Company registraiion number". 07663315 Charity registr&tion nurnkr.. 1143830 Race Equality First Limited (A company limited by guarnt)itt) Annual Rqxjrt and Finan¢ial Statements for the Year Ended 31 March 2023 HSJ Audit Limitcd Regtstered Ayditor S¢vtm Hou5¢ Hazell Drive Ne￿￿Ort South Wales NPIO 8FY Race Equality First Limited Contents Strdt¢gi¢ R¢port 1102 Tru5te¢5' Report 3to6 IndepeDdeni Auditors, Report 7t09 Statement of Finan¢ial Activities B￿ance Sheet 12 Statement of Ca8h FlowJ 13 Notes to the Finhncial Statemertts 14¢026 Race Equality First Limited Strategic Report for the Year Ended 31 March 2023 The Iru51tes, who ar¢ direciors for the purrA>ses of company law. present their strategi¢ report for the year end 31 March 2023, in compliance with s414C of the Companies Act 20(I6. Flnancial review Poli¢y reserves Our organisational reserv¢5 S¢Tve rwo purposes: Firstly. they mitigY4te risk. allowing to navigate through periods of unexpected drops in inwme or sudden short-ierni incr¢&8¢s in expenditure.. Seeondly our reserves provide a pool of resources which can b¢ uiilised when we need to cover gop3 in fimdLn8. for example. if we ne¢d to hire ofproject cOn)M￿trtl With the CL)vid pandemi¢ and subsequ¢n¢ Cost tsf living crisis. the needs of our beneficiari¢$ h8ve chan8ed. which has required Rac¢ Equality First to adapt and ￿￿rnally¢ solutions and r¢soUr￿S ¢0 invesi in ncw ways of working lo m8nage this change. The surplus resmTe5 filnd will allow Race Equality First to manage this chan8e and to cre•¢e a more robust OT8anisaiional stwcture. To achieve this. over th¢ next financi￿ ye4r, 2023-2024, the followitt8 &Ctiviti¢S and Strategi¢ developments are planned for the Organisaiion.. . I￿reaSing the rcdundan¢y fvnd 10 £89.462 ￿ rcflecl eurren¢ headcount . ContinuÈty of our core setvi¢es. research arml addiiional staff roles al a cost of £216215 A delegation to the Uniied Nations in Geneva ￿ deliver the CERD Shadow Report for Wales at a wsi of £60,000 Funds have been dvignaied by ihe Tru5tttS io refl¢ci the needs nO￿d alM)ve as required. There were no hjnds in deficit &5 at 31 March 2023 or 2022 with any overspends bein8 met from Wlrestyicted reserves. Prf*clpAlfundiMg soupees Our principal funding sources in the year are detailed in note 4 to the financial statements. Inve5tmentpoll¢y on41 objeci The investment policy ¢h¢ Trustces have adop*d 1$ designed io genernle Tewrns ai low risk and is regularly rcview¢d by the Finance committee. Any income not used during the year is re-invested into the a¢iiviiies of th¢ Charity. Page I Race Equality Firsl Limited Strategic Report for the Year Ended 31 March 2023 Principal ri¥ks *ncerthiKhes General Risk Munogemeni The tru$t¢es have identi12ed and reviewed the major risks kn which the Cbariry is exposed. Both mAnual and automated check5 are regularly evoked. particularly those relating to the operation5 and rinanee of the Chanty. The trustees are sai1sfL￿ thes¢ sy$iems and procedur¢s njitigate any perceived risks. As part of that risk mallagemeni the tru5rees have created a reserve to meei redundancy ¢osts and io cover overhead c05t5 for six months in unlikely ¢ircumstsnce5 wher¢ it no longer received funding. 14105123 The Strategic report was approved by the trusttts of the chariry on.................... at¥1 SI￿ on its behalf by.. Kebba Kwiney Manneh Trustee Page 2 Raee Equality First Limited Trustees, Report The trustees, who are direct(￿5 for the pUl￿)SeS of wmpany taw. preserti the allnual rqM)n tog¢th¢r with the rinancial slaternents and auditors. report C*f the Charithble company for the year ¢nded J l March 2023. ObJe¢tlves gnd attl￿tIeS Objeclive5, srroi¢8ies &Ad•rtiviftes We are pleased to report a healthy balmce for our current and plan￿1 proje¢L8 once 88ain. We secured three smaller pols of funding this year for short-term. largeied projects LO address issues around the eost-of-IiviDg risis, We made sotne great aehievements year with delivering a consultation analysis repon on the Artli-rac15t Wales Action Plan and ¢ot)suliing wilh publie sector organi5ations on its implementation within their se)vi¢es. All our projeets and services now ¢ov¢r the whole ofwales. some extending acr055 the UK. Funding froTn Santander Fowidaiion has enabled our Financial and Di8iuI Inclusion projec¢ io provide advice, advocacy and training for Block and Ethnic MintsTity people around finan¢ial and digital knowledge and skills, and extend support IL) Ihose lacin8 food and fuel p)v¢ny throu¥h a series of outreach events in communiiies acros% Wales. Independenl A¥e funded ￿ to $upp)n Black and Ethnic Minority ¢ld¢rs who are Stru￿lin¥ with the increasing costs for f(N)d and healing. The CareTh Support Fund provided crucial resource5 to 85S15t unpaid earers to Pur¢h￿C necessary household items. food. ¢lothing and equipmeni for sludy: and th¢ National Grid fut)ded a short-tCTm project to assist ben¢fJ¢iaries to reduce their energy Costs. Thi5 y¢ar w¢ bad¢ a fwewell io four staff with Sy J05hua, Nicolo Shone, Halirna Hashi Chris Dobbs leaving RE.F for pastures new. Wc welcorned four new membth3 of S¢AtT to the leam. Jamad Jibr¢el as A¢tiviry