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2023-03-31-accounts

REGIS"Jl;RED COMPANY NUMBER: 07863274 (England and Wales) REGISTERED CHARITY NUMBER: 1148598

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

RACE COUNCIL CYMRU

Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA79LA

RACE COUNdlL CYMRU

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Chairman's Repor
Repor of the Trustees 2
**to8 **
Independent Examiner's Repor 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14
to23
Detailed Statement of Financial Activities 24

RACE COUNCIL CYMRU

CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2023

What an eventful and productive year it has been. We reflect on the past year and extend our sincerecommendations to our esteemed trustees for their tireless support towards RCC for the successful growth of the Charity. I also thank our dedicated staff, volunteers, community partners and valued stakeholders for the enormous amount of work they have delivered for the communities; the work we do would not be possible without them. It is my privilege to offer this foreword for the annual reporting year, acknowledging our status as a registered charity and a company limited by guarantee.

As noted in the previous reports, RCC is still faced with challenges, especially the persistent lack of core funding which still presents a substantial barrier to the full realisation of the charity & growth potential. This limitation has posed challenges in meeting the evolving needs of the communities we serve.

Despite various challenges, we recorded many successes, impactful and amazing events. We are pleased to say that we had a noteworthy year. Our commitment to campaigning for Race Equality across Wales continues to result in significant accomplishments. Notable highlights include the launch of another year-long Black History Wales themed 'Young People, The Time is Now', the successful Black History Launch Events held across Wales, including the Black History Youth Awards, other young peoples' programs, the regularity of meetings for community groups such as Windrush Cymru Elders and all the community engagement projects we have championed during the year.

We remain steadfast in our commitment to embedding an Antiracist culture in all aspects of Welsh society, encompassing initiatives from our valuable training programs to the steadfast progression of our Zero Racism Wales campaign which has recorded 2000 pledges. We continue to support Welsh Government, public, private and third sector Organisations to work with grassroots ethnic communities to ensure the actualisation of race equity in Wales.

Very importantly, I express profound thanks to each of our funders and partners for their steadfast support, recognising that our outreach and support to our diverse ethnic community members would not be possible without them.

Lastly, I wish to commend our Chief Executive, Prof Uzo lwobi CBE, for her tireless efforts and unwavering dedication in continuously serving our communities. Under her inspirational leadership, Race Council Cymru remains a strong advocate of race equity in Wales.

Diolch yn fawr, thank you very much.

Kind regards Judge Ray Singh CBE

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RACE COUNCIL CYMRU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Race Council Cymru is committed to breaking down barriers, promoting participation and community cohesion and integration as well as facilitating a better understanding of diverse ethnic communities in Wales. It is involved in the promotion of equality and diversity for the public benefit by for example: the elimination of discrimination on the grounds of race, culture, ethnicity, nationality and language; advancing education and raising awareness in equality and diversity; promoting activities to foster understanding between people from diverse ethnic backgrounds; conducting or commissioning research on equality and diversity issues and publishing the results to the public; cultivating a sentiment in favour of racial equality and diversity.

Public benefit

When reviewing its objectives and aims, reference is made to the guidance contained in the Charity Commission's general guidance on public benefit. The board of management considers in detail how planned activities contribute to the aims and objectives set out in the organisation's constitution.

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RACE COUNCIL CYMRU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES Significant activities WINDRUSH DAY 2022

Race Council Cymru delivered the Windrush Day celebrations led by the Windrush Cymru Elders, featuring speakers, presentations and music artists, to honour the historical and cultural contribution that the Windrush Generation had made to Wales. The event took place on the Glanfa Stage, Welsh Millenium Centre, Cardiff Bay. The Windrush Cymru Elders (WCE) were supported by the Black History Wales Management Committee, Black History Wales artists and National Black, Asian and Minority Ethic Youth Forum and African Community centre Windrush youth group; who took part in the event, ensuring the histories and stories of the Windrush Generation are shared to the next generation Contributions were also welcomed from the Hon First Minister, Mark Drakeford MS and the Minister of Social Justice, Jane Hutt MS. To mark the end of the Windrush Day celebrations, RCC organised the home delivery of African & Caribbean f d to Windrush Cymru Elders across Wales.

WINDRUSH CYMRU ELDERS (WCE)

The WCE group continue to grow and flourish, despite isolation and losses of some elders from the pandemic period. They continue to have meetings, excursions and activities, and we are thankful to partners who have worked with RCC to provide visits to various interesting locations; a notable example was their special tour to BBC Wales. The esteemed Windrush Cymru elders steadfastly uphold the legacy of Minority Ethnic and Commonwealth Servicemen and Women, commemorating their invaluable contributions and honouring their lives through an annual memorial service also noting importantly the Patty Flynn Tribute event. In addition, the WCE led the Race Council Cymru Windrush day event in June and took part in the Windrush Cymru: Our Voices, Our Stories, Our History event at St Fagan's Museum of history in October, and enjoyed their Christmas meal at Nine's Global Buffet. We are thankful to those that have kindly donated towards refreshments, activities and f d for our elders. We look forward to delivering an exciting list of activities for our Windrush Cymru Elders in 2023 .

