THf. VSB F()UN I)A"I'ION INDr.pr.NDINT AUDITOII',S RF.POIIT TO THE MEMBF.RS YEAII 14 NDfD 31 IVIAIICII 2022 Opiniijn ire hav¢ audiied the financial 8lalemenls of I'he VSB l-'oiindation (the 'charily') lor Ihe year ended J l March 2022 which coiiipi'isc the sialemeni ol financial activities (iiicludiiig incoiiie aiid expendiliirc account), sialLmLnl of finanLial posilion. slatenient of cash flows and Ihc rclaled nole5. includins a suiiimary of significai)l accounliiig policies. The financi¢il reporlinu IramewDrk Ihal has bccn applicd in their prLparalion is applicable law and Uniled Kingdom Aecounling SiaDdards, Includin FRS 102 The Fiiiai)cial Reporlii)g Slandai'd applicabl¥ in Ihe UK and RLpublic ot Ireland (Uniled Kingdom Gcnerally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the 51ate of the charity's atlairs as at 31 March 2022 and of its inLoniinu resources and applicaiion of resources, including ils income and expenditure, for the year then end¢d. have been properly prcpared in accordanLe with United Kingdoni Generally Accepted Accounting Practice: have been prepared in accordance with the requiremen15 of the Companies Act 2006. sis for opinion We Loiiducled our audit in Llccoidance wilh Inlemalional Siandards on Auditing (UKI (ISAS (UK)) and applicable law. Oui responsibililie5 under 11i0se standards are fLinher described iii Ilie audiior's responsibililies for the audit of th¢ financial sthtcmenls SLLlion ol our repoti. We are indcpendenl of Ilie charity in acLordancc with Ihe eiliiciil I'equireiiienls Ilial are relevanl to our audil ol- Ihe linancial slalemLnES in the UK. tncludiiig the FIIC 5 Ethical Standard. and the provisions available lor srnall entities. in the circuinstances sei out below, and we have lullilled our oiher ethical rcsponsibililies in accordance with Ihese requirement5. We believe that the audit evidence w¢ have obthined 15 sU1Clen[ and appropriate lo provide a basis lor our opinion. In comnion with niany oihcr organisaiions of our size and nalure we use our auditors Io ptepare and SLibmit relurns to the tax auihorilies tuid a55isI with the preparation of the finanLial slate(nents. Conclusion5 relating to going eoncern In audiling the finaiicial slaiemenrs. we have conLluded Ihal the truslee5' use of the noiiig con¢erii basis ol-accounling in the preparation of Ihe tiiian¢ial 5tatcments is appropriale. Based on the work we have pertormed. wc liave noL identified any material uncertainlies relatiiigl lo ¢venls or con(lilions Ihai. indi.1dLl¢ltIY or cnl lectively. may casi sigFnilicant doubi on thi ch1< I-IL) s llbilily io continue as a going) Loiicern tor a period ot" at le&st Iwelve months from when (lie finaiicial sliilLmcnis are aiiihorisLd li)r issue. Our responsibilities and the respon5ibilitics ot Ihc iruslccs with respecl to going conccm are
THF: VSII POUNDATION INDEI PENDEYT AITDII"OII'S IILIJOIIT TO TIIC MF,MBF.RS YTr:AR ENDED 31 MARCH 2022 describcd in the relevant seclions of Ihi5 report, Other information The oiher infomiaiion comprises ihe infumiation included in the annual report, olher than rhe rinancial slatemenLs aiid oui. auditor's repoit Ihereon. The trustee5 are responsible for Ihe other inforniaiion. Our opinion on Ihc financial slalcmenls does not cover Ilie other intomation and. e.¥CLpI 10 the exienl oiheiivise expliciily Slated in our report, we do not express any foriii of &%suMnee conclusion thereon. In connection with our audit of the financial statements, otir responsibtlity is lo read the other inforinalion and. in doing so, Lonsider wlieihcr the oih¢r inforinarion is materially inconsistent with the fancIal SlalemenL5 or our knowledge obtained in the audil or otherwise appears to be materially misstated. Ir we ideniify such n)aierial incoiisislencies or apparenl malerial misslaiemenls, we a required 10 d¥iermine wlieiheT Ihere is a maierial misslaiement in th¢ financial stateinenls or a Iiialcrial nii5slaiemenl of the other information. If. based on Ihe work we hai'e perfonn¢d. we conclude Ihal th¢r¢ is a mal¢rial miss¢alem¢nl of thi5 Other infom]ation. we are required io report that fact. We have nothing to re)rt in this regard. Opinions on othcr niatters pre5cribcd b!. thc Companies Aet 2006 In our opinioIi. basLd vii the %vork uiidLI'iak¥n iii Ili¢ course ol. Ihe audil.. Ihe information triven in Ihe Iruslees, report lor the financial year For which the financial statenients are prcpar¢d is consistent with the financial statements; and the irustees, report IS been prepared in accordance with applicable leL'al requiremen1& 14lt¢ry on which we arc required to rLporl by exception In the light of ihc knowledgc and uiidei'3tandiniJ ol" the charily and its environmenl obiained in Ihc cours¢ of ihe audil. 