REGISTERED COMPANY NUMBER= 01960980 (England and Wale51 REGISTERED CHARITY NUMBER.. 293835 Report of the Trustees and Financlal Statgmenl$ for the Year Ended 31 March 2025 for THE ELIZABETH FOUNDATION Knox Cropper LLP Chartered Accounlanls and Stalulory Auditors Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE
THE ELIZABETH FOUNDATION Contents of the Financial Statements for the Year Ended 31 March 2025 Page Report of tho Trustegs Report of tho Independent Auditors 10 to 13 Statement of Financial Activities 14 Balance Sheet 15 Cash Flow Statement 16 Notes to the Financial Statements 17 10 34
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2025 The Trustees who are also directors ol the charity for the PLJrpos@s of Ihg Companies Act 2006. present their report with the financial slalemenls ol the charity for the year ended 31 March 2025. The Trustees have adopted the provisions ol Accounting and Reporting by Charities.. Slalemenl DI 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 leffecliv8 1 January 20191. OBJECTIVES AND ACTIVITIES AIMS AND OBJECTIVES The Elizabeth Foundation's objects are.. To further the education of deal children, children with additional sensory needs. their families, support netrOrks and wider communities. The relief ol deaf children and children with additional sensory needs by the provision of help and assistance to them and their families, support networks and wider communities, and by the promotion of the early idènlificalion of deafness and hearing loss in babies and young children, and the promotion of high-qualily audiological care and support for all. To further these objects, The Elizabeth Foundation has adopled the mission lo facilitsle eady diagnosis for babies and pre-school children with all d&grees of deafness, and provide comprehensive educational and support services for them and their families. By doing so we enable these ¢hildren lo develop their listening and spoken language skills. build their sell-esleem, and give parents the confidence and knowledge lo make informed decisions on behalf of their child. The Operational Plan for 2024-25 followed five strategic goals.. Goal 1.. To continue lo evolve our services through ever-changing best practice lo meet the diverse needs of our families Goal 2." To seek opportunities lo widen our reach, reacting positively and with flexibility lo the changing needs of our families Goal 3.. To diversify fundraising to deliver servi¢8s and rnainlain our facilities Goal 4.. To review corporate services lo create resilience and build sustainable income Goal 5.. To engage a robust marketing plan both for servic&s and for funding ACHIEVEMENTS AND PERFORMANCE Al The Elizabeth Foundation. our core services comprise of 2 baby groups, 3 toddler groups and 8 pre-school groups with 83 families from 13 different local authorities being supported al our family centr& on 8 regular basis during 2024-25. We provide a high-qualily edLJ¢alion programme for children and farnilies. This in¢ludes parenufamily support, monitoring and assessment lor speech, language, listening and Communication, an Eady Years Foundation Siage Curriculum in the nursery setting, and reporting for Education Health and Care Plans1 school transition. Parents and families remain an integral part of our seNice provision. with family involvement al all limes Ihroughoul the programme. In addition lo our core services, we support families through our Listen Groups- for Chidren with Down syndrtsme, children with one~sided andlor conductive hearing loss, and for children with s&vere and complex needs. For those families who cannot access our services due lo transport or distance, we have an online home leaming programme called Let's Lislen and Talk. an inleraclive programme lo support families wilh 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 the Year Ended 31 March 2025 Goal 1.. To continue to ovolve our sgrvicgs through everrfhanging best practice to meet the diverse needs of our families Our 2024125 lans.. To continue lo review our rnodels of education for all services to ensure that we use best practice in our lesching strategies and tèchniques To build skills and knowledge acrDSS Dur team so that we can ¢onsislenlly provide accurate, quanlilalive and qualilalive data lo evidence the impact of our work To involve and engage parents and past serVi- users To partner wlh professional organisalions lo ensure that families re1ve the highest leve1 of support To strengthen our partnerships with key stakeholders who collate and publish evidence of the needs of children with hearing loss, its long- term impa¢1 and the differen that eady intervention can achieve To safeguard our benefioiaries and staff through our embedded culture, processes, protocols and reporting mechanisms lincluding regLJlar 1..1 appraisals and open-door policy for staff and volunteers with senior managers) Our 2024125 achievements.. We continue lo provide 'Oulslanding' services lo children with hearing loss and their families from all across the South of England Wè had 8 re-accredilalion visit from Speech and Language UK (formerly I Can) and we received very positive feedback and maintained our 'Specialisl' accredilalion slalus All children receive lermly individual education plans IIEPSI and parents are updated regularly with achievements and 'nexl-sleps' Staff from TEF contributed evidence for EHCP assessments for those children who required this Our BSL dictionary lor all topical vocabulary in our nursery is complete and available on our website We continued lo work with UCL on their language and literacy research project.. and WÈ attended meetings re the parenl-child inleraclion study. We hosted assessmenvdats collection sessions al TEF for our graduates We continue to work closely with National Deaf Children's Society, Ewing Foundation, Advanced Bionics, Cochlear, and Auditory Verbal UK likeminded charities and businesses that are all working towards similar goals of supporting families with deaf children We wrote articles for the CICS and BATOD magazines We hosted 3 professional days for people who work in the field of deafness lo leam more about our seNices We hosted a placement for a Ihird-year psychology sludenl 1 day per week for the academic year We hosted a sludenl Teacher of Deaf for training We completed our action plan for safeguarding developed from our Safeguarding Compa¢1 and we have allended training for Safeguarding Leads Staff mèmbers continued with BSL training We allended mulli4isciplinary mtrelings with local professionals Page 2
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2025 Goal 2- To seek opportunities to widen our reach, reacting positivaly and with flexibility to the changing needs of our families Our 2024125 lans.. To increase the reach and scope of services so Ihal we Can support families remotely through outreach programmes, considering government guidance and financial r&slraints To continue lo update and develop our outreach services lo meet the varied needs of families Our 2024125 achievements- Let's Listen & Talk ILL&TI enrolm8nl increased lo 1,464 compared with 1,285 al the same time last year, made up of 848 families and 616 professionals We launched our new LL&T app We ran a live music session for parents and babies enrolled on the online programme continued our professional training programme about LL&T. allending virtual lear rneelings with sensory impairment teams and cochlear implant leams across the UK We attended the BCIG - a national meeting for cochlear implant professionals which helped make or deepen connections wth th& big cochlear implant manufacturers. We are working in close partnership wlh M6d-El as well as Advanced Bionics We ran a very successful Summer 2024 programme for 4 families from across the UK and Ireland. We Driginally had 6 families enrolled, bul with further investigations, il felt like two of the children were not yel developmentally ready lo allend the programme. Feedback was collected to hel identi an further im rovements. Page 3
