**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 2024**
## **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 2024**
## **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 2024**
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 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.
## **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.
## **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.
Page 2
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024**
## **OUR PROGRAMS (continued)**
The Media Justice Fellowship residential training was held in March of 2023 in Lagos, Nigeria, and is open to LGBTQ professionals and allies. This year's fellowship focused on Gender, Gender Identity, Expression and the Intersectionalities of gender concerning legal justice and societal standards of gender roles. The fellowship comprises 12 fellows drawn from the legal and media professions; five law fellows and seven media fellows made up the 2023 cohort of our Media Justice Fellowship.
Fellows shared their experiences and what they knew about gender and sex assigned at birth in connection with gender roles from their perspectives. Fellows were enthusiastic to share their increased knowledge of gender and gender identity, breaking patriarchal binary
standards of gender and gender roles. Our 12 fellows are alumni from our past Media Justice programs, and they were selected from across all regions in Nigeria through a selection process that involves their passion and determination of the course for LGBTQ rights and their past works in reporting, documenting, representing and promoting LGBTQ inclusion. Fellows shared the impacts this fellowship on Gender, Gender identity, and expression has had on their personal and professional relationships with others, most notably to persons of diverse sexual and gender characteristics or representation.
## _Amb Emmanuel (He/Him_
_“I feel like a person with a higher understanding of not just issues surrounding gender but beyond that. It was indeed a FELLOWSHIP”._
## _Jide_
_“This training has made me question my use of language in storytelling, I have a lot to learn in this aspect; that is what I have realized”._
## **Rainbow Academy**
Created in 2020, the Rainbow Academy is a 12-month leadership and capacity-building training program that has successfully graduated 40 scholars over the past two years since its inception. It is currently training 20 current cohorts for the 2023 scholar program. The residential training and Rainbow Academy Ball are usually hosted in Lagos, Nigeria. 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. Rainbow Academy takes scholars through self-discovery, awareness and improved mindfulness. Scholars are made to understand how their unique identities cross-matches with those of others, and they are taught to respect and appreciate the dierences and uniqueness we all are, holding space for one another and understanding their power, privileges and shortcomings.
_“I identify as a transgender lesbian lady, base in kano state Nigeria. Rainbow academy has changed a lot in my life and my day-to-day activities using the margin and mainstream of who I am becoming and where I am. Rainbow academy has shown me a way to accept myself and see myself- Fellow_
_“This training gave me a deeper understanding of the unique challenges and opportunities faced by the LGBTQI community. It also gave me the tools and knowledge to support and advocate for the community in my daily interactions. I now have a greater sense of purpose and a clear- Fellow_
Page 3
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024**
## **Rainbow Academy (continued)**
_“I have attended a lot of trainings in my time in doing developmental work and all those trainings have only been about teaching us how to do their job and give them results. Rainbow Academy is the first time it was about me, for the first time I could see myself as the centre, I discovered ME. Fellow_
Scholars are taken through a course on Business Development and entrepreneurial studies to improve their capacity and knowledge with best business management practices and nancial intelligence. We encouraged “I have attended a lot of trainings in my time in doing developmental work and all those trainings have only been about teaching us how to do their job and give them results. Rainbow Academy is the first time it was about me, for the first time I could see myself as the centre, I discovered ME. .” “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.” Simon Sylvester (He/Him) our scholars with existing businesses to submit a fundable business proposal; a £1,000 grant was invested into some businesses that submitted strong proposals. The impacts of this micro-grant on their business growth and professional development over the past months have been profound.
## **Nigeria LGBTQ Chambers of Commerce (NGLGBTQCC)**
NGLCC is a program for LGBTQ business owners, managers, startups and entrepreneurs to create a network of queerpreneurs to share ideas, network, mentor and form partnerships to take their business to the next level. The Nigeria LGBTQ Chambers of Commerce is a project with longterm goals of creating nancial liberation/independence for queer people. Held in Lagos, Nigeria, this business development forum is designed to take queer business owners in a business and nancial management course and provide mentorship support and guidance for these young queerpreneurs. About twelve LGBTQ business owners participated in this 2-days workshop on several aspects of business development, sales and marketing, brand identity and business storytelling (pitching). The NGLCC training had in attendance LGBTQ business representatives from trans business owners to gay, bisexual and lesbian business owners; in all, about twelve businesses were in attendance, and these businesses expressed their gratitude and drive for more opportunities and training that focuses on queer business development mentorship and etiquette nancial and sales management. The Nigeria LGBTQ Chambers of Commerce (NLGCC) is a network that brings together LGBTQ business persons, experts, professionals, artisans, etc., aiming at addressing the needs and challenges facing LGBTQ businesses in Nigeria, preparing solutions to meet these unique challenges.
_“This training has shown me the need to create a visible brand. So far I am setting up a YouTube channel to show my work. And build a portfolio” Attendee_
_“Personally I see myself more than just a business owner but as a BRAND TOO, professionally I've been able to set right records and layouts to help my business and other partners and investors see what we are doing and what are core values are” Attendee_
## **Queerpedia Fellowship**
The future of the Queerpedia program is to spread this capacity and skill building training across all regions in Nigeria. The program was launched this year in partnership with the Wikimedia Foundation; in its pilot year, we have twenty pioneering cohorts from two areas in Nigeria. The ancient city of Ibadan, Oyo state, hosted the southwest section of the training, while Owerri, Imo state, will play host to the Southeast section of the training.
Page 4
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024**
## **Queerpedia Fellowship (continued)**
Queerpedia fellowship is a ten-month program aimed at increasing visibility, and providing tools for advocacy in terms of information, resources, and data. The program will train twenty LGBTQ youth to curate, edit, translate or work queer historical events with guidance from Wikimedia skill experts. Queerpedia Fellows will be linked to the larger global Wikimedia LGBTQ networking group to foster continuity, partnerships, sharing of ideas, knowledge, and further engagements
The objectives of the Queerpedia fellowship are;
- Train fellows to become curators and content developers.
- Train fellows on Wikidata; this collects data for storage and information for future reference. Retained
- fellows will organise similar training in their community to train other LGBTQ individuals interested in gaining soft wiki skills.
- Increase access to knowledge and information on LGBTQ-related content for all.
- Create visibility and support LGBTQ advocacy.
- Develop the skills of LGBTQ persons in Nigeria in digital content creation
## **FINANCIAL REVIEW**
Income for the year was £61,690, a significant increase in comparison to the previous year in which £42,08 was received. Expenditure also increased, with £62,402 being spent in total (2023: £50,054). Of this, £36,714 was unrestricted and £25,688 was restricted.
The charity had a small deficit of £712 for the year ended 31 January 2024 (2023: £7,970). All funds are unrestricted.
The Charity ended the year with free reserves of £5,264.
## **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 £5,264 at 31 January 2024 (2023: £5,793) and are therefore 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.
Page 5
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JANUARY 2024**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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 27 January 2025 and signed on their behalf by:
…………………………………. **Ephraim Ehrhardt** Trustee
Page 6
BISI ALIMI FOUNDATION
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 JANUARY2024
Independent examiner's report to the Trustees of Bisi Alimi Foundation (the 'company')
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 January
2024.
Responsibilities and basis of report
As the Trustees of the charitable company (and 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 the accounts carried out
under section 145 of the Charities Act 2011 ('the 2011 Act.). In carying out my examination I have followed the
Directions given by the Charity Commission under s8Ction 145(5){b) of the 2011 Act.
Independent examlner's statement
I have completed my examination confirm that no material matters have come to my attention in connection with
the examination giving me cause to believe thaL in any material respect..
1. accounts'ng 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
requIrnet that the accounts give a 'true and fairf view which is not a matter considered as part of an independent
examinatj'on; or
4. the accounts have not been prepared In accordance with the methods and principlas 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 concems 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.
Signed: .
Rachel Hal
FCA
Bulldog Accounting Limited
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 2024**
|Note
**INCOME FROM:**
Donations and legacies
2
Fundraising activities
**TOTAL INCOME AND ENDOWMENTS **
**EXPENDITURE ON:**
Charitable activities
3
**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
2024
£
35,101
1,084
36,185
36,714
36,714
(529)
(529)
5,793
5,264|Restricted
funds
2024
£
25,505
-|**Total funds**
**2024**
Total funds
2023
**£ **
£
**60,606**
38,288
**1,084**
3,796|
|---|---|---|---|
|||25,505|**61,690**
42,084|
|||
25,688|
**62,402**
50,054|
|||25,688|
**62,402**
50,054|
|||
(183)
(183)
183
-|
**(712)**
(7,970)
**(712)**
(7,970)
**5,976**
13,946|
||||
**5,264**
5,976|
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 2024**
||||**2024**||2023|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**CURRENT ASSETS**||||||
|Tangible fixed assets|6||178||552|
|Other debtors|7|2,942||-||
|Cash at bank and in hand||4,063||6,705||
|Total current assets||7,005||6,705||
|**CREDITORS:**amounts falling due within one
year|8|(1,919)||(1,281)||
|**NET CURRENT ASSETS**|||5,086||5,424|
|**NET ASSETS**|||5,264||5,976|
|**RECONCILIATION OF CHARITY FUNDS**||||||
|Unrestricted income funds|10||5,264||5,793|
|Restricted income fund|10||-||183|
|**TOTAL FUNDS**|**TOTAL FUNDS**||5,264||5,976|
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 27th January 2025 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 2024**
## **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 2024**
## **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 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._
## **1.9 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|2024
2024
**2024**
2023
Unrestricted
Restricted
**Total**
Total
£
£
**£**
£
4,518
-
**4,518**
5,529
30,583
25,505
**52,088**
32,759|
|---|---|
||35,101
25,505
**60,606**
38,288|
Page 11
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
## **3. EXPENDITURE ON CHARITABLE ACTIVITIES**
|Project expenditure
Sessional workers
Executive Director stipend
Travel
IT software and website
Depreciation
Subscriptions
Interest and fees
Governance|2024
2024
**2024**
**2023**
Unrestricted
Restricted
**Total**
**Total**
£
£
**£**
**£**
-
21,463
**21,280**
**14,436**
20,093
4,225
**25,068**
**12,782**
12,900
-
**12,150**
**13,000**
1,124
-
**1,124**
**1,153**
163
-
**163**
**569**
374
-
**373**
**166**
442
-
**442**
**-**
412
-
**412**
**-**
1,206
-
**1,206**
**-**|
|---|---|
||36,714
25,688
**54,402**
**50,054**|
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. Ms Airiohoudion did not receive any remuneration in the year ended 31 January 2024 (2023: £3,018). Ms Airiohoudion received reimbursement for expenses incurred of £66 (2023: £nil).
During the year, no Trustee received any remuneration or benefits in kind (2023: £nil)
## **4. GOVERNANCE COSTS**
|Independent examiner’s fees
Legal and professional fees
Trustee Expenses
Total governance costs|2024
2024
**2024**
**2023**
Unrestricted
Restricted
**Total**
**Total**
£
£
**£**
**£**
1,140
-
**1,140**
**780**
-
-
**-**
**254**
66
-
**66**
**-**|
|---|---|
||1,206
-
**1,206**
**1,034**|
## **5. NET INCOMING RESOURCES**
This is stated after charging:
|his is stated after charging:|||
|---|---|---|
||**2024**|2023|
||**Total**|Total|
||**£**|£|
|Independent examiner’s fees|**1,140**|780|
|Depreciation|**374**|402|
Page 12
## **BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
## **6. TANGIBLE FIXED ASSETS**
|Cost brought forward at 1 February 2023
Additions in year
Disposals in year
Cost carried forward at 31 January 2024
Accumulated depreciation brought forward at 1 February 2023
Charged in year
Depreciation on disposal in year
Depreciation carried forward at 31 January 2024
Net book value brought forward at 1 February 2023
Net book value carried forward at 31 January 2024|Computer
Equipment
**Total**
£
**£**
1,121
**1,121**
-
**-**
-
**-**|
|---|---|
||1,121
**1,121**|
||(569)
**(569)**
(374)
**(374)**
-
**-**|
||(943)
**(943)**|
||552
**552**|
||178
**178**|
## **7. OTHER DEBTORS**
During the year, an interest free loan of £3,192 was made to Bisi Alimi. At 31 January 2024, £2,942 of this loan is still outstanding. A repayment schedule is in place and the full amount is expected to be repaid by 31st January 2025.
