2022-03-31-accounts

QEF Queen Ellzabelh's Foundallon for Disabl•d People Queen Elizabeth's Foundation For Disabled People Financial Statements For the year ended 31 March 2022 CHARITh NO. 251051 COMPANY REGISTRATION NO. 00892013 Queen Elizabeth's Foundation for Disabled People QEF Enabling Potential

QEF Que•n Ellzabeth's Foundallon tor Dlsobled Peopl• TRUSTEES. SENIOR MANAGERS AND ADVISORS PRESIDENT CORINNA, L40Y HAMILTON OF DALZELL DL CHAIRMAN JOHN DENNING BOARD OF TRUSTEES MOIRA BOWE GORDON BOWSER ALICE COLLINS MICHAEL CONNAUGTON TIMOTHY JASON DAVIES PETER GORt)ON (resigned 31 May 20211 ABIGAIL PRICE ELIZABETH SHARP CHIEF EXECUTIVE KAREN DEACON COMPANY SECRETARY PHILIP KIRK REGISTERED AND PRINCIPAL LEATHERHEAD COURT OFFICE WOODLANDS ROAD L&4THERHEAD, SURREY, l(r22 OBN BANKERS NATIONAL WESTMINSTER BANK PLC 57 VICTORIA STREET LONDON, SW1H OHN SOLICITORS BLAKE MORGAN LLP NEW KINGS COURT, TOLLGATE, CHANDLER'S FORD EASTLEIGH, HAMPHIRE. S053 3LG INDEPENOENT AUDITORS MOORE KINGSTON SMITH LLP 9 APPOLD STREET LONDON, EC2A 2AP

QEF Queen Eizob•th's Foundation for Dlsabled People CONTENTS CEO and Chairman's Statement page 4 Trustees Report page 6 Main Activities page 7 Looking Forward page11 structure, Governance and Management page 12 Financial Review page 15 Statement of Trustees, Responsibilitles page 18 Independenl Advisors, Report to the Members of Queen Elizabeth's Foundation for Disabled People page19 Group Balance Sheet page 23 Consolidated Statement of Financial Activities page 24 Group Cash Flow Statement page 25 Notes to the Financial Statements page 28

QEF Queen Ellzabolh's Foundallon lor Dlsabled People CEO AND CHAIRMAN'S STATEMENT The COVID-19 pandemic continued to present significant challenges to QEF throughout 2021 and into 2022. We started the financial year with our Mobility and Retail operations under lockdown and the residential seNices functioning under visitor restrictions. We were delighted when the servi￿$ were able to fulty reopen to Visitors but we continued to implement protective measures to keep people safe and are proud of our record that as of November 2022, we have not had a single death from COVID-19 in our sep4ices. Our success in managing COVID-19 was driven by our dedicated staff members across all of QEF but in particular the residential seprfices who continued to deliver front line care throughout the pandemic. Wrthout this passionate and loyal team, life could have been extremely difficult within these Se￿iCe8. While staying safe was clearly the priorty, supporting mental health and well-being for all was also paramount. Nevertheless, in line with the trend seen nationally, we were impacted by a shortage of support workers. This was exacerbated by a high level of absence due to sickness and seff-isolation. There is no doubt that the pandemic and the operational implications have had an impact on staff and their morale. This was not helped by the introduction of mandatory vaccinations by the government and its subsequent reversal. We are working hard to address the staff shortages, reduce our reliance on agency staff and have implemented a Recruitment and Retention plan. As we entered the final quarter of the year, the winter pressures on the NHS increased considerably. We were pleased to be able to work closely with our NHS partners during this exceptionally difficult time, extending our rehabilitalion offer to support a wider group of patients. While our primary focus remains neuro-rehabilitation, our expertise has allowed us to expand into other pathways. We are proud to have been able to contribute In such a significant way and to have been part of the solution for the NHS during this time. We look forward to further developing our relationship with key NHS partners in 2022-23. We were delighted to open the fourth wing of our Care and Rehabilitation Centre {CRC) with occupancy reaching 88Yo at times. This was a remarkable achievement given the increase in capacity from the previous neuro-rehabilitation facility in Banstead with 17 beds to the state-of-the-art CRC with a capacity of 48. During the year. we developed a new 3-year strategy for 2022-2025. taklng Into account market needs, our strengths and weaknesses, changes within the sector and our wider aims for the organisation. The key pillars of that strategy are to deliver operational excellence; strengthen our business,. and seek innovative and sustainable 501utions. We need to build upon our strengths and consolidate what we do well while operating within our financial constraints. The financial pressures on our organisation remain significant and managing our cash flow and delivering cost reductions throughout the year have been key priorities. We are cognisant of our long-term obligations to the Pension Protection Fund and are grateful for their enabling approach during 2021-22, allowing us to defer an element of the total loan repayments due for the year given the unprecedented circumstances. We also secured a 6-month payment holiday on the C-BILS loan repayments.

QEF Queen alzabeth'5 Fovndatlon for Dlsabl•d P•ople Looking ahead, we are aware of the need to strengthen OUT financial position further to provide protection against inflationary pressures and an uncertain outlook for fundraising. The cost-of-living crisis and high-profile international causes appear to be impacting donations to local charities in recent months. We were delighted to return to INe events and conferences during the year, in particular the visit by the Countess of Wessex in June 2021 to fomially open the CRC. Other highlights include the visit by Sir Edward Guinness to the CRC in June 2022 and the Mobility Open Day to celebrate its 401h anniversary in October 2022. We are ever 9rateful to all our supporters and volunteers for their commitment, time and fundraising efforts. In particular, we would like to thank the Edward Guinness Appeal CoMm￿ee for their support over the last few years as this campaign starts to draw to close. INhile fundraising is not due to finish until February 2023, the bulk of the money for the CRC has been raised. We would also Ilke to extend our gratitude to the Trustees for their unwavering support, commitment, and guidance throughout the year. Your efforts are much appreclated. We are proud of our achievements over the last 12 months, how the workforce demonstrated the QEF values of everyone matters, everyone works together. and everyone makes a differen￿. As we move into the next financial year, we are focused on implementing the new strategy and will endeavor to meet any new challenges that arise. There may be changes to the organisation as the strategy is rolled out, but these changes will be managed sensliively. Our primary aim is to improve accessibilty, promote independence and enable people that we support reach their potential.

QEF Queen Ellzab•th'$ Foundatlon lor Dlsabled People TRUSTEES, REPORT The Trustees are pleased to present their Report and Financial Statements for Ihe year ended 31 March 2022. The accounts have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in July 2014. The report and ststements also comply wrth the Companies Act 2006. Purpo￿ of the charity Queen Elizabeth's Foundation for Disabled People {QEF) is a leading charity wrth over 85 years, experience of developing innovative services which enable and support people with disabilities to increase independence and improve opportunities for life. Whether it is gaining new skills to live independently, neuro rehabilitstion after a brain injury or stroke or improving Independen￿ through increased mobility and accessible holidays., QEF helps disabled people to fuffil their potential in life. What we do The services we offer Include the following: Neuro-Rehabilitation and Nursing Care - neuro rehabilitation and specialist care for neurological conditions including acquired brain injury, stroke, incomplete spinal injury and neurological illness Residenlial Care and Supporting Living long term specialist care for complex disabilities at our Independent Living Service in Surrey and The Grange in Kent Independent Mobility mobllity driving assessments, wheelchair and scooter assessments, accessible aviation and seat assessments, mobility and disability aids, bespoke design, adapted toys and equipment These services are supported by the following teams,. Retail Trading with 16 Rela51 Shops supported by 127 volunteers Engagement and Partnerships Team (Fundraising) Finance and IT People Team (Human Resources) Marketing and Communication Facilities Management QEF Developments Limited (set up to support the development of the Care and Rehabilitation Centre) The Grange {2016) Ltd, QEF Trading Limited and QEF DevelOp￿nIS Llmlted are limited companies and wholty owned subsidiaries. Geographlcal R•aeh QEF Is based in Surrey and Kent, providing most of its residential and mobility services in the South East Region, covering London. Surrey, Essex, Hertfordshire, Berkshire, Kent. Buckinghamshire and Hampshire. MERU designs and sells products UK-wide and ha5 international distribution channels through Europe and the USA. Vision Statement At QEF we work together to deliver caring and creative solutions for people with disabilities of all ages. enabling them to live lrfe to the full.

QEF Queen Ellzabeth'$ Fovndallon lof Di5ablod Pèople Values and behaviours We believe: Everyone matters Everyone works together Everyone makes a difference Publlc benefit The Trustees confirm they have given due consideration to the Charty Commission's guidance and that QEF'S purpose is for public benefit. MAIN ACTIVITIES QEF Care and Rahabllltatlon Centr• QEPS Care and Rehabilitation Centre (CRC), is situated near Leatherhead in Surrey and is a 48-bed purpostrbuilt CQC registered service which specialises in neuro rehabilrtation. The CRC supports people to enhance their quality of lrfe and core skills to maximise their independence after an acquired brain injury, stroke, incomplete spinal injury or other neurological conditions. Our expert multi-disclplinary tearns provide each person with a per8onalised neuro rehabllitation and care plan. The specialist services are delivered by a team of healthcare professionals including a consultant in rehabilitation medicine, GP, Specialist nurses and therapists and rehabilitation team. The integrated service provides holistic, person-centred programmes of therapy, nursing and care and the in-house therapies include clinical psychology, speech and language therapy. occupational therapy and physiotherapy, alongside specialist nursing and care who work closely with the NHS, case managers and communty referrers. The service works closely wlth famllles and everyone Involved with an individual's long term rehabilitation, helping them with the transition out of our service, whether to be at home, a nursing home or to supported living. We were proud to be able to support our NHS partners throughout the pandemlc, reducing the pressure on the NHS and acute beds by admitting clients directly from hospital, reducing length of slay in hospital, supporting patient flow through the system and facilitating clients, discharge home or to another suitable destination to continue their rehabilitation. This key work continued throughout the pandemic despite the challenging conditions, both operational and financial, caused by COVID-19, Our partnership wilh the NHS strengthened in Ihe year and we currently work with 15 NHS Trusts and Clinical Commissioning Groups (CCGS) across South East England. The setup of the service enabled it to continue admitting clients throughout the pandemic and ensuring their safety, as each room is spacious with accessible technology in bedrooms to independently operate TV. heating, lights and blinds. The Servi￿ has strictly followed government guidance, conducted regular staff and clients PCR tests and installed care domes to enable the clients to meet their families and friends. CRC had its first inspection by the Care Quality Commission (CQC) during

QEF Qu••n Ellzabeth's Foundallon for Dl$abled Peop lockdown and received an overall rating of 'Good'. The service will continue to provide high quality care and support in 2023. QEF Residential Care and Supported Living Indap8ndent Llvlng Servlc• IILS) ILS provides specialist residential care to a maximum of 43 adults aged 18 to 65 with complex physical disabilities, leaming disabilities and sensory impairments. The residents receive 24-hour care and supervision. a programme of activities and leisure pursuits plus support from our therapy team. We provide three styles of accommodation on the one campus including en-suite bedrooms, group homes with eTrsuite bedrooms and their own communal facilities, and self-contained individual flats. All bedrooms have ovethead tracking for hoists and are linked to a central call alarm system. Residents have access to the IT suite. a large multi-purpose activity roorn and the dining area. A small gyrn is also available for residents, use. A range of planned leisure activities are offered within the service and individuals are supported to access the local community however unfortunately this was impacted in 2021-22 by the COVID-19 restrictions imposed on the service ILS received a rating of 'Requires Improvement. after a CQC inspectlon In March 2021 which noted improvements required in two out of five domains with the remaining three domains rated 'Good'. The seprfice has been working on addressing the improvements required and has undertaken a planned refurbishment during the year. The Grange (2016) Ltd (the Grange The Grange provrdes accommodation-based services for adults wlth learning disabilities in Cranbrook, Kent. These are provided for up to 25 people across two residential services regulated by the CQC and one Supported Living accommodation. Maximum occupancy levels were increased from 24 to 25 at the end of the financial year following investment in one of the properties. The Grange and 17 Wheaffield Drive have maintained their'Good' rats'ng wilh the CQC with The Grange holding one domain rated 'Outstanding'. Independent Moblllty QEF Mobillty Servlce8 The Mobilty Centre provides a variety of assessments that enable independent mobility for disabled people and the elderly, as well as equiprrEnt hire of wheelchairs, scooters, and seating postural support for air travel. Assessments include driving abilrty and adaptations for vehicles including hoists and transfer systems, wheelchair prescription, scooter proficiency, accessible aviation, seating and postural support assessments and child car seat assessments. The centre was the first mobilty centre of its kind in the UK providlng seplices to the public and celebrates its 401h year in 2022.

