INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TH E ADSUM FOUNDATION (Company registration number Nl 071403) Opinion We have audited the financial statements of The Adsum Foundation for the year ended 31 Sl March 2024, which comprise the Ststement of Financial Activities. Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniied kingidom Accouniing Standards, including Financial Reporting Standard l 01 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounling Praclice) -. (Chariiies SORP (FRSI 02)). In our opinion the financial statements= give a true and fair Vlew of the stale of the charitable compan5ls affairs as at 3 l March 2024 and of its incoming resources and their applicaiion for ihe period then ended; have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice,. and have been prepared in accordance wilh the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Siandards on Audiling IUK) (ISAS {UtK)) and applic¢tble law. Our responsibilities under those slandards are further described in the Auditor's respoTJsibililies for the audit of the financial statements secrion of our report. W'e are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U K, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibililies in accordance M'ith these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate lo provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial stsiements, we have concluded that the directors, use of the going concern basis of accounting in the preparaiion of ihe financial stsiements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or Conditions that, individually or colleclively, may casi significant doubt on the company's ability to continue as a going concern for a period of at leasi twelve months from when the t-mancial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The director5 are responsible for the other infDrniation. The other information comprises the information included in the annual report, other than the financial slalcmenls and our auditor'5 report Ihcreon. Our opinion on ihe ftnancial statements does not cover the other infornialion and. except to the extenl otherwise explicitly stated in our report. we do not express any fomi of Lssurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other inforniation and, in doing so, consider whether the oiher inforniation is mdterially inconsistent with the financial stalemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to delermine whether ther¢ is a material misstatement in the financial staiemeijts or a material misstatement of the other inforniation. If, based on the work we have perfortned, we conclude that there is a material mi55tatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ADSUM FOUNDATIOIY (continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infonnation given in the directors, report for the fanCIal periiKI for which the financial statements are prepared is consistent wilh ihe financial statements- and the directors, report have been prepared in accordance with applicable legal requirements. Matters on whieh we are required to report by exception In the light of the knowledge and undeTsianding of ihe company and its environmeni obtained in the course of the audit. we have not identified material misstatements in the direciors. report. We have nothing to report in respect of ih¢ following matters in relaiion 10 which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have nor been kept by the company. or returns adequate for our audit have not been received from brdnches not visiied by us; or the financial statements are not in agreement with the accouniing records and returns. or ¢ertain disclosures of direciors. remuneration specified by law are not made. or we have nol received all the inforniation and explanations we require for our audit. or Responsibilities of directors As explain¢d more fijlly in the directors, responsibilities sialemenl (set out on pag¢s 2 to 5), the directors (who are a150 the trustee5 of the charitable con)panv) are responsible for the prepardlion of the fmancial slalements and for being satisfied that they ¥ive a true and fair view. and for such intemal control as the directors deterniine is necessary lo enable the preparation of fmancial statements thal are free from material misslalemenl, whether due to fraud or error. In preparing the financial statements, the directors are resFrf)nsible for assessing the company's ability to continue a5 a goÈng concern, disclosing, as applicable, marters related to going concern and using the going concern basis of accounting unless the director5 either iniend to liquidate rhe company or fo ce&se operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of ihe financial statements Our objectives are to obtain reasonable assurance aknut whether the financial statements as a whole are free fro material misstatement, whether due to frdud or error, and io issue an auditor's report that includes our opinion. Reasonable assurance is a hibh level of assurance, but is not a guarantee thai an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it e.xi5ts. Misstatements can arise from fraud or error and are considered material if. individuallN' or in the aggregate. they could reasonably be expected io influence the economic decisions of users taken on the basis of these financial ststements. As part of an audit in accordance with ISAS (UK), we exercise professTonal judgment and maTntain professioT]al scepticism ihroughout the audit_ We also.. Identify and asse55 the risks of material misstatement of the financial statements, whether due to fraud or error, desiJi 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 resulting from error, as fraud may involve collusion, forgery, iThtentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the Circum5¢5. but not forthe purpos¢ of expre55ing an opinion on the eff¢ctivene5S of the Group's internal control.
INDEPEh'DENT AUDITORS, REORT TO THE MEMBERS OF THE ADSUM FOUNDATION (eontinued) Auditor's responsibilities for the audit of the rtnxneial ststements (eonlinued) Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We desiim procedures in line with our responsibilities, out]ined above. to detect material misstatetnents in respect of irregularities, incliiding fraud. The extent to ivhich our procedures are capable of detecting irregpularitie5 including fraud is detailed below: We identified the laws and regulations applt¢able to the company through discussion5 with directors and key personnel, and from our own knowledge and experience of the charitable sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial stateinents or the operations of the company, including ihe Companies Act 2006 and tuaiion legislation. while also giving consideration to data protection regulations. employment law and health and safety legislation. The engagement partner ¢nsured that the engagement team collectively had the appropriate competence, capabilities and skills io identify or recognise non-compliance with applicable laws and regulations and the team remained alen lo the possibility of fraud and non-compliance throughout the audit. We assessed ihe susceptibility of ihe company's financial siatements lo material missl&lement. including obtaining an und¢rstandiThg of how fraud mighi occur. We did so Ihri)ugh discussions with rnana¥cmcnt as to their assessmenl of areas where fraud or non-compliance mighi occur. as well as considLrinb the internal controls in place to miligiale risks of fraud and non-compliance. In order to ascertain the exieni of compliance with the laws and regulations, we made enquiries of management as to whether ihere was any a¢al or potential litigation, we reviewed legal correspondence. we inspected tax correspondence and we perfornied analytical procedures lo identify any unusual or unexpecied acrivily. A further description of our responsibililies is available on the Financial Reporting Council's website at www.frc.org.uUaudiiorsresponsibililies. This description forms part ot- our auditor's report. Use of our reporl This report is made solely to the cornpany's members, as a b(Mly. in accordance wilh Chapter 3 of Part 16 of the CompaTiies Act 2006. Our audit work has been undertaken so that we Inight state to the Company's niembers those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perni irted by law. we do not accept or assume responsibility to anyone oiher Ihan the company and the company's meinbers as a body, for our audit work, for this reporL or for the opinions we have foTined. Peter Sievenson (Senior Statutory Auditor) For and on behalf of.. Stevenson and Wilson Chartered AcCoUnnis, Swuiory Auditor 22 - 30 Broadway Avenue Ballyrnena BT43 7AA 15, August 2024