'l havL not idciiliticd iiialerial niis.s18leni¢nts in Ihe Iruslees, report. We have notliing lo report in respect of the following matters in relation to which the Conipanies Act 2006 requires us to report io you it. in our opiiiion: adequate accounling records hav¢ not been kept, or returiis adequate for our audit have not been received from branches nol vistted by us: or thc financial slatemenls atc not in agjrcemcnl wilh Ihc accounting records and returns- or ¢eriain di5closurcs of trustees, remuneralion specified by law are not made- or we have nol received all the informaiion kmd ¢xplanaLions we reqlli for our audil. or io-
THE VSB fiOUh'DATION INDFPb".P41)r.h r Alll)I'l"OII'S IIEPORT I-O THE MEMBERS YEAR F.NDED 31 MARCFI 2022 IhL iruslees were noi eiililled lo prcparL Ilie financial slalemenls in accordance with the small companies rcgiinie and lake advanta&7e of the small companics, cxeinplions in preparing Ilie direct()r8' report aiid I riii)i Ihc reqiiiremenl 10 prepare a slrale¥ic report. Responsil)ililics of trustee5 As e.xplained tnore fully in the Irustees, r¢sponsibilitTes statement. the trustee5 Iwho are also the directors for the purposes ot" company law) re responsible for the preparalion of thc tinancial 51atements and [r being satisfied that they give a Inic and lair view, lind for such internal conlrol as tlie trusiecs dclcrmine is neccssary 10 enable ihe preparation of financial statcnients that are fr¢¢ from material missialemenl. wliether due 10 frnud or error. In preparinu Ihe financial Slalenients, the Iruslees are responsible for assessing Ihe charity's ability to coniinue as a goiiig concem, disclosingp. as applicable. mailers relaled io going concern and using Ihe tsoingi conccrn b¢lSlS ol acc()Iinling unles5 the trL15tee5 either iiitend to liquidate the charity or to ce¥ L)peialions. or have no reiilislic aliema(iv¢ bLiI 10 do so. AuditTrr's responsibilitics for the ttudil of Ihc financial statements Our objcclivcs arL lo obtain reasonic ble a55urancc about whether Ihe financial 51alemenls a5 a whole are fl-ee froiii n121eriJl Inissiaiemenl: whL'iher due lo fraud or error, and lo issue an auditor's report that incllides our opinion. R¢a5011able assurance is a higli l¢v¢l of assurance. bu¢ is not a g1142raiilL'e that ali audil coiidLicled in ac¢ord<lncc with ISAS (UK) will alwlly5 delect a malerial rnisstatement 'hen il exisis. Missialemenls can arise Iroin fraud or error and ar¢ considered iiialerial it-. individually or in Ihe a'gregate. they could reasonably be expeclcd to influence the economiL decisions of ser5 thk-en on the basi5 of Ihcsc linanctal siaiemenls. Irregularities. including fraud. are insiances of non-compliance with laws and re(YLilalions. We desi(Fn procedLires in line wilh our responsibilitiC5, outlined above. lo dcteei mal¢rial misstaiemenls in respect of irregularities: iiicliiding trdud. Tlie exienl to which our procedures re capable of delccting irregularities. inLluding fraud is detailed below: In idenlifying and as5es5ing risks of malcrial misstatemenl in respect OliegularlIleS. includin8 fraud and noii-compliance wilh ICIWS and regul<ilions. we ¢onsid¢red the following-. the nature ol" Ihe iiidiisiry and secior, eontrol envlronmenl and business perlormance includinb the desi&pn ol the reniuneralion policies. key drivels for direciors, reniuneralii)n. bL)nus levels and performancc Largels. re.sults ofour enqiiiri¢s of inanagiemenl aboui Iheir own identification and eSSMen1 of the risks of irregtilaritiLs- Inv niatl¥r5 we ideiili fied having obtained and reviewe(I doLumenlalion of their policies and proeedui-es relating to., idenlifying. evalualinu aiid coiiiplyiiigi with laws and regulation5 (Ind wheihei management were aware ot. any inslan¢is of non-comp11<ce. deieciiiig &ind rLspL)nding 10 the risks of Iraiid and wheiher managcmeni have knowledgye of aiiy actual. suspected or all¢&i¢d fraud.