If anyone would like to Join or know more about the Windrush Cymru Elders group https://racecouncilcymru.org.uk/windrush-cymru-elders please reach out to info@racecouncilcymru.org.uk or call 0330 229 0995

WINDRUSH CYMRU - Our Voices Our Stories Our History

This amazing project which happened in 2021 compiled the stories, voices and histories of our Windrush Elders across Wales which were captured and showcased in a national touring exhibition. The stories have been featured in a digital exhibition hosted on the RCC website along with the provision of educational resources that captures the histories of the Windrush generation and provides an everlasting accurate social history of their voices, images and lived experience, archived by National Museum Wales/People Collection Wales. The link to the digital exhibition can be found here: https://www.windrushcymru.org.uk

We are genuinely thankful to everybody that contributed to this project, which is funded by National Lottery Heritage Fund, and delivered by Race Council Cymru in partnership with National Museum Wales, Peoples Collection Wales, WMC and a host of supporting organisations.

ZERO TOLERANCE POLICY TO RACISM IN WALES I ZERORACISMWALES

This RCC programme was launched in 2020 and calls on all organisations and individuals committed to working together to build a racist free Wales, sign up to our zero-tolerance policy to racism in Wales and implement the commitments outlined by the policy within the workplace and their day to day lives.

Stage one of the programme is to encourage organisations and individuals to pledge and agree to take a stand against racism and promote a more inclusive and equal workplace and society that gives every individual in Wales the right to feel safe, valued and included.

Stage two is still in the process of being developed, and will produce a workable Race Charter Mark, to make changes by educating and progressing organisations best practise and creating an Anti-Racist Wales. To read more about the 2000 organisations who have signed the pledge so far, or join the movement, please check the ZERO website here: https://zeroracismwales.co. uk/

BLACK LIVES MATTER WALES

RCC supports the regional Black Lives Matter Wales leaders (BLMW) by connecting them with key organisational and government agencies to share and progress the BLMW manifesto and policy work.

HATE CRIME VICTIM SUPPORT

RCC completed the Welsh Government funded Hate Crime Minority Communities programme in March 2021. Although we continue to support victims of Hate Crime through our main contact number 0330 229 0995 on extension 5.

WELSH LOCAL GOVERNMENT ASSOCIATION (WLGA) HATE CRIME IN SCHOOLS

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RACE COUNCIL CYMRU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

RCC have been delighted to deliver a series of contact engagement sessions with over 16 schools in South and West Wales within the WLGA Hate Crime in schools' programme. RCC continues to provide school staff and pupils across Wales with a programme of Hate Crime training and support sessions.

WALES COUNCIL FOR VOLUNTARY ACTION (WCVA) / THIRD SECTOR PARTNERSHIP COUNCIL (TSPC)

RCC have continued in its role (in partnership with EYST) to represent the interest of Minority Ethnic Communities on WCVA's TSPC, which is a key mechanism for the third sector to talk to, and hear from the Welsh Government. It is made up of representatives from third sector networks, working across 25 areas of third sector activity along with three representatives from WCVA. RCC ensures effective communication with our networks and third sector bodies we represent across Wales.

WALES RACE FORUM I CROSS PARTY GROUP ON RACE EQUALITY

RCC sits on the Wales Race Forum (WRF) and the cross-party group on Race Equality (CPG), to provide advice on issues that affect the Black, Asian and Minority Ethnic communities.

The WRF group is facilitated by Welsh Government within quarterly meetings. The aim of CPG is to address the disparity relating to representation of diverse communities, to tackle racial inclusion and diversity across all political parties and to provide an active forum for representatives from relevant organisations to meet with Ams to discuss areas of concern.

CONSULTANCY AND ENGAGEMENT

RCC delivered a wide range of engagement and consultancy projects throughout the year, working for a series of organisations on many programmes including: Criminal Justice in Wales, Recognition, National Museums Wales Contemporary Arts Gallery, Coastal Housing staff development, Welsh Women's Aid, CADW, Chai and Chat (men & women), Consultation for Independent Commission on the Constitutional Future of Wales, Environment Centre Swansea, and National Trust UK.

MULTICULTURAL HUBS

RCC have created 5 Multicultural Hubs across Wales:

RCC have successfully accessed Capital and Revenue funding for the GRAND Multicultural HUB (Swansea), which has been invested into the Arts Wing, Swansea Grand Theatre. The venue now supports the Swansea Multicultural HUB partners to deliver their activities/ meetings, services onsite and RCC has started working on a diverse Artistic programme. The remainder 4 HUBs are progressing well and increasing in partners; we are negotiating a new venue to support HUB partners in both Newport and North Wales. We aim to support all HUB partners with better access to resources, partnership working and venue space in their area with the provision of a central Multicultural home.

