Company Registration Number - 03758674 The Charity Registration Number is . 1077002 The Ethnic Inclusion Foundation Report and Accounts 31 December 2024
The Ethnic Inclusion Foundation Report and accounts for the year ended 31 December 2024 Contents Page Charlty information Trustees. Annual Report statement of directors. responsiblllties Independent auditorfs report 16 Funds Statements... Statement of Financial Activities Statement of Financial Activities - Prior Year statement Statement of totsl recognised gains and losses Movements in funds 17 18 18 19 Revaluation reserves Revenue Funds Fixed Asset funds Income and Expenditure account Summary of funds 19 20 20 21 21 Balance sheet 17 Cash flow statement 18 Notes to th8 accounts 19
The Ethnlc Inclusion Foundation Company Registrauon Number- 03758674 Trustees. Annual Report for the year ended 31 December 2024 Th8 Trustees present Iheif Report and Accounts for the year ended 31 December 2024, which also comprises the Oire¢tors' Report required by the Companies Aci 2006 Reference and administratlve detalls Th* Charity name. The legal name of charily is.'- The Ethnic Inclusion Foundation. TIE ¢IrRY Is also known by its operating name, EIF. The ¢h8rlty& 8re8s operation and UKcharit8ble regi5traiion. The charity is re9islered in England & VyaS with Ihe ChaNty Commission in Eryqland & Wales ICCEWI with charity number 1077002. The charilydoes not operate in any0verseasjunsdI10fts. Legal Structure of the ¢harlty The charity is Constituted as a cornpany limited byguarantee. registered er the Companres Acts . The governing document of the charity is the Memorandum and Articles of Associabon estsblishing Ihe cornpary under company legislaiion. The goveming document is dated 21 Apnl 1999 as amende# on 28 Sept 2021 There are no restrictions in the governin9 ¢Yo¢umenis on the operation ol tl)e Charilyor on ils inve5trnenl powers Olher than those imposetl by crItY Law. 8y operaiion of all. trusiees are directors under the Companies Act 2006 and all direciors a Irugtees unikr Charities legislation aTrd responsibililles. as such. under both company and ¢harily legislatron.
The Ethnic Incluslon Foundation Company Regislrath)n Number- 03758674 Trustees. Annual Report for the year ended 31 December 2024 The prlnclpal operating address. telephone number, email and web addresses of the charity ar•.-. Boardman House 64 Broadway, Stralford London. E15 1NT Telephone 02088101664 Email Address enquiries@ethnicinclusion.org.uk Web address www.e1hnic1r1u1on.tYg.uk The registered office of the charity for Companies Act purposes is:_ 126-128 Uxbridge Road London, , W138QS The followlng person$ $eThed as Tru5tee$ durin9 the year ended 31 December 2024:. K4r A Bhznot D1clOr (Managing) Dr S 8harKX Director IHealth Non-Exe¢utlvel Mr S Syan Director (Legal Non-Execulivel Mr R Ktjrnar Director (Maintenance Non-Executivel Dr Niraj Singh (Of Peepul Centre only Appointed 23110124 and Resigned 16112124) All the Iruslees are individuals. The trustees who setved as a Iruslee in the reporting perd were as shom above. and there We no other changes duriThJ year. 01 in the period beN*en the ye8r end and Ihe approval of the accounts. At the Anriual General Meeting Trustees who retire every five years are re-elected if eligible for reappointment. The Iruslees are the members of the charity.
The Ethnic Inclusion Foundation Company Re9i$lraiion Number- 03758674 Trustees, Annual Report for the year ended 31 December 2024 Objects and activities of the charity The purposes of the charity as set out in its governing docum6nt. EIF raises ils SUTplus for charitable purposes. by rentsls of its investment property and Other social enierJse a¢tsvilies on conferences and training. EIFS aims and oblIveS are en¢apsulaied in ris newly defined IluSiv11Y goals on Equallily. Health and Susiainability. Our focus remains on the Ethnic ¢omrnuniles riliience and development under those three goa15 bul on a wder scale for all o)mmunilies and Cultures. Diversity of cultuS from tIE globe brir@ a rFatural dynarnic charye to country bul for a posilive change. this dNersily must be challenged by a shared value System. adIng lo an overall inie9ration of people. EIF delivers Ils aims through the delivery partners Peepul Centre Charity and its tiadiro arm the Peepul Enterprises Lid. For EIFS airn to reduce poverty il gives small grants, as and when quirtd, to an independent Chaiity based in Irklia. Peepul l)elhi, lo uplift the very dis8d¥anlaged cornmunilies, and p8rticularywr)men to be ecOnomallY 5elf-reliant Ihrough mlcro4usiness enlreprereurships EIF. Ihus. in a nutshell, fomulales the charity Slralgies and tren lo deliver those strategi¢ airns il uses Its surplus fuThYs to carry out projects by ils delivery partner5. The main actlvities undertaken In relatlon to those purposes during the year. EIF manages ils buSi$S communily investment property in order10 generate sufficient fuThJs lo support its chaniy wotks an(J meet the group's objeciives. EIF carned out pwecls of so¢d31Itsste 8nd community emrx)werffN its cornmunilies outreach. EIF runs the East London Centre IELCI lor ¢onferences and meetings at affordable rates, for primarily bul not exclusively. the Ethnic 8nd Health organisalions wlh a charitable eihic. e.g. Chur¢hes. Foster Care Organi531ions, Poll¢e Security Training. Yoga and Wellbeing, and AMbulae Services Training. EIF works on the Mental Health work wth anotr OTganisation. CAREIF. EIF Trustee on Heallh is dellvering on health project in the subsidiary Charity Peepul Cenire by running a Mental Health Neighbourhood Crisis cafe at the Peepul Centre for the e1hTr communilies of the somewhat marginialised area of 8elgr*ve ill Leicesier, along developing a netwotk of health professionals and organising mental health ConfenCeS at the Peepul Centre.
The Ethnic Inclusion Foundation Company Regi5tralion Nurnbgr- 03758674 Trustees, Annual Report for the year ended 31 December 2024 The main activities undertaken durlng the year to further the ¢harity's purpose for the public benefit. EIF project on Health and Wellbeing, in partnership wlh Carerf, is a long iem) project to help ¢ale a Mental Wellbeing institution for the ethnic Communties so that their health issue5 can be dealt with in a culturally specifi¢ manner apt to their wellbeing, which would IrKop)raie familial. spiritual and cultural factors in the 501ulion strategies. To this end, a data galhering exercise Ih)ugh a cnsis ¢afe at the EIF'S subsidialry Peepul Cenlre. our delivery partner. is being ¢ollaled for evidence. EIF uses its surplus funds tr> meet the runni ¢osts of the Peepul Centre Chariiy and its socral enterprise tradiry arm Peepul Enterpnses Ltd. Peepul Centre Is a large 100.000 sq.ft. community arts leisure cenire providing services lo the local tommunilies of the Belgrave area in Lei¢esler wth large eihnic population. Peepul Centre is a national focal ptynt in Ihe Belgrave area of Leicesterdemonstrably bringing togettrer people from all social, economi¢ and cultural backgrounds. It is a model for a community ¢Ènire of excellen¢e. delivering high class serv¢e$ In the performiffj arts, dance and music. fitnes5 and sport8 activities including for differently-abled IrKJividuals. ¢hildrens nursery fa¢ililies, catering and wedding5 and conferences facilities. and gerallY improving community life s1Oes as a social enieiprise at affordable fates. and wilh ¢harrtable airn5. Corept Is to help build and supwrt vibrant sew-susiaining communities Ihrough innovabon. enierpreneurship and partnership working Thus in the entire EIF group strLKture a large number of community organisaiions and a lar9e number of people knefit. Peepul Centre is a mega-lithic proje¢t which 15 Sustained through EIF fundiro primarily. The Health and wellbei proje¢l it is fLJnded by a partnership with the NHS. Efforts a being made lo partner wlth the Arts Council Engnd IACEI to fund theatre projects. wtth a medium term 8irn tsf gaining an NPO (National Portfolio) $tu$ wth ACE. EIF Trustees give full regard to tr* Charity Cofflmission's guidance on benefil in rnanaging the activit$ of the Charily.
The Ethnic Inclusion Foundation Company Regislratk)n Nurnbei- 03758674 Trustees. Annual Report for the year ended 31 December 2024 The short term and longer term aims and objeetive$. Lory term Sims of the Charity is to ¢onlIn on ils goals of Equaliiyfor all people,the Health ènd Wellbeing of Ihe People end the Sustainability of livir@. wlh special bul not excluslve fccus on the eihnic communities. Our proje¢tS 8re undertaken with a view to achieving these goa15 In Ihe long term. For instance Ihe Health and Wellbeing project in the strrt temi is gatr*riryJ elhnic culturally specrfic eviden¢es al Ihe Peepul Cenire Charity but its ultimate alm is lo feed Ihat data inlo th& long teim project of EIF to help esiabllsh 8 mentsl heallh-wellbeing inslilulion for eihnic Cornmunilies allo¥Mng for their ¢ullural specific needs. Likewise, if ACE can partner wrth Peepul Centre Charityto help develop Its theatrical prograrnme. funding, then EIF funds can be released for other pending pqecis under Eoualiiy. and in partcular presently our Sustainability projects the Trustees would like 10 fund are presently constrained by the pressu5 of channelling our surpluse funds to fill the deficit gzp ai Peepul Centre I1 lo it's large overheads. The public funds frorn ACE will help Create the ans and cultural 8¢1ivily at Peepul Centre that 11 briNJ betrts, not only to Ihe community and the Asian arbsls, bui this extra a¢iivilyvvill begin to generate SLrfflcnt extra incorne for Peepul Centre 10 begin to move towards Its own self-reliance goal.finan¢ially. partularlY. the ACE partnership help ¢reale an even pl>wng field for Peepul Centre with the other local theatre NPO'S, which are all well-fun¢led by ACE. EIF took over the Peepul Cenire in 2012 when it was running at a huge unmanagebale loss aThJ since then the new management cul those largelosses 10 8 more suslalnable figure, bul post Covid the Peepul Enterprises business levels have not yet fully cOvered. Nonetheless. the major part of the losses a due to the under- utilisation of the Theaire space which EIF has no surplus furrtls lo devdop the arts lor. This purpose built theatre was built by the ACE finae$ in 2005 an(J the old rngnagement's efforts thereafter to turn it into an NPO did not sadly materialise. The new managernent since 2012 has been Irwng to utilise this space rnore and more for the developmeni of Ihe Asian peforming arts but continues to seek a more positive outcome for funding ils proie¢ls with ACE. The chariV$ strategles for a¢hieving its alms and objectives in the future. EIF strategy is to continue funding proiecls that fuWIl the Charity aims bydelivering Ihrough our group and partner Charities IoDking after the Ethnic and Other comrnunilies, includiry where QUIred uplrfting the dis8dvanlaged cornmunilies. How the actlvities undertaken durlng the year Contributed to the achievement of the aims and obj¢ctlves. The Charityand the Group actlyilies are abscAutely in line with the Charitys aims obi&iives and their achievement thereof. Activit$ rnentioned above all Contribute to the deliveryof Charitls objectives.