Officer. Shehzad Malik and Halim8 Jama as Advice Service MaDa8¢r and Farah Hassan as Counsellor. De5Plte the lon8 recovery from the Covid-19 paDdemic hnd increased expenditure due to the cost-of-livin8 crisis, this has beett another year of 8roMh and achi¢vemen¢S with a bi88er staff lewn, and each projeci ¢oniinuin8 to deliver Outcomes well above thrgd, thanks to our hardworking styff ieam. The MEE in fvtind Project has engaged 77 I people and 589 people have attended our ￿181 gTOUP$, Ihe Discriminalion and Hate Crim¢ Casew'ork setvice assisicd 239 victims and we have educaied 784 individuals in racism awdr¢ness, hale Crime ond diversity and culturdl awareness across the UK Ihrou8h our training and WOTkshop sessions. This year, we have also supponcd 183 unpaid ¢8reTS through a small sT￿ts fur￿. Once again. Race Equality Firsl consolidated its posiiion as the lead or8anisation in Wales for fightin8 for justice for victims of discrimination and haie and we closed the year in a flnancially slrong position. For Race Equality First. 5trale8ic plannÉn8 will coniinue ￿ take centre stage with partlcular focus on ensuring that the piiblic sector implemcnt and adhere to their reswn5ibilitlC5 undcr existing legislation and the Anti-r8¢15t Wales Action Plan. The y¢ar ahead will fo¢tss ott the nceds of our beneficiaries in dealing Wlth the c051-of-livin8 Crisis and expanding our organi5ational stn]cture. On behalf of the Roce Equality First Staff team and thc Board of Dire¢tor5, we thank our rncmbcrs, partner OTg8niwions funder5 for their support and commitsnent to Race Equality First. Publir benefil The Chzriiy i5 a voluntary and charilablc or8anisation which aims to work towards the elimination of rd¢ial dis¢ritnination. promote equality of opportunity a¢r05s all protected characterislics within the Equality Act 2010 and promolc good relalions between per50TLS of different ra¢ial groups. The Organi5ation's aims are currcnily achieved through thc delivery of 12 service￿projeCts at Race Equality Fir51.. Discrimination Cas¢work Servi¢e- Advocacy for Vietims of Hate Crime: Advocacy for Elderly Eihnic Minority People" Training. Policy Development. health adYo¢3cy- wellbeing activities & support. culturdl awaTen¢ss progrdmmes: researeh progrdmmes; Campaigllin8 & tA)bbyin8: Annual S¢hool$ ogain5t Ra¢i51n Calendar and Poster Competition and ants4Ji5criminatioTh workshops in l(Kal schools. Page 3 Race Equality First Limited Trustee$, Report The tn]stees conflrm that tlw have complied with the requirements of section 17 of the ChaTiti¢s A¢1 2011 to have due regard io the publi¢ benefit guidance published by the Charity Commission for England and Wales. Rtference And Adminfistrntlve Det*U$ Chan"ty Re815tration Numb¢r: Company R¢gistraiion Number: 1143830 07663315 The Charity 1$ incorpord*d in Wale$. Regisiered oifice.. First Floor Wesl 113-116 Bul¢ Streei Cardiff CFIO SEQ Auditor.. HSJ Audit Limited Reyistered Auditor Severn Hou Hazell Drive Newport South Wal¢s NP108FY BankeTS'. Unity TTU51 Nine Brindley Plxe Birniingham BI 2HB Trnlteei And officers The tnjsiees And offi¢er$ s¢rvin8 during the year and since the year end wert as follows.. Trnstee$.' Khalid Osman C8therin¢ Burton Kebba Kwney Manneh Meena Upadhyaya Mohammad Tah& Idris Elain¢ cla￿On Mutaher Jchan Khatib SamÈna Khan Hugh Dela Cruz Sellior Mana8¢tDent / Leadership Teatn.. A Mohammed- CEO Pa8e 4 R4ce Equality First Limited Tru5tee5' Report Structure* governance *nd man•gement Nohire ofgovernimg documenl The Charity ts Constituted as a company l1rni￿d by guarantee and as such, its governing d￿￿MentS are its MemoTandum and Arti¢l¢s of AS￿laTion. Its Charity Nunjber is 1143830 and Comparty Re8i5trdtion 76633R5. Re¢rnlimentand appoilllmeNI Offr￿$1￿￿ Trusttts are elected by mcmi￿[5. Trvst¢¢s are appointed in accordance with the pn)cedure sei out in the articl￿ of &ssociation. A ¢opy of the anicles of Association ar¢ available from the Company Secreiary at th¢ registered otTi¢e addre5S. Indu¢ilo# 4Ndir4ini4ryg oftrM51ees New Trust¢¢s have access io sessions to brief them on Iheir legal obligations under ¢harity and company law, the ¢onlen¢ ofthc Memorandum and Anicl¢s of As￿latIOn. the committee and dc¢ision.makin8 processes. the busine.%s plan and recent rtnancial perfom)ance of the Charity. Trnsi¢¢s have re￿lar opportunity to meet key etnployees and other Twsiees. Trusiee$ bre able to aiiend appTopriaie ex1¢n￿l trainin8 events wher¢ ihese will facilitaie ihe undertakin¥ of the role. A DITeCtsYrrn￿ttt Handly￿k has been compiled to provide key information and is available lo 411 Curreni Trus*es. ArMng¢mentsfor$enlnx key man4gemenip¢rsonn¢l reiwuhemrfo None of th¢ ITuslees have any bencficial interest ITh th¢ Company. The Compsny is day to day by the Chief Ex¢cutive Officer. The day to day running of the Charity and delivery of projects is under the control of the CEO and her s¢aff. The CEO repons dire¢tly to the Board of TnLsiees. Statement ofTrustees' Re5ponslbllltle$ The truste¢5 (who are also the direcioTS of Race Equality First Lirnit￿ for the purposes of CoMp￿Y lawl are resptsnsiblc for preparing the irus¢tts' report atld the