INDEPENDLNT AUDITORS, REPOR T TO THE MEMBERS OF THE ADSUM FOUNDA TION (Con)pany registration number Nl 071403) Opinion We have audited ihe financial statemellts of The Adsum FouDdatioll for the year ended 31. Murch 2023, which comprise thc Statement of Financial Aciiiiities. Balance Sheet. Cash Flow Statement and notes lo the financial sialemenis, including 2 summary of significani accouniing policies. The financFal reporting framework that ha8 been applied in theÉr preparalion is applicable law and United Kingdom Accountinu Standards, iThcluding FIne1 Reporting Starldard 102 The FillClaI Rcporting Sidndard dpplicablc ID thc UK dnd Rcpublic r)f Ireland (Uniled Kingdom Gcuerdlly Accepied Aeeounling Practice)- (Charilies SORP {FRS10?)I. In our opinion the financial statements.. give a ttue and fair view of the Sta of the charitable company's affairs as at 31" March 2023 and of its incoming resourccs and ihcir applicauon for the period then cndcd-. have bccn properly prepared ID accordance with Uniled Kingdolll Generally Accepled Accounting Practice., and have been prepared in accordance with the requiremenLS of the Companies Act 2006. Basis for opinion We condUCd our audil in accordance with Intemational Sttndards on Auditing (UK) IISA.% (UK)) and applicable law. Our responsibilities under (hose standards are further described in the Audiior's responsibililies for the audit of the financial statements section of our report. We are independent of the Company in accnrdance with the ethical requirements Ihai are relevan( 10 our audii of the financidl statements in the UK, including the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibililies in accordance with these rcquirerncnts. We b¢liev¢ that thc audit ¢viden¢e we have oblain¢d is sufficicnt and appropriate to provide a basis for our opinion. Conclusions relating to going Concern We have noihing to report in re.qpeci of ihe following Mair5 in relation io which ihe ISA.q (UK) require u.8 10 report to you where.. the directors, use of the going concern basis of accounting in th¢ preparation vf th¢ financial statements is not appropriate. ot the directors have noi disclosed in the financial statements any idenlified material uncertainties Iha¢ may cast significant doub( about company's ability to conlinuc to adopt the going concern basis or accounting for a period of ai Icast Iwelve months froni the date when thc financial stalcmcnts are authorised for is&uc. Other inform8tion The directors are responsible (or the other information. The other inforniation comprises the informuts.on included in the annual reporL other thdD the financial sthiemcnis alld our audiior's reporc ihereon. Our opinion on the financial st4itcmcnt5 docs not covei the othci iorMation and, except to thc cxtcnt otbcrwisc c.xplicitly statcd in our repon, we do not express any forni of assurance conclusion thcreon. In conne£tion with our audit of the finaDcial slateffjellts, our respollsibility is ¢0 read the other infonnation and, in doing so, consider wheiher the other infornialion is ma(erially inconsislent with (he financial slalemenLs or our knowledge obtained in the audit or otherwise appears 10 be materially missthted. If we identrfy buch material inconsistencies or apparent maierial misstatemeDts, we dre required to deterniine whether there is a material isslatement in the financial btatements or a Illateri mis.slatemeni of the other information. If, based on the work we have perfornled, we conclude Ihat there is a Inaleri misbtatement of tlll's otber inforniation, we are required to report that fact. We have nothing to report in this regard.