The Ethnic Inclusion Foundation Cornpany Registration Numbef- 03758674 Trustees, Annual Report for the year ended 31 December 2024 Resources used in the activities undertaken during the year. EIF raise5 ils funds for ¢haritable purposes through the efficient wnning of Its rentals business and other social enterprise activites rnenlioned above. The staff iesouces are adequatly mneIed and partners relationships are worked upon arnicably lo help deliver our activibes Allhough 2023 8nd 2024 have seen PEL losses funded by EIF at approximately £1.2rnn we expect the PEL losses in 2025 to be lower. tIK)h still subsianiial. bul which wlhout ACE fundin9 we have compamined le9ally10 vrill remain a burden on EIF suwus for the PCIPEL charitable project for the socially deprived ¢ommunities of Belgrave Lei¢es*r. The contribution of volunteers durlng the yoar. Volunteers were engaged at intervals only when required by the proiects. The main achievements and performance of the charity during the year. Klain achievement for the EIF Charity this yearwas to see the recovery tsf the East London Centre for Conferences. and a150 bring ba¢k rost-covid the rental tenants lo cccupy empty space Crealed during Covid. Ihus creaiing surpluse5 again for our sotyal enterprises projects. The difference the charitys performance during the ygar has made to the beneficiaries of the charity. Charitys perfom)an¢e to iaise funds and create sufficient Surpluses to support large group projects is essential, which has continued to serve the ¢ommunities and fulfil our obj'ectives. The degree to which the a¢hievements and performance during the year have benefited wider Society. By EIF supporbry our group Charities we have facilialed the Peepul Centre v5ed as a Vac¢inaiion hub for a substantial pupulalion of Leicesier during the Covid periods. Olher charitable projects rnenlioned above have benefited the kwder so¢ty through Arts, Fitness. Chidrens Nursery. Health & Wellbeing and educational The performance of material fundraising acttvltles during the y•ar against the fundraislng objectives set. EIF fundraising Is mainly due to its running ils social enterprise aetivrties of nting the property It owns, logether with providing conference facilitie5 and training. EIF group subsidiaries predornlnantly raise funds throuyh t1[ Sla1 enterprise actiwte5 also but now the PC Chariiy raises some funds from ihe NHS for their health and wellbeing work. and for its theatre sorne funds a raised with ACE.
The Ethnic Inclusion Foundation Company Registration Numl)er- 03758674 Trustees. Annual Report for the year ended 31 December 2024 Investment performance agalnst Ihe Investment objectives. EIF raises funds through its investrftenl incorne with maximising performance which Is VieWed regularty. at asl qwrterty. Investment perfomiance has been good and satisf8¢lory¢uriry the year. Expenditure Incurred in the year In order to raise Income In the future. Capital expenditure lo upgrade Ihe Air Conditioning System ill the basement nee(15 (o be allocated in the near futu when Peepul CeNo demands on chasfitsw ease. Structure. govtrrnance and management of the charity The methods used to recruit and appolnt new ¢hartty trustees. Trustees trainirg recruitment remain$ an ongoing pro¢ess and some of them are requlred to take coniinuin9 professio1 <Jeveloprnent ICPDI courses in their own profession5. GoVernall is slrenglhened wth the appoinimenl ol a highty skilled prgfe5sional team ll$r$S and regulatory e¥perience. One of the Trusiees. Anil Bhamt. is the rnanagirvj diretlor IMDI tasked with running the business efficiently8nd ethically lo create a Surplus which can then be expended on charitable projects. EIF is a social enterprise busiress charily8nd for ils business part Anil Bhanot ensures thal his fellow TrusteeslDire¢iors are not exposed 10 any risk. which before hls appointment 8$ MD. Ihe EIF Trustees had experienced a high risk exposure bydeleg3ling 8Ulhorily lo non-dire¢ior ernployees. and particularly so in relation to the business credilors. Hence our Goveman¢e model Is unlike other wblic funded CharIt5 and equally. one wth a strong policy to avoitj any confiicls of inte$t. For Instsrtt where public funds ale received in the EIF Group. namely the subsidiary Peepul Centre Charity. these funds are monithd rigorously aThJ checked by anoiher Trustees independeni of the EIF MD. Each of Ihe B¢rdS of the companies 1th1n the EIF Peepul Group have ai least one diffent Trustee lo ensure Independence. At same tirne, lo ensure a complimentsry working environment for our shared aims, one Ttuslee Anil Bhanot is elected to sit on all the 8o*rds as Chair. EIF Charity Tru51ees are members of the Chanty. with no benefi¢tal InteSt in the Charity. aNJ each member guarantees lo conlrlbule £10 in Ihe event fo a ¥WDdIng up.
The Ethnie Inclusion Foundation Company Registration Nufflber- 03758674 Trustees. Annual Report for the year ended 31 December 2024 The policies and pro¢edures for the indu¢tlon and training of trustees. The Board of Trustees carries out an annual review of Governance. The aim is lo assess the general effectiveness of the Board and also to idents'fy any changes in process. The Boafd meeis reg¢Jlarfy to review the mpOSItion of the Trustees to achieve Charity's aims and also to identify any changes in process. Trustee vacancies are advertised as and when required an¢J on appointment are given full induction with all past disclosures and business conlenlions before their fijll acceptance of the position. Any person or corporation desiring to become a tru51ee of the Charily may submit an application in writing lo the Board signed by him or her on its behalf for admission in a lorm approved by the Board, and every such application shall be considered by ea¢h of the existing trustees to be voted upon with 213rds majority in favour of the appointment is elected. No reason for refLJsal to admit an application is given. Tho charitys organisational Structure. EIF 15 the sole parent of the Peepul Centre Charity (PCI, which in tum owns 100% of ils trading arm Peepul Enterprises Ltd IPELI. Each Charity is disiin¢t but complimentary in ils aims and objectives. Ea¢tt Charity has non-identical Board of Trustees. with different specialism 8nd general experr, but are chald byor Trustee across the Group to help maintain a united approach in prioritising each Charitys aim5 in a omplimentary way. The EIF Charity raises its revenLÈ throu9h 11$ investment property rental activit5 and other social enterprise aclivilies. EIF is the Charity thai does the strategy on the Charitable proj£ds and tTrn glves funding to its group cornpanies to deliver the projects. EIF runs its busine55 under the direction of one tsf the Trustees Anil Bhanol who is il's MD. All other tru51ee5 are non exeCuve directors maintain a checks and balae$. 3pproa¢h 10 running the EIF Charity. Peepul Cenire Charity is also a social enlerprfse but our recent changes to bring its focus on South Asian Arts and Wellbeino means for this part we shall be primadiy dependeni on public funding. Alreaéy for the Wellb&ing project a partnership Is developed wth the NHS but for the Arts prose¢ts we are still tTring 10 develop our relationship with ACE. For Ihis reason. we rnainiain a sep8rats.on for Govemance (unpaid Trustees) and the Exe¢ulive (paid Empbyeesl. Peepul Enterprises Ltd is a social enlerpNse trading cornpany which runs all the Other aciivilies al the Centre. Anil Bhanot wa$ PEL MD until 31 August 2024 bul rW it 15 run by the CEO Dr Saniosh Bhanoi who align5 With Anil Bhanot on cash flow constraints and shares the stres5 caused by PEL defKils. Due to PEL deficits- of runniry a 100.000 so ft centre Nmth large overheads, and Incorne constraints due to chargeable ffties keepiTrJ at an affordable level for the community. sabries of management are kepl minimal which in turn a funded by EIF.
The Ethnic Inclusion Foundation Cornpany Registration Nurnber- 03758674 Trustees, Annual Report for the year ended 31 December 2024 How the charity makes decisions and how decision$ are delegated. The BoaTd has delegated the authority lo run the Charity lo Anil Bhanol as EIF Managing Director. who is also a Trustee on the Board. EIF is a social enterprise buisness Cherity which the MD ensures the business is run proficiently and ethically. The MD keeps his fellow nonxcutive dire¢torsllruslees abreast of important issues and changes regularly so that important decisions are taken in a spirit ol team work. The Chief Executlve Officer and other senlor management personnel to whom day to day management is delegated The MO and other managers work in a team work environment wlh an extensive ernphasis on team comrnuni¢ations Mih all the staff. Settlng pay and remuneratlon of key management personnel The EIF Board sets the ternuneratson of the KID tho in turn sets the salaries of Ihe rnanagers aTh4, N%ryth managers agreement. of the Staff. The MD salary alwas been and Is w811 below the market Trles and has afv4ays been Wcally lar below the pa&1 CEOS. salaries. as per past payroll records. yet under the present MD ffte Charitys income generating activity has almosi doubled, weldiro a higher stsfplus foi Charitable projects. How the $ubsidiary undertaking(s) Isjare constltuted and mana9ed. EIPS sybsidiary is the Peepul Cenire charity, whose Iiading arm is the Peepul Enterprises Ltd. The group was managed by the MD and his managers team 10 ensure efficiency and jont working for our charitable aims. Ho*ever now the subsidiary charity and ils tradiw arrn is rnanaged by ils own director and head of treallh Dr S2n105h Bhanot, but aligns with EIF MO on financial input for funding requiied frorn EIF. Thus the management works complimentaAly for the group. The charlty as a part of a wider network. The EIF Charity groLJP comprises the Peepul Centre in UK, and iniernatK>nally it has an independent re18tion With è Th)n-group charitable Trust set up in India Nthich serves to Urft disadvantaged communiies With the help of a very small level of furKling from EIF.
