AnnualReportfor2024Final2025 - Flipbook - Page 28
Matters on which we are required to report
by exception
In the light of the knowledge and understanding of the
charitable company and its environment obtained in
the course of the audit, we have not identi昀椀ed material
misstatements in the Trustees’ Report.
We have nothing to report in respect of the following
matters in relation to which Companies Act 2006 and
the Charities Accounts (Scotland) Regulations 2006 (as
amended) require us to report to you if, in our opinion:
• adequate accounting records have not been kept
or returns adequate for our audit have not been
received from branches not visited by us; or
• the 昀椀nancial statements are not in agreement
with the accounting records and returns; or
• certain disclosures of Trustees’ remuneration
speci昀椀ed 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
昀椀nancial 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.
Responsibilities of the Trustees
As explained more fully in the Trustees’ Responsibilities
Statement, the Trustees (who are also the directors of
the charitable company for the purposes of company
law) are responsible for the preparation of the 昀椀nancial
statements and for being satis昀椀ed that they give a
true and fair view, and for such internal control as
the Trustees determine is necessary to enable the
preparation of 昀椀nancial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the 昀椀nancial 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.
Auditors’ responsibilities for the audit of the
昀椀nancial statements
We have been appointed as auditor under section 144
of the Charities Act 2011 and section 44(1)(c) of the
Charities and Trustee Investment (Scotland) Act 2005
and report in accordance with the Act and relevant
regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance
about whether the 昀椀nancial statements as a whole
are free from material misstatement, whether due to
fraud or error, and to issue an Auditors’ Report that
includes 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 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 in昀氀uence the
economic decisions of users taken on the basis of these
昀椀nancial 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 assessing the risk of material misstatement in respect
of irregularities, including fraud and non compliance
with laws and regulations, our procedures included
the following:
• the nature of the sector, control environment and
the Charity’s performance;
• results of our enquiries of management and the
Trustees, about their own identi昀椀cation and
assessment of the risks of irregularities;
any
matters we identi昀椀ed having obtained and
•
reviewed the Charity’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; detecting and responding to the
risks of fraud and whether they have knowledge of
any actual, suspected or alleged fraud; the internal
controls established 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 昀椀nancial 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, which included incorrect
recognition of revenue, management override of
controls using manual journal entries, purchase ledger,
and identi昀椀ed the greatest potential for fraud as
incorrect recognition of revenue and management
override using manual journal entries.
28 Vincent Wildlife Trust Annual Report and Financial Statements 2024