QEF Queen Ellzobelh's Found¢)tlon for Dlsabl•d People The Mobilty Centre reopened to the public on 12th April 2021 for driving tuition and resumed providing assessments from 19th April 2021. The Centre continued to be Impacted as it came out of lockdown with previously furloughed staff returning to work over a phased period. The Centre was able to complete 850/0 of its Department of Transport (Dff) target for assessments in the year despite a signtficant increase in cancellations due to COVID-19. Staff at the centre were delighted to be able to hold the annual open day event in March 2022, the first since the pandemic. to which QEF welcomed the Minister of State for Transport, Wendy Morton. VASD The COVID-19 pandemic necessitated the closure of the slte at Leatherhead Court where VASD was located, and where the sale and hire of aids and equipment was previously provided. The operation of providing advice and mobility equipment hire has now been pemianently relocated to the QEF Mobilty Centre at Carshalton. VASD continues to provide an accessible holiday home in West Sussex for hire by individuals and families with disabilities who require specialist facilities such as profiling beds. The holiday home at Elmer Sands was reopened following the I1￿.ng of restrictions in May 2021. MERU MERU produces children's mini powered wheelchairs known as Bugzis which are available to buy or offered as part of a free loan scheme. The loan scheme allows a family to take a Bugzi home followlng an assessment and use for as long as the child need it. It is then returned, refurbished and reloaned to another child. MERU also sells a wide range of assistive products and adapted toys as well as providing a toy adaptation service to a distribution partner in the UK. In the year to March 2022, MERU helped 8,300 disabled people, primarily children, through the provision of its innovative products and seNices. A total of 61 children received a Bugzi through the Bugzi Loan Scheme belween April 2021 and March 2022. The school-based Bugzi Club was operational in five schools in the South East in 2021- 22, helping children access independent mobility at school. MERU produced eleven new Bugzis for the loan scheme in the year with a further five being sold. A total of 54 Bugzis were refurbished throughout the year. QEF Tradlng Llrnited QEF charity shops continue to sell a variety ofdonated goods and fumiture, greatly helping QEF raise awareness and contributing to income in unrestricted funds. At the yearaend, there were 16 charity shops in and around Surrey (2021: 19).

QEF Qu¢•n Ellzabelh's Foundallon for Dlsabled People Due lo the COVID-19 pandemic, all of the charity shops were closed at the start of the year and re-opened for trade when government restrictions pemiitted. During the enfOr￿d closures, all of the staff were furloughed with ￿ndS available from the government's Coronavirus Job Retention Scheme. The financial impact of the closures was partly miiigated by income re￿iVed from the govemmenvs Retail Hospitality and Leisure Grant (RHLG) fund. E&P Engagement and Partnershlps (Fundralslng) The Engagement and Partnerships team had been optimistic for 2021-22, all the signs were that we were 'getting back to normal life, which would enable us reinvigorate our events programmes which had been affected drastically during 2020-21. The effects of the pandemic, however, continued throughout the year. To mitigate this, 2022 saw QEF supporters undertake a huge range of different activities lo raise funds for our vital work. Together, they donated a total of £2.7m (for QEF and its subsidiaries) in 2021-22, up on 2020-21 and 2019-20. This included £799,000 in legacies from many generous supporters who lefl QEF gifts in their wills. As ever, we are grateful to all our kind supporters without whom QEF could not continue to run. The Events Team was dellghted to be able to run Ilve events again. October 2021 saw our first live event, with the Autumn Ladies, Lunch which was closely followed by our flagship event, Guinness & Oysters, at Mansion House. Both events raised similar amounts to pre-pandemic years. Unfortunately, one event planned for February had to be postponed due to the Omnicron outbreak but we were able to go ahead with the Rugby Legends Dinner in March 2022. This event had been postponed three times but, despite various challenges. It ralsed 8 Staggering net £125,000. QEF complies with sector best practice. During 2021-22, all fundraising was conducted by a tearn of employed fundraisers. QEF monitors and manage5 its fundraising regulation and compliance through a combination of training programrnes, internal processes and quarterly management reporting. This includes the collection and use of personal data, frequency of contact, how to identlfy vulnerable people, as well as compliance and regulatory requirernents. QEF Is registered with the Fundraising Regulator, Peoplo The pandemic has had a huge impact on the workforce over the last 12 months. Employees have had to continue to adjust to the rapidly changing circumstances of the government requirements to keep our employees, residents and clients safe. The implementation of mandatory vaccinations and the removal of the 'Right to Work. In the UK for many of our European employees due to the implementalion of Brexit had a detrimental impact on employee retention and wellbeing. It became apparent during the year that some of our employees well-being had been impacted from either contracting the virus andlor working in such unexpected and emergency practices for a prolonged period. Covid related ill health was the top reason for sickness absence in the last year closely followed by stress, anxiety and metal health issues, a pattern that has been seen across the sector nationally. 10

QEF Qveen Efizab•lh's Foundalion lor Dlsabled People Due to national staff shortages, recruitment and retention has been the key priority. As we move into the next financial year, it will be vital to ensure Ihat our pay and reward remain competitive to aid recruitment and implementing retentlon strategies. This will help us reduce our reliance on interim and agency staff. Volunteering QEF'S volunteers Iraditionally have represented an older demographlc. Following the challenges of the global pandemic, understandably there was a real hesitancy to return lo volunteering within our services and in particularly in retail. We have seen dedicated volunteers within operational services who have remained with QEF supporting our employees, clients and residents throughout COVID-19. QEF currently has 209 volunteers who participate supporting the QEF group on a regular basis. The most popular areas for volunteering are our front facing services with 127 in our retail establishments and 44 in our operational services. We are ever thankful for the diverse skills and experience, and 5UPPOrt that these dedicated volunteers bring to QEF. COVID-19 Command Structure Ensuring the safety of the people we support and staff has been a continuing challenge this year. Having a Gold, Silver, and Bronze command structure in place from the start of the pandemic has ensured that the services have complied with government's guidance and that the impact of COVID 19 has been minimised on the people we support. LOOKING FORWARD Understanding and determining the future dlrectlon for QEF is key to the organisatlon's sustalnability and success. We need to consolidate what we do well, look for potential opportunities and articulate our future offers in what is a complex and changing extemal environment. The previous strategy was for the period 2016-2021. Where appropriate. elements have been used as the springboard on which lo build the new strategy for 2022 onwards and assist in identifying the changes that have taken place across the disabllity marketslsectors and develop the work programme. The following strategic goals have been agreed and new work piogrammes are being developed. 1) Dellver operatlonal exe•llence We will: Provide high-quality consistent, personal led care and support to enable better outcomes for the people we support Further build on our quality to become outstanding and ensure ex￿lIent customer experiences in all areas Maximise the capacity in our serVi￿S by ensuring we respond to future healthcare needs and redesign our pathways Build high performing, engaged, diverse teams by investing in our staff and ensuring they have the right skills and behaviours 11

QEF Queen Ellzobeth'$ Foundamon for Dlsabled Peopl• Create a positive culture of continuous improvement to ensure people are committed to achieving the organisations goals 2) strengthen our business We viill: Maximise the opportunities in the markets to dNersify and grow income streams to ensure we have a strong future Review our infrastructure to deliver more cost-effective ways of working and create more funds for future business development Identify commercial opportunities to ensure all areas of business can be self- sustaining Develop and strengthen partnerships and collaborate with key organisations to support us to achieve our vision 3) Seek Innovatlve and 8u8tslnablo 801utlons We will: Develop a propety strategy which ensures our buildings and land are used in the most effective way (including using any appropriate spare space in existing buildings to generate income) Develop initiatives to reduce our environmental impact and promote across the organisats'on Develop strong leadershlp and management at all levels to empower people STRUCTURE, GOVERNANCE AND MANAGEMENT structure QEF is a registered charlty and a company Ilmited by guarantee governed by Memorandum and Articles of Association which were reviewed and updated in 2018. The Board of Trustees meets at least six times a year. Trustees visit each of the operating locations, meeting with staff and clients and gaining a Cu￿ent view of the activities and progress of each servi￿, although the visit programme in 2021-22 was impacted by COVID-19 restrictions. T￿St￿eS are subject to the 'fft and proper person, test required by the Care Quality Commission. Each Trustee is required to resign at the end of their Ihree-year term but Ihey may be elected lo sep4e for another term provided their total term of office does not exceed nine years. Illhen there is a requirement to recruit new Trustees a formal external recruitment procedure takes place. New Trustees receive induclion training from the chief executive and Senior Management Team. The Board of Trustees has responsibilty for stralegic development and for overall governan￿ of QEF, members of the QEF family of charities and the QEF Trading Company. 12

QEF Queen Ellzabeth'5 Foundallon for Dlsabled People The Board of Trustees delegates to Committees some of ts non-executive functions, including audit and risk, finance and propety, fundraising and marketing, care qualty and safety. Executive leadershlp and management are delegated to the Chief Executive and the Senior Management Team. Trustees Trustees are elected by Members of QEF or c(Fopted by the Trustees, based on how their skill set and experien￿ can benefil QEF and further improve the knowledge of the Board. A fomial recruitment and selection process is agreed by the Board in advance of all appointments and is in line with best practice guidance. As stated in the Memorandum and Articles of Association, one third (or the number nearest one third) of the Trustees must retire at each AGM, those longest in office retiring first and the Choi￿ belween any equal service being made by drawing lots. A retiring Trustee who is eligible may be re-elected. If at the date of the AGM a TNstee has held office for nine consecutive years since first election, they may not be re-elected, except in exceptional circumstance of there being no other person eligible to be a Trustee and acceptable to the Members as such. RISK MANAGEMENT The Audit and Risk Committee Ss responslble for oversight and scrutiny in areas including internal and external audit, risk management and insurance. The system of internal controls is designed to provide reasonable. but not absolute, assurance against material misstatement or loss. Measures In place include: A strategic plan, a business plan and an annual budget approved by the Board of Trustees Monthly consideration by the Senior Management Team of financial results, variance from budgets and performance indicators. Board Assurance Framework and corporate rlsk registers as part of a risk management strategy. The Senior Management Team and the Board review the nature of risks regularly, monitor actions taken, identify new risks and agree future mitigating action. An updated risk analysis is presented to the Board of Trustees at each of its meetings. Monthly qualty and perfomiance reports modelled around the CQC domains continue to develop. Five key domains are measured: safe, effective, caring, well led and sustainable (includes finances). The scorecard enables managers to comment on variances and identify aclions being taken to mitigate risk 13