firwncial statements in accordancc wilh ihe United Kingdom A¢iouniin¥ Standards (UniLcd Kingdom Gen¢rnlly Accepted Accountin& Prdcii¢el and applicable law and rewlalions. Company law requires th¢ trustces to prepart fman¢ial stslements for each flnancial year. Under company law Ihe trustees must not approve the financial stai¢Tn¢nts unless they are saiisfied that they give a true and fair view of the state of affairs of the charitable company and of it$ incomillg re50urcts and applie2tion of resources. in¢luding its income aDd exFnditure, for that period. In prcparin8 these rma￿la1 statements. the tru5tee5 are required io= sele¢i suitsble a￿Ountin8 policies and apply them ¢on$istelltly: observe th¢ methods and principles in the Charities SORP" make jud8ernents and estimates that art [￿￿onable atxl pn￿en( state whethcr applicable UK A¢¢ounting Sthndard5 have been followed subject to any material dcp2rtur¢s disclosed and explatned in the financial s¢atettLents.' and Page 5 Race Equality First Limited Trustees. Report prepare the financial sth*ments the going concern basis unless il is inappropriate to pr¢sume that the charitable company will continue in b￿siDeSs. The trustees are responsible for keeping adequate aecouniing re¢oids that are suffjcienr to show and explain the eharitabl¢ Comp￿￿$ tran5actioLs aDd disc105e with Te8son8ble accuracy at any time the fman¢ial position of the ¢han"iable ttslnpany and enable than 10 ensure that the financial sthrem¢nts comply with the Companies Aci 2006. They are also responsible for safeguarding the ass¢ts of the chantsble company and h¢n¢e for taking reasonable steps for the prevcnlion and deteeiion of fraud and ￿her irregularities. Dl$e105ure of informatioo to audlior Each trustee has taken steps ihai they ought to have taken as 8 tnLs*e in order to make themselv¢5 aware of any relevant audii infomution and io establish thai the chariiy's auditor is awar¢ of thai infom)aiiot>. The trdslees confimi thal (here is r¢l¢vJni infomwtion th81 they kTWJW of atld of which they know the auditor is unaware. The annual report was approved by th¢ tn￿te¢S of the cljarity on . and $i￿d on its behalf by.. Kebba Kwin¢y Manneh Tru5t¢¢ Page 6 Race Equality First Limited Independent Auditor's Report to the Members of Race Equality First Limited Opinion We have audited the financial statements of Ra¢¢ Equality Fi￿[ LIMI￿ (the 'charity) for the year endcd 31 March 2023, which comprise the Stsiemeni of Financial Actiwlies. Balanee She￿. s￿ternent of Cash Flows. and Notes ¢0 ihe Financial Statements. including a summary of significattt a¢¢ouniing whlicie$. The financial Teporting framework that been applied in their pr¢parniiork is Urbitcd Kingdom AccouEJiin8 Stsndards. comprising Charities SORP . FRS 102 The Financial RqM)rting Stsndard applicable in the UK and Republic or Ireland, and applicable law (United Kingdom Generally Accepted Ac¢ouniing Pracii¢el. Ln our opinion th¢ financial wiemen¢s: give a true and flir view of the of the chariW$ affaits as ￿ 31 March 2023 and of its incoming resouwes and application of resources. includin8 i¢S income and exr￿dItyr¢. for the year then ended. hav¢ been properly prepared in aCcordar￿ with Unitrd Kingdom Generally Accepted Ac¢ouniing Praetice; have b¢¢n prepared in accordance with the requirements of the Cowies Act 2006. B*sl$ for oplnlon We conducted our Audit in accordance with International Standards on Auditing {UKI {ISAs IUKII and applicable law. Our responsibilities wid¢r ￿$¢ sthnd•rds are fijrther described in the auditor resrrt)nsibiliti¢s for the lludit of thc finon¢ial sthiements se¢iion of our report. We are independent orth¢ ¢harily in accordance with the ¢ihi¢il requiTemenlS that arc rclcvant lo our audit of the fJnan¢ial $tsiements in the UK. including th¢ FRC. Ethical Standard. and the provisions available for small eniiiies. in the circumstances scl oul in note to th¢ flnancial statem¢nls. and we have fulfilled our other ethical respoThsibililie5 in accordane¢ with Ihese requirements. We believe ihai the audil evidence we have obtained is sutTieieni and appropriaie 10 providc a basis for our opinion. Conclu$loD$ relatlng to golttg eoneer In auditing Ihc fjnancial 5th1ements. we have concluded thai ihe irusttts use of the 80in8 concern basis of Ac¢ounlin¥ in the preparation orth¢ finat)¢ial $￿tements 1$ approprialc. Bosed on the work wc havc perfonne4 w¢ have not identified ￿Y mg*rial uncertaintles relatirt8 to events or conditions that, individually or collectively. may significant doubt on the ehariws ability to continue as a going concern for a period of ai least twelve months from when the originol financial ￿atements wcrc authoriscd for issue. Our responsibilities and the responsibilities of the tr￿St¢t5 with respeci LO Boing concern are described in the relevant sections of this rcport. Other Informatlon The trustees are responsible for the other infornmiion. The other Énfonnation cornprises Ihc Énfomialion tncluded in the annual report. oiher than the financial s¢alements our audiior's report ¢hereon. Our opinion on the financial statemcnls docs not ¢ov¢r the other infom)ation and. except