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2021-03-31-accounts

ACTION FOR RACE EQUALITY (Formerly known as the Black Training and Enterprise Group (BTEG))

A Company Limited by Guarantee

Report of the Trustees and audited financial statements for the year ended 31 March 2021

Action for Race Equality 200a Pentonville Road London N1 9JP T: 020 7832 5800

F: 020 7832 5835

Charity registration number: 1056043 Company registration number: 03203812

Company registration no 03203812

Action For Race Equality (Formerly known as Black Training and Enterprise Group (BTEG)) Report of the Trustees (incorporating a Chief Executive’s Report)

Report of the Trustees and audited financial statements for the year ended 31 March 2021

Contents
Legal and administrative information 3
Report ofthe Trustees (incorporating Chief Executive's Report) 5
Independent auditor's report 17
Statement offinancial activities 19
Consolidated balance sheet 20
Balance sheet 21
Cash flow statement 23
Notestothefinancialstatements 24

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Legal and administrative information

Name of charity: Black Training and Enterprise Group (BTEG) Charity registration number: 1056043 Company limited by guarantee registration number: 03203812 Principal and registered office: 200a Pentonville Road, London N1 9JP

Charitable company’s trustees and officers:

Femi Bola MBE, Secretary Marion Bruce (Appointed 29.09.2021) lla Chandavarkar Laura Durrant (Appointed 29.09.2021) Tony Durrant MBE (Retired 19.11.2020) Zahid Hussain, Treasurer David Izamoje (Appointed 25.11.2021) Seema Manchanda, Chair Raj Patel MBE Ambrose Quashie Kenneth Sule-Ejeh (Appointed 29.09.2021)

Patrons

Greg Clark CBE Lieutenant Colonel Sulle D Alhaji

Chief Executive Officer and senior staff members to whom day- to-day management of the charitable company Is delegated by the trustees:

Jeremy Crook OBE, Chief Executive

Tebussum Rashid, Deputy Chief Executive

Banker: Unity Trust Bank, Nine Brindleyplace, Birmingham B1 2HB Auditor: Able & Young, Airport House, Purley Way, Croydon, CRO 0XZ

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Action For Race Equality (Formerly known as Black Training and Enterprise Group (BTEG)) Report of the Trustees (incorporating a Chief Executive’s Report)

The Trustees (who are also the directors for the purposes of company law) are pleased to present their report and the audited financial statements of Black Training and Enterprise Group (BTEG) for the year ending 31 March 2021. These comply with statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable to charities in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Aims and Mission

The aims for which the charitable company is established are:

Public Benefit

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. BTEG provides public benefit by improving the lives of young BAME people through our projects, supporting staff in BAME organisations and in our policy work on tackling poverty, inequality and employment.

Our mission

BTEG's mission is to end racial inequality. We believe that the contribution of all communities makes a nation, builds dynamic local communities, generates wealth and improves well-being. We champion fairness, challenge discrimination and pioneer innovative solutions to empower BAME communities through education, employment and enterprise.

Achievements Against Key Objectives 2020-21

BTEG focuses on black, Asian and mixed heritage young people aged 10-30 and is committed to improving their education and employment outcomes. Keeping young people out of the justice system is one of our aims.

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(Formerly known as Black Training and Enterprise Group (BTEG)) Report of the Trustees (incorporating a Chief Executive’s Report)

Report of the Trustees (incorporating the Chief Executive’s Report)

The year turned out to be one that we will remember for many years - the global Covid-19 pandemic, the many lives lost, the murder of George Floyd and its aftermath. None of us knew how the year would unfold but these developments had serious impacts on race equality in the USA, UK and other parts of the world. As a country there was a shared concern for everyone’s mental health and wellbeing, especially children and young people, people living alone, people on low incomes and those families living in overcrowded accommodation and at BTEG we ensured we supported our stakeholders during this period.

The filming of George Floyd’s murder by a police officer triggered global Black Lives Matter protests and debates about racism and the treatment of Black people - policing, employment and health outcomes were focused on and the case was remade that these must be understood by everyone and tackled at a systemic and institutional level.

The government sponsored Commission on Race and Ethnic Disparities (CRED) report (31 March 2021) did not help matters with its denial that the root cause of race disparities was systemic and institutional racism. It also fuelled the debate about race and ethnicity terminology and called for ‘BAME’ to be dropped by government. Some govemment departments reverted to using ‘ethnic minority.’ The race equality sector and a diversity of other organisations rejected the CRED report's conclusions. BTEG published its CRED report rebuttal statement and wrote a blog on institutional racism and the police, which has been read over two thousand times. We received an increase in emails from public, private and voluntary sector organisations seeking advice on what to do within their organisations especially on the back of conversations with their Black staff.

Some FE colleges contacted us seeking advice on what they can do to improve employment outcomes for their Black learners. Disappointingly, after we provided written responses to these colleges with significant cohorts of Black leamers, there was no follow up from these colleges. We put this down, in part, to a coincidence of crisis both Filoyd’s murder and the pandemic placing multiple pressures on organisations.

One of our funder’s, the Joseph Rowntree Charitable Trust (JRCT) made a public statement about how the Rowntree company benefited from the exploitation of people in Britain’s colonies and announced they would conduct further research. Indeed, charitable trusts on a wider scale started to look at the proportion of funding they allocate annually to Black and Asian led organisations.

