THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAINBOW PROJECT LTD Opinion We have audited the financial statements of The Rainbow Project Ltd (th8 'charftsble company.) for the year ended 31 March 2023 which comprise the Stat8m8nt of financial activities, the balanc8 sh88t, th8 Statement of cash flows and the notes to the financial ststements, indudlng a summary of significant accounting lIcleS. The financial reporting fram8work that has been applied in their preparation is applicable law and United Kingdom Ac¢ountlng Stsndards. induding Financlal Reporbng Stsndard 102 Th& Flnancial Repong Standaffl applicable in th& UK and Republic of Ireland {Unitsd Klngdom Generally Acc8Pt8d Accountlng Practi). This rep¢)rt is made solely to the tharitsble company's mèmbérs, as a body. in accordance with Chapt8r 3 of Part 16 of the Companies Act 2006. Our audit work has been und8rtak&n so that we might stste to the charitable company's membèrs those matters we ar8 r8qulred to stste to them in an audltorfs report and for no other purpose. To the fiJll8St extent pemiitted by law. we do not accept or assume responslbillty to anyone other than the charltable company and the charttable companrfs m8mb8rs as a body, for our audit work, for this report, or for the opinions we have fomied. In our oplnlon, the financial stat8m8nts: glve a Inje and fair vl8w of the state of the charitable company's affairs as at 31 March 2023 and of its incomlng resources and appllcatlon of resources. induding its Income and 8xpenditure. for the year then have been properfy prépared in accordance wlth United Kngd¢)m Generally Acceptsd Accountlng Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in athYd8n with International Standards on Auditing (UK) (ISAS (UIQ) and applicable law. Our r8sponsibilities under those standards are fijrther descrfb8d In the Auditovs responsithlities for the audlt of the finano81 statements section of our report. We are independent of the charitable company in acrdan with the ethical requirements that arè relevant to our audit of the financial statements in the UK. Indudlng the FRC'S Ethical Stsndard, and w8 have fulfilled our other éthical responsibilities in accordance with these requirements. We b81i8V8 that the audit evidence we have obtsined is suffident and appropriate to provide a basls for our opinion. Conclusions rolatlng to golng concern In audlting the financial statèments. we have concluded thatthe directors, use of the going concem basis of accountlng In the preparation of the financial ststements is appropriate. Based on the work we have performed. w8 have not identified any materlai uncertainties relating to events or conditions that. indivldually or collectively, may cast significant doubt on th8 chartys abillty to continue as a going concem for a period of at least twelve months from wh8n the financial statements are authorfsed for issue. Our responsibilities and the responsibilities of th8 directo with respect to going concem a desuibed in the relevant sections of this reporL Other inforn)atlon The other information comprises the informatlon Included in the annual report other than the financial ststements and our auditorfs report thereon. The trustees ar8 responsible for the other infonnatlon Contsined within the annual report. Our opinion on the flnan¢ial statements does not Cover the other infomiation and. except to the extent otheNiise explicitly stated In our reporL we do not express any fonn of assurance conclusion thereon. Our responslbility is to read the other information and, in dolng so. consider wheth8r the other Infomiatlon Is materially inconsistent wlth the financial statements or our knowledge obtslned In the course of the audit. or oth8rwise appears to be materially misstated. If we Identify such material inconslst8ncles or apparent material misstatements, we are required to detemiine wheth8r thls gives rise to a material mlsstatement in the financial statements themselves. If. bas8d on the work we hav8 p8rfomed. we conclude that there Is a material misststement of this other infomiation, w8 are required to report that fact. We hav8 nothing to report in thls regard.