QEF Qveon Ellzabeth'5 Foundallon tor Dl$abled People The Board meets quarterly and is supported by Sub-board committees which meet during the year. covering inter alia Care Qualty. Audit & Risk, and Business Performan Proper delegation of authority and segregation of duties. An executive and professional liability insurance policy provides indemnity for the Trustees. Our auditors are Moore Kingston Smith LLP. In common with all providers of health and care services, QEF fa￿S a number of risks. These include.. Risk Impact of a COVID-19 outbreak in services Miti ation Established controls mechanisms would limit 'mpact and prevent a cross service outbreak Poor quality of care or risk to safety Ensure staff compliance with training and 'nduction. Continually develop operational processes, policies and procedures to nsure best practice. Involve service users in monitoring and actively seek feedback rom people who use our services. Clear nd thorough reporting to Care Quality and afety comrnittee and visibility of senior managers and trustees in services. Ensure Health and Safely compliance across all ervices and regulatory compliance in regulated service8. orkforce - difficulties recruiting nd retaining a skilled workforce nd assoclated impact on care Recruitment and retention plan developed ocusing on competitive pay structuie. mployee health and wellbeing Management of the £25m long temi debt o the PPF, which replaced the defined benefit pension deficit. Failure toachieve financial balance impacting on viability he PPF Agreement provides for regular erformance reports and update meetings s required Five yeai financial plan overseen by Business Performance Committee Remuneration The Remuneration Committee has responsibility for considering management recommendations for staff pay and setting the salaries of members of the Senior Management Team. Before considering management recommendations for staff pay, the Remuneration Committee looks at the external market and pay relalivity, intemal pressures for talent and affordability. 14

QEF Qve•n Hkobeth's Fovndalion for Dhobl•d People FINANCIAL REVIEW Income and expondlture Total operating income of £14.4m in 2022 (2021 £12.4m) included grants from government coronavirus support schemes totalling £0.9m (2021: £1.6m) of which £0.65m related to charitsble activities and £0.25m to commercial operations. Excluding these grants, income from charitable activities including two subsidiaries was £8.4m {2021- £6.8m). Total charitable expenditure in the year was £10.1m (2021- £8.6m) resulting in a shortfall of £1.7m. Commercial operations delivered a net operating income of £0.3m in 2022, a significant Improvement on the loss incurred in prior year of £0.7m, when trading was adversely affected by shop closures due to COVID19. The net profit was bolstered by net income from fundraising and other activities of £1 .8m, which coupled with the government grants, resulted in an overall net operating surplus of £1m. The net movement In funds was £1.1 m afier a £0.1 m adjuslment to the discounting of the loan term PPF liability. This total movement in funds comprised an increase in unrestricted reserves of £1 m along with a £0,1 m increase in restricted reseNes. Cash flow Net cash from operating activities was £0.6m. After fixed asset additions of £0.4m, the Group was left with an overall net cash inllow of £0.2m which increased the year-end cash position to £1.6m {2021- £1.4m). Balan¢• 8he•t The Group balance Sheet shows net assets, excluding long-term debt, of £24.5m (2021: £24.Om). Fixed assets broadly remained at the sarne level as some older equlpment was replaced. Long-temi liabilltles reduced to £13.6m at 31 March 2022 (2021.. £14.3m) and include amounts due under the PPF and CBILS loan agreements of £13.Om and of £0.6m respectivety. The PPF loan is a long-term liability whlch will not crystallise In the short to mid-temi. Unlike the previous penslon scheme deficit, this loan amount is fixed and the loan repayments are also fixed and affordable. The amount outstanding at 31 March 2022. Is £24.6m. This has been discounted over the 30 year-temi at 40/0 to arrive at an amortised cost of £13.6m at 31 March 2022 of which £0.6m is due within one year and £13m is due after one year. The amount outstanding under the CBILS loan agreement is £0.7m of which £0.1m is due within one year. The net current asset positlon improved to £0.4m (2021- £0.1 m) at 31 March 2022. Overall. the Group balance sheet shows net assets of £10,9m at 31 March 2022 (2021: £9.8m). 15

QEF Queen Ellzabeth's Foundatlon for Dlsabled Peoplè Going concern The COVID-19 pandemic and resulting lockdowns continued to have a signfficant impact on the financial position of QEF throughout 2022" affecting income from fundraising activities and commercial operations, and resulting in increased costs in seN[￿ delivery. The financial impact was mitigated by prompt action undertaken to utilise all government support available. In addition to the challenges presented by COVID-19, QEF have also been impacted by the well docurnented shortage of support workers and nurses across the industry. As a consequence, there has been a need to rety on agency workers lo cover the shortfall which has significantly increased staffing costs. As we entered the new financial year, this increase in cost base was compounded by other inflationary cost pressures including an unprecedented rise in uts'lity bills. QEF continue to look at ways to address support staff and nursing shortages and reduce the cost of agency staff. Managing cash Ilow and ensuring strong cost control remain key priorities, The trustees recognise that the cost pressures pose a significant challenge to the organisation and acknowledge the actions whlch are being taken to mitigate the impact of these. After making enquiries, the trustees have concluded that there is a r8asonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concem basis in preparing its financial statements. While the services and subsidiaries operated at a deficit, V￿ are developlng plans to retum to an operating surplus in the short term and have sufficient free reserves to cover modest deficits in the intervening period. Other potential risks to QEF'S future include reductlons in government and publlc sector funding. QEF could be exposed to this by receiving less income from the Department for Transport at our Mobilty Centre or reduced Health and Social Care funds being available for clienvresident placements at ILS and the CRC from local authorities and CCGS. However, this is constantly being monitored, QEF is working lo ensure that new revenue streams are being developed to minimise this risk. Reserves pollcy The reserves policy is detemiined after assessing the caprtal requirements, considering the nature and timing of income and expenditure streams and by reviewing the specific business risks identified through the risk management process. The Board of Trustees aims to maintain a level of unrestricted reserves not tied up in fixed assets, which it believes will be sufficient to ensure the operational viability of the charity. The unrestricted fund balance at the year*nd was £10.2m (2021-£9.1m). including fixed assets of£23.7m and a £13.6m long-temi liabiliiy to the Pension Protection Fund. 16

QEF Queen Ellzobth's Found¢Jllon lor Dl$abled Peopl• The Board of Trustees is also mindful that at a time of uncertainty in Government funding it may require sufficient reserves to maintain sep4ices for a limited period if funding ceased or contracts were cancelled. The Board of Trustees has concluded that given the economic environment its. seniices operate within (especially adult social care placements funding) and the reliance on fundraising income that the level of free reserves at the year- end should be six months, worth of unrestricted operating expenditure. Based on 202112022 results this would be circa £6.1 m. As well as the unrestricted reserves described above, QEF also held £804k (2021: £668k) of restricted reseNes at 31 March 2022. Investment pollcy In view of the likely requlrement for accessible cash over the next fve years, the Board of Trustees has decided lo continue Its policy of holding Investments in cash deposts. 17

QEF Queen Ellzabeth'$ Fovndallon for Dlsabled Peopl• STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of QEF for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financia5 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company (and the group) and of the incoming reSoUr￿S and application of resources, including the income and expenditure, of the Charitab￿ group for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistentty: observe the methods and principles in the Charities SORP., 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 statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeplng proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply wrth the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company (and the Group) and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, In so far as the Trustees are aware: there is no relevant audlt Information of which the charitable company's auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. APPROVAL OF TRUSTEE REPORT AND STRATEGIC REPORT BY ORDER OF THE BOARD OF TRUSTEES ON 29 NOVEMBER 2022 E J Denning Director CHARITY NO. 251051 COMPANY REGISTRATION NO. 00892013 18

QEF Queen Elizabeth’s Foundation for Disabled People

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF QUEEN ELIZABETH’S FOUNDATION FOR DISABLED PEOPLE

Opinion

We have audited the financial statements of Queen Elizabeth’s Foundation for Disabled People (the ‘parent charitable company’) and its subsidiaries(the ’group’) for the year ended 31 March 2022 which comprise the Consolidated and Group Company Balance Sheets, the Group Summary Income and Expenditure Account, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2022 and of the group’s incoming resources and application of resources, including its 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 (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

19

QEF Queen Elizabeth’s Foundation for Disabled People

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the trustees’ annual report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material

20

QEF Queen Elizabeth’s Foundation for Disabled People

misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing

21

QEF Queen Elizabeth’s Foundation for Disabled People

and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP

Chartered Accountants Statutory Auditor

Date: 5 December 2022 9 Appold Street London EC2A 2AP

22

QEF Queen s1za￿th.$ Foundallon for Dl$obl•d People GROUP BALANCE SHE AS AT 31 MARCH 2022 COMPANY REGIrnTION NO. 00892013 GROUP 1022 £ooo' QEF 2Q21 £OOO's 2022 Éooo. 2021 £OOO'¥ FfxED ASSErs Tangbè Ftrxed Assets Jntangbk Fk¥ed Assets Investments 24.120 1741 24,047 1981 23,311 23,237 24,046 23,949 24,341 24,267 CURRENT ASSErs Stocks Debtors Investments Cash at bank and h hand 96 1,692 33 80 1,246 24 1,636 27 1.462 20 948 2.430 3,401 2.727 2,664 CURRENT LIABitriES C￿dknrS - amounts tsllng due wthkn one ye•r 241 CURRENT ASSErs 446 724 TOTAL ASSEfs LESS CURRENT UABLMES Credtor5 - amounts fallThJ due after more than one yeor 21 (13,6071 (14.2721 113,601) 114,2391 NEf ASSETS In(knlbv4 p•Mknn •¢hme Il•bMIty ACCUMUL4TeD FUNDS Re5trkted Funds Unrestrkted Funds Total Accumulsted Funds 715 668 337 316 io The finJnclg1 statements on pages 23 to 43 were approved aThJ authortsed for dbtrbvtbn by the Board of Trustees onl b￿and We￿ s¥Jned on *'5 trRhalf by: E J Dennlng Chalman of the 8oard of Trustees 23

