BRITISH EDUCATIONAL RESEARCH ASSOCIATION Registered Charity No. 1150237 Registered Company No. 08284220 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 BRITISH EDUCATIONAL RESEARCH ASSOCIATION CONTENTS Page Trustees and Advlsers Report of the Trustees 4-13 Report of the Audltors 14-16 statement of Financial Activitles 17 Balance Sheet 18 Statement of Cash Flows 19 Accounting Pollcles 20-21 Notes to the Financial Statements 22-26 BR￿[SH EDUCATIONAL RESEARCH ASSOCIATION TRUSTEES AND ADVISERS Registered charity name British Educational Research Association IBERAI Charlty number 1150237 Company Registration 08284220 Trusteos Vivienne Baumfield (President) Dominic Wyse Gerry Czerniawskl Sean Hayes Iresigned 31 August 2023} Richard Ra￿ {resigned 31 August 20231 Mhairi Beaton Ros M¢Lellan Marlon Moncrieffe Morag Redford Alison Fox Tanya Ovenden-Hope Sarah Seleznyov Barbara Skinner Paul Miller Yuwei Xu Sally Power Sin Wang Chong Mabel Encinas Diana Burton Gurpinder Lalli (appointed 1 September 2023) Staff Chief Executive and Company se￿lary Nick Johnson Marie Moore Sarah Fleming David Challéryee Hannah Marslon Daniel Taylor Paru Rai Heidi Hollowbread Principal Address BERA. Elizabeth Meehan Suite, R￿ent House, 1-6 Pratt Mews, London. United Kingdom, NW1 OAD Audltor PKF Littlejohn LLP Chartered Accountants and Ststutory Auditor 15 Westterry Circus Canary Wharf London E14 4HD BRITISH EDUCATIONAL RESEARCH ASSOCIATION TRUSTEES AND ADVISERS Bankers Metro Bank One Southampton Row London WC1B SHA Solicitors Mills & Reeve Botanic House 100 Hills Road Cambridge CB2 1PH BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES Introduc￿on The Trustees, who are also the Directors of the Charflable Company, present their report and audited finanaal statements for the year ended 31 De￿mber 2023. The Tmstees have adopted the provisions of tha Statement of Recommendad Practice "Ac¢ounling and Reporting by Charities. l°FRS 102 SORP") in preparing the annual report and finanaal statements of the ¢harily. Structure. Gov8mancè and Managèment The British Educational Research Association IBERAI is an autonomous leamed so¢iety distinct from other national institutions and is a company limited by gLJarantee 1082842201 and registered charity (Number 11502371. The Charitable obje¢liva, as defined in BERA'S constitution is 'to encourage the pursuit of educational research and ils application for both the improvement of educational Practi￿ and for the publiG benefit.. BERA is subject lo Atticles of Association that can be amended at the Annual General Meeting subject to approval of 75Yo of those present and voting. A copy of the current Arbcles of Association is available on the BERA website. The TrLJslees confirm that they have had regard to the guidance on publi¢ benefit Issu8d by the Charity Commission when considering the objoctives and activit'es of the Association. Membership of Council land Trustees) 2023 The following people seNed as members of Council in 2023.. Vivienne Baumfield IPresidenll Dominic Wyse Gerry Czerniawski Diana Burton Mhairi Beaton Ros McLellan Marlon Moncrieffe Morag Redford Alison Fox Tanya Ovenden-Ho Sarah Seleznyov Barbara Skinner Paul Miller Yuwei Xu Sally Power Sin Wang Chong Gurpinder Lalli (from 1st September 2023) Sean Hayes (until 18t September 20231 Richard Race {unlil 1st September 20231 Nick Johnson (appointed April 2012} continued to serve as BERA'S Chief Executive and Company Secretsry. Govemance Document The Association was originally fomied by a conslilulion, which was adopted in April 1974. The Constitution was amended on several occasions and was then absortjed into the Articles ofAssocialion from January 2013. The last update was at Ihe 2022 AGM. BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES BERA Council The Council is the goveming body of the Association and the members of the Council are. de facto, the Trustees of the Association as a registered Charity. They are also the Company Directors. The Council has ultimate authority and dec4sion-making over all business including policy, planning and resour￿$. The Council comprises.. President., Vice P￿Sident., Treasurer., Up to twelve Elected Members Up to Six Co-opted members of the Association Apart from the office holders mentioned above, the lomi of office for a Council member is four years with the possibility of reolection. Co-opted members may be co-opted for 14 years depending on the focus of the co-oplion. Council needs to have due regard lo representing the four natlons and, as such should ensure that it has representation from 811 four countries amongst its membership. The Council has the power to set up committees or working groups lo undertake the work ofthe Association and may delegate any