ch￿lty Registratlon No. NIC1009041xf1684 Company Registration No. N1062936 (Northern Irel• OH YEAH MUSIC CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 OH YEAH MUSIC CENTRE LEGAL AND ADMINISTRATIVE INFORMATION G Murrdy J F Fitch L J McDowell A McKenna KSBell P Mcclean C G Southern P H Evans Charlty number NIC100904/xf1684 Company number N1062936 liegistered office 15-21 Gordon Street Belfast Co. Antrim Northern Ireland T1 2LG Auditor FPM Accountants Limited 1- 3 Arthur Street 8elfast Co. Antrirn Northem Ireland BT14GA OH YEAH MUSIC CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OH YEAH MUSIC CENTRE Opinlon We have audited the financial statements of Oh Yeah Music Centre (the 'Charity') for the year ended 31 March 2023 which comprise the ststement of financial activities, the balance shee¢ the statement of cash flows and the notes to the financial statements, induding a surnmary of signlficarst 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 rh6 Finanoal Reporting Standard applicable in the UK ènd Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial Staternen￿- give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 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 Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUK) (ISAS (UK)) and applicable law. responsibilities under those standards are further described in the Auditor5 responsibilifres for the audit of the financjal statements section of our report We are independent of the Charity in accordance with the ethical quirements that are relevant to our audit of the financial ststements in the UK including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We belleve that the audit cvidence we have obtained is sufficient and" appropriate to provide a basis for our opinion. 11 OH YEAH MUSIC CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OH YEAH MUSIC CENTRE Concluskons relating to goin9 concern In auditing the financial ststements, we have concluded that the Tru5tees' use of the going concem basi5 of accounting in the preparation of the financial statements is appropriate. aased on the work we have performed, we have not identified any material uncertainties relati ng to events ar condition5 that, individually or collectively. may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised fof Issue. Our responsibilities and the responsibilities of the Trustees with respect to going con￿rn are described in the relevant sections of this report Other infafmation The other information comprise5 the information induded In the annual report other than the financial statements and our audito¢s report thereon. The Trustees are responsible for the other infomation contsined within the annual reporL Our opinion on the financial staternents does riot cover the other information and we do not express any form of assuranc& conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audi( or otherwise appears to be materially misstated. If we identify such rnaterial inconsistencie5 or apparent material misstatements, we are required to determine whether this give5 rise to a material misstatement in the financial statements themselves. If. based on the work we have perfomied. we conclude that there is material mlsstatement tsf this other Informatio￿ we are required to report that tart. We have nothing to report in thi5 regard. 12- OH YEAH MUSIC CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OH YEAH MUSIC CENTRE Matters on which we we required to report by exception We have nothing to report in respert of the following matters in relation to which the Charities Act (Northern Ireland) 2008 requires us to report ta yoij if, in our opinion: the in*ormation given in the financial statements is inconsistent in any material respect with the Trusteès, report,. or sufficient accounting records have not been kep¢ or the financial statements are not in agreement with the accounting records," or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustees As explained more fijlly in the ststement of Trustees, responsibilitie& the Trustees, who are also the direcfors of the Chartty for the purpose of company law. are responslble 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 matsrial misstateff*n( whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charivs ability to continue as a going concem, disclosing, as applicable, matters relatsd to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the charftable company or to ase operations, or have no realistic altemative but to do so. 13- OH YEAH MUSIC CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OH YEAH MUSIC CENTRE Auditols ￿SponSibl11t1es for the audit of the financial statements We have been appointed as auditor under section 65 of the Charities Act 2008 and report in accordance with the Act and relevant regulations made. or having effect thereunder. Our objective5 are to obtain reasonable assurance about whether the financial 5tatefflents a5 a whole are free from material mi55tstement, whether due to fraud oi 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 conductsd in accordance with ISAS (UK) will always detect a material misstaternent when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be experted to influence the economic deosions of users taken on the basis of these financial statements. Irregulariti￿ including fraud are instsnces of non-compliance with laws and regulations. We design procedure5 in line with our ￿Sponsibl11t1e5, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent tts which our prO￿d￿reS are capable of detecting irregularities. including fraud, is detailed below. We obtsined an understanding of the legal and regulatory framewcrk applicable to the company through enquiry of management sector research and the application of cumulative audit knowledge. We identified the following principal law5 and regulations relevant to the company - Companies Att 2006, Charities Act (Northem Ireland) 2008 and the Accounting and Reporting by Charitie5: Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1Q2) (effective I January 2019). We developed an understanding of the key fraud risk5 to the entity Cincluding how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclDsure5 Wtthin the financial statements which may be 5U5ceptible to management bias. Our understanding was obtained through review of the financial Statements for significant accounting estimates. analysis of jDurnal entries, walkthrough of the key controls cycles in place and enquiry of managemenL 14- OH YEAH MUSIC CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OH YEAH MUSIC CENTRE Our procedures trj respond to those risks identified included, but were not limited to". Enquiry of management, those charged with governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims. Enquiry of entity staff in tax and compliance funrtions to identfy any instsnces of non-compliance wtth laws and regulation Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentstion to as5e55 compliance with applicable laws and regulations. Auditing the risk of management override of controls including through testing joumal entries and other adjustments for appropriateness, and evaluating the business ratiDnale of significant transactions outside the normal course of business. A further descrtption of our responsibilities is available on the Finanoal Reporting Council's website at: Wl/www.frc.org.uVauditorsresponsibilities. This description fonn5 part of our auditorfs report 15- OH YEAH MUSIC CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OH YEAH MUSIC CENTRE This report is made solely to the charity's trustees, as a body, in accordance with section 65 of the Charitie5 Act {Narthern Ireland) 2(K18 and regulation5 made under section 65 of that ACL Our audit work has been undertaken so that we might state to the charty's trustees those matters we are required to state to them in an auditors, 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 charity and its trustee5 a5 a body, for our audil wotk, for this repo¢ or for the opinions we have formed. Lowry Grnnt (Senlor Statutsry Auditor) for and on behalf of FPM Accountants Limited Chartered Accountsnts Statutory Auditors 1- 3 Arthur Street Belfast Co. Antrim Northern Ireland BT1 4GA FPM Accountants Limited 15 eligible for appointmerrt as auditor of the Charity by wrtue of its eligibility for appcintment as audFtor of a company under of Section 1212 of the Companie5 Act 2006. 16-