TIDES Training and Consultancy Company Limited by Guarantea Independent Auditor's Report to the Members of TIDES Training and Consultsncy Year ended 31 March 2024 Opinion Vve have audited the financial statements of TIDES Training and Consultancy (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), ststement 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 Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally ACpted Accounting Practice). In our opinion the fi'nancial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Bas18 for opinlon We conducted our audit in accordance with Internats'onal Stsndards on Audits'ng (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs 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 relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Stsndard, and the provisions available for small entities, in the circumstances set out in note 23 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern 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 perfomed, 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 e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report.
TIDES Training and Consultancy Company Limited by Guarantee Independent Auditor's Report to the Members of TIDES Training and Consultsncy (contlnued) Year ended 31 March 2024 Other Information The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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 form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material rnisstatements, 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. Opinions on othor matter8 prescrlbed by the Companios Act 2006 In our opinion, based on the work 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. Matters on whlch we are required to report by excoptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing 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 are 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 infomation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the reqU1ment to prepare a strategic report. 10
TIDES Training and Consultsncy Company Limited by Guarantee Independant Auditor's Report to the Members of TIDES Training and Consultancy (Continu) Year ended 31 March 2024 Responsibilities of trustees As explained rn0 fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible forthe 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 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to conts'nue 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. Audltor's respon8ibilltles for the audlt of th• flnancial statements Our objectives are to obtain reasonable assurance about 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 it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected 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 prOdureS in line with our responsibilities, outlined 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 expenditure and controls have been implemented around the authorisation of expenditure. Our engagement team collectively had appropriate experience of applicable laws and regulations and competence to recognise non-compliance. Audit pr(xedures were planned and perft)rmed to assess the authorisation of expenditure we used checklist in evaluating the presentation, structure, and content 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 diffi'cult 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 reasonable chance of detecting a material 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) Year ended 31 March 2024 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 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, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevantto the audit in order to design audlt 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 basis of accounting and, based on the audit evidence obtained, whether a material 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 modify 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 disclosures, and whetherthe financial statements representthe underlying transactions and events in a manner that achieves fair presentation. 12
TIDES Training and Consultancy Company Limited by Guarantse Independent Auditor's Report to the Members of TIDES Training and Consultsncy (contlnued) Year ended 31 March 2024 Vve communicate with those charged with governan garding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordan 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 auditor 427 Holywood Road Belfast BT4 2LT 26 November 2024 13