of its powers or decision-making authority to such committees, working groups andlor members of staff as it sees fil. All committees and working groups therefore ultimately report to Council through, ils commSttees as appropriate. The Council rneels al least three times a year. The Council is responsible for setting strategi&s and policies for BERA and for ensuring that these are implemented. The day-lo-day running of the Charity is delegated to the Chief Executive and the staff. BERA Council, acting as the Board ofTruslees for BERA, arejolndy and severally responsible for the overall governan￿ and strategic dire¢tion of BERA, ils financial health. the probity of its activities and developing the organisalion's aims, objectives and goals in accordance with the governing document, legal and regulatory guidelines. All Irustees are made aware of, and understand. their indiwdual and collective responsibilit￿es. and should not be overly reliant on one or more individual trustees in any particular aspe¢t of the governance of the charity. BERA Trustees and office holders are expected to adhere lo the Nolan principles of public life. Appolntmenl of Trusteos BERA'S Governance year runs from 1st September. Elections for Council and individual posts lake place in spring before the Annual General Meeting with the results tsking effect from the 1 sl September. The Annual General Meeting {AGMI nomially takes place during the autumn. Directors begin Iheirterm from 1st September after the election or appointment is confimied. The exception Is the Presidential role, the President elect assumes the role following their Presidential address presentation, ordinarily held at BERA Conference. Elections are conducted by ballot among individual members of the Association with the nomination process and election being run by the BERA Offi￿ during the spring with the results reported to the Annual General Meeting and lernis of Offi￿ beginning on 1 st September. BR￿lSH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES Tw$teas' Induction and Training Twslees undergo appropriate training, which covers their obligations under the constitution, under relevant charity law and with reference lo guidance and advice provided by the Charity Commission in England and Wales. Council members are provided with a copy of the BERA Strategic Plan and guidance material on the structure, history and operation of BERA, including the BERA Handbook, and undertake an induction. The following documents from the Charity Commission in England and Wales are provided for reference and Trustees are encouraged lo familiarise thomselves wth tho online information provided by the Charity Commission.. CC3 The Essential Trustee.. What you need lo know CC3lal The Essential Trustee.. What's Involved CC9 Campaigning and Political Activity Guidan￿ for Charities CC11 Trustee Expenses and Payments CC29- Conflicts of Inleresl.. A guide for Charity trustees CC47 Complaints about Charities Charity Governan￿ Code Wo are also a member of the NCVO and new trustees are prowded wth key documentation and access lo online courses as part of their induction. Trustees, responsibilities The Trustees are al80 directors of British Education81 Research Assoryalion under c￿MpanY law. The Trustees are responsible for preparing financial statements for each financial year. Under that law the Trustees have elected lo prepare the financial statoments in ac￿rdance with United Kingdom Generally Accepted Accounting Practi￿ Iuniled Kingdom Accounting Slandardsl and applicable law. Under company law, the Trustees must not approve the finan￿al statements unless they are 5a115fied that they give a true and fair view of the state of affairs of the charity and of ils incoming resources and application of reSoUr￿s, including the net income orexpenditure for that period. In preparing these financial slalements, the Trustees are required to: select suitsble accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the Financial Stalernents,. and prepare the financial statements on the going ￿nCeM basis unless it is inappropriate lo presume that the charity will ¢onlinu8 in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them to énsurè that thé financial statements comply with the Compani8s Act 2006. The Trustees are also responsible forsafeguarding the assets of the charity and hence fortaking reasonabl8 steps lo prevent and delecl fraud and other irregularities. Commlttees and Remits Leadership Committee (LC) LC work in ¢lose cooperation wlh the Council as the de facto execub've committee of BERA. In addition, Council delegates authority to LC lo act on behalf of the Association as required, particularly when decisions are needed urgently. Each of the standing