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 Repo￿ng 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 ac￿rdan￿ 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 inf0m￿tIOn 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 inf0m￿tIOn 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 aUdit0￿S 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: