FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Opinion We have aLJdited the financial statements of Festival of Fools Ltd (the 'charity'l for the year ended 31 March 2024 which comprise the stateme*t of fi,iancial aciivities, the balance sheet, the statement of cash flows 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 Standaro applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). In Dur opinion, the financial statements.. give a trLJe and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended," have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basi5 for opinion We conducted our audit in accordance vvith International Standards on Auditing U IISAS IUKII and applicable law. OUT responsibilities undef those standards are further descr.bed in the Auditors responsibilities fLJr the audit OC the financi31 5tatemenls section of our report. We are independent of the charity in accordance with the ethical requiretnents that are relevant to our audit of the financial statements in the UK, includi,".g 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 apprcpriate to provide a basis for our opinion. 10- FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Conclusions relating to going coniern In auditing the financial statements. we have concluded tha: the Tru5tees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identith'ed any material uncertainties relating to events or ionditions that, individually or collectively, may cast sigfjificanl doubt orn 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 inforrnation comprises the information included in the annual report other than the .Inancial statements and our auditor'5 report theTeon. The Trustees are responsible for the other iFbformation contained withirb the annual report. Our opinion or. the financial statements does not cover the other information and we do not expre5S any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other Tnfjrtnation is materially inconsistent with the financial statements or our knowledge obtained in the course of '.he audit, or otherwise appear5 to be materially misstated. If we ide￿tify such material inconsistencies or apparent material misslatement5, we are required to determine whether this gives rise to a materi81 misstatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requifed to report that fact We have nothing to report in this regard. 11 FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Matter5 on which we are required to report by exception We have nothing to report in respect of the followir,g 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 wi:h accounting records-. or we have not received all the information and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statemenl of Trustees, responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the prèparation of the financial statements and for being satisfied that they give a true and fdif view, and for such internal control as the Trustee5 detertnine is necessary to enable the Preparation of financial statements that are free from material misstatement, whether due to fraud ar erior. In preparing the financ.ial staiements, the Trustees are responsible for 3sse55ing the charity's ability to continue as a going concern, disc105ing, as opplicable, matters related io going concern and dsir)g the going concern basis of accounting unle55 the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but lo do so. 12- FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Auditor's responsibilities for the audit of the financial statements We have been appointed as auditois under section 65 of the Charities Act {Nortpem Irelandl 2008 and report in accordance with the Act and relevant regulatior.s made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement whether d￿e to fraud or error, and to issue an auditor's report that includes our opir.ion. Reasonable assurance is a high level of assurance but is not a guarantee th2t an audit conducted in accordance with ISAS IUKI will always detect a material misstatement Whe￿ it exists. Misstatements can Jrise from fraud or error and are considered material if. individually 01 in the aggregate, they could reasonably be expected to influence the economic decisions of users taken Dn the basis of these financial statements. The extent to which our procedures are capable of dcterting irregularities. incltsding fraud, is detailed below. We obtained an understanding of the legal and regulatory frarnework applicable to the company through enquiry of management, sector research and the application of cumulaLive audit knowledge. We identified the following principal laws and regulations relevant to the company - Companies Act 2006. Charities Act (Northern Irelanol 2008 and -.he Accounting and Reporting by Charities.. Statement of Recorptnended Practice applicable to charities preparing their accounts in accordance with the Financial Report"'ng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191. We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mit gate ihose risks, and Ihe accounts, balances and disclosures within the financial statement5 which May be susceptible to mapagement bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal enlries, walkthrough of the key controls cycles in place and enquiry of management. 13- FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Our procedures to respond to those risks identified included. but were rot limited to". Enquiry of management. and the entity's 501."citors around ac".ual and potential litigation and claims. Enquiry of management to identify any instances of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing fin3r)cial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations_ Auditing the risk of management override ol r.ontrols. including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities is available on the Financial Reporting Council's website at= hrtps-//www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 14- FESTIVAL OF FOOLS LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FESTIVAL OF FOOLS LTD Use of our report This report is made solely to the charitable company's members, as a body, in ccordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's tnembers those matters we are required to State to them in an aLJditors' 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 charitable company and its members as a body, for our audit work. for this report, or for the opinions we have formed. feJgJl. 61 yb Tere5a Campbell (Senior Statutory Auditor} For and on behalf of AAB Group Accountants Limited Chartered Accountants Statutory Auditors 1 3 Arthur Street Belfast Co. Antrim Northern Ireland BT1 4GA 15-