REGISTERED COMPANY NUMBER: 01960980 {England and Wales) REGISTERED CHARifY NUMBER: 293835 Report of the Trustees and Flnanclal Statements for the Year Ended 31 March 2024 THE ELIZABETH FOUNDATION Knox Cropper LLP Chartered Accountants and Slalulory Auditors offi Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE
THE ELIZABETH FOUNDATION Contents of the Financial Statements for the Year Ended 31 March 2024 Page Report of the Trustees 1 to 10 Report of the Independent Auditors 11 to 14 Statement of Financial Activities 15 Balance Sheet 16 to 17 Cash Flow Statement 18 Notes to the Financial Statements 19 to 38
THE ELIZABETH FOUNDATION Report of the Trustees for tho Year Ended 31 March 2024 The Trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial slalemenls of the chaiily for the year ended 31 March 2024. The Trustees have adopted tha provisions of A¢counling and Reporting by Charities: Slalemenl of Recornmended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES AIMS AND OBJECTIVES The Elizabeth Foundation's objects are the relief of deaf and hard of hearing children and adults by the provision of help and assistan lo them and their families and by the promotion of the early detection of deafness and hearing loss in babias and young children, and the promotion of high quality audiological care and support for all. To further these objects, The Elizabeth Foundation has adopted th8 mission to facililale early diagnosis for babies and pre-school children with all degrees of deafness, and provide comprehensive educational and support services for them and their families. By doing so we enable these children to develop their listening and spoken languag& skills, build their self-esteem, and give parents the confidence and knowledge lo make informed decisions on behalf of their child. The Operational Plan for 2023-24 followed five strategic goals.. Goal 1.. To continue to evolve our seNices through ever-changing best practsce lo meet the divefse needs of our fafnilies Goal 2.. To seek opportunities to wden our 8¢h. reacting positively and wlh flexibility to the changing needs of our families Goal 3.. To diversify fundraising to deliver services and maintain our facilities Goal 4: To review corporate services to create resilience and build sustainable income Goal 5: To engage a robust marketing plan both for services and for funding Achlevemonts and Performance Al The Elizabeth Foundation, our core services compris8 of 2 baby groups, 3 toddler groups and 8 pre-school groups with 79 families (plus 14 children who left our services in July 2023 to go lo school in September 20231 from 12 different local authorities being supported al our family c8ntre on a regular basis during 2023-24. We provide a high-qualily education programme for children and families. This includes parenvfamily support, monitoring and assessrnent for speech,18nguage, listening and communication, an Earfy Year5 Foundation Stage Curriculum in the nursery selling, and reporting for Education Health and Care Plansl school transition. Parents and families remain an integral part of our service provision, with family involvement at all limes throughout the programme. In addition lo our core services, we support families through our Listen Groups - for children with Down syndrome, children with one-sided andlor conductive hearing loss, and for children with severe and complex needs. For those families who cannot access our services due to transport or distance, we have an online home leaming programme called Let's Listen and Talk, an inleraclive programme to support families with children with hearing loss. Families from across the UK can also access our services through the Summer Residential Programme, an intensive one-week programme for the whole family. Page 1
THE ELIZABETH FOUNDATION Report of the Trustees for th& Ygar Ended 31 Mah 2024 Goal 1: To continue to evolve our services through over-changlng best practlce to meet the dlverse needs of our families ur 2023124 lans.. To continue lo review our models of education for 811 services to ensure that we use best practice in our leaching strategies and techniques To build skills and knowledge across our team so that we can consislenlly provide accurate. quanlilalive and qualitstive data lo evidence the irnpact of our work To involv8 and engage parents and past service- users To partner wlh professional organisations lo ensure that families rfjcoive the highest level of support To strengthen our partnerships with key stskeholders who colla18 and publish evidence of the needs of children with hearing loss, 115 long- term impact and the differen that eady intervention can achieve To safeguard our beneficiaries and staff through our embedded culture, processes, protocols and reporting mechanisms lincluding regular 1..7 appraisals and open-door policy for stsff and volunteers wlh senior managers) ur 2023124 achievements- We continue lo provide 'Oulslanding' services lo children with hearing Ioss and their families from all across the South of England (either on4ite or via Teams and Zoom)", All children re1ve lermly individual education plans IIEPS) and parents are updated regul8rfy with achievements and 'nexl-steps Staff from TEF contributed evidence for EHCP assessments for those children who roquired this We completed work on a sensory room lo support children attending our services We developed new parent education 'top-tips' videos for our website, rith topics including dummy use and impact on speech. literacy development, and books and imaginative play. The pilot BSL level 1 programme for parents begun in 2023 was comploled sucsSfUllY and a repeal, fully-lunded programme has been initiated in 2024 rith good take-up. A BSL dictionary is live on our website and new vocabulary is added each term. We continued lo work wlh UCL on their language and literacy research project., and we attended meetings re the pant-chipd interaction study. We continue to work closoly with National t)eaf Children's Society, Ewng Foundation, Advanced Bionics, Cochlear, and Auditory Verbal UK likeminded charities and businesses that are all working towards similar goals of supporting families wth deaf children. E.g. provision of online parent education sessions with NDCS We wrote articles for the CICS and BATOD magazines We hosted 3 professional days for people who work in the field of deafness lo learn more about our services., a training session for Lipspgakers UK.. and a Ihird-year psychology student 1 day per week for th8 academic year We completed our action plan for safeguarding developed from our Safeguarding Compact and we have attended training for keeping birth lo 3- year-olds safe Staff attended training for Autism and supporting the needs of children with neurodiveisity Staff members continued with BSL training We allended SENCO and EYFS cluster meetings regularly and liaised with the educational cholo service. Pag8 2
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2024 Goal 2.. To seek opportunities to widen our reach, reacting positively and wlth flexibillty to thg changlng ngeds of our families Our 2023124 lans.. To increase the reach and scope of services SO that we can support families remotely through oulraach programmes, considering govemment guidance and financial restraints To continue to update and develop our outreach services to meet the varied needs of families ur 2023124 achievements- Let's Listen & Talk ILL&TI enrolmenl increased to 1,285 compared wlh 1,113 al the same lime last year, made up of 778 families and 507 professionals. We continued our professional training programme about LL&T, attending virtual team meetings wlh sensory impairment teams across the UK, and we held our first focus groups wlh professionals lo gain feedback about the programme. We attended the BCIG a national meeting for cochlear implant professionals which helped make ordeepen connections with the big cochlear implant manufacturers, including Med-El, who included an article on LL&T in thr next newsletter to parents and professionals. We ran a very successful Summer 2023 programme lor 7 families from across the UK and Ireland. Feedback was collecl8d lo help identify any further improvements. Page 3
