INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED Opinion We have audited the financial statements of Intemational School For Peace Studies Limited (the 'charity'} for the year ended 31 August 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the state of the charitable society's affairs as at 31 August 2022 and of its incoming resources and application of reSoUrs, for the year then ended- have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practi., and have been prepared in accordance with the requirements of the Industrial and Provident Societies Act 1969. Basis for opinion We Gonducted our audit in accordance with Intemational Stsndards on Auditing (UK} (ISAS {UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit or 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. induding the FRC'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 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going Goncem In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, 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 authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation included in the annual report other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept" or the financial statements are not in agreement with the accounting records- or we have not received all the infonnation and explanations we require for our audit.
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED Responsibilities of Trustees As explained more fully in the statement of Trustees. responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 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 statements, the Trustees 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 charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial stalements Our objeclives are to obtain reasonable assurance aboul whelher the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audito¢s report that includes our opinion. Reasonable assuran 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 rf, individually or in Ihe aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. Extent to which the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstalement of the financial statements due to fraud: to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instsnces of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with govemance of the charitable company. Based on our understanding of the charitable company and its operating environment, we determined thal the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework, (FRS 102, the Charities Act (Northem Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northem Ireland) 2015. the Charity SORP and the Industrial Provident Society Act. We assessed the susceptibility of the Gharitable Gompanvs financial statements to material misstatement, inGluding how fraud might occur, including evaluating managemenvs incentives and opportunities to manage earnings or influence the reported results. From the results of our assessment. we detemined that the principal risks of fraud relate to posting inappropriate joumal entries and use of charity funds for purposes outside of restrictions imposed by the donor. In common with all audits under ISAS (UK), we are required to perform specific procedures to respond to the risk of management override.
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED Audit response to risks identified As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit procedures perfomied by the engagement team included.. We obtained an understanding of the charitable company's internal control systems in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. We obtained an understanding of how the charitable company complies with relevant laws and regulations, including those as a result of its registration with the Charity Commission for Northern Ireland and charitable status with HM Revenue & Customs , by making enquiries of management and those charged with governance. Enquiry of management, those charged with govemance and the entity's solicitors around actual and potential litigation and claims. Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. Perfomiing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud Reviewing minutes of meetings of those charged with governance Reviewing financial statement disclosures and tesling to supporting documenlation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls. including through testing joumal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. Auditing the risk of use of charity funds outside of restrictions imposed by the donor by review of funding letters of offer to identify restrictions, and review of funding claims prepared by management to check compliance with restrictions. We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-complian with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of intemal control. A further description of our responsibilities is available on the Financial Reporting Council's website at: https'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs report. This report is made solely to the companys members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit 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 auditorfs 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 company and the company's members as a body, for our audit work, for this report. or forthe opinions we have fomied. John Love (Senior Statutory Auditor) for and on behalf of Moore (Nl) LLP 26 September 2023 Chartered Accountants Statutory Auditor 21123 Clarendon Street DerylLondonderry BT48 7EP Moore INI) LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.