2023-03-31-accounts - Race Equality Foundation

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Reports
Reference and administrative			details ofthe charity,	its
Management	Committee	and its advisers
Welcome
Report ofthe	Management		Committee
Independent	Auditor's report to the members of
Race Equality	Foundation				18
Financial Statements
Statement of	Financial Activities				22
BaIance sheet					23
Statement of	Cash Flows				24
Notes to the	Financial Statements				25

Charity reference and administrative information	Charity reference and administrative information	Charity reference and administrative information	Charity reference and administrative information	Charity reference and administrative information
Legal Status				The organisation is a charitable company		limited by guarantee
				registered as a charity on 29 November		1995,and incorporated	on
				20 March 1997.
Management		Committee		Karin Woodley CBE —Trustee and Chair		(appointed 19'"May 2022)
				Dr Clenton Farquharson CBE —Trustee
				Tajinder Gill —Trustee and Treasurer
				Professor Gurch Randhawa —Trustee
				Melvina Woode Owusu —Trustee
				Reena Anand —Trustee (appointed 19'"		May 2022)
				Professor Jagbi Jutti-Johal —Trustee (appointed 19'"May 2022)
				Patricia Lawson —Trustee (appointed	19'"May 2022)
				Donald Mbeutcha —Trustee (appointed		19'"May 2022)
				Amanda Pinto KC —Trustee (appointed		19'"May 2022)
				Constantia Pennie —Trustee and Chair	(stood down 20'" July
				2022)
				Jane Lane — Trustee and Vice Chair (stood down 20'" July 2022)
				Razia Karim —Trustee and Company Secretary (stood down 20'"
				July 2022)
				Judi Dumont-Barter —Trustee (stood down 20'" July 2022)
				Abdul Chowdry —Trustee and Company		Secretary (stood down
				20'" July 2022)
Chief Executive				Jabeer Butt OBE
Registered	office and			Unit 17Deane House Studios, 27 Greenwood Place
operational		address		London NWS 1LB
Company	registration			03121679(England and Wales)
number
Charity registration			number	1051096
Auditors				McBrides Accountants LLP
Actuaries				Barnett Waddingham LLP
Bankers				Barclays Bank PLC

					2023	2022
			Restricted	Unrestricted	Tote I	Total
			funds	funds	funds	funds
		Notes	E	E	6	E
Income
Donations and legacies	—Donations			6,968	6,968	48,031
Income from charitable	activities
- Promoting good race	relations		582,432	431,978	1,014,410	748,398
—Coronavirus job retention scheme						1,525
Investment income				596	596	36
Total income			582,432	439,542	1,021,974	797,990
Expenditure
Expenditure on charitable activities
- Promoting good race	relations		498,434	497,858	996,292	867,300
Total expenditure			498,434	497,858	996,292	867,300
Net income/(expenditure) for the year			83,998	(58,316)	25,682	(69,310)
Transfer offunds			2,010	(2,010)
Other recognised gains	and losses:
-Re-measurement ofthe pension fund net defined
liability/surplus
—Change in financial assumptions		14		1,593,000	1,593,000	175,000
—Return on plan assets excluding		14		(105,000)	(105,000)	343,000
interest income
—Asset ceiling adjustment		14		(1,390,815)	(1,390,815)	(431,000)
Net income and net movement		in funds for the	86,008	36,859	122,867	17,690
year
Fund balances brought	forward			308,388	308,388	290,698
Fund balances carried forward			86,008	345,247	431,255	308,388

As at 31M	arch 2023
			Notes	2023	2023	2022	2022
				6	E	E	E
Fixed assets
Tangible assets					218		794
Current assets
Debtors due	within one year		10a	247,322		135,914
Debtors due	m more than	one year	10b	52,790
Cash at bank	and in hand			414,977		337,392
Total Current	Assets			715,089		473,306
Liabilities
Creditors falhng due within one year				(284,052)		(165,712)
Net Current	Assets				431,037		307,594
Total assets	less current	liabilities			431,255		308,388
Tota I Net Assets					431,255		308,388
The funds of	the charity
Restricted income funds			12		86,008
Unrestricted	income funds
General fund			12		266,062		308,388
Pension reserve			12,14		79,185
Total Funds					431,255		308,388

