Company Registration Number- 03758674 The Charity Registration Number is 1077002 The Ethnic Inclusion Foundation Report and Accounts 31 December 2023 The Ethnic Inclusion Foundation Report and accounts for the year ended 31 Decefflber 2023 Content8 P¥ge Charoty infomiation Tru8teeB' Annual Report Statement of dlrectors. responslbllltle$ Indep8nd8nt auditor'5 report 16 Funds Statements.". Statement of Financial Activities 17 Statement ol Financial Activities- Prior Year statement 18 Statement of total recognised gains and losses Movements in fund5 Revaluation reserves 18 19 19 R&venuo Funds 20 F￿ed Asset funds 20 Income and Expenditure account Summary of funds 21 21 8alancg $heet Cash flow ststement 17 18 Notes to tht accounts 19 The Ethnie Ineluston Foundauon Company Registrat￿Th Number- 03758674 Trustees. Annual Report for the year ended 31 December 2023 The Tru$teps present I￿1r Reportand ACt￿ni5 lo< the year ended 31 De￿ber 2023, ¥thich also¢0m￿Se$ ihe Direclor5' Report ￿QuIred by Ihe Ctynpanies Act 2W6 Refor•ne• and administrative detslls The ¢harity name. The leg￿ name ofthe¢harityi$- The Ethnic Inc￿51￿ Foundatson. The charity Is also kr￿ by 11$ operthing name. EIF The charftys areas Opwallon andUK ¢harilablereglstrntton. Thechanty 1$ regl¥leW ID EnglarNJ & Wales Ihe c￿rIty ¢ommis$w ifj EWaDd & Wale5 ICCEWI wlh ch•rity Dumber 1077002 TlÈcharity dC*S Mt operaie In ￿Y0verSeaS1uris￿lctI0n$. Legat stsucturo of tho ¢h•rlty The chamy Isconsti￿le￿ a$ a ¢omp8ny Iirniled by guaTamee, registered ￿￿erth& Cc¥npanie$Acts. The governiw Oocurnent of the chanty Is the Memorandum and Artl¢lè$ dAssocJalion esta￿lShI￿ the cornpany v￿er¢0Mpa￿Y le9islati The governin9 dowmeni 1$ daithj as amended on 28 Sept2022 Thele are no psirittions In Il*guwerning d￿￿MentS on the O￿at￿ dth? Ch8ntyoT on Its Inve51rnenl POWWS Olhpr than Imse Imp05ed by Charity L*N. 21 Apnl 1999 BY0perat￿Tr Dl18wall, Irust*s are alr￿￿rS underlhe Companies Aci 2CI)6 ano ali alr￿tr$ are trustees aercharibes legislation alld have re5WnSi￿l1bes. as Such, unuèr bolh c￿￿panY and chaniy le9islal The Ethnlc Inclusion Foundatson Company Registlalion Number- 03758674 Trustees. Annual Report for the year ended 31 0￿9mber 2023 The princlpal operalln9 address, tdepltofie number, ern￿1 At)d wob addr•ss•s olthe ¢hO￿ty •re:. Boardrnan House 64 Broad4Yay. Strattord London. E15 1NT TdephDne 2088101664 Em3ilAddres5 Inlo IhnicJndusion.org.uk Web a￿reSSw*￿eth￿clndus1Cfi ￿ uk The registe￿￿ office ofthe charity for Compan*s Act purposes is.- 126-128 Uxbndge R08d London. ,W138QS The lollowing p•rson$ 68rV*d a8 TFu8tth¥ dufing ¢htryearended 31 December 1023:. MrA Bhanol Directorlmanaginol Dr S Bhanoi Dire¢tor (Health Non-Eie¢ubvel Mr S Syan Director ILe9al Non-ExeculiYel Mr D J05hi (Resigned 21 April 20231 Mr R Kvmar IAppoinled 23 DeTrmber 20231 Mr Niraj Siruh IAppoinled 23 Oclomber 20241 All Ihe IrusieÈ$ are Individuals irusteeswbo setved asa trustee ID itte rel￿rting per￿ were as shrmm above. and there were noother changEs duriry the year. or in the peritsl bets￿ Ih2yearend ar￿ the appThal ol ihe aC￿ntS Al the An￿U31 General Meeting Trustees retire every five years are re*lecled rf elvJible for reappoinimeni. All the Iruslee8 are also members of Ihe charity. The Ethnl¢ Inclu81on Foundatfjon Company Regp51ralK>n Number- 037S8674 Tru$t&es' Annual Report for the year ended 31 December 2023 Objects and activiti85 of the charity The purpos•s of thè eharity as set out in Its govemlng documont. EIF r8iseg rf8¥￿[1￿$fty¢h¥￿￿bl￿ purpDses. by renla15 01 hvesknent prO￿Y othefs(Ki¥l enter&Mse 8rtivilies on conferences training EIF'S Sims an¢ Obiedive5 are encapsulaled In its delined Indu51viiy goals on Equallity, H*aiih 8nd Sustainability Our l(Kus remain5 on the Elhnitt communil resiliien¢s and deVe￿￿￿ent underlhose Ihree w8ls bui ort a ¥%ider Sca￿ ts all comrnunibes and cullwe5 Oivewlyof cuiiures Irom the 9lobe bring 8 natural dyTrarTric change lo the country btrtfora ptssitive ¢hang&, this diversity musi be ¢thaiitsMged by a Shared value sysiem. leading 10 an overall inteor81ion of people. EIF delivers Itsaims Ihrouoh the aeiivery p¥rtnprs Peepul Centre Charity and ils tradirvJarm ihe PeÈpul ETrterprise$ Lld For EIF'S aitn lo{edu￿ kKwety Il gives SMAII or2nts. as and rsquireu, to an Inuependefjl Charity ba5&1 in Inda. Peewl Del￿￿, 10 Wift the Verydi￿vantaged Communit￿S. and pathculary ¥￿en 1¢ be e(on¢mi¢8iiy sdl-relianllhrough micro-businessentreprewrships EIF. Ihu5. In a Thutshdl. fcmulates the charity ¥lralgNFS and Ihen to delNer lthse stralegicaims It u$eA Ils surrlusfunds to ¢¥fry￿1 proièLts by its￿1Very panners The maln a¢tivlti•s undèrtaken in relation to those purposes durlng th• ￿ar. EIF fflanages Pis business community Inve$imtnl propwty Inorder togenerale sufficieni funds to gup1￿11$ ChaThtyy￿￿S and mset group's objectives EIF carned oth yqects ol swal I￿111¢e 8no wmmunily *m￿w￿rment Its CLvnmunthes Outre8th EIF I￿$ Ihe E8$1 LDrtdon Centre IELC) lor mnferences and meebn9s ai 8MorUaYe ralps, for prirnanly Ml rbjt exclusivejy. ihe Ethnic and Health or9Bnisaii¢ns ￿1th a chant3We eth￿. e.g. Churche5. Foster Care OrganI￿tionS. P￿￿e Srfufily Training. Yrya and w￿l￿n9. and Ambulan￿ SerVi￿s Traininy EIF the MeTrlal HeaNh work with aMlhÈrug8nisatH)n. CAREIF EIF fru51ee OD Heallh 15 deli¥*rir on health project In the Subs￿l3ry Chanty Peppul Centre by running a Menial Health Ne0hbOurhD￿ Crisis calè at the Pespul Centrefof ihe ethnic communities ol the someNth* marginiali8e¢ ?rea of Belgrave In L￿￿ster, al(w wlh develwn9 3 ne￿Ik of health profe$¥ion¥ls organi5ing mental heanh confem at the Peewl Cenbe The Ethnic Inclusion Foundation Comparty Registr¥t￿ Numb8r- 03758674 Trustees, Annual Report for the year ended 31 December 2023 The main activities undertaken durlng the year to further the Charltys purpose for the public benefiL EIF propd on Heallh and Wellbein9. In partnershipvlth CO￿[, 1$ a bng t*rm project to Wp cieate a Menwi Wdlbeing InS￿t￿t￿rn foi the ethnic Communtios $0 I￿r heavh i$w¢s ¢¥n b¥de811wilh in a mort ¢ulturally Sp￿111C manfjer?pt totheir w*lbeing. %*hich ￿Ul￿ Incoporale lamilial. 5pirrtual cultural factor5 in the sduiion strate9ies To this er￿. a data gathering exercise though a ¢n$is cafe at the EIF'$ stsbsidiaFry Peewi Cenif8, our aelivery partner Is b¥ing tsrev1den￿. EIF uses Its surflus funds to meeiihe runnin9 ¢O$ts of Ihtr Pwul ¢onir6 Chanty8na Ils $0ty81 entwpn$8 Irading 8rm Pe6pul Enterprise$ LIO P8epul Ctnlre Is a large 100.000 sq ft oyynmuDity art$ ieiswe centre proWd1￿ serv￿e5 to ihe local cofflmunilies of the Belgrave area in Leicester wlh lalge ethnic ropulalion. Peepul Cenirt is 8 nabffi¥i wnt in Belgrave area of L￿￿$tel deTnonslrably bDryiDg tryeiherpeoFle from all $￿al. e￿￿0￿1Cand cultura baCkgr￿ndS 1115 a model fora communiiy ￿￿tre ol excellence. deliverin9 hwjh cl8ss seNice$ In the pertorming 8rtS. d8n¢è and mu51¢. frin*s$ ar￿ 8POrtS *livity¢S inwvding differenlly-abled Indiv￿UalS, childiefis nufseryfa￿IiIle$. catenng and weddings and confere￿e5 [￿11411es. and generally imWOVlDg cotnmunily Ille 51yles a5 a swal enterFrfise al aftordatrAe rates. and charilatrAe a1rn5. The Conce￿ IS to help build ana support viDlant Wl4usiaininy ¢ommuniliesthrovyh Innovation, 8nterpreneurshipan¢ partnership vKTking Thus in the entire EIF group strLthJre a Lirge nuTTrberof CDmrnunrty orgaD15alions3nd a large number of people benefil Peepul C￿tre 15 a mega-littiic woieGtwlNL* Is SU5kined through EIF fu￿Ing prirnarily The Health and Wdlbein9 proied 1115 Ibnded bya partner5h1P Wth Ihe NHS Efforts are bein9 made io partner ￿th the Ans Council England IACEI to theatre w¢us, wth a medium ￿r￿ aim ol gainin9 an NPO IN8t1￿81 Portf&i¢i st8bJ$wlh ACE EIF Trusiees 9iYe full regard to the Ch8rity Ccthmis*on'8 guidarte on putli¢ ti•￿￿1 in m8na9ing of Chanty The Ethnic Inclusion Foundation Cofflpany Regi$iiaiion Number- 03758674 Trustees, Annual Report for the year ended 31 December 2023 The ¥hort temi and longer tenn aim$ and obje¢tlves. Long term aim¥ of thè Charity Is toconlinue on 1i$goal$ of E4u811ty lor all pewe.the Health and Wellbeiry of Ihe Peop￿ and the Suslainatslily ol Iiviw. vfith spetyai bLrf nolexclu5we fiKu5 on Iheeihnic cwmunibes. Our pr4ec15 are undertaken wth a wewtoachieving t1￿90315 In the loffj lem7 Fty In¥lpnce ihe Heahh and WellDeino proipci In Ih? 5hDrt term Is galheiing *hniC Culturaiiy spe¢ili¢ewIde￿es atltrE Peepul Cerfrs Chanty bul 115 uKimale aim Is to feed thai d818 Ini¢ Iht Eong term wqect ol EIF lo hdp 8blish ¥ tTrenlal heal1M￿lIban9 insbwiion for eihnK Comtnunibesallo¥Mng fortheir cuiwrai sp¢tyli¢ Likemse. If ACE ¢an p8rtner v￿h Peepul CenlTe Ch3rityi¢ hélp oevebp il¥ IhpalTical programrne. wlh fundiny, then EIF lund5 can le￿Sed lor other peDdinp poiecls under Equaliiy. In ￿rtCu13r pre*ntty Qursusiai￿bJlilY projects the Trustees wJultt like ￿ fund are presently C￿$trained