GRAND MULTICULTURAL HUB

Arts Council Wales I Arts Organisations Recovery Funding (Capital & Revenue)

RCC was awarded the capital and revenue funding amounts to support the development of the GRAND Multicultural HUB in the Arts Wing of the Swansea Grand Theatre. The capital recovery funding provided essential equipment to be purchased and the removal of old worn carpets, including the installation of new commercial vinyl flooring. The revenue recovery funding supported RCC with core costs and was key to financing costs of trainings, risk assessment method statements and staff costs.

HUB Rooftop Garden

RCC in partnership with African Community Centre and Swansea City of Sanctuary created a rooftop vertical garden, transforming an empty patio area into a working garden space. Planting continued throughout 2022 with vegetables, herbs, fruit trees and flowers grown and shared by our communities.

If you would like more information about the gardening group, or you want to learn how to plant, nurture and harvest the produce, please contact info@racecouncilcymru.org.uk

THE GRAND HUB MEMORY: PAST, PRESENT AND FUTURE

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RACE COUNCIL CYMRU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

National Lottery Heritage Fund awarded funding to RCC to create a project to engage wider local communities in the heritage of the Swansea Grand Theatre, by capturing their past memories and present connections to the iconic building within an exhibition. This project was redirected to a digital exhibition, and RCC were still able to capture the social history and heritage of the building from people living in the surrounding area, who shared their memories in audio-visual recollections. The aim was to support community cohesion, create a better cultural understanding and awareness to all visitors and to showcase the venue as a community building and future Multicultural HUB, which shares memories old and new, interpreting and encompassing the cultural diversity of the city.

BLACK HISTORY WALES 365 2022

Delivery of the Black History Wales 365 2022 programme was for a full 12 months; from October 2022 to 30th September 2023, achieving the long-term aim of progressing from celebrating Black History Month just for a month to full engagement with Black History throughout each and every year with projects and activities being delivered both in-person and online.

The launch of BHW 365 2022 took place in St Fagan's National Museum of History, with a larger audience, coming after the ease of Covid 19 while still keeping very safe themed 'Young People, the Time is Now'. The event included a presentation by Jane Hutt MS amongst other performances, speeches and activities celebrating Black History.

BLACK HISTORY WALES MEMORIAL SERVICE 2022

The Memorial Service for Ethnic Minority and Commonwealth Servicemen and Women was delivered in Alexandra Gardens, Cardiff in partnership with Ethnic Minority community leaders, the Armed Force and Cardiff Council. The service was followed by a lunch in Cardiff City Hall in recognition of Windrush Cymru Elders, Community members and Ethnic Minority servicemen and women.

BLACK HISTORY WALES CREATIVE PROGRAMMES

DIVERSE VOICES

The event featured exploration trips to various locations, followed by intense writing sessions where authors captured their experiences in 1000 words each. Subsequent sessions included readings, discussions, and performances covering a confluence of African Caribbean and Welsh poetry, along with presentations from various writers.

Open mic sessions provided a platform for emerging talents. Diverse Voices aimed to bridge gaps between established and emerging talents, fostering a multicultural, multinational, and multi-ethnic spectrum of perspectives. Works were slated for publication, and promotion efforts utilized social media and WhatsApp for effective outreach. The initiative aligned with the Black History Wales slogans, fostering interactions and the transferability of ideas.

AFRICAN TEXTILE PROGRAM

This program delved into African textiles, exploring their colour, pattern, cultural significance, and origin to inspire printmakers. The resulting fabrics were showcased in a mixed-media exhibition, featuring 2-dimensional art and 3-dimensional fashion.

The key components included Three pattern and surface design workshops in different regions, Participants progressed to 6 weeks of design and printmaking sessions, Transition to a six-session costume design program, Documentation of participants, artists, and fabrics through photography and film, and Installation of an exhibition showcasing the creative outcomes of the program.

BLACK HISTORY YOUTH AWARDS 2022

As part of the celebration of Black History Wales 365 2022-23, The Black History Youth Awards themed 'Young People, The Time is Now' where the contributions of youths from diverse ethnic backgrounds in Wales were recognised and celebrated. There were 13 categories with 13 winners namely; Young Carer, Young Volunteer, Young Leader, Good Citizen, Outstanding Academic Achievement, Entrepreneur, Science & Innovation, Visual Arts, Performance Arts, Creative Industries, Sports, Public Service to Wales during Covid'19, and Open Category. There were also 20 Community award recipients in recognition of their contribution to race equality and inclusion.

RACE COUNCIL CYMRU PROJECTS

COMIC RELIEF GLOBAL MAJORITY FUND (GMF)

RCC was awarded funding to act as an intermediary partner to comic relief and associates: National Emergency Fund, The Clothworkers Foundation and Esmee Fairbairn Foundation (between 2nd February 2021 to completion date of 31st January 2023) to distribute rapid funding to a diverse range of locally led communities experiencing racial inequality and focused organisations across the UK. The fund seeks to address inequalities which results from persistent racial inequality in education, health, the workplace, the criminal justice system and more. RCC is delivering this fund in partnership with BAWSO and Welsh Refugee Council and directing funding to communities and organisations based in Wales.

