ENI-ITAN BAJOMO MEMORIAL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2024 Page 1 CONTENTS PAGE NO. ChARITY INFORMATION TRUSTEE'S REPORT INCOME AND EXPENDITURE ACCOUNT BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 10-13 Page 2 CHARITY INFORMATION CHARITY REGISTRATION NO: 1198263 TRUSTEES: Pastor Abimbola Olaide Odunsi - Chair Adetoyese Adedeji Olayinka Bajomo Stephen Adebowale Adepegba Bolarinwa Adepegba Aderonke Oluseyi Emmanuel SECRETARY: Olubunmi Awe REGISTERED OFFICE: 28 Savdyers Court CHATHAM ME4 &IH ACCOUNTANTS: GV Accounting Services LTD 6 Tyfield Close Cheshunt EN8 8QP BANKERS: CAF {Ch3rities Aid Foundation) 25 King5 Hill Avenue Kings Hill West Malling Kent ME19 4TA Page 3 ENI-ITAN BAJOMO MEMORIAL TRUST Trustees Report for year ended 31 March 2024 Objectives and Activities Objectlves and Aims The Charity's Objects are. for the benefit of the public=_ 11 The Prevention or Relief of Poverty and poverty and financial hardship in Ni8eria and anywhere else in thè world. In these main areas.. Education and Welfare. Empowering and carvtng an enviable future for young persons., 21 The advancement of the Christian religion to show the love of Jesus Christ by undertaking objective 111 above 31 To promote the efficiency and effectiveness of other charities whose object5 are similar to those of the Charity.. and 41 The furtherance of the charitable work of the Charity by the advancement of such other charitable purposes as the Trustee5 shall from time to time decide. Slgnlflcant actlvltles During the year the Charity has been compliant in the execution of its public benefit responsibilities by undertaking an exercise to identify orphans in Nigeria who were unable to continue their educatFon due to financial hardship and sponsoring such children for their education All activities of the charrty are for public benefit. Strategies for achleving objectives Our Strategy EDUCATION: This has been done ihi5 year by supporting the education of underprivileged young people from primary to tertiary level_ ENIMET obtained ¥eferrals from established orphanages and education providers who had previously vetted the applicants and then recomrnended eligible candidates to ENIMET. This method ensured a fair and judiciou5 pwocess of choosing the right people for sponsorship. ENIMET'S Educational Grants Prograrrme this year has helped individual students to begin their studies as well as support existing Students to continue and complete their studies. WELFARE.. Our future plan is that donations towards ENIMET'S community development projects will provide struggling communities with sustainable Infrastructure5 that would bring succor to their sufferin8s and make them function effectively. Page 4 Activities for carrying out objectives The activities undertaken durlng the reporting period include the following. 11 The fund-raising Gala Night was held on Saturday 21110123-. This was 3 well-attended ticketed event. Tickets were 501d for £65 per person and presentations were made about the mission and vision of ENIMET. There was 3 successful drive for new sponsors with prospective sponsors encouraged to sign-up to be regular givers by signing up for a Direct Debit or St3ndin8 Order. There were also 3 number of items donated for the raffle Èvent which also raised substantial funds_ The èvent included a presentation video about the Charity which was shown, and the heads of the Education Committee and Finance Committee took turns in speaklng about the activities and tasks that their committees were responsible for. The event also included a dinner and dance segment. Thi5 IS the annual fund raiser event of the charity 21 Presentation of Scholarships to the Beneftclaries of ENIMET Charity= This event is held annually on the 18th of October as that is the Birthday of Eni-itan Bajomo the person who the Charity was created in memory of following her tragic death in 2020 after 3 motof accident on the Mll on 2719120. This year's event saw 15 children given scholarship awards at a well-attended presentation event in Lag05, Nigeria Volunteers The effort, commitment and skills of OLtr volunteers are at the heart of our organisation. Incoming volunteers will attend a full induction programme including familiarisation with our various policies and procedures such as our Health and Safety Policy. Some of our long- standing volunteers have worked with u5 for considerablè periods contributing invaluable time and 5ki115, not to mention institutional memory, to the organisation. ENIMET has stron8 volunteer support. A5 part of thÈ Christian ethos of -the Givin8 of Time and Talents" we are pleased that so many people volunteer to help in all the different areas of th activities of ENIMET Primarily in raising funds. but