committees is represented on the LC alongside BERA OffI￿rS. Their principal responsibilities are to ensure that in all of ils activities BERA works towards its slralegic objectives. Their remit is monitoring and reviewing of all BERA actiwlies in line with Council's strategic direction which includes the strategic co-ordination and planning of BERA'S activities ensuring that organisational priorities are shared and appropriate ￿sOurceS allocated against strategic objectives. This involves reviewing all committee, working group and project business, ensuring that academic input is given where appropriate and progress towards strategic objectives is monitored. This committee also acts as BERA'S remuneration committee. BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES Finance and Operations Committee This committee has responsibility for overseeing HR policies, including staff development and review, and other broad arrangements that affect lems and conditions of our employees. contracts, regular financial oversight and operational relalionships.11 works closely alongside LC in ensuring that BERA'S finances and operations can support the organisation's strategic objectives and planned activities. Publl¢ations Committee The committee's principal responsibilities are to ensure thal BERA'S publications portfolio is well managed and upholds the highest academic standards. Conference & Events Committee Tha committee's principal responsibilities are lo ensure that the Annual Conference and programme of in- year events operate to the highest academic standards and are developed in line with BERA'S strategic objectives. Engagement Committee The committee's principal responsibilities are to ensure that BERA supports ils members appropriately in the light of our strategic plan including over5ighl of our special interest groups and awards. Rlsk Assessment ond Audlt Commlttee RAAC is a committee of the Council. It reports lo the Council, but its membors are not normally members of Council. This is intended to enable it to take an objective and independent approach to ils business. Ils role is to provide oversight and advice lo the Council on the effective functioning of the Association in relation to.. Risk management., Finanoal pro¢esses', Legal requirements- and Whistleblowing The committee has the authority to request information from any of the Assoaation ¢ommittees or working groups lo enable it to undertake its responsibilities. This committee manages the BERA Risk Register. Authority Ultimate authority for all Association business remains wth the Council. The Council delegates authorily to LC to act on behalf of the Asso¢ialion as required. Only the Officers and the Chief Exocutive have the authority lo sign ¢onlr8¢ts upon BERA'S behalf. Finances and Budgets BERA Council has 8 stslulory duty lo prepare financial slalemenls for each financial period, as sel out in the Slalement of Trustees, Responsibilities. The management of this is delegated to the Treasurer who oversees BERA'S finan￿$ in assoaalion with the Chief Executive. The Treasurer has formal responsibility for BERA finances and the BERA Office conducts oversight of the financial arrangements of the Asso¢iation and the day-104ay administTation of finan￿. BERA'S financial year runs from 1st January to 31 st December. A budget is approved by Counal prior lo the start of the financial year or as soon as practicable afteNards, End of year accounts will be reported to Council following the end of the finanryal audit as well as to 8a¢h yearfs AGM as well as regular updates during their meetings. BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES Staffing and Contracts The BERA Office comprises the staff employed to cary out the ¢harity's functions. Four of these staff were employed through the UCL Institute of Education IloEI until June 30 2023, which provided all personnel and employment facilities for them. UCL loE is also contracted lo provide office space and services. As of 1￿ July 2023. all staff were transferred lo BERA'S direct employment. By agreement, W8 continued lo use UCL Offi￿ Spa￿ while we made plans lo move into our own premises in 2024. For the 2023 year, the office core team comprised.. Nick Johnson- Chief Executive Sarah Fleming- Membe¥ship & Engagernent Manager Mar￿e Moore- Events Manager David Chatteiiee- Finan¢a & Govemance Manager Hannah Marslon- Publications Manager Daniel Taylor- Events Co-ordinator {appointed March 20231 Paru Rai - Publications and Digital Communications Officer lappoinled March 2023) Heidi Hollowbread - Administrator (appointed May 20231 Accountsncy Setvices were provided by Kaya Taylor on a freelance basis IKLT Business Managemenll In the 2023, the Association has oblalned