QEF Queen Ellzabeth's Foundotlon for Dlsabled People CONSOLIDATED STATEMW OF FW4CNL A INCORPOK4ThG THE ]NCOME AND EXPENDThURE ACCOUMT APID STATrIENT OF RECOGNJSED GAf4S AND LOSS FOR THE YFOA bVDED 31 MAR¢H2022 2022 2022 2022 2021 2021 2021 Urrntrkted R¢•trhXed TOTAL Unro8tred Resttkted TOTAL £ooo' £ooo' £ooo' £OOO' £OOO'• £DOO'% INCOME ijoriatb Legacs comme￿1 TrndivJ Operntb Fundratslng Events Incorne from property Investment Income Bank kntsre$t recefvab Other 1,161 799 2,622 188 456 1,617 799 2,622 308 28 I,iii 662 2,403 85 29 329 1,440 662 2.403 109 29 120 24 li 37 4,846 37 5A22 32 4,327 32 4,680 576 353 Incomkrf re8ourtt• from th•rlt•bkn adkTllbb•i Nturo-Reh8bltatbn Serves Independent Servtes Moblvty Servkes Accessf0￿ Avthtbn Vokjntary Asso¢. Surrey Otsab Medkal Engkneerhig Resoutre Lln 4,519 3,230 168 56 75 651 4,575 3,305 619 3,005 3,303 188 15 54 267 6,832 3,005 3,574 826 15 271 638 267 8,228 267 9,010 267 7,741 782 909 TOTAL OPERATINfj ENCOMe 13,074 1,358 14,432 11,159 1,262 12,421 EXPINDITURI R•lvlng fund•i FUThYrJ￿￿￿ and wbky costs Commerck41 Tradlng OpÈrntbr Totsl costs of rabkng fur¥J5 1,015 22 1,037 952 961 3,346 22 3,368 3,219 3,228 Charlt•bl• •thitl¥i Trlturo-RehJblthtbn Servtes dependent L￿1[￿a Serves Mobllty SeThtes AccessIb￿ AvKstbn Vobjntary Assoc. Suffey D￿8b￿rf Medtal EThJlneerfi knsttur¢e iln Sutton Sl¥Jprnoblty QEF Devek)pments Other Totsl chariat42 exPend￿U 4,192 3,849 319 40 46 413 1701 266 183 666 4,458 4,032 985 40 46 582 170} 2,760 3,714 149 57 55 499 403 283 639 3,163 3,997 788 57 55 558 169 59 8,786 1,289 10,075 7,236 1,384 8,620 TOTAL OPERATING IXPENDITURe 14 12,132 1,311 13N43 10,455 la93 11,848 NET IEXPENDrnIRE)IINCONE 26 942 47 989 704 131 573 Other rt¢ffjnl••d 9•ln• ond Charw kn dL%countkng of kirvJ term kjan 135 135 12591 12591 Net Movement h FuTrJs 1,077 47 1,124 445 (1311 314 Fund tsa￿￿e$ brought fOr¥y•￿ at l Aprl 2021 Fund lJatgTKe5 carrd forward at 31 Marth 2022 9,093 10,170 66B 715 9,761 10,885 The StJterneTht Of Fkn•nthl ArthTltle• Indude# algakns •thd v•iognlF•d kn the yeat. Al r¢6ovfc•B 4nd reBourcG expendBd derkn from rnTrtknulny £t￿ll￿oI. A rnMnclllatloTh of thè Net Mov¢m•nt kn F￿dI to the trryear oper•t*)￿l perfomMn(• b Bhown kn riots 2fj. 8,648 9.093 799 66B 9,447 9,761 24

QEF Queen Ellzabeth's Fovndallon lor Disablod P•ople QUEEN ELIZABETh'S FOUMDATION FOR DISABLED PEOPLE CONSOUDATED CASH FLOW STATEMEN[ FOR THE YEAR ENDED 31 MARCfl 2022 2022 É'ooo 2021 £'ooo C••h flow Irom op•rallng actlvltles: Net cash used In operatlng activitles Income taxes pald 570 14,4311 570 C••h flow• from Inve•tlng •thlY¢o1 Investmert In¢om¢ and Interest re￿IVed Proceeds from dlsposal of flxed asset Investments excludlng endowment fund5 Proceeds from dlsp05•1 of tanglble flx•d assets IntaThJlble flxed asset Payments to acqulre t•nglble flxed assets 191 14) 4,926 (4021 15541 Nèt tash provlded by Investln9 artlvltle5 367 Flnficlng •ctl¥ltlu: PrcKeeds of new bank loans 750 750 N•t In¢rn••• In c••h •nd ¢••h •qulv•l•nt• Cash and cash equlvalents at beglnnlng of yejr 203 1,377 690 C••h •nd c•#h •4ufv•l•nt• at •nd •)f y•ar R•conclll•Uon ot n•t (expendI￿r•)/ In¢om• to net ￿¥h flow from op•rntlng •cllvltl•# N•t In¢om• In¢ludlrbg qndowm•nts 1.124 314 Depreclatlon tharges Goodwlll èmortlsatlon Taxatlon charged Net galns on Investments Movement In long term debl from PPF MOVe￿ent In deflned beneflt pension Kheme provlslon Revaluatlon ol land and bluldlng5 Galn on dlsposal of fixed assets Investment Income Increase In sto( IIncreasel/decrea5e In debtors Intreasa In credltors 311 1251 290 125) 16651 {251 15,3671 161 101 {161 14461 312 (i) 32 294 38 N•t U4•h In opwètlng •ctlvltl•s 570 Analy81• of chang•¥ In n•t tund•- group Acqulsltlons Other non- and dl•pMal• i Aprfl 2021 31 March 2022 th•ng¢$ Cash at bank and In hand Bank overdrafts 1,377 570 (3671 1,5BO 1,377 570 {3671 1,580 Btsrrowlngs excludlThJ overdrafts 135 135 367 25

QEF Queen Elzabelh's FoundaNon for Dl$obled Peopl• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTIP4G POLICIES Company Status The Compyny Is Ilmlted by guarantee, has no Share capltsl and Is also a w15tered tharlty. The Ilabfjllty of e8ch member Is limlted to 8 sum of no more than El in the event of a wln¢Jlng up. Prlnclpal Accoyntlng Polkl•• The flnandal ststemerts CoMp￿se the charlty •nd Its Sub￿dIa￿eS. These flnandal statements are p￿pared on a golng COn￿M basls, under the hlstorlcal cost Convention, as modlfled by the revaluatlon of land and bulldlngs and Investments belng measure¢J at falr value through I￿Ome and expendlture withSn the Statement of ￿nanCIal Activitie& The financlal ststements have been prepared In accordan￿ wlth the FSnandal Reportlng Standard appllcable In the UK and RepU￿1C of Ireland (FRS 1021. The Charltable Company and its subsldlarles are a wblic beneflt group for the purposes of FKS 102 and therefore the Charlty also prepared Its flnandal statements In accordano wlth the Statement ol Recommended Prattl￿ appllcablè to tharltles preparlng their accounts In attordance wlth the Fln4ndal Reportlng 5tsndard appllcable In the UK and Rèpubllc of Ireland (The FRS 102 Charltles SORPI, the Companles Act 21J06 lunder the provlsSon of the Large and Medlum-szed Companles and Groups (Accotsnts and RekXIrts) Regulatlons 2008 ISI 20081410}1, the Charltles Art 2011. The flnandal statements are prepamd In stedlng. whlch Is the fundonal currency of the charltsble compAny and Its subsldlarles. Monetary amounts In these flnanclal statements are rouThJet1 to the nearest thousand pounds. Pru•Thtstlon of Fln•ncl•l St•t•m•nt• In order that the flnjndjl ststement5 should present a true and falr vlew, It ha5 been necessary to d1ffer from the presentailonal requlrements of thÈ Companles Act 2006. The presentatlon ￿qUIred by the Companles Act for the consolldated proflt and loss account would not have glven a true and lalr vlew or the operalSons of the company. The Foundatlon has therefore adapted the yesentstlon and applled It COn￿stentI¥. B••l• rf Con•plld•tlon The consolldated statement ¢1 finJndal actlvltles and balance sheet IrKlude the flnanc4al statements of QEF and Its subsldlary undertaklngs made up to 31 March 2021. The results or the subsldlarles are consolSdated on a Ilne-by-llne basls. Unlform accountlng pollcles art applled across the Group and Intra-group transactlons are ellmlnated. As permltted by section 408 of the Companles Art 2006, QEF'S {thls Is QEF Group excludlng all subsldlarles) Income arbd expendlture account has not been Included In these finandal statements. Durlno the yèar QEF'S Incomlng reSoUr￿S were £10,831k and the surplus for the year wa5 £449k {2021.. IncomSng resou￿5 É9,447k and a surplus of £257kl. Golhg Con¢•rn The trustees hjve asse55ed whether the use of the oolng concern ba451s approprlate and have COn￿dered p0$51ble events or condltlons that mlght cast Ignlflcant doubt on the ablllty of the tharltable group to contlnue as a golng cOn￿ra. The trustees have made thi5 assessment for a period of at least one year from the date of aFyroval of the flnanclal ststements. In partlcular the trustees have consldered the charttsble group's f0￿C3st$ and projectiL￿5 and have taken accovnt of pressures on contratt Income, the occupancy of the CRCt grants, and donatSon Income. The trustees recognlse that COVIO-19 pose5 unNue challenges but are contlnulng to utillse all 5UPtx)rt avallable from the 90vèrnment and from extemal stskeholders. The company ha5 renegotlated loan repayments will Con￿nUe to work closely wlth loan provlders to ensu￿ that future obllgatlon5 are met. After maklng enquiries, the trustees have conduded that there Is a reasonable expertaUon that the company has adequate resources to condnuÈ In operatlonal exlstence for the foreSeea￿e future. The company therefore continues to adopt the going con￿rn basls In prepadng Its flnancSal statements. 26

QEF Queen Elizobolh's Fovndatlon for Dlsabled People NOTES TO THE FINANCIAL STATEMENTS (Contd) FOR THE YEAR ENDED 31 MARCH 2022 [R￿Mkn9 R•8ourc•s Al kncome Is recogntsed when there Is e￿t￿rr￿ent to funds, the recew Is probab and the amount can be measured relbbty. Govemment grant5 a￿ recogn&ed at the fair value or the asset recefved or re￿￿able when there & reaSona￿e assurance that the grant Co￿r(lOn$ wlll ￿ met and the grants wlll be recefved. A 9fdnt that specffies performan Cond￿10￿$ L5 recognlsed k) income when the perforn)ar￿e condtions are met. WherE a grant ¢)es ￿t SFec performance C0fKJ￿￿nS ￿CognIsed kn Income when the proceeds are recefved or A grant recelved before the recognf(b)n crterfa are satisfled Is recognlsed as a ILItrMIty. Voluntsry Income & accounted for when recefved. Income from att1v1t￿$ for generatlThJ funds and Income from Charitab￿ actNfcs a￿ both accounted for when rece￿ab￿. Income Ls stated exC￿dIng VAT. Gfts donated for resak art Included as kncome when thèy are sokj. LegacÈs are ￿cogn￿ed lo￿wIng probate and once thèr Is svfflclent evklence that recelpt Lq probabk the amount of the ￿gacY recelvable can L measured ￿lablI￿v. Where enttÈment to a tyacy exlsts but there L5 Un￿rtaIntY as to ts recelpt or the •wnount ￿cefvabIe, detalLs are d&c)sed as a contlTrJent asset unt4 the o1ter&i for kncome recOgn￿￿n are met. Fbr•d A•••ts and OepredDtlon I nxed assets wkh a vahje over £1,500 a￿ capts115ed Jt cost, ￿[n9 the purchase c05t, together wf(h any Incldental expenses at Jnd dep￿ck￿ted to thek estknated resldual over thelr estlrnated seful I￿e5, as fok)w5: LeaselKJhJ proFerty Computer equI[￿ent other equlpment Motor veht The term of the lease or 10-15 years. whthever Is the bwer. 5-10 year5 4 years 4 year5 Freeh3kl Land and bulkjhgs ore not ¢YeFwEcLryted. Grants recefved relatlng to these a55ets arn shown as Incomkng resou￿$ wf(hh restrtted funds upon recelpt and a￿ amortbed wf(hk) the Statement of Flnanckl Act￿r(S (SOFA) over the estknatd useful Ire of the asset, Itls our polcy to revlew the ftrAeO 55et rEgbter on an annual ba515 •nd to wrtte down the b)ok valJe of bny asset that ha5 become Impalred. Freehold bnd and bulbjhgs art ststed at exlstlng use vakne. Where propertks arE subsequenity solj, the vathtb)n ts revlsed on a market value ba5Ls Costs assocbted wfch the Goodwll Goodwlll artslng on the )cqulsfcbn of an enttr represents the excess of the cost of acqulsf(knn over the company's Interest In the net falr value of the bJentttlable asset, llyb1l￿le5 ttntingent IlrybUk￿S of the entty recognlsed at the date of acqU￿￿￿n. Goodwll L5 recoonlsed as an asset at ¢ost and b Subsequent￿ mèasured al cost less accumulated amort&atbn and accumuL4ted Irnpalm)ent k)sses. Goodwll s held In the currency ol the acqulred entty ènd rEvakned to the cbskng rate at each rEportkno perh)d date. Goodwlll & amortlsed over It's useftjl I￿e, whh shan not Èxceed ten yeatS a rel￿b￿ e5tknate of thè useful ofe cannot be made. Amortl••t)n Amort15atlon L5 kyovkd on lrtangtjk assets so as to wrfte off the cgst, kss any estlmated reslJual vakne, over the estknated useful INes, as fok*ws'. Goodwill S years stocks stocks of raw mater4715, fin&hed goods and consumabks are valued at the bwer of cost aThJ net real5ab￿ value. after maklng due ?lowance for obsokte hnd 5bw movng ￿ems. Rèsources Expended Expendfcure related lo generating funds and to charitable aCt￿r(leS Is accounted for on an accruats basLs and has been t￿$s￿ed under ￿adIng5 that aggregate all costs, lrtiuding rrecoverabk VAT, re13ted to the Category. Costs for repalrs and Mahtenan￿ ère accounted for when hcurred or when the￿ ts an Irrevocab contractual commknient. 27

