2022-03-31-accounts - Race Equality Foundation

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Reports	Reports
Reference and administrative		details ofthe charity,	its
Management Committee	and its advisers		1
Introduction
Report ofthe Management		Committee	12
Independent examiner's	report to the members of
Race Equality Foundation			17
Financial Statements
Statement of Financial	Activities		19
Balance sheet			20
Statement ofCash Flows			21
Notes to the Financial	Statements		22

eference dvisers	and admi	nistrative		details of	the charity, its Manag	ement Com	ement Com	ement Com	ement Com	mittee an	d its	d its
				Status	The organisation	is a charitable				company	limited		by
					guarantee registered	as a charity			on	29 November		199S,
					and incorporated					on 20 March		1997.
	Management		Committee		C Pennie —Trustee and Chair		(resigned 20'" July				2022)
					KWoodley —Trustee and Chair			(appointed 19'"May
					2022)
					J Lane —Trustee and Vice Chair			(resigned 20'" July 2022)
					R Karim —Trustee and	Company Secretary (resigned						20'"
					July 2022)
					J Dumont-Barter —Trustee (resigned					20"July 2022)
					A Chowdry —Trustee and Company Secretary (resigned
					20'"July 2022)
					C Farquharson —Trustee
					T Gill —Trustee and Treasurer
					G Randhawa —Trustee
					M Owusu —Trustee
					R Anand —Trustee (appointed			19'"May 2022)
					JJutti-Johal —Trustee	(appointed			19'"May 2022)
					P Lawson —Trustee (appointed			19'"May 2022)
					D Mbeutcha —Trustee	(appointed			19'"May 2022)
					A Pinto —Trustee (appointed		19'"May 2022)
Registered	office and	operational		address	Unit 17Deane House	Studios
					27 Greenwood Place
					London
					NWS 1LB
	Company	registration		number	03121679(England and Wales)
	Charity	registration		number	1051096
	Independent			Examiner	McBrides Accountants	LLP
					Nexus House
					2 Cray Road
					Sidcup
					Kent
					DA14 SDA
				Actuaries	Barnett Waddingham	LLP

						2022	2021
				Restricted	Unrestricted	Total	Tota I
				funds	funds	funds	funds
			Notes	6	6	6	6
Income
Donations and legacies —Donations					48,031	48,031	21,082
Income from chantable activities
- Promoting good race relations			2	418,902	329,496	748,398	1,237,030
- Coronavirus job retention scheme			6		1,525	1,525	38,676
Investment income					36	36	205
Totalincome				418,902	379,088	797,990	1,296,993
Expenditure
Expenditure on charitable activities
—Promoting good race relations			3	487,594	379,706	867,300	1,180,239
Total expenditure				487,594	379,706	867,300	1,180,239
Net (expenditure)/income for the		year		(68,692)	(618)	(69,310)	116,754
Transfer offunds				8,550	(8,550)
Other recognised gains and losses:
- Re-measurement ofthe pension		fund net defined		liability/surplus
—Change in financial assumptions					175,000	175,000	(799,000)
—Return on plan assets excluding		interest income			343,000	343,000	885,000
—Asset ceiling adjustment			14		(431,000)	(431,000)
Net income and net movement year	in	funds	for the	(60,142)	77,832	17,690	202,754
Fund balances brought forward				60,142	230,556	290,698	87,944
Fund balances carried forward					308,388	308,388	290,698

As at 31March 2022
			Notes	2022	2022	2021	2021
				6	6	6	6
Fixed assets
Tangible assets					794		1,370
Current assets
Debtors			10	135,914		126,233
Cash at bank and in hand				337,392		460,953
Total Current Assets				473,306		587,186
Liabilities
Creditors falling due within one year				(165,712)		(245,858)
Net Current Assets					307,594		341,328
Total assets less current	liabilities				308,388		342,698
Creditors falling due after more than		one
year
—Pension liability			14				(52,000)
Total Net Assets/(Liabilities)					308,388		290,698
The funds ofthe chadity
Restricted income funds			12				60,142
Unrestricted income funds
—General fund			12		308,388		282,556
—Pension reserve			14				(52,000)
Total Funds/(Deficit)					308,388		290,698

