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2023-01-31-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 2023

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 2023

Trustees

Harry Small (Chair) Alan De’Ath Rhona O’Sullivan (resigned 30 April 2023) Ethan Spibey (resigned 1 June 2023) Ephraim Ehrhardt (company secretary) Judith Airiohuodion (appointed 6 June 2023)

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 2023

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 2023. 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.

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.

BACKGROUND

The Bisi Alimi Foundation is a non-governmental charity registered in England, Wales, and Nigeria that focuses on accelerating the social acceptance of LGBTQ persons in Nigeria. The foundation was formed following the passage of the Same-sex Marriage Prohibition Act of 2013, signed into law in 2014 by ex-president Goodluck Johnathan through an advocacy approach aimed at capacity-building, leadership, personal development training and research. Our research informs all our programs through stakeholder engagements and collaborative partnerships.

Page 2

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2023

OUR PROGRAMS

Our program over the past 12 months has been very strategic and human-capital focused; we have been very intentional in humanising our programs aimed directly at impacting the stakeholders directly affected by these programs through providing access and resources to human-capital development, professional guidance and mentorships, aimed at building the awareness, increased visibility and liberation.

Media Justice Fellowship: This project started in 2017 and has seen us train over 45 journalists and lawyers in Nigeria. In the past months, the media justice fellowship fellows have shared their experiences and testimonials on increased knowledge of gender and gender identity, breaking patriarchial binary standards of gender and gender roles. Legal fellows have committed to introducing practical usage of respectful languages, pronouns, and other universal human rights laws for efficient legal representation and expertise. Media fellows shared some of their challenges in reporting and covering LGBTQ content; however, they are dedicated to LGBTQ inclusion, especially concerning topical discourse on gender, and some fellows are already using their media forum to promote and write articles that shine the spotlight on LGBTQ visibility.

However, due to the monitoring and evaluation of the project, we did not have class for 2022/2023. Rainbow Academy: This program started in 2020, and it is a leadership and capacity-building training for LGBTQ persons across all colours of the rainbow from all regions in Nigeria through an intensive 12-month training program inclusive of a 10-day residential in Lagos.in 2022, the academy welcomed 20 LGBTQI+ individuals.

The academy focuses on improving the leadership skills of scholars, taking scholars through a journey of 12 months in areas of communication, business developments, creative writing, storytelling, media engagement, the law, sexual, mental health and mindfulness programs; engaging and collaborating with skilled expertise and professionals nationally and globally to engage and train our scholars through virtual classes and mentorship guidance.

During the residential program last year, we encouraged young, existing LGBTQ businesses to submit a fundable business proposal; a £1,000 grant was invested into some businesses that submitted strong proposals. The testimonials from these businesses over the past months have been profound. Scholars have shared the microgrants impacts on their lives and business; permit me to share some of their testimonials with you.

Simon Sylvester (He/Him)

Rainbow Academy has changed my life, mindset, views, and approach. I run a Blood Bank Business (Simon’s Life Bank), and the program gave me a grant of NGN130,000 ($313) to grow and improve my blood bank business. The money was used to purchase new equipment for my lab and pay for new shop space. Professionally, Rainbow Academy has had an enormous impact on me; in 2021, the idea of owning my blood bank lab was a mere dream, and in June 2021, I started it jokingly and made a huge sale, but still was short of ideas on how to move this establishment to the next level. Fast forward to Rainbow Academy 2022 training and development, my business got more information, support and I am moving to the next level with the idea that was just casual today; I have paid rent for my lab no longer in partnership with anyone., today I have some machines and equipment to run a blood transfusion bank, today I have offers of investors coming to move my business to the next level and makes it one of the best in the capital city of Nigeria at large. All of this is happening because I did not give up on myself, my sexuality and most importantly, my dream and Rainbow Academy 2022 is why I am here telling the world my little story and what I am about to become.

Page 3

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2023

OUR PROGRAMS (continued)

Abdulquadri Bello (He/Him)

Rainbow Academy has helped us build an understanding of our different privileges and how they relate to or affect other people's lives around us without us being aware. Understanding this has helped me be more open to people's viewpoints. I was given a grant to take my business to the next level. I run an agro-based start-up, Gentry Farms and Agro Services; I was given a grant of NGN70,000 ($168), and the money was effectively used to register my business with the Nigerian Corporate Affairs Commission. My experience with Bisi during the coaching session is stuck within my subconscious, and every time I am about projecting problems that are not real on my business processes, I reflect on that one moment when I was made to understand how I am allowing problems that are not real to affect my reality and this helps me change course on my thought process, I can calmly analyse what is now, things obtainable with what is in my reality, focus on it and make sure to utilise it for optimum productivity.

