cktARTIReD hCCOUNTANTS Integrated Education Fund Company Limited by Guarantee Independent Audltor's Report to the Members of Integrated Educatlon Fund Year ended 31 March 2024 Oplnlon We have audit8d the financial statements of Integraled Education Fund {ihe 'charty') for the year onded 31 March 2024 which compris8 the slatement of financial activittes (including income and expanditure account), statement of financial posilion, stalemenl of cash flows and the relaled notes, induding 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 appIable In Ihe UK and Republlc of Ireland (Unlted Klngdom Generally Accepted Accounting Pra¢tice). In our oplnlon the flnan¢lal ststements., glve a tru• and fair view of the state of the charity's affairs as at 31 March 2024 and of its ifflcoming resourc•s and application of resources. including ks 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 Companios Act 2006. Basls for oplnlon We condu¢tèd our audlt in accordance wlth Intemational Stsndards on Audiltng (UK) (ISAS (UK)) and applicable law. Our fesponsibililies undef those st8ndards ara further described in (he auditorfs responsibilities for the audil of the finanGial statements section of our report We are independenl of Ihg charity in accordance wilh the ethicel requirements that are relevant to our audit of the financial Statements in the UK including Ihe FRC'S Ethical Standard. and we have fulfilled our other ethlcal responsibilities in accordance wllh thes• requirements We believe that the audit evidence we have obtained Is sufficsent and appropriate to provide a basis for our opinion AlfrN0#e 19AJ(rnl$ BEIPK8T trT2 8EQ DXJgioNR BEUILff so 17 MaDdeYilleSlrnt IRTADoWN 40CrtxtDI P•rk USBUR Fr282GN rr62 3PB TeL' 44(0)28w31 11 Faz: +44(oW 4¥yJ10777 TeL.+44(0)289260 T355 +44(0)>8926oA656 T. *44(0)2838&ry 1801 +44(0)2838&s0293
Integrated Education Fund Company Limitod by Guaranteo Independent Auditor's Report to the Members of Integrated Educatlon Fund (Mntlmmdj Yearended 31 March 2024 Conclu8lons r•latlng to golng concem In auditlng the fmancial statements, we have concluded that the Iruslees, use of the golng concem basis of accountlng in the preparatlon of the financial statements is appropriate, Based on the work we have performed, we have not identlfied any materlal uncertalnlies relating to evenls or conditions thal. indivldually or collectively, may casl slgnlflcant 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 &thorlsed for Issu&. Our responsibilities and the responsibilities of the Irustees with rgspeGt to golng ¢on¢orn are described In relevant sections of th18 raport. Othor Infomiatlon The other Informatlon comprlses the infomialion Included In the annual report. other than th8 financial statements and our audlior's report Ihereon. The truslees are responslble for the other informauon. Our opinlon on the financial statements does not cover the other Snformatlon and. ex¢epl lo the extent otheNi8e expllcltly ststed In our report, we do not express any form of assurance conclusion thereon. Our responsibllity is to read the other inforrnation and, in doing so, consider whether the other Informatlon Is materi811y inconsistent with the financlal statements or our know18dge oblalned In the audlt or otherwise appear510 be fflaterially misstated. If we identify such material Inconsistencies or apparent material mi55talements. we are required to determine whether there Is a material mi88talement in the financial 8latements. If, based pn the work we have performed. we conclude that there Is a maierlal misslalement of ihls other Information. we are required to report that fact. We have nolhlng to report In thls regard. Oplnlong on other matters prescrlb•d by the Companles Act 2008 In our opinion, based on the Vrk urmlertaken in th8 course of the audit.. the Information given in the trustees, report for the financlal year for which the financial slatements are prepared is consistent with Ihe financial stalements; and the truslees, report has been prepared in accordance with applicable legal requirements. 25
Integrated Education Fund Company Limlted by Guarante• Independent Audltorfs Report to the Memb•rs of Integrated Educatlon Fund (conllnued) Year ended 31 March 2024 Mattorn on whlch w• ar• r•qulr•d to r•port by oXCePtlon In the light of the knowledge and undewstanding of the charily and its envkonment obtalned in the course of the audlt, we have not identifd material misslatements in the Irustees. report. We have nothlng to report in respect of the following matters In relation to whlch the cpanIeS A¢l 2006 rgquires us to report to you rf, in our oplnlon: adequale accountlng records have not been kepl, or rurnS adequate for our audlt have not been received frorn brnnches not visited by us; or the financial statements are nol in agre8menl wlth the accountlng records and retums., or certain di8ck>5ures of trustees, remuneratlon speclfied by law are nol made,. or we have not receNed all the Infomiatlon and explanatlons we require lor our audit; or the truste88 were not enlltled lo prepare Ihe financial statements In accordance th the Small companies regime arKI take advantage of the small compAnies' exemptlons In preparlng the dk8ctors' report and from the requlrement to prepare 3 3traleglc rewrt. Responslbllltles of trust& As explalned mole fully In the Iru5tees' respon8ibllltles statement, the iwstees (who are also the directors for the pwposes of company law) are responslbl8 for the preparation of the financia stalements and for being satisfied that they give a true and falr vlew, and for such internal control as the truslees determlne Is necessary to eneble Ihe preparalion ol fir)anclal stalements that are free from materlal mlsslalement, whether due to fraud or error. In preparing the financial statements. the trustees are responslble for assesslng the charlly's abllity to continue as a going corKern. discloslng. as applicable. malters related to going concem and uslng ihe goin9 concern basis of accounting unless the trustees either intend to Ilquidate the charlty Of to cease operatlons, or have no reallsti¢ alternative but to do 80. Audltor'• responslbllltles lor th• audlt of th¢ Ilnanclal •tatemgnt8 Our objectives are to obtain reasonable assurance about whether Ihe financlal stalements as a whole ¥e free from material misstatement, whether due to fraud or error, and lo Issue an auditor's repcrt that Includes our opinlon. Reasonable assurance is a high level of assurance, but is rt a arantee Ihat an audit conducled in accordance with ISAS (UK) will always detect a material misslatemenl when it exists. Misstatemenls can arise from fraud or error and are considered material if, individually or in the aggregale. they could reasonably be expecled to Influence the economic decisions of users taken on the basls of these financlal statemenis. Irregularlties, including fraud, are instances of non-compliancg wilh laws anii gulatIons. We design procedures in line with our responsSbilitle$. outlined above, to detect material mlsslatements in respect of Irregularities, Inding fraud. The extenl lo which our procedures are capable of detecting irrewlarities. induding fraud is detalled below. 26