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2025 Goal 3- To diversify fundraising to deliver services and maintain our faclllties Our 2024125 plans: To maintain and develop The Elizabeth Foundation's portfolio of income streams and donor management in order lo deliver core services, maintain our facilities and strengthen fundraising resilience. Our 2024125 achievements.. We successfully transferred over to a new CRM database We successfLJlly recruited 2 new fundraising adminislralors Fundraisin Events.. We successfully ran a wide range of fundraising events lo suit different audience preferenS and spending capacities, both communily-related evsnls and those specific lo families attending TEF. These included quiz nights, a goll day, a member-only supercar event and Christmas and Summer fel&s Donor En emenl." We effectively managed our donor journey, slrenglhening engagement rith regular supporters whilst extending invitations to Consider legacy gifts through our complimentary will-wriling service We have broadened our community outreach through inleraclive talks and presentations lo educationa1 inslilulions, Churches, community groups, and associations. Additionally, we have mentored volunteers ranging in age from 16 10 82, enhancing our community involvement and increasing capacilylskills wilhin the charity We have initiated outreach and relationship building rilh local community associations - e.g. Wl, Freemasons and Rotary groups We have invited guests to visit the family centre lo witness our work first-hand, fostering a deeper connection with potential donors and supporters Grants.. We updated our project documents for grant funders and corporate foundations lo align with updated giving criteria, securing project- based and corè funding We have added projects lo new, external funding platforms lo increase awareness ofour needs and impact, allracling additional support We have mairnlained and expanded ongoing grant agreements by nurturing existing relationships with grant lunders and we have actively 50ughl new opportunities lor grant fundraising and mark&ling opportunities lo diversify and increase funding sources Cor orate su orters.. We have expanded our reach through presentations lo corporate enlilies al external business meetings and events, effectivel raisin awareness and su ort. Page 4
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 March 2025 Goal 4- To review corporate services to create resilianca and build sustainable income Our 2024125 lans- To build up The Elizabeth Foundation's resilience and suslainabilily by continuing lo follow a long- term approach to financial planning To enhance our regular income streams by developing the potential of our existing assets To conlinug lo ke&p pace with evolving legislation & b&51 practice ¢on¢eming people management, for both staff and volunteers To ¢onlinue lo maximise the efficiency. reliability, security and safely of our corporate services functions. Our 2024125 achiovemgnts.. 'Jusl Ears, began offering a weekly ear wax removal clinic in the Tesl Centre We installed air<ondilioning lo make additional rooms suitable for clinical use and began discussions with Portsmouth Hospitals Trust about increased shared use ol the Tèsl Cenlre. We improved acoustics in the leaching areas with new soundfield systems. We look first steps lo improve natural shade around the sile. HR policies and the staff handbook were updated once again lo keep pace with changing employment law requirements We continued lease negotiations with Portsmouth Cil Council. Goal 5.. To engage a robust marketing plan both for sgrvic8s and for funding ur 2024125 lans- To review the appropriateness of our brand, website and platforms To identify the most appropriate and timely channels lo engage with our supporters on a segmented basis, increasing awareness both locally and nab'onally To implement social media activities that effectively engage families, professionals, funders and the wider public lo increase awareness and funding To create video and photographic materials lo promote the charity's activities. Our 2024125 achievements.. We hav& reviewed and updated our plug-ins, enhancing the user experience and lunctionalily of our website Additionally, we decided lo initiate a firsl-slep review and potential redesign of the TEF and LLAT websites in 202512026 We have continuously vieWed and adapted our use of digital channels, including Facebook, Inslagram, X (formerly Twillerl. and Linkedln. By croaling a diverse array of Iherlled posls, we have effectively reached differ&nl audience segments and catered lo various areas of interest We continue lo use our online tools. including Canva and Premiere Pro, lo enhance the quality of our social media posts and lo better accommodate the needs of guests with disabililies. Additionally, we have incorporated els and video clips lo engage our audience in a more visually dynamic manner We produced new video content in-house, featuring some of the real beneficiaries we serve, and showing the need for and impact of our education, communication and welfare programmes Our Digiial Media Manager won the Gold Peoplè's Choice Award at the Smiley Charily Film Awards for the film he created - Meet Oscar and Ella We also developed two new long-form articles to add lo our Foundations for Communication series. Page 5
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Ended 31 Mah 2025 OUR PLANS FOR FUTURE PERIODS 1. Education programme: We will safeguard our beneficiaries and staff through our embedded culture and reporting mechanisms (including regular appraisals and an open-door policy for staff and volunteers). We ll11 enhance impact measurements and Iransparen¢y lor 811 our Servi8, informing our models of education and ensuring our skills and knowledge base continue lo provide best-pracli¢e for children and families. We will involve lamily and community lo inform all our services. We wll partner with professional organisalions and key stakeholders for research lo ensure the best possible support for our families. 2. Outreach programmes.. We will maintain and develop outreach services that meet the Changing needs ol families across the UK. We will adapt our online services lo meet the changing needs of both panIS and professionals. 3. Fundraising and volunteers-. We will develop and diversify income streams, including grants, legacy giving, events and community fundraising to &nsure the long-term financial suslainabilily of thè charity's services and facilities. We will strengthen volunteer and ambassador networks while creating compelling video, photographic and wrillen conlenl to support fundraising, awareness and engagement objectives. 4. Opgrational Effi¢ign¢y: We wi51 adopt cloud-based lor outsourced) management systems where savings are available. We will collaborate with similar organisalions lo share opportunities, resources and knowSedge, reducing adrniri costs and demonslraling responsible resource management. We will manage any surplus funds lo achieve the best relum available al low risk in an increasingly uncertain economic environment. We will implement measures to minimize the risk of any $11Y inlerruplions lo the charity's work due to safely or security breaches, whether on or offline. 5. Marketing: We will enhance the charity's brand, website and communication channels lo &ffecliveSy engage supporters, increase awareness and grow financial and community support both locally and nationally. Public benefit The Trustees have referred to the Charity Commission's published guidance on the public benefit requirement under the Charities Act 2011 when reviewing The Elizabeth Foundation's aims 2nd objeclives, and in planning future aclivilies. In partiGul8r, the Trustees consider how planned a¢livilies will contribute to the aims and objectives sel. FINANCIAL REVIEW Financial Review The surplus for the year amounted to £17,379 12024.. £732,759). Total donations rose to £144,260 12024.. £105,817), 0ng lo a subslanlial increase in commijnily donations. Legacy income has always been unprediclable and beyond our control. This year we were very fortunate lo receive £181,01412024'. £818,105). Meanwhile, the value of grants rose once again, lo £216,651 12024.. £190.3761. Total expenditure increased by £30,672 to £848,34612024." £817,674), mainly due lo rising stsff costs. Page 6
