TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENT FOR SHARED INTEREST FOUNDATION 2024/25 - Report - Page 8
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SHARED INTEREST FOUNDATION
REPORT ON THE AUDIT OF THE
FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Shared Interest
Foundation (the ‘charitable company’) for the year ended 30
September 2022 which comprise the Statement of Financial
Activities, the Balance Sheet, 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 30 September 2022 and its
incoming resources and application of resources,
including its income and expenditure for the year then
ended;
•
have been properly prepared in accordance with United
Kingdom Generally Accepted Accounting Practice; and
•
have been prepared in accordance with the requirements
of the Companies Act 2006.
Basis for opinion
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 Auditor’s responsibilities for the audit
of the financial statements section of our report. We are
independent of the charitable company in accordance with
the ethical requirements that are 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 accordance with
these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis
for our opinion.
other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material
misstatements, we are required to determine whether
this gives rise to a material misstatement 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 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.
•
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 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.
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:
•
the charitable company has not kept adequate and
sufficient accounting records, or returns adequate for our
audit have not been received from branches not visited
by us; or
•
the charitable company financial statements are not in
agreement with the accounting records and returns; 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 entitled to prepare the financial
statements in accordance with the small companies
regime and take advantage of the small companies’
exemptions in preparing the Trustees’ Report and from
the requirement to prepare a Strategic Report.
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 performed, 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 report.
Other information
The other information comprises the information included in
the Trustees’ Report other than the financial statements and
our Auditor’s Report thereon. The Trustees are responsible for
the other information contained within the Trustees’ 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
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities
Statement set out on on page 6, 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 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 charitable company or to cease operations, or
have no realistic alternative but to do so.
Shared Interest Foundation - Trustees’ Report and Financial Statements for the year ended 30 September 2022
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