Oylhe wessures ol channeiliw our surE￿u&e funds lofill Ihe deli&t YSP al P*wi Centre due to Il's largeoverheads The wbll¢ tunds frorn ACE wll help create the arts and cultural activity al Peepul Centre that VAII ￿n0 tyenwits, not only lo the community anttlhe Asian artI5ts. bth this e￿13 athvitywll beyin togenerate suTficienl extra Incomefor Pe8puI Cenlrelo begin lo move 11swards Its W Wf-reliance goal,Iinanually Particularfy. Ihe ACE ￿n￿rship 11 Wpcreaie an even ￿3￿Ing field lor P*pul Centre wlh the other local Iheare NPO'S. N%tti¢h are sii well- funded tyACE. EIF Iwk over ihe Peepul ¢entr& In Z012 Ilwas runniw at a h￿e ￿ManagebaIe 105$ and Sin￿ then the newmanagemwi¢ullhose large1055e5 to a more SV$tsinablofiyure. bLrt Wst COVKI the Peepul En￿rpri¥e$ business levels have not yel lully recovered MonettEless. the major part of the losses 3re dueio the under- utslisatson of the Theatrtr Sp8¢ew￿l¢b EIF has no Svrplus funds to developihe atts for This purwse built theaire bvilt by the ACE fi￿nCeS In 2N5 and the ¢ld man8gemenl's efforts Ihereatter lo tum Il Into an NPO did nol sadly m*erialise Thè manayemenl sirKe 2012 has been tryin9 to thiliseihis space fflorp and more forthe develoweni of IheAsan pef0￿1n9 arts bui C￿liNes1O 88ek a mDre pDsilwe oulcome for lunoing Ils woeGts ACE The charlws strategiès for achlevln9 its alms and obl•ctivo$ in the futu￿. EIF stra￿Y is to lJ)ntinue lunding project5 that fulfil the Ch8rity aim$ by d&liverino through ourg[￿p and partner Ch8rilEs looking after the Ethnic arbd othef comtnuniiies, IncludiDg ¥there req￿red uplifting comrnunitses How the aetiviti•$ undertaken durfng th• year contributèd to the achlevement of thè aims and objective$. Thè ¢hanty8n¢ the Groupactiwbes are absoluiely in lin¥wilh Chanvs aitll5 and 0tr4eclive5 andtheir athievemenl ihereol Actiwbes mentiMeJ atx)¥eall (￿lrIbUte lo Ihedeliveryof Chanils objertive$ The Ethni¢ In¢lu8ion Foundation Comp3ny Regislralion NumbBr- D3758fj74 Truslees, Annual Report for the year ended 31 December 2023 ResOu￿e$ used in the actlvitles undertakgn during the year. EIF <81se$ ￿ lunJ8 lor ¢harrf8Die putposes Ihrwgh the effitsent runnifvj of 11$ fMtsi$ bu*nes$wd other S￿131 enterprise a￿l￿te$ mentioned above The 51all res￿￿$ are adequally retnunerated and parbws rel8bts)$hip$ are worked upon amThbiy to h&lp atrlivtrouf ¥bwbe$ The contribution of volunteers during the year. Volunteer5 Kere engaged ai inlenfal$ ontythen wuired ty IhÈ projects. The main a¢hievernents and perforn7an¢e of the charity dvring thè yèar. ain athwerhenl forihtr EIF charrty thi$ysar%ty¥s 10 $*lh6 rs¢overyof Iho E8$1 L￿d0Th cent￿ lor conferen￿$. and also bring back rx>sl-Covid Ihe rental ￿nant5 to oc(yJpy empty spxe creaied duriw CLMd. thuscreatin9 Surpluses 4ain for our soual eThterpr15e5 projects Thè diff•r•ne• th• eharitys pèrformane• dur4ng the year has made to the beneficiaries of the charity. C￿ar￿Y'S perf￿ar*ol¢ raise tvr￿S8nd ¢re8ie surf￿￿1 surp￿Se$to $UKWrt l•r*grwp 1$ essenknal, ha5 C￿n￿ed lo se￿e the GomThunrtie5 andfuVIl Our0￿e￿tr The degree to which the #chievements and porformane• during thè ￿ar havo bonefited wider society- By EIF suppornng oui group Charities wEhave faciliated the Peepul Centre used as a Vaconation hub for sutystsniiai ￿pUlati￿ ol Leitsst*r th* COV￿ p&rioos. ot￿tr chariiqble projects rnentTh)ned have enpfrted the Ntyider sotyety IhrtyJohArts. Fitness, Chidr$n$ Nur8¥ry. H$aNh 8 well￿*1￿d and educ8bon81 acliwlies The performance of material fundraisin9 a¢tlvitie$ during the year 8gain$t the fundralslng oblectlves set. EIF lundtsising Is rnainlydue to tts running Its 5tt1al en￿1prISe activities of reThtirvJthe property i10%￿5. *lherv•ith providifv ¢onftrrertrf¥tyiilies and tr4ining. EIF group subsidiaries predominantly Taise fund5 Ihrwh their￿￿￿al enterprise actwrtes also bui now ihe PC Charity rai$es wme lunas from Ihg NHS lor thwr heatth and *llbeing 4vDrk. arbd for Its the8tre some lund$ Jrtr raised wlh ACE The Ethnle Inelusion Foundation Cornpany RegiStr*ion 14umbw- 037$8fj74 Trustees. Annual Report for the year ended 31 December 2023 Investment performance against the investment objective5. EIF raises lunos through rf$ InvEslrnenl Incotnewth maxjmisiTV peTformarKe which Is rewMd [egL￿ady. al leasi quarterty. Invesltnent ￿rforman￿ h35 been 9Md and salisladory dunn9 the year. Expendlture Incurr•il in the year in ordtr to ralse income in the future. aptal expenditure to Upor*etheA1rCL￿drt￿￿lng system wd5 aulhorised and Contr￿￿d lor In the year ar exper￿￿ In 2023 Structure, 9ovemance and managemènt of the eharlty Th• m•thod5 usèd to r•cruit and appoint new ¢harity tni8tee8. Trustees trainin9 and rttyuiimerf remain$* tywoing pr￿esS and some ofthem we rewired to lake ¢tylbnuirwJ professional devdopmenl ICPDI courses In their ovm proFessions Gown8n¢e Is $irenothen8dwlh the apwiDlmenlof a highly skilled professional lealn wlh buisness and regulatory experien￿ One ol the TrUS￿eS Anil Bhanoi. is the m£nagi￿ diredor IMDI tasked 4Mlh runniny the business eMICierfiy and ethi¢8lly 10 create a surplu5 ￿lch can IheD bp exppnded OTr chafilaNe propcts EIF Is a sts>ai enterpnse tharrtyand for rfs busine55 partAnil 8hanoiensures that his fdlow Truslee¥gireclor5 are noi exposed ￿ any nsk. ¥*nich before his apwinbment ol MO. ￿e EIF Tiu$teS$ had experierttd a high risk emposvre Dy Otieg*iw ?ulhofitylg ￿￿-¢Ire￿Or employees, aDd wrticularfy so In relaboD tolhe busiT&SS cTeditors. Hence Dur Go￿nanCe ffli*el Is unlike other public funded Chantses 2nd equally. one wilh a 51rMg policyto avoid anYc￿lI1ctS of Inierest. For Insiance wh*r¥ lunds $rfj re¢ei¥e the EIF Group, namtrty lh¥ Subsidiary Peepul Centre Chanty, thesefuDd5 are mO￿tored rigorouslyand ¢trEcked byanoiberTwslees Independent of the MD Each ol the Boards Df th&¢ompanie$ wthin EIF Pe¥wi Group have 81 leaslone drfferenl Tru51ee lo ensure inoeppn¢ence Al the same Iiffle, loensure a complimenlarywothing environmern for Our Sha￿ aims, one TIu5teeAnil Bhanotis electa 10 sil on all Ihe Boaids 8$ Chair EIF Chsrily Trustees are the membersof the Charity. ¥Mlh no beneficjal interest in ihe Charrty. 8nd each mernber guarantees 10 contribuie £10 In the eveni f¢ a V•inding L4) The Ethnlc Incluslon Foundatlon Company RegI51rat￿n Nutnb2r- 03758S74 Trustees. Annual Report for the year ended 31 December 2023 The polici8s and procedvr85 for the inductlon and training of trustees. The Bgard gf Tru51ees carrie5 Out an 8nnu81 re¥￿￿ of Governance. The aim is 10 assess tr general Èffeciiveness of the Board and also io Identify 8ny ch8ngÈs in process. The 8oard meels regularly 10 review Ihe composition of Ihe Trustees lo achieve Chanly's aims and also lo identrfy any changes in pro*ss. Trustee vacanoes 8re advertised as 8fKJ when reouired arKJ on 8ppoinlmenl are given full induction th all past disclosures and business conlenlions before their lull acceplantr of the posilion. Any person or corpOrat￿n desiring lo becofne a Irusiee of the Chanly may submit an applicaiion in rrilino to the B08rd signed by him or hef on Ils behalf for admission In a lo￿ 8pproved by the Board, and every such applicèlion shall be consk1ered by each of the exisling Iruslees lo be voted upon wlh 213rds fflajority in favour of Ihe app04nlmenl 15 elecled. No reason for refusal 10 admii an applicHlion is given. The charity's organisational struetur•. EIF IsttE sde parent of ihe PeepLI Centre ChE￿ty IPCI, *14¢tt in 100% of itstr*iNJ arm Peepul En￿1priseS Ltd IPELI Each Chariiy Isdislinct bulcomplifflentary In Ils aims and o*eclives Each Charity has -i¢enli¢w Boari* of Ttysi8s$, ¥%rylh Olffer￿1 spect8lism general ex￿rIen￿. Mt are chaired by one Trustee acros5 the GfOUP lo Mp ffl&ntain a Unit￿japproach ID ptiontisiny each CNriVS aims in a ecthplimentaryway. The EIF Charrfy raises 11$ revenue through irtvesimeni pr￿rtY r8rf81 actiwtie$8nd other8ttial en￿rprISe activities EIF 15 the Chariiy t￿1 d￿5 the slralegy on ihe ChaDtable projects and then giv￿ funding 10 its 9￿￿p ¢tynpanies to deliver the prye¢ts EIF runs its bu%ness under thedireclicn ol one of IheTruslees Anil Bhanot Is rt's MD. All olherlrustees a￿ ext¢Lrtwe dir￿0￿ to maint81n 8'cWks8nd Dal8nc•s' appr&3ch to mnning the EIF C￿rrtY Pppwl CeDlre Chanty Is a SDtyal enitrprise bul ovr re¢eni ¢h8nge$ 10 tyriw Its focu5 on southA￿an Arts and w￿lbeing n￿ansfor1￿15 P3rtwe shall be pnmarliydependenton puwic fun¢ing AlreadyforttEWBllbeirKJ prcyeci a partnership IS developed ￿th the NHS bul Icr meArts projects are still Iwng lo developour rplalionshipwm ACE F¢rihis rea$ort, wo tll8iThiain¥ sèpar4tThi lorGovÈlnan￿ lunpamd Trusteèsi and the Executive (paid Empbyee51. peepul Enlerpri$e$ Ltd is a sotyal enierpri8e 118ding COM￿nY%￿l¢h wn$ 811 the other atthe Centre Anil Bh3not Is the MD ol Ihe Boar¢ of Olrectssw￿Q are 811 remunera￿ 10 bu$irws to ils deficit5- 01 nJDning a 100.000 sq ft ￿ntre wlh large