The Ethnic Inclusion Foundation Company Registraik)n Nurnber- 03758674 Trustees, Annual Report for the year ended 31 December 2024 The Charitys relationships with rglated partles. The EIF employs Anil BhanoL a Trustee, as Klanaging Direcior IMDI. to run the sttial enterprise activit$ of EIF. No other Trustee is paid a mUrratjTr 81 EIF. Mr Bhanot was also the MD of Peepul Enterprises Lld IPELI until 31 August 2024. TPE Peepul Centre Charily, IrlUdIng PEL 15 r4 managed by ltte Director and Head of Health. Dr Sanosh Bhanot who is also a Irusiee of EIF and spouse of Anil Bhanol As EIF funds the PCIPEL deficits this management structure is compliFneniary to the eIent tsse of resOLeS for Ihe public benefit. Mr Anil Bhanol owned Online Accountancy SeNi¢es Ltd, until February 2025 which provides brK)k-keeping and a¢¢ounian¢y services to the Charities groaJp. Mani Thapa FCCA a director of Online Accountsncy Servi$ Ltd and now 3 99% sh8holder is, wlh other staff. are responsible for the work they do on book-keeping. payroll, management and stsutory accounts and retums. The Charity empbys a Financial Controllerwho is Sponsible for the Bank transactions reCOlI1allon$. Financial Controller spends 500A of hi5 tirne at Head Office th the Online AcCountaY Staff a* the other 50% on financial management al the Peepul Centre in Lei¢ester. The EIF and Peepul Centre Head Off¢e is at tre Online Accountancy premises owned byAnil Bhanot, lor which rK) rent is charged to the EIF group. The Trustses meet quarterly the managemeni teams meet weeklyat the Head Iyfice, as 11 as at the operating offices of the Charitses in the Group. Mr Bhanot manaoes the group from the Head Office wth electronic communication and CCTV facilrties, and also with weekly business ar staff rneetings at Ihe operats.ng premise5. Bankers Metro Bank PLC 1 The M811 London W5 2PL Online Accountancy SeNices Lld Accountants Financial reviow The charity's financial position at the end of the year ended 31 December 2024 The finala1 position of the charity at 31 December 2024 and comparatives for the prior FeriLKI. as rn0 fully detailed in the accounts. can be summansed as follows'.- 2024 2023 Net incomo aftef write d¢)¥m of Revalualtion Reserve 14.199.399) 1255.4461 Unrestr¢ta Revenue Funds available fortl general purposes of the charity Unrestricted revaluation Serve 8.984,094 9,186,856 3.944,960 12.929,054 7.944.960 Total UnrestrtctedFund$ 17,131,816 Restrlcled Revenue Funds 22,721 19.348 Totsl Funds 12.951.775 17.151,164 10
The Ethnic Inclusion Foundation Company Registration NLtmber- 03758674 Trustees, Annual Report for the year ended 31 December 2024 Financlal review of the position at the roporting date. 31 December 2024 . The Constslidaied Statements of Financial Activities shows net deficit for the year 2024 01 £4.199,389 after substsntial write down of propety valu?lion serve by£4m frorn £15m pre-¢ovid lo £11rn in November 2024 12023- nel deficit £255.4461. Total group income for the year amounted to £2.47.23612023- £2.257,0261. Total group expendilure for the year amounted lo £2.660,18812023- £2.476,0781. Income include(J commercial rents of £1,694.78012023- £1.525.2711. plus grant income for the ¢Yelivery of chatltable proiecls,and plu5 Income from delivering ¢hariiable activities which includes trading iome through the subsidiary Peepul Enterprises Ltd of £697.70212023- £619,016). The Group's property in London was independeniiy valued ai £11m on an existin9 use basis in November 2024.12019 at £15m pre-¢ovid levelsl which 1$ reflected In the accounts. The Leicester property is subject to coverTranis by Ihe Governmeni agencies for ils use as ?n assei for community activities only. to which the Trustees are fully committed lo carry on doiro. Policles on resorves. Total consolidaied reselves of Ihe EIF Peepul Group We £12,951,733 8131 December 2024,1£17,151,184. 20231. of which restricted SerVeS were £8,025 at 31 December 2024.1£19.348- 20231. The Unrestricted funds irtlude £3.944,959 at 31 December 20241£7,944,959 at 31.12.23e1 in a fair val reserve which arose on the valuab'on of the investrnent properties. The Reserves polrcyof EIF is lo maintain £150.ofK> free cash reserves but it does go below i due lo the cash ffow deficits ai Peepul Enterprises Ltd IPELI. Until the Arts Council Eroland IACEI Iwins lo fund the Peepul Centre (PCI for ils Iheatre projects the constraints Vrfill remain arKJ as a sUIt a legal complaint is made tts ACE now trom PC. Going Concom The Board of Trustees has assessed the gling concem of the group In detail and is confideni Ihat the group 11 have a(tequate resour$ to conunue in operational exlsten¢e for the for5eeable fthure. Availabillty and adoquacy of assets ot each of the funds The board of truslees is savsfied that the charitys assets in each fund ats availab and adequate to fulfil its obligations in respect of each fund.
The Ethnic In¢lusion Foundation Company Registration Number- 03758674 Trustees. Annual Report for the year ended 31 December 2024 Significant events which have affecled the financial perfom)ance and the flnancial position. EIF has incTeased its income signficantly PDSt covid bLrt Peepul Centre overheaos have risen also, partscularfy the erwgy costs. Investment policy and investment objectives. The Charity continues lo Invest in s¢xial enterprise operations of Peepul Enterprises for cornrnunitis upliftmenl, while efficieniiy managing the Social entetprise actrvilies of the EIF10 produce a T8tum for the Chariiy fr>r other charitable %%r)rt(s. The major rlsks to which the Charity is exposed and reviews and systems to mitigate them. Thè EIF maintains itself is a Stiong sustainable Charity bul the Peepul Centre subsidiary needs to continue re- developing to recover it5 pretovid a¢iivity levels and to build a strong relationship wth ACE for its arts projects. albeit its Health and Wellbeing projects are develosxng in leaps and b)und5. Factors likely to affect futur¢ financlal performan¢e . The EIF Charity buildiThJ refurbishment has been carried out its ensure a gcod working environment for the custOTners and stskeholders, whi151 the Peepul Centre is contiliuirig to ils relalionship wilh ACE for arts projects funding. 12
The Ethnlc Inclusion Foundation Company Registration Number- 03758674 Trustees. Annual Report for the year ended 31 December 2024 Employment of disabled persons The Charity has a policy of equal opportunities for all arKI in p3cularlY dlfferenuy-abled persons.. Detalls of The Auditor Naren Desa• FCA MBA- Senior Stautory Auditor Member of The Institute of Chanereij Accounlanls in E&W 144146 Kings Cross Road London WC1X 9DU Statoment as to disclosure of information to auditors The trustees state that so far as each of the Irustees at the ts'me tris reFOrt was apwoved are aware... al There is no relevant audit inform21ion las deflned by sectjon 418131 of the Companies Act 20061 of which the &Ill0r$ are unawa. and bl The irustees have tsken all steps thai they ou9hl to have taken lo rnake themselves awa of any relevant a11 Information and establish that the auditors are aware of that informaliofj. Statement of the Directors Trustees, Responsibilities The ¢haritls trustees are responsible for the weparalion of the accounts in accordance tth the terms ol the Compan$ Act 2006, the Charities Act 2011 and Charllies (Attounls antl Reportsl Regulations 2008. Notw1hsndrry the explicit requ1men1 in the extant statutory regu18tions.the Charities IAccounts and Reports) Regulations 2008, to prepare the financial statements in accordance Wlh the SORP 2005, in view of the fact that the SORP 21)05 has been withdrawn. the Trustees detemiined lo intefprei this responsibilily as requiiing them to follow Curieni best practice and prepare the accounts a¢cordlng to Ihe FRS 102 SORP Islaiemeni of Re¢oTnmended Practice for Accounting and Reporting by Chariliesl 2015. las amended by the Bulletin issued in October 2018 and applr¢able tts all accounting periods beglnning on or after Isl January 20191. (The SORPI, . In partscular. the Companies Act 20 snd charity law require the Board ol Trustees to prepare financlal 51atemenls for each financial year which give a true and falr view of the stste of affairs of the charity as at Ihe erKS of the financial ar of the surplus ordeficil of the charrty. In prep8rlng those financial statements the Board is Uired to :. - to prepare the accounts in accordan¢e wth Uniied Kingdom Generally Accepted Accounling PTacb¢e (United Klngdom Accounting Sland3rds and applicab lawl. Select sijilable a¢¢ounUng policies and apply theTn consi5tently', - makeludgemeTrtS 8nd eslimales that are reasornabFe and pruden¢ prepare the financial slaternents on the going ¢oncem basis unless it Is inapprtsate lo presuffle Ihai the charity %wll contin in business.. state whether applicable accounting stsndards and statements of recomn7ended practice have been followed. subject lo any material departUS disclosed and explained in Ihe financpal ststements.. The law requires that Ihe Injsiees must not approve Ihe accounts unless they are satisfied th81 they give a true and fair view of the stste of affairs of the charity and of the Surplus or deficit of the chariiy for the year 13
