INDEPENDENT AUDITOR'S REPORT to the Members of Ulster Historical Foundation Report on the audlt of the flnanclal statemènts Oplnlon We hav& audited the charity financial slalemenls of Ulster Historical Foundation I'lhe charSly'l for the financial year ended 31 March 2024 which cornprise the Slalemenl ol Financial Activities. the Balance Sheet and notes lo the rinancial slalemenls. including the summary of significant accounting policies sel out in note 2. Th8 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 th8 UK and Republic of Ifeland and Accounting and Reporting by Charities.. Slalemenl of Recommended Practic8 applicable lo charSties prep8ring their aGcounls in accordance with FRS 102. In our opinion. when reporting in accordanc8 with a fair presentation framework the flnancial slal8menl$'. give a true and fair view of the Slate of the charity's affairs as al 31 March 2024 and of 118 deficit for Ihe financlal year then ended,. have bèen properly prepared in 8cGordancè with UnSled Klngdom Generally Accepted Aecounling Practice., and have been prepared in Accordance with the rèqulremènls of the Charities Act (Northgrn Ireland) 2008. 88818 lor oplnlon We conducted our audit In accordance with International Standards on Auditing IUKI IISAS IUKII and oppllcable law. Our responsibilities under those standards are further described in the Auditor's responslbllilies lor the audit of th8 rinanclal 91alemenls section ol our rgport. We are indep&ndenl ol the charity in a¢cordan¢e wllh ethical requirements that are relevant lo our audit of Ihg financlal slalemenls In the UK, including the FRC'S Elhlcal Sland8rd, and we hav8 fulfllled our other elhlcal responsibililles In 8ccordanc8 with these requirements. We bell8v8 that the audit evldence we have obtained Is sufficient and approprlale lo provlde a basls for our oplnlon. Conclu8lons relatlng to golng Gon¢èrn In 8udlllng tho financial slalemenls. we have concluded that the Iruslo0$' use of the golng concorn ba858 of a¢eounling In the preparation of the financial slalemenls Is approprlal8. 8ased on the work we have perfomed, we have not Idenlifigd any m8lerlaS uncertalnlSe8 relating to ev8n18 or conditions that, Individually or ¢olleclively. may cast significant doubl on the charity's ability lo continue 89 a golng conc8in for a period of al least Iwelve months from the dale wh&n the financial $lalemenls are aulhorised for isgue. Our responsibilities and th¢ re$ponslbllille8 of the Iruslees with respoGI lo golng concern are d88Gfibgd In the r818vanl Sections of this report. Other Informatlon The other Infomialion comprS$e$ th¢ Infomiallon Included In the annual roport other than Ihe financial slalomènls and our Audilovs Report Ihereon. Thè Irusle&s are responsible for tho other informallon contained within thè annual feport. Our opinlon on the financial stolemenls does not cover Ihe other Snforrnation and, except lo the exlenl olherw18e expllcllly slated our report, We do not express any fomi of assuran¢e ¢oncluslon Ihereon. Oui responslbllily18 lo read th& other infomiallon and, In doing so, consider whether the other Information is malarially Snconsislenl wllh the financial slalemenl$ or our knowledge obl8lned in the course of thg audS1, or othe150 appears lo be materially mlgslaled. If we identify such molerial inconsisl8ncleg or apparent malgrial mlsslalemenls, we aro equired lo delermlne whether this gives rise lo a material misslalemenl in the fin8ncial slalemenls Ihemselves. If, based on the work we have performed, we conclude that there is a maleiial misslalemenl ot Ihis other information, we are required lo report that fact. We have nothing lo report in this T¢gard. Matters on whl¢h we are requlred to report by excgptlon In the light of our knowledge and understanding of Ihg charty and ils Qnvironmenl oblalned in the course of the audrt, we have not Identified material misslalemenls In the Trustees, Report. Wè have nolhlng lo report in respect of the followlng mallers where the Chariligs IArKounls and Reports) Regulations {Northern Ireland) 2015 requires us lo report to you If, in our oplnion.. adequate accounting records have not been kept., or the financial slalemenls are not in agreement with the accounting records and returns., or ertain disclosures of Iruslees, remuneration specified by law are not made., or the Iruslees were not enlilltsd lo prepare the financial slalemenls in aecordancg with the small companies regimts and take advantage oflhe small companies, exemption in preparing the Trustees, Annual Report. 13
