**REGISTERED CHARITY NUMBER: 1198015**
Trustees' Report and
Unaudited Financial Statements for the Year Ended 31 December 2024
for
## BLACK BRITISH INITIATIVE
Chris Pantazis Ltd T/A CPS & Co Chartered Accountants 10A Aldermans Hill Palmers Green London N13 4PJ
BLACK BRITISH INITIATIVE
Contents of the Financial Statements for the Year Ended 31 December 2024
|||Page||
|---|---|---|---|
|Trustees' Report|1|to|5|
|Independent Examiner's Report||6||
|Statement of Financial Activities||7||
|Statement of Financial Position||8||
|Notes to the Financial Statements|9|to|14|
|Detailed Statement of Financial Activities||15||
BLACK BRITISH INITIATIVE
Trustees' Report for the Year Ended 31 December 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
Black British Initiative (BBI), seeks to challenge racial injustice and promote human rights, equality, equity and diversity to achieve societal harmony. This is realised through the promotion of education, training, arts, culture, heritage and science to assist and support Britain's Black community.
The charity helps by sponsoring executive educational and other programmes, offering bursaries to underserved and underrepresented Black people, making it possible for them to benefit from transformative education delivered by one of the UK's prestigious universities. In addition, the charity undertakes relevant UK research and provides access to buildings, facilities and open Space.
## **Public benefit**
Black British Initiative, believes, racial injustice is a societal wide issue, only eradicated with the support of all races, genders and age groups and as a strategy, seeks to collaborate with synergistic organisations, companies and institutions to achieve its objectives.
Black British Initiative understands, driving up levels of equity and equality is necessary to achieve a fair and balanced society, crucial for the future of the UK. To deliver its mission, during June 2023, BBI conceived MBA 30, a high level executive educational programme and accelerated MBA delivered by SOAS, University of London.
At the time of launch during June 2023, the Stephen Lawrence Day Foundation, was commemorating 30 years since Stephen's murder, to help mark this anniversary each cohort can accommodate up to 30 students, acknowledging that anniversary and celebrating his legacy.
Five cohorts have now been delivered, benefitting burgeoning and established micro entrepreneurs and by doing so, addressing huge issues of wealth disparity impacting the UK's Black population. Another five cohorts are planned for 2025.
Recognising executive education is only part of the solution, BBI has entered into a formal partnership with the Metro and dmg ventures to create, the MBA 30 Emerging Entrepreneur Awards 2025. These awards give twelve participants of the MBA 30 programme a chance to compete in four categories: Beauty & Wellbeing | Art & Creativity | Fashion and Technology. All twelve finalists are profiled in the Metro news paper at a rate of one per month, enabling them to take advantage of the Metro's five million daily readers and 50 million page views per month, drastically reducing their marketing spend and customer acquisition costs. Finally, the winners in each of the four categories secure a guaranteed audience with the CEO of dmg ventures and a chance to pitch for seed to series A funding of £250,000 to £1.5m, creating a funding opportunity which is invaluable, transformative and exceptionally rare.
The trustees are aware of and do regard the guidance issued by the Charity Commission.
## **Social investments**
Black British Initiative, specifically supports qualified Black business owners with a bursary, enabling them to take advantage of prestigious education. This is made possible through BBI's MBA 30 as short business course designed to boost prospects for 30 underserved Black entrepreneurs per cohort, simultaneously commemorating Stephen's 30th anniversary. Black British Initiative has ongoing support from sponsors/donors and will also apply funds from any grants to achieve it charitable for the current and forthcoming year.
(I) the promotion of equality and diversity by cultivating a sentiment in favour of promoting (II) Promoting access to benefits of formal and informal education amongst people of African or Afro Caribbean heritage (III) Promoting and fostering understanding between people of diverse backgrounds.
Page 1
BLACK BRITISH INITIATIVE
Trustees' Report for the Year Ended 31 December 2024
## **OBJECTIVES AND ACTIVITIES**
## **Grantmaking**
- Democratising executive education
- Boosting business growth for the underserved members of the Black community to challenge huge wealth disparities creating inequity.
- Platforms and events to promote racial justice, Diversity, Equity and inclusion
- Bursaries to remove financial barriers, preventing access to education
- Creation of physical and virtual platforms to give target democratic a voice to address relevant audiences
## **Volunteers**
BBI's MBA 30 has been supported by sponsors with volunteers/collaborators helping with administrative and marketing aspects of the course. Additionally, BBI has a rich ecosystem of industry experts sharing their expert sectorial knowledge, complimenting SOAS University of London's academics.
BBI also launched a series of masterclasses, delivered by world renowned brands and organisations who are leaders in their relative fields such as Media Monks, Mastercard and Hogan Lovells.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Black British Initiative has now run five cohorts of MBA 30 and impacted the lives of over 120 under privileged and underserved burgeoning entrepreneurs, providing an educational boost to help them run and grow their micro, often owner managed businesses, more successfully.
A growing partnership with various banks and financial organisations will see those who successfully complete MBA 30 go on to an accelerator and benefit from BBI's ecosystem made up of funders, professionals, sectorial leaders and business executives. Due to high, level intense work, BBI is well placed to meet and surpass its target by impacting a greater number of Black Entrepreneurs for 2025.
BBI has met its objectives in terms of its level of impact and numbers of lives improved, as captured in the many testimonials.
Please see link to testimonials and 2024 MBA 30 graduation video https://blackbritishinitiative.com/soas-mb-30-graduation/ https://blackbritishinitiative.com/testimonials/
## **Fundraising activities**
Now accredited by SOAS University of London, MBA 30 is the UK's only accredited accelerated MBA solely focussing on unlocking Black entrepreneurial talent, to alleviate wealth inequality and to help drive Britain's economic growth.
MBA 30 is now established and has met our aggressive targets. By delivering five cohorts we have comfortably exceeded our initial objectives and have plans to run another five cohorts in the next year. This means through the impact of MBA 30, BBI is on track to improve life chances for more underserved and underrepresented entrepreneurs.
Now the impact of MBA 30 has been proven beyond doubt, we intend to proactively seek out corporates, institutions and medium to large businesses with complimentary purpose and ethos to lend financial support.
Page 2
BLACK BRITISH INITIATIVE
## Trustees' Report
## for the Year Ended 31 December 2024
## **FINANCIAL REVIEW**
## **Financial position**
For the year ended 31 December 2024, the charity experienced a reduction in income compared with the previous year, primarily due to the completion of major grant-funded projects and fewer large one-off donations. Total income for the year was £63,908 (2023: £415,195).
Total expenditure for the year amounted to £176,036 (2023: £216,025), reflecting a significant reduction as a result of careful cost management and a focus on maintaining core charitable activities within available resources. Expenditure continued to support the charity’s principal programmes, including the MBA 30 Programme, in line with our strategic objectives to maximise impact for beneficiaries.
At the year end, the charity held net assets of £87,042 (2023: £199,170), comprising unrestricted reserves of £31,005 and restricted funds of £56,037. The positive unrestricted reserve balance demonstrates the trustees’ prudent management of general funds, ensuring the charity retains sufficient flexibility to meet ongoing commitments and respond to emerging opportunities. Restricted reserves represent funds held for specific projects, which will be utilised in accordance with donor requirements during the coming year.
While total reserves have decreased compared with the prior year, the trustees consider the charity’s financial position to be sound and sustainable. The current level of unrestricted reserves provides a reasonable cushion for operational needs and supports the charity’s short- to medium-term plans. The trustees regularly review the reserves policy to ensure it remains appropriate for the charity’s activities, size, and risk profile.
The trustees remain mindful of wider economic challenges and continue to monitor financial performance closely to safeguard the charity’s resilience and ability to deliver its mission effectively in the year ahead.
## **Principal funding sources**
The charity's principal fundraising supports projects that are in fulfilling the charity's obligations and comprise of restricted and unrestricted funds that can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds can only be used for specific purposes within the objects of the charity.
In this respect the charity's principle source of funding relates to sponsorship for MBA 30 bursaries and donations to support the charity at large.
