OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2026-03-31-accounts

Company registration number: 07663315 Charity registration number: 1143830

RACE EQUALITY FIRST LIMITED STRATEGIC REPORT, TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

HSJ Accountants Ltd Severn House Hazell Drive Newport NP10 8FY

Race Equality First Limited Contents

Page
Trustees' Report 1—5
Independent Auditor's Report 6—8
Statement of Financial Activities (including Income and Expenditure Account) 9
Comparative Statement of Financial Activities (including Income and Expenditure Account) 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14—24
The following pages do not form part of the statutory accounts:
Detailed Statement of Financial Activities (including Income and Expenditure Account) 25—26

Race Equality First Limited Company No. 07663315 Trustees' Report For The Year Ended 31 March 2026

The trustees present their report and the financial statements for the year ended 31 March 2026.

Objectives and Activities

Aims and Objectives

Race Equality First is an independent charity working in Wales to promote equality. We offer a range of services including free, confidential advice and support to victims of discrimination/harrassment. We also offer advice, training, and information relating to equalities. We provide information about equality and a lobby voice for issues regarding diversity.

Significant Activities

This has been a year of significant growth, strategic achievement, and sustained impact for Race Equality First. Despite operating with a small team of 13 staff, we have secured substantial multi-year funding and delivered a wide breadth of activity across Wales. Most notably, in March, we secured over £1.2 million from the National Lottery Community Fund for Climate Justice Cymru, a flagship project running from June 2026 to May 2029. Alongside this, we strengthened our partnership with Welsh Government through the Anti-racist Wales Action Plan, securing funding for two major initiatives: one advancing race equality at a systems level, and another supporting Black, Asian and Minority Ethnic individuals to engage in democratic processes and pursue careers in politics. Complementing this, Electoral Commission funding has enabled the delivery of non-partisan voter education and registration work.

We have maintained strong delivery across our established projects, many exceeding targets. Know Your Rights, Live By Your Rights has continued to provide critical advocacy and community-based support across all regions of Wales, addressing complex issues including housing, immigration, and access to public services. MEE in Mind has delivered targeted, personcentred interventions, supporting individuals to navigate financial hardship, housing challenges, and health inequalities. Healthy Minds concluded this year, leaving a strong legacy of impact across Wales. We extend our sincere thanks to Farah Hassan for her management of this project over the past three years.

Our commitment to supporting vulnerable communities remains central. Through the Carers Support Fund, Short Breaks Scheme, and Carers Money Matters initiative, we have provided vital financial and wellbeing support to unpaid carers facing ongoing cost-of-living pressures. Our Independent Age programme has also made a meaningful difference to over 300 older women from minority ethnic backgrounds. Our partnership with ARA concluded successfully, engaging 1,000 individuals in addressing gambling-related harm.

This year also marked an expansion in organisational capacity, with the appointment of a Training and Engagement Officer, two Community Engagement Officers and a Senior Research Officer to meet growing demand and lead our work on palliative and end-of-life care.

Our training and education offer has grown significantly, delivering anti-racism and cultural awareness training to thousands across schools, public bodies, and organisations, contributing to wider systemic change.

We remain in a strong financial position, with healthy reserves across core and project funding streams, reflecting robust financial management and continued funder confidence.

Our work demonstrates that meaningful change is possible when communities are empowered and inequalities are addressed with urgency and expertise. We thank our partners, funders, and communities for their continued support .

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 Ethnic Minority People; Training; Policy Development; health advocacy; wellbeing activities & support; cultural awareness programmes; research programmes; Campaigning & Lobbying; Annual Schools against Racism 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 Charity Commission’s guidance on public benefit.

Page 1

Race Equality First Limited Trustees' Report (continued) For The Year Ended 31 March 2026

Financial Review

Reserves Policy

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.

The ongoing cost of living has required Race Equality First to continue to adapt and find alternative solutions and resources to find new ways to manage the needs of our beneficiaries.

The surplus reserves allow Race Equality First to manage change and create a more robust organisational structure. Over the next financial year, 2026-2027, the following activities and strategic developments are planned for the Organisation:-

Funds have been designated by the Trustees to reflect the needs noted above as required.