The Ethnie Inclusion Foundation Company R8glStratiotTr Number- 03758674 Trustees. Annual Report for the year ended 31 December 2024 The Trustees are also responsibk for maintaining adequate accounbro records which disclose with reasonable accuracy al any lime Ihe financial position of the charity and which are sufficient to show and explain ihe charitrfs transactions arK1 enatye them lo ensure that the financi31 staternents comply w4th the Cornpanies Acl 2006 arQ ¢omply wlh regulation5 made under the Charities Aci. They are also responsibk for safeguardir¥J the assets of the charily and hence for tskin9 reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for the ¢ontents of the Trustees. report. and the statutory responsibility of the auditor in relation to Ihe Trustees, rewrt is limited to exarnining Ihe report and ensuring Ihai. Ihe report is consistent wrth the figu$ dlsclosed in the fina181 stslernents. Method of preparation of a¢¢ounts- Small company provisions Tf* finala1 statements are set out on pages 12 to 20. The fina181 statements have been prepared impleTnentiW ttte FRS 102 SORP Istaiemenl of Recotnmende Piactice for A¢¢ounling and Reporting by Chafitiesl 2015. las amended by the Bulletin issued in Iktober 2018 and applicable to all ac¢ountiw periods beginning on or after 1st January 2D191. (The SORPI, and in ac¢¢Ydance the Financial Reportsng Standard 102, (effective 1st January 20161 These consolidaied financi81 ststemenis have been prepared iri accordance with the provislons in Part 15 of the Companies Acl 2(X)6. applicable to companies subjecl to the STn•ll companies regirDe. This repxtwas approved by the board of trustees on 10 September 2025. Anil Bh8nol D1clOr and Truslee 14
The Ethnic Incluslon Foundation Independent auditors, report to the members of The Ethnic Inclusion Foundation We have audited the financial statements of Tho Ethnic Inclusion Foundation for the year ended 31 December 2024 which comprise the Income Slalement, the Statement of Financial Positoin. the Statement of Changes in Equity 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 Accepled Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland. This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required lo state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilily to anyone olher than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. R8SPeCtlve responslbilitles of directors and auditors We have audited the financial statements of The Ethnic Inclusion Foundation for the year ended 31 December 2024 which comprise the Income Statement, the Slalement of Financial Positoin, the Statement of Changes in Equity 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 Stsndard applicable in the UK and Republic of Ireland" Respective re$ponslbilitle5 of directors and auditors As explained more fully in the Slalement of Directors, Responsibilities, Ihe directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and Intemational Standards on Auditing (UK and Ireland). Those standards require us lo comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of th6 accounts A description of the scope of an audit of financial statements is provided on the APB'S website at .frc.org.ukJauditscopeukprivale Oplnion on the accounts In our opinion the accounts.. give a true and fair view of the slate of the company's affairs at 31 December 2024 and of its d8ficit for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice applicable to Smaller Entities- and have been prepared in accordance with the requirements of the Companies Act 2006. Oplnion on other matters prescribed by the Companies Act 2006 In our opinion the inforrnation given in the Directors. Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on whlch we are requlred to report by exception 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.. adequate accounting records have not been kept, or ratums adequate for our audit have not been received from branches not visited by us,. or the accounts are not in agreement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are nol made,. or we have not received all the information and explanations we require for our audit., or Naren Desai FCA MBA- Senior Stautory Auditor (Senior Statutory Auditor) for and on behalfof Andrew Murray & Co Accountants and Statutory Auditors 10 September 2025 144-146 Kings Cross Road London WC1X 9DU 15
The Ethnic Inclusion Foundation - Consolidated Statement of Financial Activities for the year ended 31 December 2024 Consolidated Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 December 2024, as required by the Companies Act 2006) SORP Ref Current year Unrestri¢¢¢d Funds Current year Restrict•d Funds Current year Totsl Funds PrTror Year Total Fund5 2024 2024 2024 2023 Incomg & Endowments from: DorTrations & Legacies Charitsble activities Other trading activities Investments A1 A2 A3 19,801 697,702 61.953 81,754 697,702 112,739 619.016 1,694.780 1,694.780 1,525,271 Total income 2,412,283 61.953 2,474,236 2.257,026 Exp9nditure on: Raising funds Charitable activities B1 B2 847,851 1,749,947 847,851 1,808,527 730,239 1,745,839 58.580 Total expenditurg 2.597,798 58,580 2,656,378 2,476,078 Net income for the year 1185,515} 111,323) (182.142) 1219.0521 Transfgrs between funds {4.017,2561 {4.017,256) 136,3941 Prior year adjustment 23,905 114,6961 9,209 Net Income after transfers A-B-C 14.202.771> {11.323> {4,199,389) {255,446) Net movement in funds 14,202.7711 111,323} {4,199.389) (255.446) Rocon¢ilialion of funds:. Total funds brought forward 17,131,820 19,348 17.151.164 17.406,610 Total funds carrled forward 12,929,049 8,025 12,951.775 17,151,164 The 'SORP Ref indicated above is the classification of income set out in the fomial SORP documents. As required by paragraph 4.60 of the SORP, the brought fotward and carried foNard funds above have been agreed to the Balance Sheet. A separate Statement of Total Recognised Gains and Losses is not required as this ststemenl includes all recognised gains and losses. All activities derive from continuing operations 16
The Ethnic Inclusion Foundation - Consolidated Statement of Financial Activities for the year ended 31 December 2024 The Ethnic Inclusion Foundation - Analysls of prior year consolidatéd total funds, as required by paragraph 4.2 of the SORP SORP Prior Year Ref Unrestricted Funds 2023 Prlor Yèar Prlor Y¢ar Totsl Funds R¢stri¢ted FLrnd$ 2023 2023 Income & Endowments from: Donations & Legacies Charitsble activities Other trading activities Investments Other A1 92,448 619,016 20,291 112,739 619,016 A3 A4 A5 1,525,271 1,525,271 Total incom8 2,236,735 20,291 2.257.026 EXndIture on: Raising funds B1 Charitable aetivilies B2 Other B3 Tax on surplus on ordinary activi B3 Other taxation 83 730,239 1,718,647 730,239 1,745.839 27.192 Total expenditure 2.448.886 27,192 2.476,078 Net gains on investments B4 Net income for the year 1212,151) (6.9011 {219,0521 Transfèrs batweon funds (36.394) Net incomè after transfers 1212.1511 16,901} 12S5,446) Nèt movement In funds {212,151) {6,901) 1255.446) Reconciliation of lunds:. Total funds brought fonvard 16.302,126 26.249 17,406,610 Total funds carried fobward 16,089,975 19,348 17.151.164 All activities derive from continuing operatlons A separate Statement of Total Recognised Gains and Losses is nol required as this statement includes all recognised gains and losses.. 17
The Ethnic Inclusion Foundation - Consolidated Statement of Financial Actlvities for the year ended 31 December 2024 The Ethnic Inclusion Foundation - Group Resources applied in the year ended 31 December 2024 towards fixed assets for Charity use:_ 2024 2023 Funds generated in the year as detailed in the SOFA Resources applied on functional fixed assets Other applications of funds 14.199.389) 130,4611 1255,446) 1181,0071 Net resources available to fund charitable activities 4.229.850) 436,453 18
The Ethnic Inclusion Foundation - Consolidated Statement of Financial Activities for the year ended 31 December 2024 Consolidated movements in revenue and capital funds for the year ended 31 December 2024 Revenue accumulated funds Unrestricted Funds Restrlct•d Totsl Funds Last y¢ar Total Funds Funds 2024 2024 2024 2023 Accumulated funds brought forward 9.186.862 19,348 9,206,210 .461.647 Reeognised 9ains and losses before transfers {185.5151 111,3231 1196,8381 1219,052} 9.001.347 8.025 9,009.372 9,242,595 (From}0 unrestricted revenue funds 12,5561 12,5561 136,3901 ClosSng revenue funds 8.998.791 8,025 9,006.816 9,206.205 Consolidated Revaluation Reserve Fund Unrestrlcted Restri¢ted Funds 2024 Total Funds 2024 Last year Total Funds 2023 Funds 2024 At 1 January Transfer Ito}Ifrom revenue funds 7,944,959 14.000,000) 7,944,959 (4.000.000) 7.944,959 Al 31 December 3.944.959 3,944.959 7,944.959 Summary of consolidated funds Unrestri¢ted and Designated funds 2024 Restrlcted Fund$ Totsl Funds Last Year Total Funds 2024 2024 2023 Revenue accumulaled funds Revaluation reserye fund 8,998,791 3.944,959 8.025 9.006.816 3.944,959 9,206,205 7.944.959 Total funds 12.943.750 8,025 12.951.775 17.151.164 19
The Ethnic Inclusion Foundation - Consolidated Statement of Financial Activities for the year ended 31 December 2024 The Ethnic Inclusion Foundation Consolidated Income and Expenditure Account for the year ended 31 December 2024 as required by the Companies Act 2006 2024 2023 Income Income from operations 779,455 731,754 Investment income and interest Income from inveslmenls, other than interest receivable Interest receivable 1,694,622 158 1,515,965 9,306 Gross Income Sn the year belore exceptlonal items 2,474,235 2,257,025 Gross Income In the yoar including exceptional itoms 2,474,235 2,257,025 Expenditure Charitable expenditure, excluding depreciation and amortisation Depreciation and amortisation Fundraising costs Govemance costs Interest payable Realised losses on disposals of social investments which are programme related 1.538,062 133.562 847,851 136,394 509 1.480,751 140,906 730,239 123,411 771 Total expenditure in the year 2,656,378 2,476,078 Net Income before tax in the financial yoar (182.143) (219,0531 Tax on surplus on ordinary 8Ctivities Net income after tax in the financial year {182,1431 {219,0531 Retained surplus for the financial year 182,143 219.053 All activities derive from continuing operations In accordance wtth the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted lo reflect the special nature of the charitys activities. 20