Pages

RACE COUNCIL CYMRU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

OBJECTIVES AND ACTIVITIES

Citizens Advice Cymru I Cardiff & Vale

RCC provided an engagement service in partnership with Citizens Advice Cymru in relation to Advicelink Cymru. The aim of the partnership was to build a stronger service offer for culturally diverse communities, through effective signposting and referrals for income maximisation advice to individuals or families living in Cardiff or Vale of Glamorgan.

YOUTH PROJECTS

Crossing Borders (CB)

Youth support is delivered with engagement sessions in Swansea, to support mental health and wellbeing for young people with opportunities to connect with others from the same region. CB delivers small engagement projects such as Ty Cerdd, Engage and Inspire, along with creative programmes to benefit the young people and provide opportunities to take part in a diverse range of activities.

Crossing Borders partnered with African Community Centre and Chinese in Wales to broaden the Group. It held it's Summer Party in August 2022 at Swansea Grand Theatre where over 50 Participants attended and socialised. Another great achievement was that for both younger and older Participants, CB secured funding to purchase Bikes from Community Transport for up to 10 Participants in August - October 2022.

They also took part in Bikeability Training and achieved Level 1 and Level 2 Awards. Participants were taught how to ride, maintain and travel safely on roads. Because of the success of this first funding, Community Transport granted additional funding to purchase Bikes for a further 2 Participants.

Younger Participants took part in "Our Museum, Our Voices" from February - end of March 2023 where they visited The Egypt Centre on multiple occasions to view artefacts and learn about Egyptian History. Thereafter, they created music from the inspiration they got from the objects they saw and information they learnt and what they saw at The Egypt Centre. There was a musical presentation from Participants. Older Participants partnered with African Community Centre on HarMindise Project where participants learnt about the realities of mental health issues and took part in activities to improve their mental health and wellbeing which is still ongoing.

NATIONAL ETHNIC MINORITY YOUTH FORUM FOR WALES

RCC delivered a series of activities for young people based in the Swansea Multicultural HUB during school term holidays. The young people attending were from diverse Minority Ethnic backgrounds and formed Multicultural groups that took part in several creative activities.

FINANCIAL REVIEW

Financial position

The charity ended 2022-23 with a year end surplus of £43,327 (2022: deficit of £168,314)

The surplus has been added to the total funds brought forward from 2021-22, making a total reserve fund of £486,117, of which £442,460 is restricted. The unrestricted funds amounted to £43,657 at the year end and the Trustees have not designated any of the funds for specific purposes. Please see below for Reserves Policy.

Investment policy and objectives

Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fit. The charity has a policy of keeping surplus liquid funds in short-term deposits which can be accessed readily.

Reserves policy

The trustees aim to maintain free reserves in unrestricted funds at a level between three and six months of unrestricted charitable expenditure. They consider that this level will ensure that there are sufficient funds available to cover support and governance costs in the event that the Company needed to be wound up. The trustees therefore consider that the ideal level of operationai free reserves at 31 March 2023 would therefore be £30,000 to £60,000.

Of the total reserves of £486, 117 (2022: £442,790), £442,460 (2022: £260,513) was restricted. The restricted reserves result from the recognition of various grants from, among others, the Comic Relief Global Majority Fund, Arts Council Wales, Covid 19 Project Funding and funding for Black History Wales; the work on these projects will continue during 2023-24.

Unrestricted general funds amounted to £43,657 (2022: £182,277) all of which represent free reserves and which is above the target level for such reserves mentioned above.

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RACE COUNCIL CYMRU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Race Council Cymru is a charitable company limited by guartantee, incorporated on 28 November 2011 and registered as a charity on 16 August 2012. The charity was established under a Memorandum and Articles of Association which established the objectives and powers of the company. In the event of the company being wound up the members are required to contribute an amount not exceeding £10.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees as defined charity law. Under the requirements of the Memorandum and Articles of Association at each annual general meeting one-third of the directors or, if their number is not three or a multiple of three, the number nearest to one-third, must retire from office. If there is only one director, he or she must retire. Directors are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. The appointment of a director, whether by the charity in general meeting or by the other directors, must not cause the number of directors to exceed any number fixed as the maximum number of directors. All board members give their time voluntarily and receive no benefits from the charity.

Race Council Cymru is the overarching umbrella body established in Wales to bring together key organisations which work to combat prejudice, race discrimination, harij!ssment, abuse and violence. It works towards the elimination of racial discrimination and the promotion of equality of opportunity and improving race relations between people from different racial backgrounds.

The board members therefore seek to ensure that the needs of people from the different racial backgrounds are appropriately reflected through the diversity of the board members. To enhance the potential pool of board members the charity has through a scrupulous process recruited board members from varied backgrounds. Equally important is the broad skill mix of the board members which is taken into consideration during the recruitment process. In the event of any skills lost due to board members leaving or through retirement, individuals with similar skills are approached with a request for them to join the Board.

Organisational structure

Race Council Cymru has a minimum of four board members and no maximum number. The board meets quarterly and is responsible for the strategic direction and policy of the charity. The board members are from different professional backgrounds relevant to the work of the charity and they all have voting rights.