overheads. and income oJnstrwtrts duelo chargeabkp s keep￿ * Sn 2ffordable levd for community- all directors take only a very rvasoDatse level of remuwalion. whith EIF lunds The Ethnlc Inclusion Fovndatlon Company Reyisir3lw Number- 03758674 Trustses. Annual Report for the year ended 31 December 2023 How the charlty makes decisions and how declslons aro dèlegated. The Bgard has delegaied Ihe authority 19 run Ihe Chanly to Ihe Managing Diredor IMDI. Anil Bh8nol. Ytho is also a Trustee on the B08rd. EIF is a sooal enlerprise Charity for whith IhÈ MD ensures the busines5 is run proficienlty and ethically. The MD keeps his fellow non-exculive direclorsllrusiee$ 8bre8s1 of imporfanl issues and changes regularty 50 that Important deci&ons are taken in a spinl of team The ChFef Exe¢utlve Offlcer and othèr senior management personntl to whorn day to day mana9ement Is delogat•d The MDand ￿herrnanavrS￿th In a team prbVIr￿ffienI wth an extensive emtha$is on toam (yynmunicabons ¥Mlh all the $t811 Sèttbng pay and remunèration of key management personnèl The EIF Bo*￿ sets the rernuneration ol ltte MDwho in bjm sets 5alariesof the m8nageB8nd. tnanageis a￿eefflent. al the siaft The ¢urreDI MD salary has always beÈn ar￿ i¥ well Wow ihe markei ratss 2nd ha$ SI￿8￿ beeD typicallyfar bdLVI the past CEOS. sal8fie$, ¥5 per past payroll records. yet unoer presetrt MD the ettanty's inccrfne genetsbfKJ 8¢1iwly Is much ￿gher. weldin9 a higher suWusforCharIta￿e proj How the subsldlary undertakinglsl is18re constltuted and managèd. EIF'S subsidiary 1$ Ihe Peepul Centre chariiy. ￿￿Ose Iraoing 8rm Islhe Peepul Entsrprises Lid The group 1$ mar￿9¢0 by MD and his managers wam 10 w$ureefficienGy andjoinl working ftyour Charrta￿e aims. Th• charity as a part of a wlder netswork. The EIF Charrty 9fouptompn$tr$ t￿ Peppul Centre ITr UK. ar￿ Int￿nst￿allY il an Indepe￿ent relalk)n th a non-gthp thaTrtable Trust sel up In Indi8 10 upliftlhe disadvantaged comrnuniiesvAththe hplpof 3 verysmall ol lundiffj from EIF The Ethnlc In¢lu8lon Foundatlon Company Registrat￿￿ Number- 03758674 Trustees. Annual Report for the year ended 31 December 2023 The ¢harity's relation8hips with related parties. rhe EIF eM￿oyS Anil Bhanot. a Tfuslee. a5 MaDa￿ng Director IMDI, to rvn Ihe $0(ial effl￿pnse actiwbegof EIF. No Olhei Trustee Is paid a remuneration ai EIF Mr Bhanol Is a150 the MD ol Peepul Enlerwises Ll tr￿￿ver. at thè peepul C*trt Chantylhtr iID running the social enierwiseactiwtyof pc lakes a salaryof £NIl and the PC Board hasa splll slrudure of Goyemance v Execuliveto lacilii*e the wbli¢ funding of PC Charityto m*nt*n ¢h8¢k$ and Wan¢8s lor putlicfund$ rAnil BhanDt (yffis OnlineAccounLincy serw￿$ Ltd vthKh provides I￿￿-keeping and aoJxhuntsTKy vices tolhe Charrties group However, Mani Thapa FCCA a direciorof Online Accountancy Se¥vws Lld atvJ other slaff are re5pNwbbforlheKwk they do on itth-keÈrAng. pa￿￿￿, man8gemeM and slautory accounis3nd returns. The Charityempws a Financial Controller Is re5wwblelorlhe B¥nk 1r8nsa¢ti￿S 8nd re¢tr)cili8bon$. The Finw¢iAI Conirdler sper￿5 of histime ai Head Office wlh IheOnlineAccLNJntarKy Staff alld olhw 50% OD financial man*etnent 81 the Peepul Centr* In L¥i¢e$ier. The EIF and Peewl Cethre Head of11￿ 15 atlhe Online Accounlèncy premises byAnil 8haDot. lor no rent 1$ lo IYE EIF group TheTtustees n)eet qu?rterfy ihe management learns meet weekly * the Office. as well as al the operabng offices oflhe Charilies In the Group. PAr Bhan manay¢s t￿grOup from the Head Office electron￿ cornmuNcalion and CCTV faGililies, and also wi Y￿EkIy busifjess slaff mepling5 ?1 the oper*ing WWiSeS BankeFS Meiro Bank PL¢ 1 The Mall Lcndm W5 2PL 0nlineAc¢wnta￿Y Serv￿e5 Ltd Accounlanls Finaneial r•vlew The charlty's finan¢lal positlon at the end of tho ygar ended 31 December 2023 TFEfinanci81 p¢$ibon of the ¢harrtyat 31 Dec*mber2023 and comparatives for the prvJr perKd. a5 rnorefully detailed In I￿atrOU￿1￿. ¢8n t* swnman5ed as lollM- 2023 2022 Plei Income 1265.d461 99.501 Unreslricied Revenup Funds availabkforlhe general wrp05es of the charity Unrestrithed revaluation reser 9.1e6,8S7 9,435,386 7.944,959 17,131,816 7.944.959 17,380,35S ToialUnrestriGiedFunds ReStr￿le￿ Revenue Fwds 19.34& 26.249 Tot¥1 Fun¢l¥ 17.151.164 I7.4￿,604 10 Thè Ethnic In¢lusion Foundatfjon Company RÈgislr3lion Number- 03758674 Trustees, Annual Report for the year ended 31 December 2023 Flnanclal r•view of the position at the reportlng dat•, 31 December 2023. The con501lda￿￿ s4temwts of Fin8rtlal Acliwtse5 5hNs net defi￿1 lor the ye•r 2033 of £176,08312022- nei In¢cthe 01£99,7£*1. Tota gfoLJP In¢(xh8 lor the year amounled to E2.257.02612022-E2,473,$171 Total groupexpwditure forlhe yearamounted totZ,433.10912022- £2.373.7211 Incune Induded ¢ommwci¥i renis of E1.525.271 12022- £1,199,738), yranl I￿oMe for the deliv￿01 d*nt8￿e woiects,inciNne from delivering th8fit8b* activilps and Iradin9 Inc(xne thr￿gh ltre Subs￿l8ry Peewl Enterprises Lld ¢lE461,12412022- £1.093.6041 Tne Group's woperty in London w4s In¢epentteDlly ¥al￿d at£15m on aTrexiStiw u* b8sis In 2019. Is reflecied In the a¢counts Thè Leice51er WOFerty Is subject i0(X)venan￿ bylh? Government agEnciesfor Ils Uge8$ an 8S8et for cornfflunltyacti￿tseS only, lowlich th¥ Trustses ¥refullycommitted iocxry on doJfvJ. Policles on r8s8rv8s. Total con5cqittaieo rÈs¥rve$ of the EIF Peepul Group MEre£17,194.133 8131 De¢ember2023,1£17.286.671- 20221, 01 reSIn￿ed resetves ￿tre £19.34B at 31 D*cemDèr 2023, 1£26.249- 20221 The Un￿StrI￿a funds Include £7.944.959 hdd In a faifv8lue reserve ¥r(ISe(￿ t1￿ waluatson ol the inv*$imeni properties Reser¥e$poli¢yot EIF 15 to mainlan £•50.￿ fre¢ ¢8sh fe8ervtS bulls kept wderconstanl rewew d th& cath flow￿￿StraInts ai Peepul Cent Going Con¢orn Board olTwstees ha¥ 3ssessed Ihewng con￿rn of the group in *Ytt8iI and 1$ ￿￿f￿entthat the group v•ll have adequate resourcestD cDnbnue In operabonai Existe￿e for the forseeatrAe Ithu￿. Availability and adequacy of assets of oaeh of the funds The board of Irustee$ Is salisfied IW the charity's assets In e8chfunJ are availa￿e a￿j adequale tofuthl 11$ O￿VjaI￿J￿s In re5P2cI of eachfu The Ethnic Inclusion Foundatlon Ccvnp8Try RegislralioD Numbet- 03758674 Trustees. Annual Report for the year ended 31 December 2023 Significant events which have affected the flnancial performance and the finan¢lal positlon. EIF ha$ in¢ro8$8d ils Ir￿ome *ynliwYy bLrf P8epul Certre overhea0$ have risen 8180, Part￿v￿0￿Y ItrEeTErgy c05ts. Investment polley and Inv•stment objèctivès. The Cttarity Contin￿&10 invÈSI in 8otyal enterprise operaiiw$ of Pewl En￿rpn$e$1Qr¢QmMVThtyS uOfftrnenl, vknile efficiently tnanaginglhe xual enlerprisp Kbwliesof the EIF lo woduce a retum lor the Charityfor olherChanta￿e The maJor risks to whlch the Charity is •xpo$ed and revlews and systems to mltlgat• thèm. EIF m8lntain$ iisem Is a $UStsin8bL* Char￿tY PeepLA Cenire SUD$￿¥18ry fi￿$1¢ veloping torecover 115 kytrcovid xbvily leve15 and lo build a slrow relationship wlhACE lori15 arts prqecls. albai Its Health and Wellbein9 projedsare developiw In leaps and bo￿￿5 Factors 1Skely to a￿¢t futuro finaneial porfom)an¢•. The EIF C*)ariiy building refUr￿ShrneTrl h35 been camed out to ensure a good working enwroThmenl forlhe CUS￿￿rS snd $takelMYders. YJhilsi Peeoul Cwire 1$ Wliwing lOtwikS its rdaliwsThipv￿th ACE ltyans prn 418131 of th* Companie$ Aci 20061 ofwhich t￿S￿d￿￿$¥re unaware. and bl The trustees have taken all sieps Itrwi Ih*yougNlo have taken its make Ihemsplves are of any ￿levant audit InlormaiioD and eSta￿lsh that the are aware of that Informatiijn Statement of tho Director8 Trustees, R•sponsibilitie$ Th? Ch•fty's irustees are ￿srA)n￿￿tye lor weparalion ori￿ate￿nIS In accordaFKewlhlhe term5 of Ihe CompaniesAct 2006. Ihe ch8r11￿esA¢t 2011 and the Cha￿￿e$ IA¢¢ounts and Reports) Re9ulab¢n$ 2008 Nolwthstsnding th&ox￿￿￿ requirement In the Slalulory wulalion5.the Charities IA¢LouMs Rewrtsl RegU￿ti￿S 2008. to pre￿￿ Ihe linantyal slatemenis In accordan￿Y￿th Ihe SORP 2005. in View ol Ihe fact that the SORP 2005 has beell wlhdraym. the Trustees de￿rmIned lo interpret this responsiknlity 8$ reqtsiring Ihem 10 IdlcwcurreTrt be51 practice and prepare the accoun15 accordiro 10 thè FRS 102 SORP Isiaiemeniof Recomrnended Pfacti¢e forAtr￿ntsng and Re￿nIng by Charili¥si 2015. las amended ty the 8u51elin 155ued ITr OctDber2018 aWKaLlelo all act￿nhn9 pefrojs beginning on or*ter 1st Janu 20191. IT￿ SORPI, In partlcular. the CompaniesAcl 2008 and charity18wrequire the Boaid of Trustees to oepare financwl slatem￿ts for earh financKI year bthich 9iV¥ a Irup fairvrewof the 5131eol allairsof Ihecharily a5 al the end of ihe financial ye8r and ￿ the 8LYplus or delicil ol the ¢tr*nty In wewnng itttyse finanaal statemènt$ the 8oard Is required to - ID p￿pa￿ accounts In ac&yd8r¢e wlh United Kingdom Ger￿dIyArte# AcGouTrliry Pracbce IUniie¢ King*%Tr Accounliry