Sadly, the pandemic and racism look set to be with us for the foreseeable future so we must all continue to fight for race equality.

The first of three national lockdowns started at the end of March (26 March 2020, 2 Nov 2020 & January 2021). A furlough scheme was announced after an internal

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consultation we furloughed three staff and the projects they worked on were paused. All staff returned to work in July.

Organisationally, we communicated with our staff and ensured they had access to IT so they could work from home.

All our funders were supportive during this difficult year, and some made unexpected and unrestricted grants to help us through the year and this was greatly appreciated. We want to acknowledge the massive support we received from our new and old funders - their support made a significant difference to BTEG and many other Black, Asian and Minority Ethnic-led organisations and their service users.

We participated in many on-line conversations relating to policing, funders and the creation of new Black and Asian led funding and sustainability initiatives, including the newly established Baobab Foundation.

We would like to thank our service users and we commend the children and young people for digging deep and finding the resilience to continue with their education. Without the cooperation of London schools, it would not be possible to deliver our programme - we thank them.

We were delighted when Livia’s Ltd reached out to us and made a commitment to donate a percentage of sales from one of their confectionery products for a period of time. We were also thrilled when Renni Eddo-Large, the author of ‘Why /’m No Longer Talking To White People About Race’ and Waterstones bookshop agreed to donate a percentage of book sales for a period of time. An explanatory plaque about BTEG appeared in every Waterstones bookshop window next to Renni’s book. In December, our former BTEG chair Tony Durrant MBE and long-standing trustee retired from the board. Everyone at BTEG would like to thank him for his dedication, support, insights and long service to the charity.

We have a great group of staff, volunteer role models and extemal partners who have remained focused and committed to delivering quality projects. They are greatly valued by the organisation.

Finally, no charity can survive without a dedicated group of trustees and during an incredibly challenging year they met more often and provided strategic leadership and support to the SMT. Their commitment and support for the staff makes BTEG a good organisation to work for. A special thanks to Seema Manchanda, Chair of BTEG.

Jeremy Crook OBE

Chief Executive

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Action For Race Equality (Formerly known as Black Training and Enterprise Group (BTEG)) Report of the Trustees (incorporating a Chief Executive’s Report) Covid-19 impact on civil society organisations and their service users

We participated in a wide range of on-line meetings concerned with Black, Asian and minority ethnic organisations and communities that were hosted by policy makers and leaders, including government Ministers, the Mayor of London, Met Police Commissioner, the Leader of the Opposition.

FUNDING FOR BAME-LED ORGANISATIONS IMPACTED BY COVID-19

London Community Fund and National Lottery Community Fund (NLCF)

We were funded by the London Community Foundation and the NLCF to provide capacity building support for 50 small BAME-led organisations in England over a sixmonth period. We delivered much of the support via on-line workshops and 1-2-1 support. Over 200 hours of support and 24 hours of e-leaming was provided. A total of 61 organisations benefited from the project. User comments included:

‘Very informative and well-presented workshop. Facilitator was excellent - well done!’

‘1am working with more confidence and focus with my consultant's optimism and encouragement’

Comic Relief and National Emergencies Trust - Global Majority Fund

We successfully applied to Comic Relief and the National Emergencies Trust and were awarded £205k to disseminate £5k grants to forty-one organisations. Additional funding was allocated to strengthen BTEG. The beneficiaries of the grant provided positive feedback and especially valued the three days of support that accompanied the grant. The funding and support helped to sustain the organisations and, in some cases, grow.

CHILDREN AND YOUNG PEOPLE

Routes2Success (R2S) - Ethnic Minority Community Role Model Programme

“This boosted my confidence and understanding of social life and work. | think | can achieve my dream if | work hard enough” Male student, Lea Valley Academy.

“I feel like this session has empowered me as a young black woman and how | am motivated to succeed in life and also the speakers that came and the video inspired me.” Female Student, Heron Hall

“The sessions were very good and inspiring because they have made me more likely to follow my dreams and to also continue education.” Male Student, Barn Croft Primary School

"| must say a big thank you to yourself and Pheobe for working with our students thus far. It makes me think that you are by far, our number one employment/ Career

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partner who seem to excite and appropriately engage our students for the purpose of ‘building life skills'. Feedback from staff and the girls have been tremendous thus far.” Mrs Burke, Assistant Principal Parkside Studio College.

"| would like to praise this organisation (BTEG) personally. The work they have been doing with the young ladies has been absolutely fantastic and it has really moulded and shaped them because [name retracted] 8SSB is in my form came by today and spoke to me about how much she has changed her mind set and how much she loved going to these sessions...” Mr Smith, teacher at Kingsmead High School.

“1 would just like to thank you for your work with our year 11 boys today. You gave them a different perspective from school staff and the professionals who led workshops earlier in the day. Thank you for sharing your stories, your advice and your blueprint for a positive masculinity. | will let you know how they get on their exams, but we may be in touch sooner as we would like more of our boys to be inspired as these were.” Hugh Greany, Deputy Head at Kingsmead High School

"| just wanted to thank you all for a great session - the boys really enjoyed it, as did all of the adults." Laura Neuveglise, Co-Head of School, Tower Bridge.

