Social Change Initiative Company Llmited by Guarantee Independent Auditorfs Report to the Members of Social Change Initiative Year ended 31 March 2024 Opinion We have audited the financial statements of Social Change Initiative (the 'eharity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position. statement of cash fEows 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 Stsndard 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 charity's atrairs as at 31 March 2024 and of its incoming resources and application of resources, induding its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon 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 auditorfs responsibilities for the audit of the financial statements section of our reporL We are independent of the charity 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 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. AP8 Ethical Stsndard - Provisions available for small enttties In common with many other businesses of our size and natu we use our audttors to prepare and submit retums to the tax authorities and assist with the preparation of the financial statements. 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 statements is appropriate. Based on the work we have perfomied, we have not identrfied any material uncertainties relating to events or conditions that, indrvidualty or collective. may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least trweive months from when the financial statements are authorised for issue. Our responsibilits'es and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Social Change Initiative Company Llmited by Guarantee Independent Auditorfs Report to the Members of Social Change Initiative (¢ontsnuedJ Year ended 31 March 2024 Other Information The other infonThation comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomiation. 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 fomi of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibilty is to read the other infomiation and, in doing so, consider whether the other infonnab'on is materialty inconsistent with the financial statements or our knowledge obtained in the audit or otheiSe appears to be materially misstated. If we identify 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 misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informatÉon, 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 trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the charity and tts environment obtained in the course of the audtt, 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 if. in our opinion: adequate accounting records have not been kepc or returns adequate for our audrt have not been received 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 specffied 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 entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the direGtors' report and from the requirement to prepare a strategic reporL
Social Change Initiative Company Limited by Guarantee Independent Auditorfs Report to the Members of Social Change Initiative fcontlnued) Year ended 31 March 2024 Responsibllltles of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors forthe purposes of company law) are responsible for the preparation ofthe 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. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and Intemational Standards on Auditing (UIQ. Those standards require us to comply with the Financial Reporting Council's (FRC'S) Ethical Standard for Auditot5'. in the circumstances set out in note 24 to the financial statements. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of aGGounting unless the trustees elther Intend to IiquIUa(e tne chanty or to cease operations, or have no realistic altemative but to do so. 10
Social Change Initiative Company Limited by Guarantee Independent Auditor's Report to the Members of Social Change Initiative (¢ontlnued) Year ended 31 March 2024 Auditorfs responslbllltles for the audlt 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 auditorfs report that indudes 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 rt exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonabty 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. ouuined above, to detect material misststements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifying and assessing risk5 of material misstatement in respect of irregularities, induding fraud and non-compliance wrth laws and regulations. we consrdered the following: the nature of the industry and sector. control environment and business perfonnance including the design of the remuneration policies. key drivers for directors, remuneration. bonus levels and performance targets", results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtsined and reviewed documentation of their policies and procedures relating to: identifying. evaluating and cornplying with laws and regulations and whether management were aware of any instsnces of non-compliance" detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud" the intemal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team induding significant component audit teams and relevant internal specialists, including tax and valuations specialists gardIng how and where fraud might cur 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 wtth all audits under ISAS (UK). we are also required to perform specffic 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 detemiination of material amounts and disclosures in the financial statements. The key laws and regulations V considered in this context induded ongoing compliance the UK Companies Act and tax legtslation. 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 rnay be fundamental for their abilty to operate or to avoid a material penalty. 11
Social Change Initiative Company Limited by Guarantee Independent AUdit0S Report to the Members ofsocial Change Initiative (contlnued) Year ended 31 March 2024 As part of an audit in accordance with ISA5 (UK). we exercise professional judgment and maintain 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 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 accouming policies useu ana Ine reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropmateness of the trustee5' use of the going concern basis of accounkn.ng and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude Ui¢iL Gl fflaterial uncertainty exists. we are required to draw attentlon In our audltofs report to the related disclosures in the financial statements or, if such disdosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audito¢s reporL However. future events or condition5 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 disclosures, and whetherthe financial statements represent the undetying transactions and events in a manner that achieves fair presentation. 12
Social Change Initiative Company Limited by Guarantee Independent Auditorfs Report to the Members of Social Change Initiative (continuedj Year ended 31 March 2024 We communicate those charged with 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 work has been undertaken so that we might state to the charity's members tliose 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 charity and the charity's members as a body, for our audit work, for this reporL or for the opinions we have formed. Paul Dolan FCA (Senior Statutory Auditor) For and on behalf of Fineqan Gibson Ltd Chartered accountants & ststutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 15 November 2024 13