Social Change Initiative Company Limited by Guarantee Independent Auditor's Report to the Members of Social Change Initiative Year ended 31 March 2023 Opinion We have audited the financial statements of Social Change Initiattve (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities (inclLtding income and expenditure account), statement of financial position, 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 FRS 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 chariiy's affairs as at 31 March 2023 and of its incoming resource5 and application of reSoUrs, including its income and expenditure, for the year then ended" have been properfy prepared in accordance with Unf(ed Kingdom Generally Accepted Accounting Practice-, have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan wrth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditovs responsibilities for the audit of the financial statements section of our report. We are independent of the chartly in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out below. and we have fulled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. APB Ethical Standard - Provisions available for small entities In common wsth many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Conclusions relating to going concem 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 statements is appropriate. Based on the work we have perfomied, we have not identrfied any material uncertainties relating to events or conditions thal, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concem 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.
Social Change Initiative Company Limited by Guarantee Independent Auditor's Report to the Members of Social Change Initiative (continued) Year ended 31 March 2023 Other inforniation The other information comprises the infonnation included in the annual report. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomation. Our opinion on the financial statements does not cover the other infonnation and, except to the extent othernise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalements, our responsibility 15 to read the other information and, in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstalement of the other infom)ation. If. based on the work we have perfomed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report In thls regard. Oplnions 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 tru8tee8' report for the financial year for which the financial statements are prepared is consistent wrth the financial statements- and the trustees. report has 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 charity and its environment obtained in the course of the audit. we have not identified material misstatements in 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 rf, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been recetved from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums", 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 the trustees were not entttled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Social Change Initiative Company Limited by Guarantee Independent Auditorfs Report to the Members of Social Change Initiative (eontinuerfj Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees (who are also the directors 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 misststement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic aSternative but to do so.
Social Change Initiative Company Limited by Guarantee Independent Auditorfs Report to the Members of Social Change Initiative (continued) Year ended 31 March 2023 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 to 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 wrth ISAS (UK) will ahNays detect a material misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= In identrfying and assesslng rlsks of materlal mlsststement In respect of Irregularltles, Includlng fraud and non-compliance with laws and regulations. we considered the following.. the nature of the industry and sector. control environment and business performance including the design of the remuneration policies, key drivers for directors, remuneration. bonus levels and perfomiance targets.. results of our enquirie¥ of management about their own identrfiGation and a¥aea¥ment of the risks of irregularities. any matters we identified having obtained and reviewed documentation of their policies and procedures relating to- identifying, evaluating and comptying with laws and regulations and whether management were aware of any instances of non-compliance" detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud: the internal controls established to mttigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component aLSdit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK). we a also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, 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 ongoing compliance with the UK Companies Act 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 Compliance with which may be fundamental for their ability to operate or to avoid a material penalty. 10
Social Change Initiative Company Limited by Guarantee Independent Auditor's Report to the Members of Social Change Initiative (conlinuedj Year ended 31 March 2023 As part of an audit in accordance with ISAS {UlQ, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misststement of the financial statements, whether due to fraud or error, design and perfonn audtt procedures responsive to those risks. and obtsin audit eviden 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 understsnding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude 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 signrficant doubt on the charity's abilty to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, rt such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements, including the dlsclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentstion. 11
Social Change Initiative Company Limited by Guarantee Independent Auditorfs Report to the Members of Social Change Initiative (continuedj Year ended 31 March 2023 We communicate with those charged wtih govemance regarding, among Other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit k has been undertaken so that we might state to the charty's members those matters we are required to state to them in an auditorfs 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have fomed. Paul Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd hArt8red 2ccount2nts & statLrtory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 16 November 2023 12