THE ELIZABETH FOUNDATION R8POrt of the Truste85 for the Year Ended 31 March 2025 FINANCIAL REVIEW Investment FX)licy and objectives The Elizabeth FoundatlDn's investment powers are sel out in ils Memorandum & Articles of Association. Day lo day cash flow manag&ment is delegated lo the Chief Executive and senior staff, who act in accordance with policies agreed by the Trustees. In response lo progress made toward the reserves policy goals sel out in the section below. th8 Trusloes have established an investment policy lo maximise returns on long term reserves that need not be held in cash for any immediate practical or precautionary reason. The investment objective for such funds is lo generate a return in excess ol inflation over the long term, whilst also generating an income lo support the Chaty'S ongoing aclivilies. To this end, any funds that the Trustees identify as being available for long term investmonl may be invested in reputable Unil Trusts open only lo charities. Funds expected lo be available in the short or mediutn term may be invested in low volatility nel asset value money market funds. Reserves policy The Elizabeth Foundation's funds comprise those that are unreslricled, those that are unrestricted bul which have been sel aside by the Trustees lor a particular purpose, and those that are the subject of restrictions in law or by donors land which therefore cannot be used for anything else). The Elizabeth Foundation currently has no endowed or permanent funds. Note 2110 the Accounts gives more information about funds, including policies and reslriclions applwng lo individual funds. Total funds held as al 31 March 2025 were £4,266,54512024.. £4,249,166). Al 31 March 2025, The Elizabeth Foundation had unreslricled Ibul nol'free'l reserves of £3.214,102 in its Income & Expenditure Account. These reserves are not "free as defined by the Slalemenl of Recommended Practice ISORPI. lo the extent that Ihey could only be realised Ilurned into cashl by disposing of fixed assets held for charity use (selling the buildings in which we carry out our acliviliesl. Al 31 March 2025. 330/D of these reservas were held in the form of fixed assets excluding quoted inveslmenls, down from 34010 in 2024. The reserves policy of The Elizabeth Foundation is lo maintain a level of free reserves that will allow s&Nice conlinuily and sufficient lime to adjust in a planned and robust manner lo any Significant change in resources. Having reviewed the practical application of similar policies lor other organisalions within the charitable and voluntary sector, which range from indicative free reserve levels of 3 months, operating expenditur& to 3 years. total costs rgquiremenl, the Trustees aim lo hold free reserves equivalent lo between 6 and 12 months, operating expenditure. Al 31 March 2025, free nel current assets and quoted investments held by The Elizabeth Foundation amounted lo £2,163,78612024.. £2,082,120) of which £nil was earmarked for expenditur¢ on fixed assets12024.' £nill and £2,163,786 represented free reserves in the General Fund 12024.. £2,082, 1201. These free reserves amounted lo an unchanged 2410/0 of lolal bu(Sgeled revenue costs and depreciation for the Coming year, compared with a largel of between 50Q/o and 1 OOQlo, 12024". 2410/01. However, the Trustees are aware that the high level of free reserves over the past four years has been due mainly lo the windfall effects of subslanlial legacies that may not be repealed in future, potentially leading to deficits. On the basis of the annual and ongoing review of reserve levels and anlicipaled future cash flow, il is the opinion of the Truslees that the balance on each fund shown in the balance sheet as al 31 March 2025 Ilogelher with its anlicip8led income and expenditur61 is adequate lo fulfil that fund's obligations and the over211 obligations of The Elizabeth FoundaliDn for the next financial year, and for a period of al least 12 monlhs frotn the (tale of this roport. APPROACH TO FUNDRAISING Fundraising is essential lo maintaining The Elizabeth Foundation's ability to carry out vital work and therefore we are registered rith the Fundraising Regulator. All siaff and volunteers are required to abide by the Code of Fundraising Practice, Charity Commission guidance and our own robust policies and to escalate any concerns lo the Senior Managemenl Team immediately. All our supporters and donors musl be treated courteously and professionally. We are particularty conscious of the need lo lake care when inleracling 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 are reviewed by our Senior Management Team and Trustees, adhering lo clear escalalion rDules. We did not receive any complaints in the year ended 31 March 2025. Page 7
THE ELIZABETH FOUNDATION Report of the Trustees for the Year Endèd 31 Mareh 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Elizabeth Foundation was èsL9blished under the terms of a Trust Deed Imay 19821, and then subsequently in November 1985 incorporated as a charitable company limited by guarantee. Ils governing documents a accordingly the Trust Deed and Memorandum and Articles ol Association (revised 1997, 1998, 2007, 2011, 2014, 2016 and 20241, which provide for a governing Board of Trustees originally known as the Council of Management. The Foundation is regislored with the Charity Commission under the Charities Acl 1960. Organisational structure The CounGiI of Management Irelerred to as the Board Df Trusleesl delegates the day to day running of The Elizabeth Foundation lo the CEO and senior staff. Bètween Board meetings, the CEO may make written reports lo members of the Board, providing updates on key projects and issues, and generally lo keep Trustees inforrned. Induction and training of new Trustees From lime lo Iirme, the Trustees review the composition of the Board in ord&r lo ensure that an appropriate mix of skills and ¢ompelencies is represented. and lo identify any specific induction or trainin9 needs that Trustees might have. The ESizabelh Foundation makes use of publicalions available from the Charity Commission lo assist Trustees to understand their duties. Occasionally, members of the Board meet informally Ic> discuss topics in greater detail in order to further their understanding of Ih&ir role and how il conlribules lo the development and stewardship of The Elizabeth Foundation, The Trustees have been circulated with the lalesl version of the Merllorandum and Articles of Association and the 'Essenlial Trustee" They are en¢Duraged lo regularly visit the Charity Commission website and seek extra training as they see fil. REFERENCE AND ADMINISTRATIVE DETAILS Registored Company number 01960980 (England and Wales) Registered Charity number 293835 Rggistgred office The Elizabeth Foundation Southwick Hill Road Cosham Portsmouth Hampshire P06 3LL Trust&as P H Ardem A J Given T C R Holloway- Chair S J Hutchinson (resigned 23.10.241 l L Manuel S R Windridge C D Dalton lappoinled 30.4.251 H D J Thomas lappoinled 24.7.241 Page 8
THE ELIZABETH FOUNDATION Report of the Tru51ees for the Year Ended 31 Mar¢h 2025 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Knox Cropper LLP Chartered Accounlanls and Statutory Auditors Office Suite 1 Haslemertt House Lower Street Haslemertr Surrey GU27 2PE STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the directors of The Elizabeth Foundation for Ihe purposos of company lawl are responsible for preparing Ihe Roport of th& Tmslees and the financial slalements ill accordance wlh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view ol the Stale of affairs of the charitable Company and of the incoming resources and application of resources, including the inwme and expenditure. of the charitable company for that period. In preparing those financial slalemenls, the Trustees are required lo select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charity SORP., make judgements and eslimales that are reasonable and prudent., prepare the financial statements 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 with reasonable accuracy at any lime the financial position of the charitable company and lo enable them lo ensure that the financial slalernenls comply wlh the Companies Act 2006. They are also responsible lor SafUardlng the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Tnjslees are aware: there is no relevant audit information of which the charitable company's auditors are unaware., and the Trustees have taken a51 steps that they ought lo have taken lo make themselves aware of any relevant audit information and lo establish that the auditors are 8ware of that information. 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 order of the board of Trustees o 23 July 2025 and signed on ils behalf by.. T C R Holloway - Tru ee Page 9