For the year ending 3	1	Ma	rch 2023
				Notes		2023	2023	2022	2022
						6	6	6	6
Net income/(expenditure)							25,682		(69,310)
Adjustments:
- Investment mcome							(596)		(36)
Depreciation							576		576
Pension fund							97,185		35,000
-(Increase) in debtors						(164,198)		(9,681)
- Increase in creditors						118,340	(45,858)	(80,146)	(89,827)
Net cash generated by operating			activities				76,989		(123,597)
Cash provided by investing	activities
- Investment income							596		36
-Capital expenditure
Increase/(Decrease) in cash and			cash equivalents		in the	year	77,585		(123,561)
Cash and cash equivalents	at the beginning			ofthe	year		337,392		460,953
Cash and cash equivalents	atthe end ofthe			year			414,977		337,392
Cash on deposit (less than	3	months)					412,555		335,577
Cash on current account and		in hand					2,422		1,815
Total cash and cash equivalents							414,977		337,392

2.Income from	2.Income from	charitable	charitable	activities	activities		Restricted	Unrestricted	2023	2022
							funds	funds	Total	Total
									funds	funds
									6	6
Grants
Dept. of Health —Health			and	Wellbeing			92,681		92,681	92,681
London Borough of Waltham				Forest: Parental
conflict							42,000		42,000
Barnardo's Trauma		and Racism Project					20,000		20,000
Burdett Trust	for Nursing		grant				179,400		179,400
SFSCRandomised		Control Trial					93,693		93,693	84,050
SFSC London	Borough ofWaltham				Forest					48,516
SFSC London	Borough ofWestminster						76,797		76,797	70,500
SFSCCookham Wood										1,660
SFSC City of London										300
SFSC —Other							73,413		73,413	78,659
The Health Foundation —Collaboration						for Wellbeing
and Health										24,216
ADAPT Study							4,448		4,448	18,320
Other income
SFSCTraining	and	reference		material				172,438	172,438	176,586
Consultancy								259,540	259,540	152,910
							582,432	431,978	1,014,410	748,398
						2022	418,902	329,496	748,398


3.Expenditure on charitable		activities				Central		Staff costs	Direct	2023	2022
						core costs		(Referto	operating	Total	Total
						(Referto		note 6)	costs
						note	4)
						5
Dept. of Health —Health and	Wellbeing					16,818		71,623	4,281	92,722	92,802
London Borough ofWaltham Parental conflict	Forest:						5,667	24,133	13,305	43,105
Barnardo's Trauma and Racism		Project					3,809	16,221		20,030
Burdett Trust for Nursing Grant							5,373	22,880	65,139	93,392
NHS England —Learning disabilities											47,945
SFSC Randomised Control )rial							9,980	42,500	41,328	93,808	84,753
SFSC London Borough of Waltham			Forest								48,986
SFSC London Borough of Westminster							8,320	35,434	33,491	77,245	71,066
SFSCCookham Wood											1,873
SFSCCity of London
SFSC - Other						13,990		59,580		73,570	78,713
The Health Foundation —Collaboration				for
Wellbeingand Health											32,457
The Baring Foundation —Inclusion			in Arts
and Mental Health activities											7,022
ADAPT Study							867	3,693		4,560	21,977
SFSCTraining and reference	material						2,970	12,647	88,274	103,891	41,089
Consultancy						81,561		270,686	41,722	393,969	335,261
Coronavirus lob Retention Scheme
furloughed staff costs											3,356
						149,355		559,397	287,540	996,292	867,300
				2022		167,161		539,635	160,504	867,300
4.Support and governance		costs								2023 E	2022 E
Further analysis
Premises costs										80,952	85,540
Communication costs										4,948	3,458
Legal and other professional	fees including				consultancy					15,929	15,766
Pension scheme
- Current service cost										68,000	71,000
- Interest cost (net ofreturn	on	scheme		assets)						(12,000)	1,000
- Contributions paid &allocated		in	Staff	costs						(41,000)	(39,000)
-Administration expense										3,000	2,000
Office costs										26,096	25,665
Depreciation										576	576
Other costs										2,854	1,156
										149,355	167,161

This is state	d after ch	a	rgin	g:
							2023	2022
							E	E
Depreciation							576	576
Governance	Costs.'
-Trustees'	expenses						765
- Auditors'	remuneration		(excluding		VAT)		5,850
- Independent examination				(excluding		VAT)		1,800
Rentals under operating			leases:
- Property	(excluding	VAT)					55,258	55,258
- Equipment	(excluding		VA1	)			666	666