significant contracted services from.. ITD for prowsion of IT Wiley-81ackwell Publishers (publishers of ourjournalsl Soapbox Irllanagement of BERA website and other design services} Diners Club Intemational (Trainline business) Smartlmpacl (CRMI Coloutmew Print Solutions Total Mail Toast Design Consultancy Aurora {printingl The UCL Institute of Education (Offi￿ space and slaffingl NCVO (Meeting room spa￿) PKF Littlejohn LLP {audilorsl Mills and Reeve LLP Ilegal services) All in the Loop Ltd (Conference appl Scrutton Bland Ltd {Insurance and Penslons Advice) Spaceslab'on {Storagel Conference Aston {cOnferen￿ 2023 venue) Aramark Ltd (Conference 2023 social venue) Mernber5hip The membership who joined for the 2023 membership year totslled 2,85412022- 2.6511. Rlsk Assassment The Trustees have examined the Association's principal areas of operation and considered the major risks fa￿d in each of these areas. In the opinion of the Trustees, the Association has estsblished resources and review systems which, under nomial conditions, should allow those risks lo be miligaled to an a¢ceptsble level in its day-to-day operations. The Association has a Risk Assessment and Audit Committee to monitor the work of the Associ81ion. This Committ$e reports lo the Council and carries out a detailed assessment of the Risk register each autumn. Following that, the register is shared with individual committees lo assess the risk and responses in their respective areas and they report back lo the Risk Assessment and Audit Committee. The chair of the Risk Assessment and Audit Committee also sils on BERA'S Finan￿ & Operats'ons Committee. BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES Objectives and Activities In autumn 2021 we launched our new strate ic lan which has four main objectives.. To enhance the health of education as a discipline by nurturing a strong and confident research environment. To champion edu¢alion research. enhancing its use in policymaking and educabonal practi¢e. To Celebrate and recognise excellence in the education research community. To ensure a strong and sustainable future for BERA. This review summarises progress against these objectives and our achievements in 2023. To enhance the health ofeducation as a disopline by nurturing a strong and confident research enwronment, we.. Completed the first stage of our major initiative looking al Education.. The State of the Discipline, including.. A Syslematlc scoping review of the literature A survey of education researchers, work, experiences and identities An exploration of existing statistical data relating lo staff equality in UK higher education o An analysis of Research Excellence Framework (REF} impact case studies o A quantitative assassment of the progress of education as an academic discipline in UK universities through analysis of REF data We expanded the Early Career Researcher ne￿Ork and held our first ECR conference. Supported the development and actiwty of our SIGS and networks. We develop&d further links with WERA through a writing seminar programme and we are hosting their focal meeting in 2024. Awarded over £50,000 in research grant funding. Awarded our small grants fund to 4 ngw projects under the theme of Education in a digital age. Usèd tha Brian Simon fund lo support research on Education and Democracy andlor History of Education. To champion education research, enhancing ils use in poli¢ym8king and educational practi￿. we.. Continlsed lo work and ne￿Ork with other leamed soclelies. Built partnerships to engage practitioners. Supported a seminar series with ESRC and SRHE on °What are we educating forf and published a speaal issue of the BI(￿ on the outcomes bringing together policymakers. educational practitioners and researchers.. Offered a wide programrne of events over the year. 50 online events and Presidential roundlables in Cardiff and Belfast. Released 4 issues of Research Intellig8nc8, commissioned on topical themes. Hosted over 1000 delegates al the BERA 2023 Annual Conference. Published the outcomes of our funded research to schools on developing a curriculum for environmental sustainability. The BERA Blog hosted nearly 200 new blogs this year and ran slx special issues. We had 213k page views, and it was read in 202 countries. To Celebrate and recognise excellence in the education research community, we.. Rewewed our awards and introduced new ones lo ￿lebrate excellence across the disapline.. Equality in Education Academic Citizen of the Year. o Educational Research Book of the year Continued lo celebrate Early Career Researcher excellence through our Undergraduate, Masters and Doctoral awards. and awarded funding for research through our ECR Career Development Fellowship. Hosted our first ever