SPRINGVALE TRAINING LIMtTED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Springvale Training Limited (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statemcnt of financial position, stst¢ment of cash flows and the related notes, including a summary of significant accounling policies. The financial reporting fram¢work that has been applied in their preparation is applicabl¢ law and the United Kingdom Accounting Standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of treland (United Kingdom Generally Acc¢pt¢d Accounting Practi¢¢). In our opinion the financial statements: give a true and fair view of the stste of the charity, s affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion 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 auditor's responsibilities for the audit of the financial statcments section of our report. We are independent of the charitable company in accordance with thc ethical requirements that are relcvant to our audit of the financial statements in the UK, including the rRC's Fthi¢al Standard, and we have fulfilled our other cthical responsibilities in accordance with thes¢ requirements. We believe that the audit evidence we havc obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going Concern In auditing th¢ financial staterncnts, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fmancial statements is appropriate. Based on the work w¢ have perfonned, we havc not identificd any material uncertainties relatin8 to events or conditions that, individually or collectively, may t significant doubt on the charity's ability to continue as a going nCern 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 thi5 report. Other information The other inforniation comprises the infornlation included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responskble for the other inforn]ation. Our opinion on the financial statements does not cover the other inforniation and, except to the extent otherwise explicitly stated in our report, we do not express any fom] of assurance conclusion thereon.
SPRINGVALE TRAtNING LIMITED INDEPENDENT AUDITOR?S REPORT TO THE MEMBERS OF SPIUNGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2024 In coreCtion with our audit of the financial statements, our rcsponsibility is to read the other infomiation and, in doing so, consider whether th¢ other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othL'rwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rnisstat¢m¢nts, we are required to detern]ine whether therc is a material misstatement in the financial statements or a material misstatement of the other inforn]ation. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other information, we are required to report ihat fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: thc infomiation given in the trustees, report for the financia] year for which the financial statements arc prepared is consistent with the financial statements: and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on wbich we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifi¢d material misstatements in the trustees, report. W¢ have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kep( or returns adequate for our audit have not been receivcd from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law arc not made; or we have not receivcd all the infonnation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with thc small companies, regime and take advantage of the small companies, exemption in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustee5 As explained more fijlly in the trnstees, responsibilities statement, th¢ trustees, (who are also the directors for the Putposes 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 the trustees deterniine is necessary to enable the preparation of financial statements that are free from material misstaternent, whether due to fraud or error, In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 12
SPRINGVALE TRAINING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Auditor's responsibilities for the audit of the finYdnci&l 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 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 ststements. Extcnt to which the audit was capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of non-complianc¢ with laws and r¢gulations, We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed thcse between our audit team members. We then designcd and perfornied audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the detern1ination of material amounts and disclosurcs in the financial statements. We assessed the required compliance with thes¢ laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a dircct effcct on the financial statemcnts but compliance with which might b¢ fundamental to the charity's ability to operats or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. Auditing standards limit thc required audit procedures to identify non-compliance with these laws and regulations to enquiry of the dirtorS and other management and inspection of regulatory and Icgal correspondence, if any. We identificd the greatest risk of material impact on thc financial statements from irregularities, including fraud, to be within the timing and completeness of recognition of grant and contract income and major donations and the overrid¢ of controls by management. Our audit procedures to respond to thesc risks included enquiries of management and the Audit Committee about their own idcntification and assessment of the risks of irregularities, testing of a sample of transactions against the terms of thc funding agreements and the requirement of thc Charities SORP (FRS102), sample testing on the posting of joumals, reviewing accounting estimates for biases and reading minutes of meetings of those chargcd with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfornied our audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non- detection of irregularities, as these may involve collusion, forgeryi intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 13
SPRINGVALE TRAINING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2024 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 fonns part of our Auditor's Report. We also communicated relevant identified laws and regulations and potential fraud risks to all audit team members and remained alcrt to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit, W¢ also: Identify and assess the risks of material misstatement of the finanGial statements, whether du¢ 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 resultin8 from error, os fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control rclevant to the audit in order to design audit procedures that arc appropriate in the circumstances, but not for the purpose of expressing an opinion on the effcctiveness of the internal control. Evaluate the appropriateness of aceA)unting policies used and the reasonableness of accounting estimates and related disclosures madc by the trustees. We communicat¢ with those charged with govemance regarding) among other matters, the planned scope and timing of the audit and significant audit findings, including any signifi¢ant d¢fi¢i¢n¢ies in intemak control that we identify during our audit. Use of our report 'fhis report is made solely to the Charity's members, as a body, in a¢¢ordance with Chapter 3 of Part l6 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's mcmbers thosc matters we are required to sate to th¢m in an auditor's report and for no other purpose. To the fullest extent p¢rmitt¢d by law, we do not accept or assume responsibility to an ne other than the charity and the charity's members as a body, for our audit work, for this rcport, or for the on we have fornied. Hughes House 617 Church Street Banbridge BT32 4AA Paul Cum ings (S ior Statutory Auditor) For and on behalf o Jones Peters Chartered Accountants and Statutory Auditors 29 November 2024 14