THE ELIZABETH FOUNDATION R&port of the Trustges for the Year Ended 31 March 2024 Goal 3.. To dlversify fundraising to d&llver services and maintain our facilities Our 2023124 lans.. To develop and diversify The Elizabeth Foundation's portfolio of income in order lo delivgr core services and maintain our facilities. We will develop projects and key relationships with grant funders in order lo maintsin our on- going grant agreements and lo seek new opportunities for grant fundraising and marketing. We wll develop professional networks which engage corporate supporters and income. Our 2023124 achlevements". Fundraisin Events.. We successfully ran a ride range of fundraising evenls to suit different audience preferences and spending c2pacilies. both Community-relaled events and those specific lo families attending TEF. These included quiz nights, a golf day, a member-only supercar event and a Ball. Donor En emenl.. We effectively managed our donor journey. slrenglhening engagement with regular supporters whilst extending invitations lo consider legacy gifts through our complimentary will-writing service. We have broadened our community outreach through inleraclivo talks and pres6ntstions lo educational inslilulions, churches. community groups, and associations. Additionally, we have mentored volunteers ranging in ago from 16 10 82, enhancing our community involvement and increasing capacilylskills within the charity. We have invited guests lo visit the family centre lo witness our work first-hand. fostering a deep8r connection with potential donors and supporters. Grants.. We developed new project documents for grant funders and corporate foundations lo align with updated giving criteria, securing project- based and core funding. We have added projects to new. exlemal funding plaffoms to increase awarenèss of our needs and impact, attracting additional SLJPPOrt. We have maintained and expanded ongoing grant agreements by nurturing existing relationships with grant funders and we have actively sought new opportunities for grant fundraising and marketing opportunities to diversify and increase funding sources. orate su orters.. We have expanded our reach through presentslions lo corporate entities al external business meetings and events, effectively raising awareness and support. We introduced our own bi-monthly business networking meeting, fostering direct engagement with corporate supporters and we have in¢ased use of TEF facilities by hosting external business 8ventslfacilitsling a podcast, both of which allracted new income and marketing support. These events not only provided new revenue streams bul also enhanced the visibility and re utalion of TEF wlhin the cor orate communi Page 4
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2024 Goal 4: To rgview corporate services to create reslllence and bulld sustainable income ur 2023124 lans: To build up The Elizabeth Foundation. sili&nce and suslainabilily by continuing to follow a long-term approach lo financial planning. To enhan our regular income streams by developing the potential of our existing assets. To continue to kegp pace with evolving legislation & best practice conceming people management, for both staff and volLJnleers. To continue to maximise the efficiency. reliability, security and safely of our corpordle services functions. ur 2023124 achievements: Both the University of Soulhamplon and Queen exandra Hospital expanded their paid use of our facilities in 23124 We Continued lease negotiations with Portsmouth City Council Work was done lo update HR policies and the staff handbook in lime for the introduction of new employment laws. We improved our online backup and cyber security monitoring arrangements. Goal 5: To engage a robust marketlng plan both for $8rvicg$ and for funding Our 2023124 lang: To review the approprialaness of our brand, website and plalfomis To identify the most appropriate and timely channels lo engage ¥Mlh our supporters on a segmonled basis, increasing awareness both locally and nationally To implement social media activities that effectively engage families, professionals, funders and the wider public to increase awareness and funding To develop relationships wlh external marketing profession81s To create video and photographic materials lo promote the Gharity's activities. ur 2023124 achiovements.. We have invested in professional sUPPOrt from Hewill Matthews for plugins and robust website security. protecting sensitive donor infomalion and maintaining trust ¥Mlh our supporters. Additionally, leveraging advanced plugins has onhanced the functionality and user experien of our websites, making il easier for visitors lo engage with our branded content and support our cause. We have continuously reviewed and adapted our use of digital channels, including Facebook, Instagram. X Iformerfy Twitter), and Linkedln. By realing a diverse array of themed posts. we have effectively reached different audience segments and catered lo various areas of inl8r8sI. We have upgraded our online tools, including Canva and Premiere Pro, to enhance the quality of our social media posts and lo beller accommodate the needs of guests with disabilities. Additionally, we have incorporated reels and video clips lo engage our audience in a more visually dynamic manner. We established and nurtured relationships wth skilled social media and marketing professionals, including Solent Sky Seryic8s who generously donated their lime and expertise lo help compelling visual content that highlights our facilities and services. We also produced new video conlenl in-house, featuring some of the real beneficiaries we serve, and showing the need for and impact of our education, cornmunicalion and welfare programmes. Page 5
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2024 OUR PLANS FOR FUTURE PERIODS 1. Education programme: We wll continue to review our models of education for all setvices lo ensure that we use best practice in our leaching strategies and techniques. We will continue lo build skills and knoedge across our team so that we can consislenlly provide accurate, quantilalive and qualilalive dats lo evidence the impact of our work. We will involve and engage parents and past setvice-users. We will partner with professional organisalions lo ensure that families receive the highest level of support. We will strengthen our partnerships with key stakeholders who collate and publish evidence of the needs of children with hearing loss, ils long-temi impact and the difference that earfy inlervenlion can achieve. We will safeguard our beneficiaries and staff through our embedded culture, processes. protocols and reporting mechanisms (including regular 1..1 appraisals and open-door policy for stsff and volunle8rsl. 2. Outreach programmes: We will increase the reach and scope of services so that we can support families remotely through outreach programmes considering govemmenl guidance and financial restraints. We will continue lo update and develop our outreach serVIS lo meet the varied needs of families. 3. Fundraising: We will maintain and develop Th& Elizabeth Foundation's portfolio of income slreamsldonor management, in order lo deliver and develop core services. maintain our facilities and strengthen fundraising resilience. 4. Corporate Services.. We will build up The Elizabeth Foundation's resilience and sustainability by continuing lo follow a long-lerm approach to financial planning. We will enhance our regular income streams by developing the potential of our existing assets. We will continue to keep pa wth evolving legislation & best practice conMIng people management, for both staff and volunteers. We will continue lo maximise the 8ffici8ncy, reliability. security and safety of our corporato services functions. 5. Marketing: We will review the appropriateness of our brand, website and platfomis. We will identify the most appropriate and timely channels to engage with our supportgrs on a segmented basis. increasing awareness both locally and nationally. We wll implemonl social media activities that effectively engage families, professionals, ftjnders and the wider public lo increase awareness and funding. We will create video and photographic materials to promote the charity's activities. Publlc beneflt The Trustees have referr8d lo the Charity Commission's published guidan on the public benefit requirement under the Chari118s Act 2011 when reviewng The Elizabeth Foundation's aims and objectives, and in planning future activities. In parbcular, the Trustees consider how planned activities will contribute to the aims and objectives sel. Page 6