The Ethnic Inclusion Foundation - Balance Sheet as at 31 December 2024 SORP Note Ref 2024 2023 Flxed assets Tangible assets Investments held as fixed assels 8 A2 3,260,498 12,100,000 3,376,830 16,100,000 9 A4 Total fixed assets 15.360,498 19,476,830 Current asset$ Stocks Debtors Cash at bank and in hand B1 7.232 203,075 87,251 7,107 196,828 218,848 11 B2 B4 Total current assets 297,558 422,783 Crèditors: amounts falling due within one year 12 C1 1618,990} (614,820) Net current assels (321,4321 1192,0371 15,039,066 19,284,793 Net assets Creditors.. amounts falling due after more than one yèar 13 C2 (2.087.291) {2,133,6291 The total net asset$ of the Charfty 12,951,775 17,151,164 The total net assets of the charity are funded by the funds of the charity, as follows:. Restricted funds Restricted Revenue Funds 18 D2 8,025 19,348 8,025 19,348 Unrestricted Funds Unrestricted Revenue Funds 18 D3 8,998,791 3,944,959 9,186,857 7,944,959 Unrestricted Revaluation Reserve 18 D4 12,943,750 17,131.816 Deslgnated Funds Total charltyfunds 12,951,775 17,151,164 21
The Ethnic Inclusion Foundation - Balance Sheet as at 31 December 2024 The 'SORP Ref indicated above is the classification of Balance Sheet items as set out in the fomal SORP documents. As required by paragraph 4.60 of the SORP, the brought foNard and carried forward funds above have been agreed to the SOFA.. The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audil under section 477 ofthe Companies Act 2006. The members have not required the company lo obtain an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying wilh the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of accounts. The charitable group is subject to audit under charity legislation, and the report of the Charities Act auditor is on page 11. The consolidated financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime. Anil Bhanot Trustee Approved by the board of trustees on 10 September 2025 22
The Ethnic Inclusion Foundation Consolidated Cash Flow Statement for the year ended 31 December 2024 2024 2023 Cash flows from operating activities Net cash provided by operating aclivities as shown below (5,809,147 11,639,811) Cash flows from investing activities Intest received Other investment income. including rents from investments Purchase of property, planl and equipment 158 1,694,622 9,306 1,515,965 143,693) (181,007) Net cash provided by investing activities 1,651,087 1.344,264 Cash flows from financing activities Cash inflows from new borrowings (68,3391 Net cash provided by financing activities 68,339) Overall cash provided by all activities A+B+C {4,226,399 295,547 Cash movements Change in cash and cash equivalents from activities in the year ended 31 December 2024 {131,597) 1295.547) Cash and cash equivalents at 1 January 2024 208,848 Change in cash and cash equivalenls due to exchange rate movements Cash at bank and in hand less overdrafts at 31 December 77,251 {295,547 23
The Ethnic Inclusion Foundation Consolidated Cash Flow Statement for the year ended 31 December 2024 The Ethnic Inclusion Foundation Cash Flow Statement for the year ended 31 December 2024 - Continued Reconciliation of net income to net cash flow from operating activities Net income as shown in the Ststement of Financial Activities {4.199,389} {255,446) Adjustments for :. Depreciation charges Write downs of investments Net unrealised losses on investment assets Dividends, interest and rents from investments Decrease in debtors Increase in creditors, excluding loans 133,562 140,906 (1,694,780) 16,2471 {42,168) 11,525,271) Net cash provided by operating activities 5,809,147 1.639,811 Analysis of cash and cash equivalents 2024 2023 Cash in hand at for the year ended 31 December 2024 Notice deposits - (less than 3 months) Overdrafts facility repayable on demand 87,251 218,848 {10,000) {10,0001 Total cash and cash equivalents 77,251 208,848 24
The Ethnic Inclusion Foundation Consolidated Cash Flow Statement for the year ended 31 December 2024 The Ethnic Inclusion Foundation Cash Flow Statement for the year ended 31 December 2024 - Continued Analysis of change in net debt Atstart Cash At end of year 218,848 110,000) Flows and of year 87,251 (10,000) (131.597) {2,133,629) Cash Overdrafts repayable on demand 1131.597) {131,597} Loans falling due after more than one year (2,133,629) Total (1.924.781 } 1131.597) 12.265.226) 25
The Ethnic Inclusion Foundation Notes to the Accounts for thè year 0nded 31 December 2024 1 Accounting policies Policies relating to the production of the accounts. 8a$ls of preparation and accounting convenlion The accounts have been parett on the a¢¢ruals basi5. urKler the aistorical Gosi convention. and in a¢¢ordance wlh the Financial Reponiry Standard 102. leffeclive 1st January 20161 and'FRS 102 SORP Iststernenl of Recommended Practice for Accountiw and Reporting by Chariliesl 2015,185 amended by the 8ullelin issued in October 2018 and spplicable to all accounting periods beginning on or after Isl January 20191, (The SORPI. publishe¢ by the Charity Commission in England & Wales ICCEWI. effective January 2016. and in a¢cordan¢e with all applicable law in Ihe ¢hariirfs jurisdiction of registration, except thai the charity ha5 prepared the financial slaternent5 in accordance wth the FRS 102 SORP Istaternent of Recofflmended Practice for Accounting and Reporting by Charities) 2015.18s amended by the Bulletin IssÈJed in October 2018 and applicable to all accoUnng periods beginnng on or after fjsl January 20191. IThe SORPI, In preference lo the previous SORP. the SORP 2005. wh¢h has been wwlhdrawn. nOtr(h$l8n4lng ihe faci Ihai the extsnt statuwry regulations, the Charities (Accounts and Reports) Regulaiiofts 2008 refer e¥pli¢illy to SORP 2005. This has been done tts ac with current best practice. Golng Concern The Board of Trusiees has assessed the going Concem ol the group in detail and is confident thai the group will have adequate resources tts ntinUe in operational existen for the for5eeable future. Natur• of incorne Gross income repsents the value, nei of value added tax aThJ discounts. ol goods provKled to custoTrrs and sw>rk carried out respect of services provKSed to CU51omers. Categorle5 of Income Income Is ¢alegorised as income from exchary transactions Iconlraci irtomel a1 inwme from nonex¢hawe transa¢tsons Igiftsl. investment income arKI other inwme. Income from exchange tr8ns8Ctlorts Is received by chanty for goods or servlcs supplied er contract or where entitlement is subject 10 fulfilling performan¢e related conditions. The the charity receives is approximalelyequal in value 10 the gwds or seNices supplied by the charity to the purchaser. Income from a non*x¢hange transactlon is Whe the ¢harity receives value from ihe donor vithoul providing eoual value in exchawe. and includes dOnatK> of mney. goods and seTvKes freely gwen without giviry equal value in exch8nge.
Tho Ethnic Inclusion Foundation Notes to the Accounts for the year ended 31 December 2024 Income re¢ognibon lllcome. whetherfrom exchange or non exchange transactions, is COgnised In statement of fin6r¢ial aciivilies ISOFAI on a receivable basis. when a Iransaelion or OlFEr event iesulls in an increase in the charills assets or a reduction in ils liabilities and only when the charity h35 legal entillemenl. the income is probable and can be measurtd reliably. DivKlends are aCCrd when the shareholder's Aghl 10 receive payTnent 1$ established. Irorne subject to terrns and condltions which mu51 be met before the charity is entitled to the resoUe$ is not recognised until the corKitions have been met. All incorne 1$ accounted forgross, before daucting any related fees or costs. Accoun¢lng for deferred Income and Income recelved In advance wre terrns and conditions relating to trQme rove not been Met or UrertaInty e$1$ as to wh81her ¢haDty can meet any terms or conrlilions Olhewse within Its ¢onirol. incorne is not recognised but is deferred as a IN?bility until it is probable that the lerms or ¢ondilK)ns impp$ed Can be mel. Any grant that is subject to performan¢e-relatJ conditions recelved in advanGe ol ddivering the goods and services required bYtt condition. or Is sufy'ect lo unmet conditions wholly outside the control of the wipienl charity. is accounted for as a liatNlily and shown on balance sheet as deferred incorne. Deferred income is olea5ed to irKome In Ihe reporting period In which the perforrnance-relaied or other conditions th8t limit recognitn are mel. When iwme Irorn 8 grant or donab'on has Mt re¢ognised due to the conditn$ applwno 10 the grft rK)I belro wholly ¥wthin control of the ¢[pent charity. it is disclosed as 3 contingent asset if recelpt of the grant or donats.on Is probable once those corOitlons are rnet. Where time related conditions a imposed or Implled by a funder. then the income Is ap[K)rt to th8 time periods concerned,and, where appli¢abPe. is accounted for as a liability and sh)wn on the balance sheet as deferrefl income. Wn grants 8r8 received in advance of the expenditu on the activity funded by trm. but there are no specific time reLaled conditions, then the incorne is not defefted. Any condition that allows for the recovery by the dorv)r of any unexpended part of a grant does fK)t prevent recognitson of the inrne concemed, but a liability to any repayrnent is recognised when repayrnenl berneS probable. Income from lega¢les I1orne from legacies is recognised when the charity has Sufficient evidence that a 9ift has been to them. that WIra required, probate has been granied. Ihe executor is satisfied that the property in question will not be QuIred to satisfy clalms in the estste. that il is probable that the amount will be re¢eived by the charity. and the amount lo be received can be estimated wth sufficient ac¢ura¢y, and that Sny condllions atta¢Pwd to the legacy are eItr thIn the control of t charity or have been met. Where a payment 1$ CeIved from an estate or is nolifieé a5 receivable by execuiors after the reporbng date and before the a¢counts are authorised for issue but it is clear that the pawment had been agreed by exe¢thors prior to the end of the reportiNJ period, then the amount wnceTll8d is treated as an adjustiry event and accrued as income in the accountin9 period rf receipt Is probable. Where the ¢harily has established eneMent to a legacy bLrt there Is un¢ertalnty as to the èmount of the paymenl. details of the legacy aredisclosed as a contsngent asset until the criteria for incorne recognition ère mel. Where a legacy is su4ecl lo the inierestof a life tenant, the legacy is recognised as income until the death of the life tenant. If it Is doubtful that full settlement of a lega¢yéebtor will be received. then an adjustment is made lo reduce arnount of the legacy debtor and legacy income rather than chargiw th& adjustrnent as expenditur8 In the Statefflent of Financial Activitres 27