Report of th8 Independent Auditors to the Members of The Ellzabeth Fotjndatlon Opinion We have audited the financial slalements of The Elizabeth Foundation Ilhe '¢harilable company'l for the year ended 31 March 2025 which ¢omprise the Slalemenl of Financial Aclivilies, the Balance Sheet, the Cash Flow Statement 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 Praclicel. In our opinion the financial slalemenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 March 2025 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been propedy prepared in accordanTr with United Kingdom Generally Accepted Accounting Practi., and have bèen prepared in accordance with thè requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities lor the audit of the financial slalemenls section of our report. We are independent of the charitsble company in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requ1MentS. We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the Trustees. use of the going conrn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions Ihal, individually or collectively. may cast significant doubl on the charitable company's ability lo ctsnlinue as a going concem for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concem are described in the levanl s&¢lions of this report. Other Information The Trustees are responsible for the other information. The other information comprises the information included in th6 Annual Report, othèr than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the financial slalements does not cover the other information and, except lo the exlenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalemenls, our responsibility is lo read the olh&r information and, in doing so. consider whether the other information is materially inconsislenl with th& financial slalemenls or our knowSedge obtained in the audit or othenNise appears lo be materially misslaled. 11 we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a rnalerial misslalement in lh& financial sialemenls themselves. If, based on the work we have performed, we conclude that there is a material rnisslalemenl of this other informats'on. we are required lo report Ihal fact. We have nolhing to report in this regard. Page10
Report of the Indepenijent Audltors to the Members of Tha Elizab8th 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 financial year for which the financial ststemenls are prepared is consistent with the financial slalements.. and the Report of the Twslees has been prepared in accordance with applicable18gal requirements. Mattors on whl¢h wo are requlred to report by exception In the light of the knowledge and understanding ol the charitable cofflpany and ils environment obtsined in the course of the audil. we have not identified material misststemenls in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2D06 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept or relums adequate for our audit have not been received from branches not visited by us, or the financial sialemenls are not in agreement with the accounting records arid returns,. or certain disclosures of Tnjslees. remuneration specified by law are not made.. or we have not received all the information ancl explanations we require for our audit., or the Trustees were not enlilled ID lake advantage of the sma11 companies exemption from the requirement lo prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of Trustees As explained more fully in the Statement of Trustees. Responsibilities, the Trustees (who are also the directors of the charitable company for Ihe purposes of company lawl are responsible for the pr¶lion of the financial slalemenls and for being satisfied that they give a true and fair view, Snd for such inlemal CDnlrol as the Trustees determine is ne$sary lo enable the preparation of financial slalemenls that are free from material missialemenl, whelhef due lo fraud or error. In preparing the financial slalefnenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going Concern, disclosing. as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative bul lo do so. Page11
Report of the Independent Auditor$ to the Members of The Elizabeth Foundation Our responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and lo issue a Report ol the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected ID inflLJence the economic decisions of users taken on the basis of these financial slalemenls. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. We obtained an uriderslanding ol the legal and regulatory frameworks that are applicable ID Ihe charity and determined th81 the most significant are thè Financial Reporting Standard 102 'The Financi81 Reporting Slandar applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice) and the Charities SORP "Acwunling and Reporting by Charities.. Slalement of Recommended Praclice" The Charity is required to comply with charity law and, based on our knowledge of ils aclivilies, we identified that the legal requirement to accurately account for restricted funds was ol key significance. - We understood how the charity is complying with those frameworks via communication with those charged with governance, together with the review of the charity's documented policies and procedures. We assessed the susceptibility of the charity's financial statements lo material misstalemenl, including how fraud might occur by considering the key risks impacting the financial statements. These inclLJded risks associated with Revenue Recognits'on and Managerllent Override ol Controls, which were di5CU5sed and agreed by the audit team. Our approach included agreeing the charity's recognition of income lo the terms of the underlying grant agreements and associated correspondence, the review of journal entries processed in the a¢¢ounling records and the investigation of significant and unusual transactions idenbfied from our review ol the accounting records. Our approach was also lo check that restricted income was properly identified and separately accounted for arid lo ensure that only valid and appropriate expenditure was charged lo restricted funds. This included reviewing joumal adjustments and unusual transactions. Based on this understanding we designed our audit procedures to identify non-compliance with suoh laws and regulations. Our procedures involved review of the reporting lo thè directors wlh respect lo the application of the documented policies and pmcedures and review of the financial slalemenls lo ensure cornpliance with the reporting requirements of the charity. There are inherent limitations in the audit procedures described above and, the further removed non<ornpliance with laws and regulab'ons is from the evenls and transactions reflected in the financial slalemenls, the less likely we would become aware of it. The risk of not detecting a material misslalemenl due to fraud is higher than the risk of not delecling on8 resulting from error. as fraud rnay Involve deliberate Conalment by, for example, forg&ry or intentional MISrepselatlon$, or through collusion. A further description of our responsibilities for the audit of the finanGial 51alemenls is located on the Financial Reporting Council's websilo al www.frc.org.uklaudilorsresponsibililies. This description forms part of our Report of the Independent Auditors. Page 12
Report of the Independent Auditors to the Members of The Elizabeth Foundatlon Use of our r9POrt 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 Acl 2006. Our audit work ha5 been undertaken so that we might slate lo the charitable company's members those mallers we are required lo stale lo Ihem in an auditors. rèport and lor no other purpose. To the fullest exlenl permilled by law. we do not ac¢epl or assume responsibility lo anyone other than the charilable company and the charitable company's members as a body, for our audit work, for this pOrt, or for the opinions we have formed. Matthow Elkins FCA (Senior Stslulory Audilorl for and on behalf ol Knox Cropper LLP Chartered Accounlanls and Statutory Auditors Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE Date.. Page 13
THE ELIZABETH FOUNDATION ststement of FinancTral Activities for the Year Ended 31 March 2025 2025 Total fvnds 2024 Total funds Unrestricted lund5 Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 400,666 141.259 541,925 1.114,298 Charitable activities Nursery Programmes Outreach and Other Services 18,196 195,159 11,902 30,098 195,159 34,580 187,091 Other trading activities Inveslm&nl income 65,139 71,377 65,139 71,377 87.413 40,227 Total 750,537 153.161 903,698 1,463.609 EXPENDITURE ON Raising funds 165,166 1,754 166,920 154.124 Charltable activities Nursery Programmes Family Support Outreach and Other Services 265,367 17.624 218,252 127,551 1.265 51.367 392.918 18,889 269.619 385.423 18,186 259.941 Total 666,409 181,937 848.346 817.674 Nel gainslllossesl on investments 37.973} 37,973) 86,824 NET INCOMEIIEXPENDITUREI Transfers between funds 46,155 15,055 128,776} 1 5,055) 17,379 732,759 21 Net movement in funds 61.210 143,8311 17,379 732.759 RECONCILIATION OF FUNDS Total funds brought forward 3,152,892 1.096.274 4.249,166 3.516,407 TOTAL FUNDS CARRIED FORWARD 3,214.102 1,052,443 4,266,545 4,249,166 The notes form part of Ihese financial statement5 Page 14