QEF Queen Ellzabelh's Foundallon fcr Dlsabled People NOTES TO THE F]NANcfAL sfATEMEMfs {Contd) FOR THE YEAR ENDED 31 MARCH 2022 R•6ourcs Exp•nded (cgnt'd) Support costs Ir￿￿de the Ch￿f Execthe. the Fknan￿ aThJ Human Resources departments and the prov&bn of InformatDn Technology ser¥￿eS. these costs are Incurred directy ￿ support of the objects olthe charfLy. Infomiatk)n Technobgy Serve5 CQSts are albcated h proportbn to the equJment hekl at eath Servre or Department. Sha￿d Servte costs are altr>cated kn accordance to the total eXpend￿u￿ of each Servkn or Department. The FRS 102 Net Penstjns AdJugtmnt $ albcated h accordance to the totol txpendkure of each Servke or Department. Op•rntkn9 Le••e• Costs h respect of operatlry ￿&se$ are cthrged on a straPJht-Ine bas& over the kase terni. lfiv••tm•nt• At 31 March 2022 the valje of of the knvestments hekj at Natwest Bank were £lk12021 £lkl. Chawes value and gakns and k)sses arlslng on the dL4posal of Investmants ar treded or harged to the Income or expendlture sectk)n of the Statefflent of Flnanc141 Actlvfcs as 'galns or bsse5 on Investments, and are auocated to the approprte fund holdkng or d&pOs￿￿ of the re￿Want Investment. P•n•lo QEF operntss • ¢Jeflned contrbutbn scheme, tht assets of whth are held Separat¥￿ trom those of the cornpany In an IndependÈntty admln15tered scheme. Two empbyees members of the Teachers Pensbn Scheme and one Is a membÉr of the Pensbjn Trust, Into whkh QEF pay the requlred empbyevs pensk)n contrlbutbn for Ixjth schemes. Contrl)utbns are charged to the Statement of Fkn•nc￿l Actfvkks as they f811 due. Gr•Nt Commkm•nt• Grants are chjrged agalThst the aFyroprt• fvnd kn the per)d In whth the grnnt 15 approved. T4x•tknn The charty b a regtste￿d charty, aThJ as such & to certah tax exempth)ns on kncome and proffts from h)vestments, and surpluses on any tradhg act￿￿￿$ Ca￿￿d on In furtherance ol the tharty's prfmjry objecuves. Crftlc•l ac<ounthw •tknDte• •nd ar••• of Judp•m•nt In prepartrma financbl statements Yc b nècessary to mjke certaln j￿Jgements, estlmates and assumptbns that affèct thè amounts rntO9nKsèd In flnanck)I ststements. The folkjwlng judgements and estlmate5 a￿ conskjered by tte trustas to have Tll05t s¥Jnllcart effect on amounts ￿¢09ntsed In the fknarKkl statements. As d&dosed In note 19 tts the rhanc￿l statements, the penslon 5cherne deficfc has been determlned u51ThJ a number of zctuarfal assumptb)ns. Variytbns In those a55umptkJns, partlcuL4rly In regard to d6co¢Jnt rates and projected returns on vestments, can cause sbnrftant change5 IpD5*Nè and negat￿e) In the resuttlng valuatbn of the scheme lablues. The trustees have re￿d on ￿de￿ndent actuarlal advte kn respect of the as$umptk)ns used, however these are by natu uncertaln and may thErefDre resur£ In mjterbl adjustments h) sub5Lyuent years, flnanclal statsments. tn vkw of the trustées h arfj)tylng the accountkng polcts adopted, m judgements were re4UiFEd thot have s￿n￿￿ant effect on the amount5 recogn￿ed In the financkl statements nor do any estknates or assumptbns made carry a S￿]n11cant rtsk of matetial adjustment In the ￿xt finnc&)l year. 28

QEF Quoon Ellzab•lh's Foundalion h)r Dlsabled People NOTESTO THE FINAKIAL sfATEMENTS ICont<ll FOR THE YEAR ENOED 31 MARCH 2022 TANGIBLE FIXED A5SEts Land & L••i•hdd Propèrty Eq¥lpmAnt 'ooo' 3,414 181 GROiIP Vehkle £'ooo' 258 13 15 £'OOO's 23,148 £'ooo' 26,820 402 53 Cost at 1.4.21 Addltlons Revaluatlon galn Cost at 31.3.22 23,356 3,557 256 27.169 Depred4tron Jt 1.4.21 RevaluètloD )dJ"u8tment Charge for year c￿ disposals DepreclJth)n at 31.3.22 2,530 243 2,773 302 20 2,812 311 35 3,049 15 NEf èOOK VALUE at 31.3.22 BOOK VALUE at 31.3.21 23,356 23,148 745 19 15 24,120 24,047 Pr••fvo L•nd & L•ale1￿￿1 Bulldlng• Property Equlpm•nt £'OOO'• £'OOO'• £'OOO' 22,597 2,527 172 87 Motor Vehlcl•i £'OOO'• 218 oip 'OM'• 25,342 259 15 Cost at L.4.21 DIspDs31s 15 Cgst 1¢ 31.3.22 22,769 2.614 203 25,586 Oepredotton at 1.4.21 rye for year On dlsposjls Depredayon ot 31.3.22 216 2,105 185 15 2,275 15 2112 1073 8OCK VAWE •t 31.3.22 ecKI¢ VALUE at 31.3.21 22,769 22,597 541 638 23,311 23,237 The thorlty h)s appllod the ex15ting use valuatloD method and ￿t￿ a prevloug voluatyon )5 the deemed cost for Its freehdd property. The propertle8 values were revlewed a$ at 31 March 2020 ulng re￿nt valuafjons, provldeo by Hurnt Werne and chrI￿e$ who are both property rwkAtafits. IiirAllalDLE VIXED ASSETS QAOUP Goodwlll É'OOO'I T)t•l '900. C05t at 1.4.21 Addltknn Cost at 31.3.22 11231 JnortJsDtlon Bt 1.4.21 Charge for y•Jr Amortlsatlon at 31.3.22 25 25 49 49 NEf BOOK VALUE at 31.3.2Z BOOK VALUE at 31.3.21 1741 1981 1741 1981 QEF $+)odwlll 'OOO'• Toial £'ooo' CDSt at 1.4.21 A&lltlons Cost * 31.3.22 Amortlsatlon at 1.4.21 Charoe lor year Amortlsatlon at 31.3.22 NET VPLUE at 31.3.2Z NEf BOOK VALUE at 31.3.21 29

QEF Queen alzabeth'$ Foundotlon lor Dlsabled Peopl• NOTES TO THE FINANCIAL STATEMEpif5 Icontdl ffOR THE YEAR ENDED 31 MARCH 2022 INVESTMENTS All >Jb￿dIar1eS are Induded In the consolldatlvn. The reglknred address of all ￿bI￿1•￿¢S exceFt The Gronge 120161 Ltd Is.. Leatherhead Court, Wooalands Road. Leatherhead, Surreyi Kr22 OBN. The reglstered ddre55 Grlrange 120161 Ltd Is.. The Gtange. The Greers, Benenden, Cranbrook, Ker¢ TN17 4DN INVESTMeNTS (Con￿) Company Nurnber: 91>J02 QEF owns icrtYA of the orclinbry share ca￿tal of QEF Tradlng Llmlted. whlch Is re915tered In England. It's prfndpjl athvlfy Is the retsil sble of ¢Jonated gofyjs, gif(s and greetlng5 card5 by rneans of mall order and through retall shops. It has covenanted to p4y Its yoflts to QEF. Its aCCo￿tE are INdudÈd wlthln the Co￿￿￿dated accounts of the Group. 2022 £'OOO'B 2D21 f'OOO's The bglan¢e corn￿se5: ShBr¢s •t ¢0# The reyJts for the year endod 31 Marth 2022 net of Intr•-group transa(Jory6 of £127k12021.. £68kl, ere as follows.. 2022 'ooo' 1,319 2011 £'¢)OO'¥ 1,098 Tumov•r Cost ol S•le5 1,070 19961 AdmIn1ra￿ve expenJ Taxotlon Pront on ordlnary odvltles 11,0541 240 The èssets and llo￿lI￿e3 olthe c￿PanY at the end Olts￿ yeor, Indullw Intra-gr¢up •mounts, w¢r¢ #s tsIow5', 2022 £'OOO'• 18 2021 £'01>0'8 É'OOO'• É'OOO'• xed AEets Current asaets Current Ilabllttles Net Currert assets 510 411 281 398 Called up share c4pthI Don?Uons Pald Proflt &1055 accOL￿¢ Sharthtslders SLYF4Lty 118 398 285 4h INVESTMENTS (C•ntd) Company N￿ter.. ILW580 QEF own5 100¥• of the ordlnary share capltal of QEF D¢v¢l¢)prnents Umlted, Incorwjrated en 17 Marth 2016 and reglstered In En4and and Wale& QEF Developments hi$ teen Set up to manage thÈ d24gn ènd con¥Juctlon of the CRC tentre. The results tr the perfod ended 31 Mèrch 2022 w¢re •$ fdlows: 2022 'OOO'B 172 172 2021 £'I)OO's 74 Turnover Profesgonal fees and bJildiNJ co5 Gr¢)$5 profft Admln15traSve expen5e5 Taxatlon Profft fc* the R￿n￿al y¢ar {21 30