Forthe year ending 31Mar	ch 2022
		Notes		2022	2022	2021	2021
				6	6	f	6
Net income/(expenditure)					(69,310)		116,754
Adjustments:
—Investrnenl income					(36)		(205)
—Depreciation					576		671
—Pension fund					35,000		17,000
—(Increase)in debtors				(9,681)		(19,955)
—(Decrease)/Increase in creditors				(80,146)	(89,827)	114,375	94,420
Net cash generated by operating	activities				(123,597)		228,640
Cash provided/(used) by investing	activities
- Investment income					36		205
- Capital expenditure							(1,714)
(Decrease)/Increase in cash and cash equivalents			in the	year	(123,561)		227,131
Cash and cash equivalents at the	beginning	ofthe	year		460,953		233,822
Cash and cash equivalents at the	end ofthe	year			337,392		460,953
Cash on deposit (less than 3 months)					335,577		458,510
Cash on current account and in hand					1,815		2,443
Total cash and cash equivalents					337,392		460,953

2.Income from charitable	2.Income from charitable	2.Income from charitable	activities			Restricted	Unrestricted	2022	2021
						funds	funds	Total	Tota I
								funds	funds
								E	E
Grants
Dept. of Health	—Health and Wellbeing					92,681		92,681	89,500
Dept. of Health	—Health and Wellbeing:			Parental	confhct				30,000
Dept. of Health	—COVID-19: Dementia								475,030
NHS England —Learning		disabilities							50,000
SFSCRandomised Control Trial						84,050		84,050	65,850
SFSCWaltham	Forest					48,516		48,516	106,353
SFSCWestminster						70,500		7D,500	85,431
SFSCCookham	Wood					1,660		1,660	29,555
SFSCCity of London						300		300	25,912
SFSC - Other						78,659		78,659	75,006
The Health Foundation		—Collaboration		for Wellbeing
and Health						24,216		24,216	50,297
The Baring Foundation		—Inclusion	in Arts and Mental
Health activities									10,000
ADAPT Study						18,320		18,320
Other income
SFSCTraining and reference matenal							176,586	176,586	88,987
Consultancy							152,910	152,910	55,109
						418,902	329,496	748,398	1,237,030
					2021	1,092,934	144,096	1,237,030


3.Expenditure on charitable					activities			Central core	Staff costs	Direct	2022	2021
								costs	(Refer to	OPerating costs	Total	Total
								(Referto	nate 6)
								note 4)
								f
Dept. of Health —Health		and Wellbeing						16,304	66,158	10,340	92,802	89,841
Dept. of Health —Health Parental conflict		and Wellbeing:										30,539
Dept. of Health —COVID-19: Dementia												475,153
NHS England —Learning		disabilities						9,400	38,145	400	47,945	2,256
SFSCRandomised Control Tnal								13,413	54,428	16,912	84,753	67,837
SFSCWaltham Forest								7,788	31,603	9,595	48,986	107,056
SFSCWestminster								8,439	34,242	28,385	71,066	86,756
SFSCCookham Wood								370	1,503		1,873	29,810
SFSCCity of London												26,646
SFSC - Other								13,364	54,227	11,122	78,713	75,335
The Health Foundation Wellbeing and Health	—Collaboration					for		4,514	18,319	9,624	32,457	43,119
The Baring Foundation Mental Health activities	—Inclusion				in Arts and			445	1,806	4,771	7,022	4,780
ADAPT Study								2,408	9,769	9,800	21,977
SFSCTraining and reference			material							41,089	41,089	21,719
Consultancy								90,716	226,079	18,466	335,261	61,929
Coronavirus lob Retention staff costs			Scheme furloughed						3,356		3,356	57,463
								167,161	539,635	160,504	867,300	1,180,239
							2021	110,226	490,967	579,046	1,180,239
											2022	2021
4.Support and governance				costs							f	f
Further analysis
Premises costs											85,540	58,914
Communication costs											3,458	1,640
Legal and ether professional			fees		including		consultancy				15,766	11,485
Pension scheme
-Current service cost											71,000	50,000
- Interest cost (net of return			on	scheme		assets)					1,000	3,000
—Contributions paid gr allocated				in Staff		costs					(39,000)	(38,000)
-Administration expense											2,000	2,000
Office costs											25,665	18,107
Depreciation											576	671
Other costs											1,156	2,409
											167,161	110,226

This is state	d after ch		arging	:
							2022	2021
							6	6
Depreciation							576	671
Governance	Costs:
—Trustees	expenses
—Auditors	remuneration		(excludmg		VAT)			4,750
—Independent examination				(excluding		VAT)	1,800
Rentals under operating			leases:
—Property	(excluding	VAT)					55,258	34,787
—Equipment							666	399
6.Staff costs and numbers
Staff costs	during the		year	were	as	follows:
							2022	2021
							6	6
Salaries							448,551	405,426
Social security costs							41,840	36,823
Pension costs							46,604	46,303
Staff training	&Welfare		costs				2,640	2,415
							539,635	490,967

