Company registration number: 07663315 Charity registration number: 1143830
## Race Equality First Limited
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2021
HSJ Audit & Assurance Registered Auditor Severn House Hazell Drive Newport South Wales NP10 8FY
## **Race Equality First Limited**
## **Contents**
|Strategic Report|1 to 2|
|---|---|
|Trustees' Report|3 to 5|
|Independent Auditors' Report|6 to 8|
|Statement of Financial Activities|9 to 10|
|Balance Sheet|11|
|Statement of Cash Flows|12|
|Notes to the Financial Statements|13 to 28|
## **Race Equality First Limited**
## **Strategic Report for the Year Ended 31 March 2021**
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2021, in compliance with s414C of the Companies Act 2006.
## **Financial review**
The charity has reported total incoming resources of £722,110 (2019: £274,675) with the increase in the year being attributable to:
a.) The continued support of primary funders for key projects such as MEE in Mind and the Discrimination & Hate Crime Project;
b.) The receipt of grants in the year to support the charity through the challenges of the ongoing pandemic; and c.) An increase in voluntary income in the year driven by the focus on our activities due to increased global awareness of the challenges being faced.
We have also been the beneficiaries of a number of generous donations, not least from Black Rock whose contribution to our activities in the year has been greatly appreciated.
Expenditure for the year has increased from £294,468 to £370,329 which has resulted in a surplus for the year of £351,781. The plans for utilisation of this surplus and the reserves requirements of the charity are noted below.
As at 31 March 2021 the charity was reporting restricted reserves of £358,672 (2020: £112,184) and unrestricted reserves of £205,747 (2020: £100,454). Of these unrestricted reserves, free reserves (being those not attributed to fixed assets or designated projects) totalled £177,740.
## _**Policy on reserves**_
Our organisational reserves serve two purposes:
Firstly, they mitigate risk, allowing us to navigate through periods of unexpected drops in income or sudden short-term increases in expenditure;
Secondly our reserves provide a pool of resources which can be utilised when we need to cover gaps in funding, for example, if we need to hire staff ahead of project commencement.
With the Covid pandemic, the needs of our beneficiaries have changed, which has required Race Equality First to adapt and find alternative solutions and resources to invest in new ways of working to manage this change.
The surplus reserves fund will allow Race Equality First to manage this change and to create a more robust organisational structure. To achieve this, over the next financial year, 2021-2022, the following activities and strategic developments are planned for the Organisation:
- An increase in the redundancy funds to £49,969
- Continuity of our core services, and plans for a research project at a cost of £110,000
• A delegation to the United Nations in Geneva to deliver the CERD Shadow Report for Wales at a cost of £25,000
• Capital needed to finance the expansion of the charity at a cost of £80,000
Funds have been designated by the Trustees to reflect the needs noted above as required.
## _**Funds in deficit**_
There were no funds in deficit as at 31 March 2021 or 2020 with any overspends being met from unrestricted reserves.
Page 1
## **Race Equality First Limited**
## **Strategic Report for the Year Ended 31 March 2021**
## _**Principal funding sources**_
Our principal funding sources in the year are detailed in note 4 to the financial statements.
## _**Investment policy and objectives**_
The investment policy the Trustees have adopted is designed to generate returns at low risk and is regularly reviewed by the Finance committee. Any income not used during the year is re-invested into the activities of the charity.
## _**Principal risks and uncertainties**_
## _General Risk Management_
The trustees have identified and reviewed the major risks to which the Charity is exposed.
Both manual and automated checks are regularly evoked, particularly those relating to the operations and finance of the Charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks. As part of that risk management the trustees have created a reserve to meet redundancy costs and to cover overhead costs for six months in unlikely circumstances where it no longer received funding.
The strategic report was approved by the trustees of the charity on 28 May 2021 and signed on its behalf by:
......................................... Gurmit Singh Randhawa Trustee
Page 2
## **Race Equality First Limited**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 March 2021.
## **Objectives and activities**
## _**Objectives, strategies and activities**_
The directors/trustees consider the performance of the Charity this year to be satisfactory given the funding.
## _**Public benefit**_
The Charity is a voluntary and charitable organisation which aims to work towards the elimination of racial discrimination, promote equality of opportunity across all protected characteristics within the Equality Act 2010 and promote good relations between persons of different racial groups.