Induction and training of new trustees

Many of the board members at the initial stage of joining the board are already familiar with the practical work of the charity. However, all board members are encouraged to undertake a series of training courses to equip them with the necessary knowledge, skills and awareness of their roles and responsibilities as well as objects of the organisation. A trustee starter pack is given out as a handout to each board member including a copy of the Memorandum and Articles of Association.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 07863274 (England and Wales)

Registered Charity number

1148598

Registered office

5 Lamb Lane Killay Swansea SA2 ?ES

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RACE COUNCIL CYMRU

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Trustees

R Singh Prof E Ogbonna DrG E Kerry D M De'Ath (appointed 1.12.22) ProfT Threadgold-Taylor ( appointed 1.12.22) KL Robson M P Owen-Jones DrH Shah Prof M Upadhyaya S Ali

Independent Examiner

Michael Jones F. C. C. A. Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA? 9LA '" Approved by order of the board of trustees on ..................................... , ....... and signed on its behalf by: . &S �,10�

' . .... � .. .... ... .

R Singh - Trustee

Page8

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RACE COUNCIL CYMRU

Independent examiner's report to the trustees of Race Council Cymru ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Michael Jones F. C. C. A.

The Association of Chartered Certified Accountants

Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA? 9LA

Date: ............................................ . 13 December 2023

Page 9

. . . ......

RACE COUNCIL CYMRU

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
39,653
520,361
Other trading activities
3
2,501
44,148
!nvestment income
4
Total
42,154
564,509
EXPENDITURE ON
Charitable activities
5
Charitable Activity
180,774
382,562
NET INCOME(EXPENDITURE)
(138,620)
181,947
RECONCILIATION OF FUNDS
Total funds brought frard
182,277
260,513
TOTAL FUNDS CARRIED FORWARD
43,657
442,460		 2023
Total
funds
£
560,014
46,649
606,663
563,336
43,327
442,790
486,117		 2022
Total
funds
£
597,025
127,581
20
724,626
892,940
(168,314)
611,104
442,790

The notes form part of these financial statements

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RACE COUNCIL CYMRU

BALANCE SHEET 31 MARCH 2023

CURRENT ASSETS
Debtors
Cash at bank
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS
Notes
10
11
Unrestricted
funds
£
47,237
47,237
(3,580)
43,657
TOTAL ASSETS LESS CURRENT LIABILITIES
43,657
NET ASSETS
FUNDS
Unrestricted funds
Restricted funds
TOTAL FUNDS
43,657
12		 Restricted
funds
£
52,982
389,478
442,460
442,460
442,460
442,460		 2023
Total
funds
£
52,982
436,715
489,697
(3,580)
486,117
486,117
486,117
43,657
442,460
486,117		 2022
Total
funds
£
148,936
352,450
501,386
(58,596)
442,790
442,790
442,790
182,277
260,513
442,790

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 13 December 2023 and were signed on its behalf by:

....... �� ..... ··

R Singh - Trustee

The notes form part of these financial statements

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RACE COUNCIL CYMRU

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Cash generated from operations
Notes
Net cash provided byi(used in) operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporing period
Cash and cash equivalents at the
beginning of the reporing period
Cash and cash equivalents at the end of
the reporing period		 2023
£
84,265
84,265
84,265
352,450
436,715		 2022
£
(295,046)
(295,046)
20
""
LU
(295,026)
647,476
352,450

The notes form part of these financial statements

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RACE COUNCIL CYMRU

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporing period (as per the Statement
of Financial Activities)
Adjustments for:
Interest received
Decrease/(increase) in debtors
(Oecrease)/increase in creditors
Net cash provided by/(used in) operations		 2023
£
43,327
95,954
(55,016)
84,265		 2022
•£
('i68,314)
(20)
(142,236)
15,524
(295,046)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash fow At 31.3.23
£ £ £
Net cash
Cash at bank 352,450 84,265 436,715
352,450 84,265 436,715
Total 352,450 84,265 436,715

The notes form part of these financial statements

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RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

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

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions , arise when specified by the donor or when funds are raised for particular restricted purposes.

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

2.

3.

4.

DONATIONS AND LEGACIES
Donations
Refunds/ Reimbursements
OTHER TRADING ACTIVITIES
Fundraising events
INVESTMENT INCOME
!!terest receivable - trading
2023
£
557,525
2,489
560,014
2023
£
46,649
2023
£		 2022
£
596,309
716
597,025
2022
£
127,581
2022
£
20

Page 14

continued ...

P.ACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

5. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 6) Totals
£ £ £
Charitable Activity 559,987 3,349 563,336

6.

SUPPORT COSTS

SUPPORT COSTS
Support
costs
£
Charitable Activity 3,349

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

8.

STAFF COSTS

STAFF COSTS
2023 2022
£ £
Wages and salaries 195,623 106,042
195,623 106,042

The key management personnel of the charity comprise the the trustees and the charity's director. The total employee benefits of the key management personnel of the charity were £48,086 (2022 £36,434)

The average monthly number of employees during the year was as follows:

9.