TFIE VSII 14OIINDATIOP¥ INDEPENDF.NT AUI)ITOR'.8 Rf.I&ORT T() Tiif. MF.MIIF.RS YEAR EPIDED 31 I¥IARCH 2022 Ihe inlernal contro15 esthbli5hed to mitigale risk5 of fraud or non-compliancc with laws aiid rcgulaiions. the miilters discussed aniong Ihe audil ¢ngageni¢nl team including signilicani coniponenl aLidil teams and relcvanl intemal specialists. including tax and valuation5 5peciali5ts reLT(Ii'dinL liow and where fraud miohi occur in the financial slalemenls and any poiential indicaiors of fraud. As a result of these procedures, we considered the opportuniti¢s and incentiv¢s Ihai may exisi wiihin Ehe ()rgyanisation for ITriLid and idLnliliLd IhL greatesl potential Ior fraud. In common with all audits under ISAS (IJK). Ive are also re9uired lo perform S¢If1C procedures lo r¢spond to the risk Dl'man1£ gemeni override. We also obtained an understanding of the Icgal and regulatory Framcbyorks in opcration. focusing oli provisions of Ihuse law's and regulaiions ihal had a direct etfecl on the delerniinalion of malerial aniouiiLs and di5cIosure5 in Ihe financial statements. The key laws and reuulali01is we coiisidered in Ihis conicxi inclLided ongoing complitinLe wilh Ihe UK Conipanies Aci and lax legislaiiotL In addition, Ive considered provisions of other laws and r¢giilalions Ihal do not have ts direei ell"¢cl on the financial siatcmcnls bul compliancc with whiLh tnay be fuiidanienial for Iheir abili(y 10 operate or io aiioid a m(Ilerial peiialiy. As part of aiidil in accordance sviih ISAS WK). we ex¢i'cisc profcssional judgmcnl and niainldin prot"essional sceptkcism Ihroughoul thc audil. We also= Idenlily and asses5 the ri5k5 OF material mi551ateTnenl ofthe financial slalemenls. whether duL lo fraud or error, desiftn aiid perlorm audil proccdiii'es responsive 10 Iliose risks. <ind obtain audit evidcnce Ihal is 5111-IiLILnl and appropriale lo provide a basi.s lor our opinion. Thc risk uf noi detecting ti nialerial misslatenient resLiliin(F from 1.raud is higiher Ilian lor one resulting froni error, as fraud niay involve collusion, forgery, inlenlional omission5, misrepresenlalions, or Ihe override ol. iniern<il Lunlrol. Obtain an undetstaiiding ot iniernal control rclcvanl lo the audil in order lo design audit procedures Ihai are (Ippropriale in Ihe circunistaiices. bul nol for the purpose of expressing an opinion on the etTectiven¢ss ol-thc inlcrnal control. Evaluale the approprialencss of accounting tx)licies u5cd and tlie reasonablen¢ss of accounting estiin8tes and relaled disclosures made by the Iruslees. Conclude on Ihe appmpriateiiess of Ihe trusl¢es' use of the going concern b&sis of aLLUiLnling and, based on Ihe audit evidence obtained, whether a maierial iinLgrtdiiily e.xi5ts related 10 evenls vr condilions that may casl significant doubi on the eharily's abilily lo coiilinuL k15 (I gToingJ concern_ It we conclude that a malei'ial UllLerlainly ¢xisls, we are reLiuired to draw allci)lion iii our auditor s report to the rLlatcd disLlusurLs in Ihe linancial slaleincnts or. if siiLh dis¢105ures are inadequate. lo modify our opinioi). nur cnnLlusions arc basLd on the audil evidence obtained up to the date ot" our auditor's report. Flowever, 12
TFII VSB FOUNDA'rioN INDEPI,=NI)F:NT AI;I)I'I'OII'S IIEI'ORTTO T14E IMEMIIF.RS YEAR ENDED 31 MARCH 2V22 fuiure even15 or condilions may cause the charily to cease lo continue as a going concern. Evaluate ilie overall presenlalion. striiclure and contenl of the financial statements, includintr Ihc disclosiires, and wheiher ihe financial 51atenients represent thc undcrlying transactions and events in a mELnner that achieves lair presenlation. We communicate wilh those charged with governance regarding, among oiher mailers. Ihe planned scope and timin of the audit and significant audil findings, inLluding any si8nificanl deticiencies in iniernal control thal we idenlify during our audit. Use of our report This repon is made solely lo the cliarity'5 menibers, as a body. in accordance wilh Chapter 3 of Part 16 of the Coinpanies Aci ?006. Our audil work has been undertaken 50 that wc might slate to the charity's meinkrs those mallers ive are requir lo slaie 10 tliem in ali auditorfs report and for no oiher purpose. -fo Ihc tullcsl cxtcnl pcnnilled by law, w¢ do nol accept or assume responsibilily lo anyonc other Ihan Ihe cliarily and Ilie chariry's members as a body, lor our audit work, tor Ihib report, or for the opinions w¢ have formed. Conor Dolan FCA (Senior Sialulory Auditor) For and on behalt of Fineoan Gibson Lid Chartered accountaiits & 5tatulory auditor C<iuseway Tower 9 James Sii'eet South Beifasl BT2 8DN 17 Oclober 20?2 13-