The Organisation's aims are currently achieved through the delivery of 12 services/projects at Race Equality First: Discrimination Casework Service; Advocacy for Victims of Hate Crime; Advocacy for Elderly Ethnic Minority People; Training; Policy Development; health advocacy; wellbeing activities & support; cultural awareness programmes; research programmes; Campaigning & Lobbying; Annual Schools against Racism Calendar and Poster Competition and anti-discrimination workshops in local schools.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Structure, governance and management**
## _**Nature of governing document**_
The Charity is constituted as a company limited by guarantee and as such, its governing documents are its Memorandum and Articles of Association. Its Charity Number is 1143830 and Company Registration 7663315.
## _**Recruitment and appointment of trustees**_
Trustees are elected by members.
Trustees are appointed in accordance with the procedure set out in the articles of association. A copy of the articles of association are available from the Company Secretary at the registered office address.
## _**Induction and training of trustees**_
New Trustees have access to sessions to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the Charity. Trustees have regular opportunity to meet key employees and other Trustees. Trustees are able to attend appropriate external training events where these will facilitate the undertaking of the role. A Director/Trustee Handbook has been compiled to provide key information and is available to all current Trustees.
## _**Arrangements for setting key management personnel remuneration**_
None of the trustees have any beneficial interest in the Company.
Page 3
## **Race Equality First Limited**
## **Trustees' Report**
## _**Organisational structure**_
The Company is run day to day by the Chief Executive Officer.
The day to day running of the Charity and delivery of projects is under the control of the CEO and her staff. The CEO reports directly to the Board of Trustees.
## **Reference and Administrative Details**
**Trustees** Catherine Burton Vince Donovan Laurence Kahn Gurmit Singh Randhawa Jeremy Rees Reynette Roberts Meena Upadhyaya (resigned 24 June 2020) Mohammad Taha Idris (appointed 24 July 2020) Mutaher Jehan Khatib (appointed 24 July 2020) Elaine Clayton (appointed 24 July 2020) Khalid Osman (appointed 24 July 2020) **Senior Management Team** A Mohammed, CEO **Principal Office** First Floor West 113-116 Bute Street Cardiff CF10 5EQ **Company Registration Number** 07663315 **Charity Registration Number** 1143830 **Bankers** Unity Trust Nine Brindley Place Birmingham B1 2HB **Auditor** HSJ Audit & Assurance Registered Auditor Severn House Hazell Drive Newport South Wales NP10 8FY
Page 4
## **Race Equality First Limited**
## **Trustees' Report**
## **Statement of Trustees' Responsibilities**
The trustees (who are also the directors of Race Equality First Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Disclosure of information to auditor**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the trustees of the charity on 28 May 2021 and signed on its behalf by:
......................................... Gurmit Singh Randhawa Trustee
Page 5
## **Race Equality First Limited**
## **Independent Auditor's Report to the Members of Race Equality First Limited**
## **Opinion**
We have audited the financial statements of Race Equality First Limited (the 'charity') for the year ended 31 March 2021, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2021 and of its results for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
## **Race Equality First Limited**
## **Independent Auditor's Report to the Members of Race Equality First Limited**
## **Opinion on other matters prescribed by the Companies Act 2006**
- In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Trustees' Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 5), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 7
## **Race Equality First Limited**
## **Independent Auditor's Report to the Members of Race Equality First Limited**
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... Mr Andrew Hill (Senior Statutory Auditor) For and on behalf of HSJ Audit & Assurance, Statutory Auditor
Severn House Hazell Drive Newport South Wales NP10 8FY 08/06/2021 Date:.............................
Page 8
## **Race Equality First Limited**
## **Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
Total income
**Expenditure on:**
Charitable activities
7
Total expenditure
Net income
Transfers between funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
18|**Unrestricted**
**funds**
**£**
50,123
11,814
9,686
50
2,292
73,965
(2,042)
(2,042)
71,923
33,370
105,293
100,454
205,747|**Restricted**
**funds**
**£**
-
648,145
-
-
-
648,145
(368,287)
(368,287)
279,858
(33,370)
246,488
112,184
358,672|**Total**
**2021**
**£**
50,123
659,959
9,686
50
2,292|
|---|---|---|---|
||||722,110|
||||(370,329)|
||||(370,329)|
||||351,781
-|
||||351,781
212,638|
||||564,419|
Page 9
## **Race Equality First Limited**
## **Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Other income
Total income
**Expenditure on:**
Charitable activities
7
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
18|**Unrestricted**
**funds**
**£**
-
-
984
154
1,418
2,556
(9,301)
(9,301)
(6,745)
(7,702)
(14,447)
114,901
100,454|**Restricted**
**funds**
**£**
2,205
264,464
-
-
5,450
272,119
(285,167)
(285,167)
(13,048)
7,702
(5,346)
117,530
112,184|**Total**
**2020**
**£**
2,205
264,464
984
154
6,868|
|---|---|---|---|
||||274,675|
||||(294,468)|
||||(294,468)|
||||(19,793)
-|
||||(19,793)
232,431|
||||212,638|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 18.