to the extent otherwise expli¢itly staia in our report, w¢ do not express any fortn of a5sufdnce conclusion thcrcon. In connection with our audit of the fJnan¢ial siaiements, our responsibility is to tead the other infonnaiion and, in doing so, ¢onsider whether the other information is materially inconsisieni with the fJnan¢ial statements or our knowledge obtained in the audit or otherwise aptw io be materially miss¢akd. If we identify such material inconsistencics or apparent material miss¢aLemenw we are required to dctennine whether there is a rnaierial misstatement in Ihe financial statements or a Tnaterial mi55thtemeTht of the other infomjation. If, b￿d on the work we have perfoTtned, we conclude that there is a makrial misslaiement of thi5 Other iThformation. we are required to report that lact. Page 7 Rgce Equality First Limited Independent Auditor's Report to tbe Members of Race Equality First Llmited We have nothing to report in this regard. Oplnlon ots oiher matters prescribed by lh¢ Companles Att 21)06 In our opinion, based on th¢ work undertaken in thc course orth¢ audit.. the inforn)aiion given in the Stya¢egi¢ Report and TTUStees' RepTrn for the financial year for which the finawial statements are prepared is con5is*ni with the financial sth*ments.' and the Stral¢gi¢ Repon and Tntstees. Repjrt have been prepared in accordance with applicable legal requirements. Matteys on whlch we Ire requlred to report by ¢iceptlon In the light of our knowledge and understanding of the charity 8nd its environment obtsined in the course of the audit, we hove not identifjed material misstaiem¢nts in the Stra*gic Report and the TTU5tees' R¢pon. We h8v¢ noihing ￿ report in respect of the following maners where the Companies Act 2006 r¢quires us to report to you if, in ow opinion.. adequat¢ accounting records havc noi been kepL or reiuw adequate for our ￿di1 have not been r¢¢¢iv¢d from branches no¢ vi511ed by us: or the financial stat¢ments are t)ot in a8reement with the ¥wynting records and reDJrnS,' or eertain dis¢losur¢s of trusiees remuneration speeified by law or¢ not made; or we have not received all the infornjation and explanations requÈrc for our audit. Reyponslbllltles of trusie As explaincd more fully in the Ststemeni of Tntsiees, ResrK)rtsibilities Iset out on p8ge 5 and 6}, the Nsiccs are responsible for the pr¢paraiion of the financial statcments and for being saiisfied thai they give a true and fair view, ond for s￿h iniernal control a$ the tnLStees de*rn?in¢ is necessary 10 enable the preparation of financial 5ts*menis thai Are free from rnalcrial mi5StstemenL whether due to fraud or error. In preparing the financial siaiements. Ihe tru5tccs are res￿)nsIble for assessing the charity's ability to continue 4s 8Ding ¢oncen]. di￿10$11)8. as applicable. rnatteTS relat￿ to goin8 concern and u5in8 the 80in8 ¢QD¢em basis of accountin8 unles$ the tnLSte¢s either intend to liquidak thc cbarity OT to cease operaiions, or havc no rcalistic altcrnativ¢ but to do so. Audltor re5P01151bilitles for tht gydlt of the Ilnan¢l*l 5txternents Our obje¢iive5 ale lo obiain reasonable assurance aly)ui ￿.hether the fllwicial 51atements as a whole are free from material mis5talemeni, whether due to fraud or error. and to issue an auditor's report that includ¢5 our opinion. Reasonabl¢ assurance is a high level of ￿uranCe. but is noi a guarantee ihat an audit conducied in 8¢cordan¢e wilh ISAS (UK) will always deie¢t a material misstatemenl when it exists. Misststemenis can arise from fraud or error and ar¢ considefed maierial if. individually or in the aggrega*. they could reasonably be expected to influ¢DC¢ the economic dcri5ions of users taken on the basis ofthese financial 5ta(etnents. Thc extent to whÉch our pr￿edUreS are capable of detecting irregularities, including fraud 15 detailed below.. We coroborated our enquiries of managemeni by review of corresrA)ndence with HMRC and The Charity Cornmis5ion and other T¢Bulatory bodies. We considtred the risk of frdud through managemeni override an4 in response. we in¢oTporaied te5tin8 of tnanual journal entries into our audit approach. Based the results of our risk assessmenl we designed our audit procedures to identify and address material tnisslalements in relation to fraud_ Page 8 Race Equality First Limited Independellt Auditor's Report to the Members of Raee Equality First Lfimlted A fi￿h¢T descripiion of our r¢sponsibilities is available on the Financial Rewrting Council's website at.. vw.frc.or8.uwauditorsrespoosibililies. This description fomts part of our auditor's r¢port. Use of our report This report 1$ made solely to the ¢haritsble company's I￿￿e¢s, &8 a i*)dy. in accordance with Cbopier 3 of Part 16 of the Companies A¢t 2006. Our audit WOTk has been uodcTtsken so that we mighi State to the charity's twsiees those matters we are required io state to them in on auditor's repon and for no other purpose. To the fullest extent pemiiited by law. we do not acc￿1 or assume responsibility ￿ anyone other than the charithble company And ils trustees ￿ a body, forour audit worL for this repoo or for the opinÈons we have fomicd. ndrew Hill