Despite the Covid-19 challenges we faced; we were delighted to reach our seventh year of delivering R2S, which the Mayor's Young Londoner’s Fund currently funds. R2S is only made possible with funding and our amazing group of volunteer male and female role models. The powerful quotes above are testament to their great work and the support provided by the R2S team. Some role models have been with us from the start of R2S. Without the cooperation of the schools involved it would not be possible to reach and inspire the young people.

The R2S Programme Manager was furloughed between April 2020 and July 2020 when schools were closed. Although we adapted to offer online services to schools this was limited because they focused on academic lessons. However, many schools engaged when lockdown lifted, so between October and December we were very busy, but with another lockdown in January we were unable to deliver again until March.

We focused on maintaining relationships with schools and our volunteers to ensure that the programme’s presence and interest remained even during school closures and isolation rules. Some of our volunteers faced business challenges due to the pandemic and lockdowns.

We delivered twenty-seven workshops in 7 schools across three boroughs (Enfield, Waltham Forest and Haringey) and engaged with 117 young people. The children and young people complete an evaluation form after every workshop. The following outcomes were achieved:

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Action For Race Equality

(Formerly known as Black Training and Enterprise Group (BTEG)) Report of the Trustees (incorporating a Chief Executive’s Report)

Our patron Professor Greg Clarke CBE generously commissioned a film maker to produce four R2S promotional videos aimed at schools and attracting volunteers and corporate support. We are using the videos on social media platforms. In partnership with the Communities Empowerment Network (CEN) charity we successfully applied to the National Lottery Community Fund (NLCF) to expand the project to reach nine other boroughs (Brent, Hammersmith and Fulham, Southwark, Newham, Harrow, Hounslow, Hillingdon, Barnet) and add a parenting support service via CEN. We received a three-year grant of £350k.

Black Men 4 Change (BM4C) Shift25 programme funded by GLA Violence Reduction Unit (VRU)

We developed relationships with four community anchor partner organisations - Hackney CVS, Spark2life, Code7 and Voyage - and recruited and trained fifteen role models and mentors. We developed e-resources to deliver on-line sessions for young black males. Our R2S roles models supported twelve events that were hosted by our community anchor partners and thirty young people participated. We tested a new on-line speed mentoring format, and this worked well. Eleven young people received 1-2-1 mentoring.

Finally, we are pleased to report that our R2S Programme Manager achieved a standard 1 certificate for the Theory of Change from Project Oracle and began activities for BTEG to achieve the London Youth Quality Mark.

Mayor of London Recovery Programme Youth Mission - A New Deal for Young People

BTEG’s Chief Executive was invited to become one of the co-chairs for the New Deal for Young People along with Lib Peck (Director of the GLA VRU) and Martin Pratt FRSA (Deputy Chief Executive & Executive Director Supporting People at London Borough of Camden). This important mission: By 2024 provide all young people in need are entitled to a personal mentor and all young Londoners have access to quality local youth activities. We chaired sessions with voluntary sector mentoring organisations on how we build organisational capacity for smaller mentoring providers and the best way to maintain and develop quality mentoring services during and after the programme.

EMPLOYMENT

Moving on Up - supporting young black men, 16-24, into good employment in London

BTEG (and our partner Shared Enterprise CIC Ltd) continued its role as strategic partner with Trust for London and City Bridge Trust to test our ground-breaking

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programme to break the perennial pattern of higher unemployment rates for young black men in the capital.

The ethnic disparity in the employment rates between young white men and young black men continues to grow wider. The average unemployment rate for young black men was 46% compared with 14% of young white men (Dec 2020). This was an increase from 33% over 12 months.

The national lockdown began just as our new cross sector MoU collective impact partnerships in Brent and Newham were starting to deliver their two-year action plans. This necessitated all delivery being done virtually. Our cadre of nine MoU young Black male ambassadors joined the MoU programme meetings and supportive on-line conversations to share their personal challenges under lockdown and its impact on their mental health. Throughout the year several ambassadors struggled to attend meetings due to their learning and employment commitments. When they were able to contribute to on-line MoU meetings their inputs were highly valued.

The Brent and Newham partnerships hosted several on-line employability and job brokerage events and our Employer Champions and Advisory Group met during the year. Despite the pandemic the two partnerships engaged 250 young black men. The partnerships are chaired by senior officers from local authorities, with BTEG providing secretariat support to the Newham partnership.

In October, the Mayor of London, Deputy Mayor, BTEG/MoU and several employers successfully launched the GLA’s new Inclusive Employers Toolkit on-line. It was produced by BTEG with support from forty-five employers. Over 170 individuals participated, and the feedback was very positive. To date there have been 358 downloads and 7,977 unique views of the toolkit from the GLA website. BTEG has worked closely with the GLA Workforce Integration Network team and was commissioned by the GLA to provide practical support for businesses that expressed an interest to implement the toolkit.

We would like to thank our Employer Champions Group chairs Arthur Ntale (Veritas Investments) and Anthony Impey (Be the Business) and Bola Abisogun, the chair of the MoU Advisory Group which meets quarterly.

BTEG and MOU wrote a constructive joint letter to the chair of the CRED setting out several practical recommendations for the commission to consider and we extended an invitation for the chair to attend an MoU Advisory Group.