SLin￿rds arrfl awtsble law) - seleth S￿￿ble a¢￿vntIng w11c￿ and apFlylhem (JM$i¥lgnlly, - makeiud9ements esbrnates thalaie rea50natrAe and pruapnl, - kyepare therin￿CIal $t8iem8nls OD Ihewng concem b8%s unles¥ it 1$ IrFapprowiate lo presume that ihe charilywll GDnlinue In Ms1ne5S. $t81è ￿ethe[applIc￿e accounliw siandsrds and sl*ementsof re¢¢mmtnded practice have been followed, subiecl loany maleri artur$s Oi*iosed ano eXrAal￿ In Iinanry31 stslements, The Wwuirb? that ihe Iruslee5 must not $PPWVe the accouDis unless Iheyarè sab$l*¢ Ihst they give a I￿e fairviewol ihe stare ol alfairs of thatityand of the Surplus ordell¢it ¢1 the ¢harityforlhe year The Ethnlc Incluslon Foundatlon Cornpany Re9islralion Number- 03758674 Trustees. Annual Report for the year ènded 31 December 2023 The TTU5tees are also respons1￿e lor maintainin9 adequate accountiry re￿S*th￿h discl05e￿Ith reasonable 3ceuf2cy81 any lime Ir* Iinaniai position of the ¢hanty8nd %4thi¢h 8re suffi¢wiio sh(v4 an I1￿Cl￿11Y,s transactions and eDable Iheffl lo ensure thaiihe financial 51atemenls complywih the CompaniesAci 2006 and complywth re9ul3trons made undèr the Chanbes Aci They are also re$ws1b￿10r sar￿￿arding a$s*t$ ot Ihtr¢hanty8nd hpncefor tsking rea￿)nable sleps tae prevention and delecbo ¢lfr8ud and ￿her 1[reg￿a￿￿eS. The Tw5tse5 are also re¥OnS￿le lor ihe contentsol ihe Trustees. rep￿t. and Ihe 5L3tuty resrthisiknlrtycrf Ihe a￿l￿r In relation tothe Trustees. report 1$ limrfed to èxaminlng th* rewrt ar￿ tnsuring th*. the report ¢w*$tent￿1lh the fioures disrjosed In IhpfinaTrr￿I s13lement5 Method of prnparation of aeeounts - Small company provisions The financial stslettwts are seloul on pages 12 Iv 20 The fina￿1>1 $tatements ￿ve prepared Impièmsnlino IF* FRS 102 SORP Iststetnentof Prxbce lor Acwunling and RepoTtsTbg by Chanliesl 2015. las amended bylhe Bulleun Issued in Ociober 2018and applicable ￿311 accountin9 pert￿5 beginning M or after 1st January20191, (The SORPI. ¥no In 8¢¢ordartevAlh the Financ￿1 Rep￿1￿ Sta￿ard 102, leffeCt￿Ve 1¥1 January20161 These consolidated financial 51alements have been prepared in aGcordaKe the wovisions in Part 15of the Companies Aci 2008 applicable to companies Subjeci to the small comF4nies regime Ths re￿ ¥Yds awxoved by the boardoflnjsieeson 2S Odotr£r 2024 hanol DI￿lor Twst*& 14 Th• Ethn￿ InGlu*lDn Independent auditors, r•port to the members of The ElhnK In¢lusiM Foundalion We have auctited the finar•c4813tatements of The Ethnic InctUs￿￿ Foundation for the year Ended 31 necember 2023 whKh rnPri8e the Income Statement, the Statement ol FiThanrial Posri0￿, Ihe Stat•mènlolChanges in Equity 8nd the rolatsd notes. Thg fiDanc4al rEPOrtin9 frarne￿rk that has t•8n appli8d in thgii preparntion is 8pplicab￿ United Kingdom Accounting StandaFl$ IUThit8d Kin9dom GenerallyAccept8d Ac￿Un￿.￿g Practlcel, Induding FRS 102 Th& Finarrial R8piJrting Slanda￿l applicabb in tho UK and Republic of Ir818nd" ThL5 rgport kg made 8otelyto the companys mèmb¢r8. as a body, in 4￿rdance with Chapter 3 cfPart 16 01 the Conwanie8Ac* 2006. Our a￿lIt has bg¢n undertaken $0 thatthe muht st•te ID the cJJmpany¥ m•mber5 Iho8e mattèrs 8re required to State tD them in an auditors, ￿Port and forno Ot￿r purpose. To the lulle5t extent pennRtsd by kw. do not ax•pl orossume r88ponsibilty to anyone othtrthan the o)mpany and the coNwanl8 m¢mbets a5 a body. for ouraudrt for thls report, orforthe cyinlons w have forr*d. Ra$pocttr¥è r••poth•lblllllo5 of dIm￿tr￿ •nd auditorn We hav¢ audited the finonc4al statements ofTh Ethnic IndusioA Foundation for the yplrended 31 tkcember2023 whleth eomprisg the Income Statern?nt, th8 St2t8ment ol Finantsal Posit(xn. the St4tement of Changv in Equity 8nd the rela18d nole$. The finanryal rèporting framework that has been Hpplh?d in their ptep8ration 15 appth'cable Jaw and United ￿ngdorn AKountiry Standards Iunrted ￿ngdorn Generalty Act¢pted ACCOUn￿n9 Practke), indudiro FRS 102'T￿ Financi¥l Reporbng Standard appfKable (n the UKand Reputyr￿ of Ireland, R•*pxth r•gponilbmtkn• oldlr•¢torn*nd •udttors As 8xplained rn0￿ knlly in the Stakmenl of Oirnclors, ￿p0A91b111tYJS, th• dir¢clors are re8pons*ik for th8 preparation of the financk81 statemènts ané for baing satisfied that they give a true 8nd fairwew. Our r•spon5ibilrfy Is to audit 8nd express an opinion on Ihe financial slat8ments in awordanc* with applicable law and lnternafr.onal Stsndard8 on Auditing IUK and I￿￿nd1. Those Standards wuirn us to r¥ynply7*ith the Audrfing Practi*s Board'5 EthKal Stsndards forAud•tor8. Scop• of tho audtt of th• accounts A de9￿ptIOn Dlthe ¥cope of an audit oifinanual slatemersts is proY¥Jed on Ihe AP86 ￿*bItto al sww.fr¢.org.uW8uditscopeukprivate Oplnlon gn th• Iccounts In our opinion tho octounts.. give a Ind fair view of tP* 8t8t8 ofthe c4mp•n*s affalrs at 31 Der*mber2023 and of ts dgfirytforthè yeartheTr ended.. ha¥e been prcpedy prepa￿d in accordano wth United Klngdom Gen¢roly A¢eept8d AKounlJr¥ Pr•¢tie applc*s t¢ Srnallor Entities." and hove been prepared In accordanca wth th• Mquirem8nts oftho Companth A¢t2CI)6. Oplnlon on other mittors prmertbed bythe Compan1￿ Act 2006 In uur opinion th8 inf0m￿tIOn gwon In tho Dir•ctor8' Rèport arxl Ihe strateg￿ Rttpcrt for lh8 financial y••rforwNch Ih financial statements arE prepared L% ￿nsiStent wlth the finanLaal $tatsments. MaltÈrn on whkh wo ar• Mguyod to r8port byaxcoptlon We have nothing lo report in respect of Ihe lollowng mattèrs vrt*re Campanles Ad 2006 requires u8 to report to you rf. In our Opinion.. ad¢quale accounting r6cor(16 has* [￿t ba8n kep( or adequats lof our autht have not IM•n r•t*w8d from branch85 not ¥i8Eted by us., or the accounts are ntst ￿ agreernenl wlh accourtting Rcwds and rpturns.. ur certain disthsures of thfectors. fBmun8ration SPBaf*d by law a￿ not rnade,. or ¥%e have not reLxi¥Ed 811 Infr)￿latIOn and expl•n•t•)n$ wo requn forour or Naren De$81 FG4 MBA- S8niwStautory Auditor Isenlof Statutory Auditorl for and on beh•ifof Andrew Murray & Co Att4unlant8 and Slalulory Atyjitors 25 Ocicèer 2024 144-146 lQn9¥ C¥os5 Road Londo WC1X 9DU 15 The Ethni¢ Inclusion Foundatlon - Consolldated Statement of Financial Activities for the ygar ended 31 December 2023 Consolidated Statement of Financial ActivitiTes (including the Income and Expenditurè Account for the year ended 31 December 2023, as required by the Companies Act 2006) SORP Ref Cvrrent yeai UArestricted Funds U1￿1￿ year Restrlcted Funds Cufr•nt yew Totsl Fuods Prlor Y*ar Totsi Fvnds 2023 2023 2023 2022 Income & Endoyments from.. Donalions & Legacie8 Charita￿8 8clivilies oir*r trading acliwt*$ Investments AT 92,448 4SI.124 157.8S2 1,525,271 20,291 112,739 461.124 157,892 1,525,271 69,553 1,093.805 110.622 1.199.738 Totsl Income 2.238,735 20.291 2,257.026 2,473.$18 Expendfjtu￿ on.. Raisiro fund$ Charitable 8CtivrtEs B1 82 730,239 1.718,647 730,239 1,745.839 667.737 1.708,280 27,192 Total expgnditure 2,448.886 27.192 2,476.078 2.374,017 Net In¢¢>me forthe year 1212.1511 16.9011 1219,0521 99,501 Tronsfers between fund5 136,3941 136,3941 Net In¢ome after tran$lers 1248.5451 16,9011 1255,4461 99,501 Not movemont In funds 1248.5451 16.9011 1255.4461 99,501 R¢conclliatlon of lunds=_ Total funds tyrought forwar 17.380,361 26,249 17,406.810 17.307.103 Total fund$ ¢arriod forwatd 17131816 19.348 17.151.164 17.406.604 Th&'SORP Ref indicated above is tt)e cla55ificalion of income sel out In the fofmal SQRP documents. As required by paragraph 4 60 ofthe SORP. the brought forward and carried forward funds above have been agreed lo the Balan¢e Sheet. A separate Statement of Totsl RecryJni58d Gains and Losses is rK)t reouir¢d as this staternent ind￿Je$ all recognised gains 8nd10$5e5. All the pnor year Ir8ns8ctson$ were unwtri¢ted items. and no further analysis is required All activities derive Irom continuing operalions 16 The Ethnic Incluslon Foundation - Consolidated Ststement of Flnanclal Activities for the year ended 31 December 2023 PIIN Year Prior Yo•r Prior Year Totsl Funds SORP Rer UnM$tri¢t•d Funds Re6tricteil Fund$ 2022 2022 2022 Income & Endowments from.. Donations & Lega¢ie$ charitab￿ actiwlies Other tiading activities Investments Other A1 89.553 1.093,605 110,622 1.199.738 69,553 1,093,605 110,622 1,199,738 A3 Toial income 2.473,518 2,473.518 Expondlture on: Raising fund5 Chaiilabk aCti￿(leS Other Tax on surplus on ordinary actsvi B3 Other taxat￿￿ B1 B2 83 667.737 1.7(￿,280 667,737 1.706,280 B3 Total expendlture 2.374,017 2,374.017 Nei gains on illve$trnents Net Income for the year 99.501 99.501 Transfers between fund$ Not income after transfers 99.501 99.501 N¢1 movement In lunds 99.