FCCA ACA DChA BFP (Senior Sththiory Auditor) FOT and on b¢haif of HSJ A￿jit Limited. Sthiu￿ry Auditor S¢v¢rn House Hazell Drive Newport South Wales NP108FY 2010612023 Date.. Page 9 Race Equality First Limited StatemeDt of Fillallcial Activities for the Year Ended 31 March 2023 (Including Ineome #nd Expenditure Account and Statement of Total Re¢ognised Gains and Losses) Uttrestrieted funds Reslricied funds Total 2023 Note Intome Elldo*ment$ from: Donations and l¢gacics Charitable activitie5 Other trading activities Inv¢slmenl income Other income 268 93.994 24,250 1.140 8.818 268 661,055 29,165 1,140 8,818 567,061 4.915 Totsl ineome 128.470 571.976 700,446 ExpeTrd5ture on: Churilable activities 548,8771 580,6321 Toi81 expenditure 31.755 548.877 580,6321 Net incorne TrAThsf¢rs b¢twe¢n funds 96,715 71.325 23.099 171.3251 119,814 Net rnovernent in funds 168.040 148.2261 119,814 Re¢on¢lllailon of funds TorAI fijnds brought foThvard Total fvnds carried forward 277.093 313.662 590,755 18 445.133 263,436 710,569 The notes on pages 14 to 26 f¢)rn] an in*gral part of these f￿anCIal statements. Page 10 Race Equality First Limited Statement of Fillancial ACti￿ryties for the Year Ended 31 Mareh 2023 (Including Incom¢ and Expenditure Account And Statement of Total Re¢ognised Gains and Losses) Unrestrirted futtds Re5tritted funds T&lal 2022 r4oie lrteome and Endowmettts from: Donations and lega¢i¢s Charitable a¢iiviiies Other trading a¢tivitLes Invesltnent income Othcr income 13,874 30.430 10,8(K) 67 16203 13.874 404.416 10.800 67 16.203 373.986 Total income 71,374 373.986 445,360 Expendltur¢ on: Charitable actlVLties 28 1418,996) 419.024 Total expenditure Nei incomel{expenditure) Net movement in fundg 28 1418.9961 419,024 71.346 145.010} 26.336 71.346 145.0101 26,336 Re¢oDelll*tlon of funds Total fvnds broughi forW￿d 205,747 358.672 564,419 Total funds ¢*rried forward 18 277,093 313.662 590,755 All of the eharity'5 aciiviiies derive from Continuin8 operations durrng the Above two periods. The fund5 breakdowTr for 2022 is shown in Thote 18. The notes on pages 14 to 26 form inte￿1 of these [￿anCIal staiements. Pa8ell Race Equality First Limiled (Registration number: 07663315) Balance Sheel as at 31 March 2023 2023 2022 No¢¢ Flxed 855ets Tangible asseis 14 6.428 10,654 Current assets D¢btOTS Cash ai bank and in hand 15 16 73,778 677.372 65.519 629,124 751,150 694,643 CredltorJ.' Amounts fAlllng due wlthln one ye*r Net eurrent 9ssets 17 47.¢￿9 114.542} 704.141 580,101 Net assets 710.569 590,755 Funds of the eh*rlty: Restricted Income futsds Restricied fund5 265.436 313.662 Unrestrlcted Income fundi Unrestricted funds 445.133 277.093 Total ￿1)d$ 18 710.569 590,755 Th finan¢ial slaiements on pa8Cs 10 to 26 were wroved by thc tru5tces, Snd authorised for issue on 5isncd on their behalf by.. *,pa ES¢.rp, Kebba Kwiney M#nneh Twstee The Dote5 on pag¢s 14 10 26 fomi all integrnl part of these financi￿ ststrments. Page 12 Race Equality First Limited Statement of Casb Flows for the Year Ended 31 March 2023 2023 2022 Nole C*sh nows from oper*ting activitie5 Net cash income 119.814 26,336 Adlustments to ¢A•b flows from Non4*5b iten Depreciation Invesimeni income 4.127 3.448 167 122,801 29.717 Worklng e*pltal 4dJustm¢n¢$ Inertase in debtors IncreaseJld¢creasel in ¢reditor5 ID¢crcasellincrease in defert¢d irtcome 15 17 (8.2591 2.311 169.745 {26.9291 {38.7341 110,896 Nel cash flows from OPCTating aeliviltes C*5h Ilows from Inve5tlng actlvitl¢J Interest receivable and stmilar tn¢ome PurchL%e of tangible fixed assas 47.108 74.950 1.140 67 11.095 14 Net cash flows fn)m investsn8 aciivities Net increase in cash and ¢ash ¢quiv&lents C&th and cash equivalents at l April Cash and ¢ash equivalents at 31 March 11.028 48.248 63.922 629.124 565,202 677.372 629.124 All of the ¢ash tlows are derivd from continuin8 otmlions during the above hvo p¢riods. The Doles on pa8¢s 14 to 26 form an inwl part of these f￿anCIal ststements. Page 13 Race Equality Firsi Limited Notes to the FinADeial St¥tements for the Year Ended 31 Mareh 2023 I Charity status The ¢haTily is limited by guardntee. incorw>rdted in Wales. and ¢ons¢quenily doe$ not have share capital. Each ofthe trustecs is liable to contribute an amount nol ¢x¢eeding £1 iowards the a&sets of the charity in the eveni of liquidation. The addres5 of its r¢gist¢Ted office is.. First Floor West 113-116 Bule Siitet Cardiff CFIO SEQ Auihorised for i&s 2 Aceountlng pollcles Summary of s18nlficADt *¢¢ounting pollcles And kty •ecoumtlmg estlm4t The principal aLcouThlin¥ policies applied in the prepara¢ion of these financial ststetnenls are set out below. These polici¢5 ha%'e been consistently applicd to all th¢ yeats presented. unless otherwise stated. St4t¢ment of compll#nce Th¢ financial siat¢mi1115 have been prepared in 8eeordanc¢ wth A¢c¢)uniing ond Reporting by Charitics.. Siaiemcni of Rc¢ommended Praclice l&pplicable io ¢haTiii¢S preparing their accounts tn accurdance with th¢ Financial Rcporting Standard applicable in the UK and Rcpublic of Ireland IFRS 10211 (issued in O¢lobcr 20191 IChariti¢s SORP IFRS 102}l. the Financial Reptsrtin8 Standard applicable in the UK