THE ELIZABETH FOUNDATION Balance Sheèt 31 March 2025 2025 2024 Notes FIXED ASSETS Tangible assets Inveslmenls 14 15 2,096,705 919,103 2,158.186 957,076 3,015,808 3.115.262 CURRENT ASSETS Stocks Debtors Investments Cash at bank and in hand 16 4,976 221,238 850,000 297.055 4.678 300,579 800.000 157,090 1,373,269 1,262.347 CREDITORS Amounts falling due within one year 19 1122,5321 1128.4431 NET CURRENT ASSETS 1,250.737 1.133.904 TOTAL ASSETS LESS CURRENT LIABILITIES 4.266,545 4,249,166 NET ASSETS 4,266,545 4.249.166 FUNDS Unrestricted funds Reslricled funds 21 3,214,102 1,052 443 3,152,892 1,096,274 TOTAL FUNDS 4.266,545 4,249,166 These financial slalemenls have been prepared in accordance wlh the provisions applicable lo charitable companies subject lo the small companies regime. The financial statements were approved by the Board of Trustees and aulhorised for issue on 23 July 2025 and were signed on ils behalf by.. T C R Holloway- Tr e& A J Given - Trustee The not8s form part of these financial statements Page15
THE ELIZABETH FOUNDATION Cash Flow Ststement for the Year Ended 31 Mar¢h 2025 2025 2024 Notes Cash flows from operating activities Cash generated from operations 24 154,610 530.222 Nel cash provided by operating activities 154610 530,222 Cash flows from investing activities Purchase of tangible fixed ass&ls Purchase of current asset investments Interest received Dividends received 127,290) 150,0001 43,236 19,409 115.1261 1800,0001 13,468 18,989 Nel cash used in invests.ng activities 14.645) 1782.6691 Change in cash and cash oquivalent$ In the reportlng period Cash and cash equivalonts at the boginning of the reportlng rIOd 139,965 1252,4471 157,090 409,537 Cash and cash equivalents at the end of the reporting period 297,055 157,090 The notes form part of these financial st8lementS Pag8 16
THE ELIZABETH FOUNDATION Notes to thè Financlal Statements for the Year Ended 31 MaTch 2025 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charilies 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 - (Charities SORP IFRS 10211, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and Ihe Companies Act 2006. The Elizabeth Foundation meets the definition ol a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical Cost or transaction value unless otherwise slal8d in the relevant accounting policy notelsl. The charitable company has taken advantage ol Paragraph 3131 Sch 4 of the Companies Act 2006 and adapted Companies Act formals ol accounts lo rellecl the charitable nature of the company's aclivilies. The Elizabeth Foundation is a company lirnil&d by guarantee. incorporated in England and Wales, and has no share capital. Every member of the company guarantees lo conlribLJte a maximum of £1 on winding up. Ils registered office is situated at Southwick Hill Road, Cosham, Portsmouth, P06 3LL. The financial slalemenls are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial slalemenls are rounded lo the nearest £. Critical accounting judgements and key sources of estimation uncertainty Depreciation The depre¢ialion ol fixed assets is based on management's estimate of their useful lives which is kept under review. Income INCOME FROM VOLUNTARY SOURCES AND FUNDRAISING Incorne includes voluntary sources of income such as Charitsble donation, grants, gifts Iwith related tax recovery where appropriatel, legacies and payroll-giving programmes, as well as organised fundraising events (some of which ar& run dirèctly by The Elizabeth Foundalion - classed as Fundraising Events," and some which are run by volunteers and supporters with help as necessary by The Elizabeth Foundation classed as Donations and Giflsl, appeals and collections. The cost ol running Ihese programmes during the year was £166,92012024'. £154,1241 and this is included within the heading'raising funds. shown under Expenditure, and in Nol& 6. The following specilic policies are applied lo particular categories DI voluntary income and fundraising. -Unreslricled voluntary donations and gifts are accounted for when they are received. as this is the point al which the necessary detail becomes available lo allow them lo be entered into the accounting records., il is also the point al which they become sijfficienlly certain lo be recognised. Legacies are similarly accounted for when received unless the is sufficient reliable information for them lo be accounted for earlier. -Reslricled incomè is accountèd for within Reslricled Funds when il is receivable lif this has been notified lo The Elizabeth Foundalionl. Grants, where enlillemenl is not conditional on the doliv&ry of a specific performance by the charity, are recognised when the charity becomes unconditionally entiued lo the grant. Expenditure related lo Restricted Funds is matched lo Income accordance with the tems of the award or grant. Page 17 (x)ntinued...
THE ELIZABETH FOUNDATION Notes to the Financbal Statement5- continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continuod Incom& -Donaled services, facilities. and other gifts and donations in kind are accounted lor in the Slalemenl of Financial Activities when they are received and al an appropriate value lo the charity where this can be quanlilied and where material. Corresponding additions lo Fixed Assets, Slock or operating costs are made according lo the nature of the item. The value of seNices provided by vo5unteers has not been included in these accounts. INCOME FROM CHARITABLE ACTIVITIES Activities which further the charitable objectives of The Elizabeth Foundation include: -Nursery Programm8s". baby, loddleT and pre-school education programmes lor children who are deaf and Ih¢ir parents (who have chosen to develop their child's listening and spoken language skills in a natural, fun and child<enlred way)., -F8mily Support.. practical and emotional support and counselling for such parents and families delivered either al The Elizabeth Foundation Family Centre or through our Home Learning Programrne.. -Oulreach and other services". regular liaison with related health professionals and mainstream schools.. making The Elizabeth Foundation's day lo day operations open lo visiting professionals and researchers to further their professional developrnenl and project work, and lo disseminale our expertise as eady intervention praclilioners., providing leading-edge hearing testing and diagnosis facilities and equipment., and providing the counselling and support to families required lo complement lesling and diagnosis aclivilies. In some cases these activities give rise lo sources of operating income from conlracls, Servi level agreements and discretionary grants from public bodies. Most such sources are subject lo annual renegolialion, local spending priorities, and availability DI funds from Central govemmenl, and are not directly related lo the full cost lo The Elizabeth Foundation of carrying out the aclivily. Similarly, some discretionary grants loften with reslriclions as lo the use of the funds) are awarded to The Elizabeth Foundation by charitsble or philanthropic trusts and foundations," each grant maker will have its own slringenl application and moniloring procedures. and awards are usually subje¢l lo annual renegolialion or finite periods. The costs of sourcing, negotiating. managing and reporting upon such funding arrangements are accounted for as a cosl of providing the related Servi$. Fees are charged lo beneficiaries for some setvices, and these are often sel al nominal amounts to ensure that there is no financial conslrainl lo prevent people who need our services from being able lo access them. The following specif1C Policies are applied lo particular Galegories of income from our charitable activities. -Incorne from contracts and other forms ol agreemènt lincluding some described as 'granls'l, where related lo performance and specific deliverables, are accounted for as the charity earns the right lo consideration by ils performance -Fegs are accounted for when receivable. Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. The Foundation is partially exempl for VAT purposes and expenditure includes irrecoverable VAT. Expenditure is allocated lo the IDllowing cost cenlres using mèthods generally accepted in the sector Ithe ACEVO model for cost analysis, adapted to ensure compliance with the Charities SORPI.. Page18 continued...
