KPMG
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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 I￿land (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.
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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 di￿llY 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 r￿eSsary.
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 non￿mplI3n￿ 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 perf0m￿l 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 S￿nIfICant 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 r￿l 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.
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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
res￿nsIble 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 acc￿dance 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￿ Y￿th 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
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