FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Opinion We have audited the financial statements of Farset Enterprise Park Limited (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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 A¢cepted 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 31 March 2024 and of its incoming resources and application of resources, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi￿., and have been prepared in ac¢ordan¢e 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 Auditors responsibilities for the audit ol the financial statements section of our report. We are independent of the ¢harity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating to going ¢on¢ern 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 perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signifi¢ant doubt on the charity's ability to Continue as a going concern for a period of at least ￿e1ve 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 annual report other than the finarcial statements and our auditorfs report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 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 fa¢t. We have nothing to report in this regard. Matters on which we are required to roport by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports} Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees report., 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. FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Responsibilities of trustees As explained more fully in the statement of trustees responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for Ihe 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 statemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Gharity'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. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 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 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 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 influence the economic decisions of users taken on the basis ofthese financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to dete¢t material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. obtained an understanding of the legal and regulatory frameworks thal are applicable to the Charitable Company and determined that the most significant are those that relate to the reporting framewoth (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulation in the United Kingdom., understood how the Charitable Company is complying with those frameworks by making enquiries of management to understand how the Charitable Company maintains and communicates its policies and procedures in these areas.. assessed the vulnerability of the Charitable Company's financial statements to material misststement, including how fraud might occur by considering the risk of management override and by assuming revenue recognition to be a fraud risk. and based on this understanding our audit procedures were designed to identify non-compliance with such laws and regulations. We assessed the susceptibility of the company's financial statements to material misstatement. including obtaining an understanding of how fraud might occur, by., identification of related parties., making enquiries of management regarding where they Considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., considering the internal controls in place within the company to mitigate the risk of fraud and non- compliance with laws and regulations-, To address the risk of fraud, override of controls and non-compliance with laws and regulations, we perfomied analytical procedures to identify any unusual or unexpected related paty relationships, tested joumal entries to identity unusual transactions, investigated any significant or unusual transactions and assessed whether judgements and assumptions made in determining the accounting estimates were suggestive of potential bias. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. FARSET ENTERPRISE PARK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF FARSET ENTERPRISE PARK LIMITED Use of our report This report is made solely to the company's members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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 Company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Patrick Miscampbell (Senior Statutory Auditor) for and on behalf of Miscampb811 & Co 20 November 2024 Chartered Accountants Statutory Auditor 6 Annadale Avenue Belfast BT7 3JH Miscampbell & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.