The Ethnic Inclusion Foundation Note$ to the A¢counls for the year ended 31 December 2024 Donated goods. facllltles and $ervlces Donated fftxeil assets are recognised at ihe curreN falr value. All such donations are reccgnised as donats'on irtome. 8nd debited lo fixed a55ets. Donatsd good$ that are not flxed assetg are accounted for at a fair value. unless It Is irnpractical to reliably rneasure the valLE of Ihe donated iteffl5. In the absence of any dlre¢t eviden of fair value of donaled goods. then a value is derived trorn the cost ofthe item to the donor or. in the ¢ase tsl goods that are exwted to be sold, the eslimaled resale value after deducts.ng anyanticipated costs of sale5. If11 Is irnpracl1ble lo Measu the fair value of goods donated lor resale. or the costs of valuation ouNveigh Ihe benefrts, the L1onated goods are ognIsed as incorne when sold, wth an equivalent amount teing recognised as an expense. The cosls of goods donated for di51ribulion lo benefi¢i¥ries is deemed 10 be Ihe fair value of those gcods upon receipt. Wn the goods are distribuled freely orfor a mrninal consider81ion. then the caffwng amount 19 adjusted al Ihe time of sa. io the value at the point of distribution and the adjustment is shown as 3 C051 of donations maée. The carrwng amount of any stock held for distributs.on is assessed for irnpaiment at the rtporting date. All donated g9 are Cognised as donaiion in¢ome, and debiied 10 trading stock.when trading stock is subsequenlly so4d. or appropriated to rneet an expense. then Ihe carrwng value of the stock is COgnISed as an expense. In accordance with the SORP, donated for distribution to beneficiaries. or foi consumption by the charityare included In legleS 8nd don8lK)ns'. Gcx)ds donated for resale are inclLJded In Incom& from olherfrading aclivities, The ¢ost of any stock of ¢onaled for distribuln lo berIciae$ is deemed to be the fair value of Ih05e gift5 at the time of their receipt. If the giJ)ds held are 10 be distributed freely or for a rv)minal considerèlion, then the carryng arnount is subsequenllyadjusted lo reflect the lower ol deemed cost adjusted for any loss of seThice rotenlial and ieplacemenl cost. Replacement cost is the economic c051 incurred if the charity w85 10 relace service pofrniial of the #onated goods at ils own expense in the most economic Manr. Donated servi¢es and fa¢116tles (IlUdIng secoTrJed staff use of property) are included in the accounts on the basis of the value of the gift to the charity. All donated services and facilitres are recognised as donation Inco when received.Iprovided Ihe value of the gift Can be measured reliably) and recognised as an expense an equiv31enl value. Membershlp subscrlption$ Tl* income and any associated Glft Ald olher tax refund frorn a membership subscription received bythe charity in the ft8iure of a grft. is a¢counted for on the same basis as a donavon. The income from a membership subscription received by the charity Whe the subscription purchases Ihe righl to Ser¥e$ or benefits is reco9nised as income from ¢hantsble activie$. Policies relating to expenditure on goods and $wvl¢es provlded to lh8 ¢harlty. Re¢ognlWon of Ilabllltles and expendlture A liaknlity. and the lated expenditure, Is recognised when a legal or constructive obligation exists as a result of 8 past event. and when it is more likely Ihan noi that a transfer of etonomic benefits wll be required in settlement. and when the amount of the obligation can be measured or reliably estsmated.. Liabil115es arising from fLrture funding Gommitments and constructive obligations. in¢luding performance related grants, vhere the b.ming or the amounl of the futu expenditure required to settle ihe obligation are uncertain. give fise lo a provision in the 2ceounls, which is reviewed al the accounting year end. The provision is irtreaseé lo refknl any in¢ase$ in liabilities. and is decreased by the ulilisalion of any provision wthin the period. an(J reversed if any provisK)n is no k)nger required. These movements are charged or Credited to respective fund5 and activities to whKh the provision lates. 28
The Ethnic Inclusion Foundation Notes to the Accounls for the year ended 31 December 2024 Altocating ¢o$ts io •ctivities Direct cosis that are specifically related lo an activity are albcaled to that activity. Share£S direct costs and support costs are apwrtioned between acti¥ilies. The basis lor apportionmeftt. whi¢h is consistently applied, and proportionate to the orcumslan¢es, is=. St8ffing- on the basis ol time spent in cOnectIon with any particular activity. Staffing- on a per capita basis. based on the number of of people employed wilhln any parilular aclivty. Premlses relwed ¢osts_ on the propor0 of floor aa occupied by a particular activity. Non specffic support costs- on the basis of th8 usage of resources, In tems of lime laken, capacity used. ques1 made or other measures Estlmallon techniques used in apportioning costs- give details Volunteers In accordance with the SORP. and in recognition of the diffrculties In placiThJ a monetsryvalue on Ihe conthbulion from volunteers. the contribution of volunteers is not included wthin the in¢ome of the charity. However. trustees Val the significant contribution rnade to aclivrties of the charity by unpaid volunteets and this is described rnore fully in Note5. Tanqible fixed 855ets Oepreci3tion has been provitled at following fates in order to write off the assets to ttrtir anticipated residual value over their estimated useful lives. Freehold premises Fixtsjres 2nd fittsffjs Computer eouipmeni 2 % on cost and includes land not being depreciation 20 and 25 Yo on redwing balance and 20% on cost 33 % on cost Investment property Investment property is shown al most valuation. Any aggregate surplus or deficit arising trorn charges in tsir value is recognised n the Statement of Financial Activities. Stocks and work In progress Stock is valued ai the Imr of wst aThJ t realisable v81w. Debtors Debtors are measured al Ihelr cOVerable amounts at balance sheet date. 2 Ltability to taxation The Trustees consider that the charity sats"sfies the tests set oth in Paragraph 7 S¢heduFe 8 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity Is potentially exempt from taxation in $ett ol inc¢>rne or capital gains recewed wilhin caiegories covered by chapier 3 part 11 of the Corporation Tax A¢t 2010 or Section 256 of the Taxatson of charge8e Gains Aci 1992, to the extent that SLth income 01 gains are applied exclusively on specific charilable objects of the charity and for no other purpose. Value Added Tax Is Th)t recoverable by charily, and is therefore incled in the relevant costs in the Statement of Financial Aclivi118S. 29
The Ethnic Inclusion Foundation Notes to the Accounts for the year ended 31 December 2024 3 Not surplus before tax in the financial year 2024 2023 The net surplus before tax in the financkal year is stated after ¢harging.'- Depre¢ialion of owned fi'xe¢ assets Trustees, remuneration Pension cost5 Auditors. rernunerats'on 133.562 86.606 20.175 24,000 140.906 71.379 17.302 20,500 4 Interest payable 2024 2023 Bank interest paydble 771 5 Stsff ¢ost$ and •molumenls Salary costs 2024 2023 Gross Salaries excluding TrusteeslDirectors Remurration Etnployerfs National Insurance foi all staff Employerfs contribution to defined benefit pension schemes Employerfs operating costs of Iyefined contribution pension scheme5 Trusiees, RemuneratK)n as detailed in note 7 Ottrf benefits paid to twstee5. as dets1 in note 7 9,193 70,895 11.323 806,761 57.974 9,223 8.852 86.606 1,321 8,079 71.379 1,321 T¢)tsl salaries. wages and related costs 1.112,190 954,737 The avemge number of full time staff empknyed in the Far was 43 The estlmatsdequlvalentnumber of full time staff deployedin dlff8rentaclivitie5 in theyear was... Engaged on ¢haritsble activities Engaged in rvanagernent administration 37 37 6 Remuneration and payments to Trusteès as Executive Directors and pèrsons Connected with them A Bhanoi as the Manaaino Ck'recior IMDI ol the ManV(ElFl was remuneiated from EIF at £86.60612023- £71.3791 frorn Peepul Enterprises Ltd IPELI of £24,744412023-£46.I91. with penSn Contribuli¢)ns in EIF of £1,32112023- £1.3211 and PEL of £61812023-£8831. Mr Bhanotwas a director ol PEL and not a Irustee until 31 August 2024 but his total salary is funded by EIF. Mr Bhanol'5 salaryas Chairman and Trustee of Peepul Centre (PCI is and has alway5 been £nil No other Trustee received 2ny remuneration from EIF Itself but EIF subsidiaries poSitn is as folbws.. Dr S Bhanol received omuneration from an EIF subsidiary Peepul Centre as Head of Peepul Health of £21.2411202> £14,0141. Dr Bhanoi a Trustee of EIF wots free in EIF on Health matters bLrt ai Peepul cen as the Head of Health. running the F¢8allh division there to deliver projects like the Mental Health Crisis Cafè hyh level Health Conferences. Dr S Bhanot also received a salary of £13,33312023- £nill lo manage PEL a subsidiaryof PC running soclal eNerprise acliwts,' she was a director ar Tr)t a trustee of PEL 31 August 2024.
