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 2024 which
comprise the Balance Sheet as at 31 March 2024., 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 Ihe Financial Reporting Standard app/icab/e in the UK and Republic
of Ireland Iunited Kingdom Generally Accepted Accounting Practice).
In our opinion, N.1. Alternatives Limited's financial ststements..
give a true and fair view of the state of the charity's affairs as at 31 March 2024 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 lawl and,.
have been prepared in accordance with the requirements of the Charitie5 Act (Northern Ireland) 2008.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (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 company in accordance with the
ethical requirements that are relevant to our audit of the financial statement5 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 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 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
statement5 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
inconsistencies or apparent material misstatements, we are required to perform procedure5 to conclude whether
therè 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.
Matter5 on which we are required to report by exception
In the light of the knowledge and understsnding of the charity and its environment obtained in the course of the
audi¢ we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respert of the following matters in relation to which the Charitie5 (Accounts and
Reports) Regulations (Northern Ireland) 201 S 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 sat15fied that they give a tnje 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 misststement
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, a5 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 mi5Statement whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a hi9h level of assurance, but is not a guarantee that an audtt 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 reasonab￿ 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 regulations. 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, inclLJding 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 misstatement 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 limitèd 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 ststements, the less likely we would become aware of it. We did not identify any key audit
matters relating to irregularities, including fraud. A5 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'5 tnjstees, 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 trustees 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 charivs 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 Mounffield Road
Omagh
Co. Tyrone
BT79 7BJ
Date= 5th December 2024
HMCI Limited CT/A Hamill Mcllwainel is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.