Springboard Opportunities Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Springboard Opportunities Limited Year ended 31 March 2024 Opinion We have audited the financial ststements of Springboard Opportunities Limited (the 'charity'l for the year ended 31 March 2024 which comprise the statement of financial activities {including income and expenditure account). statement of financial position, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporbng Standard applicable in the UK and Republic of I￿land (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming reSoUr￿S and application of resources, including its income and expenditure. for the year then ended.. have been propedy prepared in accordance with United llngdom Generally AC￿pted Accounting Practice., have been prepared in accordance with the requiff ments of the Companies Act 2006. Basis for opinion We conducted our audit iri accordan￿ with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the auditor'5 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 the provisions available for small entities. in the circumstances set out below. and we have fulfilled our other ethical responsibilities in accordan￿ with these requiremen15. We believe that the audit eviden￿ we have obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of oursize and nature we use auditors to prepare and subimit returns to the lax authorities and assist with the preparation of our financial slalements. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perforrned. we have not identified any material uncertainties relating to events or conditions that. individually or colleclively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are auth0ri5ed for issue. Our responsibilities and the responsibilib.es of the tnJ5tees with respect to going concern are described in the relevant sections of this report. 12 Springboard Opportunities Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Springboard Opportunities Limited (conlinuedj Year ended 31 March 2024 Other infonnation The other infomation 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 infomiation. Our opinion on the financial statements does not cover the other information and, ex￿pt to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slalements, our responsibility is to read the other information and. in doing so, consider whether the other infom)ation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idents'fy such material inconsistencies or apparent material misstatements. we are required to detemiine whether there is a material misstatement in the financial slatements or a material misststement of the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on othor matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements", and the trustees, report has been prepared in accordan￿ with applicable legal requirements. 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 identified material misstatements in the trustses, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion: adequate accounting records have not beeri kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement wth the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanation5 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 the directors. report and from the requirement to prepare a strategic report. 13 Springboard Opportunities Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Springboard Opportunities Limited (continuod) Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees, ￿spOnSibl11t1eS statement, the trustees (who are also the directors for the purposes 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 Ihe trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstalemenl. whether due to fraud or error. In preparing the financial statements, the twstees 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. 14 Springboard Opportunities Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Springboard Opportunities Limited Icondnued) Year ended 31 March 2024 Auditorfs responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and lo issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance, bul 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 lo Influen￿ the economic decisions of users tsken 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 prO￿dureS are capable of detecting irregularities. including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-complian￿ with laws and regulations, we considered the following= the nature of the industry and sector. control environment and business performance including the design of the remuneration policies, key drivers for directors, remunerab'on. bonus levels and performan￿ targets", results of our enquiries of management about their own identification and assessment of the risks of irregularities-, any matters we idents'fied having obtained and reviewed do¢umentation of their policies and procedures relating lo.. identifying. evaluating and complying with laws and regulations and whether managementwere aware ofany instances of n0n-comp1ian￿-, detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud", the intemal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit team5 and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of thes? procedures. we considered Ihe opportunib'es and incentives that rnay exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS IUKI. we are also required to perfomi specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation. focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Cornpanies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ with which may be fundamental for their ability to operate or to avoid a material penalty. 15 Springboard Opportunities Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Springboard Opportunities Limited {contlnuedJ Year ended 31 March 2024 As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also-. Idéntify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circurnstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit eviden￿ obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material un￿rtainty exists, we are ￿qUired to draw attention in our auditor'5 report lo the related disclosures in the financial statements or. if such disclosure5 are inadequate, lo modify our opinion. Our conclusions are based on the audit eviden￿ obtained up to the date of our audiloffs report. However. fijture events or conditions may cause the charity to cease to continue as a going COn￿rn. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair p￿Sentatron. We cornrnunicate with those charged wrth govemar)ce regarding, among other matters. the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. 16 Springboard Opportunities Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Springboard Opportunities Limited (contlnuedj Year ended 31 March 2024 As explained more fully in the Trustees, Responsibilities Statement (set out on page 10), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing {UK). Those standards require us to comply with the Financial Reporting Council's IFRC'S) Ethical Standard for Auditors,, in the circumstances set out in note 23 to the financial statements. Use of our report This report is made solely to the charity'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 charity's members 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 members as a body. for our audit work, for this report. or for the opinions we have fomied. Conor Dolan FCA (Senior Statutory Audilorl For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 Jarnes Street South Belfast BT2 8DN 16 October 2024 17