Page 10
## **Race Equality First Limited**
## **(Registration number: 07663315) Balance Sheet as at 31 March 2021**
|**Note**
**Fixed assets**
Intangible assets
14
Tangible assets
15
**Current assets**
Debtors
16
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
17
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted funds**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
18|**2021**
**£**
-
3,007
3,007
38,590
565,202
603,792
(42,380)
561,412
564,419
358,672
205,747
564,419|**2020**
**£**
1,500
506|
|---|---|---|
|||2,006|
|||53,639
160,599|
|||214,238
(3,606)|
|||210,632|
|||212,638|
|||112,184
100,454|
|||212,638|
The financial statements on pages 9 to 28 were approved by the trustees, and authorised for issue on 28 May 2021 and signed on their behalf by:
......................................... Gurmit Singh Randhawa Trustee
Page 11
## **Race Equality First Limited**
## **Statement of Cash Flows for the Year Ended 31 March 2021**
|**Note**
**Cash flows from operating activities**
Net cash income/(expenditure)
**Adjustments to cash flows from non-cash items**
Depreciation
Amortisation
Investment income
6
**Working capital adjustments**
Decrease in debtors
16
Increase/(decrease) in creditors
17
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
6
Purchase of tangible fixed assets
15
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March|**2021**
**£**
351,781
2,433
1,500
(50)
355,664
15,049
38,774
409,487
50
(4,934)
(4,884)
404,603
160,599
565,202|**2020**
**£**
(19,793)
1,683
4,210
(154)|
|---|---|---|
|||(14,054)
44,859
(19,171)|
|||11,634|
|||154
-|
|||154|
|||11,788
148,811|
|||160,599|
All of the cash flows are derived from continuing operations during the above two periods.
Page 12
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1 Charity status**
The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: First Floor West 113-116 Bute Street Cardiff CF10 5EQ
These financial statements were authorised for issue by the trustees on 28 May 2021.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
Race Equality First Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 13
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## _**Grants receivable**_
Grants are accounted for in the financial year to which they relate. Grants received to finance the cost of fixed assets are recognised as restricted funds and used to finance the annual depreciation charge.
## _**Investment income**_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## _**Charitable activities**_
Income from charitable activities includes income recognised as earned (as the related services are provided) under contract.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees' meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Intangible assets**
Intangible assets are stated in the Balance Sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
## **Tangible fixed assets**
Individual fixed assets costing £1,000.00 or more are initially recorded at cost.
Page 14
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Amortisation**
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
**Asset class** Website development
## **Amortisation method and rate**
25% straight line
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
**Asset class** Fixtures & fittings
**Depreciation method and rate** 25% straight line
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 15
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals and organisations|**Unrestricted**
**funds**
**General**
**£**
50,123
50,123|**Total**
**2021**
**£**
50,123
50,123|**Total**
**2020**
**£**
2,205|
|---|---|---|---|
||||2,205|
## **4 Income from charitable activities**
||**Unrestricted**||||
|---|---|---|---|---|
||**funds**||||
|||**Restricted**|**Total**|**Total**|
