants. The businesses that attended include LinkedIn, Dalberg, British Council, British businesses, the British High Commission, the European Union-Delegation to ECOWAS (Economic Community of West Africa States). The success of this event gave birth to the Business Roundtable scheduled for March 2021.

Page 4

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2021

STAKEHOLDER ENGAGEMENT

Last year, we visited Embassies, companies, International organisations and LGBT organisations in Lagos and Abuja. Some of these conversations gave rise to the participation of these organisations in our Virtual job fair and insights of funding opportunities for LGBT organisations within their purview.

Financial review

Income for the year was £62,516, a significant increase from the previous year of £28,218. This is largely a result of fundraising success, and the receipt of a number of grants, including emergency funds for support during the COVID-19 pandemic.

Expenditure for the period was higher, with £35,539 being spent. In 2019-20 a total of £29,544 was spent. The increased expenditure in 2020-21 reflects a higher level of activity being undertaken by the charity.

We ended the year in review with good financial standing, with funds carried forward of £30,475 (2020: £3,498). Of this, £2,870 is unrestricted and £27,605 is restricted.

Policy on reserves

The Trustees hold reserves to meet short term planned expenditure, being a reserve policy of £500 every month.

TRUSTEES' RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of Bisi Alimi Foundation for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

BISI AUMI FOUNDATION (A Company Limlted by Guarantee) IMDEPEMDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2021 Klependent oxam4nerfs rnprtto th• T￿￿t0•S of 8151 Alimi Foundation lthe 'comp•ny? I report to the chaTty Trustees on my examination of ts acCO￿lts of the company for the year ended 31 January 2021. Resp(mibililles •nd basis of report A5 the Trustees of the Charitable company land rts directors lor the purw)5es of company law) you are responsible for the preparats.on ofthe accwnts in accord￿ requirements of the Companies Act 20061.the 2006 Acl'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 20C6 Act and are eliglble for independent examinabon. I rewrt in respe( of my examination of the accounts carried out under secb.on 145 of the Chantses Act 2011 Ilhe 2011 Acr). In carrying out my examinab.on I have followed the DirectKyn$ 9Nen by the Charity Ctynmlss￿ uThJer Sect￿ 145(5llbl ofthe 2011 Act. Independent examlnefs $tatem8rt I have completed my examinalion and have area of cThKem. thich has been mentioned in previous accounting periods. The charty conbniJe5 to engage in activity in NvJena that requires the transfer of frJnds to pay for the work. Whilst doujmentation was provided to support thi8 expenditure and there is evidence of managemenl review, it has been challenging to verfy the transactions. This include monies paid to sessional WOTkers based in Nigeria. The chaTity has taken steps to improve their prowses by, for example. introducing a doud-based accounting system for the rtvw financHI year. It 15 thwefore likety that this V4ry11 show tangible improvements into 2021-22. I can confirm that no other matt&s have come to my attention in connecii¢M the examination giving me cause to believe.. 1. accounting records were not kept in iespect of the ¢￿￿panY as required by section 386 of the 2006 Act.. or 2. the accAwnts do not accord with th0￿ re￿d$.. or 3. the accounts do not eompty the accounting reqtjirements of section 396 of the 2006 Act other than any requirement that the accounts gNe a Irue and fairf vw wthich is not a matter considered as part of an iThJependent examination.. or 4. the atxounts have nol prepared in ￿rdance Vlith the methrxls and wnciples of the Statement of Recommended Practice for accountsng and repo￿.ng by tharities lappticable to Charibes preparing their accounts in aC￿r￿an￿ with the FYHnryal Rep(Kb'ThJ Standard applicle in the UK th Reputlic of Ireland {FRS 102)]. I have no concerns and have come across no other matters fft conn&tion with the examinatyon to which attention should be d 'in this reFK¥t in orderto enable a proper underslanding of the accourts tr) be re&hed. Dated: .. Rachel Balchln FCA Bulldog Accounling Limilett 12 Brogdale Place Faversham Kent ME13 OAF Page 7

