Registered number: 02526240 Charity numbar: 1002463 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Llmlted by Guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Limlted by Guarantee) CONTENTS Page Reference and Admlnlstratlve Dotalls of the Company. Its Trustees and Advlser8 Trustees. Report Trustees. Responslbllitles Statement Independent Examlnefs Report Statemént of Flnancial Actlvltles Balance Sheet 10-11 Notes to th• Flnanclal Ststements 12-23 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees AlJaye T S Kaplan A J Harding K J Lipton A C Marks Company reglstered number 02525240 Charlty rnglstered number 1002463 Roglstered office 101 New Cavendish Street 1 st Floor South London W1W6XH Accountants Harris & Trotter LLP 101 New Cavendish Street 1 st Floor South London United Kingdom W1W6XH Bankers Bank of Scotland St. James's Gate 14-16 Cockspur Street London United Kingdom SW1Y 5BL Page 1 THE SPEECH, LANGUAGE AND HEARING FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective from 1 January 2019). Objectlves and actlvltles The Speech, Language and Hearing Centre Foundation is charitable company limited by guarantee. The charity's prlncipal objectives ar•, for the public benefit, to.. • Promote the education, and to felleve the needs, of children who suffer from dlfficulties with hearing, speech, language or communication or who have complex needs (vthether in the UK or elsewhere)., and Promote research in all topics related to children who suffer from difficulties wth hearing, speech, language or communication or who have complex needs provided the useful results of such research must be published., by the provision of grants. In additlon, the quorum provisions for meetings of the Trustees were simplified and the provSslon for obligatory rotats'on of the directors ￿MOVed. Achlevements and performance We seek to maintain the fundraising capacity of the Foundation and adapt its offering to best meet the challenges it experiences. BPAS and The Bridg8 Clinic operate as a fertility clinic from 1-5 Christopher Place. We intend to continue as before in distributing the rental income that vrfe receive and to continue our charitable activities as a grant-making trust. Publlc beneflt statement Trustees of a charity have statutory duty to report in their Annual Report on their charltys public benefiL The Trustees have considered this requirement. We will maintain the Foundation's commitment to enhancing the knowledge and und8rstanding of heading impaired, aut15tic and communication delayed young children in our soclety, without providing direct inteNention to needy children and their families. The Trustees have therefore concluded.. • that the aims of the organization continue to be charitable; that the work done will give identifiable benefits to the charitsble sector and both indirectly and directly to individuals in need., • Ihat the benefits are for the publlc, ar8 not unreasonably restricted in any way and certainly not by ability to pay., and that there is no detriment or harm arising from the charity's aims or activities. Flnanclal review Financial reviews have been conducted for year ended 31 December 2023. It is the policy of the charitable company that free reserves which have not been designated for a specific use should be maintained at a level equivalent to not less than one year's budget grant expenditure i.e. £150,000. The Trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charitable company's current activities for at least a year, while consideration is given to ways in which additional funds may be raised. At the year end, the free reserves were £912,330 (December 2022 '. £882,190). Investment Policy There are no restrictions on the Foundation's powers to invest and the Trustees have power to invest monie5 not Page 2 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 immediately required for the Foundation's charitable purpos8S. The Trustees have considered tha most appropriate policy for investing fijnds and have decided to place a major part of their funds Wlth a fund manager, with a small part held on short term deposit. Rlsk factors The Trustees have a$$$s$ed the major risks to whlch the charitabl¢ Company is exposed and are satisfied that systems are in place to mitigate exp08ure to the major risks. Structure. governance and management The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: A. l. Jaye A J Harding T. S. Kaplan A. C. Marks K. J. Lipton None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribut8 £1 in the event of a winding up. The Trustees are responsible for the financial planning and policies central to the Charity. The Chairman of the Board is Andrew Jaye. The Trustees meet regularly to discuss propos8d grants, the management accounts and other matters presented to them, The Trustees have not incurred any expenses on behalf of the Charity during the year, and no reimbursement has therefore been made to them, The Trustees are considered to be the senior management team and are not remunerated for their services. Employee involvoment Applications for employment by dlsabled person5 are afways fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the charitable company continues and that the appropriate training is arranged. It is the policy of the charitable company that the training. career development and promotion of disabled persons should, as far as possible, be identical to that of other employees, Chalmian's Comments: Following the challenges of covid, we were able to maintain our income and as such there have been no financial losses. We have been able to make the folloviing donations during the year.. Gateways Programme Roger Lewis Memorial Homestart Greenwich The Sherwood School The Shernood School Year 4 £30,800 £30,000 £19,000 £18.000 £18,000 Fi St Mary Magdalene School Belt Issie De La Bat School Nuwehoop School 21 Plus- SLT SPACE £12,000 £10,000 £6,500 £6,200 £6,132 £5,640 Page 3 rRUSTEES' REPORT ICONTINUEDI IDR THE YEAR ENI)ED 31 OECEMBER 20fd AAB Ther•piesknChthl W• ho￿ to conllnuo wilh fvth•t ¢Soft*m. hav• in hand a ￿mber ol appi*AUtsnB arn cuffenity congl¢lering I would llke to thBnk rJur 4dmthkn•tor. Fdth•n lor Iw hard and oifoTL •fA# My G￿tr￿at¢* for11 nuvd $upk¥)rt . for wath Il* thl th• rail* counung I￿0￿1¥ and Pftspaiaibon olllnantsfil $￿tIments C4)mwv4s rtylmg Oat•. £¥. 