QEF Queen Ellzabelh's Foundolion for Dlsabled P•opl• NOTES TO THE FINANCIAL STATEMEKfs {Contd) FOR THE YEAR EVDED 31 MARCH 2022 4b INVESTMENTS (Contd) The assets and llab1ll￿e5 of the ￿MpanY at the end of the year, includlng Intra-group amounts, were as follows- 1022 £'OOO'• 202J £'ooo' £'OOO'¥ £'OOO's Flxed Assets Current assets Current IlabllStles Net Current assets 25 12 157 li li L3 13 INVESTMENTS (Contd) Company Number: 1011%614 QEF owns ICQ% of the ordlnary Sha￿ capltal of The Grange 12016) Ltd, Incorwjrated on 6 Aprll 2016 and reglstered In Englond and Wales. The Grange has been set up to provlde accommodjtlon-bèsed seThI￿5 for adults wlth learnlng dlsabllltles based In Cranbrook, Kent. The results for the year ended 31 Mar£ 2022 were as follows net of Intertompany transactlons ol E223k 12021 £220k)'. 2022 £'OOO'• 1,312 11,1251 2021 £'OOO'• 1,315 (1,2001 Turnover Admlnlstratlve expenses Taxotlon Profit lor the flnabKlal year 187 115 The Jssets and Ilabllldes of the company at the erd of the perlod, Indudlno Intra-9roup Jmounts, were as follow5: 1022 £'OOO' 2021 £'OOO'• 781 £'OOO'• £'ooo' xed Assets Current assets Current Ilobllltle5 Net Current asset5 185 109 261 121 76 140 921 4d ZNVESTMErirs {Contd) QEF has C￿￿ent asset Investments In the form of equlty and cash Investments, as follows: GROUP 1022 £'ooo' 33 2021 £'OOO'• 23 Listed Shares Deposlts 33 24 QEF 2022 £'OOO's 27 2021 £'OOO's 19 Llsted Shares DepDsits 27 31

QEF Queen Ellzabelh's Fovndatlon for Dlsabled People NOTES TO THE FINANCIAL sfATEMENfs Iconttj) FOR TrIE YEAR ENDED 31 MARCH 2022 SUBSIDIARIES Company Number.. Charlty Number.. 07759768 1143985 QEF Is the sole Member olthe Voluntary knodatlon for Surrey Dlsabled Umlted {VASDI. The tharlty loired the QEF Grovp on IB Novemter 2011. VASD sold a￿1 loaned equipment and products to dlsabled people. In addl￿on It owns a fully adapted hollday ￿)me on the South Coast whlch was avallable to rent for dlsabled people, The results for the year ended 31 March 2022 net of Intra-group transactlons of £203k (2021.. £14kl, were as fttllows: 2022 É'OOO' 1021 4'1)00'• VASD equlpment hlre and 5ale5 IrKome from property Grane Incomè GlfG & donatlor 13 15 32 257 275 55 Cost of sales 275 1311 55 {531 Cost of tr￿rttabIe actlvltles Fundralslng and PU￿1C￿(y costs Governance costs Surplus on ordlnory actIvI￿•S 242 Th¢ •ss¢ts and Ilobllltles of t￿ company at the end of the year, Indudlng Intra-group amounts, were as follows: 2022 £'OOO'• 336 2021 £'OOO' 339 £'OOO'• £'OOO'• x•d Assèts Currert a55ets Current Ilabllltles Nel Current assets Pe￿19n Scheme Llablllty 656 619 652 982 917 4f SUOSIDIARIES (Contd) Company Number.. Charlty Number.. 1214125 269804 The Medlcal En9lneerlng Rèsource un￿ {MERV) Jolned the QEF Group on l Aprll 2012. MERU deslgn5 and manufacture5 spedallsed equlpment for thlldren and young people wlth di$abilltle$, MERU also sell range of ready-made products deslgne¢J In response to request5 from famllles and thtraplsts. The ￿SuIts lor the year ended 31 March 2022 net of Intra-group trarsattlons 01 £134k (2021.. -£66kl, were 05 foll¢)w5'. 2022 É'OOO'S 267 io 369 646 160 486 (2861 1351 2021 £'ooo' 267 92 143 502 114 388 14141 (351 MERU eqUip￿ent sales Grant5 Glfts & donallons Cost of saks Cost of charltable artlvfft6es Fundralslng and pulAlcity e05t5 GovernarKe costs SurtAusl(Defidtl on ordinary activI￿e5 163 32

QEF Queen Ellzabelh's Foundation for Dlsabled Peopl• NOTES TO ThE FtNANaAL sfATEMEtITS (Cortdl FOR THE YEAR ENDED 3J MARCH 2022 41 SVBSIDIAIUES (Contd) The assets aTrJ Ilablllties )f the company at the end of the year, lrnludlrto Intra-group amow)ts, Vie￿ as lolbws: 2022 £'000'8 158 2021 £'OOO'x 196 £'Ol)O'$ É'OOO'S Flxed Assets Current a55ets Current Ilabli￿e$ Net Current èssets 269 372 273 444 11031 t71 55 SVBSIDIARZES (Contd) Company Nurnber: ChJrlty NumbEr: 3291147 1060286 S￿n Shjpffloblllty ISSMI lolned the QEF Group on l July 2012. SSM ceased tradlno on 24 December 2019 aNI the company wa5 dltsolved 4t Compjnles No￿9 on 7 June 2022. STOCK$ GROUP 2022 £'OOO' 96 oeF 2022 É'OOO'• 2021 £'OOO'% 80 2021 £'OOO'• Riw matert￿5 flnished ioods DEBTO 6Roup 2021 É'OOO'¥ 943 qEr 2022 £'I)00'9 2021 £'OOO'# 2021 É'OOO'S 817 437 Amounts falllna due wlthlTh Or￿ year Trode Debtors Amount du& Irom subsldlary compony Taxatlon & Sodal Secufity recelvob OthEr Debtors Prepayrnents Accrued IrKorne Iss 52 162 378 255 387 265 52 166 33 The Jmourts due from the ¥￿SId10r¥ company are Y￿e(￿red, Interest free and pay•1￿8 on demand. with the ex¢epUon of prepaymerts, all d¢bior5 #r¢ financlal Instruments are measared at pYe5ent volue. CAEDITORS GROU 1022 £'OIX>'B QEF 2022 'OOO'B Amount• ialllfftq du• wlihln one y•r 2021 2021 £'OOO'# Trade Credlttsrs Toxavon oThJ Soclal Securlty payable Amount due to gJbsldlary company Other Creditors Loar6 repayable Ac(ruals Deferred IrKome (see note 81 7SO 231 619 459 540 211 766 797 544 433 835 766 177 741 170 743 545 107 413 514 511 65 574 All credltor5 are unse¢ured, Iiiterest free and repayalAe on demand. All uedltors are flnondèl ittstnjrnerts ènd are meagjred at tr¢ser¢ value. 33

QEF Queen 8lzabeth'$ Foundallon lor Dlsabled People NOTES TO THE FINAficL4L sr￿￿ENTS (Contdi FOR TNE YE4R ENDED 31 MARCH 2022 DEFERRED INCOME- Gvoup •rMI QEF BaJ•nt4 at i Aprl 2021 £'OOO'• 35 Amount •t 31 Releaoed Marth 2012 £'OOO's £'ooo' 14 484 2022 Ruourt É'ooo. 14 484 Fundrasing events kncome CRC Independent Servkts Mobthty Servres Central Servlces The Grdnge VA5D Holday Income 26 1261 38 60 60 107 574 1107 574 These amount$ h)ve ￿ert deferred ￿CluSe the IT￿orne reL4tes tts takkng pkjce kn the next fvancLJl year. Incomlng R¢•ow £'OOO'• 35 Arnount Da￿￿te at 31 R•le••ed 1021 £'000'8 É'OOO'• 1471 35 1311 iioi (51 1531 2021 2010 'QOO'• 47 31 io Fundrais￿4 events kncome Independent L￿1r￿j Servtes Moblfty Seryke5 Central SeNkes Grange VASD F[￿Orne 26 26 53 14 160 38 38 107 107 50 omounts have been deferred be¢8us• the IKome rehtes to act￿1￿$ ptrjce kn the next ffièncLql year. RESTRICTED VUNDS- fjr•up and oev The funds •f the charlty kncknde restrtted lunds kn the f¥nn of urants and otherdonated funds r￿¢￿ed In respect of •ptsl expendf(ure. The movement h fvnd¥ Ibo Incljdes donotbns for fevenue ptrjlects that have rn0st￿ been spent kn the year. Mo¥•m•nt kn Pund• Exp•ndkurn Bal•nt• at 31 Marth 2022 Aprl 2011 R••our¢•• 2022 LOM 'ooo' 12661 11831 16661 151 £'OOQ'• 102 86 126 £'OOQ' 303 169 666 £'DOO'• 139 72 126 CRC IndepeTrJent Sérvtes Mobllty Servkes Central SeNtis Vobjntary Assoc. Surrey Ptsabled Medtal EThJkneerfng Resource Ut 330 24 66 330 48 715 215 191 restrttbn & deffTred io hBve beer met Y money has been spert on the asset t syas InteTrJed for. The funds of the charty kKlJdB ￿strIcted fiJnd5 kn the lom) of grant5 and other donoted funds ¢e￿Ied kn respect of capttal expet)Jtture. Th2 tnovemeni h fvnds oko IrKtyAes donatknns for venue projects that have mostty been SPEnt th the year. Incornhw ExpÈndttw B•l•n(• •t 31 Re•our¢¢• Marfh 2021 Aprl 2020 20ZI Los £'OOO's 1941 13111 12841 16391 £'OOO'• 94 179 67 126 £'OOO'• 'OOO' Meuro-RehabAlatkn Servtes CRC TndÈpendent L¢vlw Servtes Moblty Servkes Acce$b￿ AvptK)n Central Servtes Voknntary Asso¢. Surrey p￿ab￿d Ned*al EngineerfrvJ Resource Un sutton Shopmoblty 234 303 639 102 86 126 330 151 1681 330 24 88 800 668 rEstrkthJn 15 defhed to have been met ff Tnon8y ha5 been spent on the asset * was irtended for, 34

QEF Qu••n Elzabelh's Fovndalion lor Dlsabl•d People NOTES TO THE F]NANCIAL STATEMENTS (Contd) FOR THE YEAR ENDED 31 MARCH 2022 io GENERAL UNRESTIUCTED FUNDS GROUP 2022 £'OOO'• 9,093 QEF 2022 £'OOO'# 8,988 838 2021 £'OOO'$ 8.648 445 2021 £'OOO' 7,991 997 8atsnce bn)ught fornard Net movèmént of r¥sources h the year Babnce cartd fotward li ANALYSIS OF GROUP ASSETS BrnYEEN FUNDS Flxed N•t Current Credltorj falmng du• •fter mor• t￿Tr I year £'OOO'• Tot•1 Fund P•nthM Yotl 2022 2022 E'OOO'• 330 £'000'0 385 61 446 £'OOO'• 715 £'OOO'• £'OOO'• 715 Restrtcted funds Unrestrtted funds 601 T•nglbl• N•t Cyrr•nt Flx•d A••ets As••ts Cr•dltor• Tot•1 Fund• •x f•illng due PeMlon• •ft•r mor• thpn l y¢•r £'OOO'• P•n•lon• fotal 2021 2021 £'OQQ'¥ 330 £'OOO'¥ 338 £'OOO'• 668 £'OOO'• £'OOO'• 668 Restrkted fvnds Unr8Strfcted funds 81 12 RecoNCIUATZOP4 OF MOVIMINT III FUNDS QROUP 2022 £'ooo' 9,761 QEF 2022 £'ooo' 9,304 859 2021 £'OOO'• 9,447 314 2021 £'OOO' 8,915 389 Openkng funds Net movements of resource5 In the y•èr cr05kn9 funds 13 GOVERIWENT fjRArfts Total operatlng Income In the year ended 31 March 2022 Includes governff*nt grant5 of £135k12021: £1,587k) ¢tsmprtslng Income from the Coronavlrus Job Retentlon Scheme of £4k and the Infettltsn Contrnl Grnnt Scheme of £131k. 35