DIDEPENDENT AUDrroRS' REPORT TO THE IIqEMBEILS OF THE ADSUl*l FOUNDATION (continued) Opinions un other matters prescribed by the Companies Act 2006 In our opinion, based OD the work undertaken in the couTse of tbe audil: Ihe information given Tn the directors. report for the financial period for which the financial statements prcparcd is CODSlStent with the financial staicrncnts= and the directors. repon have been PTePated in accordance with applicable legal requirements.. Matters on which we are required to report by excepliTrn In the light of the knowledge &nd undeysianding of the company and it5 environment obtained in ihe course of the audit, we have noi identified material missiaiements in the directors, rew)rt. We have nothing 10 report in rcspeci of the following maiters in relaiion io which Ihe Companies Acl 2006 requires us lo report to you if. in our opinion.. ¢idequale accounting reeoTds have noi been kepi by the eo]npany, or returns adequate for our audii have not b¢¢n rec¢ived ITOM branches noi visiied by us; OT the financiaL stalemenrs arc not in agrccmcni wilh the accounting rccords and returns- or cert&in disclosure.8 of direciors. remuneration specified by law are noi made; or we have not received all the infomiation and explanations we require for our audit. or Responslbllltles of dlrectors As expl<iined tnore fully in the directors, rcspon5ibilitie5 Stdiemcnt (set out on pagtts ? to 5), the directors {who are also the Irus¢¢¢s of the charithble company) are responsible for the preparation of ihe financial stalemenis and for being Satisfied th21 they give a tsue and fair view. and for such iniern21 control as the directors deiermine is nccessary to enable the preparation of fLn&ncial statctncnts that are frec from n]alcrial misstatement, wheiher due lo fraud or error. In preparing the financial statemenls, the directors are responstble for assessing the company's ability io con(inue as a going concem, disclosing. as applicable. maiters related 10 going coneeni and u.sing Ihe going concern basis of accounting unless Ihe direetors eiiher intend to liquidate the company or to cease opei-ations. or have no realistic alternative bul to do $0. Auditor's responsibilities for the audit of the financigl stydtemenls Our obje¢tivc5 arc to obtain rcasonabl¢ as5urancc dboul wh¢th¢r th¢ financial btstCTncnts as a whole are fTee from material misstalemenl, whether due Lo fraud or eOr, and to issue lin audilor's repnrt iliat includes our opinion. Reasonable as.surance i.s a high level of a.ssurarkce, but 15 not a giiaraniee thai an audit conducted in accordance with ISAS (UK) will always deteci a larIal mi.kslalement when it exisL8. Mi$5tatements can 415¢ from fraud or error and are considered malerial it. individually or ID the aggrege, they could reasonably be expecled lo influence ihe economic decisioos of users tak-en on the basis of these financial Staments.
INDEPENDEP4T AUDITORS, REPORT TO THE MEMBERS OF THE ADSUM FOUNDATION {contillued) Auditor's responsihiliti&s for the audit of the financial statements (continued) ItTegularities. including fraud, are instatLce5 of non-compliance with laws and regulations. Wc dL5ign pioceduies in Linc with OUI responsibilitics, outlincd abovc. to detect maccrial llLiSStJtemcnls in respeci of irregul¢irities. ineludinE fr'raud. The exleni 10 which our procedures are eapable of deieciing irregularities including fraud is detailed below-. We ideoufLed the laws and regulations applicable to the ¢ompally through discussions Myith direeLLirs and key personnel, and from OUT own knowledge and experience of ihe charitable sector. We focused on specifLC laws and regulalions which we considered may have a direct maierial effect on the financial siacernents or the operations of the company, itliluding the Companies Act 2006 and t&Xdtion Icgislatloll. while also giving consideration to dala protrciion regulations, employment law and health and safety legislatÈon. The engagemen( P¢Vtner ei)sured that rhe engagemeni t¢im collectively had the Jppropriiltc coDTrpct¢r)¢c, capabilities and skills lo idenufy or rccognise non-compliancc with ¢ipplicable laws and regulation8 and (he ieam remained alen lo ihe possibility of fraud and non-compli&nLe throughout the &iudii. Wc as5csscd thc susceplibility of Ihe company's financial s(aieinenis to material mi&siatemeni. including obiaiTJing an Lknderscanding of how fraud might occur. We did $0 (hrough di.8cu.8sions wilh management 2,8 tn their a.84e.%%meni of Areas where fraud Dr non-complianee mighÉ occur, &$ well 4L4 Lonsidering Ihc intern8J coniro15 iJ] place lo Inicigate risks of frdud and non-comphaDCe. In order to ascertain ihe exleni of compliaiice with the laws ai)d regulations, we mAde enquiries of manavetnent as to whether there was any actual or potenlial liligation. we reviewed legal correspondence, we inspe¢ted tax correspondence and we perforn)ed analytical procedures lo identify any unusual or unexpected activity. A further description of our re5POn5ibiiitscs is dvaildble on the Financi&l Rcporling CounLiI's website at www.fr¢.org,uklaudiiofbresponsibiliCies. This descripuon forms part of our audi(or's TeporL Peter Sievenson (Senior Statutory Audiior) For and on behalf of-. Stevenson and Wilson Chartered Accountanis. Siaiulory Auditor 22- 30 Broadway Avenue Ballymena BT43 7AA 29 June 2023