Apprenticeships

We wrote to Gillian Keegan MP, the then Minister for Apprenticeships, setting out our concerns in relation to Covid-19 and its likely impact on BAME apprenticeship starts and redundancies. The minister responded and set out the financial incentives they had introduced to encourage employers to offer apprenticeships and stated, ‘We are monitoring the impact of COVID-19 on vulnerable groups, including those from a

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BAME background. | therefore very much welcome your recommendations around encouraging more uptake by BAME apprentices...’ We continue to call on the Department for Education to take targeted action to improve the recruitment practices of employers offering apprenticeships and reconsider ending the Five Cities initiative.

BTEG spoke at a national event organised by the BAME Alliance for Apprenticeships which also included the Minister for Apprenticeships.

ACTION FOR RACE EQUALITY IN THE CRIMINAL JUSTICE SYSTEM

EQUAL National Independent Advisory Group (NIAG)

EQUAL/BTEG is a member of the HMPPS External Advice and Scrutiny Panel (Chair) and Race Action Programme Board; MOPAC’s GVM Reference Group; the Metropolitan Police’s STRIDE External Advisory Board. Our participation in these advisory bodies allows us to constructively challenge policy and practice where race disparities persist. EQUAL wants to see greater use being made of Black, Asian and Muslim civil society providers in the prison and probation systems. We recruited five new members to the NIAG, which met on a quarterly basis and engaged with those leading on Criminal Justice System (CJS) policy or programmes. In October Payal Bhavsar joined the EQUAL Secretariat team as the Communications and Engagement Officer (part-time).

EQUAL supported regular roundtables with MoJ Minister Alex Chalk MP and participated in many meetings to discuss the MoJ’s post-Lammy workstreams as well as forming a part of the Female Offender Minority Ethnic working group. We sent an open letter to the Minister about the roilout of the PAVA spray in prisons and its disproportionate impact on Black and Muslim men.

EQUAL had an article published in the Independent Monitor, the journal of the Association of Members of the Independent Monitoring Boards, on the MoJ update report in response to the Lammy review implementation. We also made a response to the HM Inspectorate of Prisons report, Minority ethnic prisoners’ experiences of rehabilitation and release planning (Oct 2020). We provided oral and written evidence to the Justice Select Committee on youth justice.

BTEG’s blog Time fo track, trace and remove racism was published by the Voice Newspaper On-line and was referred to in one public meeting by the London Deputy Mayor for Policing. The Met Police stopped and searched more than 20,000 young Black men during the Covid-19 lockdown, and the majority of these resulted in no further action.

Before the onset of the pandemic, EQUAL made a commitment to engage with the civil society sector across the country. We themed this approach as TimeToTalk and TimeToAct and worked collaboratively with other national partners to deliver events.

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#TimeToTalk on-line discussions

In November we hosted our second on-line event ~ The Injustice of the Youth Justice System - the main speakers were Keith Fraser, chair of the Youth Justice Board and two NIAG members. In February 2021 we hosted our third and final online event on section 60 police stops. Over sixty people attended, and several shared their traumatic experiences of s60 police stops where, in a defined area for a specific time, the police can stop anyone without reasonable suspicion. We had facilitators from our NIAG join us in a successful discussion. Evidence from the event was used to inform EQUAL’s section 60 super-complaint statement submitted to the Criminal Justice Alliance’.

Legal Action Project

EQUAL and Liberty successfully applied to AB Charitable Trust and the Barings Foundation for £60k grant to deliver a series of legal action workshops. EQUAL along with Liberty started recruiting for our Take Action: Legal Action Workshop series in March 2021 to equip small and grassroots Black, Asian and minority ethnic led organisations in the criminal justice sector with legal tools to enact systemic change.

Police, Crime, Sentencing and Courts (PCSC) Bill

EQUAL, as part of a wider working group initiated by the Criminal Justice Alliance (CJA), has worked on a sector-wide campaign to have aspects of the PCSC bill withdrawn and formally consulted on. The working group produced an open letter to Prime Minister Boris Johnson setting out issues of racial disparity that will likely be increased by legislation within the Bill. Comms work (infographics and social media posts) was completed by EQUAL alongside the comms team at Clinks and CJA. EQUAL was quoted in the Independent, The Voice and i-news and was interviewed on several local BBC radio stations.

Gangs Violence Matrix work

EQUAL is working on the controversial police Gangs Violence Matrix (GVM)

campaign to:

  1. Raise awareness of the GVM

  2. Help people find out if they are on the GVM and,

  3. Provide guidance on how to get a name removed from the GVM

We planned to use London based influencers to land the message with young people, who might be on the GVM, and their parents. We tried to gather data and information on the GVM from the Information Commissioner's Office and the Metropolitan Police by making a series of Freedom of Information requests. Unfortunately, these were unsuccessful because they were too large in scope. With the support of data protection lawyers at AIG Insurance company, the FOI requests were reformulated, but again met with a negative response.

We are now re-thinking and consulting on our approach to this campaign.

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Action For Race Equality (Formerly known as Black Training and Enterprise Group (BTEG)) Report of the Trustees (incorporating a Chief Executive’s Report)

OTHER ACTIVITIES

Cabinet Office Race Disparity Advisory Group

The final meeting of the race disparity advisory group took place and BTEG was thanked by the Prime Minister for our contributions.

