KPMG Th8 SLS&st Bwkjw B5t BTI 3LP Independent auditor's report to the members of Co-operation Ireland Report on th• audll of the finan¢lal statements Oplnlon We have audited the financial ststements of Ctroperation Iland (Ihe company") for the year ended 31 December 2022 set out on pages 14 to 25, which comprise the stalement of income and retained eamings. the balance sheet, the cash flow statement and related notes. including the summary of signfficant accounting policies set out in note 2. The financial reporting framework thal has been applied in their preparation is UK Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland. In our opinion: (l) the financial statements give a true and fair view of the state of the company s affairs as at 31 December 2022 and of its surplus for the year then ended" the financial statements have been properly prepared in accordance with FRS 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland,. and the financial statements have been prepared in accordance with the requirements of the Companies Acl 21X)6. Basls for oplnlon 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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance wilh elhical requirements Ihat are relevant to our audit of financial statements in the UK. including the Finanaal Reporting Council IFRCI'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 sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concem The directors have prepared Ihe financial statemenls on the going concern basis as they do nol intend to liquidate the company or to cease its operations, and as they have concluded that the company's financial position means that this is realistic. They have also concluded that there are no malerial uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the dale of approval ol the financial statements (Ihe going concem pericrfj"). In our evaluation of the directors. conclusions. we considered the inherent risks to the cofflpany's business Th)del and analysed how those risks might affect the rnPany s financial resources or ability to continuè operations over the going (x)nc8m p8ri(xJ. In auditing the financial statements, we have conduded that the directors. use of the going concem basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have perfomied, we have not identffied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the company s ability to continue as a going concern for a perSod of at least twefve months from the dale when the financlal ststernents are authorised for issue. 10
Independent auditor's report to the members of Co-operation Ireland (continued) Report on the audft of the financlal statements (continued) Conclusions relating to going concern (continued) Our resp)nsibiltties and the responsibilities of the directors wth resFect to going concem a described in the relevant seclions of this repcKt. However. as we cannot dICt all future events or condttions and as subsequent events may resutt in outcomes that are inconsistent wrth judgements that were reasonable at the ts'me they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation. Detectlng Irregularttles Includlng fraud We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understsnding of the enb"ty's industry. regulatory environment and other external factors and inquiry with the directors. In addition. our risk assessment procedures included.. inquiring with the directors as to the Company s policies an¢J procedures regarding compliance wilh laws and regulations and prevention and detection of fraud: inquiring whether the directors have knowledge of any actual or suspected non- compliance wilh laws or regulations or alleged fraud: inspecting the Company's regulatory aTrd leg81 correspondence,. and reading Boardlaudrt committee minutes. We discussed idenlified laws and regulations. fraud risk factors and the need lo remain alert among the audrt team. The Company is subject to laws arKI regulations that dillY affect the financial statements including companies and financial reporting legislation and taxation legislation. We assessed the extent of compliance wilh these laws and regulations as part of our procedures on the related financial statement items. including assessing the financial statement disdosures and agreeing them to supporting documentstion when reSsary. The Company. is not subject to other laws and regulations where the consequences of non-cornplian could have a material effect on amounts or disclosures in the financial staternents. Auditing standards limit Ihe required audit procedures to identify nonmplI3n with these non-direct laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, rf any. We assessed events or condrtions that could indicate an incentive or pressure lo commit fraud or provide an opportunity to commit fraud. As required by auditing standards. we perf0ml procedures to address the risk of management override of controls and the risk of fraudulent venue recognition. On thls audit we do not believe there Is a fraud risk related to revenue recognition. In response to risk of fraud, we also perfonned procedures including: idenlrfying joumal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transacb'ons; assessing SnIfICant accounting estimates for bias. and assessing the disclosures in the financial statements. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some malerial misststements in the financial stalements. even though we have properfy planned and performed our audrt in accordance with auditing standards. For example. the further removed non- compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial stalements, Ihe less likety the inherently limited prcKedures required by audrting standards would Identify it.
Independent auditor's report to the members of Co-operation Ireland (continued) Report on the audft of the financlal statements (continued) Dotectlng Irregularftlos Includlng fraud (continued) In addition. as with any audit, there remains a higher risk of rrfjn-deteclion of irregularities, as these may involve collusion. forgery. intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non•compliance and cannol be expected lo detect non•compliance wilh all laws and regulations. Other inforniation The directors a responsible for the other infonmation presenled in the Annual Report together with the financial statements. The other infomiation comprises the infomiation included in the directors. report. The financial ststements and our auditor's report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other infomiation and, accordingly, we do not express an audit opinion or. except as explicrtiy stated below. any fomi of assurance conclusion thereon. Our responsibilty is to read the other informatK)n and. in doing so, consider whether. based on our financial statements audit work, the infomiatK)n therein is materially misstated or inconsislent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information. Oplnlons on other matters prescrfbed by the Companles Act 2006 Based solely on our work on Ihe other informalion undertaken during the course of the audit: we have rK)t entIfied material misstatements in the directors, report or the strategic report; in our opinion. the infonnation given in the directors, report and the strategic report is consistent with the financial statements.. in our opinion. the directors. report and the strategic report have been prepared in accordance with the Companies Act 2006. Matters on whlch we are requlred lo report by exceptlon Under the Companies Aci 2006 we are required to report to you rf, in our opinion: adequate accounting records have not been kept. or retums adequate for our audit have not been receiv8d from branches not visited by us: or the financial stsiements are in agreement with the accounts'rvJ records and returns; or certain disclosures of directors. remuneralion specrfied by law are nol made; or we have rl received all the infomiation arml explanations we qUIre for our audit,, or the directors were not entitled to take advanlage of the srnall cornpanies exemption from the requirement to prepare a strategic report. We have nothing to report in Ihese respects. 12
Independent auditor's report to the members of Co-operation Ireland (continued) Respectlve responslbllltles and restrlctlons on use Responslbllttlo8 of dlrnctors for tho flnanclal statements As explained more fully in the directors. responsibilities statement set out on page 9, the directors are resnsIble for.. the preparation of the financial statements including being satisfied that they give a true and fair view: such internal conlrol as they determine is necessary to enable the preparation of financial slalemenis Ihal are free from matenal misstatement. whether due to fraud or error., assessing the company's ability to continue as a going concem. disclosing. as applicable. matters related to going concem; and using the going concem basis of accounting unless they either intend to liquidate the company or to cease operations, or h8ve no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregulanties or error, and to issue an opinion in an auditor's report. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accdance with ISAS (UK> will always detect a material misststement when it exists. Misstatements can arise from fraud, other irregularities or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. A fuller description of our responsibilities is provided on the FRC'S website at www.frc.or .uklauditorsres nsibilities. The purpose of our audlt work and to whom we owe our responsibllities Our pOrt is made solely to the company's members. as a body. in accordan Yth Chapter 3 of Part 16 of the Companies Act 2006. Our audtt work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extenl permrtted by law. we do not accept or assume responsibility to anyone other than the company and the company's members. as a br. for our audtt work. for this report. or for the opinions we have formed. 22 September 2023 Séamus Abraham for and on behalf of KPMG Chartered Accountant8, Statutory Audrt Flmi I Stokes Place St. Stephen s Green Dublin 2 13