Funds mainly come from corporates, institutions and large companies
Charity must continue to attract sponsors and supporters to maintain and expand its programmes
## **Investment policy and objectives**
The Black British Initiative manages its financial resources prudently to ensure long-term sustainability in support of its charitable objectives. The Charity's investment policy aims to protect and, where possible, grow its capital, generating a reasonable return while minimizing risk. Investment decisions are made with consideration to the Charity’s needs for liquidity and its ethical commitments, ensuring that investments align with the Charity’s values and do not conflict with its mission.
The Board of Trustees is responsible for overseeing the investment policy, regularly reviewing the portfolio’s performance, and making adjustments as necessary to ensure that investments remain in line with the Charity’s financial strategy. Investment income, alongside other sources of funding, enables the Charity to carry out its projects and initiatives effectively, ensuring that resources are maximized to support the Charity’s impact within the community.
## **Reserves policy**
To provide the stability necessary and to ensure the charity has the resource to consistently deliver its mission, we aim to maintain at least three to four months reserves and currently adhere to this policy. Amount of reserves held Five months at the year ended 31 December 2024.
Page 3
BLACK BRITISH INITIATIVE
Trustees' Report for the Year Ended 31 December 2024
## **FINANCIAL REVIEW**
## **Going concern**
Consistent with most charities, Black British Initiative has the challenge of raising funding to maintain and grow its current and planned programmes.
With the growing traction and popularity of Black British Initiative's projects, the charity is confident about the future and does not perceive any particular risk.
This confidence stems from high profile events such as the MBA 30 Graduation Ceremony, which is a public display of impact and is attended by donors, sponsors and corporate partners, a reminder of why their support is important and the impact it creates.
The board meets four to six times per annum and is provided with cash flow forecasts and additional information including an updated business plan to communicate BBI's status and where necessary, request the aid of all or various trustees to address any shortcomings or governance issues.
## **FUTURE PLANS**
The Black British Initiative is dedicated to advancing its mission and enhancing its impact in the community over the coming years. Building on our recent successes, we aim to expand our programs and services, focusing on initiatives that empower and support the Black British community. Our future plans include developing new partnerships with local organizations, enhancing outreach efforts to ensure we reach underserved populations, and increasing our fundraising activities to secure diverse income streams.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management**
Charity must continue to attract sponsors and supporters to maintain and expand its programmes.
Partnerships and collaborations are essential for BBI to achieve its objectives and it must continue to build a brand worthy of attracting blue chip organisations, leading institutions and large corporates, willing to support its mission during 2025
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1198015
## **Principal address**
12 Hay Hill London W1J 8NR
## **Trustees**
M J Lord Hastings Lord (resigned 22.7.24) Ms R J N A Aryiku Mr M G Hink (resigned 31.1.24) Ms A Rajkumar (resigned 24.1.25) Mr A A Xeni Mr C H Brook-Carter (appointed 12.12.24) Ms S M Bishton (appointed 12.12.24) Mr R O Sofoluke (appointed 9.4.25) Mr R J Bryan (appointed 5.9.25)
## **Independent Examiner**
Chris Pantazis BA ACA Chris Pantazis Ltd T/A CPS & Co Chartered Accountants 10A Aldermans Hill Palmers Green London N13 4PJ
Page 4
BLACK BRITISH INITIATIVE
Trustees' Report for the Year Ended 31 December 2024
## **FUNDS HELD AS CUSTODIAN FOR OTHERS**
The charity do not provide any custodian service for others.
Approved by order of the board of trustees on 29 October 2025 and signed on its behalf by:
Mr R J Bryan - Trustee
Page 5
Independent Examiner's Report to the Trustees of BLACK BRITISH INITIATIVE
## **Independent examiner's report to the trustees of BLACK BRITISH INITIATIVE**
I report to the charity trustees on my examination of the accounts of BLACK BRITISH INITIATIVE (the Trust) for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns 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.