$01 99,S01 Roconciliation of funds:_ Totsl fun(ts brought forward 17.439,975 63,378 17.307,103 Total fund$ carried ftsrward 17,539,476 63.376 17.406.604 All activities derive from continuing operations A separ2te Statement of Total Re¢ognised Gain5 and Losses is not required as this slalement includes all re¢ogni$ed gain5 and105ses.' 17 The Ethnic Inclusion Foundation - Consolidated Ststement of Flnanclal Activities for the year ended 31 December 2023 The Ethnic Incluslon Foundation- Group Resources applied in the year ended 31 Do¢ernber 2023 towards fixed assets for Charity use.'_ 2023 2022 Funds generated in the year as detaI￿d in the SOFA Resources applied on functional fixed asse15 Olher applications of funds 1255.4461 1181.W61 99.SOI 131.7201 Net r8sour¢è$ avallabl• to fund charltabla aetlvlti•s 436.452 67,781 18 The Ethnle Inclusion Foundation - Consolidated Statement of Financial Activities for the year ended 31 December 2023 Consolidated movements in revenue and capital funds forthe year ended 31 December 2023 Revenue accumulatsd funds UorestriEted Restrl¢W Fund 2023 Total Last year Total F￿Thd8 2022 Fun0$ 2023 Fund5 2023 Accurnulaled funds brought fomard 9,435.398 26,249 9.461,647 9,558,392 Recognised gains ar￿ losses before transfers I6.￿1) 1219,0521 99,501 9,223,247 19.348 9,242,595 9,657,893 IFrornllTo unrestricted revenue funds 136,39DI 136,3901 11g6,2481 Closlng r¢venu¢ fund5 9,186,857 19.348 9,206,205 9,461,645 Consolidated Revaluation Reserve Fund Unrestricted Fwnd¥ 2023 R•$tritt•d Funds Tot•1 Funds Lastyear Totsl Funds 2023 2023 2022 At 1 January 7.944.959 7.944.959 7.944.961 At 31 December 7,944.959 7,944,959 7.944.961 Summary of consolidatèd fund$ U￿¢$trIcted and Restricted Fund Total L&st Yoor Total Funds D$Sig￿ted fund 2023 2023 2023 2022 Revenue accumulated fund$ Fixed asset funds Revalualon reseNe fund 9,186.857 19,348 9.206,205 9,461.e45 7.944,959 7,944.959 7.944,961 Total funds 17,131.816 19,348 17,151,164 17,406,606 19 The Ethnic Inclusion Foundotion - Consolidated Statement of Flnanclal Actlvltles for the year ended 31 December 2023 The Ethnic Inclusion Foundation Consolidated Income and Expenditure Account for the year ended 310gcembor 2023 as required by the Companies Act 2006 2023 2022 In¢ome Income from OFeralions 731.754 1.273.780 Investment In¢cme and Interest Income from Inveslmenls, other than intere81 reeeivable Interest receivab 1.515,965 1,197,616 2,122 Gross in¢ome in the year beforè exceptlonal Item$ 2,257,025 2.473,$18 Gross incoffle in the year including exceptional item5 2,257,025 2,473.518 Expendi(ure charitab￿ expenditure, exduding depreciation and amorti$ation Dep￿CiatIOn and amortisation Fundraising costs Governance costs Other expendrtu Interest payab Realised losses on di5P05a15 of social in¥estrnen15 which are programme related 1.480.751 140,906 730.239 123,411 1.505.690 107.122 667.737 92.426 1117,8991 1.042 771 Total &xpendlture In thè year 2,476,078 2,256,118 Net Incom• beftsr¢ tsx in the fina￿181 yéar 1219,0531 217,400 Tax on surplus on ordinary actiw1￿S Net In¢om* ofter tsx the tlnanclal year 1219,0531 217,400 Retsined surplu5 for the financial year 219,053 217,400 All activities derive from continuing operations In accordance with the provisions of the Cornpanies Act 2006, the headings and subheadings used in the Income and Expenditure account ha¥e been aLlapted 10 ref*¢t the spe¢ial natu￿ of the ¢harity'$ activities. 20 The Ethnlc Inclusion Foundatlon - Balance Sheet as at 31 December 2023 SORP Note Ref 2023 2022 Flx8d assets Tangible assets Investments h61d as fixed assets 8 A2 3,376,830 16, 100,0(X) 3,336,729 16.1￿.000 9 A4 Total fixed assets 19.476.830 19,436.729 Currènt assets Stocks B1 7,107 196,828 218.848 6.720 94,279 656,592 Debtors Cash at bank and in hand 11 82 B4 Total current assets 422,783 757,591 Creditor6.' amounts falling due wlthln one yèar 12 C1 1614,8201 1586.9771 Net ¢urrent aS8et8 1192,0371 170,614 19,284.793 19.607.343 N•t assets Creditor3. amounts falling due after more than one year 13 C2 12,133.6291 12,200.7371 The totsl net assets of the charlty 17,151.164 17,406.606 The total net ass•ts of the chartty are fundèd by the funds of the charlty. a$ follow8'.- Restrlcted funds Restricted Rev8nu8 Funds 18 D2 19,348 26.249 19,348 26,249 Unrestrlcted Funds Unrestricted Rev8nue Funds Unrestricted Revaluatyon Reserve 18 D3 18 04 9,186,857 7.944.959 9,435,397 7,944.959 17.131,816 17,380,356 Deslgnated Funds Total charity fund¥ 17,151,164 17.406,606 The'SORP Ref indicated above is the ¢lassificabon of 8alance Sheet items as set out in the fomial SORP documents. As ￿quI[ed by paragraph 4.60 of the SORP, the brought forward and carried forward funds 8bov8 hav8 been agreed lo the SOFA.. 21 The Ethnl¢ Incluslon Foundatlon - Balance Sheet as at 31 December 2023 The director5 are satisfieiS that the cornpany is entitled to exemption troffl th8 r6quiiem8nt lo obtain an audit under section 477 01 the Companies Act 2006. The members have not ￿qUired the company to obtain an audit in accordance with sectson 476 01 the Act. The directors acknow16dge thèir ￿spOnSibl41￿.&S for complying with thè r6quirèm8nt5 ofthè Cornpani85 Act 2006 with respect to accounting records and the preparat￿n of accounts. The charitable group is subject to audit under charity legislation, and the report ol the Charities Act auditor is on page 11. The consolidated financial statements have been prepared in accordance with the provisions in Part 15 01 the Companies Aci 2006. applicable to companie5 subject to the small cornpanies r8gime. Anil 8hanot Trustee Approv8d by the board of tru5te8s oll 25 October 2024 22 The Ethn1¢ Incluslon Foundation Consolldated Cash Flow Statement for the year ended 31 December 2023 2023 2022 Cash flows from operatlng activities Nel cash provi¢Jed by opeiatsng actsvities as shown below 11,782,012 993,115 Cash flows from investing activities Inte￿$t ￿￿1V￿d Other investment income, including rents from Invèstmènts Purchase of property, plant and equipment 9.3C6 1,515,965 2,122 1,197.616 1181,0061 131,7201 Not ca$h provlded by Investing activities 1.344.265 1,168,018 Cash flows from financlng activities Cash inflows frorn new borrowings 167,1071 Ngt cash provlded by financing activities 167,1071 Overall cash provided by all activities A+B+C 1504,8541 174,903 Cash movements Change in cash and cash equivalents frotn activities in th8 yesr end8d 31 December 2023 1437,7441 174.903 Cash and cash equivalents at 1 January 2023 646,592 Change in cash and cash equivalents due to exthange rate rnovements Cash at bank and In hand less overdrafts at 31 December 208,848 174,903 23 The Ethnic Inclusion Foundation Consolidated Cash Flow Statement for the year ended 31 December 2023 The Ethnic Inclusion Foundation Cash Flow Ststement for the year ended 31 December 2023 - Continued Recon¢lllatSon of ngt Income to net cash flow from operatlng actlvitles Net in¢ome as shown in the Statement ol Finanual Activities 1255,4461 99,501 Adjustments for.. Dep￿CIatIOn charges Write downs of investments Net unreali5ed losses on investm8nl as58ts Dividends, interest and ￿ntS from Investments Decrease in stocks Decrease In debtois Increase in credrtors. excluding loans 140.906 107,122 11,525,271) 13871 1102.5491 139.2651 11,199,7381 Net cash provided by operating activities 1.782.012 993,115 Analysls of cash and cash equivalents 2023 2022 Cash In hand at for the year ended 31 De￿rnber 2023 Notice deposits- Iless than 3 months) Overdrafts faality ￿paYable on d8rnand 218,848 856,592 110.0(K)I 110,0001 Total cash and cash equlvalent$ 208,848 646,592 24 The Ethni¢ In¢luslon Foundatlon Consolldated Cash Flow Statement for the year ended 31 December 2023 The Ethnic Inclusion Foundation Cash Flow Statement for the year ended 31 December 2023 - Continued Analysis of change in net debt At start C•$h At end of year 656,592 110,0001 Flows and of yèar 218,848 110,0001 1437,7441 12,200,737) Cash Overdrafts repayable on demanLI 1437,7441 1437.7441 Loans falling due after more than one year 12.200.737) Total 11,554.1451 1437.7441 12,638.481 25 The Ethnlc Inclusion Foundation Notè5 to the Accounts for the year ended 31 December 2023 1 AcGouDti09 policies Pollcles Iylatltjg to theproducii¢)n of the accoun1$. asls of preparatlon and accountitl9 EonvèntW)t) Th& sttounls have been prepared on the accruals b3515. under the historical cost convenlM?n. and In aCCordan￿￿th the Finan￿al RekKXtiw Siandard 102. lefteciive 1SlJanuary 201612nd'FRS 102 SORP (Slatem￿l of R8¢omrnended PraC￿ce lorAccounbn9 and Reportin9 by Chariliesi 2015, ias $m¢n4*a bylhp Bulletin i$$wd In OthoLEr 2018 and appliCAbklO ali accounting penods beginning on oratter 1st January 20191. (rhe SORPI. pU￿1Shed by the Charily comffl1s5l￿ In England & Wale5 ICCEWI. effeciive j3Th￿ry￿016.. and In 8¢¢ord8n¢e ali applicable law In th? charity's iuThsdi¢iw ¢1 regi$ir8tion. excepllhat the chardy has Prepa￿ Iifjancia slaietnenis accordance wlh ihe FRS 1Q2 SORP Istalemenl of R&romffleDded Practi￿lorAcC0untIng aTht ReFthing by Chaniiesl 2015.13$ amendea by Ihe Bulletin Issued In October2018 and £ppliC3bleio all