and Republic of Ireland IFRS 102) ond the Compmies A¢1 2(￿. Bisls of prep8r%tlon Racc Equality First Limtted meets the d¢finilion of 4 public benefit eniiry under FRS 102. Assets and liabilit1¢5 are initsally reeoBnis¢d at hIs￿riCal cosi or transaction value unless otherwise 51ated in the Televant 8¢¢ouniing policy noies. Golttg concerD The ¢n151¢¢5 consider that therc are no rnalerial uncertainiies at#)ui the chariws ability to conlinuc as a 80ing concern nor any significani area$ of 4jn¢enainty tha10ff￿1 ihe caryin8 value of ￿Sets held by the charity. Income #nd endowments All income 15 iecognised once the charity has entitlement io the income. it is probable that the income will b¢ received and th¢ amounl of the income re¢eiv#ble can be tnea5ured reliably. Dow4ilon5 legacie5 Dondiion$ ore recogni5ed when the charity has bttn notified Én wriling of both the amount atMI settletn¢nt datc. In the event that a donatÉon is subject lo eondiLiOnS ihai r¢quire a l¢v¢l of perforn]ance by the C]￿￿ty kfore the charity is entitled to the fitn(ts, the irt¥tsme 15 deferred and not recognised unlil eiiher those cortdilions are fully meL or tlte fuifilment of those conditions is wholly within the ¢ontrol of the charity aTMI it 15 probable that these ionditio]15 will be fulflllcd in thc reporting ￿riod. Page 14 Race Equality First Limited Notes to the Financlal Statements for the Ye4r Ended 31 March 2023 6*￿11ts receivAble Grants are accounted for in the financial year to which they rela*. GT3llts tt¢eived to flnance the cost of f￿¢d assets are recognis¢d as T¢strict¢d funds arhd used ￿ finance the atujual depreciation charge. Deferredlne&me D¢f¢ffed income repTesents amounts received for future periiMLs and is relwed to incoming resources the period for which. Lt ha5 been received. Such income 1$ only deferred when.. - Th¢ dooor specifies that the granl ordonation must only be used in filture o¢¢ounting penods: or - The donoT has impos¢d Conditions which MU￿ be met before the charity has uncorhditional entitlement. Invesimenl ljtyeome Divid¢nds are recognised once the dividend h&$ been declared and noiifi¢¥tion h&8 been received of the dividend due. Ch4ri14ble llclivili¢s Income from charitabl¢ artivities includes income reco8nised ￿ earned (as the related s¢rvi¢es provided) und¢r ¢ontTa¢t. Expendlture All expenditure is reco8nised oyKe ther¢ is a legal or con51n￿tive obligalion to thai expendityjre. Lt is probable se¢tlemcnt is required and the amouni Can be measured reliably. All costs are allocated to the applicable eKPLnditurc headin¥ ihai Similar costs io th&t cale80ry. Where costs cannot be dI￿¢1Y anributed to paniiulor headings they have been allocated on a basis consistent with ih¢ wse of resour¢es, wilh central staff ¢osts all(Kalcd on th¢ basts of lime spent. and depTectaLion charges alloca￿ on the portion of the a5sel'$ use. Other support Costs are allocated based on the spread of stsff costs. Choriloble dcilvilies Charitable expenditure comprises those costs inuwred by the eharity in th¢ d¢liv¢ry of its aciiviiies and Se￿1¢eS for Ils ben¢ficiaries. li includes boih costs that Can be allocat¢d directly lo such aciivities And those costs ora indire¢¢ nature necc58ary to support them. Gov¢rnanre costs Thcsc inLlude the Losts attributable io the charity'5 Cotnpliance with constilulional and slatutory requirements, includin¥ audit. strate8iC tnana8cmcnl and truslees, meetings and reimbursed ¢xp¢nses. T$xition The charity is considered io pass ihe tests set out in Paragrnph I Schedule 6 of thc Finance Act 2010 and therelore li meets the defLnilLon of a charitable company for UK corp)ralion tsx purposes. Accordingly, the ¢h4riiy 15 Ix)lentially exempt from taxation in rupect of income or capital gains rweived within categories covered by Chapter 3 Part I l of the Corporation Tax Aci 2010 or Section 256 of the Taxati¢)n of Chargeable Gains Act 1992. 10 the extent thai such incorne or 8aiThs are applied exclusively to charithble purposes. Tangible fixed assets Individual flxed assets eosiin8 £ I.0￿.￿ or are initially tecorded at C05t. Page 15 RAce Equality First Limited Notes to the Financial Statement$ for the Yegr Ended 31 March 2023 Amortl$4¢lon Amortisation is provided on inlangible fixed assets so as ￿ wriie off the ¢os( les5 any e51imated residual value. over their expected useful economic life as follows.. A&set cla5J W¢b511e development Amord$*tlo* rhethod and rate 25Q/o sirdighi line Deprecl*tlon Ind 8mOrtis*tioTr Depreciation is provided on iangible r￿ed assets so Is to WTite off th¢ ¢oH or valU￿10t), less any estimated r¢sidual value, over their expected useful economi¢ life as follow$'. Asset ¢l*ss Fixwres & fittin8S Deprecigtion mtthod Imd r*te 25•h straighi line Trad¢ debtors Trade debtors are amounrs due from cu5tom¢Th for m¢￿h8nd1$¢ sold or services pcrformeil in the ordinary couyse of business. Trade debtor5 are r¢cogt)ised initi411y at the transaction price. They subsequently rne￿Ured al amortised cost using the effective interesl method. less provision for impwmienl. A provision for the impaim*nt of trade debiors is estsbli5hed wheTh there is objective evidence