		2023	2022
		6	E
salanes		460,540	448,551
Socialsecurity	costs	45,094	41,840
Pension costs		49,935	46,604
Staff training	&welfare costs	3,828	2,640
		559,397	539,635

The average	number of empl	oyees during the year was as fo	llows:
			2023	2022
			No	No
Chief Executive Officer
Project staff				12
Management	and administrative	staff		1
			13	14

9.Tangible	fixed assets	fixed assets	Leasehold	Furniture	&	Plant &	Officefquipment	Restricted	Total
			Improvements	Fixtures	Machinery			Fund
							E	Equipment
						E		6
Cost
At 1April 2022			44,018	3,631		10,932	13,919	4,870	77,370
Additions
Disposals
At 31March	2023		44,018	3,631		10,932	13,919	4,870	77,370
Depreciation
At 1April 2022			44,017	3,631		10,932	13,126	4,870	76,576
Charge for year							576		576
At 31March	2023		44,017	3,631		10,932	13,702	4,870	77,152
Net book values
At 31 March	2022						793		794
At 31March	2023						217		218
10.Debtors								2023	2022
								6	6
Fees receivable								164,824	55,251
Prepayment	and other	debtors						56,103	80,663
Defined benefit pension		fund contributions						26,395
al Debtors	due within	one year						247,322	135,914
b) Debtors	due in more than one year; Defined			benefit pension		fund contributions		52,790

11.Creditors:	amounts	2023	2022
		E	6
Trade creditors		20,087	26,421
Social security and other taxes		13,330	12,539
Value Added Tax		22,366	6,268
Pension contributions		6,003	5,790
Deferred income		166,872	66,310
Accruals and sundry	creditors	55,394	48,384
		284,052	165,712

Notes to the Financial S	tate	m	ents
11aDeferred income							2023		2022
							E		E
Deferred Income brought forward							66,310		107,494
Released to income m the year							(66,310)		(107,494)
Deferred income in the year							166,872		66,310
Deferred Income carried forward		(See note 11)					166,872		66,310
12.Restricted and Unrestricted			funds
During the year to 31March 2023the funds				ofthe charity included		restricted funds held on trusts			to be
applied for specific purposes.		The Trustees		Report contains a fuller		description	ofthe individual	activities. The
programmes delivered were as follows:
			At 1April		Income	Expenditure	Transfer of Funds		At31March
				2022					2023
				E		E		6	E
Revenue funding
Dept. of Health —Health and	Wegbeing				92,681	(92,722)	41
(why wegbeing is relevant to	health		policy)
Barnardo's Trauma and Raosm Project					20,000	(20,030)	30
(investigate the impact oftrauma		&	raosm
on BAME young people, children		and
families)
Burdett 1rust for Nursing					179,400	(93,392)			86,008
(high blood pressure amongst	Black		African
and Caribbean people)
SFSC Randomised Control Trial					93,693	(93,808)	115
(evaluating the effectiveness	of parenting
programmes)
SFSCparenting programmes	for
London Borough ofWaltham		Forest			42,000	(43,105)	1,105
London Borough ofWestminster					76,797	(77,246)	449
Other					73,413	(73,571)	158
ADAPT Study					4,448	(4,560)	112
Total restricted funds					582,432	(498,434)	2,010		86,008
Total unrestricted funds
- General fund				308,388	439,542	(497,858)	15,990		266,062
- Pension reserve						97,185	(18,000)		79,185
Total funds				308,388	1,021,974	(899,107)			431,255
Fund balances at 31March
Are represented by:
- Tangible fixed assets						218	218		794
- Current assets due within one year					86,008	576,291	662,299		473,306
- Current assets due in more	than	one year				52,790	52,790
- Creditors: amounts falling due within one year						(284,052)	(284,052)		(165,712)
)otal net assets					86,008	345,2il7	431,255		308,388
				2022		308,388	308,388

The major assumptions	The major assumptions	The major assumptions	used by Barnett Waddingham	2023	2022
Rate ofincrease		in saladies		3.90	4.20
Rate ofincrease		in pensions	(CPII	2.90	3.20
Discount rate				4.80	2.60
The mortality	assumptions		used were:	2023	2022
				Years	Years
Longevity at age		65 retiring	today
- Males				21.1	21.6
Females				23.5	23.7
Longevity at age		65 retiring	in 20years
- Males				22.3	23.0
- Females				25.0	25.1