One of the key outcomes of the race disparity audit website was the establishment of the Youth Futures Foundation (YFF) with funds from dormant bank accounts to tackle youth unemployment and close race disparities. Sir Simon Woolley CBE, the now former Director of OBV and chair of the race disparity advisory group was deservedly made a peer of the realm.

We are liaising with YFF to develop a proposal with a focus on supporting Black and Asian organisations supporting young people on their pathways to good employment.

CREME project (ROTA Race on The Agenda and Runnymede Trust) Communications partnership

The CREME Project Communications Officer, employed by ROTA, assisted with several promotional campaigns to gamer interest in BTEG’s new funding and capacity building programmes and liaised with the film maker to produce the R2S promotional films. He also commissioned and wrote blogs to promote the work of EQUAL and Mou.

Macquarie Investment Bank partnership

We received useful advice from Macquarie volunteers on selecting a CRM system and making use of social media platforms. Macquarie hosted a fundraising event and made a £2500 donation to BTEG. We have valued building a relationship with representatives from the Macquarie Fusion EMEA Employee Network Group. BTEG successfully applied to the Big Alliance CoRE programme for further support from Macquarie and Slaughter & May.

PLANS FOR THE FUTURE

2021 marks BTEG’s 30" anniversary and on the 8" of December 2021 Companies House approved our name change from BTEG to Action for Race Equality. We plan to launch a new website early next year. We will undertake a UK consultation on race and ethnicity terminology to inform the terms we use in future. We have commissioned a reflective review of the EQUAL initiative and we will consider the findings and develop a new strategy to guide our work on tackling the serious racial inequalities in the CJS.

The pandemic and the BLM protests have exposed entrenched race disparities and the failure of the Equality Act 2010 public sector equality duty to eliminate these at

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an institutional level. We will identify allies and campaign for the Act to be Strengthened to address the major gap in its current form.

For children and young people, we will look at the feasibility of expanding our role model and mentoring offer in London and major cities, such as Birmingham, Manchester and Leeds.

We have secured funding from the London Borough of Islington to support young entrepreneurs and we are committed to sustaining this project for the long term.

Review of the Financial Position

The majority of income of the charity is from grants. The income of the charity for the year was £807,331 (2020 - £429,954) and the resources expended were £612,925 (2019 - £424,001). The charity received grants from a number of new funders as set out in the notes to the accounts. The grants from funders such as Comic Relief were to support civil society organisations by giving them grants and capacity building support. This is expected to continue for the next couple of years after which income is expected to decrease to its historical level. The unrestricted reserves at the financial year end were £253,934 with further designated reserves of £91,476 towards future projects to do with education, entrepreneurship and employment.

As with other charities of similar size and sector the inherent nature of grant funding is of short-term duration. The charity runs different projects to achieve its core objectives. Similar to other charities in this sector, it is finding it increasingly difficult to attract suitable funds to carry out all the objectives it wishes to achieve.

Reserves Policy

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The charity's aims are to hold free reserves equivalent to approximately six months of charitable spending in order to continue to fund the core activity of the charity including support and governance costs. The free reserves which are a part of the unrestricted reserves are held to make sure the charity can maintain its core activities and meet its liabilities including liabilities to staff such as redundancies whilst awaiting the outcomes of grant applications.

The free reserves held by the charity at the financial year end were £253,934 and represent approximately five months of costs.

Staff

All staff are directly engaged in activities in furtherance of the objectives of BTEG and their cost has been allocated accordingly. The largest expenditure of the charity is staff costs and these are consistently reviewed to ensure optimization of the charity's resources.

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Action For Race Equality (Formerly known as Black Training and Enterprise Group (BTEG)) Report of the Trustees (incorporating a Chief Executive’s Report) Structure, Governance and Management

The organisation is a charitable company limited by guarantee. The charitable company was incorporated on 24 May 1996 and registered as a charity on 10 June 1996. The registered charity operates within its memorandum and articles of association. BTEG is a charity limited by guarantee. The guarantee of each member is limited to £1

Governance and Management Structure

The Board of Trustees is comprised of individuals from the voluntary, private and public sectors with a broad range of knowledge and experience relevant to the charity. The Board convenes throughout the year and holds an additional strategic planning away day.

BTEG Trustees have delegated management of the BTEG to the Executive Director who reports on performance against the Strategic Plan approved by the Trustees.

Risk Assessment

The Board of Trustees constantly review and assess the risks to which the charity is exposed, particularly our activities at national level, operational and financial risks.

Trustees’ Responsibilities

Charity and company law require the Board of Trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the company and the incoming resources and application of resources, including income and expenditure, for the financial year. In preparing the financial statements the trustees should:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the group and the charity and to enable them to ensure that the financial statements comply

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with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware at the time of approving our trustees’ annual report:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislations in other jurisdictions.

Auditors

Able & Young acted as the auditors of the charitable company and have expressed their willingness to continue in that capacity.

Small company exemption

This report of the Directors has been prepared in accordance with the Companies Act 2006 relating to small companies.