## **8. CREDITORS:**
## **Amounts falling due within one year**
|Accruals and deferred income
Total amounts falling due within one year|**2024**
2023
**Total**
Total
**£**
£
**1,920**
1,281|
|---|---|
||**1,920**
1,281|
Page 13
**BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
## **9. COMPARATIVE FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Note
**INCOME FROM:**
Donations and legacies
Fundraising activities
**TOTAL INCOME AND ENDOWMENTS **
**EXPENDITURE ON:**
Raising funds
Charitable activities
**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
-
47,252
-
63,781
63,781
(16,529)
(16,529)
30,475
13,946|
|---|---|---|---|---|
|||25,259|||
|||
-
25,076|||
|||25,076|||
|||
183
183
-
183|||
## **10. RECONCILIATION OF FUNDS**
## **Current Year**
|Restricted Income Funds
Unrestricted Income Funds
Total Funds|As at
Incoming
Outgoing
Transfers
As at
1 February
Resources
Resources
31 January
2023
2024
£
£
£
£
£
183
25,505
(25,688)
-
-
5,793
32,185
(28,714)
-
9,264|
|---|---|
||5,976
57,690
54,402
-
9,264|
Page 14
## **BISI ALIMI FOUNDATION (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024**
## **Prior Year**
|||As at||Incoming|Outgoing|Transfers|As at|
|---|---|---|---|---|---|---|---|
|||1 February|Resources||Resources||31 January|
|||2022|||||2023|
|||£||£|£|£|£|
||Restricted Income Funds|-||25,259|(25,076)|-|183|
||Unrestricted Income Funds|13,946||16,825|(24,978)|-|5,793|
||Total Funds|13,946||42,084|(50,054)|-|5,976|
|**10.**|**ANALYSIS OF NET ASSETS**|**BETWEEN FUNDS**||||||
||**Current Year**|Fixed Assets||
Net|Current|Total||
||||||Assets|||
||||£||£|£||
||Restricted funds||-||-|-||
||Unrestricted funds||178||5,086|5,264||
||Net Assets||178||5,086|5,264||
||**Prior Year**|Fixed Assets||
Net|Current|Total||
||||||Assets|||
||||£||£|£||
||Restricted funds||-||183|183||
||Unrestricted funds||552||5,241|5,793||
||Net Assets||552||5,424|5,976||
## **11. RELATED PARTY TRANSACTIONS**
During the year ended 31 January 2024, stipend payments totaling £12,900 (2023: £13,000) were paid to Bisi Alimi, a former Trustee and founder of the Foundation.
A loan of £3,192 was also made to Bisi Alimi (see Note 7 and table below).
||**Loan amount**|**Loaned monies**|**Amount repaid**|**Loan amount**|
|---|---|---|---|---|
||**outstanding at 1**|**during the year**|**during the year**|**outstanding at**|
||**February 2023**|**£**|**£**|**31 January 2024**|
||**£**|||**£**|
|Bisi Alimi|-|3,192|(250)|£2,942|
There were no other related party transactions during the year.
Page 15