Skilled Nl Company Llmlted by Guarantee Independent Audltorfs Report to tha Members of Skllled Nl Year ended 31 March 2024 Opin5on We have audited the financial statements of Skilled Nl (the 'charity) for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), ststement 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 PraGtice). In our opinion the financlal statements., glve a true and falr vlew of th8 State of the charlty's affalrs as at 31 March 2024 and of Its Incoming resources and appllcatlon of resources, including its income and expenditure, for the year then ended. have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accounting Pradice., have been prepared In accordance wlth the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance wlth International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditofs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial stat8m8nts in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with th8se requirements. We believe that the audit evldence we have obtained is sufficlent and appropriat8 to provide a basis for our opinion. Concluslons relatlng to golng concern In audltlng the financlal statements, we have concluded that the trustees, use of the going wncern basis of accounting In the preparatlon of the flnanclal statements is appropriate. Based on the work we have performed, we have not Identlfled any materlal uncertalntles relatlng to events or conditions that, Individually or colleclively, may cast significant doubt on the charity's ability to continue as a going concem for a p8riod of at least e1ve rnonths from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the truste8s with respect to going concem are described in the relevanl sections of this report. 12
Skilled Nl Company Limited by Guarantee Independent Audltorfs Report to the Members of Skllled Nl (¢onUnu•d) Year ended 31 March 2024 Other Infomiatlon The other infomiation comprises the information included In the annual report, other than the financial ststements and our auditor's port thereon. The trustees are responsible for the other infomation. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not express any form of assuran condusion 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 obtalned in the audit or otherwise appears to be materially mlsstated. If we Identify such material Inconsistencies or apparent materlal misstatements. we are required to d8t8rmine whether there is a material misstatement in the financial statements or a matarial misstatement of the other Informatlon. If, based on the work we hav8 performed. we conclude that there is a material mi5Statement of this other information, we are required to report that facl. We have nothlng to report Sn thls ragard. Oplnlons on oth•r mattor8 pro8crlbgd by the Companle8 Act 2006 In our opinion. based on tha work undertaken In the course of the audlt.. Ihe 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 requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its envlronment 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 th8 followlng matters In r8lation to which the Companies Act 2006 requlres us to report to you if, in our oplnlon: adequate accountlng records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us., or the financ1 statements are not In agreement with the accountlng records and returns: or certain disclosures of trustees, remuneration specified by law are not made; or we have rK)t received all the information and explanations we require for our audit. 13
Skilled Nl Company Llmited by Guarantee Independent AudIt0S Report to the Members of Skllled Nl (conJnuedJ Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees, respon51bllities ststement, 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 detemiine is necessary to enable the preparation of financial ststements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matter5 related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic alternatlve but to do so. 14
Skilled Nl Company Llmlted by Guarantee Independent Audltor's Report to the Members of Skllled Nl {wJdnu•dJ Year ended 31 March 2024 Auditor's responsibilities for the audit of tho financlal 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 accor(fance with ISAS (UK) will 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-compllance 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 ara capable of detecting irregularities. including fraud is detailed below: In Identlfying and assessing risks of materlal mlsslatement In respecl of Irregularltles, Includlng fraud and non-compliance with laws and regulations, we considered the followlng.. th8 nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drlvers for directors, remun8ration, bonus levels and performance targets., results of our enquiries of management about their own identification and assessmenl of the risks of Irregularities: any matters we Identified havlng obtslned and revlewed documentation of their pollcles and procedures relating to: identifying. evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance; detecting and responding to the rlsks of fraud and whether management have knowledge of any actual, susp8Cted or alleged fraud; the internal controls establish8d to mitigate rlsks of fraud or non-compliance wlth laws and regulations. the matters discussed among the audlt engagement team includlng slgnlficant component audlt teams and relevant internal specialists. Including tax and valuatlons speclalists regarding how and where fraud might occur In the flnanclal statements and any potentSal Indlcators of fraud. As a result of these procedures, we consldered the opportunities and Incentives Ihat may exist within the organisation for fraud and identified the greatest potentlal for fraud. In common with all audits under ISA5 (UK). we are also required to perform specific procedures to respond to the risk of management override. We also obtalned an understanding of the legal and regulatory frameworks in operation. focuslng 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 r8gulations 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 fundamentsl for their ability to operate or to avoid a material penalty. 15
Skilled Nl Company Llmlted by Guarantee Independent Audltorfs Report to the Members of Skllled Nl (conUnu•d) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identrfy and assess the rlsks of material misstatement of the financial ststements, vthether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mi551atement 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 Internal control relevant to the audlt In order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinlon on the effectlveness of the Internal control, Evaluate the appropriatenes8 of accountlng pollGles used and the r8asonableness of accountlng estlmates and related disclosures made by the trustees. Conclude on the approprlataness of the trustees, use of the golng concem basls of accountlng 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 concern. If we conclude that a material uncertainty exlsts, we are required to draw attention in our auditor's report to the related disclosures In the financlal statements or. if such disclosures are Inadequate. to modify our opinlon. Our conclusions are based on the audit evidence obtained up to the date of our audltor's report. However, future events or conditions may cause Ihe charity to cease to continue as a going concem. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures. and whether the financial statemants represent the underlying transactlons and events in a manner that achieves fair presentation. We communlcate with those charged wlth governance regardlng. among other matters, the planned scope and tlming of the audlt and slgnlflcant audlt findlngs. Including any significant deflciencles In internal control that we Identlfy durlng our audlt. 16
Skilled Nl Company Llmlted by Guarantee Independent Audltorfs Report to the Members of Skllled Nl (¢onlltrwo Year ended 31 March 2024 As explained more fully in the Trustees, Responsibilities Statement (set out on page 10). the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordan with applicable law and International Standards on Auditing (UK). Those standards require us to comply with the Financial Reportlng Council's {FRO's} Ethical Standard for Auditors,. In the circumstances set out in note 27 to the financial statements. Use of our report ThSs report Is made solety to the charlty's members, as a body. In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has bgan undertaken so that we mlghl state to the charity's members those matters we are requlred to state to them In an auditorfs report and for no other purpos8. To the fullest extent permitted by law, we do not accepl or assume responslbility to anyone other than the charity and the charlty's members as a body, for our audit work, for this report, or for the oplnlons we have formed. /*/• Paul Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory audltor Causeway Tower 9 James Street South Belfast BT2 8DN 26 November 2024 17