thai the charity wiu D(M be able ￿ collect all Amounts due aceordin8 to the ori8inal ienns of the receivables. C￿h and ¢a$h equlv*lenti Cayh and ¢ash ¢quivaletti$ comprise on hwKI and call deposits. and other short-tern) highly liquid inv¢$lm¢nts Ihat Rre readily convertible to a known amount of cash and are subject lo an insi%nificani risk of change in V￿ut. TrAd¢ cr￿lI0r9 Tradc creditors are obligations to pay for or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are ¢18ssified as ¢urr¢nt liabililies if thc ¢hariry does ntsi hAve an uncortditional right. al th¢ end of the rep)rting period. to defer settlemeni of the credltor for at least twelv¢ months aftcr th¢ Tep)ning d*e. If there is an unconditional righi fo defer settlement for at least twelve months after th¢ reporting date. they are prescnl¢d &5 non4UtTeiJt liibilities. Trade creditor5 are recognised initially at the tsarL4action Price and subsequently measured at amorti5ed c05t iL82n8 the eff¢¢tive inieresi mciho Fund strurtyre Unre5trictcd income fvnds are genernl fillhd% that are available for use ai the tsitstets, discretion in fi￿erance of the obje¢iives of ihe chArity. De5igt]ated fvnds ar¢ unrestriued funds %t ￿]de for specific purposes at the dis¢reiitsn of the truste¢5. Restti¢t¢d income funds are those donated for use in a particular area or for sp¢cifi¢ puws. the use of whieh l5 restricted to that area or purpose. Page 16 R4ce Equality First Limited Note5 to the Financfi21 Statements for the Year Ended 31 March 2023 Pensions Itsd other post retir¢m¢nt oblSg#don$ The charity operates a defined Contrib￿110￿ s¢herne which is a pension plan under whi¢h fixed contributions are paid tnto a pension fund and the chariry has no legal or constructive obli8ation to pay further contributions ¢v¢n if the fut￿ doe5 noi hold sulTicieni assets to pay all employtts the benefits relating to employee service in lh¢ current and prior p¢nods. ConlTibutions io defined Contribution plans are reeogThised in the Statement of Financial Activitie5 when they are due. If contribution payments exceed th¢ ¢ontribuiion due for 5crviee, the ¢x¢ess is Tecognised as a prepayment. 3 Ineome from don•tlon$ •J)d leg*cl Umrestrlettd ToiAI 21123 Tolal 2022 Gen¢r41 Donations and legacies.. DO￿tIoThS from individuals and Ory￿l￿tIonS 268 13.874 268 13,874 4 Income froth ebgrlt*ble •¢¢lvllles Unresirlded funds G¢ffj¢rA] Rt$tr£eied funds Totgl 2023 Toial 2022 Prevention of racial discrimination 93.994 567.061 661.05S 404,416 Page 17 Race Equality First Limited Notes to the Flnlncial Statements for the Year Ended 31 Mor¢h 2023 Analysis of8rants included in incoming resources fiom charitable activities aF4)ve'. Gr¥nts from ltt$titutiothS 2023 2022 ADalysls Welsh Government - MEE in Mind 207.564 151,001 6,385 122.687 30.430 15,692 5.770 7,451 15,000 30.000 20,000 EHRC NLCF Discrimination & Ha* Crime Projeci WLGA Training Post¢ode Health Trust- Newrt GVS ICF Capital GVS ICF Revenue Independtni Age Santander W¢lsh Govemmeni - REAP Analysis Healthy Mind5 National Grid Carer5 Support Fund Business Wales R8ee Council Cyin 164J48 2.672 20.0(M) I10.(KM) 82.477 14.890 36.994 25,1)00 2,000 665.945 41)4,416 5 In¢om¢ from other tr*dlttg #ttlvltlej Unrestrleted Total 2023 Tol81 2022 General R¢$trlc¢ed Activities ineom¢' Other a¢iivitie5 irteome 24,250 4.915 29,165 10,8(M) 24250 4,915 29,165 10.8 Page 18 Race Equality First Limited Notes to the Financial Siatements for tbe Year Ended 31 Mgrch 2023 6 Investment incom¢ Unrestricted fynds GeJ)ernl Total 2023 Tot*1 2022 Inierest re¢civablc and similar income,. Intere51 r¢¢¢ivabl¢ on bank deposits 1,140 1.140 67 7 Expenditvre on ¢harlt4blt AellTrlil U4restrleted runds GeDer*l Restri¢ted Tot&1 2022 2023 Note Prevention of racial discrimination Stsff e05ts Governance costs 157.990 387.377 3,510 157.990 419,132 3.510 107.470 308,554 3.OIK) 31,755 31,755 548.877 580,632 419.024 Pa8¢ 19 Rate Equality FArst Limited Notes to the Financial Statements for the Year Ended 31 Morch 2023 8 Analysis ofgovernance and $upport eo$ts Support costs •llot*ted to eharitable gttii?tl¢s Adjninistratlo COStS Total fund5 St%tfcostS BASSS of *Uo¢*lloth Pr¢vcntion ofracial discrimination A & B 38.562 52,115 90.677 Totgl lor 2022 35.000 32.241 67.241 Ba$ls of *llotitlon Reference Method of 8llocatioD 30 /D of aSsocia￿d overhead expendiwre IOOYO of SUPF4Jrt reloi¢d salary ¢xpeDdityJre Govern*n¢e ¢o$ts Restrlcied Total 1023 Tot*1 2022 Audit fees Audit of thc fmancial ststements 3.510 3,510 3.000 3,510 3.510 3.000 9 f4¢t In¢omln8loutgoln¥ resourc Nei incomin8 f¢5011Tces for the year include.. 2023 2022 Operating le￿s- other as5¢ts Audit fees Depre¢iation of fixed assets 28.0 3,510 4,127 28,000 3.448 10 Trustees remun¢rAtlon expenses No trustee5. nor any persons conn¢¢t¢d wth thenL have rceeived any remuneration from the charity durin8 the year. No ITUStees have received any r¢imburned expenses orAny other benefits frorn the clwity during the year. Page 20 Rate Equality First Limited Notes to the Flllaneial Statements for the Year Ended 31 March 2023 I I Staff eosts The aggregate payroll costs werc Is follows.. 