Coleraine Grammar School Page 9 Governors, report (including Dlrectors, Report and Strategic Report) {¢ontinued} Year ended 31 March 2023 STATEMENT OF GOVERNORS, REPSONSIBILITIES fconfinued) state whether applicable UK Accounting Standards have been lollowed, subject lo any material departures disclosed and explained in the linancial statements., prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume Ihal the charitable company will continue in operalion. The Governors are responsible for keeping adequate accounling records that disclose with reasonable accuracy al any time the financial position of ihe charitable company and enable them to ensure Ihal Ihe financial statements comply with the regulations ol Ihe Department ol Education and the Cotnpanies Act 2006. They are also responsible lor sal8guarding the as5els of the chariiable company and hence for taking reasonable sleps for the prevention and detection ol fraud and other irregularities. In so far as the Governors are aware". there is no relevant audit inlormation ol which the charitable company's auditor is unaware; and the Governors have taken all steps that they ought to have taken to make themselves aivare ol any relevant audil information and lo establish that Ihe auditor is aware of that inlormation. The Governors are responsible lor the maintenance and inlegrily uf Ihe GDrporate and Ilnanclal information included on the charitable company's website. Legislalion in the United Kingdom governing Ihe preparation and dissemination oi financial statements may differ from legislation in other jurisdiclions. Auditor Jackson Andrews are deemed to be re-appointed. Each of the persons who is a Governor at the dale of approval of Ihls report confirms Ihal: so lar as they are aware. there is no relevant audil Infomiation ol which the School's audKor is unaware., and they have taken all steps that they ought to have taken as a governor to make themsofves aware ol any relevanl audil information and to establish Ihat Ihe School's audilor is awaTe of that inlormation. The Governors. report, including the Strategic report was approved by the Board of Governors on and signed on behalf of the board by: Mr W Oliver Chair Regislered office: 23-33 Casllerock Road Coleraine Co. Londonderry BT51 3LA Page 10 Coleraine Grammar School Independent Auditor's Report to the Governors of Coleraine Grammar School Year ended 31 st March 2023 Opinion We have audited the financial stalements of Coleraine Grammar School for the year ended 31st March 2023. which comprise the Statement of Financial Activities including income and expenditure account. Balance Sheet, Statement of Cash Flows and Notes lo the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" In our opinion- the financial statements give a true and fair view of the state of the School's affairs as at 31 sl March 2023 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended: the financial statements have been properly prepared in accordance with the stsndards of accounting set by the Department of Education for Voluntary Grammar Schools.. the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-. the financial statements have been prepared in accordance wth the requirements of the Companies Act 2006; proper accounting records have been kept by the School throughout the relevant period-, the School's whole system of internal controls in the relevant financial period. were such as to comply with the obligations placed on the Board of Govemors by the Department of Education and we have not identified any significant weaknesses; grants made by the Department of Education and funds from other resources reported in the relevant financial period, have been applied in accordance with the Financial Memorandum and any other terms and requirements attached to them., pension deductions made by the School in the relevant financial period, have been calculated correctly and have been paid over as required., and the information given in the Board of Governor's report is consistent with the financial statements. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sects-on of our report. We are independent of the School in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the UK. including the FRC'4 Fthir21 qtsndard 2nd we have fulfilled our other ethical responsibilities in accordance with these requiremenls_ We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions Ihal, individually or collectively. may cast significant doubt on the School'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. Coleraine Grammar School Page 11 Independent Auditor's Report to the Governors of Coleraine Grammar School (continued) Year ended 31st March 2023 Conclusions relating to going concem {continuedJ Our responsibilities and the responsibilities of the Govemors with respect to going concern are described in the relevant sections of this report. Othèr infomiation The School's Govemors are responsible for the other information. The other information comprises any infomiation other than the financial statements and our auditor's report thereon. Our opinion on the financial statemenls does 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. 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 lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to delermine whether there is 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 other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.- the information given in the Govemors. report incorporating the strategic report and the directors. report for the financial year for which the financial statements are prepared is consistent with the financial statements.. and Ihe strategic report and the directors. report have been prepared in accordance 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 obtained in the course of the audit. we have not identified material misstatements in the strategic report and the directors, 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 retums adequate for our audit have not been received from branches not visited by us- or the financial statements are nol in agreement with the accounting records and retums., or certain disclosures of directors. remuner21ion 8ppr.ifip.d by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of governors As explained more fully in the Statement of Governors, Responsibililies. the Governors who are also the directors of the School for the purpose 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 Governors determine is necessary to enable the preparalion of financial statements that are free from material misstatement, whether due to fraud or error. Page 12 Coleraine Grammar School Independent Auditorfs Report to the Governors of Coleraine Grammar School (continued) Year ended 31st March 2023 Responsibilities of governors (continued) In preparing the financial statements. the Governors are responsible for assessing the School'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 Govemors intend to cease operalions or have no roalistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo 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) wll 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 procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detsiled below= Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. and then design and perform the audit prO￿dureS responsive to Ihose risks, including obtaining audit evidence that Is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. we considered the followng.. Audit response to risks identified: the nature of the industry and sector. control environment and charty's financial results and position", current COVlD-19 environment.. results of our enquiries of management about their own identification and assessment of the risks of irregularities.. any matters we identified having obtained and reviewed the charty's documentation of their policies and procedures relating to= identifying. evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud: and the intemal controls establishèd to mitigate ri8k8 of fraud or non compliancc with laws and regulations., the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the that the particular areas in the financial statements that were susceptible to misstatement were related to management bias in accounting estimates and judgements. recognition. classification and completeness of income. In common with all audits under Page 13 Coleraine Grammar School Independent Auditor's Report to the Governors of Coleraine Grammar School {continuedJ Year ended 31st March 2023 Auditorfs responsibilities for the audit of the financial statements (continued) ISAS IUK}. we are also required to perfomi specific prO￿dureS to respond to the risk of management override. Wc also obtained an understandin9 of the legal and re9ulatory frameworks tlial Ilie SLliuul VP¥l¢Jtes in. focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included Charity legislation and Companies Act 2006 applicable to Northern Ireland, School's governing document. employment law, health and safety and tax legislation. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ with which may be fundamental to the School's ability to operate or to avoid a material penalty. Our procedures to respond to risks identified include the following.. identifying and assessing the design effectiveness of controls management has in place to prevent and delect fraud- reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements- enquiring of management conceming actual and potential litigation and claims-, performing analytical procedures to identify any unusual or unexpected relationships Ihat may indicate risk of material misstatements due to fraud- reading minutes of meetings of those charged with governance.. obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition,. and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal enlries and other adjustments including those relating to revenue recognition.. assessing whether the judgements made in making accounting estimates are indicative of potential bias.. and evaluating the rationale of any significant transactions that are large. unusual or outside the normal course of the School's aclivities. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement teams members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limilations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from Ihe 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 reqardinq irreqularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentstion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.