Funds Materially in Deficit

There were no funds in deficit as at 31 March 2026 with any overspends being met from unrestricted reserves.

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 Risk 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 13 May 2026 and signed on its behalf by:

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 2026.

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.

Page 2

Race Equality First Limited Trustees' Report (continued) For The Year Ended 31 March 2026

Structure, Governance and Management

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.

Trustee Selection Methods

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.

Key Management Remuneration

None of the trustees have any beneficial interest in the Company.

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.

Page 3

Race Equality First Limited Trustees' Report (continued) For The Year Ended 31 March 2026

Reference and Administrative Details

Trustees

Mrs S Khan Mr H Dela Cruz Mr K Osman Mr K K Manneh Mr M T Idris Professor M Upadhyaya (resigned 15/01/2026) Ms S Jamal Captain C S Burton Ms R Roberts Mrs M J Khatib (resigned 16/01/2026) Mr G S Randhawa

Company Secretary

Mrs A Mohammed

Charity Number

1143830

Company Number

07663315

Registered Office

First Floor West 113-116 Bute Street Cardiff CF10 5EQ

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport NP10 8FY

Auditors

HSJ Audit Limited Severn House Hazell Drive Newport NP10 8FY

Page 4

Race Equality First Limited Trustees' Report (continued) For The Year Ended 31 March 2026

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statement unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements the trustees are required to:

The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Statement of Disclosure of Information to Auditors

Each of the persons who are trustees at the time when this trustees' report is approved has confirmed that:

they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Mr K K Manneh Trustee 18 May 2026

Page 5

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 2026 which comprise the Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 March 2026 and of its incoming resources and application of resources, 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 charitable company 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 the provisions available for small entities, in the circumstances set out in note 24 to the financial statements, 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 Trustees' Report, which includes the Strategic Report and Director's Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report included within the Trustees' Report have been prepared in accordance with applicable legal requirements.

Page 6

Independent Auditor's Report (continued) to the Members of Race Equality First Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report included within the Trustees' Report.

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

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement set out on page 1—5, the trustees (who are also directors of the charitable company for the purposes of company law) 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 charitable company'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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on the results of our risk assessment we designed our audit procedures to identify and address material misstatements in relation to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Page 7

Independent Auditor's Report (continued) to the Members of Race Equality First Limited

Use Of Our Report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters that 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Andrew Hill FCCA ACA DChA BFP (Senior Statutory Auditor) for and on behalf of HSJ Audit Limited, Statutory Auditor

18 May 2026

HSJ Audit Limited Severn House Hazell Drive Newport NP10 8FY

Page 8

Race Equality First Limited Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2026

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
4
Grants
Other trading activities
5
Investments
6
Other
EXPENDITURE ON:
Charitable activities:
8
Grants
Prevention of racial discrimination
NET (EXPENDITURE)/INCOME
Transfers between funds
20
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
20		 Unrestricted
funds
£
14,077
17,567
7,403
3,725
-		 Restricted
funds
£
-
958,344
5,230
-
-		 2026
Total
funds
£
14,077
975,911
12,633
3,725
-		 2025
Total
funds
£
21,819
820,422
14,830
2,367
13,772
42,772 963,574 1,006,346 873,210
(394)
(23,835)		 (132,503)
(867,016)		 (132,897)
(890,851)		 (158,191)
(685,690)
(24,229) (999,519) (1,023,748) (843,881)
18,543
(25,866)		 (35,945)
25,866		 (17,402)
-		 29,329
-
(7,323)
509,552		 (10,079)
149,108		 (17,402)
658,660		 29,329
629,332
502,229 139,029 641,258 658,661

The notes on pages 13 to 24 form part of these financial statements.