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Byoe the Board
Femi Bola MBE
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Dated: 17 December 2021

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ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG))

Independent Auditors’ Report to the members of Action For Race Equality (formerly known as Black Training And Enterprise Group (BTEG))

Opinion

We have audited the financial statements of Action For Race Equality (the “parent charity”) and its subsidiary undertakings (the “group”) for the year ended 3} March 2021 which comprise the Consolidated Statement of Financial Activities (incorporating an Income and Expenditure Account), the Consolidated Balance Sheet, the Charity Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 “The Financial Reporting Standard applicable to the UK and Republic of Ireland”

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report on this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements and the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Company registration number 03203812

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ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG))

Independent Auditors’ Report to the members of Action For Race Equality (formerly known as Black Training And Enterprise Group (BTEG))

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial! statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http:/Avww.frce.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Rekha Shah FCCA CTA Dated: 20 Senior Statutory Auditor For and on behalf of Able & Young, Accountants and Statutory Auditors Airport House, Purley Way Croydon CRO OXZ

Dated: 20 December 2021

Company registration number 03203812

18

ACTION FOR RACE EQUALITY

(Formerly known as Black Training And Enterprise Group (BTEG))

( Acompany limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Including consolidated income and expenditure account)

FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Restricted Total Funds Total Funds
Notes Funds 2021 Funds 2021 2021 2020
£ £ £ £
Income
Donations and legacies 45,571 - 45,571 46,664
Income from charitable activities 441,502 540,317 681,819 310,641
Othertrading activities 79,710 - 79,710 71,206
Investment income 231 - 231 1,443
Total income 2 267,014 540,317 807,331 429,954
Expenditure
Raising funds 64,109 - 64,109 76,242
Charitable activities 77,201 471,615 548,816 347,759
Total resources expended 3 141,310 471,615 612,925 424,001
Net incoming/(outgoing)
Resources beforetransfers 125,704 68,702 194,406 5,953
Transfers between the funds (7,330) 7,330 - -
Netmovement infunds forthe year 118,374 76,032 194,406 5,953
Fund balances broughtforward
at 1 April 2020 227,036 55,419 282,455 276,502
Fund balances carried forward
at31March2021 15 345,410 131,451 476,861 282,455

The charity derived its Income from continuing charitable grants and activities. The results also include income and expenses of the trading subsidlary.

There were no recognised gains and losses other than those included in the statement of financial activities above.

Company registration no 03203812

19

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG)) ( Acompany limited by guarantee)

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2021|2020| |Notes|£|£|£|£| |Fixed|assets| |Tangible|assets|9|1|1| |Current|assets| |Debtors|11|69,678|32,201| |Short term|investments|12|155,840|155,752| |Cash|at bank and|in|hand|583,538|202,380| |809,056|390,333| |Creditors|-|amounts|falling|due| |within|one year|13|332,196|107,879| |Net current assets|476,860|282,454| |Net|assets|476,861|282,455| |Funds| |Income|funds| |Unrestricted|funds| |General|funds|253,934|158,787| |Designated|funds|91,476|68,249| |Restricted|funds|131,451|55,419| |Total funds|16|476,861|282,455|

----- End of picture text -----

The trustees have prepared group accounts in accordance with the Companies act 2006, s. 398 and the Charities Act 2011, S. 138. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Approved by the trustees on and signed on their behalf by:

S Manchanda Trustee

----- Start of picture text -----
Date: 17 December 2021
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Company registration no 03203812

20

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG)) { A company limited by guarantee)

BALANCE SHEET AS AT 31 MARCH 2021

2021 2020
Notes £ £ £ £
Fixed assets
Tangible assets 9 1 1
Investments 10 2 2
3 3
Current assets
Debtors 11 47,623 29,851
Shortterm investments 12 155,840 155,752
Cash at bank and in hand 573,645 191,099
777,108 376,702
Creditors
- amounts falling due
within one year 13 312,729 106,729
Netcurrent assets 464,379 269,973
Net assets 464,382 269,976
Funds
Income funds
Unrestricted funds
Generai funds 241,455 146,308
Designated funds 91,476 68,249
Restricted funds 131,451 55,419
Totalfunds 464,382 269,976

The directors have prepared company’s accounts in accordance with the Companies act 2006, s. 398 and the Charities Act 2011, S. 138. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Approved by the trustees on and signed on their behalf by:

S$ Manchanda Trustee Date: 17 December 2021

Company registration no 03203812

2i

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG)) { A company limited by guarantee)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

Group Charity Group Charity
Notes 2021 2021 2020 2020
£ £ £ £
Cash provided (used) in operating activities 16 385,595 386,983 (13,017) (11,531)
Cash flows from investing activities:
Purchase oftangible fixed assets (4,437) (4,437) (511) (511)
Net cash used in investing activities (4,437) (4,437) (511) (511)
Change in cash and cash equivalents
in the year 381,158 382,546 (13,528) (12,042)
Cash and cash equivalents brought forward 202,380 191,099 215,908 203,141
Cashandcashequivalentscarriedforward 583,538 573,645 202,380 191,099

Company registration no 03203812

22

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG)) ( A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

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.

Black Training And Enterprise Group (BTEG) 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 notes.

The company is limited by guarantee. The guarantors are the directors of the company.

The liability in respect of the guarantee is limited to £1 per member.