a¢¢ouniing Ktiiod$ Winniny on or after 1st January 20191. IThe SORPI. in prefeien¢? prèvi￿5 SORP, ihe SORP 2005. s%thich has been wlhdrawn. DOhwlhsta￿l￿ the lact that t￿te￿an1 $talutory regulations. the Chanties IAcrA)UDts and Reporisl RegulatK>ns 2006 ￿ler eX￿lullY totr* SORP 2DD5 rhis ha5 been done ￿ accord vAth Current besi wa¢ti¢e Going Concem The 8oaid ol Trusw ha$ a$ses¥8d wnp¢on¢wn dthe or￿p ln dBtail afid is cOnf￿ent￿at Ihegroup VAII ha¥ 8de4u8ie ￿$DUrces toconlinue In Operati¢￿al exisleKe fOrl￿fOrseea￿e f￿￿re Nature of income Gr￿ InrDme represents the value. nel ol value taxand dis￿ntS. ofgctht5 prOV￿ed lotus￿￿er$ vtork carr￿Jaut in respeciof services piovided to cusiomers Categories ol Income i¥ ¢alegonseiS as 1￿me from exthawe transactiL￿5 Iconlracl Income) and Income fFDm non-extharye transactions Igftsl. Invesirnenl income othw Income In¢omo Irom oMth*ngotr•n$8rtlOn8 Is r￿e1ved by ihe chaDtyforgaods L¥ serwces ￿￿er cothract eniitlement Is su*erf io lullillin9 performance reiaieri con¢ibon¥ The Incotnethe chatiiyreceive5 Isamroximatelyequal In valve tolhe y￿£ ty seNi¢e$ tyItrEchantylo the purthaser. In¢omofrom 4 llQD-exchanue transactlon 15 ¥*here the charity receives valuefrom ihe dDnorwthoulVOwOing equal Val￿ In exchange. and Ir￿1￿yeS don¥iw$drn￿ey, gOo￿S Ser￿￿$ treely gwen vathoth giwngequal Val￿ In ex¢hang6. 26 The Ethnic Inclusion Foundation Notes to the Accounts for the year ended 31 December 2023 In￿rne recognitson Income. whether from exchange ornon exchdn9e trans￿￿0￿5. Is rwnised In the 5taiemeni of financial £Clivibes ISQFAI orn a rewvable bs$is, then a Irans8¢lion or otherevent results In 8fi jn¢rea$e In the charity'$ ?sselS or 8 reduction In Its liat41ilie5 and only the chaTrty ha5 legal entiuernenl. the Income 15 wobatrAe and can be measured reliaNy. vthnd5 are &Gruedw*en lth shareholder'5 righllo receve pa￿￿e￿I Is eSla￿lShed. In¢orDe subject lotsTtns and C￿d￿onSwh1ch muslbp met Wore the charity Is e￿I￿￿t0 the resources Is nol rec￿nISed untsl the condit￿￿ have been rnet All IrtLwne 15 aLrounled lor gr055. before deme. and debited lo irading 510ck When trading stock Is 5ubseouenllysold. or appropriated ￿ rneei an exp2nse. then the Carr￿ry value ol Ihe si￿k Is recognised 25 an exrense In accordance￿1th the SORP. goods dtsnsted for distriOthim10 berfi¢iarios, ¢rf¢r¢onsumptlQn bylhe ¢h¥rrty are irtlu¢ed In legwes 8ntJ ona1￿5, Good5 dorbaled forresale aFe InCIL￿ed In Incorne fnwn otheitradingaclivit&s' ThÈ ¢osi ￿ any Stock ol ¢on*edforLlislDbulNJn lo b￿e[i¢l3￿es Is lo be ihe laif value ol Ih05e gilts at the btneol Ihwr receipt If the held are lo be distribu￿d freelyor for a nomiDal coTrsiderabon. then the carrying arn￿nI Is subsequeniiy adjusted ￿ ieflect the Io%*r ￿ oeemeo ¢osi aaiu$ieJ lor any loss ol service potent￿91¥hO op18¢emeni ¢OSl Repla¢ernenl¢DSI Is the economic co51 IncurrEd Il Ihecharity to replace the S￿V￿e Wefitsal of ihe dorb*ed goods al rt5 expense ID the m051economic manner. Donated ser¥lces and facllltles (including S￿Onded staff use of propetyl are included In the accoLJnts on the basls ollhe V$lu8 olthe gift lolPEch8rity All aonated serrtes and latyiibes a¢ re¢ognise¢ 8$ irtome ¥th?n rs¢e1veo.Iwtyry￿ Ihp V¥lueof Iheyft¢an b measured reli8wyl rwt115ed as an expensev•lh aD equivalent value omb￿h{p8utyS¢npllO￿s Thè inc(the ar￿ any 8$$0i*ed GillAil ty Olherlax refund Irom a membeT5hip subscDptw)n rxwved by the chanty the D3lure of a grft. Is accounted foion the same ba51s as a donation The Income from ¥ membersnip $ub8¢nptw r￿¥Ve¢ by the chanlyNvthveifE subKnplv)n wrthases the to serv￿e5 or benefits is reoJgnisEd as irKome Irom chariiable actiwtse5 Poli¢i¢s r*l•iing to expenditurt on goods andseryicespmvided to the charity. Reco9n4tlon of Ilabllltle5 and expendiiurfr A IiaDility. arf Ihe re181ed expendilure, Is recrynised a *al orcoDstrucliveoblig?II￿ exi51s a5 a result of a pas1 event, and Il Is rnore Iikelylhan nol th* a Iran5ferof econom￿ benefitswll be required In settlement. and the arnounl of the Obligat￿ ran ￿rneaSured or rehably e51imaied. Li?￿l￿1e5 arising from fuluFe funding cornm11￿￿￿l5 and consliuclive O￿19at￿n$. IncI￿1n9 performance rdated grants. ¥trtterelhe Iirning orlhe amount olthe lUtu￿eXpendit￿re required to seitlethe obligation a¢ unewtain. yivg nse 10 8 provisitsn In the a¢¢ounts. thich 1$ revie%4*d at the 8wountsng yearend The provision 15 Increased lo reflKI any irKrea5e6 in li8tslilES. 8nJ Is de¢rea$trd bylh¥ thIli881ion of any provision bwlhin the peDod, and reversed rf3ny prowsion 15 no longer reryired These TrwM[n￿IS are tharged LwcredrtedIOI￿ resppctive funds and actNilk% to thich Ihe provision relates. 28 Thè Ethnic Inclusion Foundation Notes to the Accounts lor the year endèd 31 December 2023 Allocalln9 Costs to aGtiYftles Direci ¢ostSlhalare swificaiiyielaled lo an a¢tivily arealk)raied tOlha18thNrfy. Shared dired ¢osi$ ?nd supth costs re apmrtioned beh4een activities The basis apwrtthm$rf, which Is Consisi￿lySpp1ie￿, and proK*XionaitlO the circumyiances. is StAifing- on the basis ollitne Spent In c¢nr*tioTrwrth any ￿NiC￿lar acliwty St3ffing- on a rw ¢apila basis. based on Iht nufflbprolof wplè pmpbyed ¥MINn any partiuL3rxtiwty Prernlsèg related costs- on Ihe prowt￿n of noor8rea wxuwed by a p8rti¢ul3F activity Plon 5peclflc support costs- on the bs$i$ of Ihp usage of resource5. In lerms ollime tsken, cawly used. rwesi made or other mea5ure5 Estimatlon ttr¢hniques used In ap￿ti￿l￿g G05tS- gwe delails Volunte•r9 In a¢¢Ordan￿ VAih the SORP, and In reco9nilion of the di1r￿ulEie$ In ￿8¢1￿9 a monetary value on t￿ coTrlribLrtKJn Irom ¥Dlunteers, the con1n￿liOn ol VOlunte¥rs 1$ not included wthin the loc￿ne0f ¢Th8rjty. HovEver. the Irust￿& valuelhe significath ¢onlribulicn mack Iolhs arbvilies of t*Èehanty by wpaid volunteer$ 8nJ 15 descriw more lully in ￿￿¢5 fang1b￿ fix•d 468•ts DePreC￿lI0n has w prowded* the fdhMr¥) rates Inorder tovrriie o111￿aSsets lo th8ir8nttip8ted re5KJual value o*r their estimated u¥etul live5 Freehoio prernises Fi*ures and fittin95 Computer equi*ywi 2 % on cost 8nJ include5 la￿ not b¥ny uewecialh 20anO 25 % Dn redu¢ing L￿9￿nce ar￿ on ¢osi 33 %￿¢9&1 Inv•tstfflent property Inve5tfflenl property Is shty** at most recent V￿vab0Th Any wjyregate surplv$ ty d2fKiiansifvJ Irfjh (*¥rges ifi fair val Is recognised In the St8twnenlof FinarLial A¢bwlies. Stockg and w4)rk in proyress Stock Is walued ai Ihtr i(vwer olcosl and wi reaiisatye value Debtors De￿5 are me8$ured altheir reCoVeBb￿ amount5 at thè b8i*nce ¥t￿et￿ate 2 Llablllty to laxatioTh Tr￿ Twslees cOns￿er thai charity satLsfies ie$is sel out in Para9rarth 1 Schedule e d the Finance Act 2010 lor UK corporation tsx putP05es Accordingly. Charily is wentlally exempl trorn Lixaiion in rpsppct of Income or eapil81 9ains ce¢¥v8¢ ￿lhi￿ calegones by chapter 3 pan 11 of the C￿￿10n TOM Act 2010 or Section 256 01 the Tax¥iioD of C￿rgeable Gains AGI 1992. to the exteni that sucm income or g¥in5 are applied exclusively on specific charitable chanly and lor no other purw>se Value AcWed Tax Is not recoverable by the chaniy, ana Is therefore iYKlud*o in re￿vanI ￿￿1$ in the St3lemenl of Fiftan¢i81 A¢bvitie5 29 The Ethnic Inclusion Foundation Notes to thè Aeeounts for the year ended 31 Decèmbèr 2023 3 Net surplus bplore tax in the financial year 2023 2022 The rb* surplu5 before lax in the IinanGial year Is Staled afiercharging.- Dewwab(x) of¢￿8￿ IIx8a 8$sets Tty$1￿. remunerabon Pen¥ion costs Audiiors. refflU￿ra￿0n 140.906 71.379 17.302 20.500 107.122 51.372 15.859 15,5Lh) 4 Interest payable 2023 2022 interest payab 771 1.042 S Staff costs and emoluments s8thry¢￿ts 2023 2022 Gr￿ Saiar*s $X¢luding Irvsiw an¢ k¢y mtynagwneth pswnel Empws N81wai In$uran¢?for¥ll ¥i¥ll Empwrs contri￿tIon to defined benelil pensH)n 8¢thMes EmpWerf5 operating c051s of delin contriMtion pension scheme5 Tru51ees' Remunerati￿ as detaled in nDte 7 other be￿fIts paid lo irustees. as In note 7 8C*.761 57.974 9.223 869.462 $6.489 9.082 .070 71.379 1.321 6.777 51.372 1.321 Totsl sal&rtBs, wa9es and relAtod costs 9S1737 794,503 The avera9e numberof part tsrne51aff ernrAoya In Iheyear¥Yd5 43 The esiim•tedequlvalentnufftberoflullUme staffdeployeLlln dIller￿tact￿hles In theyearwas:. Ew8980 on a¢tivrfi¢s Ewaged on [n￿agemEnt ad[nin￿tratIOn 37 6 R¢muneratlon and payments to T*U$t￿ as Executive Directors and persons connected ￿th them A B￿0t a5 the Managing DireGtOf IMDI of Ihe COMp￿Y IEIFI and its 5ub5wJiary PeepLI ETrterprise5 Lld IPELI VA5 remuner*ed £71,379 {2022451.3721 IrL¥n EIF and £46.0691202Z-£46.0691 Irom PEL, vthh Pens￿A ContriLwlion$ In EIF 01 £1.321 8nJ PEL 01 £#￿ Mr Bhan￿81$0 rung as the MDOI the EIF sLtrla￿ry Peewl cent￿ ChWrfy'$ social efflerpnse act￿￿1&5 trArtbeiw Its Trustse tskès a sAkryol£NIL No otherTTuste2 receyTrRd any remuTEralw)n from EIF S Syan r*¢¥vea r$MUner￿1￿ frw an EIF $uTr)sidi8ry PEL as its legal dire¢torof £nil12022-£S.ODDI