Page 9

Race Equality First Limited Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2026

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities:
4
Grants
Other trading activities
5
Investments
6
Other
EXPENDITURE ON:
Charitable activities:
8
Grants
Prevention of racial discrimination
NET INCOME
Transfers between funds
20
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
20		 Unrestricted
funds
£
21,819
-
14,830
2,367
4,662		 Restricted
funds
£
-
820,422
-
-
9,110		 2025
Total
funds
£
21,819
820,422
14,830
2,367
13,772
43,678 829,532 873,210
-
19,622		 (158,191)
(705,312)		 (158,191)
(685,690)
19,622 (863,503) (843,881)
63,300
14,936		 (33,971)
(14,936)		 29,329
-
78,236
431,317		 (48,907)
198,015		 29,329
629,332
509,553 149,108 658,661

The notes on pages 13 to 24 form part of these financial statements.

Page 10

Race Equality First Limited Balance Sheet As At 31 March 2026

Notes
FIXED ASSETS
Intangible Assets
13
Tangible Assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
Creditors: Amounts Falling Due Within One Year
16
NET CURRENT ASSETS (LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS OF THE CHARITY
Restricted Funds
Unrestricted Funds
TOTAL FUNDS
20		 Unrestricted
funds
£
5,872
12,799		 Restricted
funds
£
-
-		 2026
Total
funds
£
5,872
12,799		 2025
Total
funds
£
8,221
9,114
18,671
135,715
378,458		 -
-
139,029		 18,671
135,715
517,487		 17,335
125,632
534,505
514,173
(30,615)		 139,029
-		 653,202
(30,615)		 660,137
(18,811)
483,558 139,029 622,587 641,326
502,229 139,029 641,258 658,661
502,229 139,029 641,258 658,661
139,029
502,229		 149,108
509,553
641,258 658,661

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Mr K K Manneh

Trustee 17 May 2026

The notes on pages 13 to 24 form part of these financial statements.

Page 11

Race Equality First Limited Statement of Cash Flows For The Year Ended 31 March 2026

Notes
Cash flows from operating activities
Net cash (used in)/generated from operations
1
Interest paid
Net cash (used in)/generated from operating activities
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible assets
Interest received
Net cash used in investing activities
Decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
2
Cash and cash equivalents at end of year
2		 2026
£
(13,473)
(412)
(13,885)
-
(6,857)
3,725
(3,132)
(17,017)
534,505
517,488		 2025
£
9,271
(303)
8,968
(9,396)
(9,110)
2,367
(16,139)
(7,171)
541,676
534,505

Page 12

Race Equality First Limited Notes to the Statement of Cash Flows For The Year Ended 31 March 2026

1. Reconciliation of (expenditure)/income to cash (used in)/generated from operations

Net (expenditure)/income
Adjustments for:
Interest expense
Interest income
Amortisation of intangible assets
Depreciation of tangible assets
Movements in working capital:
Increase in trade and other debtors
Increase/(decrease) in trade and other creditors
Net cash (used in)/generated from operations		 2026
£
(17,402)
412
(3,725)
2,349
3,172
(10,083)
11,804
(13,473)		 2025
£
29,329
303
(2,367)
1,175
3,650
(11,385)
(11,434)
9,271
  1. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

2026
£
Cash at bank and in hand
517,487
3.
Analysis of changes in net funds
As at 1 April
2025
Cash flows
£
£
Cash at bank and in hand
534,505
(17,018)		 2025
£
534,505
As at 31
March 2026
£
517,487

Page 13

Race Equality First Limited Notes to the Financial Statements For The Year Ended 31 March 2026

1. General Information

Race Equality First Limited is a company limited by guarantee, incorporated in England & Wales, registered number 07663315 and registered charity number 1143830. The registered office is First Floor West, 113-116 Bute Street, Cardiff, CF10 5EQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The charitable company is a Public Benefit Entity as defined by FRS 102.

2.2. Going Concern Disclosure

The trustees have not identified any material uncertainties related to events or conditions that may cast significant doubt about the charitable company's ability to continue as a going concern.

2.3. Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.

Restricted funds are to be used for specific purposes as laid down by the donor.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.4. Incoming Resources

All income is recognised once the charity has entitlement to the income, it is porbable 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.

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.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

The donor specifies that the grant or donation must only be used in future accounting periods; or The donor has imposed conditions which must be met before the charity has unconditional entitlement.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Income from charitable activities

Income from charitable activities includes income recognised as earned (as the related services are provided) under contract.