||**General**|**funds**|**2021**|**2020**|
||**£**|**£**|**£**|**£**|
|Prevention of racial discrimination|11,814|648,145|659,959|264,464|
Page 16
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
Analysis of grants included in incoming resources from charitable activities above:
|**Analysis**
National Community Lottery Fund (NCLF) – MEE in Mind
Awards For All - COVID Support
Welsh Government - MEE in Mind
EU - Anti-radicalisation through Sport for Youth
Hodge Foundation
Welsh Government - Hate Crime Communities Grant
Postcode Health Trust - Newport
ESF
NCLF Discrimination & Hate Crime Project
CFiW - Covid 19 Support
GVS Integrated Health & Social Care
GVS Elders Grant
Moondance Foundation
Independent Age
EHRC
Betsi Cadwaladr
BAWSO - COVID BAME Support
Interfaith|**Grants from**
**2021**
**£**
176,539
10,000
151,136
-
-
31,292
13,560
-
170,583
15,000
5,000
8,750
15,000
15,000
6,385
10,000
10,000
9,900
648,145|**institutions**
**2020**
**£**
166,083
-
-
7,609
10,000
30,000
18,016
32,756
-
-
-
-
-
-
-
-
-
-|
|---|---|---|
|||264,464|
## **5 Income from other trading activities**
|Activities income;
Other activities income|**Unrestricted**
**funds**
**General**
**£**
9,686
9,686|**Total**
**2021**
**£**
9,686
9,686|**Total**
**2020**
**£**
984|
|---|---|---|---|
||||984|
Page 17
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **6 Investment income**
|Interest receivable and similar income;
Interest receivable on bank deposits
**7**
**Expenditure on charitable activities**
**Unrestricted**
**funds**
**Note**
**General**
**£**
Prevention of racial
discrimination
2,042
Staff costs
-
Governance costs
8
-
2,042|**Unrestricted**
**funds**
**General**
**£**
50
**Restricted**
**funds**
**£**
115,611
249,107
3,569
368,287|**Total**
**2021**
**£**
50
**Total**
**2021**
**£**
117,653
249,107
3,569
370,329|**Total**
**2020**
**£**
154|
|---|---|---|---|
||||**Total**
**2020**
**£**
86,129
204,770
3,569|
||||294,468|
Page 18
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **8 Analysis of governance and support costs**
## **Support costs allocated to charitable activities**
|**Basis of**
**allocation**
Prevention of racial
discrimination
A & B|**Staff costs**
**£**
30,000|**Administration**
**costs**
**£**
22,556|**Total**
**2021**
**£**
52,556|**Total**
**2020**
**£**
52,556|
|---|---|---|---|---|
## **Basis of allocation**
|**Reference**|**Method of allocation**|
|---|---|
|A|30% of associated overhead expenditure|
|B|100% of support related salary expenditure|
## **Governance costs**
|Audit fees
Audit of the financial statements
Legal fees|**Restricted**
**funds**
**£**
3,000
569
3,569|**Total**
**2021**
**£**
3,000
569
3,569|**Total**
**2020**
**£**
3,000
569|
|---|---|---|---|
||||3,569|
## **9 Net incoming/outgoing resources**
Net incoming/(outgoing) resources for the year include:
|Operating leases - other assets
Depreciation of fixed assets
Amortisation of goodwill|**2021**
**£**
18,789
2,433
1,500|**2020**
**£**
15,167
1,683
4,210|
|---|---|---|
## **10 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Page 19
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **11 Staff costs**
The aggregate payroll costs were as follows:
|The aggregate payroll costs were as follows:|||
|---|---|---|
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2021**
**£**
221,361
22,471
5,275
249,107|**2020**
**£**
182,952
18,042
3,776|
|||204,770|
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
|Prevention of racial discrimination
The number of employees whose emoluments fell within the following bands
£60,001 - £70,000|**2021**
**No**
7
was:
**2021**
**No**
1|**2020**
**No**
6|
|---|---|---|
|||**2020**
**No**
1|
The total employee benefits of the key management personnel of the charity were £95,000 (2020 - £95,000).
