**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 2022**
## **BISI ALIMI FOUNDATION**
**(A Company Limited by Guarantee)**
||**CONTENTS**||
|---|---|---|
|||Page|
|**Reference and Administrative Details**||1|
|**Trustees' Report**||2 - 4|
|**Independent Examiner's Report**||5|
|**Statement of Financial Activities**||6|
|**Balance Sheet**||7|
|**Notes to the Financial Statements**||8 - 13|
## **BISI ALIMI FOUNDATION**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JANUARY 2022**
## **Trustees**
Harry Small (Chair) Naomi Barnard Alan De’Ath Rhona O’Sullivan Ethan Spibey Ephraim Ehrhardt
**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 2022**
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 2022. 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
- part of the change movement;
3. Develop powerful and soul moving campaigns that will challenge and change the perceptions of Nigerians when it comes to LGBT+ people;
4. 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 2022**
## **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.
## **REVIEW OF ACTIVITIES**
Following our tradition of accelerating the social acceptance of LGBTQ+ people in Nigeria, we achieved the following activities during the 2021/2022 financial year.
1. Media Justice Fellowship We continue with our flagship program, the Media Justice Fellowship, by training five legal fellows and six media fellows. Throughout the year, our fellows actively support LGBTQ+ people in Nigeria by providing pro-bono support for LGBTQ+ individuals and organisations. Our media fellows wrote investigative and balanced stories in national newspapers and other media on LGBTQ+ people and their lived experiences.
2. Rainbow Academy: In 2019, at our staff away, we developed a new project called “Rainbow Academy” the program was designed as an economic and self-empowerment program for LGBTQI+ people in Nigeria. In the year under review, we hosted the event in Lagos with 20 LGBTQI+ people across Nigeria. The event lasted for eight days. The curriculum of the program is divided into six core areas, and they are
1. Personal development
2. Professional development
3. Storytelling and public speaking
4. Media engagement
5. Mental and Sexual Health
6. The law
3. Staff away- As part of staff development within the organisation, we organise a yearly staff retreat. This allows the staff that work remotely and virtually to meet, connect and share ideas and experiences. This annual meeting has helped the organisation to grow and develop.
4. Rainbow Academy Ball: The foundation organised a ball in Lagos to celebrate the end of Rainbow Academy residential training. The ball highlight everything proud about the community.
Page 3
##
##
BISI ALIIAI FOVNDATK)N
(A Company Lwnited by Guarante•)
IMDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
Indop•nd•nt•xaminef¥ Yvport to the Trte•s of Blsl Almni Foundatlon Ithe'compaj
I report to the charty TnleeS on my exanwnal* of *lUnts rl the ¢J)mpany for the year eThled 31 Janu8ry
2022.
Rosponslbilltbo• and bas1• of report
As the Trustees of tho tharrfable cornparry (arnl its dir8dors for th• pwposes of company law) y1 8ro responslble
for tha prepaTabJn ofthe ]unts wi a1Xo81 wrth the requirements olthe Companios kl 2C Cthe 20LX Act).
Ha¥lng Satisfied myself thal ts arnts of the company are n(rt wu¥ed to be audited undw Part 16 of tho 2006
Act ond are t11b18 for IndeFdent examatJn. l in r8SP8(* of my examinalion of the arnIS caFried out
under secb'on 145 of the Charitss Act 2011 (the 2011 Art) In c¥rying OLrt my examinatson I have followed the
Diredions gNen by the Charrty commiss under Sec## 145(5)(b) oflhe 2011 Ad.
Indep•ndent •xIn*t* slat•m
I have completed my 8xaminatits) and have one are8 of c¥)ncem, which has been mgntb)ned in previous
accounting pericmls. The charity continues lo angage m a(aMty in Nell8 th* requires thg transfer of funds to pay
for the wort¢. kn11St documentstion was provthd Io SUPF*Jt this expeThJiture and there ts wdence of management
revw, il has been challenging to verify the tran8aclion$. This indude moni8s p8KI to sessional work8rs based in
Nigeria. The charity has tsken Stèps to Improve their proc*sses by. f( example, trOdn9 a cloud-base(I
accounting System for the rw IlnanGial year. 11 is therefore lthety thot thig wlll show tarvJlble Improvemor)ts Into
2021-22.
I can I)fm that no other matters have come to my attentim wth the examlnatw)n grng me se
to
1. actxiunting re(yJnl$ were not kepl in SpeCt ol Ihe ccrfnpany as r8qu*ed by sfjdion 386 of Ihe 28 Acl,. or
3. ts cOUnts do nol CA)mFty wilh the acrounlmg rw4UW8nts of 5ethi 396 of the 21)36 Act other than any
requirement thal the Jco)unts a Irue and faif vlew Is Mt a matter (x$#10rJ as part of an independent
examin*ion.' or
4. the accounts have not bean prepared th accordance the methods and principles of Ihe Slalemenl of
Rgcommended Practice for acUntIng and reportwig by charities [applb lo chaniies preparing thèir accounts
with the Financial Rewb'ThJ Stsndard applth in Ihe UK and Republ of IrelaThJ (FRS 102)].
I have no con(wns aTrJ have wme across no olher matters in cMnethn wth the 8xaminats.on to whth attenth)n
Shwld bg d
in Ihis r8port in order to enable a proper derSdg of the wunts to b8 reac*ed.
JarKJary 2023....
Siqned..