Raymond Gigi (He/She/They)

The Rainbow Academy was my breakthrough point, and I feel good about my recent development, personally and otherwise. BAF RA was my gay miracle; the foundation rebranded me and made me a better person. BAF allowed me to think aloud and get my solutions within, and every session was on point. BAF allowed me to better my business ethics and plans and supported me with a grant to expand my business; I am a baker and run a baking business called Arcon Bakes. The grant of NGN130,000 ($313) was used to rent a shop space and purchase baking equipment. This has been of enormous benefit to my business development. I can boldly say the future is GAY, and the vision the Bisi Alimi Foundation has is going to improve social acceptance for LGBT people in Nigeria drastically I am overly excited about our future, and I am glad to be a benefactor and part of that change.

These are some of the beneficiaries of the grant, a testament to the micro-grants impact on their businesses.

Also, some scholars of the program shared their testimonials on the impact of the program on their personal and professional lives. Below are some statements about the impact of Rainbow Academy.

Aliyah Baana (She/Her):

I am Aaliyah Baana Ibrahim, an activist and advocate for trans and gender non-conforming individuals. I identify as a transgender lesbian lady based in Kano State, Nigeria. Rainbow Academy has changed my life and day-to-day activities a lot, using the margin and mainstream of who I am becoming and where I am. Rainbow Academy has shown me how to accept myself, see myself beyond my identity and sharpen my personal development.

Edwin Wiffey (He/Him)

I have attended many trainings in my time doing developmental work, and all those trainings have only taught us how to do our job and give them results. Rainbow Academy was the first time it was about me; for the first time, I could see myself as the centre and discovered ME. The most beautiful part was the fact that Bisi and the Trainers took everything that they were in total and gave it to me, showing me all the keys to their success, the paths of their failures, the light of their skills and accomplishments and secrets to fame and gave it to me for FREE. No one has ever done this for me, and I hope someone else is given the same opportunity I plan to give what I have been given. Thank you very much, BAF.

Page 4

BISI ALIMI FOUNDATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2023

OUR PROGRAMS (continued)

Princess Giwa-Osagie (She/He/They)

Being a part of the Rainbow Academy Scholar has taught me what it takes to succeed. From weeks of tough practice, I have gained a work ethic. From my trainers and fellow teammates, I have learned to work well with others in a group, as it is necessary to cooperate with teammates on the pathways to life. But most importantly, I have also gained self-confidence. I have also realised that it is necessary to risk failure to gain success. Bisi Alimi has always said in the training that nothing is impossible; I know that now. Now, I welcome the challenge. Whether I succeed or fail is irrelevant; it is only essential that I have tried and tested myself in every opportunity I find myself in.

Queerpedia Fellowship: This project was funded by the Wiki Foundation to train LGBTQI+ people in Nigeria on how to use Wiki tools. The project is currently in pilot, and it seeks to train ten individuals in each of the six geographical locations of Nigeria. The fully funded project will start in 2023.

Nigeria LGBTQ Chambers of Commerce (NGLGBTQCC): This program is in its pilot year, and it was launched as a matter of necessity as a platform and community for LGBTQ business owners, managers, startups and entrepreneurs aimed at creating a network of queerpreneurs to share ideas, network, mentor and form partnerships with the intentions of taking their business to the next level. The Nigeria LGBTQ Chambers of Commerce is a project with long-term goals of creating financial liberation/independence for queer people.

LGBTQ businesses supported with micro-grants are pioneering members of this project, which aims to foster partnership and mentorship support. The Nigeria LGBTQ Chambers of Commerce (NLGBTQCC) is a network that brings together LGBTQ business persons, experts, professionals, artisans, etc., once a year in a summit to address the needs

and challenges facing LGBTQ businesses in Nigeria, proffering solutions to meet these unique challenges. The MISSION is to “create wealth and promote financial independence of queer persons”.

The Nigeria LGBTQ Chambers of Commerce aims to;

FINANCIAL REVIEW

Income for the year was £42,084, a slight reduction in comparison to the previous year during which £47,252 was received. Expenditure for the period was £50,054 (2021-22: £63,781). Of this, £24,978 was unrestricted and £25,076 was restricted.