## **12 Auditors' remuneration**
|Audit of the financial statements|**2021**
**£**
3,000|**2020**
**£**
3,000|
|---|---|---|
Page 20
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **13 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **14 Intangible fixed assets**
|**Cost**
At 1 April 2020
At 31 March 2021
**Amortisation**
At 1 April 2020
Charge for the year
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020
**15 Tangible fixed assets**
**Cost**
At 1 April 2020
Additions
At 31 March 2021
**Depreciation**
At 1 April 2020
Charge for the year
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020|**Other**
**intangible**
**asset**
**£**
23,608
23,608
22,108
1,500
23,608
-
1,500
**Furniture and**
**equipment**
**£**
12,106
4,934
17,040
11,600
2,433
14,033
3,007
506|**Total**
**£**
23,608|
|---|---|---|
|||23,608|
|||22,108
1,500|
|||23,608|
|||-|
|||1,500|
|||**Total**
**£**
12,106
4,934|
|||17,040|
|||11,600
2,433|
|||14,033|
|||3,007|
|||506|
Page 21
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **16 Debtors**
|**16 Debtors**|||
|---|---|---|
|Trade debtors
Prepayments
Other debtors|**2021**
**£**
6,423
4,667
27,500
38,590|**2020**
**£**
23,805
2,334
27,500|
|||53,639|
## **17 Creditors: amounts falling due within one year**
|**17 Creditors: amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Other creditors
Accruals|**2021**
**£**
223
594
41,563
42,380|**2020**
**£**
-
-
3,606|
|||3,606|
Page 22
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **18 Funds**
|**Unrestricted funds**
**_General_**
Core Funding
Other Funding
Training Fund
**_Designated_**
Redundancy Funds
Continuity & research Funds
UN Fund
**Total Unrestricted funds**
**Restricted funds**
Advantage Big Lottery Fund
National Community Lottery
Fund (NCLF) – MEE in Mind
Awards for All - Healthy
Minds
BME Swimming Group
EU - Anti-radicalisation
Through Sport for Youth
Project
Hodge Foundation
Midnight Ramadan Football
People’s Health Trust
Welsh Government - Hate
Crime Minority Communities
Awards for All
A4A Covid 19
WG MEE in Mind 2020
NCLF Discrimination & Hate
Crime Project 2020
Moondance Foundation
EHRC
Betsi Cadwaladr
Interfaith
CFiW Covid 19|**Balance at 1**
**April 2020**
**£**
61,120
12,246
1,145
74,511
13,498
12,445
-
25,943
100,454
-
39,958
12,882
5,153
23,333
11,917
1,499
5,118
2,324
10,000
-
-
-
-
-
-
-
-|**Incoming**
**resources**
**£**
73,965
-
-
73,965
-
-
-
-
73,965
15,000
176,540
-
-
-
-
-
13,560
31,291
-
10,000
151,136
170,583
15,000
6,385
10,000
9,900
15,000|**Resources**
**expended**
**£**
(2,042)
-
-
(2,042)
-
-
-
-
(2,042)
(15,000)
(77,451)
(257)
-
-
-
-
(10,865)
(36,203)
-
-
(100,999)
(73,549)
(15,000)
(213)
-
-
(15,000)|**Transfers**
**£**
(112,265)
(12,246)
(1,145)
(125,656)
36,471
97,555
25,000
159,026
33,370
-
-
(12,625)
-
(23,333)
-
-
-
2,588
-
-
-
-
-
-
-
-
-|**Balance at**
**31 March**
**2021**
**£**
20,778
-
-|
|---|---|---|---|---|---|
||||||20,778|
||||||49,969
110,000
25,000|
||||||184,969|
||||||205,747|
||||||-
139,047
-
5,153
-
11,917
1,499
7,813
-
10,000
10,000
50,137
97,034
-
6,172
10,000
9,900
-|
Page 23
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
|GVS Integrated H&SC &
Elders Grant
BAWSO
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2020**
**£**
-
-
112,184
212,638|**Incoming**
**resources**
**£**
13,750
10,000
648,145
722,110|**Resources**
**expended**
**£**
(13,750)
(10,000)
(368,287)
(370,329)|**Transfers**
**£**
-
-
(33,370)
-|**Balance at**
**31 March**
**2021**
**£**
-
-|
|---|---|---|---|---|---|
||||||358,672|
||||||564,419|
Page 24
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
|**Unrestricted funds**
**_General_**
Core Funding
Other Funding
Training Fund
**_Designated_**
Redundancy Funds
Continuity & research Funds
**Total unrestricted funds**
**Restricted funds**
National Community Lottery
Fund (NCLF) – MEE in Mind
Asylum Seeker & Refugee
Support Project - Awards for
All
Aziz Foundation - Asylum &
Refugee Support Group
Mind UK - Healthy Minds
ESF - WCVA Active Inclusion
Fund
BME Sailing Group
Awards for All - Healthy
Minds
BME Swimming Group
EU - Anti-radicalisation
Through Sport for Youth
Project
GVS - Ethnic Minority Women
Exercise / Health Group
Hate Crime Advocacy
Empowerment Project
Hodge Foundation
Lloyds Bank Foundation
Midnight Ramadan Football
Postcode Lottery Trust - BME
Employment Training
BME Sport Cymru
Street Games - Family
Empowerment Project|**Balance at 1**
**April 2019**
**£**
**Incoming**
**resources**
**£**
75,567
2,556
12,246
-
1,145
-
88,958
2,556