14 Pension commitm	e	nts	(contlnued)
The estimated asset allocation		in the	scheme and present value ofscheme	2023	2022
liabilities were:				EOOO	EOOO
Equities				2,734	2,829
Gilts				69	112
Other bonds				0	206
Property				389	386
Cash/temporary investments				153	120
Alternative assets				751	582
Other managed funds				650	476
Far value ofscheme assets (bid value)				4,746	4,711
Present value ofscheme liabilities				(2,845)	(4,280)
Net asset/(liability)				1,901	431
The reconciliation ofopening	and closing balances ofthe present value ofthe			2023	2022
defined benefit obligation is as		follows:		EOOO	EOOO
Opening defined benefit obligation				4,280	4,366
Current service cost				68	71
Interest cost				110	87
Change in Financial assumptions				(1,384)	(183)
Change in demographic assumptions				(67)
Experience loss/(gain) on defined	benefit		obligation	(91)	8
Estimated benefits paid (net oftransfers			in)	(85)	(82)
Contribution by scheme participants				14	13
Closing defined benefit obligation				2,845	4,280

projected follows:	service cost, together with a +/- 1y	ear age ratin	g adjustment to	the mortality	assumption	is as
		EOOO	EOOO	EOOO	EOOO	EOOO
Adjustment	to discount rate	+0.596	+0.1st	0.09'	-0.19'	-0.5%
	Present value oftotal obligation	2,654	2,805	2,845	2,886	3,058
	Projected service cost	33	36	37	38	42
Adjustment	to long term salary increase	+0.596	+0.1%	0.09S	-0.196	-0.5Y
assumptions
	Present value oftotal obligation	2,877	2,851	2,845	2,839	2,814
	Projected service cost	37	37	37	37	37
Adjustment	to pension increases and deferred	+0.59'	+0.19'	0.0%	-0.19'	-0.5%
revaluation
Present value oftotal obligation		3,029	2,880	2,845	2,811	2,681
Projected service cost		42	38	37	36	33
Adkustment	to life expectancy assumptions		+1year	None		-1year
Present value oftotal obligation			2,949	2,845		2,745
Projected service cost			38	37		36

The reconciliation offair value	of	scheme assets is as follows:	scheme assets is as follows:	scheme assets is as follows:		2023	2022
						6000	EOOO
Opening fair value ofscheme assets						4,711	4,314
Interest on assets						122	86
Return on assets less interest						(105)	343
Other actuarial gains/(losses)						51
Administration expenses						(3)	(2)
Contributions by employer including		unfunded				41	39
Contributions by fund participants						14	13
Estimated benefits paid (net oftransfers			in and including	unfunded)		(85)	(82)
Far value ofscheme assets (bid value)						4,746	4,711
Asset ceiling adjustment						(1,822)	(431)
Closing fair value ofscheme assets						2,924	4,280
The reconciliation ofscheme assets and liabilities				is as	Assets	Liabilities	Total
follows:					EOOO	EOOO	EOOO
At 1April 2022					4,280	(4,280)
Benefits paid					(85)	85
Employer contributions					41		41
Fund participant contributions					14	(14)
Current service cost						(68)	(68)
Admimstration expense					(3)		(3)
Interest income/(expense)					122	(110)	12
Experience gain on defined benefit	obligation					91	91
Other actuarial gains/(losses)					51		51
Re-measurement gains/(losses)
- Change in financial assumptions						1,384	1,384
-Change in demographic assumptions						67	67
- Return on plan assets excluding	interest income				(105)		(105)
—Asset ceiling adjustment					(1,391)		(1,391)
At 31March 2023					2,924	(2,845)	79

				Land and bwldings
Payments	due			2023	2022	2023	2022
				E	E	E	E
Not later	than	one year				666	555
Later than	one year and not later than five years
Total						666	555
Negotiations		with the landlord	continue for the continued	occupation ofthe offices

							2022	2021
				Notes	Restricted	Unrestricted	Total	Total
					funds	funds	funds	funds
Income
Donations and legacies - Donations						48,031	48,031	21,082
Income from charitable activities
- Promoting good race relations					418,902	329,496	748,398	1,237,030
- Coronavirus job retention scheme						1,525	1,525	38,676
Investment income						36	36	205
Total income					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 income for the year					(68,692)	(618)	(69,310)	116,754
Transfer of Funds					8,550	(8,550)
Other recognised gains and losses:
- Re-measurement ofthe pension		fund net defined		liability
-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	in	funds	for the
year					(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