The Elhnic Inclusion Foundatlon Notes to the Accounts for th¢ year endèd 31 Do¢èmber 2024 7 Remuneration and payments to Trustees as Executive Directors 2024 2023 Remunerationpayable to trustees or¢onnectedpersons TrUSe$ remuneration as Managiw Director of EIF 86.606 71,379 Total remUner10n 86.606 71.379 2024 2023 Employer$ Nation81 Insurance contribudons on above remuneration Trustee's mLInerab0n as Managin9 Director of EIF 10,696 9.039 10.696 9.039 2024 2023 Penslon payments relating to trustees ore0nn8clodrsofis Trustee's remuneration 85 Managing Director of EIF 1,321 1.321 1,321 1.321 CY* non4oThwied employee saL8rywas £70.521 in EIF and £3,711 #) PEL forth8 ar. 8 Tangible fixed assets Current Year Land and Bulldln9S Fixlues and CoMptr ffittings equipment Total Cost At 1 January 2024 Additions 3,956,876 818,079 39.000 21.744 4.693 4,796,699 43.693 Ai 31 December 2024 3.956,876 857.079 13,205 4,827,160 Depreci8tion At 1 January 2024 Charge for sear 805.712 73,538 e02.706 53.805 11,450 6.219 1,419,868 133.562 At 31 December 2024 879,250 656,511 30.901 1,566.662 Net book Value At 31 Oecwnber 2024 3.077,626 17,696 200,568 3.260A98 At 31 December 2023 3,151.164 215,373 10.294 3,376,831 31
The Ethnic Inclusion Foundation Notes to the Accounts for the year ended 31 December 2024 Land and Buildlng$ Prior Year Flxtues and Computer fittlngs equlpment Total Cost 01 January2023 3.924,876 595.478 4.520.354 Additions 32,OfK) 18,386 13,232 63.618 01 January 2024 3,956,876 613,864 13,232 4,583,972 Depreclatlon Nei book valu8 01 January 2024 3.956.876 613.864 13.232 4,583.972 01 January 2023 3,924,876 595,478 4,520,354 9 Investments hèld a$ fixed a$$et$ Investments Listed Investments other Cl8$$0s of Investsnent subsidiaries Totsl Carrying values of Investments Ai 1 January 2024 Revaluation reserve fund 16,100.000 16,100.000 14.000.000) 14,0(M),(KK>I At 31 De¢ember 2024 12.100,000 12,100,000 Analy515 betren fair value and historical cost Inveslments as above held at far value 12.100.000 12,100.0 Analysis of Other cfasses of Investment In¢ludod ai hisiorlcal ¢ost.1088 write down Includad at lakvalue Totsl Summary of other classes of Investments at 31 December 2024 Cash or cash equivalents 12,100,000 12.10D.000 10 Stock5 & Work in Progress 2024 2023 Stocks b&fore Wrte downs 7.232 7,107 7.232 7.107 32
The Ethnic Inclusion Foundation Notes to the Accounts for the year ended 31 December 2024 Analysls olthe ¢arrylng value of stocks andwork In progress by a¢tlvllles Work In Progress 2024 2023 Slocks 2024 2023 Activity Charitable activty fj 7.232 7.107 7.232 7.107 11 Debtors 2024 2023 Trade debtors Amoun15 owed by group undertaklThJs an(J undertakln9s in which the charity has a participating interest Prepaymenis and accrued ineomè Other debtors 166.738 182.636 14.146 191 13.101 1.091 Deferred tsx asset (see note 01 181,075 196,828 12 Credltors: amounts falling du& within on• 2024 2023 Bank loans and overdrafts Trade cre(litors Accruals PAYE. NIC VAT and other taxes Olher creditors 10,000 86.796 83.11 135.023 YJ4.066 10,000 79.975 113.138 111.045 300.662 618.991 614,820 13 Creditors- amounts falling due after one ar 24 2023 Bank loan5 and overdrafts 2.065.291 2.133,629 14 Revaluation reserv8 Clvrentyew Unre$trkted FUd$ CurreotyeaT Re5triGted FUdS Currèntytrar Total Fur$ Prior Year Total Funds Currentyeor 2024 2024 21124 2023 At 1 January 2024 Arising on revaluation during the year T¥ansfers in the year 7.944.959 14.000.000) 7.944.959 14.000.000) 7,944.959 At 31 December 2024 3.944.959 3.944.959 7.944.959 All the valUatIOnS in the prK)r yearwas nStricted. Prlor YaaT Unrestrictsd Funds 2023 prtor Year Restrki8d Funds Piior Yéar Totsi Fund8 2023 2023 At stsn of previou$ year Arisiry on revaluation during the year Transfers in the year 7.944.959 7,944.959 At end of previou$ year 7,944,959 7,944,959 33
The Ethnic Inclusion Foundation Notes to the Accounts for the year ended 31 December 2024 15 Incom8 and Expgndilurg a¢count summary 2024 2023 At l January 2024 Transfers in for the year At 1 January 2024 Surplus aftei tax for year 9,305,999 117,2551 9,288.744 1182.1431 8,376.515 1,148.537 9,525,052 1219,0531 At 31 December 2024 9,106,601 9,305,999 16 Related party transactions The ¢haritsble company has taken advantage of exemption, Uer the temis of Financial ReportyryJ Standard 102, The Financial Reporting Sianoard applicable in the UK and Republlc of Iland.. nDt to discbse lad party transactyons with vholly owned subsidFaries within the group. Trustee. Director and Chaimian, A Bhamt was a directoi and shareholder of Online Accountancyservices Ltd until 01. March 2025. which provides book-keepiro and ac¢oLJntsn¢y services to ttte ¢harilyand Ils subsidiaries The book-keeyng fee charged 10 the company was £18.000 and 10 a subsi*Jiary Peepul Enterprises Ild was £24,000 for ihe year12032- same amounts). StatutoryA¢counts prepaFalion lees of £5,500 was charged to the company arKI £3,000 lo Peepul Centre and £4,000 to P88puI Enterwses Ltd. Peepul Centre Charity Book-Kèeping fees thu5 far has been charged £NIL12023- same amounlsl. The parnt Charity EIF gave a grani of £13,0(K)1202>£80.0001 lo Peepul Centre and tharted a loan of £572.0821202& £448.105 and 8 Blfwd Inter Company balance of £167.011 making the total loan balance of £1.187.198 at 31.12.20241 to Peepul Enterprises Ltd. These balance5 represent cash flow requirernentS Wlthin the group. These balances represent cash flow QU1ments thIn the group. EIF has funded its subsidiaries PCIPEL in the sum of£3.354.865 since tltir acqui5iiion on 18 Klay 2012. 17 Particulars of how particular funds are represented by assets and 5iabilities At 31 Oecemb8r 2024 Unrestri¢tèd DÈ$lgnatÈd funds Restrict Total lunds funds Funds Taryible Fixed Asset5 Investments at valuation".- Fixed asset investrnenls Current Assets CUrn[ Liabililies Long Term LIatlitieS 3.260.498 3.260.498 12,100,000 274.837 1618.9901 12,087.2911 12.100.000 297.558 1618,9901 12.087.291) 22.721 12,929,054 22,721 12.951,775 At l January 2024 nrestri¢t8d lunds Doslgwed Ivnds R8gtricted tund8 Total Fund8 Tangible Fixed Assets Investments at valuation'.- 3,376,831 3,376,831 Fixed asset investments Current Assets Current Liabilitses Long Term Liabilities 16,100.000 403,435 1614.8201 12,133.6291 16,100,000 422,783 1614,8201 12,133,629) 19,348 17.131.817 19,348 17,151,165 34
The Ethnic Inclusion Foundation Note$ to the Accounts for Ihe year ended 31 December 2024 18 Change in totsl funds ovèr the year as shown in Note 17 , analysed by individual funds Funds brought lorward Irom Movement i lunds In 2024 Transfe belwee funds in 2024 Fund$ carried fowward 10 2025 2023 S•e Note 19 $99 Note 20 Unrestrrctedanddesignated funds:. UnrestrKted Revenfft Funds un$trled R8valualh)n Reserve 9.186.854 7,944,959 1185,5151 117,2551 14,000,000) 8.984,1)84 3.944,959 Totsl urwestrlcted and designated funtl$ 18S,515 4,017,255 17,131,813 12.929.043 Restrlctedfvnds... Restrictes revenue Funds 19,348 3.373 22,721 Total restricted lunds 19.348 3,373 22,721 Total charity funds 17,151.161 182,1421 14.017,255 12.951,764 19 Analysis of movements in funds over the yoar as shown in Noto 18 Other Inc¢)m8 Exponditure Gains & Movement Losses in fund* 2024 2024 2024 2024 Unrestrlcfed anddesignated fvnds... unstcled Revenue FuS 2.412,283 12.597,7981 1185,5151 Re$triCtfvndS... Restrictes revenue Funds 61,953 158,5801 3,373 2,474,236 2.656,378 182,142 20 Detalls of transfers bètween funds in the year as Shown in Note 18 The transfers shown nole 18 above ar•.". 2024 Tollfroml UnrestrKted Revenue Funds In accordarKe ¥%ith the accounting pdKy'Accounting for Capitsl grants and fixed assel funds,. allctated Tollfroml unstrICted Revaluation Reserve 117.2551 14.000.000> Net transfers 14.017,2551 35
The Ethnlc Inclusion Foundation Detailed analysis of income and expenditure lor the year ended 31 December 2024 as required by the SORP 2015 This analysis is classsifmd by conventional nominal descrlpllons and not by activity. 21 Donations, Grants and Legacigs Current year Un¥e$tricted Funds Cuyrent year Re$trtcted Fund$ Currtrnt year Total Funds PrK)r Year Total Funds 2024 2024 2024 2023 Revenue grants from government and public bodles Community Mental Heatth ACE- Inspirate Funding Crisis Café 2.985 29,997 29,997 4.920 1,881 29,956 20,291 Art and Cultrual Prog. Other Income ACE- Funding Mela Arts Mela 4.920 1,881 29,956 26,865 275 Total publlc sector revènue grants 6,801 61.953 68.754 52,739 I the grants in prior yoar Mere vnre5tricted. Revenue grants from government and public b(les. Prior Year analysi5 Prlor Year Unreslricted Funds Prior Yèar Reslricted Funds Prioryear Total Funds 2023 2023 2023 Prlor Year 32.448 20,291 52.739 Curr¢nt y¢*r Unrestricted Funds Currentyear Restrfcted Funds Current year Total Funds Prfor Year Total Funds 2024 2024 2024 2023 Ethlnlc Incluslon Foundatlon- Grants Ethinic Inclusion Foundation- Grants 13,000 13,000 60,000 Tot41 Ethinic Inclusion Foundation- Grants 13,000 13,000 60,000 Total Donatlons, Grants and Legacies Total Donations, Grants and Legacies A1 19,801 61,953 81.754 112,739
The Ethnic Incluslon Foundation Dotailed analysis of income and expenditure for the year ended 31 December 2024 a$ required by the SORP 2015 All the donatlons and gifts in the prior year wefe unrestricted. Unrestricted Fund5 2023 R*stritied Funds Prfor Year Total Funds 2023 PriToryear 2023 Total Donations. Grants and Legacies A1 92A48 20,291 112,739 22 Income from charitable activltles- Trading Activities Current year Current year Unrestricted Funds Current ye•r ReslriGted Funds Cuffént year Total Fvnd5 Prior Year Total funds 2024 2024 2024 2023 Primary purpose and anclllary trading Sale of goods and services in aw)rdanc th the charklls objecis 697.702 697,702 619.016 Totsl Primary PUfPQ$¢ •nd ancillary trading 697,702 697.702 619.016 23 Totsl Income from eharitable actSvltles Current year Un¥estrtcted Fund5 Current year Restrtrted Fund5 2024 Cur¥ont yoar Total Funds Prlor Year Curronty•ar Total Funds 2024 2024 2023 Total income Irom charitable trading 697.702 697,702 619.016 Total from charitsblè activities 697.702 697,702 619.016 37