1.3 Going concern

The financial statements have been prepared on a going concern basis, which is dependent upon the availability of adequate continued funding. The nature of the company’s funding is inherently uncertain and should grant funding be discontinued in the future years, the charity would have to find other sources of funding, or significantly curtail its activity.

After reviewing the charity's forecasts and projections, the trustees have a reasonable expectations that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concem basis in preparing its financial statements.

The consolidated financial statements comprise Black Training And Enterprise Group (BTEG), the charity, and its wholly owned subsidiary BTEG Ltd . A separate Statement of Financial Activities and income and expenditure account for the charity has not been presented because the Charitable Company has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

In preparing these accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102, for the first time, required the restatement of comparative items. There was no restatement of comparatives required.

Company registration no 03203812

23

ACTION FOR RACE EQUALITY (Formerly known as Black Tralning And Enterprise Group (BTEG)) ( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

|

Unrestricted funds are grants and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.

General funds are available for use at the discretion of the trustees in the furtherance of the general objectives of the trust.

Designated funds represent unrestricted funds allocated by trustees for particular purposes.

Restricted funds

Restricted funds are funds to be used for specified purposes based on the conditions imposed by the donors.

All income and expenditure is shown in the Statement of Financial Activities.

1.7. Income Income from grants and donations, including capital grants, is included in the Statement of Financial Activities when the charitable company Is entitled to the funds, any performance conditions attached to the grants have been met and the amount can be measured with reasonable certainty. Income is deferred when the charitable company has to fulfil conditions before becoming entitled to it or where it is received for use in a future accounting period. The notes to the Statement of Financial Activities show the gross amount received together with the changes in the amount deferred. Deferred income is included in creditors.

Income from charitable trading activities is included in income in the period in which the activity takes place and includes income receivable for training, consultancy, conferences, commission and publication sales.

All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation to pay. Expenditure items have been classified under headings that aggregate all costs related to each category. Where costs cannot be directly attributed to particular activities, they have been allocated on the basis of staff time spent on each activity.

Staff costs and overhead expenses, including any support or governance costs, are allocated to activities on the basis of staff time spent on those activities.

Costs of raising funds are those costs arising from trading activities.

Company registration no 03203812

24

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG)) ( Acompany limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

1.10 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost less the estimated residual value over the expected life of each asset as follows: Equipment - on a straight fine basis over 1 to 3 years

1.11 Investments

Investments in subsidiary undertakings are recognised at cost.

1.12 Current assets

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

1.13 Cash at bank and In hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less.

1.14 Creditors and provisions

Creditors and provisions are recognised where the charity 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.

Company registration no 03203812

25

2 Incoming resources

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG)) {( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021 (continued)

Incoming resources
2021 2020
£ £
Restricted Funds
AB Charitable Trust 45,000 -
Baring Fund 30,000 -
Barrow Cadbury Trust 24,750 33,000
Big Lottery Fund 31,600 -
City Bridge Trust - 55,000
Comic Relief 350,000 -
Esmee Fairbairn Foundation 17,000 34,000
Greater London Authority - Young Londoners Fund 48,000 48,000
Hackney Council CSV 21,991 -
Lankelly Chase Foundation 30,000 -
London Community Fund 15,000 -
Trust for London 9,865 50,000
Others - 1,338
Grants received in advance (82,889) 24,125
Total restricted Grants 540,317 245,463
Unrestricted Funds
Big Lottery 50,000 -
City Bridge Trust 41,250 -
HM Prison & Probation Service 2,628 42,363
Joseph Rowntree Charitable Trust 55,032 36,664
Income from charitable activities 45,045 22,815
Furtough grants 17,592 -
Donation 45,571 -
Grants received in advance (70,045) 10,000
727,390 357,305
Activities for generating funds 79,710 71,206
Investment income: Bank interest 231 1,443
807,331 429,954

Income is accounted for on a receivable basis. Where income is received in advance and the expenses may not have been incurred relevant to that income the excess income is carried forward and utilised in subsequent period or year.

All the above restricted funds have besn spent and the expenditure is noted in note 3 to the accounts. Where the grant period straddles the accounting year the unspent part of the grant is carried forward as a restricted reserve and is spent in the subsequent period.

Company registration no 03203812

26

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ACTION FOR RACE EQUALITY {Formerly known as Black Training And Enterprise Group (BTEG)) { Acompany limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

4 Net incoming resources before transfers

This is stated after charging:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2021|2020| |£|£| |Directors|emoluments|-|-| |Depreciation|4,437|511| |Operating|leases|-|land|and|buildings|23,453|24,030| |Auditors’|remuneration| |Audit fee|1,920|1,920|

----- End of picture text -----

5 Staff costs

Staff costs during the period were as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2021|2020| |£|£| |Salaries|and|wages|287,169|244,178| |Social|security|costs|24,633|19,757| |Other|pension|costs|21,568|18,205| |333,370|282,140|

----- End of picture text -----

One employee earned, as defined for taxation purposes, £60,000 or more.

The average number of employees during the period, analysed by function was:

----- Start of picture text -----
||||| |---|---|---|---| |2021|2020| |Number|Number| |Direct|charitable|expenditure| |Chief|officer|1|1| |Others|7|7| |Management and|administration|1|1| |9|9|

----- End of picture text -----

6 Pension costs

Money purchase (defined contribution) pension scheme

The charity operates a money purchase (defined contribution) pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,568 (2020 - £18,205).