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2021

Note
INCOMEFROM:
Donations and legacies
2
Other trading activities
3
TOTAL INCOME AND ENDOWMENTS
EXPENDITUREON:
Raising funds
4
Charitable activities
5
TOTAL EXPENDITURE
NET INCOME/(DEFICIT) FOR THE YEAR
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
2021
£
24,092
-
24,092
3,727
20,993
24,720

(628)
(628)
3,498
2,870		 Restricted
funds
2021
£

38,424
-		 Total funds
2021

£


62,516

-
62,516

3,727
31,812

35,539


26,977

26,977


3,498

30,475		 Total funds
2020
£
18,562
9,656
38,424 28,218

-

10,819		 -
29,544
10,819 29,544

27,605
27,605
-
27,605		 (1,326)
(1,326)
4,824
3,498

All activities relate to continuing operations.

The notes on pages 10 to 15 form part of these financial statements.

Page 8

CURRENTASSETS
Tangible fixed assets
Prepayments
Cash at bank and in hand
Total current assets
Note
8
CREDITORS:amounts falling due within one year
9
NETCURRENTASSETS
NETASSETS
RECONCILIATIONOFCHARITYFUNDS
Unrestricted income funds
10
Restricted income fund
10
TOTALFUNDS
£
13
34,468



2021
£
608
29,867
30,475
2,870
27,605
30,475
2020
£
£
4,408
4,408
(910)
(910)
3,498
3,498
3,498
34,481
(4,614)

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

1. ACCOUNTING POLICIES

1.1 Basis of preparation of financial statements

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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bisi Alimi Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are presented in sterling and rounded to the nearest pound.

1.2 Company status

The charitable company is a company limited by guarantee, which is registered in England and Wales, with the company number 099959987. The company’s registered office is 113-115 Fonthill Road, London, N4 3HH. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.3 Income

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

1.4 Expenditure

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

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

1.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.

1.6 Creditors

Creditors and provisions are recognised where the charitable company 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 due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 10

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

1.7 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exemption from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.8 Going Concern

At the time of signing the accounts the Trustees are aware of the potential economic and social effects of the Covid-19 virus outbreak. The full impact of the pandemic on the UK economy is yet to be seen, but the charity will continue to seek to mitigate this risk by following the UK Government’s guidelines and adapting/developing its own internal strategy.

1.9 Fixed Assets

Expenditure on fixed assets is capitalised where the cost (or the value if donated) is in excess of £500; otherwise it is written off through the Statement of Financial Activities. Tangible fixed assets are depreciated at rates calculated to write off the cost, less estimated residual value of each asset evenly over its expected life, as follows:

Computer equipment: Over three years.

1.10 Funds

The different funds are defined as follows:

Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed.

Unrestricted funds are those funds available to the charity for its general purposes.

2. INCOME FROM DONATIONS AND LEGACIES

Donations
Grants
Total income from donations and legacies		 2021
2021
2021
2020
Unrestricted
Restricted
Total
Total
£
£
£
£
9,241
-
9,241
8,867
14,851
38,424
53,275
9,695
24,092
38,424
62,516
18,562

Income from donations and legacies of £18,562 received in the previous financial year was all attributable to unrestricted funds.

Page 11

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

3. INCOME FROM OTHER TRADING ACTIVITIES

Fundraising activities
Total income from other trading activities		 2021
2021
2021
2020
Unrestricted
Restricted
Total
Total
£
£
£
£
-
-
-
9,656
-
-
-
9,656

All income from other trading activities in the previous year was attributable to unrestricted funds.