The Ethnic Incluslon Foundation Detailed analysis of income and expenditure for the year ended 31 December 2024 as required by the SORP 2015 24 Investment income Cu61 y8ar Unre5triGted Fund$ Curr8*)t year Restrlct Funds Cuttent year Total Funds Ptrloryear Totsl Funds 2024 2024 2024 2023 Property Rental Income Bank Interest Receivable 1,694,622 158 1.694.622 158 1,515,965 9,306 Totsl investment Income 1.694,780 1,694,780 1,52S,271 25 Expenditure on charltable actlvltles- Dlrect spendlng Current year Unrestricted Funds Currtnt yèar Restri¢ted Funds Currtnt year Prioryéar Total Funds Totsi Funds Current Year 2024 2024 2024 2023 Gross wages and salaries- charitable acts"vilies Employers, Nl - Charitable aclivities Defined benefit pension costs - charitable activities Defined wntribulion pension costs haritable aclivities Travel and Subsistence- Charitable Activities Purchases Health and Wellbeing sessions Theatre cost Directors Salary 671,)2 12,435 690,337 606,369 38,532 38.532 32,158 11,323 11,323 9,223 1,075 4.108 4,108 1.308 769,625 169.625 16.924 45,3S7 55,667 148,378 15,642 36,868 66,136 16,924 29,221 16,136 55,667 Total direct spending 82a 973,293 $8,580 1,031.873 917,1S7 All the expenditure in the prior year was unrestn'cted. Prioryear UnStrICted Fund5 Prioryear Re$tdcted Fund5 Prloryear Total Funds Prior Year 2023 2023 2023 Gross Vfdges and salaries- charitable activities Health and Wellbeing sessions 594,819 11,550 606,369 15,642 15,642 Total direct spending 82a 889,96S 27,192 917,157 26 Expendlture on charltable actlvitles- Grant fundlng of actlvltles Cuvrent year Vnrestricted Funds Cuvrent year Restrtcted Funds Cuffent year Pdor Yoar Total Funds Total Fund$ Current Year 2024 2024 2024 2023 Grants lo institutions I PC I 13,000 13,000 60.000 Totsl grantmaking eosts 82 13.OlY) 13.000 60,000 38
The Ethnic Incluslon Foundatlon Detailed analysi5 of income and expenditure for tha year ended 31 December 2024 as required by th SORP 2015 27 Support costs for charitable actlvltles Curr8nt year Unrestrictèd Funds Currenl year Restricted Funds Current y•ar PrlorY8ar T¢>tal Funds Total Funds Current Year 2024 2024 2024 2023 Premises Expenses Rates and water charges Staff training and welfare Light heal and ty)wer Cleaning and waste management Pfemises repairs, renewals and maintenance Property insurance 25.793 1,439 160,025 47.045 25.793 1.439 160.025 47,045 15,459 1.611 136,195 41,558 56.949 56,949 132,376 36,013 36,013 36.060 Admlnlstrative overheads Telephone, fax and internet Sialionery and printing Subscriptions lo periodicals Hire of equipment Softhfe licences and expenses Advertising and marketing Sundry expenses Equipmenl,repairs,expenses and maintenance Travelling Computer Costs 20.312 10.727 7,894 9,202 8.640 14,632 3,526 20,312 10.727 26,973 7.835 7A92 6,510 5,883 3,582 3,076 9,202 8,640 14,632 3,526 6,147 6,099 147 6.099 7A02 3.696 39
The Ethnic Inclusion Foundation Detalled analysls of income and expenditure for the year ended 31 December 2024 as required by the SORP 2015 Professional fees paid to advisors other than the auditor or examiner Accountancy fees other than examination or audit fees 15.000 Bookkeeping Legal fees Consultancy fees Other legal and professional 15,000 15,000 42,000 4,098 11,465 600 42.000 4.098 11A65 600 43,500 4.250 350 Financial costs Bank charges Depreciation & Amortisalion in lotsl for Bank interest payable 4,229 133.562 4,229 133.562 509 4.786 140.906 771 Support costs before reallocation 627,260 627,260 645,271 Total support costs- Current Year 627,260 627,260 645.271 The basis of allocation of costs between activities is described under accounting pollcles All Ihe expendlture in the prior year was unrestricted. Administrative overheads The basis ol allocalion of costs beMEen activities is described under accounting policies 28 Other Exponditure - Governance costs Curront year utCtod Funds Cunent year R88tYfjcted Fund8 Current year Total Funds Prlof Yoar Total Funds Current Year 2024 2024 2024 2023 Auditor's fees Trustees. remuneration NIC on Trustees, remuneration 24.000 86.606 10,696 24,000 86,606 10.696 20,500 71,379 9.039 Trustees Defirled benefit pension costs 1,321 1.321 1,321 Vvages Travel Expenses Other professional fee 12,324 1.447 12,324 1,447 16.856 1,816 2,51)0 Total Govèmaneè costs 136,394 136,394 123,411 All the expenditsjre in the prior year was unrestricted. 29 Total Charitable expenditure Current yfr¥r Unrestricted Fund5 Curr¢nt yr Restricted Fund$ Currenlyear Prlorygar Total Funds Total Funds Current Year 2024 2024 2024 2023 Total direct spending Total granlmaking costs Total support costs Total Governance costs B2a B2c B2d B2e 973,293 13.000 627.260 136,394 58,580 1,031,873 13,000 627,260 136.394 917.157 60,000 645,271 123,411 Total charitable expenditufe B2 1,749,947 58,580 1,806,527 1,745,839 40
The Ethnic Inclusion Foundation Detailed analysis of Income and expenditure for the year endod 31 December 2024 as required by the SORP 2015 Prior Y&a¥ Unreslllct•d Funds Prior Y¢ar Restrfcted Funds Prioryear Total Funds Prlor Year 2023 2023 2023 Total direct spending Total granlmaking costs Total support costs Total Governance costs B2a 82c B2d 82e 889,965 60,000 645,271 123,411 27.192 917,157 60,000 645,271 123,411 Total charltable expenditurg B2 1,718,647 27,192 1,745,839 30 Expenditure on ralslng funds and costs of Investment management Currentyur Unrestricted Funds 2024 Cuyrentyear Restrlctèd Funds Curr•nt year PriorY•ar Total Funds Total Funds Current Year 2024 2024 2023 Just giving ch8rges Consultancy fee Cleaning Administrative expenses Propety repairs and maintenance for non chariiable property Property rate, light and heal Interest payable Gross wages and salaries fundraising activitie5 Employers. Nl fundraising activities Defined contribution pension costs fundraising acts'vities TeleplN)ne and Broadband Insurance Rates 180 500 44,814 5,380 165 3,003 42,800 4221 500 44.814 5,380 114,001 114,001 84356 139,078 139,078 106,820 171,295 171,295 158.805 242,856 21,667 242,856 21,667 200,392 16.777 4.426 4,426 3.502 8,373 41.268 54,013 8,373 41,268 $4.013 8A41 36,158 64,799 Total fundralsing ¢osts 81 847,851 847,851 730,239 41
The Ethnic Inclusion Foundation Activity analysis of Income and expenditure for the for the year ended 31 December 2024 This analysis is classsified by activity and not by conventional nomlnal descriptions. 31 Analysis of income by activity SOFA ref 2024 2023 Activity Income from charitable a¢tivities Charitable activity 1 697.702 619.016 Summary of Total Income, including the items above Charitable activities Other aclivilies Donations & Legacies Investment income 697,702 619,016 A1 81,754 1.694.780 112,739 1.525,271 Total income as shown in the SOFA 2.474,236 2,257,026 Categories of income Income from exchange Ifansactions 2.474,236 2,257,026 32 Analysis of charitable expenditure by activity Activily Direct costs Support costs Grant funding of activilies 2024 Total Total 2024 2024 2024 2023 Charltable actlvlty 1 Direct costs 1,031.873 1,031,873 327,262 87.180 73,163 139.653 13,000 917,157 363,257 72,448 63,100 146,463 60.000 Premises expenses Administrative overheads Professional fees Financial costs Granlmaking costs 327.262 87,180 73.163 139,653 13,000 Total Charltable actSvlty 1 1.031,873 627,258 13,000 1,672,131 1,622,425 42
The Ethnic Inclusion Foundation Activity analysis of Income and expendilure for the for the year ended 31 December 2024 Summary of charitable costs by activity Direct costs Support osts Grant funding of activities 2024 Total Total 2024 2024 2024 2023 Total Charitable activity 1 Total Governance costs as detailed in Note 28 1.031,873 627,258 13.000 1,672,131 1,622,425 136,394 123.411 136,394 Total ¢haritable expenditure 1,031,873 763.652 13,000 1,808.525 1,745,836 The basis of allocation of costs between activities is descnbed under accounting policies The breakdown of this expenditure by type of spending lie nominal classtfication) is detailed in note 29 Analysis of support and governance cosls by charitable activities Governance Finance Human Other Resources Overheads Total Activlty Charitable activity 1 135,394 139,653 487.605 762,652 Grand Total 136,394 139,653 487.605 763,652 Summary of grant making by activity Grants to institutions Grants to indlviduals Support costs Total Total 2024 2024 2024 2024 2023 Charitable activity 1 13.000 13,000 60,000 13,000 13,000 60.000 Fuller details of grants made and related costs. including support costs, are shown in note 26. 43
The Ethnlc Inclusion Foundation Activity analysls of Income and expenditure for the for the year ended 31 December 2024 33 Analysis of non charitable expenditure by activity Activity Fundralslng actlvitles Fundraising Fundralsing activities activities 2024 2023 D1ct fundraising costs 847.851 730,239 Governance ¢o$ts Governance costs 2024 Governance costs 2023 Other Expenditure - Govemance costs as detailed in Note 28 136,394 123.411 Total non charitable expenditure 2024 2023 Total costs of Fundraising activities 847.851 730,239 Total non charltable expenditure 847,851 730,239