The average	number ofempl	oyees during the year was as follow	s:
			2022	2021
			No	No
Chief Executive Officer			1	1
Project staff			12	11
Management	and administrative	staff	1	1
			14	13


9.Tangible	fixed assets	Leasehold	Furniture	&	Plant &	Office	Restricted		Total
		Improvements	Fixtures		Machinery	Equipment		Fund
							Equipment
								E
Cost
At 1April 2021		44,018	3,631		10,932	13,919	4,870		77,370
Additions
Disposals
At 31March	2022	44,018	3,631		10,932	13,919	4,870		77,370
Depreciation
At 1April 2021		44,017	3,631		10,932	12,550	4,870		76,000
Charge for year						576			576
At 31March	2022	44,017	3,631		10,932	13,126	4,870		76,576
Net book values
At 31March	2021					1,369			1,370
At 31March	2022					793			794
10.Debtors							2022		2021
							E		E
Fees receivable							55,251		78,840
Prepayment	and other debtors						80,663		47,393
							135,914		126,233


11.Creditors:	amounts		falling due within one year	2022	2021
				E	E
Trade creditors				26,421	39,971
Social security and other taxes				12,539	11,549
Value Added Tax				6,268
Pension contributions				5,790	5,390
Deferred income				66,310	107,494
Accruals and sundry		creditors		48,384	81,454
				165,712	245,858


11aDeferred Income			2022	2021
			E	E
Deferred Income	brought forward		107,494	57,316
Released to income in the year			(107,494)	(57,316)
Deferred income	in the year		66,310	107,494
Deferred Income	carried forward	(See note 11)	66,310	107,494

delivered were as fo	l	lows:
							At 1April	Income	Expenditure	Transfer of Funds	At 31March
							2021				2022
							6		E	f	6
Revenue funding
Dept. of Health —Health and			Wellbeing					92,681	(92,802)	121
(why wellbeing is relevant to			health	policy)
NHS England —Learning		disabilities					47,744		(47,945)	201
SFSCRandomised Control Trial								84,050	(84,753)	703
(evaluating the effectiveness			of parenting
programmes)
SFSCparenting programmes			for
Waltham Forest								48,516	(48,986)	470
Westminster								70,500	(71,066)	566
Cookham Wood								1,660	(1,873)	213
City of London								300		(300)
Other								78,659	(78,713)	54
The Health Foundation		—Collaboration			for
Wellbeing and Health							7,178	24,216	(32,457)	1,063
(collective action to address the wider
determinants of health)
The Baring Foundation		(issues around			the
inclusion of Ethnically	Diverse communities					in
Arts and Mental Health		Activities)					5,220		(7,022)	1,802
ADAPT Study								18,320	(21,977)	3,657
Total restricted funds							60,142	418,902	(487,594)	8,550
Total unrestricted funds
- General fund							282,556	379,088	(379,706)	26,450	308,388
- Pension reserve							(52,000)		87,000	(35,000)
Totalfunds							290,698	797,990	(780,300)		308,388

13.Analysis of	13.Analysis of	net	assets between	funds		Restricted	Unrestricted	Total	Total
						funds	funds	2022	2021
						f	f	f	f
Fund balances at		31	March
Are represented		by:
—Tangible	fixed assets						794	794	1,370
—Current	assets						473,306	473,306	587,186
Creditors: amounts			falling due within	one year			(165,712)	(165,712)	(245,858)
Pension	liability	provision							(52,000)
Total net	assets						308,388	308,388	290,698
					2021	00,142	230,556	290,698

The major assumptions	The major assumptions	The major assumptions	used by Barnett Waddingh	used by Barnett Waddingh	2022	2021
Rate ofincrease		in salaries			4.20	3.80
Rate ofincrease		in pensions		(CPI)	3.20	2.80
Discount rate					2.60	2.00
Rate ofinflation		(20years	duration):
- CPiincreases					3.20	2.80
RPlincreases					3.55	3.20
The mortality	assumptions			used were:	2022	2021
					Yeai'5	Years
Longevity at age		65 retiring		today
- Males					21.6	21.6
Females					23.7	23.6
Longevity at age		65 retiring		in 20years
- Males					23.0	22.9
Females					25.1	25.1


