INDEPENDLNT AUDITORS, REPOR T TO THE MEMBERS OF THE ADSUM FOUNDA TION (Con)pany registration number Nl 071403) Opinion We have audited ihe financial statemellts of The Adsum FouDdatioll for the year ended 31. Murch 2023, which comprise thc Statement of Financial Aciiiiities. Balance Sheet. Cash Flow Statement and notes lo the financial sialemenis, including 2 summary of significani accouniing policies. The financFal reporting framework that ha8 been applied in theÉr preparalion is applicable law and United Kingdom Accountinu Standards, iThcluding FIn￿e1￿ Reporting Starldard 102 The Fill￿ClaI Rcporting Sidndard dpplicablc ID thc UK dnd Rcpublic r)f Ireland (Uniled Kingdom Gcuerdlly Accepied Aeeounling Practice)- (Charilies SORP {FRS10?)I. In our opinion the financial statements.. give a ttue and fair view of the Sta￿ of the charitable company's affairs as at 31" March 2023 and of its incoming resourccs and ihcir applicauon for the period then cndcd-. have bccn properly prepared ID accordance with Uniled Kingdolll Generally Accepled Accounting Practice., and have been prepared in accordance with the requiremenLS of the Companies Act 2006. Basis for opinion We condUC￿d our audil in accordance with Intemational Sttndards on Auditing (UK) IISA.% (UK)) and applicable law. Our responsibilities under (hose standards are further described in the Audiior's responsibililies for the audit of the financial statements section of our report. We are independent of the Company in accnrdance with the ethical requirements Ihai are relevan( 10 our audii of the financidl statements in the UK, including the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibililies in accordance with these rcquirerncnts. We b¢liev¢ that thc audit ¢viden¢e we have oblain¢d is sufficicnt and appropriate to provide a basis for our opinion. Conclusions relating to going Concern We have noihing to report in re.qpeci of ihe following Mai￿r5 in relation io which ihe ISA.q (UK) require u.8 10 report to you where.. the directors, use of the going concern basis of accounting in th¢ preparation vf th¢ financial statements is not appropriate. ot the directors have noi disclosed in the financial statements any idenlified material uncertainties Iha¢ may cast significant doub( about company's ability to conlinuc to adopt the going concern basis or accounting for a period of ai Icast Iwelve months froni the date when thc financial stalcmcnts are authorised for is&uc. Other inform8tion The directors are responsible (or the other information. The other inforniation comprises the informuts.on included in the annual reporL other thdD the financial sthiemcnis alld our audiior's reporc ihereon. Our opinion on the financial st4itcmcnt5 docs not covei the othci i￿orMation and, except to thc cxtcnt otbcrwisc c.xplicitly statcd in our repon, we do not express any forni of assurance conclusion thcreon. In conne£tion with our audit of the finaDcial slateffjellts, our respollsibility is ¢0 read the other infonnation and, in doing so, consider wheiher the other infornialion is ma(erially inconsislent with (he financial slalemenLs or our knowledge obtained in the audit or otherwise appears 10 be materially missthted. If we identrfy buch material inconsistencies or apparent maierial misstatemeDts, we dre required to deterniine whether there is a material isslatement in the financial btatements or a Illateri￿ mis.slatemeni of the other information. If, based on the work we have perfornled, we conclude Ihat there is a Inaleri￿ misbtatement of tlll's otber inforniation, we are required to report that fact. We have nothing to report in this regard. DIDEPENDENT AUDrroRS' REPORT TO THE IIqEMBEILS OF THE ADSUl*l FOUNDATION (continued) Opinions un other matters prescribed by the Companies Act 2006 In our opinion, based OD the work undertaken in the couTse of tbe audil: Ihe information given Tn the directors. report for the financial period for which the financial statements prcparcd is CODSlStent with the financial staicrncnts= and the directors. repon have been PTePated in accordance with applicable legal requirements.. Matters on which we are required to report by excepliTrn In the light of the knowledge &nd undeysianding of the company and it5 environment obtained in ihe course of the audit, we have noi identified material missiaiements in the directors, rew)rt. We have nothing 10 report in rcspeci of the following maiters in relaiion io which Ihe Companies Acl 2006 requires us lo report to you if. in our opinion.. ¢idequale accounting reeoTds have noi been kepi by the eo]npany, or returns adequate for our audii have not b¢¢n rec¢ived ITOM branches noi visiied by us; OT the financiaL stalemenrs arc not in agrccmcni wilh the accounting rccords and returns- or cert&in disclosure.8 of direciors. remuneration specified by law are noi made; or we have not received all the infomiation and explanations we require for our audit. or Responslbllltles of dlrectors As expl