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2024 FINANCIAL REVIEW Financial Revlew The surplus for th8 year amounted lo £732,75912023.. £41,893 deficill. Total donations rose to £105,81712023'. £87,131), led by increased individual fundraising and community donations. Legacy income has always been unpredictable and beyond our control. This year we were extremely fortunate to receive £818,105 12023.. £196,564). Meanwhile. tho value of grants also rose, lo £190,37612023'. £162.0731, despite funding from Comic Relief coming lo an end half way through the year. Total expenditure increased by £47.816 10 £817,67412023.. £769,858) largely due lo wage inflation and higher energy costs as fixed price agreements came to an end. Investrnent pollcy and objectlves The Elizabeth Foundats'on's investment pow8rs are set out in ils Memorandum & Arbcles of Association. Day lo day cash flow management is delegated lo the Chief Executive and senior staff, who act in accordan with policies agreed by the Trustees. In response lo progress made toward the reserves policy goals s81 out in the section below, the Trustees have established an investment policy lo maximise returns on long term reserves that need not b8 held in cash for any immediate practical or pr8c3ulionary reason. The investment objective for such ftjnds is lo generate a return in excess of inflation over the long term, whilst also generating an income lo support the charity's ongoing actsvilios. To this end, any funds that the Trustees identify as being available for long term investment may ba invested in reputable Unit Trusts open only lo charities. Funds expected to be available in the short or medium term may be invested in low volalilily net asset value money market funds. Reserves poll¢y The Elizabeth Foundation's reserves comprise those that are unreslricled, those that are unreslricled bul which have been sel aside by the Trustees for a particular purpose, and those that are the subject of reslriclions in law or by donors land which therefore cannot be used for anything else). The Elizabeth Foundation currently has no endowed or permanent ftjnds. Note 2110 the Accounts gives more infomialion about reserves, including policies and restrictions applwng to individual funds. Total funds held as al 31 March 2024 were £4,249,166 12023.. £3.516,4071. Al 31 March 2024, The Elizabeth Foundation had unrestricted {bul not'free") reserves of £3,152,892 in ils Income & Expenditure Account. These reserves are not "free" as defined by the Slalement of Recommended Practice ISORPI, lo the ext8nl that they could only be re81ised Ilumed into cashl by disposing of fixed assets held for charity use (selling the buildings in which we carry out our acliviliesl. Al 31 March 2024, 340/0 of these reseNes were held in the form of fixed assets excluding quoted investments, down from 470/0 in 2023. The reserves policy of The Elizabeth F(xJndalion is to maintain a level of free reserves that will allow servi conlinuily and sufficionl lime lo adjust in a planned and robust mann8r lo any significant change in resources. Having reviewed the practical application of similar policies for other organisations within the Charitable and voluntary sector, which range from indicative free reserve levals of 3 months. opemling expenditure 10 3 years, lolal costs r8quir8menl, the Trustees aim lo hold fr88 reserves equivalent lo between 6 and 12 months, operating expenditure. Al 31 March 2024, free nel current assets and qLJoled investments held by The Elizabeth Foundation amounted lo £2,082,12012023'. £1,263,824) of which £nil was earmarffed for expenditure on fixed assels12023.. £nill and £2,082.120 represented free reserves in the General Fund 12023.. £1,263,824). These free reserv8S amoLJnled to 2410/0 of total budgeted revenue costs and depreciation for the coming year, compared with a target of between 50Q/o and 100 /D, 12023.. 153Q/ol. However. the Trusl8es are aware that the high level of fe reserves over the past three years has been due mainly lo the windfall effects of subslanlial legacies that may not bg repeated in future, potentially leading to deficits. On the basis of the annual and ongoing review of reserve 5evels and anlicipaled future cash flow, il is the opinion of the Trustees that the balance on each fund shown in the balance sheet as al 31 March 2024 (together with its anticipated income and expenditure) is adequate lo fulfil that fund's obligations and the overall obligations of The Elizabeth Foundation for the next financial year, and for a period of at least 12 months from the dale of this report. Pag8 7
THE ELIZABETH FOUNDATION Report of the Trustegs for the Year Ended 31 March 2024 APPROACH TO FUNDRAISING Fundraising is essential lo maintsining The Elizabeth Foundation's ability lo carry out vital work and therefore we arg registered with the Fundraising Regulator. All staff and volunteers are required lo abide by the Code of Fundraising Practice, Charity Commission guidance and our own robust policies ané to escalate any concerns lo the S&nior Management Team immediately. All our supporters and donors musl be treated courteously and professionally. We are particularly conscious of the need to lake care when interacting with individuals who are, or may be, vulnerable and we require all staff and volunteers we work with lo follow our Ethical Fundraising and Vulnerable People policies. Our website outlines our Complaints policy and clearly explains how an individual can complain. Any complaints ar8 reviewed by our Senior Management Team and Trustees. adhering to dear escalation routes. We did not receive any complaints in the year ended 31 March 2024. STRUCTURE. GOVERNANCE AND MANAGEMENT Governlng documont The Elizabeth Foundation was eslablishgd under the terms of a Trust Deed (May 19821, and then subsequenUy in November 1985 incorporated as a charitable company limited by guarantee. Ils governing documents are accordingly the frust Deed and Memorandum and Arbcles of Association (revised 1997. 1998. 2007, 2011, 2014 and 20161, which provide for a goveming Board of Trustees originally known as the CoLJncil of Management. The Foundation is rIStered with the Charity Commission under the Charities Act 1960. Organisational structure The Council of Management Ir8f8rred lo as the Board of Trusleesl delegates the day to day running of The Elizabeth Foundation to the CEO and senior stsff. Betwe&n Board meetings, th8 CEO may make written reports lo members of the Board, providing updates on key projects and issues, and generally lo keep Trustees informed. Inductlon and training of new Trusteas From lime lo lime, the TTUSlees review the composition of the Board in order to ensure that an appropriate mix of skills and comp8lencios is represented, and lo identify any specific induction or training needs that Trustees might have. The Elizabeth Foundation makes use of publications available from the Charity Commission to assist Trustees lo understand their duties. Occasionally, members of the Board meet informally lo discuss topics in greater detail in order lo further Ihgir understanding of their role and how il conlribules lo the development and stewardship of The Elizabeth Foundation. The Trustees have been circulated with the latest version of th8 Memorandum and Articles of Association and the "Essential Trustee" They are encouraged to regularly visit the Charity Commission websit8 and seek extra training as they see fil. REFERENCE AND ADMINISTRATIVE DETAILS R&gist&rad Company numbor 01960980 (England and Wales) Registered Charity number 293835 Reglstered offlce Tho Elizabeth Foundation Soulhwck Hill Road Cosham Portsmouth Hampshire P06 3LL Page 8
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2024 Trustees P Ardern W Al-safi (resigned 31.01.20241 A J Given T C R Holloway- Chair S J Hutchinson l L Manuel S R Windridge Auditors Knox Cropper LLP Chartered Accounlanls and Stslulory Auditors Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE STATEMENT OF TRUSTEES. RESPONSIBILITIES The Tmslees (who are also the directors of The Elizabeth Foundation for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practi1. Company law requires the Trustees lo prepare financial slalements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the incorne and expenditure, of the charitable company for that period. In preparing those financial slal8menls, the Trustees are reqLJired lo select suitsble accounting policies and then apply them consistently., obserye the methods and principle5 in the Charity SORP., make judgements and estimate5 that are reasonable and prudent". prepare the financial slalemenls on the going concem basis unless il is inappropriate lo presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose wth reasonable accuracy al any lime the financial position of the charitable company and lo enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonabl8 steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware., and the Trustees have taken all steps that they ought lo have tsken to make themselves aware of any relevant audit information and lo establish that the auditors are aware of that information. Page 9
THE ELIZABETH FOUNDATION Report of the Trustee5 for the Year Ended 31 March 2024 AUDITORS The auditors, Knox Cropper LLP, will be proposed for re-appoinlmenl at the forthcoming Annual General Meeting. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small companies. Approved by or of the board of Trustees on 24 July 2024 and signed on its behalf by.. T C R Holloway- Trustee Pag8 10