2023 2022 Staff costs durlrhg the year w¢re: Wages and salaries Social security cost5 Pension costs 372.484 37.309 9.339 275.669 26.390 6.495 419,132 308,554 The monthly avcrnge numb¢r of p¢rsons (includin8 senior matbjgement I1¢4dcrship team) employed by th¢ ¢harity durin8 the ycar expressed ￿ fvll rime equivilents Was ￿ follows.. 2023 2022 No Pr¢v¢nlion of racial dis¢riminAiion 12 The number of employees whose euKJlurnents fell within the followin8 bands w&s'. 2023 2022 No £70,IX)1- £80,(M The total employee benefits of the key m8nJ8ement personnel ofthe ¢hari¢y w¢r¢ £75,316 (2022- £74,951). 12 Audltorg, remuDeratlou 2023 2022 Audil of ihe financial ststements 3.510 3,0(K) Page21 Race Equality First Limi¢ed Notes to the FlnaDci41 Statements for the Year Ended 31 March 2023 13 Taxatlon The charity i5 a registered charity and Es therefore exemw frorn taxation. 14 Tinglble Ilxed *$sets Furniture 4nd e4ulpment Total C05t At l April 2022 51.644 51.644 At 31 March 2023 51.644 51.644 Deprec19tion At l April 2022 Charge for thc year At 31 March 2023 41,089 4,127 41.089 4,127 45,210 45.216 Net book value At 31 March 2023 6.428 6.428 At 31 Ma￿h 2022 10.555 10,555 IS Debtors 2023 2022 Trade debtors Prepaymenis Other debtors 33.119 4,900 27.500 5,217 68.561 73.778 65,519 16 CAsh And ¢•sh equivalents 2023 21122 Cash oth hathd Cash al bank 74 677.298 65 629,059 677,372 629.124 Page 22 Race Equality First Limited Notes to the Finxttcfi#l St¥lemenls for the Year Ended 31 March 2023 17 CredRtors: *rntsunt5 fAIiiDg due within yur 2023 2022 Trade creditors Other cr¢diiors Accruals tkferred income 1.614 735 3,509 41,151 364 244 3.038 110,896 47.009 21123 114,542 2022 Deferred income at l April 2022 Resourees def¢￿1 in ihe period Amounts released from previou5 pcriods Deferred in¢orne ai year end 1110,896} 1110.8961 110,896 141.1511 110,8961 Page 23 Race Equality First Limited Notes to the Financfi21 Slatements for the Year Ended 31 Mareh 2023 18 Fund$ BfilaDc¢ at JI March 2023 Balan¢e gt I Aprll 2022 In¢orning res0￿rceS Resources expended Transfers UJhrt$trict¢d Generol Core Funding D¢si8n4ied Continuity & resear¢h Funds Redundan¢y Funds UN Fund 45.131 98.470 131.75SI (32.3901 79,456 I10,0￿} 61,962 30.000 70.215 27,500 216.215 89.462 60.000 231.962 30.0(K> 103,715 365,677 Total Unrntrlcted 277.093 128.470 31.755 71.325 445.133 Restrlettd Santander WG MEE in Mind 2020 NLCF Discrimination & Hale Crime Project 2020 Cornmunity Events & AclivitL¢S H¢alihy Mind5 Indcpcndent Age Intcrfai¢h MEC Health Fair National Grid Wclsh CJov¢mment- REAP Analysis National Lott¢ry Community Fund (NLCFI- MEE in Mind Hodge Foundation A4A Covid 19 Award5 for All 24.293 62,308 I10,(x)o 187.564 {39.8961 1192.7211 94.397 57,151 74.806 154.348 1182,7671 46,387 21.652 2,672 82.477 20.0 {885) 168,765} {11.268) 31,439 13,712 8.732 9,900 3.718 4,915 lo,￿0 (1,1971 (14.8901 4,890 20,( I20,1￿) 81,236 11.467 {5.021) (11.467) 176,2151 {4.000) 14,000) Total restrleted 313.662 571.976 548.8771 71.325 265,436 Tot•l funds 590.755 7(K>.446 1580.632 710,569 Page 24 Race Equality First Limited Notes to the Financial Statemellts for the Ye4r Ended 31 Mareh 2023 B#l#n¢e at April 2021 IDcomiDg f¢SOllTces Resources expended 31 M*rch 2022 Transfers Unrtstrlcted funds GÉner41 Core Fundin8 20.778 71.374 {28) 146.993) 45,131 Designaled Corhiinuity & Tcsearch Funds Redundancy Funds UN Fund I10,IM)O 49.969 25,000 110,000 61.962 60,0(X) 11.993 35,(KK) 184.969 46.993 231,962 Total nnrestrlcted futsdj 205.747 71.374 28 277.093 Re5trlct¢d Saniand¢r WG MEE in Mind 20?0 NLCF Dis¢riminAiion & Hate Crime Project 2020 Community Ev¢nts & Activilics Indcpend¢nt Age Inierfaith Welsh Govcrnment - REAP Analysis National Loiiery Community FLlnd INLCFI- MEE in Mind Hodg¢ Foundation Petsple's Hcalih Trust A4A Covid 19 Awards for All EHRC BME Swimming Gn)up Midnight Ramadan Football Betsi Cadwaladr GVS ICF Capiial GVS ICF Revenue 30,1)00 151.¢XII {5.7071 1138.8301 24.293 62,308 50.137 97.034 122,687 1138.2391 16,676} 74.806 21.652 115,0001 21,652 IS.￿1 9,900 20.(KX) 20,000 139.047 11.917 7,813 10,(KK) 10.¢ 6,172 5.153 1,499 10.0 (56.7771 14501 123,5051 16.(KK)} (6.(MM)} {18,276) 11,034} 81236 11,467 15.692 6.385 5.719 (5,1531 (1.499) (10.i)001 {6,81MI 5.770 1.034 957 Total restricted fund$ 358.672 373.986 418.9961 313.662 Totgl fund$ 564.419 445,360 1419.024} 590,755 Page 25 Rate Equality First Limited Notes to the Fin4ncial Statements for the Year Ended 31 March 2023 The specific PUTP05CS for which the funds are to be applied are as follows.. WG MEE in Mind.. A proje¢1 supporting members of diverse communities tts Teceive appropriate care when engaging with health and social care provider5 and supporting he41th service providers ro better understand th¢ cultural and religious needs of Black aDd MiDQriry Ethni¢ wple wkn planning healthcare provision. NLCF Dis¢riminaiion & Hate Crirne Project.. LklLverin8 thice. supIK)rL advocacy and medtation for vIctin￿ of di5criminalion anWor hate crirne. Santander Foundation.. A Fknance and Digital Inclusion project to impmve ￿neficiaries. Circumsta￿¢S and prospects which have been adv¢rsely impacted by ihe Covid 19 patthic. Interfaith.. A multL