NIACRO LIMITED BY GUARANTEE INDÉPENDENT AUDITORS REPORT TOTHE MEMBERS ON THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial Statements of NIACRO, for the year ended 31 March 2024 which cornpri5e of, administratlon account. the statement of f(nancial activities, the balance sheet, the cèshflow ststernent and the related notes. including a surnmary of signlflcant accountin8 policies. The flnancial reportingframework that has been applied In their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standards applicable in the UK and Republic of Ireland, (United Kingdom GenerallyAccepted Accountlng Practlcel. In our oplnion the financial statements.. - give a true and falr view of the State of the Cornpany's affairs as at 31 March 2024 and of its surplus for the year then ended: have been properfy prepared in accordance with United Klngdorn Generally Accepted Accountlng Practice.. 3nd have been prepared in accordance with the requirements of the Companles Act 2006. Basis for oplnlon We conducted our aud¢t in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audli of the financial Statemènts section of our report. We are independent of the Company In accordance with the ethical requirements that are relevant to our audit of the flnancial statements in rhe United Kingdom, Including the Fin3nci31 Reportlng Councll's Ethical stsndard, and we have fulfilled our other ethiial responsibilities in Jccordance with these requirements. We believe that the audit evidence we have obtalned is sufflcient and approprlate to provide a basis for our oplnion. Conclvslons relating to golng concern In auditing the financial staternents. we have concluded that the d1￿ctorS, use of the going concern basls of accounting in the preparatlon of the fln3ncial statements is appropriate. Based on the work we have performed. we have not identified any materlal uncert3intles relatin8to events or condltions that. Individually or collettively. may cast slgnificant doubt on the Cornpèny's ability to contlnue as a going concern for a perlod of at least twelve rnonths from when the flnancial ststements are authorised for issue. Our responsibilities and the responsib￿lItieS of the directors wlth respect to going concefn a￿ described in the relevant sectlons of this report. Other Informatlo The other informatlon comprises the information included in the Annual Report, other than the financial statements and our Auditors. report the￿On. The direttors are responsible for the other infom)ation contained within the Annual Report. Our opinion on the financi31 statements does not cover the other information and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance concluslon thereon. Our ￿sponsIbIlIty 15 to read the other information and, In dolng so. consider whether the other Infomiation is materially Inconsistent with the financial statements or our knowledge obtained in th& audit or otherwise appears to be materially rni55tated. If we identify such mater[31 inconsistencies or apparent rnaterial fflisstatements. we are required to determlne whether this give5 rise to a materlal misstatement in the flnancial statements thernselves. If. based on the work we have performed, we conclude that there 15 a materlal rnisstatement of this other Informatlon. we are required to reportthatfatt. We have nothin8 to report In thls re8ard. Oplnlon on other matters prescribed by the Companies Art Z006 In our opinion, b35ed on the work undertaken in the course of the audit.. - the inforrnation 8lven in the ￿1￿ctors. report for the flnantial year forwhlch the flnancial statements are P￿pa￿d Is con515tentwith the ftnanclal statements.. and the Directors. report has been prepared in accordance with applicable lesal requirements. Pg10 NIACRO LIMITED BY GUARANTEE INDEPENDENT AUDITORS REPORT TO THE MEMBERS CONT'D Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors, report. We 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.. ad&quate accounting records have not been kept, or returns adequate for our audit have not been received from br3nches not vlsited by us,- or - the financial statements are not in agreernent with the accounting records and return5', or certain disclosures of directors, remuneration specifled by law are not made,- or we have not re￿iVed all the information and explanations we require for our audit., or Responsibllities of directors As explained more fully In the Directors, responsibilities statément on pa8e 2, the directors are responsible for the preparation of the rinancial staternents and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the directors are responsible for assessing the Company's ability to continue as a goin8 concern, disclosin& as applicable. matters related to goin8 concern and using the going concern basis Df accounting unless the directors either intend to liquidate the Company or to cease operation5, or have no realistic alternative but tts do so. Audltors. responsibilities for the audlt of the finan¢lal statements Our objectives are to obtain reasonable assurance about wherher the financial statements as a whole are free from material mis5taternent. whether due to fraud or eiror, and to issue an Auditors, 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 ISA5 IUKI will always detect a material mi55taternent when it exists. Misstatements can arise from fraud or error and are considered material il, individually or in the ag8regate, they could reasonably be expected to influence the econornic detisions of users taken on the basis of these fTnancial statements. Irregularities. including fraud. a￿ instances of non-tompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi5St3ternents in ￿Spect of irregularities. including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. The extent to which our procedure5 are cap3ble of detectin8 irre8ularities, including fraud is detalled below.. obtained an understandin8 of the legal and regulatory frameworks that are applicable to the Company and determined that the most slgnificant are those that relate to the reporting framework IFRS 102 and the Companles Act 20061 and the relèvant tax compliance regulation in the United Kin8dom,' understood how the Comp3ny is ¢ornplying with those frameworks by making enquiries of management to understand how the Company maintain5 and communicates its policies and procedures in these 3rea5.' assessed the vulnerability of the Company's hnanoal statements to material mi55t3tement. including how fraud might occur by considering the risk of management override ènd by assumin8 revenue recognition to be a fraud risk,. and based on thi5 undèr5tandlng our audit procedures were designed to identify non