N.1. ALTERNATIVES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF N.1. ALTERNATIVES LIMITED Opinion We have audited the financial statements of N.1. Alternatives Limited for the year ended 31 March 2023 which comprise the Balance Sheet as at 31 March 2023,. the statement of financial activities, cash flow statement and notes to the financial statements, including a summary of 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, N.1. Alternatives Limited's financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, and cash flows for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law} and,. have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII 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 company 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 In auditing the financial statements, we have concluded that the members use of the going concern basis of accounting n 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 charities ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
N.1. ALTERNATIVES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF N.1. ALTERNATIVES LIMITED Reporting on other information The other information comprises all the information in the Annual Report other than the financial statements and our auditors, report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material incon51Stencies or apparent material misstatements, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. Based on the responsibilities described above and our work undertaken in the course of the audit, ISAS (UK) require us also to report certain opinions and matters as described below. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identif led material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matter5 in relation to which the Charities (Accounts and Reports) Regulations {Northern Ireland) 2015 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report-, or adequate accounting records have not been kept, or returns adequate for our audit have not been received by us,. or the financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit.
N.1. ALTERNATIVES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF N.1. ALTERNATIVES LIMITED Responsibilities of the Trustees for the financial statements As explained more fully in the Statement of Trustees, Responsibilities set out on page six, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine 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 trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under paragraph 6 of schedule 6 of the Charities Act (Northern Ireland) 2008 and report in accordance with regulations made under section 66 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL 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 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 influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-. We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material mi5Staternent due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 10
N.1. ALTERNATIVES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF N.1. ALTERNATIVES LIMITED We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the accounting and reporting of charities and UK tax legislation. Our tests included agreeing the financial statements disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel where appropriate. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the committee members that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity's trltstees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Mr Rodney Hamill FCA (Senior Statutory Auditor) for and on behalf of HMCI Limited TIA Hamill Mcllwaine 28-30 Old Mountfield Road Omagh Co. Tyrone BT79 7BJ Date: 20th December 2023 HMCI Limited (TIA Hamill Mcllwainel is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.