Report of the Independent Audltors to the Membors of Thg Elizabeth Foundation Oplnlon We have audited the financial slalements of The Elizabeth Foundation (the 'charilablo company'l for the year ended 31 March 2024 which comprise the Slalemenl of Financial Activities, the Balall Sheet, the Cash Flow Slalemenl and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Piaclicel. In our opinion the financial slalements.. give a true and fair view of the slate of the charitable company's affairs as al 31 Mah 2024 and of its incoming resources and application of reSoUrs. including its income and expenditure, for the year then ended,. have been propedy 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 oplnlon We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our r&sponsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance with the ethical qUirementS that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We balieve that th8 audit evidence we have obtained is suffi&ent and appropriate lo provide a basis for our opinion. Con¢lu$lons r8lating to going concern In auditing the financial slalemenls, we have concluded that the Trustees. use of the going concern basis of accounting in th8 preparaliDn of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainli8s relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial slalements ale aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections ol this report. Other Informatlon The Trustees are responsible for the other information. The other inforniation comprises the information included in the Annual Report, other than the financial slalemenls and our Report of the Independent Auditors Ihereon. Our opinion on the financial stslem&nls does not cover th8 other infomialion and. except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalemonls, our responsibility is to read the other information and, in doing so, consider whglher the other infomalion is materially inconsistent wth the financial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparonl material misslalemenls, we are required lo determine whether this gives rise lo a material misslalement in the financial slalemenls themselves. If, based on the work we have perfomied, we conclude that there is 8 material misslatemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Page11
Report of tha Ind8pandanl Audltors to the Members of The Elizabeth Foundation 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 Report of the Trustees for the finanaal year for which the financial ststemenls are prepared is consistent with the financial slalements., and the Report of the Trustees has been prepared in accordanGe with applicablelogal requirements. Matters on which we are rgquired to report by exception In the light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit. we have not id8nlified material misslalemenls in the Report of the Trusl8es. We have nothing lo report in respect of the followng matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adeqLJale accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and turns." or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations wo require for our 3udil', or the Trustees were not entitled lo lake advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of Trustoes As 8xplained more fully in the Slalement of Trustees. Responsibilities, the frustees (who are also the directors of the charitable company for the purposes of company lawl ar8 responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial slalemenls that are f8 from material misslalernenl, whether du& lo fraud or error. In preparing the financial statements. the Trustoes are responsible for assessing the charitable company's ability lo continue as a going concem, disclosing, as applicabl&, matters related lo going concern and using the g¢ing concern basis of accounting unless the Trustees 8lther intend to liquidate the charitable company or 10 ¢8as8 operations, or have no realistic alternative but lo do so. Page 12
Report of tho Independent Auditors to the Memb&rs ot The Elizabeth Foundatlon Our rgsponsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial stslemenls as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue a R&port of the Independent Auditors 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 IUKI will always delecl a material missl8lem8nt when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the a9gregale, they could rgasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements. Thè extent to which our procedurgs arg capable of detecting irregularities. including fraud is detailed below.. We obtained an understanding of the legal and regulatory frarneworks that are applicable to the charity and determined that the most significant are the Financial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounling Practice) and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice.. The Charity is required lo comply with charity law and, based on our knowledge of ils activities. we identrfied that the legal requirement lo accurately account for restricted funds was of key significance. We understood how the charity is complwng with those frameworks via communication with those charged with governance, together with the review of the charity's documented policies and procedures. - W8 assgssed the susceptibility of the charity's financial statements lo material misstatement, including how fraud might occur by considering the key risks impacting the financi81 slal8menls. These included risks associated wlh Revenue Recognition and Management Override of Controls, which were discussed and agreed by the audit team. Our approach included agreeing the charity's recognition of income lo the tems of the underlying grant agreements and associated corr8spondence, the review of journal entries processed in the accounting records and the investigation of significant and unusual transactions i(lenlified from our review of the accounting records. Our approach was also lo check that reslricled income was property identified and separately accounted for and to ensure that only valid and appropriate expendilum was charged to reslricled funds. This included reviewng joumal adjustments and unusual Iransaclions. Based on this understanding we designed our audit procedures lo identify non-compliance with such laws and regulations. Our procedures involved VIeW of the reporting lo the directors with respect to the application of the documented policies and procedures and review of the financial statements to ensure compliance with the reporting requirements of the Gharily. Ther& are inherent limitations in the audit procedures described above and, the further removed non<omplian¢e with laws and regulations is from the events and transactions reflected in the financial stalemenls, the less likely we would become aware of it. The risk of not delecling a material misslalemenl due lo fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberat6 concealment by, lor example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial stat8monts is located on the Financial Reporting Counal's website at www.frc.org.ukJaudilorsresponsibililios. This description forms part of our Report of the Independont Auditors. Page 13
Report of the Indapandent Audltors to the Mgmbers of The Elizabeth Foundation Use of our report This report is made solely lo the charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 200e. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required lo stsle lo them in an auditors, report and for no other purposg. To the fullest exlenl permitted by law, we do not accept or assumo responsibility lo anyone olherthan the charitable company and the charitable Company's members as a body. for our audit work, for this report. 01 for the opinions we have formed. Matthew Elkins FCA (Senior Statutory Audilorl for and on behalf of Knox Croppor LLP Chartered Accountants and Slalulory Auditors Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE Dale.. Page 14
THE ELIZABETH FOUNDATION Staternent of Financial Activities for the Year Ended 31 March 2024 2024 Total funds 2023 Totsl funds Unreslricled funds Reslricled funds Notes INCOME AND ENDOWMENTS FROM Donations and18gacies 969,091 145,207 1.114.298 445.768 Charitable actiwtles Nursory Programmes Outreach and Other Services 21,119 187.091 13.461 34,580 187,091 31,466 186.576 Other trading activities Investment income 87,413 87.413 40.227 56,098 31,997 Total 1.304,941 158 668 1463,609 751,905 EXPENDITURE ON Raising funds 152.370 1,754 154.124 144,939 Charltable activities Nursery Programmes Family Support Outreach and Other Services 266,566 16,921 180,773 118,857 1.265 79,168 385,423 18,186 259,941 353,190 18.247 253,482 Total 616.630 201,044 817.674 769,858 Nel gainslllossesl on investments 86,824 86,824 23,940} NET INCOMEI{EXPENDITURE} Transfers botsveBn funds 775,135 (42,376) 9,258) 732.759 141,8931 21 Ngt movement In funds 784.393 {51,6341 732,759 (41,8931 RECONCILIATION OF FUNDS Total funds brought forward 2.368,499 1,147.908 3.516.407 3.558,300 TOTAL FUNDS CARRIED FORWARD 3.152,892 1096,274 4,249,166 3,516.407 The notes form part of these financial slalements Page 15
THE ELIZABETH FOUNDATION Balancg Sheet 31 March 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments 2.158,186 957,076 2,233,114 870,252 15 3.115,262 3.103,366 CURRENT ASSETS Stocks Debtors Investments Cash al bank and in hand 4,678 300,579 800,000 157,090 5.044 97,793 18 409,537 1,262,347 512.374 CREDITORS Amounts falling dtje within one year (128.443) 199,3331 NET CURRENT ASSETS 1133904 413,041 TOTAL ASSETS LESS CURRENT LIABILITIES 4,249.166 3.516,407 NET ASSETS 4,249 166 3,516,407 FUNDS Unrestricted funds Reslricled funds 21 3,152,892 1,096,274 2,368.499 1,147,908 TOTAL FUNDS 4,249,166 3,516,407 The notes fom part of these finan¢ial statements Page 16 continued...
