COMPANY REGISTRATION NUMBER N1050863 OPEN COLLEGE NETWORK NORTHERN IRELAND FINANCIAL STATEMENTS 31 JULY2023 Charity Number XR17530 CCNI Nos: NIC100241 FPM ACCOUNTANTS LTD an AAB Grou Com Chartered Accountants & Statutory Auditor Unit 1, Building 10 Central Park Mallusk Co Antrim BT36 4FS an
OPEN COLLEGE IYETWORK NORTHERN IRELAM) INDEPENDENT AUDITORIS REPORT TO THE IKEMBERS OF OPEN COLLEGE NETWORK NORTHERN tRELAND YEAR ENDED 31 JULY 2023 Opinion We have audited the accounts of Open College Network Northern Ircland (the '¢harity') for the year ended 31 July 2023 which comprise th¢ Statetnent of Financial Activities, the Balance Sheet, the cash flow statement and the notes to the accounts, including a summary of significant accounting policies. Thc financial reporting framework that has been applied in their prcparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of treland (United Kingdom Generally Accepted Accounting Practice). In our opinion the accounts: give a true and faii view of the state of the charitable compangs affairs as at 31 July 2023 and of its incoming resources and application of resou¢$, including its income and ¢xp¢nditure, for the y¢ar tben ended. have been properly prepared in accordance with United Kingdom Generally Acc¢pt¢d Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2CKI6. Basls for oplnlon We conducted our audit in accordanc¢ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under tbose standards are fLllther described in the Auditor's responsibilities for the audit of tbe accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts ill th¢ UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requircm¢nts. We believe that the audit evidence we have obtained is sufficient and appropriate to provid¢ a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have concluded that the trustees, w¢ of th¢ going concern basis of accounting in th¢ preparation of the finallcial statements is appropriate. 19
OPEN COLLEGE NETWORK NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TrmBERs OF OPEIY COLLEGE NETWORK NORTHERN tRELAND (continued) YEAR ENDED 31 JULY 2023 B&8ed on the work we have perforn]ed, we bave not idcntified any material unc¢rtainties relating to events or conditions that, individually OT collectively) may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve month from when the financial statements are authorised for issue. Our r¢sponsibilities and the responsibilities of the trustees with respect to going concern ar¢ described in the relevant sections of this report. Other inforniadoD The other infom]ation comprises the inforniation included in tbe annual report, other than the accounts and our auditor's report thereon. The Tntee5 are responsible for the other InfomtiOn. Our opinion on the accounts does not cover the other iDforn]ation an(1 except to the extent otherwise expli¢itly stated in our repo¢ we do not express any fonn of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other infornlation and. in doing so, consider whether the other infomiation is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be Ufdterially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a material misstatement in the accounts or a material misstatement of the other infornt1On. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this other inf0rntion, we are required to report that fact. We have nothing to r¢port in this regard. Oplnlons on other matters prescribed by the CompaDles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the infonnation given in the Trustees Report for th¢ fluaneial year for which the accounts are preparcd is consistent with the accounts; and th¢ Trustees Rq)ort has been prepared in accordanc¢ with applicable legal requirements. Mydtters on whlch we are requlred to report by exception In the light of thc knowlcdgc aad understanding of the Trustees and its environment obtsined in the cours¢ of thc audit, w¢ have not identified matcrial misstat¢m¢nts in the Trust¢es Report. We have nothing to report in respect of the following matters in relation to wl]ich the Companies Act 2006 requires to report to you if, in our opinion: 20
OPEN COLLEGE NETWORK NORTHERN IRELAND tNDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF OPEN COLLEGE NETWORK NORTHERN IRELAND (continued) YEAR ENDED 31 JULY 2023 adequatc COUnting r¢cor(Ls bavc not been kepL or rctutlls adequate for our audit have not been received from branckles not visiled by us. or the accounts are not in agreement with the accounting record8 and returns; or certain disclosure8 of tntees, remuneration specified by law are not made. or we bave not reccived all the inforniation and explanatiotLS we require for our audit. Responsibilitles of Trustees As explained more fully in the Statement of Trustees Responsibilities, the Trustees, who are al80 directors of the charity for the purpose of company law, are responsible for the preparation of the accounts and for being satisfied that they give a In and fair view, alld for such internal control as the stees dcterniine is ncccssary to enable the preparation of accounts that are free from material rnisststement, whether due to fraud or error. In prqyaring thc accounts, the Trustees are responsible for assessing the CIlty'S ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting UDIc5s the Trustees either intcnd to liquidatc thc company or to ¢¢ase operations, or have no realistic alternative but to do so. Auditor's respon8lblllde8 for the audlt of the flDanclAI statements Our objectiv¢s arc to obtain reaso1ble assuCe about whether the accounts as a whole are free from mat¢rial misstatemenL whether due to fraud or error and to issue an audito5 report that includes our opinion. Reasonable &8suran¢e is a bigh level of assurance but is not a guarantee that 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 infiuence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are in5tanc¢s of non-compliance with laws and regulations. We design procedur¢s in linc with our responsibiliti¢s, outlin¢d above, to d¢t¢ct material misstat¢mcnts in respect or itrcgularities, including fraud, is detailed b¢low. We obtained an understanding of the legal and regulatory framework applicable to the Company through enquiry or management, industy research and the appIltiOn of cumulative knowledge. We identifi the following principle laws and regulations relevant to the company - Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures witbin the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the fmancial statements for significant accounting estimates, analysis of journal entries, walktbrough of key control cycles in place and enquiry of management. 21
OPEN COLLEGE NETWORK NORTHERN IRELAI YDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF OPEN COLLEGE NETWORK NORTHERN IRELAND (continued) YEAR ENDED 31 JULY 2023 Our procedures to respond to those risks identified included, but were not limit¢d to: Enquiry ofmanagement. those charged with governance and the entity's solicitors around actual and potential litigation and claims. Enquiry of mauagetnent to identify any instances of non-compliaDC¢ with laws and regulations. Reviewing minutes of meetings of thos¢ chargcd with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliallce with applicable laws and regulations. Auditing the risk of management ovetride of controls, including tlrough testing journal entries and other adjustments for appropriateness, and evaluating the busiuess rationale of significant transactions outside the llornl course of business. A further description of our responsibilitie8 for the audit of the accounts is locatsd on the Financial Reporting Council's website at: http'.l/www.frc.org.uk/auditorsrespollsibilities. This description fornjs part of our auditoVs report. This report is made solely to tbe charitable company's members. as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006 and rcgulatlolls made under that Act. Our audit work has been undertaken 80 that we might state to the charitable company's members those n]atter8 we ar¢ required to state to them in an auditors, report and for no other purp08e. To the fullest ¢xtent pern]itted by law. we do not accept or asswne responsibility to anyone other than the clwitable company and its members as a body, for our audit work, for this Teport, or for the opinions we have fonlled. J L GRANT (Senior Ststutory Auditor) For and on behalf of FPM ACCOUNTANTS LTD Chartered Accountants & Statutory Auditor Unit I, Building 10 Central Park Mallusk Co Antrim BT36 4FS 22-1 i-L(JZ3 22