Average Number of Employees
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
24,042
Other trading activities
21,235
Investment income
Total
45,277
EXPENDITURE ON
Charitable activities
Charitable Activity
34,547
NET INCOME/(EXPENDITURE)
10,730		 2023
8
--
Restricted
funds
£
572,983
106,346
20
679,349
858,393
(179,044)		 2022
6
--
Total
funds
£
597,025
127,581
20
724,626
892,940
(168,314)

Page 15

continued ...

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
Transfers between funds
113,692
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought frward
TOTAL FUNDS CARRIED FORWARD
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Social security and other taxes
Other creditors
Accrued expenses
124,422
57,855
182,277		 Restricted
funds
£
(113,692)
(292,736)
553,249
260,513
2023
£
52,982
2023
£
1,130
2,450
3,580
--
Total
funds
£
(168,314)
611,104
442,790
2022
£
148,936
2022
£
3,337
55,259
58,596
--

Page 16

continued ...

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS· continued FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Windrush Funding 2022
Welsh Goverment Black History Wales
REAP 08
PCC ACES
Comic Relief Global Majority Fund
CAB
Zero Tolerance Policy for Racism in Wales
The Grand Hub Memor: Past, Present, and
Future
Grand Hub Capital
HUB Garden Cafe
Youth Project
Wind rush Cymru: Our Voices, Our Stories,
Our History
Welsh Local Government Association Hate
Crime in Schools
Windrush Cymru Elders
Black History Wales 2022-23
Black History Wales 2021-22
Crossing Borders
Welsh Goverment Windrush Day
WCVA TSPC
Equalities & Diversity Training
Consultancy & Engagement
Smack Ban & RSE
CAB Translation
Child Poverty 2023
SEEN Project 2023
Black, Asian, and Minority Ethnic Youth
Forum
North-East Wales Multi-Cultural Hub
Community Grant 2023
TOTAL FUNDS		 At 1.4.22
£
182,277
84,897
5,021
13,453
17,878
838
30,292
2,910
7,126
8,277
1,070
27,312
2,560
3,578
3,139
6,321
32,746
8,354
4,357
384
260,513
442,790		 Net
movement
in funds
£
(138,620)
4,007
(51,438)
(5,021)
(3,942)
(15,376)
(606)
49,171
(30,292)
{2,910)
4,837
(8,277)
(238)
109,101
(27,312)
5,434
633
(3,139)
71,077
46,274
(8,354)
(4,177)
4,995
26,000
21,500
181,947
43,327		 At
31.3.23
£
43,657
4,007
33,459
9,511
2,502
232
49,171
7,126
4,837
832
109,101
7,994
4,211
77,398
79,020
180
4,995
26,000
384
21,500
442,460
486,117

Page 17

continued ...

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Windrush Funding 2022
Welsh Government Black Histor Wales
REAP 08
PCC ACES
Comic Relief Global Majority Fund
CAB
Zero Tolerance Policy for Racism in Wales
The Grand Hub Memory: Past, Present, and
Future
Grand Hub Capital
HUB Garden Cafe
Windrush Cymru: Our Voices, Our Stories,
Our Histor
Welsh Local Goverment Association Hate
Crime in Schools
Windrush Cymru Elders
Black History Wales 2022-23
Black History Wales 2021-22
Crossing Borders
Welsh Goverment Windrush Day
WCVATSPC
Equalities & Diversity Training
Consultancy & Engagement
Smack Ban & RSE
CAB Translation
CCS Summer Fun, Half Term, Winter Fun
Child Poverty 2023
SEEN Project 2023
North-East Wales Multi-Cultural Hub
Community Grant 2023
iOTALFUNDS		 Incoming
resources
£
42,154
76,304
4,000
4,500
37,130
(2,407)
8,960
3,580
2,259
164,854
10,625
16,087
5,626
80,185
67,811
7,500
4,995
26,000
46,500
564,509
606,663		 Resources
Movement
expended
in funds
£
£
(180,774)
(138,620)
(72,297)
4,007
(51,438)
(51,438)
(5,021)
(5,021)
(7,942)
(3,942)
(19,876)
(15,376)
(606)
(606)
12,041
49,171
(30,292)
(30,292)
(503)
(2,910)
(4,123)
4,837
(11,857)
(8,277)
(2,497)
(238)
(55,753)
109,101
(37,937)
(27,312)
(10,653)
5,434
(4,993)
633
(3,139)
(3,139)
(9,108)
71,077
(21,537)
46,274
(8,35)
(8,354)
(4,177)
(4,177)
(7,500)
4,995
26,000
(25,000)
21,500
(382,562)
181,947
(563,336)
43,327

continued ...

Page 18

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS· continued FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS • continued

Comparatives for movement in funds

At 1.4.21
£
Unrestricted funds
General fund
57,855
Restricted funds
Welsh Goverment Black History Wales
REAP 08
PCC ACES
Comic Relief Global Majorit Fund
271,467
CAB
1,408
Zero Tolerance Policy for Racism in Wales
2,385
Black Lives Matter Wales
2,395
The Grand Hub Memory: Past, Present, and
Future
6,120
Grand Hub Capital
25,819
HUB Garen Cafe
Youth Project
Windrush Cymru: Our Voices, Our Stories,
Our Histor
13,591
Welsh Local Government Association Hate
Crime in Schools
6,444
Windrush Cymru Elders
898
Black History Wales 2021-22
Black Histor Wales 2020-21
77,346
Crossing Borders
9,625
Welsh Goverment Windrush Day
WCVATSPC
Equalities & Diversity Training
148
Consultancy & Engagement
Smack Ban & RSE
CAB Translation
Welsh Goverment - Race Hate Project
9,000
Arts Council Wales - Arts Organisations
Recover (Capital)
51,865
Arts Council Wales - Arts Organisations
Recovery (Revenue)
30,878
Race Equality Action Plan
8,896
Covid19 - Project Funding
34,480
Black, Asian, and Minority Ethnic Youth
Forum
484
553,249
TOTAL FUNDS
611,104		 Net
Transfer
movement
beteen
in funds
funds
£
£
10,730
113,692
84,897
5,021
(258,014)
16,470
(1,547)
(5,077)
2,682
(6,329)
209
4,473
2,910
7,126
(16,321)
2,730
1,833
172
27,312
(35,081)
(42,265)
(7,065)
3,578
3,139
6,173
32,746
8,354
4,357
(603)
(8,397)
(40,491)
(11,374)
(31,155)
277
15,153
(24,049)
(975)
(33,505)
(100)
(179,044)
(113,692)
(168,314)		 At
31.3.22
£
182,277
84,897
5,021
13,453
17,878
838
30,292
2,910
7,126
8,277
1,070
27,312
2,560
3,578
3,139
6,321
32,746
8,354
4,357
384
260,513
442,790

Page 19

continued ...

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Welsh Goverment Black History Wales
REAP 08
PCC ACES
Comic Relief Global Majority Fund
CAB
Zero Tolerance Policy for Racism in Wales
Black Lives Matter Wales
The Grand Hub Memory: Past, Present, and
Future
Grand Hub Capital
HUB Garden Cafe
Youth Project
Windrush Cymru: Our Voices, Our Stories,
Our History
Welsh Locl Goverment Association Hate
Crime in Schools
Windrush Cymru Elders
Black History Wales 2021-22
Black History Wales 2020-21
Crossing Borders
Welsh Goverment Windrush Day
WCVATSPC
Equalities & Diversity Training
Consultancy & Engagement
Smack Ban & RSE
CAB Translation
Welsh Goverment - Race Hate Project
Arts Council Wales - Arts Organisations
Recover (Capital)
Arts Council Wales - Ars Organisations
Recovery (Revenue)
Race Equality Action Plan
Covid19 - Project Funding
Black, Asian, and Minority Ethnic Youth
Forum
TOTAL FUNDS		 Incoming
resources
£
45,277
168,000
13,240
30,000
48,805
700
18,287
7,760
15,995
157
22,196
3,450
91,446
92,693
2,025
10,275
3,501
30,068
60,398
17,278
8,400
123
8,205
23,999
2,348
679,349
724,626		 Resources
Movement
expended
in funds
£
£
(34,547)
10,730
(83,103)
84,897
(8,219)
5,021
(288,014)
(258,014)
(32,335)
16,470
(2,247)
(1,547)
(5,077)
(5,077)
(6,329)
(6,329)
(13,814)
4,473
(4,850)
2,910
(8,869)
7,126
(16,478)
(16,321)
(20,363)
1,833
(3,278)
172
(64,134)
27,312
(127,774)
(35,081)
(9,090)
(7,065)
(6,697)
3,578
(362)
3,139
(23,895)
6,173
(27,652)
32,746
(8,924)
8,354
(4,043)
4,357
(726)
(603)
(48,696)
(40,491)
(31,155)
(31,155)
(8,846)
15,153
(3,323)
(975)
(100)
(100)
(858,393)
(179,044)
(892,940)
(168,314)

Page 20

continued ...