Page 14

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

2.5. Resources Expended

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.

Expenditure on 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.

Grants payable

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

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.

2.6. Intangible Fixed Assets and Amortisation - Other Intangible

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 as follows:

Website development

25% straight line

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

25% straight line

2.8. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.9. Taxation

The charity is exempt from tax as all its income is charitable and applied for charitable purposes.

2.10. Pensions

The charitable company operates a defined pension contribution scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

2.11. 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.

Page 15

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

2.12. 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.

3. Income from Donations and Legacies

.
Income from Donations and Legacies
2026 2025
Unrestricted Unrestricted
funds funds
£ £
Donations and gifts 14,077 21,819

4. Income from Charitable Activities

4.
Income from Charitable Activities
Grants:
Grants
Grants:
Grants
Grants, included above, are as follows:
Welsh Government - MEE in Mind
CSF Amser
Know Your Rights, Live By Your Rights
Carers Support Fund
Healthy Minds
Independent Age
Awards for All
Chance for Change
Macmillan
WG ArWAP
Electoral Commission
Carers Money Matters
Continuity & Research Funds		 Unrestricted
funds
£
17,567		 Restricted
funds
£
958,344		 2026
Total
funds
£
975,911
Unrestricted
funds
£
-		 Restricted
funds
£
820,422		 2025
Total
funds
£
820,422
Unrestricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
17,567		 Restricted
funds
£
202,142
87,360
166,772
90,739
74,987
41,235
-
125,139
37,450
110,520
10,000
12,000
-		 2026
Total
funds
£
202,142
87,360
166,772
90,739
74,987
41,235
-
125,139
37,450
110,520
10,000
12,000
17,567
17,567 958,344 975,911

Page 16

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

Welsh Government - MEE in Mind
CSF Amser
Know Your Rights, Live By Your Rights
Carers Support Fund
Healthy Minds
Independent Age
Awards for All
Chance for Change
Macmillan
WG ArWAP
Electoral Commission
Carers Money Matters
Continuity & Research Funds
.
Income from Other Trading Activities
Income from other trading activities
Income from other trading activities
.
Investment Income
Bank interest receivable		 Unrestricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
funds
£
207,100
87,360
166,396
93,021
149,464
20,618
20,000
74,067
2,396
-
-
-
-		 2025
Total
funds
£
207,100
87,360
166,396
93,021
149,464
20,618
20,000
74,067
2,396
-
-
-
-
- 820,422 820,422
Unrestricted
funds
£
7,403		 Restricted
funds
£
5,230		 2026
Total funds
£
12,633
Unrestricted
funds
£
14,830		 Restricted
funds
£
-		 2025
Total funds
£
14,830
2026
Unrestricted
funds
£
3,725		 2025
Unrestricted
funds
£
2,367

5. Income from Other Trading Activities

6. Investment Income

Page 17

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

7. Net Income/(Expenditure)

The net (expenditure)/income is stated after charging/(crediting):

he net (expenditure)/income is stated after charging/(crediting):
2026 2025
£ £
Operating lease rentals 28,000 28,000
Depreciation of tangible fixed assets - owned 3,172 3,650
Amortisation of intangible fixed assets 2,349 1,175
Gain/Loss on disposal of tangible fixed assets - (9,110)

8. Analysis of Expenditure

Grants
Prevention of racial discrimination
Grants
Prevention of racial discrimination		 Activities
undertaken
directly
£
132,897
818,260		 Support
costs
(see note 9)
£
-
72,591		 2026
Total
£
132,897
890,851
951,157 72,591 1,023,748
Activities
undertaken
directly
£
158,191
594,107		 Support
costs
(see note 9)
£
-
91,583		 2025
Total
£
158,191
685,690
752,298 91,583 843,881

9. Support Costs

Employee costs
Premises expenses
General administration
Governance costs		 2026
Prevention of
racial
discrimination
£
119
34,159
34,533
3,780
72,591

Page 18

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

Employee costs
Premises expenses
General administration
Governance costs		 2025
Prevention of
racial
discrimination
£
17,135
37,404
33,384
3,660
91,583

10. Auditor's Remuneration

Remuneration received by the charitable company's auditors and their associates during the year was as follows:

Audit Services
Audit of the company's financial statements
11.
Staff Costs
Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs		 2026
£
3,780
2026
£
515,337
68,051
11,101
594,489		 2025
£
3,660
2025
£
402,986
42,923
9,522
455,431

The number of employees whose employee benefits (excluding employer pension costs) for the reporting period exceeded £60,000 was:

£80,000 to £89,999
12.
Average Number of Employees
Average number of employees during the year was as follows:
Prevention of racial discrimination		 2026
1
2026
12
12		 2025
1
2025
10
10

Page 19

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

13. Intangible Assets

Cost
As at 1 April 2025
As at 31 March 2026
Amortisation
As at 1 April 2025
Provided during the period
As at 31 March 2026
Net Book Value
As at 31 March 2026
As at 1 April 2025
14.
Tangible Assets
Cost
As at 1 April 2025
Additions
As at 31 March 2026
Depreciation
As at 1 April 2025
Provided during the period
As at 31 March 2026
Net Book Value
As at 31 March 2026
As at 1 April 2025
15.
Debtors
Due within one year
Prepayments and accrued income
Other debtors		 2026
£
8,207
127,508
135,715		 Other
£
9,396
9,396
1,175
2,349
3,524
5,872
8,221
Fixtures &
Fittings
£
13,414
6,857
20,271
4,300
3,172
7,472
12,799
9,114
2025
£
8,178
117,454
125,632

Page 20

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

16. Creditors: Amounts Falling Due Within One Year

6.
Creditors: Amounts Falling Due Within One Year
Trade creditors
Accruals and deferred income		 2026
£
16,320
14,295
30,615		 2025
£
3,166
15,645
18,811

17. Deferred Income

Deferred income movements in the year were as follows:

Balance at the start of the period
Amounts released in income from previous periods
Balance at the end of the period		 2026
£
-
-		 2025
£
12,190
(12,190)
- -

18. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

Not later than one year 2026
£
28,000
28,000		 2025
£
28,000
28,000

19. Pension Commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £11,101 (2025: £9,522).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

Page 21

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

20.
Movement in Funds
Unrestricted funds
General:
General unrestricted fund
Designated:
Continuity & research Funds
Redundancy Funds
Cost of Living Support Fund
Total unrestricted funds
Restricted funds
Healthy Minds
WG MEE in Mind 2020
Community Events & Activities
Interfaith
Independent Age
Carers Support Fund
CSF Amser
Know Your Rights, Live by Your Rights
Awards for All
Chance For Change
Macmillan/Marie Curie
WG Candidate Diversity
Electoral Commission
Carers Money Matters
WG ArWAP
Total restricted funds
Total funds
Unrestricted funds
General:
General unrestricted fund
Designated:
Continuity & research Funds		 As at 1 April
2025
£
144,343
238,601
89,462
37,146		 Income
£
25,205
17,567
-
-		 Expenditure
£
55,356
(42,439)
-
(37,146)		 Transfers
£
(25,866)
-
-
-		 As at 31
March 2026
£
199,038
213,729
89,462
-
303,191
502,229
-
-
39,345
817
19,046
-
-
9,642
-
15,723
7,531
-
2,636
339
43,950
139,029
641,258
As at 31
March 2025
£
144,344
238,601
...CONTINUED
365,209 17,567 (79,585) -
509,552 42,772 (24,229) (25,866)
-
54,568
35,115
9,750
20,188
-
-
9,981
17,210
-
2,296
-
-
-
-		 74,987
202,142
5,230
-
41,235
90,739
87,360
166,772
-
125,139
37,450
-
10,000
12,000
110,520		 (78,804)
(268,784)
(1,000)
(8,933)
(42,377)
(92,518)
(91,347)
(167,111)
(17,213)
(109,416)
(32,215)
(4,206)
(7,364)
(11,661)
(66,570)		 3,817
12,074
-
-
-
1,779
3,987
-
3
-
-
4,206
-
-
-
149,108 963,574 (999,519) 25,866
658,660 1,006,346 (1,023,748) -
As at 1 April
2024
£
95,120
186,735		 Income
£
43,678
-		 Expenditure
£
27,756
-		 Transfers
£
(22,210)
51,866

Page 22

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

Redundancy Funds
UN Fund
Cost of Living Support Fund
Total unrestricted funds
Restricted funds
Healthy Minds
MEC Health Fair
Santander
WG MEE in Mind 2020
Community Events & Activities
Interfaith
Independent Age
Carers Support Fund
CSF Amser
Know Your Rights, Live by Your Rights
Awards for All
Chance For Change
Macmillan/Marie Curie
Total restricted funds
Total funds		 89,462
60,000
-		 -
-
-		 -
(8,134)
-		 -
(51,866)
37,146		 89,462
-
37,146
336,197 - (8,134) 37,146 365,209
431,317 43,678 19,622 14,936 509,553
10,336
6,505
89,571
46,738
35,115
9,750
-
-
-
-
-
-
-		 149,464
-
-
207,100
-
-
20,618
93,020
87,360
166,397
20,000
83,177
2,396		 (162,635)
(6,505)
(52,425)
(199,270)
-
-
(430)
(104,736)
(90,887)
(156,416)
(2,790)
(87,309)
(100)		 2,835
-
(37,146)
-
-
-
-
11,716
3,527
-
-
4,132
-		 -
-
-
54,568
35,115
9,750
20,188
-
-
9,981
17,210
-
2,296
198,015 829,532 (863,503) (14,936) 149,108
629,332 873,210 (843,881) - 658,661

Restricted funds:

Designated funds:

Race Equality First Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2026

21. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

22. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

23. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

24. FRC's Ethical Standard - Provision Available for Small Entities

In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

Page 24

Race Equality First Limited Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2026

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations and gifts
Charitable Activities:
Grants
Grants
Other trading activities
Income from other trading activities
Investments
Bank interest receivable
Other
Gain on disposal of tangible fixed assets held for charity's own use
Other income
EXPENDITURE ON:
Charitable Activities:
Grants
Grant funding of activities
Prevention of racial discrimination
Wages and salaries
Employers NI
Employers pensions - defined contribution schemes
Travel and subsistence expenses
Temporary staff
Consultancy fees
Direct project costs
Events & activities
Computer software, IT consumables and maintenance
Repairs, renewals and maintenance
Insurance
Marketing and advertising costs
Data and telecommunications costs
Printing, postage and stationery		 2026
Total
funds
£
14,077		 2025
Total
funds
£
21,819
21,819
820,422
820,422
14,830
14,830
2,367
2,367
9,110
4,662
13,772
873,210
(158,191)
(158,191)
(402,986)
(42,923)
(9,522)
(37,060)
-
(35,389)
17,842
(27,644)
(9,619)
(1,691)
(2,955)
(22,460)
(6,354)
(7,644)
...CONTINUED
14,077
975,911
975,911
12,633
12,633
3,725
3,725
-
-
-
1,006,346
(132,897)
(132,897)
(515,337)
(68,051)
(11,101)
(35,891)
(2,462)
(37,379)
(9,878)
(76,775)
(9,998)
(934)
(3,113)
(22,826)
(7,783)
(10,396)

Page 25

Race Equality First Limited Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) For The Year Ended 31 March 2026

Subscriptions
Depreciation
Amortisation
Bank charges
Staff training
Rent
Rates
Light and heat
Cleaning
Legal fees
Sundry expenses
Audit fees
NET (EXPENDITURE)/INCOME		 (403)
(3,172)
(2,349)
(412)
(119)
(28,121)
(1,449)
(2,874)
(1,715)
(287)
(34,246)
(3,780)		 (574)
(3,650)
(1,175)
(303)
(17,135)
(32,667)
(827)
(1,979)
(1,931)
(3,676)
(29,708)
(3,660)
(890,851) (685,690)
(1,023,748) (843,881)
(17,402) 29,329

Page 26