The James Kane Foundation (A Company Limited by Guarantee) Independent Auditors, Report to the Members of The James Kane Foundation Opinion We have audited the financial statements of The James Kane Foundation (the 'Gharitable company,) for the year ended 31 May 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted 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 31 May 2023 and of its incoming resour$ and application of reSoUrs. including its income and expenditure for the year then ended,. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemats'onal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with thp. p.thiral requirements that 2re relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden 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 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 charitable company'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. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this reporL VASM CHARTERED ACCOUNTANTS Page 8
The James Kane Foundation IA Company Limited by Guarantee) Independent Auditors. Report to the Members of The James Kane Foundation (continued) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audit, or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misst2temp.nt.q, we are required to determine whether this gives rise to a material misstatgment in the financial statements themselves. 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. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertakèn in the course of the audit the information given in the Trustees. Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our 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 Trustees, Report including the Strategic Report. We have nothing to report in respect of the following matters in relation to which 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 u5- or the financial statements are not in agreement wtth the accounting records and retums. or certain disclosures of Trustees, remunerab'on spectfied by law are not made,. or we have not received all the informab'on and explanations we require for our audit,. or the Trustees were not entitled to prepare the financial ststements in accordance with the small companies regime and take advantage of the _small rnmpanies, exemptions in preparing the Trustees, Report. TASM CHARTERED Accouf•TANTS
The James Kane Foundation (A Company Limited by Guarantee) Independent Auditors, Report to the Members of The James Kane Foundation (continued) Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, 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 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 charitable company's ability to continue as a going cOnrn, disclosing, as 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 altemative but to do so. Auditors. 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 to fraud or error. and to issue an Auditors, 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 (letect a material misstatement when it exists. Misstatements can arlse 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 linp. with nijr rp.sponsibilitip.s, outlined above. to detect m2teri21 misstatements in respect of irregularities. including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below: We considered the opportunities and incentives that exist within the organisation for fraud and identifed the greatest potential for fraud in the following areas.. timing of recognition of expenditure and approval of expenditure. We discussed these risks with client management and designed audit procedures to test the timing and approval of cxpcnditurc. 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 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 the events and transactions reflected in the financial statements. as will be less likety to become aware of instances of non-complian. The risk is also greater regarding Iegularltles occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at. www.frc.o .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable companls members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, 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 charitable company and its members. as a body. for our audit work. for this report, or for the opinions we have formed. VI ASM IJAftTERED ACCOUNTAIITS Page 10
The Jame5 Kane Foundatlon (A Company Limited by Guarantee) Independent Auditors. Report to the Members of The James Kane Foundation (continued) Michael Nix n {Senior Statutory Auditor) for and on behalf of ASM (B) Limited Chartered Accountants & Statutory Audttor 4th Floor Glendinning House 6 Murray Street Belfast BT16DN 28 November 2023 ASM (B) Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 'ASM rHARYFAFn Ar.r.niiNTA•JT