The estimated asset allocation	in the	scheme and present value	ofscheme liabilities	2022	2021
were:				f000's	f000's
Equities				2,829	2,666
Gilts				112	111
Other bonds				206	216
Property				386	307
Cash/temporary investments				120	204
Alternative assets				582	498
Other managed funds				476	312
Far value ofscheme assets (bid value)				4,711	4,314
Present value ofscheme liabilities				(4,280)	(4,366)
Net asset/(liability)				431	(52)
The reconciliation ofopening and closing balances ofthe present benefit obligation is as follows:			value ofthe defined	2022 f000's	2021 6000's
Opening defined benefit obligation				4,366	3,504
Current service cost				71	50
Interest cost				87	82
Change in financial assumptions				(183)	873
Change in demographic assumptions					(37)
Expenence loss/(gain) on defined	benefit	obligation		8	(37)
Estimated benefits paid (net oftransfers		in)		(82)	(82)
Contribution by scheme participants				13	13
Closing defined benefit obligation				4,280	4,366

service cost, together with a +/- 1year ag	e rating adjustme	nt to the mortality a	ssumption is as follows:
		f000's	6000's	6000's
Adjustment to discount rate		+0.1%	0.0%	-0.190
Present value oftotal obligation		4,203	4,280	4,359
Projected service cost		64	66	68
Adjustment to life expectancy assumptions		+ 1year	None	-1year
Present value oftotal obligation		4,456	4,280	4,111
Projected service cost		69	66	63
Adjustment to long term salary increase assumptions		401%	0.0/	-01%
Present value oftotal obligation		4,294	4,280	4,267
Projected service cost		66	66	66
Adjustment to pension increases and deferred	revaluation	+0.1%	0.0%	-0.19'
Present value oftotal obligation		4,432	4,280	4,217
projected service cost		71	66	64

14 Pension com	mitme	nt	s (continued)
The reconciliation offair	value	of	scheme assets is	as follows:		2022	2021
						EOOD's	EOOD's
Opening fair value ofscheme assets						4,314	3,383
Interest on assets						86	79
Return on assets less interest						343	885
Administration expenses						(2)	(2)
Contnbutions by employer	including		unfunded			39	38
Contributions by fund participants						13	13
Estimated benefits paid (net oftransfers in and including				unfunded)		(82)	(82)
Far value ofscheme assets	(bid value)					4,711	4,314
Asset ceiling adjustment						(431)
Closing fair value ofscheme	assets					4,280	4,3)4
The reconciliation ofscheme assets and liabilities				is as	Assets	Liabilities	Total
follows:					EOOD's	EOOD's	f000's
At 1April 2021					4,314	(4,366)	(52)
Benefits paid					(82)	82
Employer contributions					39		39
Fund participant contributions					13	(13)
Current service cost						(71)	(71)
Administration expense					(2)		(2)
Interest income/(expense)					86	(87)	(1)
Experience gain on defined	benefit	obhgation				(8)	(8)
Re-measurement gains/(losses)
- Change in financial assumptions						183	183
- Return on plan assets excludmg		interest income			343		343
- Asset ceiling adjustment					(431)		(431)
At 31March 2022					4,280	(4,280)

leases fo	r the following periods:
		Land and buildings			Other
Payments	due	2022	2021	2022		2021
		6	6	6		E
Not later	than one year			555		599
Later than	one year and not later than five years
Total				555		599

						2021	2020
				Restricted	Unrestricted	Total	Total
				funds	funds	funds	funds
Income
Donations and legacies - Donations					21,082	21,082
Income from charitable activities
—Promoting good race relations				1,092,934	144,096	1,237,030	934,961
- Coronavirus job retention scheme					38,676	38,676
Investment income					205	205
Total income				1,092,934	204,059	1,296,993	934,961
Expenditure
Expenditure on charitable activities
- Promoting good race relations				1,039,128	141,111	1,180,239	922,448
Total expenditure				1,039,128	141,111	1,180,239	922,448
Net income for the year				53,806	62,948	116,754	12,513
Transfer of Funds				6,336	(6,336)
Other recognised gains and losses:
-Re-measurement ofthe pension fund net defined			liability
Change in financial assumptions					(799,000)	(799,000)	451,000
Return on plan assets excluding		interest income			885,000	885,000	(269,000)
Net income and net movement	in funds for the
year				60,142	142,612	202,754	194,513
Fund balances brought forward					87,944	87,944	(106,569)
Fund balances carried forward				60,142	230,556	290,698	87,944