THE ELIZABETH FOUNDATION Notes to the Flnanclal Statements Continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Expenditure -costs of Raising Funds.. including both direct and indirect allocations of payroll cost and administrative overhead, and direct costs associated with altracling voluntary income and carrying out fundraising activities -support Costs including Governance Costs, include direct and indirect costs of complying with all necessary constitutional and slatulory requirements of the charitable company and its strategic management and risk assessrnenvmanagemenl procedures -charitable Aelivilies costs., comprising those Costs incurred by the charity in the delivery of ils activities and services. 11 includes both directly allributed costs, and allocations DI indirect costs and overheads that are necessary to support them and wilhoul which il would not be possible lo continue them All costs are allocated b8tween these cost cenlres (expenditure ¢alegoriesl on 8 fair and consislenl basis intended lo reflect the use of Ihe resource. Many types of cost include items that can b& d1cl1Y allribuled, as well as a pool of costs Ihal are dealt with by apportionment using an appropriate basis such as staff lime allocation, estimated floor area usage, or another reasonable judgement Df consumption. The information sel out in NDle$ 6 10 8 summarises the outcome of detailed cost allo¢alions based on the ACEVO model as explained above Ilhis model is used to assist Ihe charity's understanding of ils cost of delivering services, and lo provide a basis for full cost recovery discussions with potential funders when appropriatel. Tangible fixed assets Assets are ¢apilalised where their individual value exc@eds £500. Fixed Assets are staled al cost. Depreciation is provided on all tangible fixed assets al rates calculated lo write off the Cost of valuation, less estimated residual value, of &ach asset evenly over ils expected usefLJI life on a slraighl line basis. The rates most used in each category are as follows.. Freehold property Office equipmenl Long leasehold buildings Computer equipment School equipment Medical equipment Motor vehicles 50 years 4 10 5 years 5 to 50 years 4105yea 5 yèars 3 10 5 years 5 years Where depreciation is Charged against assets reprosonling reslricltsd and designated funds, this depreciation is charged against that fund as il arises. The carrying values of tangible fixed assets are reviewed for impaitmenl if events or changes in circumstances indicate that the carrying valu& may not be recoverable. Stocks Stocks 8re valued al the lower of cost and nel realisable value. after making due allowance for obsolelo and slow moving items. Taxation The charity is exempl from corporation lax on its charitable activities. Page 19 continuèd...
THE ELIZABETH FOUNDATION Notes to the Flnan¢lal Statements. continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES. continued Fund accounting Unreslricled funds are defined as grants, sponsorship and other inc0e received or generated for the obj&clives of the charity wilhoul 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. Reslricled funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when spe¢ifi&d by th& donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to the financial slalemenls. Reserves The Elizabeth Foundation recognises that accounting reserves are not always represented by available liquid assets. Note 20 s&ls out how The Elizabeth Foundation reserves I'lunds'l are represented al the balance sheet dale. 11 also provides infDrmalion about resetv&s policies, including that for the Income and Expendilure Account, and additional details is also given in the Directors, (Trustees'l Report. There are two reserve largels.. a longstanding target lo hold between 50Qlo and 100010 of lotsl budgeted costs for the ensuing year in accessible free reserves and a rllinimurll cash reserve of 25°/o ol the current year's budget. Going Concern No material uncertainties that rllay cast significant doubl about the abilily of the company lo continue as going concern have been identified by the Trustees. The Trustees plan lo keep the charity as a going concern as referred lo in the Aims and Objectives of the Trustees, Report. Debtors Trade and other debtors are recognised al the selllemenl amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel 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 ol acquisition or opening of the deposit or similar account. Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the Iransfer of funds to a third party and the amount due lo settle the obligation Can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after all0ng for any trade discounts due. Page 20 continued...
THE ELIZABETH FOUNDATION Notes to the Finan¢lal Statements. contlnued for the Year Ended 31 March 2025 DONATIONS AND LEGACIES 2025 Total funds 2024 Total funds Unreslricled funds Restricted funds Donations Legacies Grants 144,260 181,014 75,392 144,260 181,014 216,651 105,817 818.105 190,376 141,259 400,666 141,259 541,925 1,114.298 In addition lo the Ia¢18S received in the year, the Foundation has been notified of its enlillement lo further dislribulions from eslales. The Foundation is unable lo reliably estimate amounts receivable and accordingly has not recorded these as income. Grants reived, included in the above, are as follows.. 2025 2024 Olhei grants 216,651 190.376 Page21 continued...
THE ELIZABETH FOUNOATION Notes to the Flnanclal Statements- continued lor the Yèar Ended 31 March 2025 DONATIONS AND LEGACIES- continued The Forrester Family Trust The Lewin Trust Generalion Foundation Ovingdean Hall Foundatio The Gosling Foundation MJB Charitable Trust Gerald Micklem Charitable Trust The Gail Taylor Charity The Mikado Trust The Hobson Charity BAE Systems The Webb Family Charitable Trust World of Books Foundation AT&T Sir Cliff Richard Charitable Trust DS Smith Comic Relief National Lottery Community Fund GJW Turner Trust Peter Harrison Foundation Communi¢alion Consortium Colefax Charitable Trust The Pantheon Charitable Trust Schroder Charity Trust The Beatrice Laing Trust Ralhbone Investment Management The Nagle Family Foundation Other grants 40,000 30,000 26,892 26,556 10,000 10,000 7,000 6,500 6,000 5,535 5,000 5.000 5,000 3,768 3,000 2,000 33.300 25,782 6,000 4,847 20,000 20.000 10,000 10,000 8,300 5.000 5,000 5,000 3,500 3,300 2,500 27,847 24.400 £216.651 £190,376 OTHER TRADING ACTIVITIES 2025 2024 Total funds Unrestricted funds Restricted funds Total funds Fundraising events Lelling of charity property 60,899 4,240 60,899 4.240 82.213 5,200 65,139 65,139 87,413 Page 22 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements- continued for the Year Ended 31 March 2025 INVESTMENT INCOME 2025 Total funds 2024 Totsl funds Unr8Strirted funds Restricted funds Solar panels Fixed asset investments Deposlt account interest 8,732 19,409 43,236 8,732 19,409 43,236 7.770 18,989 13,468 71,377 71,377 40,227 INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Activity Nursery Programmes Outreach and Other Services S&ssion charges Audiology Home learning & consultancy 30,098 195.051 34,580 187.091 Outreach and Other Services 108 225,257 221,671 RAISING FUNDS Raising donations and legacies 2025 Total funds 2024 Total lund5 Unreslricled funds Restricted fund5 Staff costs Insurance Premises & ulililies Communications & IT Service consumables Printing & promotion Other costs Hire charges & event costs Recruilmenl, ID checks, travel and subsistence Depreciation Support costs 94.746 2,666 2.967 13.409 3,887 6,536 1,865 15,822 94,746 2,666 2,967 13,409 3,887 6.536 1,865 15,822 89,383 2,639 2,944 6.380 3,585 4.461 1,682 21.362 1,943 1,583 19,742 1,943 3,337 19,742 417 3,098 18.173 1.754 165,166 1,754 166,920 154.124 Page 23 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Stat8ments- continued for the Year Ended 31 Mar¢h 2025 CHARITABLE ACTIVITIES COSTS DI¢t C05t5 Is88 note 81 Support C05t51see nole 91 Totals Nursery Programmes Family Support Outreach and Other Services 341.109 16,624 240 265 51,809 2,265 29,354 392,918 18,889 269,619 597.998 83,428 681,426 DIRECT COSTS OF CHARITABLE ACTIVITIES 2025 2024 Staff costs Insurance Premises & utilities Communications & IT servi consumables Printing & promotion Other costs Recruitment, 10 checks, travel and subsistence Depreciation 384,985 12,251 70,254 7,496 18,541 4,775 19.062 2,113 78.521 371.486 12.330 69,714 6.835 17,101 5,544 20.892 3,013 78.070 597,998 584.985 SUPPORT COSTS Other Raising donations and legacies Nursery Programmes Farnily Support Outreach and Other Services 19,742 51,809 2,265 29,354 103,170 Page 24 continued...