Chris Pantazis BA ACA
Chris Pantazis Ltd T/A CPS & Co Chartered Accountants 10A Aldermans Hill Palmers Green London N13 4PJ
29 October 2025
Page 6
BLACK BRITISH INITIATIVE
## Statement of Financial Activities for the Year Ended 31 December 2024
|Unrestricted
MBA 30
funds
Programme
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
39,909
23,999
**EXPENDITURE ON**
Raising funds
3
92,574
83,462
**NET INCOME/(EXPENDITURE)**
(52,665)
(59,463)
**RECONCILIATION OF FUNDS**
Total funds brought forward
83,670
115,500
**TOTAL FUNDS CARRIED FORWARD**
31,005
56,037|31.12.24
31.12.23
Total
Total
funds
funds
£
£
63,908
415,195
176,036
216,025
(112,128)
199,170
199,170
-
87,042
199,170|31.12.24
31.12.23
Total
Total
funds
funds
£
£
63,908
415,195
176,036
216,025
(112,128)
199,170
199,170
-
87,042
199,170|
|---|---|---|
|||216,025|
|||199,170
-|
|||199,170|
The notes form part of these financial statements
Page 7
BLACK BRITISH INITIATIVE
## Statement of Financial Position
## 31 December 2024
|Unrestricted
MBA 30
funds
Programme
Notes
£
£
**FIXED ASSETS**
Tangible assets
7
776
-
**CURRENT ASSETS**
Debtors
8
36,667
-
Cash at bank
52,103
56,037
88,770
56,037
**CREDITORS**
Amounts falling due within one year
9
(58,541)
-
**NET CURRENT ASSETS**
30,229
56,037
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
31,005
56,037
**NET ASSETS**
31,005
56,037
**FUNDS**
11
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|31.12.24
Total
funds
£
776
36,667
108,140
144,807
(58,541)
86,266
87,042
87,042
31,005
56,037
87,042|31.12.23
Total
funds
£
1,035
-
204,135
204,135
(6,000)
198,135
199,170
199,170
83,670
115,500
199,170|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 October 2025 and were signed on its behalf by:
Mr R J Bryan - Trustee
The notes form part of these financial statements
Page 8
BLACK BRITISH INITIATIVE
Notes to the Financial Statements for the Year Ended 31 December 2024
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**|||
|---|---|---|
||31.12.24|31.12.23|
||£|£|
|Donations|63,908|415,195|
continued...
Page 9
BLACK BRITISH INITIATIVE
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
## **3. RAISING FUNDS**
|**Raising donations and legacies**
31.12.24
£
Office rent
6,600
Telephone
1,760
8,360
**Other trading activities**
31.12.24
£
Support costs
28,147
**Investment management costs**
31.12.24
£
Education
66,196
Consultancy
73,333
139,529
Aggregate amounts
176,036
**4.**
**SUPPORT COSTS**
Human
Governance
Management
Finance
resources
costs
£
£
£
£
Other trading activities
17,266
676
5,405
4,800|31.12.23
£
5,759
1,099
6,858
31.12.23
£
24,136
31.12.23
£
56,530
128,501|
|---|---|
||185,031|
||216,025|
||Totals
£
28,147|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
continued...
Page 10
BLACK BRITISH INITIATIVE
## Notes to the Financial Statements - continued for the Year Ended 31 December 2024
|**6.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**|||
|---|---|---|---|---|
|||Unrestricted|MBA 30|Total|
|||funds|Programme|funds|
|||£|£|£|
||**INCOME AND ENDOWMENTS FROM**||||
||Donations and legacies|227,195|188,000|415,195|
||**EXPENDITURE ON**||||
||Raising funds|143,525|72,500|216,025|
||**NET INCOME**|83,670|115,500|199,170|
||**TOTAL FUNDS CARRIED FORWARD**|83,670|115,500|199,170|
|**7.**|**TANGIBLE FIXED ASSETS**||||
|||||Computer|
|||||equipment|
|||||£|
||**COST**||||
||At 1 January 2024 and 31 December 2024|||1,380|
||**DEPRECIATION**||||
||At 1 January 2024|||345|
||Charge for year|||259|
||At 31 December 2024|||604|
||**NET BOOK VALUE**||||
||At 31 December 2024|||776|
||At 31 December 2023|||1,035|
|**8.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
||||31.12.24|31.12.23|
||||£|£|
||Prepayments and accrued income||36,667|-|
continued...