Mr Sy8n ￿rks free for legal 155UES al EIF as a Tru51ee Or S weived r8mUn0r*v)nfr￿ry an EIF SLtsidOry Peepul centre a$ Hp8d ol P8epul HeaKh of£14,014 12022- £7.4321 Dr Bhanot a TrUs￿e of EIF *ork$ free irt EIF ￿ He8llh m8tters er￿ s¥wli&ly In her ¥¥ith our patrorcareif Iwi 30 The Ethnlc Inclusion Foundation Notes to the Accounts for the year ènded 31 December 2023 as ihe Head ol Peepul Hfratth al Peepul Centr¢ She runs the Health 01vis1￿ Iherelo deliver prqeGts like the Nkntal Health Crisi$ Cafè and high level Health confe￿r￿e$ 81 Ihecentre 31 The Ethnic Incluslon Foundation Notès to thè Accounts for the year ended 31 De¢ernber 2023 7 Reinuneration and payments to Trust￿$ and persons GonneGted with them 2023 2022 R¢mtsmth¥tiOn ￿Y￿ble tts trust•¢s or¢OFJne¢i￿p￿$0nS Trusiee's remUner8t1￿ a$ MD 71.379 51.372 Total remunerauon 71,379 51,372 2023 2022 Employ*s P4aiionallnsuiaRte contrlbuiions oftaboveremuneRtton Trustee's remunerabon as MD 9,039 6,1 6.196 2023 2022 P•nsion p•ythoni$ rel•iiyJg to trtxst••S Trusie6'$ reMUDe[?ts￿ a¥ MD 1.321 1.321 1,321 t,321 8 Tangible fixed assets Current Year Land and BulldiDgs Fixtues and ¢ornputer riltings equiprntnt Total Coot Al 1 January2023 Addibons 3,956.87fj 645,584 172,4 13,232 4.fj15.692 181,006 At 31 Decernber 2023 3 956 876 818,079 21,743 Dèpreelatlon Al 1 January 2023 Charge for theyear 726.2D4 79.418 546.18S 56.521 6.483 4,987 1.278.862 140.906 At 31 0oc•mbér2023 805,712 802,706 11,450 1,419,868 At 31 D•c4mb•r 2023 3151 164 215.373 10,293 At 31 December 2022 3.Z30 582 3 336 730 32 The Ethnlc Inclusion Foundatlon Notès to the Accounts for thè year ended 31 Decembèr 2023 9 Inv8Stments held as fixed assets Inveslrnents Li$tO0 Ihv•Stm•nt$ Olhtr of Total subsldlarles CarryinB values of Inv￿*￿•nt• Al 1 January 2023 16,1TrJ,l) 16.1W.D At 31 Dvmb•r 2023 16,100,000 16.100.000 Anaty8ls bEiween falrvalueand hl$tort¢•l ¢o¥t Inveslmentsa5 above WO 8lf8irv*ue 1fj,1W,( 16.100.￿0 AWsl$ of Other Classes ol In¥estm•ni knclud•d at tort¢•i cost. t• dow IncIL￿*d T+Jtal Surnrnary ofoiher classes ol Invogtm•nts ¥t 310ecember 2023 Cash or cash equiv8len 16.ttr).OOD 16,100,000 10 Stock8 & Work in Prollress 2023 2022 St¢xks before vrrite do￿￿$ 7,107 6.720 7.107 6.720 33 The Ethnic Inclusion Foundatlon Notes to the Aecounts for the year ended 31 December 2023 Anatysls ofthe eairying vBly• of$to¢k$ ortd work progrès$ byAe¢rvib*$ Wort Proyrès$ 2023 2Q22 Stocks 2023 2022 Activity CharitaLle aclivrty 1 7.107 8.720 7.107 6.720 11 D¢btor5 2023 2022 Trade debtors Prepa5rynents aDd accDJpd Income OthtriJEbt￿s 182.63S 69.699 22.185 2.195 1.091 195W28 94.279 12 CreditOlS'. omounts fvlling due within one year 2023 22 Bank loans and overdrafts 10,000 79,975 113,138 111.045 3W,662 10.om 77,976 145.562 71.527 281.912 Trade credii0FS Accrua15 PAYE. NIC VATarKJ othertaxes Oiher¢redrtors 614,820 586,977 13 Credltors.. amout)ts falllng due after one year 2023 2022 Bank thns and overdraf15 2,133.619 2,200,737 Amounts cwd togroup undert&ings and undertakin9s In thich the chariiy has a participaiing Interest 2,133,625 2,200,737 14 R8valuatlon re8orve Currolltypar CuThonty•ar RoStrict• Fvnds Cun•ntyo4r Totsl FuTrd• PrlorY•ar Totsl Funds Currentye•r Funds 2023 2023 2023 2022 Ai 1 Jahuary 2023 7.￿4.￿9 7.944.959 7,944.959 At 31 0*¢$mb•r 2Q23 7.944.951 7.W.95 All Ihe revalual￿n5 In ihe pricr yearwas unresiricted PlIOrY*ar PriorY•4r R¢sth¢trd Fund• Prioryoar TOI•1 Fun 2022 3D22 2022 At tst•rt of prtriou$ y*•r 7.944,959 7,944.959 At end of previous year 7,944,9$9 The Ethnle Inclusion Foundation Notes to the Accounts for the year ¢nded 31 ￿ettrnber 2023 15 Incom8 and Expenditure account Summary 2023 2022 At 1 Jat)u8ry 2023 Transfer5 In tor Ihe year Prior year ¥aiu51fflents At 1 January2023 Surplus atterlax lor the ye 9.679,338 136,3941 9.5SB,392 196,4541 9,642,944 9.461.938 217,400 Al 31 Decembfrr 2023 9 423,891 9.679.338 16 Related party transactions Thtchalila￿e con)p¥ny has taken ￿varnt￿t of exemptiN. und8rlhe lerffl5 01 FInar￿1$1 Reporting Standard 107, FIllar￿131 Rsporting Slandarll aPOicable in the UK and Re￿￿￿ of Ireland,. r￿1 tothsclose related paty transaCt￿nS vtholly 5ub51diar*swlhin the 9foLJp TrUs￿e. DireGlorand Chaim18n, A Bhanot Is 3 diwior sharehDlderof Online Accountsn¢y Stryices Ltd Mthich pr¢￿eS book-'keeping and Xco￿tanCY seroitss lo Ihe chaftty and ds SUbs￿laT￿ The btw*-keeping fee charged to the ompanywas £18.000 and to a svb$idiary Peepul En¢rprises Ltd was f24.0000 lor the year12022- saftTre aTnoun151 Slatui¢MyAecoun15 preparatw fees of £5.500 was ¢h8rged 10 the(￿￿￿ny￿nd £3.000 to Peepvl Centre and £4 000 to Pwul Enteiprise$ Ltd Peewl Centre Ch8rrfy Bo[￿-KeepIng let$ Ihus farttas been ¢harye¢ £NIL. The parent charity EIF gav* a grant of £60.000 10 peep￿ Centre and 8dvanc&J a I￿n of £448,105 to Peepul Enterwl8es Ltd. These balan¢e$ represent cash flowrequiremeniswthln Ihegroup In a¢kJition. Peepul Enterpr￿ Lld Owtrs th? Ethnic Ir￿1￿$￿ Ltsj a sum of £167,009 al Ihe end ol year on IMercoMpany￿unl These b•18n¢8s rewesent G4sh flowrequlren￿lS ¥lrylThin Ihtr group f7 Particulars of how particular fund8 a￿ r¢presentsd by a$$ets and Ilabllltles At 31 D•c•mb8r20ZJ Vnr*stsictod D•s19n•t¢d lundi Roslrfctsd Totsi fund fundj Tawble FixedAsyei$ In￿lMentS at vèluaiion- Fi¥edassel ￿Vest￿lS￿l$ Current Assets Currsnt babililies Long Tptm Liaknlilies 3.376,830 3,376.830 1e.100.000 403,435 1814.8201 12.133.629> 16,100,000 422,763 1614.B20} 12.133.629) 19,348 17,131,016 19,348 17,151 164 At l Janu￿ 2023 UnrOslriclpd tun06 DOI￿jnI*d funds R•Jtrkt•d Total FuDd6 lund¥ T8ngiLle F￿e￿ASSet¥ Investrnen15 al valuatiOn".- Fixtd asset Inve5knents Current Assets CUr￿￿t Lithlrfies Long Term Liatrmlibes 3.336.730 3.336,730 16.100.Th 731.342 1586.977) 12.200,7371 16,100.OOJ 757.591 1$86.9771 12,200,737> 26.249 17,380.35B 17,406,607 35 The Ethnic Inclusion Foundation Notes to the Accounts for the year ènded 31 December 2023 18 Change in iotal funds over the year a5 shown in Note 17, anatysed by Indivldual funds Funos brought Movempnl i 14>rward from fvnds In 2023 2012 Tr4nsfvT Fund¥ c4m* in 2023 2024 Spo Nots 19 Sv• Ntsle 21 Un¥estricteLlanddeslgnagedlunds.'. UnreslrKted Revenue Funds Unrestricted Revaluation Reserve 9,435.400 7,944.959 {36,394 9,186,8 7,W,9$9 Tot81 uthr•8tricted dp6ign#tOd funds 212151 17.380.3$1 17.131 814 .394 R•stri¢ifydlunds.'. Reslnctes revenL* Funda 26.249 19,348 Toial restrfcted funds 26,249 6,901 19,348 Total ¢harfty funds 219052 36,394 17,1S1,162 19 Analysi5 of movements in funds over th8 year as shown in Note 18 other Exppnditur Gain¥ & Losses in 2023 2023 2023 2023 Unrestritt&dBrtddw9yJBt•d luykds... Unrestricted Revenue 2.236.735 12.448.888) Restrictedfunds... Re51rictes ievellue Fu￿5 20,291 127,1921 {6,9011 2,2S7,028 2,476,078 219.052 The Ethnic Inclusion Foundation D￿lled analysis of Incom8 and èxp8ndfrtur& for tho year ènded 31 De¢embtrr 2023 a$ rtrquir•d by tho SORP 2015 This anolysls is ¢18sssllled by convwtrtlon8lnomin81 descriptions •ndnotby a¢tivity- 20 Donations, Grants and Lfrgaci95 Currènt y•ar Unrestrirt4d Funds ¢urionty•or curr•ni￿ar Foi41 Fun4$ Pyiorywr Tothi Funds Funds 2D23 2023 2023 2022 Revènuè grafits from govornment public bodies RevenuègTants (rom gDvemmenl and publi¢ bJdies 32,448 20.291 52.739 Q3,553 Total publlc Soctor r•v4nu• 9r•rfs 32,44B 20,291 S2,739 $3.SS3 Curr•nt year Unro¥lrictod Funds Cuf￿r¢ ytar R•strictsd Funds Curr*niyeAr Totsi Fund$ Prioryeir Total Fund$ 2023 2023 2023 2022 Covld- 19 grants Cowd- 19 yrants Total Co¥ld- 19 grants 6,QOO Cury*n¢ ye•r UTrrostrict•d Fund$ Cuirnoty•ar R￿tric10d Funds Cuff•ni y*4r Ttsiol Fund$ Pr￿ry￿r Tot41 Fund• 2023 2023 ZD23 2022 Ethlnk Inclu¥lon Found•tlon- Grants Total Ethlnlc Irbcltrslon Foundatlon- Grants 60,000 60,000 Total Donations, Grants and L•gaei•s Total Donation5. Grants and Legacle8 A1 92N48 20.291 112.739 69,5S3 37 The Ethnic Inclusion Foundation Detailed analysi$ of income expendtture lor thè year éndÈd 31 Decèmbèr 2023 a$ required by the SORP 201$ 21 Income from charttabl8 actlvttles- Tradlng A¢tlvlties Currentyear CuTr•Trty•4r Curronty•ar Re$trl¢*d Funds Current ye¥r Total Fund Tot41 fvrt#$ Funds 2023 2023 2023 2022 Prlmary purpose and anc511ary tradln9 Sale of go￿15 and seThitts m accordance th iThe ¢hany8 Ob￿￿$ 461.124 461.124 1.093.605 Tolal P￿fflary PUlPDse ancillary tr•dlng 461,124 461,124 1,093,605 22 T4)t81 In¢om• from ¢h*flt•k>lo •¢tivitl•8 Curront ypar Unr*$tdct¢d Fund$ Currentyolr R¢6trK Funds Curr•ntyo4r Toial Fu￿0 Prfor Year ¢wremtyeAi Totsl Funds 2023 2023 2023 2022 Total Incorne frorn charit3trAe trading 481,134 461,124 1.093.605 Tot•1 from ¢ts8rltsblè *¢tivitlO¥ A2 461,124 461,124 1,093,605 23 Income from othfrr. non ¢h4ritsble. trading aGtivities Curr*ni ye1¢ Unr•strfctod Cfftnty••r Cuiient yv*r Rostrlclod Totsi Fvnd$ Fvna$ P￿OrY*ar Total 2D23 202J 2023 2022 RestaurAnl and bar I￿ome 15T.892 157.8gZ 110.622 Total