INDEPENDENT AUDITOR'S REPORT to the Members of Ulster Historical Foundation Re5ponsibilitle5 of truste&s for the flnanclal stslement5 As explained more fully in the Slalemenl ol Trustees, Responsibilities sel out on page 12. the Iruslees are responsible for the preparation of the financial slalemenls and for bein9 satisfied that they give a Iwe and fair vw, and for such internal control as they determine is necessary lo enable the Preparation of financial slalemenls that are free from material misslalemenl. whether due lo fraud or error. In preparlng the financial slalemenls, th8 Iruslees are responsible for assessing the charity'5 ability lo continue as golng concern, disc105ing, a5 applicable, mallers related lo going concern and using the going concern basis of accounting unlèss management either intends lo liquidate the charity or to ¢¢ase operations, or has no realislic allernalive bul lo do so. Audltorfs responslbllltles for thg audlt of the flnanclal 8tatements Wa have been appointed as auditor under section 651213 01 the Charities Act (Northern Ireland) 2008 and report in accordancè with tho Act and relevant regulations made oi havlng effèct IhofeLFnder. Our objectives are lo oblaln reasonable assurance about whether the linancial glalemènls as a wholè èrè free from rn81erial misstslem&nl, whèther due lo fraud or error, and lo Is8ue an Auditor's Report that Includèg our oplnion. Reasonable agsurance is a high level of assurance. bul Is not 8 guarantee that an audit ¢onduded in accordance with ISA8 IUKI will always deleGI o molerial misslalemenl when il exlsls. Mlsslalemenls can arise from fraud or error and are considered material If, individually or in the aggre9al8. Ih&y could reasonably be expected lo influence the economlc dec181ons of user$ l•ken on the basss of these financial 8lal8menl8. Irregularities, Including fraud, oro instances of non-compliance wllh laws and r8gulallons. We dèylgn proGgdur?s in Ilne with our re8ponsibllilies, outlined abovo, lo delecl material mlsslalemenls In resp&cl of Irregularilles. Includlng fraud. The exlenl lo which our procedure5 are capable of delecling irregulari1189, Includlng Iraud Is delalled bélow.. Further Infomiatlon règirdlng the Scope of our respon8lbllltle8 a8 audStor As part of an audit In accordanee with ISA¥ IUKI, we exercise profes8lon81 ludgemenl and malnlaln professlonal $¢eplicism throughout the audll. We alsts,. Identify and as88gs th8 rlsks of malerlal ml$g101gmgnl of the financial 8lal8m8nls, whether due lo fraud or error. design and perform audll procedures r6sponsive lo those risks, and obtain audit evidence that Is 8ufficlenl and appropriate lo provSde a basls for our oplnion. The risk of not delecling a malerlal mlsslalemenl resulllng from fraud is higher than for one resulting from error, as fraud may Involve colluslon, forgery, Inlenllonal omlgglons. misrepresenlalions, or the override of internal control. Obtain an understanding of internal ctsnlrol relevant lo the audit in ord8r lo deslgn audll procedures that are appropriate in tho circumstances. bul nol for the purpose of oxpressing an opinlon on the effectlvene88 of the harily's internal control. Evalu810 the approprialene99 of accounllng poli¢ies used and the rea8onabl8ne88 of accounllng esllmales and reloled disclosures made by Irusle&s. Conclude on the approprlaleness of thè Iruslee$' u$e of tho going GonceTn basls of accounting and, b88ed on the audit evidence obtained, whether a mal&rial uncertainly gxi$l$ rglaled lo events or conditions that may cast significant doubl on the charity's ability lo continue as a going concern. If we conclude Ihal a material uncertalnly exists, we are required lo draw allenlion in our Audilorfs Report lo Ihe related disclosures in the financlal slalemenls or, Sf such disclosure$ are inadequate, lo modify our oplnlon. Our concluslons are based on thè audit evidence oblalned up lo the dale of our Audilorfs Report. However. future events or condillons may cause the charity lo cease lo conllnue as a golng concern. Ev8luale the ovèrall pro5enlalion, structure and conlenl of the financlal slalèmènls, Including the dl$c105uw$, and whelh8r the financlal $lalemgnls ropresenl the underlying Iransactlon8 and èvents in a manner that achl&ve$ falr presenlallon. 14
INDEPENDENT AUDITOR'S REPORT to the Members of Ulster Historical Foundation We communicate with those charged with governance regarding, among other rnallers, the planned scope and liming of the audit and significant audit findings, includlng any significant deficiencies in internal control that we identify during our 8udil. U$9 of our report This report is made Solely lo the charlly's Iruslees. 8s a body, in aGrdance wllh Part 4 the Charities (Accounts and Reportsl Regulations (Northern Ireland) 2015. Our audit work has been undertakèn so that we might slate lo the charity's Iruslees those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we dts not accept or assume responsibility to anyone other than the charity and thè charity's Iruslees a5 a body, lor Qui audit work, for Ihls report, or for Ihe opinions we have formed. Mr Robert Barr Isenlor for and on behalf of MULDOON & CO Chartered Accountants & Regl$ler¢d AudSlors 16 Mount Charlgs Belfast BT7 1NZ Northern Ireland atutory Audltorl 15