QEF Qveen Ellzab•th'$ Fovndatlon for Dlsabled People NOTES TO THE FINANCIAL srATEME￿fS (Contd) FOR THE YEAR ENDED 31 MARCH 2022 14 TOTAL RESOURCES EXPENDED St•ff Costs Property Costs £'ooo' Depn. Other TOTAL 2022 2022 £'OOO's £'OOO's £'OOO'• £'OOO'• Charltable Actlvltle5 Fundralsing Trading VASD MERU SSM Grange Devco Support Costs Governance TOTAL 6,358 463 561 23 212 231 64 785 285 76 7,438 748 1,076 31 505 (70) 1,122 437 12 92 189 (70) 72 771 253 26 1, 117 380 121 938 37 2,556 37 305 Resourtts expended In the year Indude the followlng: 2022 £'OOO'• 9,505 staff costs Audltors Remuneratlon: Fees payable for the external audlt Movement In prov151on Fees payable for the Internal audlt Professlonal Ilablllty Insurance (whlch Includes Trustees, Indemnlty Insurartt) Depreclatlon of flxed assets Operatlng leases - hlre of other assets 37 305 358 Staff Co•ts Property Cost• É'OOO'• Depn. Oth•r TOTAL 2021 2021 É'OOO'S £'ooo' £'OOO'# £'OOO'• Charltable Artlvltles Fundralslng Tradlng VASD MERU SSM Grange Devco Support Costs Governan TOTAL 5,071 510 513 25 283 217 635 165 72 5,977 675 1,021 39 562 430 li 63 92 124 797 287 14 73 1,172 1, 104 427 123 707 41 2,362 41 291 Resourtts expended In the year Indude the followlng: 2021 £'ooo' 8.304 Stsff costs Audltors Remuneratlon: Fees payable for the external audlt Movement In provlsion Fees payable for the Internal audit Professlonal Ilability Insuran (whlch Includes Trustees, Indemnlty Insurance) Depreclatlon of fixed a55ets Operadng leases- hlre of other assets 41 291 607 36

QEF Qu•en Elzabeth's Foundomon for Dlsablod People NOTES TO THE FINANCIAL STATEMEMfs (Contd) FOR THE YE4R ENDED 31 MARCH 2022 15 ALLOCATION OF SUPPORT COSTS AND PENSIONS ADJUSTMENT Direct Costs £'ooo' 3,741 3,202 27 785 {70) 748 1,076 31 506 1,122 IT Shared Sèrvices £'ooo' 518 599 Penslons TOTAL 2022 2022 £'QOO's 118 136 £'OOO's 81 93 £'OOO'• 4,458 4,030 39 984 (70) 1,003 1,207 47 618 1,125 Care & Rehabllltatlon Independent Living Asslsted Avlatlon Moblllty servI￿s Other Fundralslng Tradlng VASD MERU Grange QEF Developments 33 144 22 42 27 29 104 13 23 384 226 Dlrect Co#t• £'OOO'• Shared S•rvl¢e• £'ooo' 494 570 P•n•lons TOTAL 2021 2021 £'ooo' 127 147 £'ooo' 98 113 £'OOO'• 3,163 3,997 57 786 Care & Rehabllltatlon Independent Llvlng sslsted Avlatlon Moblllty serv1￿5 Other Fundralslng Tradlng VASD MERU Grange QEF Developments 3,167 45 589 134 27 675 1,021 39 561 1,173 45 13 173 58 13 27 34 927 1,092 55 593 1,176 378 274 37

QEF Qveen Blzabeth's Foundatlon lor Dlsabled People NOTES TO THE FNANC14L sfATEMEi¥fs (Contd) FOR THE YEAR ENDED 31 MARCH 2022 16 EMPLOYEES The aVerd￿ number of rersons ernr&yed by QEF durkno the year was: Full tlrn• 2022 Ful tlme 2021 Part time 2022 Part tim• 2021 Care & RehabIta￿0Th Inde￿ndert Lknlng Servtes MO￿1￿ SeNtes Acces1￿e Avkldon Central Servlces FuThJrah9 & Publttv QEF Comm•rfcal TradlThJ OFeratbr VASD MERU Grange GROUP 36 46 26 50 25 34 21 20 Is 14 21 li 121 14 21 14 118 13 90 23 55 23 17 156 17 153 15 134 15 97 GROUP QEF Staff costs.. 2021 £'QOO' 6,456 2,242 565 2021 £'OOO'• 6,131 1,423 511 2022 £'ooo' 5,109 2,163 474 2021 £'OOO'# 4,762 1,306 432 and wages Agency Socbl Securty costs Denned benefft penskjn schème cost5 Other pen5k)n scheme costs Denned contdt4Jtk)n re￿10n costs Heath scheFne 213 19 207 19 304 176 14 166 14 Agency costs a￿ used malnly to covèr staff vaca[￿9, Parttular￿ whorn th1$ 15 e550ntL41 to meet Regbtered Homés stafflng kvek. In the year 2022, 0 12021: 0) members of the Board of Trustses wére rnlmbur58d £0 12021.. ÉOI for expenses Incurred on behaff of QEF. The Trustees ￿e￿ed no rnmuntratbn In the yeor {2021.' Enlll. KÈY rnanagemert personnel for QEF Include thè Trustees, Chlef Execut￿• land other senbr staff retK)rthg dlrectfy to the Chlef Execut￿e1. The total emFtsye• btnefts of the QEF Group's key management Fe￿Onnel were £6L5k12021- £510kl. Outhg the year around 350 voMJnteers helped QEF. They provhje support In a varty of ways acr055 the QEF shops as weu a5 Ot our centre5. The number of employeos eamlng £60,000 p.a. or more was: 2022 2021 £60,000 - £69,999 £70,000 - £79,999 £100,000 É109,999 Contrfbutbns to the defkned ¢ontrfibuttJn scheme by the empbyer on behay of these staff was £20,909 {2021.' È19,361) 17 LEGACIES The charty has receNed notfftatbn of r(s entldernert to tstknèted at £338,104 (2021: £275.030) whkh have iEen Included In the flnancL41 ststements. Thèsè kgacs have been notw and a￿OUgh not recewed at year end, were coroklered probable and rneasurabk li accordance wth the FRS102. Pr¥)r to 2021122, kgacks We￿ not recognsed on th￿ bask. VALIIE AODED TAX QEF, tekng a r8g&tèred chatty, b UTrab￿ to wover the major part of VAT incurred on ts expendture. Where appnc8b￿, expend*ure ha5 been shown Inc￿dIng VAT. 38

QEF Queen Ellzabth'$ FoundaNon for Dlsabled People NOTES TO ThE FINANCIAL STATEMErirs (Contdl FOR THE YEAR ENDED 31 MARCH2022 19 CAp￿AL COMMITMEIITS G￿Upand QEF Cat4tal commtments at 31 Marth 2022 not provljed for kn these fknanckl statements: 2022 É'000'6 2021 £'OOO's Contrnctod for 20 PENSION COST Dèfitd b•nefft •thgm• A tEstructurhJ pkn was proposed and agreed bet¥veen QEF, the pensh)n scheme trustees Jnd the PPF, wlth the scheme enterfw knto an assessment Pe￿0d with the PPF kn November 2019. The pen5knn scheme Ilèblky was repkced wtth a lA￿lLY 01 £30m to the PPF whth 15 a temi Cred￿Or. The asse55ment perksd w￿h the PPF has come to an oThJ and the Defkned Beneft Scheme ho5 now been ftjlty adopted by the PPF. Th• P•n•loM Tmt At the b)￿rte sheet date there was no empbyèe who was an actlve memter of The Pe￿l)n$ TnLSt Growth Pkn 3, owever thern was J member earlr In the yèar. A new member to Joln the pLJn wll need to be found ty October 2022. The Plan Is a muf(F•mpknyer defkned benefft pensbn pkn and the member of the scheme pald tontrtbutbns Jt a rate of 7% of bas￿ salyry. Empk)yer contributk)ns were a￿0 7% of sary. In the twefve months to 31 March 2022 the empbyer mado pens)n COntTIL￿ns of £289.82 {2021.. É864.481. There wem M Outstand￿ contrbjtbns at the end of the year {2021.. £01. The cornpany Part￿&￿ateS h the scheme, a muf£l-empbyer scheme whkh wovbjes bènèlls to some 950 non-a550cL4ted partttlrq eTnployers. The scheme ts a defhed btntfft scheme kn the UK. It & not POS51bk for the company to obtaln suffKlÈnt knformJtk)Th to enable ￿ tg account lor the sctteme as a deflned ￿ne1 5chem•. Thernfore r( accounts for the schtme as a deflned contrlbutbD scheme. The scheme 15 subject to the fundlryj kgktbn outlhed In tht Pen$br￿ P£t 2004 whth ¢•me In to forre on 30 De￿rnber 2005. Th6, together documènts ￿S￿ed by the Pen5bns ReguL4tor and Teehnkal Actuarkl Standard5 b$uÉd by th8 FI￿￿111 R•port4ng COUKW, Set oul In the Irarnework for fundlng deflrted ￿neffi occupatbnal persbn st￿me$ In the UK, The scheme 1$ cbssmed as ¥ 'bst-man gtondhw amngement,. Therefor• company 15 potentkn￿ for other parttlpathg empk)yers' 0t￿￿jat￿nS W those empfoyets are unab to meet thek Share of the scheme delkl folbwlig wf(hdrèwal from the Scheme. Parttlpaty empbyers a￿ ￿9allY ￿qu￿ed to meet thelr shar• of the scheme deftk on arn annuly purchase bas15 on wfchdrawal from the Scheme. A hjl actuarlal vabJ)tb)n for the schemè was earth¢J out at 30 September 2020. Thls Yaluatkjn showed assets of £800.3m, 11a￿1$ of E831.9m and a de￿1 Df £31.6m. To eknlnBte th& fundlTrJ 5h)rtfalL the TNStee has asked the partklpatkng ernployer5 to pay addtJnal ¢ortrfbutknr￿ to the stheme as lolbjws.. D•fktt <•ntrlbullon• From l Awl 2019 to 31 JaTruary 2025.. £11.2m per annum {pay8lAe monthty and licreaslng by 3% each on l A￿[} Unless a corKessknn has been ag￿ed w￿h the Trustee the teryn to 31 jOn￿ry 2025 appl￿5. Note that the scheme's prevbus valuatbn was carr￿d out Vlkh an effectnie date of 30 Septemter 2014. ThLs vathtbn sIK)wed assets of £793.4m, I&1￿.11(￿S of £969.9m a def￿ of £176.5m. To ethilnate thL4 fiJndfvJ shortfal, the Trustee has asked the part￿t￿9 employers to FA3Y addf(k)nal contrfDUtlorts to the scheme as foTh)ws'. From l Aprl 2019 to 31 Ma￿h 2025: £11,243m per annum (payabk mDrtth￿ ind ffKreèskng by 3% each on l Akyll. The Tecovery pL3n contrljutknns are albcated to each p8rttatlng Èmpbyer In Ihe wtth tllr e5tthated share of Serfes l and Ser￿5 2 scheme Ikibihts. Where the 5theme de￿r( and where the compafiy has ag￿ed to a deftt fL¥Kllng arrar¥Jement the company recogn&es a llablty for th& obJatlDn. The amount recognEed 15 the net present Val￿ of the deft red￿tKIn contrbutlors payab uTrJer the agreement that ￿tste$ to the deftt. The present value Ls caklkted uskng the d￿COurt rate detaled In these d&ck)sutES. The urmndiro oftr* dtscount rate Ls recognbed as a flnance cost. 39

QEF Queen Ellzab•th'$ FoundaHon lor Dlsabled People NOTES TO THE F]NANcfAL $fATEM￿ (Contd) FOR THE YEAR ENDED 31 14ARCH2022 20 PENSION COST {Contd) Pr¢￿rt of wovlslon 31 March 2022 31 M•rth 2021 31 Marth 2020 p￿sent vak of provL5bn R•condlatlon of openhw ¢lo•lny provlBknr 31 Marth 2012 31 Marth 2021 Provbbn at start of perfDd Unwlndlng of the d15count factor {ht¥rest expense) Defk contrVDUtbJn pakl Remeasurements - thpact of any choryjes h assumptksns Rerneasurements- ame￿IMentS to the contrfbutkjn schedute Provlsbn at eTrJ of perbd 31.032 179 (7,8531 11311 36,769 826 (7,6241 1,061 Incom• •nd •xp•ndltur• Imp•¢t 31 March 1022 31 M•rth 2021 Interest expense Remeasurements - Impact tsf any changes In assumptb RtmÉasurÈrnents - amendments to the contrtbutbn schedu Contrbutbns pahj In resFecl of future seNlce Costs ￿(OgnISed h 11￿me and expendfcure accourt 179 11311 117,5101 826 1,061 A••umptknM 31 Marth 31 M•rth 31 M&rth 2022 2021 1020 Ilb ￿r •I￿rn % p•r •nnum p•r •nnum 2.35 0.66 2.53 Rate of dkcoynt Tr¢ dbcount rnte5 shown above are the equfvant skigk dlscount rdtes whth, when used to dbcount the futu￿ recovery plan contrbutyons due, woukj g￿e the sam• rèsuf(s as Usbj a lul AA corpornte bond curve to dL5count the same retovery p14n contrtjutlons. folowlrrfJ scheduk detalLs the def£f( contdbutbn5 agreed be￿een the company and thè at each scheme year end and perb)d: Y•ar eThJlng 31 Mnrth 2022 31 Mjrth 2021 31 M•rth 2020 Ywrl Year 2 Yèar 3 Year 4 Year 5 Year 6 Year 7 Yeor 8 Year 9 Year 10 2,083 2.083 1,736 7,853 8,088 8,331 7,151 7,624 7,853 8,08B 8,331 7.151 The company must recogn￿ a Ilabllty measured at t￿ resent valje of the contrfbutorE payab that arf58 frorn the deftk recovery agreement and the tpsubng eXpe￿e kn the iicorne and expenditure account i.e. the unwkndlro of the dLscount rate as a finance cost In the pe￿)d ln whkh ar&es. 15 these contrt1uttl￿ thèt have ￿en used to dethe the compary'5 ba￿r￿e sheet IL4bllty. 40

QEF Queen Ellzabelh's Fovndalion for Dl$abled Peoplo NOTES TO THE FINANCIAL STATEMENTS {Contd) FOR TrIE YEAR ENDED 31 MARCH 2022 20 PENSION COST {Contd) Dofined contrlbullon Bch•m• QEF provldes employees wlth the opwrtunlty to Joln a Group Personal Pension Plan (GPPPI. Employer contribution ratss varyi for the majorlty of staff the employer rate 1$ 5%, for former mernbers of the final salary penslon scheme It 1$ 9% and for those staff who Jolned through the auto-enrolrnent Pro￿$$ It was 4%. A third party penslon provider holds the a55ers of the GPPP. The pen51on charge for the year was £202k12021: £199kl. There were outstattdlng Contr1tr￿tlonS due at the end of the year of £30,722 {2021.' E30,0721. A member of Stsff •t MERLI has thelr own prfvate penslon plan irrto whlth the employer contrlbute5 6.5% of the employee's gross salary provSded the ernpfoyee ha$ a made a personal ContrIbt￿Qn. The pension charge lor the year wa5 £1,128 12021: £1,032}. There were no outstanolng contrlbuUon5 due at the end of the year {?021.. £NIII. The deflned ￿ntrIbUtIOn pen51on experne aTrJ year end liablllty re￿te$ solely to unre5tdcted fund$. The eXpe￿e Is allocated acro$$ the group'5 acuv1￿eS on the ba￿$ of where eoch employeelscheme member works. NHS Sth•m• There was only ont member of stsff In the NHS pe￿0￿ Stheme at the Stsrt of the year. Th15 a dellned benefit scheme. In the event of underfundlngi Ilablllty wouhl rest wlth the NHS. The employer contrlbueed 14% of the employee's 9ross sJlary provided the employee had made a per50nJl contrlbutlon of 9.3%. The penslon charge lor the ye8r was £1,791 {2021: £6,293). There were no outstandlThJ contrlbutlon$ due èt the end of the year (2021,. Nlll. Durlng the year, the last rnernber of the scheme QEF, heKe the lower level of contrlbutlon. 21 LONG TERM LIA8IUTIES The defined beneflt penslon scheme dellclt was transferreil over io the Penslon Proiectyon Fund {PPFI resultlng In a E30m lon9-term loan to QEF. The É30m loan comprlsed loan notes,. the Sale Note In5tNment for £7.5m to be repald through property d15PD5als and the Term Note Instrument for £22.5m to be repald over 30 ye8r$ at £750k per annurn. The PPF hos flrst charye over all QEF t￿lIdIng5. Inltl•lly. the PPF chorge5 Included both Do￿nCoUrt and Ban5tead Place sltes whlch We￿ valued at £7.5m for the purpose5 of Sale Notes. Bansteod Plate wbs sold In Ortober 2020 provldlng £4.9m towards the repayment of thÈ £7.Sm. The remalnlng £2.6m outstandlng wlll contlnue to artr)rt Interest at 2% Per annum, pald In quarterly Instalments. When Dorlncourt Is sold, any proceeds over the •greed E7.Sm wlll be tsken off the Term Loon Notes therefore reduJng the PPF loan repaymert perlod. QEF w•s due to stsrt repoylng the PPF Term Notes of £22.5rn èt a rate of £187.5k per quarter from December 2020 la total £750k per annurnl howevei the the PPF agreed that the DeLtmber 2020 payment could be deferred due to the flnanclal Impact of COVID-19. The flr5t quarterly payment was made In Aprll 21. The Jmount outstandlng th the PPF at 31 March 2022 under both loan notss was £24.6m {2021: E25.Iml. On InlYJl recogn￿On, the term mtes were dlscounted at 4 over the term of the loan and and are subsequenuy mea$ured at ornortlsed Cfjst uslng 4% a5 the effettive Intrest rate. The total omount outstanolry at 31 Morch 2022 was £13.6m12021.. £14.2ml ot whlch E641k Is due wlthln one year ond the bjlanco of £12,988k due ¥fter one year. In 2021, QEF was 155ued a loan of £750k under the Coronovlrus Buslness Interruptbn Loan Scheme ICBILSI. The loan Is repayable over 60 mtsnths from September 2021 ond Jfter on interest free pedcd of I year, interest Is payable at 1.88% pa + base rate. amount outstandlng at 31 March 2022 wa5 £712k12021.' £7￿k) of whlch £IOOk Is due wlthln l year the balontt of É612k is due after one veal. Totsl loan repayable.. 2022 £OOO'• 13,630 712 2011 £ooo' 14.234 750 PPF CBILS Loans fall due.. 2022 £OOO's 2021 £OOO's Under l year Within 2-5 years After more than 5 years 741 2,928 743 2,571 41

QEF Qu•en Ellzabeth's FovndaNon Dlsabled People NOTES TO THE F]NANCTAL sTATEME￿[s (Contdl FOR THE YEAR ENDED 31 MARCH 2022 22 LEASE COMMtrMEPIts At 31 March 2022 the group had non-cancelbbb total ttmmtments under operatkng kases for ￿￿Perts, whth expe'. 2022 £OOO'• 2021 £ooo' Under l year Wthkn 2-5 Y￿rS After more than 5 yeats 358 1,012 980 607 t,6S3 13 GRAllfS RECEiveD 2012 £'OOO'• 2021 £'ooo' Departmènt forTran5FVrt Department for Trnnsport Project Fundkng Motsbly R8tall Grdnt Scheme hftttbn Control aThJ COVD Grarts 563 45 43 61 190 S90 20 28 529 429 902 24 RELATED PARTY 01SCLOSURes Dudng the year Queen Elzibtth Foundatk)n for Dbabbd Peoph charged management fees to subsbJ14rks as folows: 2022 15,622 £ 111,161 130.572 £ 1021 16,056 31,136 70,952 The Vobjntsry A550clatknn for Sum?y DIsab￿d Ltd Medlcal Engkne•rfThJ R•source Unt QEF TrndirKJ Ltd Durlng the year Queen Elzabeth's Foundatkjn for D&abkd People bsued a grant to MERU for £Ok12021: £IOOkl. Queen Elkab8th's Foundatbn for DLqabkd People rece￿ed donatknns from The Grnnge120161 Ltd for £223k 12021.. £200k). Queen Eltsateth's Foundatbn for Dbabd PÉ0 a150 rece￿e￿ donatk)ns fKJm VASD for £190k12021: Éokl. Included wthkn credf£ors Jt ye•r end for Queen Elzabeth Foundath)n for dL5abd are the folowbvl babnces wf£h sub5kllats'. 2022 157.567 É 133,508 -£ 594,312 £ 14,506 £ 1021 140,315 9.466 572,491 QEF Tradlrg Ltd QEF Devebpments lkn￿d The Voknntary Assoclathjn for Syrrey D&abknd Ltd The Grange (20161 Ltd Included debtors at year ernj for Queen Elkabeth Foundath)n for d&ebled peoplè ar0 the folbwhg bahnees wkh sub5hJlar*$', 2022 288,565 £ 2021 349,5L2 69,843 8,488 Medical Englieerfng Resour￿ Un The Sution Sknpmobfty Charfty Company The Grange120161 Ltd Dudng the Year. The Grnnge {2016) Ltd gave QEF an kntercoM￿nY k¢an of £0 12021: £122,558). corirROL The Chattable company & under the control of ts members. No one M•m￿r ha5 suftÈnt vovng rwjhts to control the charftab￿ company. 42

QEF Qvoon Ellzabeth's Foundatlon loi Disablod Poopl• NOTES TO ThE FINANCIAL STATEMEKfs Icorttd) FOR 7HE YFAR ENDED 31 MARCH 2022 26 RECONCILIATION OF NET MOVEMENT IN FUNDS 2022 £'OOO's 2021 £'OOO's QEF Incomlng ResOLFr￿S QEF Resource5 Expended QEF Operatlng IDeflclt)I Surplu5 14,432 12,421 989 573 other movements In Funds 135 12591 Net Movement In Funds on SOFA 314 27 FINANCIAL INSTRUMENTS nondal Instruments are recognlsed In the tharlty's balance sheet when the tharlty becomes party to the contractual provlslons of the In5trumtnt. other financlal InstNment5 l. Cash and cash equlvèlents Cash and cash equlvalents Indude cash at bank5 and In hand and short term deposlts wlth a maturlty date of three months or less. 11. Debtors and tredltors Debtors and ￿dItOrS recelvable or payable wlthln one year of the reportlng date are carrled at thelr at transartlon pro￿. Debtors and credltors that are recelvable or payable In more th)n one year and not subject to a market rate of Interest are measured èt the present value of the expected fvture recelpts or payment dlscounted at a market rate of Interest. 43