Northern Ireland Kidney Research Fund Limited Company limited by guarantee Independent auditor's report to the members of Northern Ireland Kidney Research Fund Limited {Gontlnued) Year ended 5 April 2023 Independent Audltor's Report to the Members of Northern Ireland Kidney Research Fund Limited Oplnlon We have audrted the financial statements of Northern Ireland Kidney Research Fund Limited {the 'charitable company,) for the year ended 5 April 2023 which comprise the statement of financial activities and statement of financial position and notes to the financial statements, including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally ACpted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 5 April 2023, and of its incoming resour$ 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,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion 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 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are re18vant to our audit of the financial statements in the UK, including 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 appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individua51y or collectively, may cast significant doubt on the charitable companys ability to corstinue 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 infomiation comprises the information included in the trustees, annual report, otherthan the financial statements and our auditor's report thereon. The trustees are responsible forthe other information. Our opinion on the financial statements dS not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based Page 9
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Independent auditor's report to the members of Northern Ireland Kidney Research Fund Limlted (continued) Year ended 5 April 2023 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 other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audrt: the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial ststements,. and the directors, report included within the trustees, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment Dbtained in the course of the audit. we have not identified material misstatements in the directors, report included within 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 ff, in our opinion.. adequate accounting records have not been kept. or retums 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 information and explanations we require for our audit- or Responsibilities of trustees As explained more fully in the tfUStees' responsibilities Statement Iset out on pagel, the trustees (who are also the directors of the charitable company for the purposes of company 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 trustee5 detemiine 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 charitable company's ability to continue as a going concern, disclosing, a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of the financial statements Our objectives are to obtain feasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs 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. Page 10
Northern Ireland Kidney Research Fund Limited Company Ilmited by guarantee Independent auditor's report to the members of Northern Ireland Kidney Research Fund Limited (continued) Year ended 5 April 2023 The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= .Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misststement in the financial statements or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves ntentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintsin 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 relevant to the audit in order to design audit procedures that are appropriate in the circumstsnces, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Condude 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 charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attention in our auditorfs report to the related disclosures in the financial statements or, rf such disclosLtres are inadequate, to modrfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). We communicate with those charged with governance regarding, among other matter5, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identrfy during our audit. Page 11
Northern Ireland Kidney Research Fund Limited Company limited by guarantee Independent auditor's report to the members of Northern Ireland Kidney Research Fund Limited (contlnued) Year ended 5 April 2023 Use of our report This report is made solely to the charitable company'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 thatwe might state to the charitable companls members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the Charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Chris Fleming FCA Allen Fleming Chartered Accountants Old Bank House 161-163 Upper Lisbum Road Belfast BT10 OLJ Date: 20 September 2023 Page 12