THE ELIZABETH FOUNDATION Balance Sheet- contlnued 31 March 2024 These financial slalemenls have been prepared in accordance with the provisions applicable to charitable companies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on 24 July 2024 2nd were signed on ils behalf by.. T C R Holloway- Trustee S J Hutchinson - Trustee The notes form part of these financial statements Page17
THE ELIZABETH FOUNDATION Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash generated from operations 24 530 222 180,704 Net cash provided by operating activities 530 222 180,704 Cash flows from investing activitigs Purchase of tangible fixed assets Purchase of fixed asset investments Purchase of current ass81 investments Inl8resl received Dividends received 115,126} {25,859) 180,0001 {800,000} 13,468 18,989 3,337 21.277 Net cash used in investing aelivities 782 669) 81 2451 Change In cash and cash oquivalents in the reportlng perlod Cash and cash 8quivalents at tho beginning of the reportlng rIOd 1252.447) 99.459 409.537 310 078 Cash and cash equivalents at the end of the reportlng period 157.090 409,537 The notes form part of these financial ststements Page 18
THE ELIZABETH FOUNDATION Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statèments The financial slalements have been prepared in accordance wlh Accounting and Reporting by Charities.. ststemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK And Republic of Ireland IFRS 1021 Second Edition issued in October 2019 - Icharib'es SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Elizabeth Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical CJ)sl or transaction value unless otherwise slated in the relevant accounting policy nolelsl. The charitable company has taken advantage of Paragraph 3131 Sch 4 of the Companies Act 2006 and adapted Companies Act formals of accounts to reflect the charitable nature of the company's activities. The Elizabeth Foundation is a company limited by guarantee, incorporated in England and Wales. and has no share capital. Every member of the company guarantees lo contribute a maximum of £1 on rinding up. Its registered office is situated at Soulh¥Mck Hill Road, Cosham, Portsmouth. P06 3LL. The financial statements are prepared in in sterting. which is th8 functional currency of the company. Monetary afnounls in these financial statements are rounded lo the nearest £. Critical accounting judgements and key sources of estimation uncertainty Depreciation The depreciation of fixed assets is based on management's estimate of their useful lives which is kept under VieW. Incomg INCOME FROM VOLUNTARY SOURCES AND FUNDRAISING Incomo includes voluntary sources of income such as charitable donation, grants. gifts Iwth related tax covery where appropriatel, legacies and payroll-giving programmes, as well as organised fundraising events {some of which are rLJn directly by The Elizabeth Foundation classed a Fundraising Events., and some which are run by volunteers and supporters wlh help as necessary by The Elizabeth Foundation classed as Donations and Gifts), appeals and llections. The cost of running these programmes during the year was £154,12412023.. £144,939) and this is included within the heading 'raising funds. shown under Expenditure, and in Note 6. The following specific policies are applied lo particular categories of voluntary income and fundraising. -Unreslricled voluntary donations and gifts are accounted for when Ihoy are received. as this is the point 81 which the necessary detsil becomes 8v8ilable lo allow them lo be entered into the accounting records., il is also the point al which Ihoy becomo sufficionlly certain lo be recognised. Legaaes are similarly accounted for when recaived unless there is sufficient reliable information for them lo be accounted for earfier. Restricted income is accounted for within Restricted Funds when il is receivable lif thi5 has been notified lo The Elizabeth Foundalionl. Grants, where entitlement is not conditional on the delivery of a specific parformance by the charity, are recognisod when Ihg charity becomes unconditionally entitled lo the grant. ExpendilLJre related lo Restricted Funds is matched to Income in accordance with the lemis of the award or grant. Pag8 19 continued...
THE ELIZABETH FOUNDATION Notes to the Flnancial Statement$ - contlnued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- contlnuèd Income -Donaled services, facilities, and other gifts and donations in kind are accounted for in the Slalemenl of Financial Activities when Ihoy are received and al an appropriate value lo the charity where this can be quantified ancl where material. Corresponding additions lo Fixed Assets, Stock or operating costs are made according to the nature of the item. The value of ServIS provided by volunteers has not been included in these accounts. INCOME FROM CHARITABLE ACTIVITIES Activities which further the charitable objectives of The Elizabeth Foundation inGlude'. -Nursery Programmes.. baby, toddler and pre-school education programmes for children who are deaf and their parents (who have chosen lo develop their child's listening and spoken language skills in a natural, fun and child<entred wayl., -Family Support.. practical and emotional SUPPK)rt and counselling for such parents and families delivered either at The Elizabeth Foundation Family cent or through our Home Learning Programme.. -Oulreach and other services.. regular liaison with related heatth professionals and mainstream schools., making Th8 Elizabeth Foundation's day lo day operations open lo visiting professionals and researchers to further their professional development and project work, and to disseminate our expertise as earfy intervention pracb'tioners., providing leading-edge hearing lesling and diagnosis facilities and equipment., and providing the counselling and support to familias required to complement testing and diagnosis aclivilies. In some cases these activities give rise lo sources of operating income from contracts, service level agreements and discretionary grants from public bodies. Most such sources a subject lo annual renegolialion, local spending priorities, and availability of funds from ntral govgrnmenl, and are not directly related to the full cost lo The Elizabeth Foundation of carrying out the activity. Similarly, some discretionary grants (often with reslriclions as to the use of the funds) are awarded to The Elizabeth Foundation by charitable or philanthropic trusts and foundations,. each grant maker will have its own stringent application and monitoring procedures, and awards are usually subject lo annual renegolialion or finite periods. The costs of sourcing, negolialing, managing and reporting upon such funding arrangements are accounlecl for as a cost of providing the related services. Fees are charged lo baneficiaries for some services, and these are often sel al nominal amounts to ensure that there is no financial consirainl lo prevent people who need our services from being able lo access them. The following specrfic policies are applied lo particular categories of income from our charitable aclivilies. -Income from contracts and other forms of agreement (including some described as 'grants'}, where related to Performance and specific deliverables, are accounted for as the charity earns the right lo consideration by its performance -Fees a accounted for when receivable Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. The Foundation is partially exempl of VAT purposes and expenditure includes irrecoverable VAT. Expenditure is allocated lo the following cost cenlres using methods generally accepted in the sector Ilhe ACEVO model for cost analysis, adapted lo ensure compliance with the Charities SORPI.. Page 20 continued...
THE ELIZABETH FOUNDATION Notes to the Flnancial Statemgnts - ¢ontinuod for the Year Ended 31 March 2024 ACCOUNTING POLICIES - contlnugd Expenditure -costs of Raising Funds,. including both direct and indirect allocations of payroll cost and administrative overhead, and direct costs associalod with allracling voluntary income and carrwng out fundraising activities -support Costs including Govemance Costs., include direct and indirect costs of complying with all necessary conslilulional and slalulory requirements of the charitable company and its strategic rnanagemenl and risk assessmenvmanagemenl procedures -Charilable Activities costs,. comprising those costs ineurred by the charity in the delivery of ils activities and services. It includes both directly allribuled costs, and allocations of indirect costs and overheads that are necessary lo support them and without which il would not be possible to continue them I costs are allocated betwegn Iheso cost centres lexpendilure categories) on a fair and consislenl basis intended to reflect the use of the resource. Many types of cost include items that can be directly aitribuled. as well as a pool of costs that are dealt with by apportionment using an appropriate basis such as staff limo allocation. estimated floor area usage, or another reasonable judgement of consumption. The infomalion sel out in Notes 6 10 8 summarises the outcome of detailed ¢osl allocations based on the ACEVO model as explained above Ilhis model is used lo assist the charity's understanding of ils cost of delivering services, and lo provide a basis for full cost recovery discussions with potential fundeis when appropriate. Tangible fixed assets Assets are capilalised where their individual value exceeds £500. Fixed Assets are slated 81 cost. Depreciation is provided on all tangible fixed assets al rates calculated lo write off the cost of valuation. less estimated residual value, of each 2ssel evenly over ils expected useful life on a straight line basis. The rates most used in each category are as follows.. Freehold property Office equipment Long leasehold buildings Computer equipment School equipment Medical equipment Motor vehicles 50 years 4 10 5 years 5 10 50 yeafs 4 10 5 years S years 310 5 years 5 years Wher8 depreciation is Gharged against assets representing restricted and designated funds, this depreciation is charged against that fund as il arises. The carrying values of tangible fixed assets are reviewed for impaim8nl if events or Changgs in circumslan(xs indicate that the carrwng value may not be recoverablo. stocks Stocks are valued at the lower of cost and nel realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exgmpl from corporation lax on ils charitable activities. Page 21 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Ststements - contlnued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Fund accountlng Unreslricled funds are defined a8 grants, sponsorship and other income received or generated for the objectives of the charity without further specified purpose and which are available as general funds, bul which may be required for committed projects or designated by the Trustees for specific purposes. Restricted funds can only be used for particular restricted purposes within the objects of the charity. R8Stri¢lions arise when speGified by the donor or when funds are raised for particular reslricled purposes. Furth8r explanation of the nature and purpose of each fund is included in the notes to the finanaal slalements. Reserves The Elizabeth Foundation recognises that accounting reserves are not always represented by available liquid assets. Nol8 20 sets out how The Elizabeth Foundation reserves I'funds'l are represented al the balance sheet dale. It also provides information about reserves policies, induding that for the Income and Expenditure Account, and additional details is also given in the Directors, (Truslees'l Report. There are reseNe largels.. a longstanding target lo hold between 500/0 and 100Q/o of totsl budgeted costs for the ensuing year in accessible free reserves and a minimum cash reserve of 250/D of the current yearfs budget. Going Concern No material uncertainties that may cast significant doubt about the ability of the company lo continue as a going Conrn have been idenlrfied by the directors. The directors plan to keep the charity as a going concern as ferred lo in the Aims and Objectives of the Trustee's Report. Fixed Asset Investments Fixed assets investments are recognised al their transaction value and subsequently measured al their fair value at the balance sheet dale using the closing bid pri. The Slalemenl of Financial Activities includes the nel gains and losses arising on revaluation and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrwng value or Ihoir purchase value if acquired subs8quenl lo the first d8le of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrwng value. Debtors Trade and other debtors are recognised al the settlement amount due aft8r any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Cast at bank Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or sirnilar account. Credttors Creditors and provisions are recognised where the charity has a psent obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo setue the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. Page 22 onlinued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - continued for the Year Ended 31 March 2024 DONATIONS AND LEGACIES 2024 Total funds 2023 Total funds Unrestricted funds Reslricled funds Donations Legacies Grants 105,817 818,105 45.169 105.817 818.105 190.376 87,131 196,564 162,073 145207 969.091 145,207 1 114.298 445,768 In addition to the legacies received in the year. the Foundation has been notified of its entillemenl lo further distributions from eslales. The Foundation is unable to reliably estimate amounts receivable and accordingly has not recorded these as incomo. Grants recew8d, included in the above. are as follows.. 2024 2023 Other grants 190,376 162,073 Page 23 continued...
THE ELIZABETH FOUNDATION Notas to the Financial Statements- continued forthe Year Ended 31 March 2024 DONATIONS AND LEGACIES - continued Generation Foundation Ovingdean Hall Foundation Comic R8lief National Lollery Community Fund GJW Tumer Trust Peter Harrison Foundation Communication Consortium The Mikado Trust Colefax Charitable Trust The Pantheon Charitable Trust Schroder Charity Trust AT&T The Beatrice Laing Trust Ralhbone Investment Management The Naglo Family Foundation Steel Charitabla Trust Tes¢0 Groundworks Golden Award Morrisons Foundation The Brickabilily Group Foundation MJB Charitable Trust Screwfix Foundation The Webb Family Charitable Trust Barratt Developments Trust Abbvie Limited John Horniman's Children's Trust Other grants 33,300 25,782 20,000 20,000 10,000 10,000 8,300 6,000 5,000 5,000 5,000 4,847 3,500 3,300 2.500 13.200 46.076 16,700 5.000 3,000 10,000 10,000 8,794 5,000 5,000 5,000 5,000 3,000 2.000 2,000 22.303 £190,376 £162.073 Page 24 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Slatgmonts - contlnuod for the Yoar Ended 31 March 2024 OTHER TRADING ACTIVITIES 2024 Total funds 2023 Total funds Unreslricled funds Reslricled ftjnds Fundraising events Letting of charity property 82.213 5,200 82,213 5.200 49,618 6,48D 87.413 87.413 56,098 INVESTMENT INCOPIIE 2024 Total funds 2023 Total funds Unreslricled funds Reslricl8d funds Solar panels Fixed asset investments Deposit account intere51 7,770 18.989 13,468 7.770 18.989 13,468 7,383 21,277 3,337 40,227 40,227 31,997 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Nursery Programmes Outreach and Other Services Session tharges Audiology Home1e8ming & consultancy 34,580 187,091 31,466 186,172 Outreach and Other Services 404 221,671 218,042 Page 25 continued...