Company registration no 03203812

28

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG))

( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021 (continued)

7 Taxation

As a registered charity under the Charities Act 2011, income from charitable activities is exempt in accordance with sections 466-493 of the Corporation Tax Act 2010.

8 Trustees’ Remuneration and expenses

The trustees nor the directors received any remuneration during the period for acting as trustees.

All the trustees and directors are entitled to have their expenses reimbursed. These expenses were reimbursed as follows:

Travelling and subsistence expenses

2021 2020
£26 £200

9 Tangible fixed assets

Group and the charity

Group and the charity
Furniture
and
equipment
£
Cost
At 1 April 2020 7,468
Additions 4,437
At 31 March 2021 11,905
Depreciation
At 1 April 2020 7,467
Charge forthe year 4,437
At 31 March 2021 11,904
Net book value
At 31 March 2021 1
At31March2020 1

Company registration no 03203812

29

Eel

ACTION FOR RACE EQUALITY (Formerly known as Black Training And Enterprise Group (BTEG)) { Acompany limited by guarantes)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

a

10 Net income from trading

The charity has one trading wholly owned subsidiary, BTEG Limited, which is incorporated in the UK and registered in England, the accounts of which are audited and filed at Companies House. A summary of its financial position is given below.

Profitand loss account ofBTEG Limited 2021 2020
£ £
Turnover 79,710 71,206
Expenses (62,126) (70,417)
Covenanted payment to charity (17,588) (829)
(4) (40)
Interest receivable 4 40
(Profit on ordinary activities after taxation - -
Summarised balance sheet ofBTEG Limited 2021 2020
£ £
Current assets 65,723 15,779
Creditors: amounts falling due within one year (53,242) (3,298)
Net assets 12,481 12,481
——————— ————e
Called up share capital 2 2
Profit and loss account 12,479 12,479
12,481 12,481

The charity's investment in BTEG Limited is two ordinary shares of £1 each, being the whole issued share capital of BTEG Limited.

Company registration no 03203812

30

ACTION FOR RACE EQUALITY

(Formerly known as Black Training And Enterprise Group (BTEG))

{ A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

11 Debtors

Group Charity
2021 2020 2021 2020
£ £ gE £
Trade debtors 67,830 2,350 12,000 -
Amountdue from subsidiary undertaking - - 33,775 -
Other debtors 1,848 29,851 1,848 29,851
69,678 32,201 47,623 29,851

12 Short term investments

This is a 90-day fixed interest rate deposit held with Nationwide.

13 Creditors - amounts falling due within one year

Group Charity
2021 2020 2021 2020
£ £ £ £
Trade creditors 15,283 4,786 13,683 4,786
Amount due to subsidiary undertaking - - - 2,148
Other creditors and deferred income 316,913 103,093 299,046 99,795
332,196 107,879 312,729 106,729

14 Analysis of net assets between funds

Unrestricted
General		 Restricted
funds		 Total
funds
£ £ £
Fixed assets 1 - 1
Current assets 402,795 406,261 809,056
Current liabilities (57,386) (274,810) (332,196)
Totalnetassets 345,410 131,451 476,861

Company registration no 03203812

31

ACTION FOR RACE EQUALITY

(Formerly known as Biack Training And Enterprise Group (BTEG)) (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (continued)

15 Statement of funds

Balance Balance
Notes 31 March Incoming Outgoing Transfers 31 March
2020 2021
£ £ £ £ £
General funds 158,787 267,014 (141,310) (30,557) 253,934
Designated funds 68,249 - - 23,227 91,476
Restricted funds a 55,419 540,317 (471,615) 7,330 131,451
Totalfunds b 282,455 807,331 (612,925) - 476,861

The balances will be carried forward and used as follows:

Due to the short term nature of the funding that the charity receives the charity is building up a six month reserve, on grounds of prudence, to finance its activities during the time tag between existing grants expiring and new sources of funds being obtained and in the event of any unforeseen circumstances.

Designated funds are funds

Designated funds are funds
Designated funds are unrestricted funds that have been set aside at the discretion ofthe trustees
for following purposes.
2021 2020
£ £
Service development and research fund 68,249 81,153
Transfers 23,227 (12,904)
91,476 68,249

The charity wishes to continue its successful work in developing enterprise and employment Routes 2 Success and Equals projects. It is seeking funding to continue this work and has designated some of its reserves whilst obtaining this funding.

Company registration no 03203812

32

ACTION FOR RACE EQUALITY

(Formerly known as Black Training And Enterprise Group (BTEG)) ( A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021 (continued)

16 Reconciliation of net movement In funds to net cash flow from operating activities

Group Charity
2021 2020 2021 2020
£ £ £ £
Net movement in funds 224,406 5,953 224,406 5,953
Add back depreciation charge 4,437 511 4,437 511
Decrease (increase) in short term investments (88) (935) (88) (935)
Decrease (increase) in debtors (37,477) (13,447) (17,772) (10,811)
Increase (decrease) in creditors 194,317 (5,099) 176,000 (6,249)
385,595 (13,017) 386,983 (11,531)

17 Commitments under operating leases

2021 2020
Total commitments 4,032 7,056

Company registration no 03203812

33