13,498
-
12,445
-
25,943
-
114,901
2,556
9,879
166,082
3,692
-
303
-
21,602
-
7,823
32,756
965
-
10,000
-
2,074
6,426
15,724
7,609
1,865
-
7,278
-
7,443
10,000
6,014
-
291
1,230
4,286
-
2,766
-
1,114
-
Page 25|**Resources**
**expended**
**£**
(9,301)
-
-
(9,301)
-
-
-
(9,301)
(136,003)
-
-
(18,720)
(56,332)
-
-
(3,347)
-
-
-
(5,526)
(8,170)
(22)
-
-
-|**Transfers**
**£**
(7,702)
-
-
(7,702)
-
-
-
(7,702)
-
(3,692)
(303)
(2,882)
15,753
(965)
2,882
-
-
(1,865)
(7,278)
-
2,156
-
(4,286)
(2,766)
(1,114)|**Balance at**
**31 March**
**2020**
**£**
61,120
12,246
1,145|
|---|---|---|---|---|
|||||74,511|
|||||13,498
12,445|
|||||25,943|
|||||100,454|
|||||39,958
-
-
-
-
-
12,882
5,153
23,333
-
-
11,917
-
1,499
-
-
-|
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
|Street Games - Riverside
Warehouse
Vale of Glamorgan Council
Wesleyan Foundation (CFIW)
Police & Crime
Commissioner's Victims Fund
People’s Health Trust
Welsh Government - Hate
Crime Minority Communities
Awards for All
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2019**
**£**
1,018
7,603
4,097
1,693
-
-
-
117,530
232,431|**Incoming**
**resources**
**£**
-
-
-
-
8,016
30,000
10,000
272,119
274,675|**Resources**
**expended**
**£**
-
-
-
(26,473)
(2,898)
(27,676)
-
(285,167)
(294,468)|**Transfers**
**£**
(1,018)
(7,603)
(4,097)
24,780
-
-
-
7,702
-|**Balance at**
**31 March**
**2020**
**£**
-
-
-
-
5,118
2,324
10,000|
|---|---|---|---|---|---|
||||||112,184|
||||||212,638|
Page 26
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
The specific purposes for which the funds are to be applied are as follows:
NCLF (National Community Lottery Fund) – MEE in Mind: Intergenerational support, befriending and advocacy for older people from BME communities.
BME Swimming Group: A women-only swimming club in Cardiff.
Hodge Foundation: Annual Anti-Racism Schools Poster Competition.
Midnight Ramadan Football: A football tournament for young people during Ramadan supported by South Wales Fire and South Wales Police.
People’s Health Trust: Project providing wellbeing activities to beneficiaries in Newport.
Welsh Government Hate Crime Minority Communities Grant: Educating third and public sector staff, BME individuals and school students in South East Wales to understand what discrimination, hate crime and harassment are, including cyber hate, the impact of these on people’s lives and how to address and report this for themselves and support community people/their beneficiaries to address and report this.
A4A Covid 19: Salary costs for additional hours for our advocacy officers to provide advice and support over the telephone during the Pandemic.
WG MEE in Mind: A project supporting members of diverse communities to receive appropriate care when engaging with health care providers and supporting health service providers to better understand the cultural and religious needs of minority ethnic BAME people when planning healthcare provision.
NCLF Discrimination & Hate Crime Project: Delivering advice, support, advocacy, representation and mediation for victims of discrimination and/or hate crime.
Moondance Foundation: For Covid-safe office and working adaptations.
EHRC: Consultation and writing the Shadow Report for Wales for submission to the United Nations Committee on the Elimination of Racial Discrimination.
Betsi Cadwaladr: Production of wellbeing and mindfulness booklets for beneficiaries suffering mental ill-health in the wake of the Covid 19 Pandemic.
Interfaith: A multi-cultural group for community faith leaders to share information and work collaboratively.
CFiW – Covid 19: Wellbeing support and advice for BME communities.
GVS: Support, advocacy and wellbeing activities for BME elders in the Vale of Glamorgan.
Transfers from restricted funds in the year reflect surpluses on restricted projects which have come to an end, for which the charity has been permitted to utilise the remaining funds for their general charitable purposes.
Transfers to restricted funds in the year reflect funds utilised from unrestricted reserves to meet shortfalls on restricted projects.
Page 27
## **Race Equality First Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **19 Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities
Total net assets|**Unrestricted funds**
**General**
**£**
**Designated**
**£**
3,007
-
30,151
184,969
(12,380)
-
20,778
184,969|**Restricted**
**funds**
**£**
-
388,672
(30,000)
358,672|**Total funds**
**£**
3,007
603,792
(42,380)|
|---|---|---|---|
||||564,419|
Page 28