The ARN Foundation Company Limited by Guarantee Independent Audltor's Report to the Members of The ARN Foundation Year ended 24 July 2025 Opinion We have audited the financial statements of The ARN Foundation Ilhe 'parent charitable company'l and ils subsidiaries lthe 'group'l for the year ended 24 July 2025 which comprise the consolidated staternent of comprehensive income. consolldaled statement of financial position, company slalement of financial position, consolidated slalement of changes in equity, company statement of changes in equity. consolidated stslemenl of cash flows and the related notes, including a summary of significant accounting policies. The financi81 reportlng 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 Awpled Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the group's and of the parent charitable companls affairs as at 24 July 2025 and of the group's incoming resources and application of resources, including ils income and expenditure for the year then ended.. have been properly prepared in accordanee with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Charities Act {Northem Ireland) 2008. Basis for opinion We conducted our audit in accordance with Intemational Standards on Audillng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described In the auditor's responsibilllles for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Elhical Standard, and we have fulfilled our other elhlc21 responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng 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 identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the group or the parent charitable company's ability lo continue as a going concem for a period of at least twelve months from when the financial slalements are aulhorised for issue. Our responslbilillÈs and the responsibilities of the director with respect lo going concern are described in the relevant sections of this report.
The ARN Foundation Company Limited by Guarantee Independent Audltor's Report to the Members of The ARN Foundation (¢onUnued) Year ended 24 July 2025 Other infomiation The other information comprises the information included in the trustees. annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financlal statements does not wver the other information and, except to the extent otherwise explicitly stated In our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slalemenls, our responsibility is to read the other infoTmalion and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether there is a material misstatement in the financial stslements 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 information. we are required lo report that fa¢l. We have nothing to report in this regard. Matters on which we are requirad to report by exceptlon We have nothing lo report In rÈspecl of the followirbg matters in latiOn to which the Charities IAccounls and Reports) Regulallons {Northern Ireland) 2015 require us lo report lo you if. in our opinion.. the informallon glven in the trustees. report is inconsislenl in any malerlal respect th the financial slalements.. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit.
The ARN Foundation Company Limited by Guarantee Independent Audltor's Report to the Members of The ARN Foundation (conlimiedj Year ended 24 July 2025 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees (who are also the directors of the parent 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 wew, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements. the trustees are iesponsible for assessing the group's and the parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or has no realistic alternative but to do so. Audltor's responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 6512}3 of the Charities Act (Northem Irelandl 2008 and report in accordanee with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtaln reasonable assurance about whether the financi81 statements as a whole are free from material misslalemenl, whether due to fraud or error. and to issue an auditor's report thal includes our opinion. Reasonable assurance is a high level ol assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl 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 lo influence the economic decisions of users tsken on the basis of those financial stalemenls. Irregularllles. Including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delecl material misstatements in respect of irregularilles. irtcluding fraud. The exlenl to which our procedures are capable of detecting irregularities. including fraud is detailed below-. Identifylng and assessing potential risks related to Irregularltles In identifying and assessing risks of material misstatement in respect of irregularities. including 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 Group's 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 obtained and reviewed the Group's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non•compliance' delecling and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.,
The ARN Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of The ARN Foundation (conlirtU8dJ Year ended 24 July 2025 the internal controls estsblished to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential Indicators of fraud. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an unclerstanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the delerminalion of material amounts and disclosures in the financial slalerftgnls. The key laws and regulations we considered in this context included the Companies Act 2006, Taxation Legislation. Charities Act (Northern Ireland) 2008 and Charities (Accounts and Reports) Regulations {Northern Ireland) 2015. Audlt response to risks idèntified Our procedures to respond to risks identified included the following= Teviewing the financial statement disclosures and lesling lo supporting documentslion to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial slalemenls., enquiring of management and external legal counsel conceming actual and potential litigation and claims; perfomiing analytical procedures lo identrfy any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud: reading minutes of meetings of those charged wlh governanee and reviewing correspondence with HMRC and The Charity Commission for Northern Ireland- and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in new making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any slgnlficanl transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert lo any indicats'ons of fraud or non-complian with laws and regulations throughout the audit. As part of audit in accordance with ISAS IUKI, we exerclse professional judgment and maintain profession81 sceplicism throughout the audit. We also.. Identify and assess the risks of material misst8tement of the financial slatemenls, whether due to fraud or error, design and perform audit pn)cedures responsive to those risks. and obtain audit evidence that is sufficient and appropri8te 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.
The ARN Foundation Company Limited by Guarantee Independent Auditor's Report to Ihe Members of The ARN Foundatlon fcoTrtinuod) Year ended 24 July 2025 Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the elrctsmstances, but not for the purwse of expressing an opinion on the effectiveness of the charltable company's inlemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disciosures made by the Iruslees. Conclude on the appropriateness of the trustee's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material unrtainlY exists related lo events or conditions that may east significant doubl on the group's or the parent charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attention in our auditor's report lo the related disclosures in the financial slalemenls or. if such disclosures are inadequate. to modify our opinion. OLFr eonclusions are based on the audit evidence obtained up to the date of our auditor's report. Howevei, future events or conditions may cause the group or the parent charitable company to cease lo continue as a going concern. Evaluate the overall presentation. structure and content of the financial slatemenls, Including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves falr presentation. Plan and perfomi the group audit lo obtain sufficient appropriate audll evldence regarding the financial information of the entities or business activities within the group to express an opinlon on the group financial stalemenls. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communlcale with those charged with governance 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 lo the charitable company's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland} 2015. OUT audit work has been undertaken so that we might state lo the charitable company's trustees those matters we aTe required to slate to them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Calhal Maneely (Senlor Ststutory Auditor) For and on behalf of Maneely Mc Cann Audit Limited Chartered accountants & slalutory auditor Aisling House 50 Slranmillis Embankment Belfast BT9 5FL 22 May 2026