also as being mentors and buddies to some of the children that we sponsor. Pald Staff ENIMET does not have any paid Staff lieview of activltles We undertake regular reviews of our activities via lesson learnt activities for every event and this helps us to capture learning and apply it to future activities. We have 2 main activities evèrv vear. namely.. The Annual Scholarship Award Event in Lagos, Nigeria on the 18th of October every vear and The annual Fund-raising Gala Nite event. wh October in London. United Kingdom. ch is normally held on the 3rd Saturday of Page 5 Funding and flnance The total funds raised in the reporting year of £9,295 is something we will look to build upon in future years as it was si£nificantly lower than last year 1£24.6071. This 15 due to some of our funds being held by Cashplus 8ank (now Zeni+hl which is being pursued. Future developments We will look to maximize the new technology and digital solutions to enhance giving opportunities. We al50 look to expand the sijpport given to students to become more holistic by appointing mentors and buddie5 to each student.. thereby providing them with a source Dt mental and physical support as well as financial assistance. In some cases, the mentors will also be role mode15 lor the students an¢J help them channel their ambitlOn5. We 3150 plan to look at opportunities to partner with similar charities with values and visions that align with ours. Risk management The trustees have assessed the major risks to which the charitable company 15 exposed, particularly those related to the operations and finances of ihe charity, and they are satisfied that system5 ère in place to mitig3te our exposure to the rnajor risks. STATEMENT OF TRUSTEE RESPONSIBILITIES The trustees are Tesponsible for preparing ihe Report of the Trustees and the financial staternents in accordance with applicable saw and United Kingdom Accounttng Standards IUn*ted Kingdom Generally Accepted Accounting Practice). Company law applicable to charities in England and Wales. the Charities Act 2011, Charity Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each (Accounts and Reports) financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure of the charity for that perlod. In preparing those financial statements. the trvstee5 are required to.. Select suitable accountin8 policies and then apply them Consistently,. Observe the methods and principles in the Charity SORP; Make 5udgements and estimates that are reasonable and prudent,. Prepare the financial staternents on the going ioncern basis unle55 It 15 inappropriate to presume that the Charity will contir)ue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the finaniial p051tion ol the charity and to enable thern to ensure that the financial stateFvenis comply with the Companie5 Art 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6 Thi5 report is preparÈd in accordance with the special provision of Part 15 of the Companies Act 2006 relatin8 to Small companies. Approved by order of the Board of Trustees on 12" December 2024 and signed.. ON BEHALF OF THE BOARD: Pastor Ablmbola Odunsi Chair of the Board of Tru$tee Page 7 ENI-ITAN BAIOMO MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 March 2024 Total 2024 Total 2023 Uoreslrirted l)o4ignated Restricted Notes IDc•ming Restyurtes liic'oming TvsourLesfmm geFtEraiedfiinds Donations. Legacies & Other Voluntary Income 9.?95 9295 24,607 Inv¢5tment Income Tolal Incoming Resources 9.295 9.295 24,607 Resources Expended C05t of ¥¢r]erating Vo]L￿thry In¢ome Fun(ITai5ing trading ¢o%ts of g(Nxl% sold 1 3308 3.308 4,765 Charitsble ALtivities Adinin & Govetnance Cost Oth¢T cosis of generaiiDg funds Tot#1 Resources Expendtd 1.581 1.581 520 1,910 493 7.J68 r+4et IncomlDg{ouigoing) resourc¢s 3,886 17.439 Brought forwatd from prci'iou5 year Loan RLpaymentrFund t)epreriaiion Surply￿(Derlc1t1 eathed foThard 17.439 21J25 17,4.39 The statetncnt of financTal a¢iiviti&% also complies with the requirem￿1 for ao inc4)me and cxpenithture account under the CoD]pallies Aci 2016. None of the eharity's activities ￿hICh were sthrted or discontin￿1 during the current or preNious year and all. operations continue. There #re no Tecognised ¥ains or10sses or th¥n those passing thrtkugh thc income and ex￿ndItU account. Pag& 8 ENI-ITAN BAIOMO MEMORIAL TRUST Balance Sheet As at 31 March 2024 2014 2023 Flxed As$tt Tangible Assets c.urrent Assets Debtor Cash at bank & in hand 17.439 45?8 17.4.19 Current Llabllilie5 Amouot fallin8 due within oDe year 1642) 4.4671 Nei Current Asset Total Asset less Current Liabilitles Cttditors.. Amount falling duc after one vear Net A$s¢ts The Fullds of the Chirit Linre51riLicd Restricted Totsl Fund5 1 ?.972 12.972 ZlJ25 For the year ending 3 1st Mar¢h 2023. the Lompanv was enlill￿ io exemptioTh from audii under seLtioD 477121 of the Companie) Aci 2016. The members hai'e noi required ihe compaTty io obtain an audit in acLordanee with section 476 ofihL CoTnp3nies Act 2016. The Directorfsi'.