from other activities A3 197.BgZ 157A92 110,622 38 The Ethnlc In¢lugion Fovndatlon Dètallod analy818 of Incomo and exp8ndltur8 forth8 yoar ended 31 Decomber 2023 as required by the SORP 2015 24 Investment income Cutront yp&r CUrrtnt￿1r Currtni year Tthai Funds PriQi Year Toial Fun0$ Funds Fund$ 2025 2023 2023 202Z Property Rental Incorne Bank Interest Re￿1¥a￿e 1,5IS,965 I,S1S,%S 9.306 1.197,818 2.122 Total Inves￿ent Income 1.525.Z71 1.525.271 1,199.738 2S Exwndlture on Cha￿tAbl0 a¢tlvltl89- Dlrect Spendlng Curr•niy8ar unrtstricted Fund* Currqnl yo41 Re$irki¢d Funds G￿trOnt￿*r pfv)rY•*r Totsl Fun0• Totsi Fund$ Curteni Yèthr 2023 1023 2023 2022 Gross wages and $8laries- thariiab 594.619 11,550 606,369 483,649 Employers, Nl- Charitable activities Defined berEfil pension u>sis- chafitable activil*S Defifftd contribution pension ￿sts 3Z,158 32,159 ,763 9,2Z3 9,223 9,082 1.075 1,075 919 Travel and Subsisience- Chanlabk Activities Purd)ases Heallh and Wellbeing sessions Theatre cost Directors Salary 1.308 1,308 6,881 148.378 148.378 16,642 36,068 66.136 452,8S2 16,4B2 49,489 82.Z67 15,$42 36,868 6.136 Total dirèct spot)dlng 828 Q89,966 27,192 917,157 1.129,384 26 Exponditure on ¢haiit8ble 8Ctivrtfjo8. Grant fundlng ol a¢￿vItIeS Cunonl y•ar unrn$tn¢tsd Currenty•4r RostrKt*d FunOS Curront yèar Pritri Yè4r TOt*l Fu*ldS TOt41 Funa$ Current Yor 2023 2023 2023 2022 Grants to insiilulion$ I PC I 60.000 60.000 19,121 Total grantrnaking colts 82¢ 60.000 19,121 39 Thg Ethnlc Incluslon Foundatlon Dfrtoilod analy8ls ol Incom& and èxpendlture for the yoar 8nd8d 31 December 2023 as rvqulred by tho SORP 2015 27 Support co&ts for charitablé acttvitiès Curreni year Unrosthclod F￿n￿$ CutyÈnty*•r Rostrict•d Funds Currnnt yèar Tothi Fund$ Pr￿r Ypar T¢tsi F￿n￿6 Current Ypar 2023 2023 202J 2022 Premisès Expenses R81es arKJ water chargÈS St8ft Irainiw and welfar8 LvJhl heal and power Cleaning and Wdsle managemenl Premises repairs, renewals an(J maintenan Property insuran 15.459 15,459 18,796 6,547 60,679 )2,717 136.195 41,55 136,19S 41.558 132,376 132.376 88.247 36,060 36,060 30.022 Admlnlstr4ttve ovetheads Telephone, lax 8nd Inlernel Slalionery and printing Subscriptions lo periodi￿15 Hire of equiprf*ni Software Iltrn￿$ and expenses Advert15ing an(J marketing Sundry èxpenses 28.973 7,835 7,492 6.510 5.883 3.582 3.076 7.402 3,696 26.973 7,83S 7.492 6,510 5.883 3,S82 3,076 7,402 20,601 17,337 4,482 $.129 513 491 3,20S Computer C051s 40 The Ethnlc Incluslon Foundatlon D8ta118d analysis of income aTrd expenditure for tho yoar ended 31 Decornber 2023 as requlrod by th8 SORP 2015 Professional fees paid lo advisors otherth8n the auditor orexaminer A¢tounlancy fees other than examinaiion or audpt fees 1S.000 Bookkeeping Legal fees Con5ullancy fees Other legal and professional 15.000 12.500 43,500 43,500 42,000 4.250 350 4,2SQ 350 Financial costs Bgnk charges Depreualion & AmOrtiSa￿On In lolal for Bank Interest p8yable 4,78 140,9& 771 4,786 t40,906 771 10,779 107,122 I,Od2 Support costs b&fore reallocatlon 645,271 645,271 46S,3d9 Total $upport Gosts- Currentygar $45,271 64S.271 465,349 The Daswd o18iioc*on of Costs behyeen act￿11￿5 Is descrthd under aGcounbry poliaes All Ihe expenailure In the pnor year wa$ Admlnlstratlve ovetheeds The baSIS Df 8iwtion of costs bptweeD activit￿% 15 descrthd Under￿counhry policies 28 Other Exppnditure. Governance ci>sts Curront y•ar Unrp¥triclod Funds Currèni yoar Rqstrktsd Funds Curr¢ni y¢ar ToLI1 Funds PrNlI Year TWI Fund• Current Y 2023 2023 2•23 2022 Auditor's fee8 TTuslee5' remuneration NIC on Trustees, remuneration 20,500 71,379 9.039 20,500 71,379 9,039 15,500 51,372 6,196 Truslees Defined ber￿fil pension costs Wages Travel Expènses Other professional fee 1.321 1.321 1,321 16.856 1,818 2,500 16.856 1.816 2.500 16.445 1,582 Totsl Governance¢otsts 123,411 123,411 92,426 All the expenditure in the prioryear was u￿re￿rIcted 29 Total Charltsblo expondlturo Curr•nt y•ar Curr•n¢y•ar Rv51￿cl8d Funds 2023 Curffwiy•ar PrforY¢ar Total Fynd• To¥1 Fund6 CUr￿t Year Fund$ 2023 2023 2D22 Total direct spending Total granlrnÈking tosts Tol81 supporf costs Total Govern3nTr cost5 B2 B2c 82d 82e 889,965 60,ODD 845,271 123.411 27.192 917,157 1.129.304 19,121 465,349 52,426 64S,271 123,411 Total£harltable expendlture 1.718.647 27,192 1,745,039 1,7￿,2ft0 41 Thè Ethnic In¢lu$ion Foundation Detailed anolysls of Incomo and expendSture for th8 year 8nd8d 31 De¢embor 2023 88 requlred by the SORP 2015 An the expendiiure In the prioi year was unrestlicted. PriorY•ai iJnMld¢ie FundB PrforY•4r Restri¢trd Fund¥ PriorY•ir Totil Funds Piior Ye8r 1022 1022 Total direct spending Total granimaking costs Total support costs Total Governance costs B2a B2c 82d B2e 1,129.384 1,129,384 465.349 92.426 46S,349 92,426 Total charftable expendlture B2 1,70S,2BO 1.706,280 30 Expenditur8 on r8islng funds and costs of Inv88tmont manag8ment Curronty•ar Curront y•ar TolAI Funds Unre*lnrtrd Fund Toljl Fund CUrr￿t Y•ar Funds 2023 02J 2023 2022 Jusl givirwj char9es Commissions payab Consultancy fee Ckaning Adminislralive expenses Property repairs and maintenance for non ch8ri1able property Property rate. light and heal Interest payable Management charges Gross wages and sa18rie8- fundraising activilEs Etnployeis, Nl fundraising activitie5 Defined Coniribulion pension costs fundraisin9 8th1vilies TelephoN& and Br08dband Insurance Rates 165 16$ 180 42.386 3,003 4Z,8CKI 4.221 42.800 4,221 35,72Z 4,016 84.356 B4,366 76,917 106.820 106,820 114,971 158.805 158,605 89,046 200,392 18,777 200,392 16.777 185.813 21,S30 3.502 3,502 2,929 8,441 36.1S8 04.799 .441 36,168 64,799 9,550 42,783 34,533 Total fundralslng thists Bl 730,239 730,239 667,TJ7 42 Thp Ethnic Inclusion Foundation Activity analysls of Income and expenditure for the for the year ended 31 December 2023 This analysls 1$ ¢lasssified by activity and not by conventional nominal descriptions. 31 Analysis of Sncome by activity SOFA ref 2023 2022 A¢tivity Income from charftable actlvities charitab￿ activity 1 461.124 1.093,605 Income from other, non charitable, trading a¢tsviti•s Governan￿ costs 157,89? 110,622 Summary of Totsl Incom•, includlng the rfems above Charitab￿ activities Other a¢iivib-es Donations & Lega￿eS Investment Income A2 A3 Al A4 461.124 157.892 112,739 1.525,271 1.093,605 110.622 69.553 1,199.737 Total income as shown in the SOFA 2,257,026 2.473,517 Calegories of incorne In¢ome trom exchange transaction$ 2,257.026 2,473,517 32 AnaEy5t¥ of ¢haritsble ¢xp¢nditurÈ by actlvity Actlvity Dir•ct costs Support costs Grant fundiny of activities 2023 Total Totsl 2023 2023 2023 2022 Charlt8ble activlty I Direct costs Prefflises expenses Adminislralive overheads Professional fee$ FinancFal costs Grantmaking costs 917.157 917.157 363,257 72,448 63,100 146,463 60,000 363,257 72.448 83.100 146.463 60.000 Total Charitable activity 1 917,157 645.268 60,000 1,622,425 43 The Ethni¢ Inclusion Foundation Activity analysis of Income and expenditure for the for the year ended 31 December 2023 Sumtnary of charitablÈ costs by a¢iivity Direct costs Support costs Grant funding of activltlès 2023 Total Total 2023 2023 2023 2022 Total Charitable activity 1 Total Govemance costs as detailed in Note 28 917,157 845.268 80,000 1,622,425 1,613,854 123.411 92,426 123,411 Tolal ¢hariiable expenditurtr 917,157 768,679 60.000 1,745,836 2,378.167 The ba$1$ of allocab'on of ¢osis bebveen a¢twilie$ 1$ des¢nt)ed under accounting polices The b￿akdOwn of this expendrture by type of Spending nomina5 cla$5fficalionl is detaI￿d in note 29 Analysis of support and governance costs by charltable actlvltles Govern¥nce Finan¢¢ Human Other Resourc*s Overheads 498,805 Total Actlvlty Charilabk activity 1 123.411 146,463 768,679 Grand Total 123,411 146,483 498.805 788.679 Summary of grant making by activity Grants to InstitutSons Grants to individuals Support costs Totsl Totsl 2023 2023 2023 2023 2022 Charitable actwty 1 60,000 60,000 19.121 60,000 60,000 19,121 FUl￿r detsils of grants made and olaied costs. indudiw 5UPPOrt costs. are shown in note 26. 44 The Ethnlc Inclusion Foundation Activity analysis of Income and expenditure for the for the year ended 31 Decèmb*r 2023 33 Analysis of non charitable expenditure by activity Activrty Fundralsing actlvflles Fundraislng Fundralslng activities activltles 2022 2023 DI￿¢t fundraising costs 730,239 667,737 Governance costs Governance costs Governan¢• co$ts 2022 2023 other Expenditure- Govemance cests as detailed in Note 28 123.411 92.426 Total non charitabla expendlture 2023 2022 Total costs of Fundraising activil 730,239 667,737 Total non charitable expendlture 730,239 667,737 The breakdown of thi5 exppnditure by type of spending lie by nominal cl8ssificalion and by fund) is detailed In note O 34 Carryin9 value of work in progress analysed betsveen actSvities 2023 2022 Charrtable activity 1 7,107 6.720 7,107 6,720 45