4. EXPENDITURE ON FUNDRAISING

Fundraising software
Other fundraising costs
Total expenditure on fundraising activity		 2021
2021
2021
2020
Unrestricted
Restricted
Total
Total
£
£
£
£
3,652
-
3,652
-
75
-
75
-
3,727
-
3,727
-

5. EXPENDITURE ON CHARITABLE ACTIVITIES

Project expenditure
Sessional workers
Executive Director stipend
Consultancy
Hospitality and refreshments
Travel
Advertising and marketing
Printing, postage & stationery
IT software and website
Equipment
Depreciation
Insurance
Subscriptions
Interest and fees
Governance
Other		 2021
2021
2021
2020
Unrestricted
Restricted
Total
Total
£
£
£
£
7,373
4,425
11,798
16,068
1,568
6,394
7,962
7,077
10,000
-
10,000
-
166
-
166
-
-
-
6
(162)
-
(162)
1,044
8
-
8
-
206
-
206
21
566
-
566
3,552
-
-
-
359
55
-
55
-
244
-
244
-
-
-
-
24
39
-
39
92
863
-
863
900
67
-
67
401
20,993
10,819
31,812
29,544

Page 12

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

5. EXPENDITURE ON CHARITABLE ACTIVITIES (continued)

All expenditure on charitable activities incurred in the previous year was from unrestricted funds.

During the year, no Trustee received any remuneration or benefits in kind (2020: £nil)

No Trustees received reimbursement of expenses in the current year (2020: £nil)

6. GOVERNANCE COSTS

Independent examiner’s fees
Legal and professional fees
Total income from donations and legacies		 2021
2021
2021
2020
Unrestricted
Restricted
Total
Total
£
£
£
£
850
-
850
900
13
-
13
-
863
-
863
900

7. NET INCOMING RESOURCES

This is stated after charging:

his is stated after charging:
2021 2020
Total Total
£ £
Independent examiner’s fees 850 900
Depreciation 55 -

8. TANGIBLE FIXED ASSETS

Cost brought forward at 1 February 2020
Additions in year
Cost carried forward at 31 January 2021
Accumulated depreciation brought forward at 1 February 2020
Charged in year
Depreciation carried forward at 31 January 2021
Net book value brought forward at 1 February 2020
Net book value carried forward at 31 January 2021		 Computer
Equipment
Total
£
£
-
-
663
663
663
663
-
-
(55)
(55)
(55)
(55)
-
-
608
608

Page 13

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

9. CREDITORS:

Amounts falling due within one year

Other creditors
Accruals and deferred income
Total amounts falling due within one year		 2021
2020
Total
Total
£
£
3,764
10
850
900
4,614
910

10. RECONCILIATION OF FUNDS

Current Year

Restricted Income Funds
Unrestricted Income Funds
Total Funds
ear
Restricted Income Funds
Unrestricted Income Funds
Total Funds		 1 At at
Incoming
Outgoing
Transfers
As at
February
Resources
Resources
31 January
2020
2021
£
£
£
£
£
-
38,424
(10,819)
-
27,605
3,498
24,092
(24,720)
-
2,870
3,498
62,516
(35,539)
-
30,475
At at
Incoming
Outgoing Transfers
As at
1 February
Resources
Resources
31 January
2019
2020
£
£
£
£
£
-
-
-
-
-
4,824
28,218
(29,544)
-
3,498
4,824
28,218
(29,544)
-
3,498

Prior Year

Page 14

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current Year
Restricted funds
Unrestricted funds
Net Assets
Prior Year
Restricted funds
Unrestricted funds
Net Assets		 Fixed Assets
Net Current
Assets
Total
£
£
£
-
27,605
27,605
608
2,262
2,870
608
29,867
30,475
Fixed Assets
Net Current
Assets
Total
£
£
£
-
-
-
-
3,498
3,498
-
3,498
3,498

12. RELATED PARTY TRANSACTIONS

During the year ended 31 January 2021, payments totaling £10,000 (2020: £10,531) were paid to Bisi Alimi, a former Trustee and founder of the Foundation.

There were no other related party transactions.

Page 15