- 91 acknowledge Iheir respon%ibilitv In ensuring that the company keeps a¢eounting rerords which comply with seetion 386 of the Companieq Act 1016= and bl acknL)wlLdge their rcsponsibility for pr¢paring accounts w'hicb a tme ar￿ fait i iew of the 51at of affairs of the Lompan! a5 èl Ihc end of the financial year. and of its profil or IobS for ihe financial year. in accordance w'ith the requirement ofscction 393 of ihe Companies Aci 2016. and which othcN'ise comply with the Companies Acl r¢laiing to Kcounts. so far as applicable to this compans. These account% haTre been prepared in accordance with prn'ious applicable io cornpanies subject to the Small Cornpanics reg￿Me. The accounts were approi'ed by the Board on..... ..Dire¢tor Print Nam¢ Page 9 ENI-ITAN BAJOMO MEMORIAL TRUST Notes to the Financial statements For the period ended 31 March 2024 l Accountlng policies al Basis L)f preparation- the financial statements have been prepared under the historical cost. convention. The charity has tsken advantage of ihe exemption in Financial ReportinÉ Standard No I frorn the requirement to produce a cash flow statement on the grounts that it is a small charity. The accounts have been prepared in accordance with the Statement of recornmended practice. Accounting and Reporting by Charities" issued in Maich 2005 and the Companies Act 2016. bl In¢ominR ￿soUrCeS - Restricted grants ieceived in advance at thè year end for expenditure in a future accounting period are tarried forward as differed income. Restricted grants received but not fully utilised at the year end are carried forward balances on the basis that they may become repayable. Voluntary donations and gifts are accounted for as receNed. Publlc. No entries are required to be included in the accounts for the ffinancial value of such help. Interest re￿1vable on the charity's various bank accounts 15 allocated in fijll to unrestricted funds. cl Resour￿$ Expended 11 Cost of geneoting voluntaryfunds these indtsdes printing. publicity and fundrdiSingcosts. Publicsty costs include promotional costs for awardee events and multimedia expense5 IF) Charlty Artiwties Resource5 expended on charttable activities include all costs incurred in the pursutt of the charitable objerts of the charity Itncludin8 Communiry ￿nction costsl 1111 GLwernance Costs Governance costs include the cost of the independent Revfjewer together with the c05t of the AGM and trustees insurance. Iv) Depreciation - All assets Costing more than E150 are capitalised. TanEible fixed assets other than freehold land are Stated ai cost less depreciation. Depreciation is provided at rdtes calculated to write-off the cost less estimated residual value of each assets over it5 expected useful life as follows.. Furntture. Fsttin8 and other equipment Computers/Equiprnent Motorvehicles 33% on cost 100% on cost 25% on cost Page 10 vl General Infomiation.. the General Fvnds & Investtnents fund5 received during the year ha5 been utilised entirely for the purpose for which the charity was set up ¥ll Flnanclal obllgations.- Apart from the financial obligations described below. there are no other financial obltgatton Incorne Resources znatysis ijeslgnated Restrfcted 20Z4 Total 2023 Total restricted Funds generated froFn fund raising actr¥ities Loans 9.259 9.259 24,607 9.259 9,259 24.607 3 Taxation The company being a registe￿￿ charity with no trading income has been granted exemption from tax under secLion 505 of ICTA 1988. No provision fortaxation has therefore been made in these accounts. The Charity 15 not registered forvalue Added Tax. Page 11 4 Total Resources Expended Other Total 2024 Total 2023 Cost of generating funds.. Fundraising and Publicity 3.308 3.308 4.765 Charitable Expenditure.. Direct Project costs Staff & Volunteer Costs Prernises costs Legal & Professional costs Adminisrratiorn costs 1,581 1.581 1,9LXI 520 2.101 520 493 2.393 Depreciation Management and administration 2.101 2,393 5,409 7,158 5 Creditors Amount falling due within one year 2023 2023 Trustee's Loan Independent Examinerf5 Fee Other Creditors 647 647 Page 12 Reserves Polie!, The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. Thi5 is based on the charity's size and the level of financial commitments held. The trustees, aim to ensure the charity will be able to to continue to fulfil its charitable objective even if there is a temporary shortFall in income or unexpected expenditure for a period of 6 months. The director's will endeavour not to set-aside funds Page 13