awards event, celebrating and hearing from our winners. Our journals BERJ and BJET both increased their impact factors, and Review of Education and Curriculum Joumal received impressive inaugural impact factors. We had 1.5 million downloads across our porttolio. BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES To ensure a strong and sustainable future for BERA, we.. Reached over 30QO members for th8 firsl limè including thos8 joining ahead of 2024. Made further progress on our race equality action plan. Commissioned a ￿VIeW of our governance structures & pro￿sses. Flnalised and recruited lo a full office toam to increase Capacity. Completed transfer from UCL and scoped new office space. Developed a sustainability programme for BERA. Made plans for the launch of the BERA Teacher Network. Invested in our digital infraslruclure lo enhance the member offering and increase effi¢ien¢y. Increased our website reach to 1.1 million people. Thanks are extended to all staff. trustees. cornmittee members and other volunteers for their efforts over the year in delivering this extensive programme of work. Management and Finances BERA remains in a strong financial situation and we were not adversely affected by the global Covid-19 pandemic. We continue to maintain healthy reserves, which ar8 now above £2.4M and split be￿een a substantial sum invested within a managed investment fund and cash that is held in relatively quick access accounts. For many years we have operated wllh a policy of belng able lo ensure that a yearfs operating Costs are covered by our reserves and a ratio of 1.'1.4 beiween tumover and reserves has been an important benchmark for the association. The direction of travel means that we are currently well in eX￿sS of this ratio, and for several years we have had ¢onsiderably more reserves than one year's annual turnover. This situation was compounded by the pandemic whereby in many cases our expenditure was much lower than il was in the years immediately preceding. BERA Coun¢il have continued lo sel deficit budgets lo help lower the ratio between turnover and reserves and the reserves policy is reviewed regulady. Our level of reserves means that the association is operating on a very secure financial fooling although we continued to be in a volatile situation with the ongoing pressures on UK higher education and the threats to our publishing income from open access manclales. BERA is not minded lo generate excessive funds in resetve if we have no immediate or mid-term need for them. What is important is that we have sufficient reserves for short-lemi crisis management BERA remains in a secure finanaal position where it can continue to plan for new ventures enabling us lo provide a broad offer lo our mernbers, bul we remain in an uncertain period in our history, and we will continue to monitor the impact that tho ext8mal environment might have on our organisation and ils finances. In 2023, we expanded our stsff team which has wnlribuled lo the need for healthy reserves to allow us lo fulfil our obligations. BERA is committed to act as a responsible employer of the stsff in its professional offlce, with approprtate con¢em for the health and well-being of our employees. In 2023, we completed the project for BERA to become ils own employer which was built on the principle, agreed by Council, that any new lemis and conditions should not lead lo a diminution in what BERA staff ara offèrèd. BERA now employs all staff on its own terms and conditions. Our ac¢ounls show that BERA'S medium-term financial position remains healthy and is slill secured by positive publishing agreements lopen access noiwilhstandingl and a high level of reserves. In most years this would mean that BERA can plan for the future ￿fjth a high degree of confidence and werts able lo freeze both membership fees going into 2024. We continue to be financially prudent and to that effect we look a very sensible and pragmatic approach to budgel seiting for 2024 and beyond. 10 BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE TRUSTEES Audit Information The Trustees who held office al the date of approval of this Trustees, Report Confirm that, so far as they are individually awa￿, there is no relevant audit information of whi¢h the Charity's auditors are unaware., and each Trustee has taken all reasonable steps that helshe ought lo have taken as a Trustee to make himselflhersèlf aware of any relevant audit information and lo establish that the Charity's auditors are aware of that information. Auditors PKF Litdejohn LLP has signified its wllingness lo continue in office. By Order of the Trustees Professor Vivienne Baumfield Trustee Dale.. 19.08.2024 11 BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE AUDITORS Auditors. Report to the Members of the British Educational Research Association Opinion We have audited the financial statements of British Educational Research Assoaation Ilhe 'charilable mpany'l for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, th8 Statement of Cash Flows and notes to the financial slalemenls, including a summary of significant accounting policies. The finan￿al reporting framework that has been applied in their preparation Is applicable law and Unlled Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements-. give a true and fair view of the slate of the charitsble company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including ils income and expenditure. 