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

At 1.4.21
£
Unrestricted funds
Generl fund
57,855
Restricted funds
Windrush Funding 2022
Welsh Goverment Black History Wales
REAP 08
Comic Relief Global Majority Fund
271,467
CAB
1,408
Zero Tolerance Policy for Racism in Wales
2,385
Black Lives Matter Wales
2,395
The Grand Hub Memory: Past, Present, and
Future
6,120
Grand Hub Capital
25,819
Youth Project
Windrush Cymru: Our Voices, Our Stories,
Our History
13,591
Welsh Local Goverment Association Hate
Crime in Schools
6,444
Windrush Cymru Elders
898
Black History Wales 2022-23
Black Histor Wales 2020-21
77,346
Crossing Borders
9,625
Welsh Government Windrush Day
Equalities & Diversity Training
148
Consultancy & Engagement
CAB Translation
Child Poverty 2023
SEEN Project 2023
Welsh Goverment - Race Hate Project
9,000
Arts Council Wales - Ars Organisations
Recover (Capital)
51,865
Arts Council Wales - Arts Organisations
Recovery (Revenue)
30,878
Race Equality Action Plan
8,896
Covid19 - Project Funding
34,480
Black, Asian, and Minority Ethnic Youth
Forum
484
Norh-East Wales Multi-Cultural Hub
Community Grant 2023
553,249
TOTAL FUNDS
611,104		 Net
movement
in funds
£
(127,890)
4,007
33,459
(261,956)
1,094
(2,153)
(5,077)
42,842
(25,819)
7,126
(11,484)
(6,444)
(66)
109,101
(35,081)
(1,631)
4,211
77,250
79,020
180
4,995
26,000
(603)
(40,491)
(31,155)
15,153
(975)
(100)
21,500
2,903
(124,987)		 Transfers
between
At
funds
31.3.23
£
£
113,692
43,657
4,007
33,459
9,511
2,502
232
2,682
209
49,171
7,126
2,730
4,837
832
109,101
(42,265)
7,994
4,211
77,398
79,020
180
4,995
26,000
(8,397)
(11,374)
277
(24,049)
(33,505)
384
21,500
(113,692)
442,460
486,117

Page 21

continued ...

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:


follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 87,431 (215,321) (127,890)
Restricted funds
Windrush Funding 2022 76,304 (72,297) 4,007
Welsh Government Black History Wales
REAP 08 168,000 (134,541) 33.459
PCC ACES 13,240 (13,240)
Comic Relief Global Majority Fund 34,000 (295,956) (261,956)
CAB 53,305 (52,211) 1,094
Zero Tolerance Policy for Racism in Wales 700 (2,853) (2,153)
Black Lives Matter Wales (5,077) (5,077)
The Grand Hub Memory: Past, Present, and
Future 37,130 5,712 42,842
Grand Hub Capital
HUB Garen Cafe		 18,287
5,353		 (44,106)
(5,353)		 (25,819)
Youth Project 15,995 (8,869) 7,126
Windrush Cymru: Our Voices, Our Stories,
Our History 9,117 (20,601) (11,484)
Welsh Local Government Association Hate
Crime in Schools 25,776 (32,220) (6,444)
Windrush Cymru Elders 5,709 (5,775) (66)
Black History Wales 2022-23
Black Histor Wales 2021-22
Black Histor Wales 2020-21		 164,854
102,071
92,693		 (55,753)
(102,071)
(127,774)		 109,101
(35,081)
Crossing Borders
Welsh Goverment Windrush Day		 18,112
15,901		 (19,743)
(11,690)		 (1,631)
4,211
WCVATSPC 3,501 (3,501)
Equalities & Diversity Training 110,253 (33,003) 77,250
Consultancy & Engagement 128,209 (49,189) 79,020
Smack Ban & RSE 17,278 (17,278)
CAB Translation 8,400 (8,220) 180
CCS Summer Fun, Half Term, Winter Fun 7,500 (7,500)
Child Poverty 2023 4,995 4,995
SEEN Project 2023 26,000 26,000
Welsh Government - Race Hate Project 123 (726) (603)
Arts Council Wales - Arts Organisations
Recovery (Capital)
Ars Council Wales - Ars Organisations		 8,205 (48,696) (40,491)
Recovery (Revenue) (31,155) (31,155)
Race Equality Action Plan 23,999 (8,846) 15,153
Covid19 - Project Funding 2,348 (3,323) (975)
Black, Asian, and Minority Ethnic Youth
Forum (100) (100)
North-East Wales Multi-Cultural Hub
Community Grant 2023 46,500 (25,000) 21,500
1,243,858 {1,240,955) 2,903
TOTAL FUNDS 1,331,289 (1,456,276) (124,987)

continued ...

Page 22

RACE COUNCIL CYMRU

NOTES TO THE FINANCIAL STATEMENTS· continued FOR THE YEAR ENDED 31 MARCH 2023

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

Page 23

RACE COUNCIL CYMRU

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

INCOME ANO ENDOWMENTS
Donations and legacies
Donations
Refunds/ Reimbursements
Other trading activities
Fundraising events
investment income
Interest receivable - trading
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Insurance
Telephone/ Computer Costs
Administration and stationery
Consultancy
Materials & Equipment
Travel & Subsistence
Membership
Bank Charges
Donations
Governance Costs
Venue Hire
Marketing & Printing
Food Delivery
Suppor costs
Suppor costs
Accountancy and legal fees
Total resources expended
Net income/(expenditure)
2023
£
557,525
2,489
560,014
46,649
606,663
195,623
1,062
46,686
2,426
252,080
34,953
18,218
1,097
39
4,768
758
2,277
559,987
3,349
563,336
43,327		 2022
£
596,309
716
597,025
127,581
20
724,626
106,042
1,018
13,704
1,993
678,472
50,337
13,236
777
96
3,750
2,759
860
19,126
770
892,940
892,940
(168,314)
•

This page does not form part of the statutory financial statements

Page 24