TIDES Training and Consultancy Company Limited by Guarantee Independent Auditorfs Report to the Members of TIDES Training and Consultancy MUIR & ADDY ¢HARTIIE• A¢¢DIITAITI Year ended 31 March 2023 Opinion We have audited the financial statsments of TIDES Training and Consultancy (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expendlture account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountlng Standards, including FRS 102 The Financial Reporting Standard 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 charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expendilure, for the year then have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requlrements of the Companies Act 2006. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevanl to our audit of the flnancial statements in the UK, including the FRC'S Ethical Slandard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concom In auditing the financial statements, we have concluded that the trustees, 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 identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the fi'nancial 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.
TIDES Training and Consultancy Company Limited by Guarantee Independent Auditorfs Report to the Members of TIDES Training and Consultancy (contlnued) MUIR & ADDY CKARTERED ICEOUITAITS Year ended 31 March 2023 Other informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection wlth our audit of the financial statements. our responsibility is to read the other information and. in doing so, consider whether the other informalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially rnisstated. Ef we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters pr•8crlbed by the Compan1•8 Act 2006 In our opinion, based on the vrfork undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Mattor8 on whlch we are requlred to report by exception In the light of the knowledge and understsndlng of the charity and its environment obtsined in the course of the audit, we have not identified material misststE*ments in the trustees, report. We have nothlng to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us" or the financial statements a not in agreement with the accounting records and returns" or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial ststements in accordance with the small companies regime and take advantsge of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic report. 10
TIDES Training and Consultancy Company Limited by Guarantee Independent Auditor's Report to the Members of TIDES Training and Consultancy (contlnued) MUIR & ADDY ¢IAIIEAED ACC•UNTIIITI Year ended 31 March 2023 ResponsibIllti of trustees As explained more fully in the trustees, responsibilities statement, the twstees (who are also the directors for the purposes of Gompany law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charty's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Audltorfs responsibllities for the audit of the financlal Statements Our objectives are to obtain reasonable assurance aboul whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Mi55tatements can arise from fraud or error and are considered materlal if, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responslbilities, oullined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We discussed laws and regulations and fraud risks with the client during our audit procedures. The company must comply with the Companies Act 2006 and prepare financial statements and give a true and fair view in accordance with the Act and supplementary regulations. The directors consider that fraud is most likely to involve the misappropriation of expendlture and controls have been implemented around the authorisation of expenditure. Our engagement team collectively had appropriate experience of applicable laws and regulations and competence lo recognise non-compliance. Audit procedures were planned and performed to assess the authorisation of expenditure we used checklist in evaluating the presentation, structure, and conlent of the financial statements. We consider that our audit has a reasonable chance of detecting material noncompliance with laws and regulations. We remain mindful that fraud. by its very nature, may be be difficult to detect and that cash may be misappropriated before it is entered into the accounting records of the company. We tested controls in place for cash income and undertook analytical procedures to identify trends that might indicate misappropriation of income. We consider that our audit has a reasonable chance of detecting a msterial fraud in this area. 11
TIDES Training and Consultancy Company Limited by Guarantee Independent Auditor's Report to the Members of TIDES Training and Consultancy (continued) MUIR & ADDY CHIITIIE• AC¢O•ITAITS Year ended 31 March 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basi5 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, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basls of accountlng and, based on the audit evidence obtained. whether a materlal uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the dlsclosures, and whether the financial statements representthe underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and tlming of the audit and significant audit findings, including any signrficant deficiencies in internal control that we identify during our audit. 12
TIDES Training and Consultancy Company Limited by Guarantee Independent Auditor's Report to the Members of TIDES Training and Consultancy {conllnuedJ MUIR & ADDY ¢HIITElÈ• A¢tOllTAIIS Year ended 31 March 2023 Use of our report This report is made 501ely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditorfs 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 charity and the charity's members as a body, for our audit work. for this report. or for the opinions we have formed. Paul Leathem (FCA) (Senior Statutory Auditor) For and on behalf of Muir & Addy Chartered accountants & statutory audltor 427 Holywood Road Belfast BT4 2LT 26 September 2023 13