THE ELIZABETH FOUNDATION Notes to the Flnanclal Statement5- continued for the Year Ended 31 March 2025 SUPPORT COSTS- continued Support costs. included in the above, are as follows.. Raising donat05 and IaGleS Nursery Programmes Fatnily Support Wages Premises & utilities Communicalions & IT Legal & professional fees Audilorfs remuneration Bank charges Re¢ruilmenl, ID Checks, travel and subsistence Depreciation of tangible fixed assets 14,377 206 1,633 295 1,718 330 35,317 2,065 4,012 725 4,221 810 1,620 43 184 33 194 37 153 1,030 376 4,283 17 137 19,742 51,809 2,265 2025 2024 Outrèaeh and Other Servi5 Total activities Total 8Ctivilies Wages Prernise5 & utilities Communicalions & IT Legal & professional fees Auditor's remuneration Bank charges Recruilmenl, ID checks. travel and subsistenc6 Depreciation of tangible fixed asse15 21.480 241 2,441 441 2,567 493 72,794 2,555 ,270 1,494 8,700 1,670 63,565 2,535 7,878 2,651 8AOO 1.806 228 1,463 774 6,913 1,169 8,734 29,354 103.170 96,73B Page 25 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements . contfjnued for the Year Ended 31 March 2025 10. NET INCOMEIIEXPENDITURE) Nel incomellexpendilurel is slated after chargingll¢redilingl'. 2025 2024 Depreciation - owned assets 88,771 89,902 11. TRUSTEES. REMUNERATION AND BENEFITS There were no Iruslèes, remuneraliori or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the yaar ended 31 March 2024. 12. STAFF COSTS 2025 2024 Staff costs '. Wages and salaries Social security costs Pension contributions Termination payments 482,159 29,724 40,642 461,749 24,827 37.858 552,525 524,434 Remuneration of key management personnel included in thè above amounted to £185,862 12024.. £173.1141. Key managem8nl personnel is defined as the Trustees and the Senior Management Team. The average monthly number of employees during the year was as follows.. 2025 2024 Raising funds Charilable activities Support 16 21 22 The number of ernployees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2025 2024 £80,001- £70,000 Page 26 continued...
THE ELFZABETH FOUNDATION Note5 to the Financial Statements- continued for the Year Ended 31 March 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 969,091 145,207 1,114,298 Charitsble activities Nursery Programmes Oulreach and Other Services 21,119 187,091 13.461 34,S80 187,091 other trading activities Investment income 87,413 40,227 87,413 40,227 Total 1,304,941 158,668 1,463,609 EXPENDITURE ON Raising funds 152,370 1,754 154,124 Charitable activities NLJrsery Programmes Farnily Support Outreach and Other Services 266,566 16,921 180,773 118,857 1,265 79,168 385,423 18.186 259.941 Total 616,630 201,044 817.674 Nel gains on investments 86,824 86,824 NET INCOMEIIEXPENDITUREI 775,135 9.258 142,3761 9,2581 732,759 Transfers between funds Net movgmont in funds 784,393 151,6341 732,759 RECONCILIATION OF FUNDS Total funds brought forward 2,368,499 1,147,908 3,516,407 TOTAL FUNDS CARRIED FORWARD 3,1 $2,892 1,096,274 4,249,166 Page 27 conts"nued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements- contlnued for the Year Ended 31 March 2025 14. TANGIBLE FIXED ASSETS Leasehtsld property Portsrnouth Resour Cenlies School and medical equipment Fixtur8S, & office equipment Motor vehiclès Totals COST At 1 April 2024 Additions Disposals 3,423,796 15,935 9,934) 234,434 7.383 169.719 3,972 16,239) 19,248 3,847,197 27,290 36,0701 Al 31 March 2025 3,429.797 231,920 157,452 19,248 3.838,417 DEPRECIATION Al 1 April 2024 Charge for year Eliminaled on disposal 1,290,789 80.749 9,9341 231,585 3,983 9,897} 147,389 4,039 16,2391 19.248 1,689.011 88,771 36,0701 Al 31 March 2025 1.361,604 225.671 135,189 19,248 1.741 712 NET BOOK VALUE At 31 March 2025 2,068,193 6.249 22,263 2,096,705 At 31 March 2024 2,133.007 2,849 22,330 2,158,186 rhe value of fully constructed long leasehold buildings (Portsmouth Resource Centresl at 31 IAarch 2025 has been eslimaled for insurance purposes by the directors al £5.507,00012D24'. £4.339,5001. This figure, in the opinion of the directors, closely reflects the commercial value. FIXED ASSET INVESTMENTS Unlisted investm8nts MARKET VALUE Al 1 April 2024 Revaluations 957,076 37,9731 Al 31 March 2025 919,103 NET 800K VALUE Al 31 March 2025 919,103 Al 31 March 2024 957,076 There were no investment assets Dulside the UK. Fixed asset investments comprise amounts invesled in the COIF Charities Investment FLJnd managed by CCLA. Page 28 continued...
THE ELIZABETH FOUNDATION Notes to the Flnanclal Statements. contlnued for the Year Ended 31 March 2025 16. STOCKS 2025 2024 Goods lor resale Slalionery and office consumables 3,941 3.882 796 4,976 4.678 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Prepayments and accrued income 54.383 166.855 214,367 86.212 221,238 300.579 CURRENT ASSET INVESTMENTS 2025 2024 Other 850 000 800.000 Current asset investments wmpris& amounts invested in the COIF Charities Deposit Fund, a money market fund. 19. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Social security and other taxes VAT Other Greditors Accruals Deferred income 13,896 9,401 3,461 1.190 88.761 5,823 14,655 7.888 26,936 890 72,090 5,984 122.532 128.443 Th& Foundation has deferred income whère income has been received in advance for fundraising events and nursery session charges and where grants havfj been received but the Foundation has not yel mel the recognition criteria. Deferred income al 1 April 2024 Amounts released from deferred incorlle Amounts deferred this year 5.984 15,9841 Deferred income al 31 March 2025 5,823 Page 29 contillueA ..
THE ELIZABETH FOUNDATION Notes to the Financial Statements - colltinu8d for the Year Ended 31 March 2025 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 Total funds 2024 Total funds Unrestricted funds Resliided funds Fixèd assels Investments Current assets Current liabilities 1,050,316 919,103 1,367,215 122 5321 1,046,389 2,096,705 919,103 1,373,269 122 532} 2,158.186 957.076 1,262.347 1128.4431 6,054 3.214,102 1,052,443 4,266,545 4,249.166 21. MOVEMENT IN FUNDS Nel movement in funds Transfers belween funds At 31.3.25 At 1.4,24 Unrestricted funds General fund 3,152.892 46.155 15,055 3,214,102 Restricted funds National Lottery Charities Board Reserve Grants & Fees Reserve Ovingdean Fixed Assets Reserve Portsmouth Resource Cenlres Reserve 103.800 8,860 300,305 683,309 (4,6111 12,249 111,3091 25,1051 99,189 6,054 288,996 658,204 115,055} 1,096,274 28,7761 15,0551 1.052,443 TOTAL FUNDS 4249 166 17,379 4,266.545 Net movement in funds, included in the above are as follows.. Incolning resources Resources expended Gains and losse5 Movement in funds Unrestricted funds General fund 750,537 1666,409) 137,9731 46.155 Restrict9d funds National Lottery Charities Board Reserve Gmnls & Fe8s Rèserve Ovingdean Fixed Assets Reserve Portsmouth Resource Cenlres Reserye 14,6111 {140,9121 (11,3091 25,1051 {4,611} 12,249 111,309 25,1051 153,161 153,161 181,9371 28,7761 TOTAL FUNDS 903,698 848,3461 37,9731 17,379 Page 30 continued. .