The charity has a deficit of £7,970 for the year ended 31 January 2023. The surplus on restricted funds was £183 and the charity had a total deficit of £8,153 on its unrestricted funds.

The Charity ended the year with free reserves of £5,793.

Page 5

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JANUARY 2023

Policy on reserves

The Trustees reserves policy is to hold between 3 and 6 month’s of operating expenditure in free reserves at any time. Operating expenditure is calculated as ongoing running costs of the charity, less any project expenditure. Free reserves stand at £5,793 at 31 January 2023 (2022: £13,946) and are therefore slightly below the level required by the charity’s reserves policy

GOING CONCERN

The Trustees are comfortable that the charity remains a going concern despite having lower free reserves than specified in the reserves policy. The charity has very low fixed costs, with the majority of expenditure relating to current projects meaning it can be scaled back when funding is not available. Furthermore, unrestricted expenditure is often reimbursed after being incurred meaning that deficits in free reserves are short term.

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.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees on ……………………..… and signed on their behalf by:

…………………………………. Ephraim Ehrhardt Trustee

Page 6

BISI ALIMI FOUNDATION IA Company Llmlted by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2023 Independent examlnefs report to the Trustees ol Blsl Allml Foundatlon {the'¢ompany'? I report lo the charity Trustees on my examinalion ol ihe accounts of the company for Ihe year ended 31 January 2023. Responslbllltles and basls of report As the Trustees of Ihe charitable company land its directors for the purposes of company law) you are responsible lor the preparation ol the accounis in accordance with the requirements ol the Companles Act 20061'the 2006 Acl.). Having satisfied my$o11 thal the accounts of the company are not requlred to be audiled under Part 16 of the 2006 Act and are eliglble for independent examination. I rerKJrt in respect of my examinatton of the accounts caTried out under sectson 145 01 the Chanltes Act 2011 {'Ihe 2011 Acri. In Garrying out my examinallon I have followed the Direct￿n5 given by the Chanly Commission under section 14515llbl of Ihe 2011 Act. Ind•p?nd•nl examlnef8 Statement I have completed my examlnallon conflmi that no malerlal matters have tt>me lo my attenllon In connectlon wllh the examination giving me Cause lo believe that. in any matenal respect. 1 accountjng ￿¢ryd$ were not kept in rgspecl ol the company as required by section 386 01 the ￿)06 Act,. or 2. the acccmjnls do not accord wlth those re¢ord$. or 3. the accounts do nol comply wilh the accounting requirements ol section 396 of the 2C￿ Acl other than any requiiemenl Ihat the accounts give a Inje and fairf view which is not a matter conS￿ered as part ol an independent examination. OF 4. the accounts have not been prepared In aecordance with Ihe methods and principles of the Slalemenl ol Recommended Practice lor accounting and reportlng by charille$ lapplicable lo ¢harilie$ preparing their accounls in accordance with the Flnanclal Reporbng Standard applicable in Ihe UK and Republic of Ireland IFRS 102)]. I have no concems and have come across no other matters in onnection wrth the examinallon lo which attentb)n should be drawn in this report in order lo enabte a proper understandlng ol the accounts lo be reached Dated /: llw Rachel Balchln FCA Bulldog Accountlng Llmlted 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 2023

Note
INCOMEFROM:
Donations and legacies
2
Fundraising activities
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
2023
£
13,029
3,796
16,825
-
24,978
24,978

(8,153)
(8,153)
13,946
5,793		 Restricted
funds
2023
£

25,259

-		 Total
funds
2023

£


38,288

3,796
42,084

-
50,054

50,054


(7,970)

(7,970)


13,946

5,976		 Total funds
2022
£
47,252
-
25,259 47,252

-

25,076		 -
63,781
25,076 63,781

183
183
-
183		 (16,529)
(16,529)
30,475
13,946

All activities relate to continuing operations.

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

Page 8

BISI ALIMI FOUNDATION (A Company Limited by Guarantee) REGISTERED NUMBER: 09959987

BALANCE SHEET AS AT 31 JANUARY 2023

Note
CURRENT ASSETS
Tangible fixed assets
7
Prepayments
Cash at bank and in hand
Total current assets
CREDITORS:amounts falling due within one
year
8
NET CURRENT ASSETS
NET ASSETS
RECONCILIATION OF CHARITY FUNDS
Unrestricted income funds
9
Restricted income fund
9
TOTAL FUNDS		 £
-
6,705		 2023
£
552




5,424		 £

-
14,004		 2022
£
442




13,504
6,705
(1,281)		 14,004
(500)




5,976 13,946
5,793
183		 13,946
-
5,976 13,946

The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 January 2021 and of its net incoming resources for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with Section 1A of FRS102, the Financial Reporting Applicable in the UK and Republic of Ireland.

