THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAINBOW PROJECT LTD Oplnion We have audited the financial statements of The Rainbow Project Ltd (the 'charitable company'} for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of signfficant accounting policies. The financial reporting framework that has been applied in their preparation is applie2ble law and United Kingdom Accounting standards, including Financial Reporting Standard 102 Thg Financial R8porting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Acc8Pted Accounting Practice). This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone oth8r than the charitable company and the charitable company's members as a body, for our audit work. for this report. or for the opinions we have formed. In our opinion, the financial statements: give a true and fair view of the slate of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its inwme and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditoffs responsibilitigs for the audit of the financial statements section of our report. We are independenl of the charitable Company in accordance with the ethical requirements that are relevant to our audst of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriale lo provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements. we have conciuded thatthe directors, use of the going concern 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 to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least hvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant se¢tions of this report. Other infomiation The other information comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otheNiise éxplicitly slated in our report, we do not express any form of assurance ¢on¢lusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materialty inconsistent with the financial statements or our knowledge obtained in the ¢ourse of the audit, or otheiSe appears to be materially misstatéd. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether this gives ris8 to a material misstatement in the financial statements themselves. If, based on the work we have performed, we condude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD Opinlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report, which includes the dire¢tors' report prepared for the purposes of company law, for the financial year for which the financial statements ar8 prepared is consistent with the financial statements,. and the directors, report included within the tru$tèes' report has been prepared in accordance with applicable legal requiremènts. Mattors on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or reiums adequate for our audit have not beèn received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or rtain disclosures of truste8s' remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing th8 trustees, report and from the requiremenl to prepare a strategic report. Responslbllltles of trustees As explained more fully in th8 Stat8ment of trustees, responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is neSsary to enable the preparation of financial statements thal are free from material misstatement. whether due to fraud or error. In preparing the financial stalemènts. the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going con¢em and using the going concern basis of accounting unless the trustees either intend to liquidate the chaiitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence III¥ ¥LOliOliiiL deLi¥iuri¥ vf ubei b Ldk¥ri uii Ilie bci¥iiS ul IlioJs¥ fiii(IIILidl bialeir)¥iil¥. The scope of our audlt Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in lin8 With our responsibilitl8s, OUtlin8d above, to detect material misstatements in respect of irregularities, including fraud. As part of our audit, we determined materiality and assessed the risks of material misstatement, in the financial statements.
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD Capability of the audit in determining irregularities. including fraud The extent to which our procedures are capable of detecting irregularitie5, including fraud is detailed below.. the nature of the activities and sector, control environment and performance., results of our enquiries of management aboLrt their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed the charitable company'5 documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any InStanS of non-compliance-, detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud., the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit engagement team and relevant internal specialists where necessary regarding how and where fraud might occur in th8 financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISA5 (UK), we are also required to Perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in. focusing on provisions of those laws and regulations that had a direct effed on the determination of material amounts and disclosures in the financial stalements. The key laws and regulations we considered in this context included the Companies Act 2006, the Charities Act (Northem Ireland) 2008 and Taxation Legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effecl on the financial statements but compliance with which may be fundamental to the charitable company's ability to operat8 or to avoid a material penalty. As a result of perfomiing the above our proc8dures to respond to Tisks identified included the following- reviewing the financial statement disdosures and testing to supporting documentation to assess compliance with provisions of terms of funding, relevant laws and regulations described as having a direct effect on the financial statements- enquiring of management concerning actual and potential litigation and claims., performing analytical procedures to identify any unusual or unexpeded relationships that may indicate risks of material misstaternent due to fraud; reading minutes of meelings of those charged with governance and reviewing correspondence with HMRC., and in addressing the risk of fraud through management override of controls. testing the appropriateness of journal entries and other adjustments.. assessing whether the judgements made in making accounting estimates are indicative of a potential bias- and evaluating the business rationale of any significant transactions that are unusual OT Outside the normal course of business. We also communicated relevanl idenlified laws and regulations and potenlial fraud risks to all engagement team members, including internal specialists, and remained alert lo any indications of fraud or non-compliance with laws and regulalions throughoul the audit. 10-
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 .frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Duncan Graham (Senlor Statutory Auditor) for and on behalf of Johnston Kennedy DFK Charted Accountants statutory Auditor 10 Pilots Wiew Heron Road Belfast BT3 9LE Date: 11