THE ELIZABETH FOUNDATION Notes to the Financial Statements . ¢ontlnued for the Year Ended 31 March 2025 21. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movemenl in funds Transfer5 belween funds At 31.3.24 At 1.4.23 Unrgstricted funds General fund 2,368,499 775,135 9,258 3,152,892 Restricted funds National Lollery Charities Board Reserve Gfftnls & Fees Reserve Ovingdean Fixed Assets Reserve Portsmouth Resourc8 Cenlres Reserve 108,411 19,469 311,614 708.414 14,6111 11.3511 111,3091 25,1051 103.800 8,880 300,305 683,309 19,258) 1.147,908 42,3761 9,258} 1,096,274 TOTAL FUNDS 3,516,407 732,759 4,249,166 Comparative nel movement in funds, includfjd in the above are as follows.. Incoming resources Resource5 expended Gain5 and losse5 Movement in lund5 Unrestricted funds General fund 1,304,941 1616,6301 86,824 775, 135 Restricted funds National Lottery Charities Board Reserve Gfftnls & Fees Reserve Ovingdean Fixed Assets Reserve Portsmouth Resource Cenlres Reserve 14,6111 1160,0191 111,3091 25,1051 14,6111 11,3511 111,3091 25,1051 158,668 158,668 201,0441 42,3781 TOTAL FUNDS 1,463,609 817,6741 86,824 732,759 NATIONAL LOTTERY CHARITIES BOARD RESERVE Some years ago, the charitable company applied lor and w8s awarded a project grant from the National Lottery Charities Board. The gr8nl received 15 subject lo reslriclions. and accordingly is Irealed as Reslricled Fund. The related assets are subject lo ongoing restrictions lor a period of 80 years, and the Foundation may not dispose of these assets without the prior written permission of the National Lottery Charities Board Igranlorl. £230,300 of the grant was spent on depreciable fixed assel additions in the year ended 31 March 1998, depreciation charged on these assets is sel against the fund each year. The remaining part ol the grant was for revenue purposes lo fund an additional teacher, together with project management costs and by 31 March 2001 this had been fully expended. INole The current operating name ol the Lollery Charities Board is The Big Lottery). Page 31 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements - Contlnued for the Year Endèd 31 March 2025 21. MOVEMENT IN FUNDS- continued GRANTS AND FEES RESERVE The Elizabeth Foundation receives reslricled grants and fees for specific ¢harilable purposes from different granl making bodies and other agencies. These funds are spent on both depreciable fixed assets and revenue expenditure. In the year lo 31 March 2025 the reserve was mainly ulilised on speech and language therapy projects, teaching and nursery team employment costs, technology lo directly assist children's leaming, classroom refurbishment, costs of running a support group for Childn with a temporary or milder hearing loss, the home learning programmg and olh&r costs associated with early intervention and family support aGtivilies. OVINGDEAN HALL FOUNDATION FIXED ASSET RESERVE This reserve shows the amount of restricted granl from OHF that has been used for agreed purposes lo purchase fixed assets foicharily use. The fund balance repSentS grant-funded expenditure on solar panel inslallalions, the con51ruGlion of the Sunshine Memory Garden, purchas& of a new minibus and carport and children's outdoor play equipment, and expenditure on the first phase ol the Early 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 relal&d asset has been btoughl into use. PORTSMOUTH RESOURCE CENTRES RESERVE This reserve shows the receipt of past appeals and donations lo raise money for the CDnslruclion of The Elizabeth Foundation's edu¢alional facilities. This includes the 'Raise the Roof appeal (including ils final phase, the Baby Unil and the new storage basement benealhl, and grants for playground equipment. The money has now been fully spent, and the building, Ils firsl-floor extension, Baby Unil annexe, and tho playground area are included within fixed assets. Depreciation charged on these assets is sel against the fund each year On the related asset has been brought into use. This reserve also includes the receipts less adminislralion costs of appeals lo finance the construction and extension of the Early Detection Cenlre, now named the Ovingdean Building. The money has now been fully spent and the building is included in fixed assets. DepCIall0 charged on these assets Is sel against th8 fund each year. FIXED ASSET EXPENDITURE RESERVE The Fixed Asset Expenditure Reserve represents Ihe value of unreslricled fvnds designated by the Board of Trustees lor expenditure on fixed assets in the followng year. whether or not a capital commitment existed al the balance sheet dale. No such designation had been made 8131 March 2025 or 31 March 2024.. INCOME AND EXPENDITURE ACCOUNT (GENERAL FUND) The Incorne and Expenditure Account represents the lolal of accumulated unreslricled and undesignaled surpluses that The Elizabeth Foundation has generated during lis history. As shown in Note 20, al 31 March 2025 most ol these funds have been used over the years lo build or buy the fixed assets Ipremises and equipm&nll that The Elizabolh Foundation uses lo deliver ils charitable services. Al 31 March 2025 the Income and Expenditure account lolalled £3.214,102 and was comprised of tangible fixed assets of £1,050,316, fixed asset investments £919,103, currenl assets of £1,367.215 and current liabilities of £122,532. Further inforrnalion about the Trustees, aims in respect of free reserves is set out in the Directors. Report. Page 32 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statements . contfjnuod for the Year Ended 31 March 2025 22. OTHER FINANCIAL COMMITMENTS Operating Lease Commitment- Property The Elizabeth Foundation entered a lease dated 1 March 1987 for a period ol 99 years. in respect of land al Cosham which comprises the sile of the Family Centre and Test Centre buildings that form the headquarters of The Elizabeth Foundation. The ground rent paysble was reviewed during a previous year and al 31 March 2025 the commitments under the lease are as follows.. 2025 2024 In less than on$ year In two lo five years In more than five years 10,500 42,000 587,125 10.500 42,000 597,625 639.625 650.125 Operating Lease Commitments - Office equipment Al 31 March 2025 The Elizabeth Foundation had commitments under non-cancellable operating leases for office equipment as follows.. 2025 2024 In less than one year In two lo five years In more than live years 2,375 7,593 79 2.168 1,983 4,131 23. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2025. 24. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Not incomg for the reporting period las per the Statement of Financial Activities) Adjustments for: Depreciation charges Lossesllgainl on investments Loss on disposal of fixed assets Interest received Dividends received Ilncreaselldecrease in stocks Decreasellincreasel in debtors IDeGreasellincrease in creditors 17,379 732,759 88,771 37,973 89,902 186.8241 152 113.4681 118.9891 366 1202,7861 29.110 143,2361 119,4091 {2981 79,341 Net cash provided by operations 154,610 530,222 Page 33 continued...
THE ELIZABETH FOUNDATION Notes to the Financial Statement5- continued for the Year Ended 31 March 2025 25. ANALYSIS OF CHANGES IN NET FUNDS Al 1.4.24 Cash Ik)w At 31.3.25 Net cash Cash al bank and in hand 157,090 139,965 297,055 157,090 139,965 297,055 Liquid resources Deposits included in cash Current asset investments 800,000 50,000 850,000 800,000 50,000 850,000 Total 957 090 189 965 1,147 055 This page doe5 not form part of the slalutory financial statements Page 34