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 Ma￿h 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 re￿1ve 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 suc￿sSfUllY 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 pa￿nt-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 th￿r 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 kno￿edge 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 serVI￿S 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 con￿MIng 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 f￿e 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 r￿IStered 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 Practi￿1. 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 Ma￿h 2024 and of its incoming resources and application of reSoUr￿s. 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 f￿8 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