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 {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditorfs responsibilities for the audit of the financial stslemenls section of our report. We are independent of the charitsble company in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢luslons relatlng to golng concarn In auditing the financial stalemenls, we have conclLJded that the trustees, use of the going con￿rn basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfomied, we have not identified any materi81 uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable companls ability lo continue as a going con￿rn for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report. Other information The other information comprises the Information included in the trustees, annual report, other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information contained within the trustees, annual report. Our opinion on the financAal statements does not cover the other infomialion and we do not express any form of assurance ¢on¢lusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such rllalerial inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information, we are required lo report that fa¢l. We have nothing lo rew)rt in this regard. 12 BRITISH EDUCATIONAL RESEARCH ASSOCIATION REPORT OF THE AUDITORS Opinions on othar matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audiL' the infom)alion given in the Iruslees, report, which includes the directors, report prepared for the purposes of company law, for the finanaal year for which the financial statements are prepared is consistent with the financial slalemenls,. and the directors, ￿pOrt included within the Iruslees, report has been prepared in accordan￿ with applicatr￿e legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and their environment obtained n the course of the audit, we have not idents'fied material misstatements in the directors, report included within the trustees, annual report. We have nothing lo report in respect of the following rnatters in relation lo which the Companies Ad 2006 and the Charities Act 2011 requires us to report to you if. in our opinion.. adequate and sufficient accounting records have not been kept by the charitable corvTrpany, or relums adequate for our audit have not been ￿￿1Ved fmm branches not visited by us., or the charitable company's financial stalemonts ar6 not in agreement wlh the accounting records and relums., or certain disclosures of Iruslees. remuneration spectfied by law are not made,. or we have not recoived all the information and explanations we require for our audit; or the trustees were not entitled lo prepare the financial ststements in accordance with the small companies, regime and take advantage of the small companies. exemptions in preparing the dire¢tors' rew)rt and from the requirement lo prepare a strategi¢ r$port. Responslbllltles of trustees As explained more fully in the trustees, statement of responsibililies, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the charitable company 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 lo enable the preparation of finanaal statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the charitable company financial ststements, the trustees are responsible for assessing the charitable company's ability lo continue as a going concèrn, disclosing. as applicable, matters related lo going concem and using the going con￿rn basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Auditorfs responslbllllles for the audlt of the flnanclal statements We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in ac¢ordance with those Acts and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whelher the finanaal statements as a whole are free from material misslalement. whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detacl a material misslalement 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 tsken on the basis of these financial slalemenls. Irrégularities, induding fraud, are instan￿S of non