Rath Balchin FCA
Bulldog Aceountlng Umited
12 Brogd•lg Place
Faversharn
Kent
ME13 OAF
Page 5
## **BISI ALIMI FOUNDATION**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2022**
|Note
**INCOMEFROM:**
Donations and legacies
2
**TOTAL INCOME AND ENDOWMENTS**
**EXPENDITUREON:**
Raising funds
3
Charitable activities
4
**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
2022
£
32,838
32,838
-
21,762
21,762
11,076
11,076
2,870
13,946|Restricted
funds
2022
£
14,414|Total funds
2022
£
47,252
47,252
-
63,781
63,781
(16,529)
(16,529)
30,475
13,946|Total funds
2021
£
62,516|
|---|---|---|---|---|
|||14,414||28,218|
|||
-
42,019||3,727
31,812|
|||42,109||35,539|
|||
(27,605)
(27,605)
27,605
-||26,977
26,977
3,498|
|||||30,475|
All activities relate to continuing operations.
The notes on pages 8 to 13 form part of these financial statements.
Page 6
##
##
||||**2022**||2021|
|---|---|---|---|---|---|
||**Note**|£|£|£|£|
|**CURRENTASSETS**||||||
|Tangible fixed assets|7||442||608|
|Prepayments||||13||
|Cash at bank and in hand||14,004||34,468||
|Total current assets||14,004||34,481||
|**CREDITORS:**amounts falling due within one||||||
|year|8|(500)||(4,614)||
|**NETCURRENTASSETS**|||13,504||29,867|
|**NETASSETS**|||13,946||30,475|
|**RECONCILIATIONOFCHARITYFUNDS**||||||
|Unrestricted income funds|9||13,946||2,870|
|Restricted income fund|9||||27,605|
|**TOTALFUNDS**|||13,946||30,475|
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022**
## **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 8
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022**
## **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|2022
2022
**2022**
2021
Unrestricted
Restricted
**Total**
Total
£
£
**£**
£
21,838
-
**21,838**
9,241
11,000
14,414
**25,414**
53,275|
|---|---|
||32,838
14,414
**47,252**
62,516|
Page 9
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022**
## **3. EXPENDITURE ON FUNDRAISING**
|**XPENDITURE ON FUNDRAISING**||
|---|---|
|Fundraising software
Other fundraising costs
Total expenditure on fundraising activity|2022
2022
**2022**
2021
Unrestricted
Restricted
**Total**
Total
£
£
**£**
£
-
-
**-**
3,652
-
-
**-**
75|
||-
-
**-**
3,727|
## **4. 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
Depreciation
Insurance
Subscriptions
Interest and fees
Governance
Events and Activities
Other|2022
2022
**2022**
2021
Unrestricted
Restricted
**Total**
Total
£
£
**£**
£
878
27,131
**28,009**
11,798
7,083
2,718
**9,801**
7,962
-
10,000
**10,000**
10,000
-
-
**-**
166
965
-
**965**
-
4,025
-
**4,025**
(162)
-
-
**-**
8
33
-
**33**
206
4,328
-
**4,328**
566
166
-
**166**
55
-
-
**-**
244
678
-
**678**
-
230
-
**230**
39
500
-
**500**
863
1,095
2,170
**3,265**
1,781
-
**1,781**
67|
|---|---|
||21,762
42,019
**63,781**
31,812|
During the year, no Trustee received any remuneration or benefits in kind (2021: £nil)
No Trustees received reimbursement of expenses in the current year (2021: £nil)
Page 10
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022**
## **5. GOVERNANCE COSTS**
|Independent examiner’s fees
Legal and professional fees
Total governance costs|2022
2022
**2022**
2021
Unrestricted
Restricted
**Total**
Total
£
£
**£**
£
500
-
**500**
850
-
-
**-**
13|
|---|---|
||500
-
**500**
863|
## **6. NET INCOMING RESOURCES** This is stated after charging:
||**2022**|2021|
|---|---|---|
||**Total**|Total|
||**£**|£|
|Independent examiner’s fees|**500**|850|
|Depreciation|**166**|55|
## **7. TANGIBLE FIXED ASSETS**
|Cost brought forward at 1 February 2021
Additions in year
Cost carried forward at 31 January 2022
Accumulated depreciation brought forward at 1 February 2021
Charged in year
Depreciation carried forward at 31 January 2022
Net book value brought forward at 1 February 2021
Net book value carried forward at 31 January 2022|Computer
Equipment
**Total**
£
**£**
663
**663**
-
**-**|
|---|---|
||663
**663**|
||(55)
**(55)**
(166)
**(166)**|
||(221)
**(221)**|
||608
**608**|
||442
**442**|
Page 11
## **BISI ALIMI FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022**
## **8. CREDITORS:**
## **Amounts falling due within one year**
|Other creditors
Accruals and deferred income
Total amounts falling due within one year|**2022**
2021
**Total**
Total
**£**
£
**-**
3,764
**500**
850|
|---|---|
||**500**
4,614|
## **9. 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
2021
2022
£
£
£
£
£
27,605
14,414
(42,019)
-
-
2,870
32,838
(21,762)
-
13,946|
|---|---|---|
|||30,475
47,252
(63,781)
-
13,946
At at
Incoming
Outgoing Transfers
As at
1 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|
## **Prior Year**
Page 12
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022**
## **10. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Current Year**
Restricted funds
Unrestricted funds
Net Assets|Fixed Assets
Net Current
Assets
Total
£
£
£
-
-
-
442
13,504
13,946|
|---|---|
||442
13,504
13,946|
|**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|
## **11. RELATED PARTY TRANSACTIONS**
During the year ended 31 January 2022, payments totaling £10,000 (2021: £10,000) were paid to Bisi Alimi, a former Trustee and founder of the Foundation.
There were no other related party transactions.
Page 13