THE ELIZABETH FOUNDATION Notgs to th9 Flnanclal Statements - continugd for the Year Ended 31 March 2024 RAISING FUNDS Raising donations and legacies 2024 Total fund$ 2023 Total funds Unrestricted funds Restricted funds Staff costs Insurance Premises & utilities Communications & IT Service consumables Printing & promotion Other c0515 Hire charges & event costs Recruitment, ID checks, travel and subsistence Depreciation Support costs 89,383 2,639 89,383 2,639 2,944 6,380 3,585 4,461 1,682 21.362 83,099 2,507 2,563 5,369 3,280 5,664 1,533 19,261 6,380 3,585 4,461 1,682 21,362 417 1,344 18.173 417 3.098 18.173 560 3,156 17,947 1.754 1 $2.370 1,754 154 124 144.939 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 8} Support osls (see note 91 Totals Nursery Pfogrammes Family Support Outreach and Other Services 335,913 16,066 233,006 49.510 2.120 26.935 385,423 18.186 259.941 584.985 663,550 Page 26 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - contlnugd for the Year Ended 31 March 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Stsff costs Insurance Premises & ulililies Communications & IT Service consumables Printing & promotion Other costs Recruitment, ID checks, travel and subsistence Depreciation 371,486 12,330 69,714 6.835 17,101 5,544 20,892 3.013 346,431 11,800 60,690 4,922 16,962 5,007 15,499 2,524 83,389 584,985 547.224 SUPPORT COSTS Olhef Raising donations and legacies Nursery Programmes Family Support Outreach and Other Services 18,173 49,510 2,120 26.935 96.738 Support costs, included in the above, are as follows.. Raising donations and legacies Nursery Programmes Family Support Wages Premises & ulililies Communications & IT Legal & professional fees Audilorfs remuneration Bank charyes Recruilmenl, ID checks, travel and subsistence Depreciation of tangible fixed assets 12,328 205 1,528 514 1,629 350 31,462 2,049 3,899 1,312 4.157 894 1.412 42 175 59 187 40 227 578 5,159 26 179 18,173 2.120 Page 27 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statem8nts- contlnued for the Ygar Endod 31 March 2024 SUPPORT COSTS- continu9d 2024 2023 Outreach and Other Services Total activities Total aclivilios Wages Premises & ulililies Communications & IT Logal & profossional fees Auditor's remuneration Bank charges Recruitment, ID checks, travel and subsistence Depreciation of tangible fixed assets 18,363 239 2,276 766 2,427 522 63,565 2,53S 7.878 2.651 8.400 1,806 59,852 2.207 12,575 1,567 7,890 1.981 338 2,004 1.169 8.734 284 9,286 26,935 96,738 95,642 10. NET INCOMEIIEXPENDITUREI Net incomell8xpenditurel is stated after chargingllcrediting}'. 2024 2023 Depreciation - o¥Nned assets Auditors. remuneration 89,902 8.400 95,831 7,890 11. TRUSTEES. REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. TTUSte8s' expensgs There were no Trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 28 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - contlnued for the Year Ended 31 March 2024 12. STAFF COSTS 2024 2023 Staff costs.. Wages and salaries Social security costs Pension wnlribulions 461,749 24,827 37,858 427,058 25,916 36,408 524.434 489,382 The average monthly number of employees during the year was as follows.. 2024 2023 Raising funds Charitable activities Support 16 16 22 21 The number of employees whose employ88 benefits lexduding employer pension costs} exceeded £60,000 was.. 2024 2023 £60,001 - £70,000 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Reslricled funds Total funds INCOME AND ENDOWMENTS FROM Donalions and legacies 312,010 133,758 445,768 Charitablg activities Nursery Programrnes Outreach and Other Services 18.844 186.576 12,622 31,466 186,576 Other trading activities Investment income 58,098 31,997 56,098 31,997 Total 605,525 146,380 751.905 EXPENDITURE ON Raising funds 137,601 7.338 144,939 Charltable activities Nursery Programmes 243,797 109.393 353,190 Page 29 continued...
THE ELIZABETH FOUNDATION Note5 to the Financial Statements - ¢ontlnued for tho Ygar Ended 31 March 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unreslricled Reslricled funds funds Total funds Family Support Outreach and Other Servic8S 12,997 187,708 5,250 65.774 18,247 253,482 Totsl 582,103 187,755 769,858 Nel gainslllossesl on investments 23,9401 23.9401 NET INCOMEI{EXPENDITURE} Transfers between funds 15181 5,000 141,3751 5,0001 141,8931 Net movement in funds 4,482 146,3751 141,8931 RECONCILIATION OF FUNDS Total funds brought fotward 2,364,017 1.194,283 3.558,300 TOTAL FUNDS CARRIED FORWARD 2,368,499 1.147,908 3.516,407 14. TANGIBLE FIXED ASSETS Leasehold property Portsmouth Resource Cenlres School and medical equipment Fixtures, rittings & office equipment Motor vehicles Totals COST Al 1 April 2023 Additions Disposals 3,414,546 12,942 234.434 168,118 2,184 5831 19.248 3,836.346 15,126 4.2751 Al 31 March 2024 3,423,796 234,434 169,719 3.847.197 DEPRECIATION Al 1 April 2023 Charge for year Eliminated on disposal 1.216,766 77,563 225.315 6.270 141,903 6,069 19.248 1.603,232 89,902 4,123 Al 31 March 2024 1,290,789 231.585 147.389 19.248 1,689,011 NET BOOK VALUE Al 31 March 2024 2 133,007 2,849 22,330 2,158.186 At 31 March 2023 2,197,780 9,119 26,215 2,233,114 Page 30 continued...
THE ELIZABETH FOUNDATION Notes to tho Financial Statements - continued for the Year Ended 31 March 2024 14. TANGIBLE FIXED ASSETS - continuad The value of fully constructed long leasehold buildings IPortsmoulh Resource Cenlresl at 31 March 2024 has been eslimalod for insurance purposes by the Trustees at £4,339,50012023.. £4,339.5001. This figure, in the opinion of the Trustees, closely reflects the commeroal value. 15. FIXED ASSET INVESTMENTS Unlisted investments MARKET VALUE Al 1 April 2023 Revaluations 870.252 Al 31 March 2024 957,076 NET BOOKVALUE Al 31 March 2024 957,076 Al 31 March 2023 870,252 There were no investment assets outside the UK. Fixed asset investment comprise amounts invested in the COIF Charities Investment Fund managed by CCLA. 16. STOCKS 2024 2023 Goods for r&sale Stslionery and office consumables 3,882 796 3,946 1,098 5,044 Page 31 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - continued for thg Ygar Ended 31 March 2024 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT Prepayments and accrued income 214.367 4,051 19 4,014 89,709 86,212 300,579 97,793 18. CURRENT ASSET INVESTMENTS 2024 2023 Other 800.000 Current asset investments comprise amounts invested in the COIF Charities Deposit Fund. a money m8rkel fund. 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes VAT Other creditors Accruals Deferred income 14,655 7.888 26.936 890 72,090 5,984 10,476 8,351 890 61,080 18,536 128,443 99,333 The Foundation has deferred income where income has been received in advance for fundraising events and nursery session charges and where grants have been received but the Foundation has not yel met the recognition criteria. Deferred income al 1 April 2023 Amounts released from deferred income Amounts deferred this year 18,536 118.536} S.984 Deferred income al 31 March 2024 5,984 Page 32 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - contlnued for the Year Ended 31 March 2024 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Totsl funds 2023 Total funds Unreslricled funds Restricted funds Fixed ass&ts Investments Current assets Current liabilities 1,070,772 957,076 1,253,487 128,4431 1.087,414 2,158,186 957,076 1.262,347 2,233,114 870,252 512,374 99,3331 8,860 3,152,892 1.096,274 4.249.166 3,516,407 21. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 Al 1.4.23 Unrestrlcted fund$ Gengral fund 2.368.499 775.135 9.258 3.152,892 Restrictod fund$ National Lottery Charities Board Reserve Grants & Fees Reserve Ovingdean Fixed Assets ReseNe Portsmouth Resource Centres Reserve 108,411 19,469 311,614 708 414 14.611) (1,3511 (11,3091 25 1051 103.800 8.860 300,305 (9.2581 1.147,908 42,376 9,258 1.096,274 TOTAL FUNDS 3 516,407 732,759 4.249,166 Page 33 continLJed...