09.2oUtr oot•Brn p*ges 12 k423 kmp•ldthw fin•rfknl P•y• 11 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Charity inforniatlon The Speech, Language And Hearing Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is 101 New Cavendish Street, 1st Floor Soulh, London, W1W 6XH Accountlng pollclas 2.1 Basls of preparation of financial statements The financial staternents 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 accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Speech, Language and Hearing Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Foundation has taken advantage of the provisions in the SORP for charities appling FRS102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amouns in these financial statements are rounded to the nearesr £. The accounts hav8 be8n pr8pared on the historic cost convention. The principal accounting policies adopted ara set out below. 2.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expa¢tation that the Foundation has adequate resources to continue in operational existence for the forseeable future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial ststements. 2.3 Incoming r&8ources All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 12 THE SPEECH. LANGUAGE AND HEARING FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies (continued) 2.4 R88ourcas exp8nd8d Expenditure is recognised once there is a legal or constructive obligatlon to transfer economie benefit to a third party, 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 dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activrty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time 8Pgnt, and depreciation charges allocated on the portion of the asset's use. Expendilure on charitable activities is incurred on directly undertaklng the activitie8 which further the Companls objectives, as V￿11 as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusiv8 of irrecoverable VAT. Govemance costs include those incurred in the governance of the charity's asset5 and are primarily associated with constitutional and statutory requirements. 2.5 Investments Flxed asset investments a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it'is measured at cost less impairment. Investmenl galns and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments. in the Statement of Financial Activities. Page 13 THE SPEECH. LANGUAGE AND HEARING FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontlnued) 2.6 Inv8slment prop8rtles Investm8rrt property. which is propety held to ear rentsls andlor for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting year end date. The surplus or deficit on revaluation is recognised in net incomel(expenditure) for the year. Recoverable amount is the higher of fair value less cost to sell and value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount if an asset Is ests'mated to be less than it's carying amount, the carrying amount of the asset is reduced to it5 recoverable amount. An impaimient loss is recognised in Incomel (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impainnent loss is treated as a revaluation decrease. Recognised impaimènt losses are reversed If, and only if, the reasons for the impaimient loss have ceased to apply. Where an impairment loss subsequently reverse5, the carrying amount of the asset is increased to the revised amount of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment 1088 been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2,8 Cash at Bank and In Hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the dep081t or similar account. 2.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it wtll pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision 15 based on the present value of those amounts, discounted at the pre-tax discount rate that refleds the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 14 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Icontinued) 2.10 Flnanclal Instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequen￿Y measured at amortised cost using the effective interest method. 2.11 Fund accountlng General funds are unrestricted funds which are available for us8 at the discretlon of the Trustees In furtherance of the general objectives of the Company and which have not been d8signated for other purposes. Deslgnated funds comprlse unrestricted funds that have been Set aside by the Trustees for partlcular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Crltlcal accountlng estlmates and areas of judgment Estimates and judgments are contlnually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilikn'es within the next financial year are discussed below. Valuatlon of Investment property Determining the fair value of the Charivs property as at each balance sheet date involves an element of estimation due to the nature of the property- For further information a5 to how the fair value is determined see note 12. Page 15 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Voluntary Income Unrestricted funds Total funds Total funds P9ri0d ended 31 Decembar 2022 31 D8cembor 2023 31 December 2023 Donations and gifts 1.147 1,147 1,259 Total 2022 1,259 1,259 Investment Income Unrestrlcted funds Totsl funds Total lunds Period ended 31 December 2022 31 December 2023 31 December 2023 Rental Income Interest receivable 180,103 1,383 180,103 1,383 73. 