The financial statements were approved by the Trustees on ………….……………. and signed on their behalf by:

……………………………… Ephraim Ehrhardt Trustee

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

Page 9

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

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 2023

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		 2023
2023
2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
5,529
-
5,529
21,838
7,500
25,259
32,759
25,414
13,029
25,259
38,288
47,252

Page 11

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

3. EXPENDITURE ON CHARITABLE ACTIVITIES

Project expenditure
Sessional workers
Executive Director stipend
Hospitality and refreshments
Travel
Printing, postage & stationery
IT software and website
Depreciation
Subscriptions
Interest and fees
Governance
Events and Activities
Loss on disposal of fixed assets
Other		 2023
2023
2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
-
14,436
14,436
28,009
3,295
9,487
12,782
9,801
13,000
-
13,000
10,000
-
-
-
965
-
1,153
1,153
4,025
-
-
-
33
569
-
569
4,328
402
-
166
166
1,106
-
-
678
166
-
-
230
1,034
-
-
500
4,966
-
-
3,265
53
-
-
-
387
-
-
1,781
24,978
25,076
50,054
63,781

Ms Judith Airiohuodion was appointed as a Trustee on 3 June 2023. Prior to her appointment, Ms Airiohoudion received remuneration from the Charity for her sessional project work in Nigeria. A total of £3,018 was paid to Ms Adiriohoudion during the year ended 31 Jan 2023.

During the year, no other Trustee received any remuneration or benefits in kind (2022: £nil)

No Trustees received reimbursement of expenses in the current year (2022: £nil)

4. GOVERNANCE COSTS

Independent examiner’s fees
Legal and professional fees
Total governance costs		 2023
2023
2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
780
-
780
500
254
-
254
-
1,034
-
1,034
500

Page 12

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

6. NET INCOMING RESOURCES

This is stated after charging:

his is stated after charging:
2023 2022
Total Total
£ £
Independent examiner’s fees 780 500
Depreciation 402 166

7. TANGIBLE FIXED ASSETS

Cost brought forward at 1 February 2022
Additions in year
Disposals in year
Cost carried forward at 31 January 2023
Accumulated depreciation brought forward at 1 February 2022
Charged in year
Depreciation on disposal in year
Depreciation carried forward at 31 January 2023
Net book value brought forward at 1 February 2022
Net book value carried forward at 31 January 2023		 Computer
Equipment
Total
£
£
663
663
847
-
(389)
-
1,121
663
(221)
(221)
(402)
(402)
54
54
(569)
(569)
442
442
552
552

8. CREDITORS:

Amounts falling due within one year

Accruals and deferred income
Total amounts falling due within one year		 2023
2022
Total
Total
£
£
1,281
500
1,281
500

Page 13

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

9. RECONCILIATION OF FUNDS

Current Year

Restricted Income Funds
Unrestricted Income Funds
Total Funds
ear
Restricted Income Funds
Unrestricted Income Funds
Total Funds		 1 As at
Incoming
Outgoing
Transfers
As at
February
Resources
Resources
31 January
2022
2023
£
£
£
£
£
-
25,259
(25,076)
-
183
13,946
16,825
(24,978)
-
5,793
13,946
42,084
(50,054)
-
5,976
As at
Incoming
Outgoing Transfers
As at
1 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

Prior Year

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Current Year
Restricted funds
Unrestricted funds
Net Assets		 Fixed Assets
Net Current
Assets
Total
£
£
£
-
183
183
552
5,241
5,793
552
5,424
5,976

Page 14

BISI ALIMI FOUNDATION (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)

Prior Year
Restricted funds
Unrestricted funds
Net Assets		 Fixed Assets
Net Current
Assets
Total
£
£
£
-
-
-
442
13,504
13,946
442
13,504
13,946

11. RELATED PARTY TRANSACTIONS

During the year ended 31 January 2023, payments totaling £13,000 (2022: £10,000) were paid to Bisi Alimi, a former Trustee and founder of the Foundation. Payments totalling £3,018 were also made to Ms Judith Airiohoudion who was appointed as a Trustee of the Charity on 3 June 2023.

There were no other related party transactions.

Page 15