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BLACK BRITISH INITIATIVE
## Notes to the Financial Statements - continued for the Year Ended 31 December 2024
|**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 10)
Other creditors
**10.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
**11.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
Tuition fees contributed by the students
Other donation
**Restricted funds**
MBA 30 Programme
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
Tuition fees contributed by the students
Other donation
**Restricted funds**
MBA 30 Programme
**TOTAL FUNDS**|
At 1.1.24
£
12,195
71,475
83,670
115,500
199,170
Incoming
resources
£
39,908
1
39,909
23,999
63,908|31.12.24
31.12.23
£
£
53,741
-
4,800
6,000
58,541
6,000
31.12.24
31.12.23
£
£
53,741
-
Net
movement
At
in funds
31.12.24
£
£
39,908
52,103
(92,573)
(21,098)
(52,665)
31,005
(59,463)
56,037
(112,128)
87,042
Resources
Movement
expended
in funds
£
£
-
39,908
(92,574)
(92,573)
(92,574)
(52,665)
(83,462)
(59,463)
(176,036)
(112,128)|
|---|---|---|
continued...
Page 12
BLACK BRITISH INITIATIVE
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
## **11. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|At 1.1.23
£
**Unrestricted funds**
Tuition fees contributed by the students
-
Other donation
-
-
**Restricted funds**
MBA 30 Programme
-
**TOTAL FUNDS**
-
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
Tuition fees contributed by the students
12,195
Other donation
215,000
227,195
**Restricted funds**
MBA 30 Programme
188,000
**TOTAL FUNDS**
415,195
A current year 12 months and prior year 12 months combined position is as follows:|Net
movement
At
in funds
31.12.23
£
£
12,195
12,195
71,475
71,475
83,670
83,670
115,500
115,500
199,170
199,170
Resources
Movement
expended
in funds
£
£
-
12,195
(143,525)
71,475
(143,525)
83,670
(72,500)
115,500
(216,025)
199,170|
|---|---|
|**Unrestricted funds**
Tuition fees contributed by the students
Other donation
**Restricted funds**
MBA 30 Programme
**TOTAL FUNDS**|At 1.1.23
£
-
-
-
-
-|Net
movement
in funds
£
52,103
(21,098)
31,005
56,037
87,042|At
31.12.24
£
52,103
(21,098)
31,005
56,037
87,042|
|---|---|---|---|
continued...
Page 13
BLACK BRITISH INITIATIVE
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
## **11. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Tuition fees contributed by the students
Other donation
**Restricted funds**
MBA 30 Programme
**TOTAL FUNDS**|Incoming
resources
£
52,103
215,001
267,104
211,999
479,103|Resources
Movement
expended
in funds
£
£
-
52,103
(236,099)
(21,098)
(236,099)
31,005
(155,962)
56,037
(392,061)
87,042|
|---|---|---|
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2024.
Page 14
BLACK BRITISH INITIATIVE
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
|Detailed Statement of Financial Activities
for the Year Ended 31 December 2024|||||
|---|---|---|---|---|
||||31.12.24|31.12.23|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
||£|£|£|£|
|**INCOME AND ENDOWMENTS**|||||
|**Donations and legacies**|||||
|Donations|39,908|24,000|63,908|415,195|
|**Total incoming resources**|39,908|24,000|63,908|415,195|
|**EXPENDITURE**|||||
|**Raising donations and legacies**|||||
|Office rent|6,600|-|6,600|5,759|
|Telephone|1,760|-|1,760|1,099|
||8,360|-|8,360|6,858|
|**Investment management costs**|||||
|Education|-|66,196|66,196|56,530|
|Consultancy|73,333|-|73,333|128,501|
||73,333|66,196|139,529|185,031|
|**Support costs**|||||
|**Management**|||||
|Advertising|-|17,266|17,266|15,970|
|**Finance**|||||
|Bank charges|417|-|417|404|
|Computer equipment|259|-|259|345|
||676|-|676|749|
|**Human resources**|||||
|Computer costs|5,405|-|5,405|217|
|**Governance costs**|||||
|Accountancy and legal fees|4,800|-|4,800|7,200|
|Total resources expended|92,574|83,462|176,036|216,025|
|**Net income**|(52,666)|(59,462)|(112,128)|199,170|
This page does not form part of the statutory financial statements
Page 15