Date.. 71h July 2025 Ref.. CMB I OMCF M.B. Mc GRADY 6zCo The Board OfTrustees Holywood Steiner School Ltd 34 Croft Road Holywood Co. Down BT18 OPR P￿h￿Ort Houst, 52 51. Pxiritk&Avettue. Downpairlik. co￿￿}. Doith. BT30 6DS T. 018 4461 6311 Sulit 2B, Cadwn House, 322 Li5bum RoRd. Bellasi. BT9 OGH T. 028 W316950 Dear Lauren We have completed our audit of the financial statements of Holywood Stelner School for the financlal period ended 31. August 2024. 27 rtanc£55ittEI. Neiitt0wna￿. Coullty Doivn. BT23 7DW 028 91814557 th As advised in our engagement letter dated 13 May 2025 our audit is conducted in accordance with International Standards on Auditing IUKl/llrelandl {15Asl which requires us to perform procedures to obtain audit evidence about the amounts and disclosures in the financial statements. We are also required to consider internal controls relevant to the entity's preparation of the flnancial statements In order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinlon on the effectSveness of the entity's internal control. However, we did agree to communicate to you in writing concerning any significant deficiencies in internal control relevant to the audit of the financial statements that we have identified during the audit. Please find enc105ed our report to those charged with governance, F. 02844610778 E. ittfc@mknicgrAd}'.ro.uk V. M￿y.￿b￿¢grady.co.llk ChaFlgrcd AccouNanls M.B.T. MtGNdy. Bk IEc(w). FCA C.B. NILCrady. BSSC (Acc). FCA SA. McLernon. BBS FCA K A Rainry. FCA I￿l￿[￿ralIn￿Du(EY Q¥Co 3hd Diiv50n & Co. ChJrLcrcd AccounthnLS Whlle we have previously communlcated these matters to you please see section A of the attached report for significant deflciencles In Internal control that we have identified. Bu￿￿¢5$cOnSU￿j￿1$￿￿d W$ic￿d Audiiots In Ihe RtpublEaltrtsrdwth ￿kUlts1td lor We have also taken the opportunity to highlight and comment on other areas and therefore we include for your consideration section B of the report containing business and internal control recommendations arising from our work. We hope that you find this report informative and useful. ikn UThllcd ￿Sis1r￿a￿CQrry IT¢lJnd. Nomhtin I￿l￿di(￿n￿￿}.. Rrwslrulon M.B. Mc GRADY 6t Co Please note that the matters raised in this and other reports that flow from the audit are only those which have come to our attention arising from or relevant to our audit that we believe need to be brought to your attention. They are not a comprehensive record of all the matters arising, and in particular we cannot be held responsible for reporting all risks in your business or all internal control weaknesses. This report has been prepared solely for vour use and should not be quoted in whole or in part without our prior written consent. No responsibility to any third party is accepted as the report has not been prepared for, and is not intended for, any other purpose. We are grateful to all the management and staff of Holywood Stelner School for the co- operation we received during our work, which is an important element in achieving ovr objective of an economical and effective audit. If you have any queries relating to the matters raised in this letter, please do not hesitate to contact us. Yours sincerely MB McGrady & Co Belfast Office Holywood Steiner School Ltd Year Ended 31 August 2024 REPORT TO THOSE CHARGED WITH GOVERNANCE Section A: Detailed below for your consideration are a number of sl nlflcant Internal control and other observations and recommendations which require your immediate attention. Observatlon Recommendatlon Management response sIgn￿1(anI Deficiencies in IntErnal Control- requlre Immedlate attentlot) None Noted other slgnlllcant matters noted during the audit- require immedlate attenilon Goln8 concern To allowfor the completlon of the audit of the 2024 actounts, WÈ have been provided with budg*s #nd foreca5t5 foTthe 2024- 2027 period. These budgets land their rat￿IcatIOn by the Boardl have enabled us to concludÈ that a m8terlal uncertalnty in respect of 8oln8 concern does not exist lorthe twelve months followlng the signing of the 2024 flnanclal statements. Htswever, the accounts show the School a8ain incurred a dpficit in 2023-24 and this, COTnbined with the persistent neBative cash reserve5, mean it Is incumbent on the Trustees to plan and Implemenr approprlate strategles and governance which wlll 5UPPQrt the long term operatlonal 5UStainability of the charity, providing security to stakeholders. The khool is p￿SentlY vulnerable to Sudden changes In the re8ulatorv envlronment leg the Impositlon of VAT on private schoo151 or unexpected events leg storm dam8gel, and we recommend the Trustees work to bulld Institutlonal re5111ence to minlmlse the rlsk of a material uncertainty tts going concern arising during future accounting periods. Sectlon B: Detailed below for your consideration are a number of other internal control and observations and recommendations designed to strengthen business control and improve operating efficiency. Observatlon Recommendatlon Management's response Status of Prlor Perlod Recomrnendations I. AII PTlor perlod recornmendatlons have been Implement (excluding re Santander bank account bebwl Inieinal Control Weaknesse5 l. None Flnanclal Reporting155ue5 Santander bank mandate the mandate requires the Signature of a legaty trustee which make5 accesslng the account dlfflcult. We were also unable to obtaln a bank conlirrnation letter. Although thi5 account ha5 a whol immaterial balance, we strongly encourage FISS to have the mandate amended atthe earllesi opportunity. We would also recommend that thls account be closed if it has no operational purpose 45 this reduces the rlsk of fraudulent activity. Unexpected Issues that affected the Statutory Audlt pro￿$5 l. None Uneorrerted Mlsstatement5 or Errors noted durl#g the audlt NoTre-all Identilled mlsstètements have been 8dlusted for. Regulatory or Legal Sssues noted durin8 the audlt- Independent legal advlce may be re4uired to be obtalned l. None Other Matters None noted.