INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED Oplnlon We have audited the financial statements of International School For Peace Studies Limited (the 'charity'l for the year ended 31 August 2023 which comprise the statement of financial activities. the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framewth that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandaryl 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 socievs 8ffeirs as at 31 August 2023 and of its incomlng resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and hav8 b88n pr8par8d In accordance with the requirements of the Industr181 and Provldent Socl8tl88 Act 1969. Ba*1• for oplnlon We conducted our audlt in accordance with Int8mational Standards on Audltlng (UK) (ISAS {UK}) and applthble law. Our r8sponsibilit18s under those standards are further descrlbed In the Auditor's responsibilities for the 8udit of the financial st8tem&nts sectlon of our rèport. We are Independent of the charity In accordan¢8 With the ethlcal requirements that are relevant to our audit of Ihe financial statements in th8 UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with th8S8 requirements. We belleve that the audit evidence we have obt8in6d is sufficignt and approprlate to provide a basis for our opinn. Conclu•lon• relatlng to golng concem In auditing the financial Statements, we have concluded that the Trustees. usa of tha going concem b8816 of a¢countlng In the preparatlon of the financial statements Is appropriate. Based on work we have performed, we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively, m8y cast significanl doubt on the charity's ability to continue as a golng concem for 8 period of at least tsvelve months from when the financial statements are authorlsed for Issue. Our responsibilities and the responsibillties of the Trustees wlh respect to going concern are described in the relevant sectlons of thls report. Othor Infornmtlon The other inform8tlon comprlses the Information Included In the annual report other than the financlal statemen18 and our audltovs report thereon. The Trustees are responslble for the other information contained withln the annual report. Our oplnion on the financial slatements d08s not cover th8 Other Infonnation and we do npt expre&8 any form of assurance concluslon thereon. Our responsibility Is to read the other information and, in doing so, conslder whether the other infomiation Is materlalty inconsistent wlth the financlal statements or our knowl8dg8 obtalned in the course of the audit, or otherwise appears to be materially misstated. If we identlfy such material inconsistencies or apparent materlal misstatements, we are required to detemine whether this glves dse to a materfal misstatement in the financial stat8m8nts themselves. If, based on the work we hav8 P8rformed, we concludè that ther6 is a material mlsstatement of thls other infomiation. we are requlred to report that fact. We have nothlng to report In thls regard. Matters on whl¢h are raqulred to report by excoptlon We have nothing to report in respect of the follov4ing matters in r8lation to which th8 Charitses (Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion: the information given in the financial ststements is inconsistent in any material respect with the Trustees, report; or sufficient accounting records have not been kept" or the financlal statements are not in agreement wlth the accounting records; or we have not received all the information 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 Responslbllftle8 of Truste•s As explained more fully in the statement of Trustees, responsibilities, Ihe 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 b8ing satisfied that they give a true and fair view, and for such intemal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misststem8nt, whether du8 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 concem and using the going concem 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. Audltorf• responslbllltles lor the audlt of the flnanclal 8latements Our objedives are to obtain reasonable assurance about whether the financial ststements a8 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditols report that includes our opinion, Reasonable assurance is a high level of assurance but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can ar6se 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 basls of these financi81 statements. The extent to whlch our procedures are capable of detectlng Irregularltles. Including fraud, is detsiled b810w. Ext•nt to whlch th• audlt was consld•r•d capablo of d•tsctlng Irrngularltl••, Includlng fr•ud The objectlves of our audit in respect of fraud, are: to identfy and assess the rlsks of mater181 misststement of the financial statements due to fraud. to obtain sufficlent appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through deslgnlng and implementing appropdate responses lo those asses88d risks,. and lo respond appropriately to Instances of fraud or suspected fraud identified during th8 audlt. However, the prlmary responsibility for the prev8ntion and detectlon of fraud r8sts wlth l)oth manag8ment and those charged wlth govemance of the Charitable company. Based on our understandlng of the charltable company and It8 OP8r8tlng environment, we determln8d that the most slgnlficant frameworks whlch have a dlrect impact on the preparatlon of the financial statements 8r8 those related to the reportlng framework. IFRS 102. the Charlties Act (Northem Ireland) 2008, The Charltles (Accounts and Reports) Regulations (Northem Ireland) 2015, the Charity SORP and the Industrial Provident Society Act. We a88essed the susceptibility of the charitable company's financial stat8ments to material m188tatement. including how fraud might occur. including evaluating management's incentives and opportunities to manage eamings or influence the reported results. From the results of our assessment, w8 detemined that th8 prlnclpal rlsks of fraud relate to posting inappropriate journal 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 speciflc 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 Audlt rnspons• to rlsks Id•ntlfi•d As part of an audit in accordance with ISAS {UKI we exercise professional judgement and malntain professional scepticism throughout the audit. Audit procedures p8rformed by th8 engagement team included: We obtained an understandlng 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 expresslng an opinion on the effectiveness of th8 charitable Companys Internal control. We obtain8d 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 wlth HM Revenue & Customs , by making anquiries of management and those charged with govemance. Enquiry of management, those charged with governance and thè entlty's solicitors around actual and potential litigation and claims. Enquiry of entity staff to identify any instances of nonrycompli8nce with18w8 and regulation8. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misslatement due to fraud Reviewing minutes of meetings of those charged wlth govemance Reviewing financial statement disclosures and lesting to supporting documentation to assess compliance with applicable lav and regulations. Auditlng the risk of m8n8gement override of controls, including through testing joumal entrfes and other adjustments for appropr18teness, and evaluating the business rationale of signlficant transactlons that are unusual or outslde the nomal course of business. Audfting the rlsk of use of charity funds outslde of restrldons Impos8d by the donor by review of funding letters of offer to Identlfy restrictions, and revlew of funding claims prepared by management to check Complian with restrictions. We communlcat8d relevant laws and regulations and potèntlal fraud risks to all engagement t88m members, and remalned alert to 8ny indications of fraud or nonwcompllance wlth laws and regulations throughout the 8udlt. There are inherent limltstlons in the audlt procedures d8SCrtbed above and th8 further removed non-compllanc8 wlth lav and regulatlons Is from the events and transactions reflected in the financial stat8ment8, the less Ilkely we would become aware of It. Also, the rfsk of not d818cting a material misslatement due to fraud Is hlgher than the rlsk of not d6tecllng one resulting from error, as fraud may involve deliberate concealment through Collusion, forgery. intentional omissions, misrepresentations or the override of internal control. A further description of our responsibilities is available on the Flnancial Reportlng Councll's webslte at: httPS'.11 vAv.frc.org.uklauditorsresponsibilities. This description forms part of our auditoff s rep)rt. ThSs report Is made solely to the company's members, as a body, In accordance wlth section 391 of the Companles Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters w8 are required to State to th8m In an auditovs r8POrt and for no other purpose. To th8 fullest ext8nt permltted by law. we do not accept or assume responsibility to anyone other than the company and the COMany,S members as body. for our audlt work, for this r8POrt, or for th8 oplnlons wè have formed. VJ-JL John Love (Senlor Ststutory Audltor) for and on behalf of Moore {Nl) LLP 28 June 2024 Chartered Accountants ststutory Audltor 21123 Clarendon Street DerylLondonderry BT48 7EP Moore (Nl) LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as audilor of a company under section 1212 of the CompaniesAct 2006.