Integrated Education Fund Company Limited by Guaranteè Independent Audltor's Report to the Members of Integrated Educatlon Fund (contlnu•d) Year ended 31 March 2024 Extent to whl¢h tho audlt wa8 con8ldorod capable of dotectlng Irregularltlo8. Includlng Iraud We *lentlfy and assess the risks of material mlsstalement of the financial statements, whether due to fraud or error, and then design and perform the audit procedures responsive to thos8 risks, including obtaining audlt evldence that Is sufflclent and approprlate lo provlde a basls for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compllance wlth laws and regulalions, we considered the followlng.. The nature of the industry and seclor, control environment and charity's financial resulls and position., Results of our enqulrles ol management about thelr own Ideniificaiion and 8ssessment of the risks of irregularities., Any rnatter5 we Identified having oblain8d and revlewed the Charity's documentation of their policies and procedur8s relating to: Idenlifying, evaluallng and cornplylng with laws and regulations and whether they were aware of any instances of non-compliance.. Detectlng and respondlng to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud: and The internal controls established lo mitigate risks of fraud or non-compliance with laws and regulations- The matters dlscussed among the audlt engagement teem regardlng how and where fraud might occur In the financial slalemenis and potential indicators of fraud. As a result of these procedures. we considered that the particular areas in the financlal statements that were suscepiible lo mlssiatement were related lo management blas in accounling estimate5 arKI judgements; recognits'on, classificatlon and Completeness of income. In common with all audits under SAS (UK), w• are also required to perform specific procedure8 lo Spond to the rlsk of management overrlde. We also oblalned an understandlng of the legal and regulatory frameworks that the Charity operales In, focusing on provlslons of those laws and regulations Ihal hod a direcl effect on the det8rminatlon of malerial amounts and disclosures In the financial statements. The key laws and regulations we ConSered in this context Included Charity legislan applicable to Northern Ireland, Charily'8 governlng document, employment law, health and safety and L2x legislalion. In addition. we considered provisions of other lavls and regulations that do not have a direct effect on th8 financial stat8ment8 but compliance with whlch may be fundamental lo the Charity's ability to operate or to avold a materlal penally.
Integrated Education Fund Company Limlted by Guarantee Independent Auditofs Report to the Members of Intsgrated Educatlon Fund Year ended 31 March 2024 Audlt r•8pon8• to rlsk• kItIfI•d. Our procedures to respond to risks identified Include the following: Reviewlng the financlal statements dIloSUre5 and testing to supporting documentatlon to asséss cornpliance wllh provisions of relev8nl lavrfs and regulations descril)ed as having a direct effecl on the financial statements,. Enquirlng of rnanagement coneernlng actual and potential litigation and clalffB; Perfomiing analylical procedures to identfy any unusual or unexpected relauonships that may indicate risk of material misststements due to fraud" Reading minutes Of meetings of those charged with govemance,, In addressing the risk of traud through management oveirkle of controls, testing th8 appropr¢alenes5 ofIrnal entrie8 and other adjustments Indudlng ihose relaling lo revenue recognition,. asSesng whether the ludgernnts made in maklThg accountln9 estimates are indicatlve of potential bias,. and evaluating thé rationale of any significant transactions that are large, unusual or outside th• normal course of the chaNty's activltles, We also communicated relevant identified laws and regulats'ons and potential fraud rlsks to all engagement teams members and remained alert to any Indicatk)ns of frwjd or non-compliance wtth laws and regulations throughwt the wdit. Owlng to the inherent Ilmltatlons of an audlt, there Is an unavoidable rlsk Ihat may not have delected some materlal mlsstaternent In Ihe financlal statements even Ihough we have properly planned and performed our audit in accordance wllh audillng standards. In addlllon. as wllh any audit, there remains a higher rlsk of non.detection of iriegularities, as they may Involve colluslon. forgery, inlentlonal omissions. mtsrepresentations, or the override of internal controls. We are not responsible for preventing non<ompllance and cannot be expected to detect non<ornpllan¢e wlth all laws and regulallons. A further descriptlon of our r6sponsibililies is avallable on the Flnanclal Reportlng CouncS1's b$Ite at Ilwww.frc,or ililies. Thls description forms part of our auditor's report.
Integrated Educatlon Fund Company Llmlted by Guarantee Independent Auditor's Report to the Members of Integrated Educatlon Fund (w¥llnu•¢ Year ended 31 March 2024 U8• of our r•port Thls report 1$ made solely to the Charity's members, as a body, In accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charity's members those matters we are requirad to state to thèm In an audllor's report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibllity to anyone other than the thanty and the charily's members as a body. for our audit work, for this report. or for the opSnlons have formed. Nl Moo enlor Statutory Audltor) For and on behalf of GM¢G Bglfast Chartorod Accountants Statulory Audltor Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Steet Belfast BT2 8EQ Dated: 21 29