154 3,481 Total 2023 181.486 181.486 76, 635 Total 2022 76,635 76, 635 Page 16 THE SPEECH, LANGUAGE AND HEARING FOUNDATION IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Other Incomlng resources Unrestrlcted funds Totsl nds Total lunds Period ended 31 December 2022 31 December 2023 31 December 2023 Insurance 4,104 4,104 3, 714 Total 2022 3, 714 3,714 Analysls of grants Grants to Institutlons Total funds Total funds Pe170d endad 31 December 2022 31 December 2023 31 December 2023 Grant funding of activities 167,272 167,272 95,203 Tot812022 95,203 95,203 Page 17 THE SPEECH, LANGUAGE AND HEARING FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture on charltable activltles Summary by fund type Unrestrlcted funds Total Total Period ended 31 December 2022 31 Decembar 2023 31 December 2023 Grant funding of activities Share of support ¢¢st$ Independent examination fee P08tage and carriage Sundry exp8n3•8 Subscriptions Insurance Premises costs 187,272 1.149 2,000 167,272 1,149 2.IXIO 95,203 4,135 378 219 197 3,715 900 206 573 4,104 1,800 573 4,104 1,800 177,500 177,500 106.747 Total 2022 106, 747 106,747 Page 18 THE SPEECH, LANGUAGE AND HEARING FOUNDATION IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expendlture by actlvltles Actlvities undertaken directly Grant funding of actlvltles Support costs Total funds Total funds Pariod ended 31 December 2022 31 December 2023 31 December 2023 31 December 2023 31 December 2023 Grant funding of activities Share of support costs Independent examination fee Postsge and carriage Sundry expansas Subscriptions Insurance Premises costs 167,272 167.272 1,149 2,1)00 396 206 673 4.104 1,800 95,203 4, 135 1.149 2,000 396 205 573 4,104 1,800 3T8 219 197 3,715 900 7,078 167,272 3,149 177,500 106,747 Total 2022 5,409 95,203 6,135 106, 747 10. Independent examiner's remuneratlon The independent examiners remuneration amounts to an independent examiner fee of £2,000 (2022 - £2.000). 11. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2022- £NIL). During the year ended 31 December 2023. no Trustee expenses have been incurred (2022- £NIL). Page 19 THE SPEECH. LANGUAGE AND HEARING FOUNDATION (A Company Llmlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Investment property Freehold Investment property Valuatlon At 1 January 2023 2,275,276 At 31 December 2023 2.275.276 The falr value of the investment property has been arrived at on the basls of a valuation carrled out at 18 October 2017 by A.l.Jaye, 8 trustee of the charity. A.1. Jaye is a fellow of the Royal Instiute of Chartered Supleyors and a member of the Insts'tute of Revenues Ratings and Valuation. The valuation was made on an open market value basis by reference to th8 current annual rentals, the tem of the lease and the current market conditions. The trustees consider the fair value of the inveslment property to be materially the same as at 31 January 2023 and 31 December 2023. If investment propertie5 were stated on an historical cost basis rather than a fair value basi8, the carrying amount would have been £2,275,276 (£1,517,962 - 31 December 2022) and no depreciation would have been charged. 13. Flxed asset Invastm•nts Llstod Investments Cost or valuation At 1 January 2023 Revaluations 772,085 20,903 At 31 December 2023 792,988 Net book value At 31 December 2023 792,988 At 31 December2022 772,085 Page 20 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Debtors 2023 2022 Due wtthln one year Trade debtors Prepayments and accrued income 45,354 450 41.714 46,804 41,714 16. Credltors: Amounts falllng due wlthln one year 2023 2022 Trade creditors Other credrtors Accruals and def8rred income 24,600 162,000 42,042 76,000 38, 674 218,642 114,674 Page 21 THE SPEECH, LANGUAGE AND HEARING FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Statement of funds Statement of funds - current year Balance at 31 Galnsl December (Losses) 2023 Balance at 1 January 2023 Income Expendlture Unrestrlctsd fund8 De8lgnated funds Designated Funds - all funds 2,276,276 2.275,276 General funds Reserves 882,190 186.737 1177,6001 20,903 912,330 Total Unre8trlctad funds 3.157.466 186,737 (177,600) 20,903 3.187,606 17. Summary of funds Summary of funds- current year Balance at 31 Gaingl December (Losses) 2023 Balance at 1 January 2023 Income Expendlture Designated funds General funds 2.275,276 882,190 2,276,276 912,330 186,737 (177,500 20,903 3,157,466 186,737 {177,500) 20,903 3,187.606 Page 22 THE SPEECH, LANGUAGEAND HEARING FOUNDATION (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Analysls of net assets between funds Analysls of net assets between funds - current year Unrestrlcted funds 2023 Total funds 2023 Fixed asset investments Investment property Current assets Creditors due wlthln one year 792,988 792,988 2,275,276 2.275,276 337,883 337,883 (218,542) 1218,6421 Total 3,187,605 3,187,606 Analysls of net assets between funds - prfor year Unrestrlcted funds 2022 Total funds 2022 Fixed asset Investments Investment property Current assets Creditors due within one year 772,086 2,275,276 224, 778 (114,674) 772,086 2.275,276 224. 778 (114.674) Total 3, 157,466 3, 157,466 Pag8 23