## **THE BLACK BOX TRUST** ## **INDEPENDENT AUDITOR'S REPORT** ## **TO THE MEMBERS OF THE BLACK BOX TRUST** ## **Opinion** We have audited the financial statements of The Black Box Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income 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 standards are further described in the _Auditor's responsibilities for the audit of the financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We draw attention to note 1.2 in the financial statements, which indicates that the balance sheet of the charity shows a position of net current liabilities, which indicates that a material uncertainty exists that may cast significant doubt on the charity's ability to continue as a going concern. Our opinion is not modified in respect of this matter. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the charity's ability to continue to adopt the going concern basis of accounting included the review of positive post year end funding position and results. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. -10 - THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Other infomiation The other information Comprises the infomiation included in the annual report other than the financial ststements and our audittirfs report Ihereon. The directors are responsible for the other infomiation Gontained within the annual report. Our opinion on the financial statements does not Cover Ihe other information and, except to the exlent otherwise explicitly 5ts1ed in our report, we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whèther the other information is material inconsistent with the financial statements or our knowledge obtained in the eour5e of the audil, gr otherwise appears to be materialty mi5Staled. If we idenlfy such material inconsistenaes or apparent material mi55taternenls, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have perfomed, we Conclude that there is a material misstatement of this other infomption, we are ￿qUired to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In OUT opinion, based ors the work undertaken in the course of our audit- the information given in the directors, report for the financial year for which the financial statements are p￿pared, which includès the dire¢lors' report prepared for the purposes of company law. is ¢onststsnt with the financial statements., and the directors, report ha$ been prepared in accordance with applicable legal requirements. Matters on vthich we are required to report by exceptlon In the fight of the knowledge and understanding of the charity and its envlronment obtalned in the course of the audit, we have not identified material misstatements in the directors, report included within the directors, reporL We have nothing to report in respect of the follwng matters in relation to which the Companies Act 2006 ￿qUireS us to report to you rf. in our opinion- adequate accounting records have not been kept, or ￿turnS adequate for our audit have not been recewed from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of Iruslees. remuneration specified by law are not made- or we have not r￿￿ed all the information and explanations we require for our audit., or the directors were not entiued to Prepa￿ the financial ststements in attcordan￿ with the small cllmpanles regime and take advantage of the small ¢ompanies' exemptions in preparlng the directors, report and from Ihe requi￿rnent to prepare a strategic report. 11 THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Responsibilities of directors As explained more ful￿ in the Statement of directors. responsibilities. the directors are responsible for the preparation of the financial ststements and for bèing satisfied that they give a true and fair view, and for such internal control as the directors dètermine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicabte, matters related to going concern and using the going concern basis of accounting unless the direolors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Audltor's ￿SPOnsIbl11t[es for the audit of the finan¢ial statements Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿ bLrt is not a guarantee that an audit conducted in accordance with ISAS (UK) will a￿ayS 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 reasonabty be expected to influence the economic decisions of Users taken on the basis of these financial statsments. The extent to which our procedu￿$ are capable of detecting irregularities. induding fraud, is detailed below. 12- THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Extent to which the audtt was considered Capable of detscting irregularttles, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. and then design and perform audit procedures responsive to those risks, including obtsining audit evidence that is sufficient and appropriate to prc)vide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregulaTities, including fraud and non-compliances with laws and regulations, we conside￿d the following- The nature of the industry and sector, control environrDenl and business performance. including the charitable company's remuneration policies for directors, bonus levels and performance targets. if any-, Results of our enquiries of management about their own identification and assessment of the risks of irregularities., Any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to= Identfying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance: Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. and The intemal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagemenl team regarding how and wheTr fraud might occur in the financial statements and potential indicators of fraud. As a resutt of these procedures, we ￿nsidered the opportunities and incentives that may exist Wtthin the charitable company for fraud and idenlified the greatest potential for fraud in revenue recognition In common with all audits under ISAS IUKI, we are also required to perfom 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 effect on the determination of material amounts and disclosures in the financial statèmèftts. The key laws and regulations we ¢onsidered in this context included the Companies Act 2006, and local tax legislation. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental to the charitsble company's ability to operate or to avoid a material penalty. 13- THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Audlt response to rlsks identified Our procedures to respond to the risks identified included the following- Reviewing the finartcial statement disclosures and testiny to supporbng documentstion to assess mpliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Enquiring of management ¢onceming actual and potential fitigation and claims- Performing anatytical procedures to identify any unusual or unexpected relationships that may indi¢ale risks of malerial misstatement due lo fraud- Reading rninutes of meetings of those chargèd with governance and reviewing correspondence wilh tax authorities., and In addressing the risk of fraud through management override of controls, testing the appropriateness of joumal entries and other adjustments., assessing whether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationate of any signthcant transactions that are unusual or outside the normal course of busine$$. We also communicated relevant idenltried laws and regulations and potenti81 fraud risks to all engagement team members and remained alert to ary indications of fraud or norrfomplian¢e with laws and regutations throughout the audit. Owing to the Inherent Ilmltstions of an audit, there is an unavoidable risk that we may not have detected some material misslatements in the financial statements, even though we have propedy planned and perfom)ed our audit in accordance with auditing slandarcls. In additiors. as wf(h ary audit, there remains a higher risk of non4election of irregularities, as they may involve collusion, forgery, intentional omissions. misrepresentstions, or the override of internal controls. We are not ￿sponSible for preventing nonrycompliance and cannot be expected to detect non- compliance wilh all laws and regUla￿n$. A further description of our responsibilities is available on the Financial Reporting Council's web5fte aL- hI￿$JI www.fr¢.orJr .uklauditorsresponsibilities. This description forms part of our audito¢s ￿PorL 14- THE BLACK BOX TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE BLACK BOX TRUST Use of our report This report is made solely to the charitable company's members, as a body, in accordan￿ with Chapler 3 of Part 16 of Ihe Companie5 AGt 2006. Our audit work ha5 been undertaken so that we might state to the Gharitsble company's members those matters we are required to state to them in an audito¢s report and for no other purpose. To the fullest extent pemiitted by law, we do nol accept or assume responsibilrty to anyone other than the charitable company and the charitable company'5 members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Stephen Houston FCA {Senior Statutory Auditor) for and on behalf of GMCG Lisbum Chartered Accountants statutory Auditor Century House 40 CreS￿nt Business Park Lisburn BT28 2GN 15-