THE ELIZABETH FOUNDATION Notos to tho Financial Statements - continued for the Year Ended 31 March 2024 21. MOVEMENT IN FUNDS- contlnutd Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 1,304,941 1616.6301 86,824 775.135 R9strictgd funds National Lottery Charities Board Rosotve Grants & Fees Reserve Ovingdean Fixod Assets Reserve Portsmouth Resou Cenlres Reserve 14.6111 1160,0191 {11.3091 25 1051 (4,6111 (1,3511 (11,3091 25 1051 158,668 158.668 201,044 42,376 TOTAL FUNDS 1463,609 817.674} 86.824 732,759 Comparativos for movement Sn funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestricted funds General fund 2,364,017 15181 5.000 2.368,499 Rèstricted funds National Lottery Charities Board Reserve Grants & Fees Reserve Ovingdean Fixgd Assets ReseNe Portsmouth Resource Centres Reserve 113,022 21,822 325,920 733,519 14,6111 2,647 114,3061 25,1051 108,411 19,469 311,614 708,414 15,0001 1,194,283 41,375 5,000 1,147.908 TOTAL FUNDS 3,558,300 41,8931 3,516,407 Page 34 continued...
THE ELIZABETH FOUNDATION Notos to the Financial Statements - Continued for the Year Ended 31 March 2024 21. MOVEMENT IN FUNDS- contlnugd Comparative nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement n funds Unrestricted fund$ General fund 605.525 {582.1031 123,9401 1518) Restridad funds National Lottery Charities Board ReseNe Grants & Fees R888tve Ovingdean Fixed Assets Reserve Portsmouth Resource Cenlres Reserve 14,6111 1143,7331 114,3061 25,1051 14,6111 2,647 114,3061 25,105} 146,380 146,380 187,755 41,3751 TOTAL FUNDS 751.905 769,8581 23,9401 41,8931 NATIONAL LOTTERY CHARITIES BOARD RESERVE Some years ago, the charitable company applied for and was awarded a project grant from the National Lottery Chariti&s Board. The grant received is subject to reslriclions, and accordingly is treated as a Reslricled Fund. The related assets are subject to ongoing restri¢lions for a period of 80 years, and the Foundation may not dispose of these assets lthOUt the prior written pemiission of the National Lottery Charities Board Igranlorl. £230.300 of the grant was spent on depreciable fixed asset additions in the year ended 31 March 1998." depwialion charged on Ihgse assets is set against the fund each year. The remaining part of the grant was for revenue purposes lo fund an additional teacher. together with project management costs and by 31 March 2001 this had beon fully expended. (Note The current operating name of the Lottary Charities Board is The Big Lotteryl. GRANTS AND FEES RESERVE The Elizabolh Foundation receives reslricled grants and fees for specific charitable purposes from different grant making bodies and other agencies. These funds are spent on both depreciable fixed assets and revenue expenditure. In the year lo 31 March 2024 the reserve was mainly ulilised on speech and language therapy projects. leaching and nursery team employment costs, technology lo directly assist children's leaming, classroom refurbishment. costs of running a support group for children with a temporary or milder hearing loss, the home learning programme and other costs associated with earfy intervention and family support aclivilies. OVINGDEAN HALL FOUNDATION FIXED ASSET RESERVE This reserve shows the amoLJnt of reslricled grant from OHF that has been used for agreed purposes to purchas& fix8d assets forcharily use. The fund balance repfosenls granl-funded expenditure on solar panel inslallalions, the construction of the Sunshine Memory Garden, purchase of a new minibus and carport and children's outdoor play equipment, and expenditure on the first phase of the Earfy Detection Centre extension project, which was completed in October 2014 and then named the Ovingdean Building. Depreciation charged on these assets is sel against the fund each year once the related asset has been brought into use. Page 35 continued...
THE ELIZABETH FOUNDATION Notes to the Flnanclal Statements- contlnued for the Year Ended 31 March 2024 21. MOVEMENT IN FUNDS- continuad PORTSMOUTH RESOURCE CENTRES RESERVE This reserve shows the receipt of past appeals and donations lo raise money for the construction of The Elizabeth Foundation's educational facilities. This includes the 'Raise the Roof appeal {including its final phase. the Baby Unil and the new storage basement ben8athl, and grants for playground equipment. The money has now been fully spent, and the building, ils firsl-floor extension, Baby Unit annexo, and the playground area are included within fixed assets. Depreciation charged on these assets is set against the fund each year once the related asset has been brought into use. This reserve also includes the receipts less administration cost3 of appeals to finance the construction and exlgnsion of the Early Detection Cenlre, now named the Owngdean Building. The money has now b6en fully spent and the building is included in fixed assets. Depreciation charged on these assets is sel against the fund each year. FIXED ASSET EXPENDITURE RESERVE The Fixed Asset Expenditure Reserve rèpresents the value of unreslricled funds designated by the Board of Trustees for expenditure on fixed assets in the following year, whether or not a capital commitment existed at the balance sheet dale. No such designation had been made al 31 March 2024 or 31 March 2023. INCOME AND EXPENDITURE ACCOUNT (GENERAL FUND) The Income and Expencliture Account represents the total of accumulated unrestricted and undesignaled surpluses that The Elizabeth Foundation has g8neraled during ils history. As shown in Note 20, al 31 March 2024 most of these funds have been used over the years lo build or buy the fixed assets (premises and equipment) that The Elizabeth Foundation uses lo do1iver ils charitable services. At 31 March 2024 th8 Income and Expenditure acUnt lotalled £3,152.892 and was comprised of tangible fixed assets of £1.070,772, fixed asset investments £957,076, current assets of £1,253,487 and current liabilities of £128,443. Further information about the Trustees, aims in respect oftree reserves is sel out in tho Directors, Report. 22. OTHER FINANCIAL COMMITMENTS Operating Lease Commitment- Propety The Elizabeth Foundab'on entered a lease dated 1 March 1987 for a period of 99 years, in respect of land at Cosham which comprises the sile of the Family Centre and Test Centre buildings that form the headquarters of The Elizabeth Foundation. The ground rent payable was reviewed during a previous year and al 31 March 2024 the commitments under the lease are as follows.. 2024 2023 In less than one year In two to five years In more than five years 10.500 42,000 597.625 10,500 42,000 608,125 650 125 660,625 Operating Lease Commitments - Office equipment At 31 March 2024 The Elizabeth Foundation had commitments under non-CaNlIable operating leases for office equipment as follows.. Page 36 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - ¢ontinu8d for the Year Ended 31 March 2024 22. OTHER FINANCIAL COMMSTMENTS- continued 2023 2023 In less than ong year In lo five years In more than five years 2.168 1.963 2,143 3,799 4.131 5,942 23. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 24. RECONCILIATION OF NET INCOMEIIEXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Ngt incomel(expenditurel for the reporting perlod las per the Statement of Financlal Actlvltles) Adjustments for- Depreciation charg8S IGainylosses on investments Loss on disposal of fixed assets Interest received Dividends received Decreasellin¢reasel in stocks Ilncreasejldecrease in debtors Increase in creditors 732.759 141,8931 89.902 186,8241 152 113.4681 (18.989) 366 1202.786) 95,831 23,940 30 13,3371 121.2771 11881 98.380 29,218 Net cash provlded by operatlons 530.222 180,704 Page 37 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - contlnued for th8 Year Endod 31 March 2024 25. ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net Cash Cash at bank and in hand 409,537 252 447 157090 409,537 252,447 157,090 Liquid re$ourcgS Deposits included in cash Current asset inveslmonts 800 000 800 000 800,000 800,000 Total 547,553 957,090 Page 38