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD Opinlons on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of our audiL' the inf0mtIOn given in the trustees. report. which includes the directors, report preparad for the Purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report includ8d within the tTUStees' r8POrt has been prepared in accordan with applicable legal requirements. Matters on which we are requlred to report by excoption In the light of the knowledge and understanding of the charitable company and its environment obtained in th8 course of the audit. we have not identified material misstatements in the directors, report included within the tmstees, report. We have nothing to report in respect of the following rnatters in relation to which the Companies Act 2006 requires us to report to you rf. in our opinion-. adequate accounting records have not been kep( or retums adequate for our audit have not been received from branches not visited by us. or the ffinancial ststements are not in agreement with the accounting records and retums: or certain disdosures of trustees, remuneratlon specified by law are not mede. or we have not recelved all the inf0mtIOn and explanations we requlre for our audit. or the trustees were not entitled to prepare th8 financial statements in accordance viith the small companies regime and take advantage of the small companies. exemptions in preparing th8 trustees, rep¢)rt and from the requirement to prepare a strategic reporL Rosponslbilities of trustaes As explained more ful in the statement of trustees, responslbilities. the trustees. who are also the directors of the charitable company for the purpose of company law. are responslblé for the preparation of the financlal statements and for being satisfied that thay give a true and falr vlew. and for such int8mal control as the trustees detemilne is necessary to enable the preparatton of financial statements that are free from mat8rlal mlsstatemenL whether due to fraud or error. In preparing th8 financlal statements. the trustees are responsible for ass8sslng the charitable companWs ability to contlnue as a going concem, disclosing, as appllcable. matters related to going concém and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease op8ratlons. or have no r8allstic alternative but to do so. Auditsrfs responsibilities for the audlt of the flnanclal statements Our objectiV8s are to obtain reasonable assurance about whether the financial staternents as a whole are free from material misstatement. whether due to fraud or error. and to issue an aUdit0S report that includes our opinion. Reasonable assurance is a high level of assuran but is not a guarantee that an audit ci)nducted in accordance with ISAS (UK) will always detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The scopo of our audit Irregularities. induding fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibiltties. outlined above. to detect material misstatements in respect of irregularities, induding fraud. As part of our audit. detsnnined materiality and assessed the risks of material misstatem8nt, in the financial statements.
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD Capablllty of the audit in detsrn)Inlng Irregularities, Includlng fraud The extent to whlch our procedures are capable of detecting irregularities, Includlng fraud is detsiled below: the natur8 of the actlvities and sector, control environment and p8rfomanc8; results of our enqulries of managem8nt about their own identification and ass8ssm8nt of the rlsks of Irregularities. any matters we identlfi8d having obtained and revl8wed the charitable companYs documentatlon of their pollcl8s and procedur8s r8latlng to: Idantifying, evaluating and complying with laws and regulations and whether they w8r8 aware of any instancès of non-compliance; det8Ctlng and resFrf)nding to the risks of fraud and whether they have kn¢)wledge of any adual. suspected or all8g8d fraud: the int8mal Controls established to mitigate risks of fraud or non-compllance with laws and regulations. the matters discussed among the audit engag8m8nt team and relevant intemal sp8clallsts where necessary regarding how and where fraud might occur In the financial ststements and any potential indicators of fraud. As a result of these procedur8s, we considered the opportunities and incentives that may 8xlst within the organisation for fraud. In MmOn with all audits under ISAS (UK), w8 are also required to perform spe¢ific prc¢8dures to respond to the rlsk of management overrld8. We also obtained an understanding of the18gal and regulatory frameworks that the charitable company operates in. focjjslng on provisions of those laws and regulatlons that had a direct effect on the detennination of material amounts and dlsdosures in the financial statements. The key laws and regulations we consld8red in this context included the Companies Act 2006, th8 Charities Act (Northem Ireland) 2008 and Taxation Legislation. In addition, we tt)nsidered provlslons of other laws and regulations that do not have a dlr8Ct 8ffe¢t on the financial ststements but compliance with vthtch may be fvndamental to the charitsble companys abilty to operate or to avoid a materlal penalty. As a result of perfonning the abov8 1)ur procedures to respond to risks identified includ8d the followlng: reviewing the financial stat8ment discl¢)sures and testlng to supporting documentation to assess ¢ompliance wlih provisions of tems of fundlng, relevant laws and regulations described as having a dlrect efféct on the finanaal statements. enqulrlng of management con¢eming actual and pot8ntlal litigation and claims: performing analytical proc8dur8s to Identify any unusual or unexpected relationships that may Indlcate risks of material mlsstatement due to fraud. reading minutes of meetings of those charged wlth govemanc8 and r8vlewing correspondence with HMRC; and in addressing the risk of fraud through management override of controls, t8Stlng the appropriateness of joumal entrlés and other adjustrnents; assessing whether the judgements made in making accounting estimates ar8 Indicative of a potentlal bias. and evaluating the business rationale of any signlficant transactions that are unusual or outside the normal course of buslness. We also communicated relwiant identified laws and regulations and pot8ntlal fraud risks to all engagement team memb8rs, Induding intemal specialists. and remained alert to any indications of fraud or nonryc0mp1ian with taws and regulatlons throughout th& audlt.
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD A further d8SCriPtion of our responsibiliti8s is availabl8 on the Flnan¢ial Reporting Council's website at https:11 www.fr¢.org.uklauditorsr8sponslbilities. This description fom)s part of our auditoV$ report. Duncan Graham (Senior Statutory Audltor) for and on behalf of Johnston Konnedy DFK Chartered Accountants Statutory Audltor 10 Pilots Vlew Heron Road Balfast BT3 9LE Date: