R8generatlon Company Ltd Indepertdent auditors, report to the Members of R8thfrll•nd •nd Dlstrl¢t Reg•ner•tion Company Ltd on the a¢¢ounts for the yr ended 31 M•y 2024 We have audited the accounts ol Ralhfriland and District Regeneration Company Lld for the year ended 31st May 2024 as sel out on pages 17 10 31 bthich compnse the Statemenl of Financial Activities. the Profit and Loss Account. the Balan Sheet and the lated notes. The finanual pOrting framework Ihal has been applied In Iheir preparation Is applicable law and the Finanaal Reporting Standard 102 (effective 1 January 20161 and the accounts have been piepared in a¢eordance with FRS102 SORP (Slalement ol Recommended Practice for Accounting and Reporting by Chanliesl 2015 las amended by the Bulletin Is6ue(I in October 2018 and applicable to 811 accounting periods beginning on or after 1st January 20191 published by the Charity Commission In Northem Ireland ICCNII. effedive January 2016 (The SORPI under the histori1 cost convention and in accordance wlh Ihe aunting poliaes sel out on pages 22.30 %thi¢h Iramework Conslitules the applicable Un11ed Kingdom Generally Accepted Accounting Practice. In our opinion the accounis '. Give a Irue and fair view ol Ihe stale of the chanly's affairs 88 al 31 May 2024 and of ils incoming resources 8nd application ol Te$ources lor the year Ihen ended. have been propedy prepared in accordance wlh United Kingdom Generally Accepted A¢eounling Pradice. and have been prepared in accordance wlh the requirements ol ihe Comp8nie8 Acl 2006. 8•11• of oplnlon We conduded our audit in aOrdanCe Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5ponsibililies under those st8ndard$ a further descfibed In the Audiiors responsibilities for the autJil ol the accounts section ol our port. We are independent ol the company In accordance wlh the ethical requ1MentS that are relevant lo our audit of the accoun1$ In the UK. induding the FRC'¥ Ethical Standard. and the provisions available for small enlilies, in the circ)Jmslance8 sel out below, and have lulfilled our other ethie81 responsibilities In accordance wth Ihese requirements. We belleve Ihal the audit evidfjnce %%• have oblained is sufficjenl and appropriate to provide a basis lor our opinion In 8ccordance wlh the exemption provided by FRC'S Elhical Standard . Provision8 Available for Audits ol Small En11ties, we have as8isled wlh the preparauon ol the aecounls Conclu•lon¥ relatlng to golng ¢onc•rn In audiling the financial stalemenl$, we have eoncluded that the directors, use ol Ihe going concern ba$1$ ol accountin9 in the prepafalion ol the finanoal slaiemenls is appropriate Our evaluation of the d1clor3, asgegsrnenl of the eompany's 8bilily to conlinue to adopl Ihe goirvJ nCern basis ol accounting indudefj the follong We considered as part ol our audit risk ossessmenl ol Ihe naluie of the company, Ils business model and relaled risks includin9 the imp8cI ol the ¢osl of living cnsi5. the requiremenls of Ihe applicable financial reporting framework and the system ol internal eonlrol. We evaluated the diTeclors' assessmenl of the compan5 ability to continue as a going eoncern. Including ehallengino the underfying daia and key a8sumplions used lo make Ihe assessment. and evaluated the directors. plans lor lulure actions in latIOn 10 Iheir going eoncern assessment. 8ased on the have perfomied. h%e have not Identified any material uncertainties relating to evenls or nditions that. Individually or collectively. may c851 $ignifi¢anl doubl on the company's ability lo continue as 8 going concem lor a period of al lea81 fv*lve month8 from vknen the financ¢al staiemenls are 8ulhorised for issue. Our responsibililies and Ihe responsibilllies of the Oirectors th respect lo going concem are described in the relevant se¢tions ol this report. Othor information The other information comprises the inform81ion induded in the report and a¢eounls. other than the accounts and our auditor's pOr1 Ihereon. The directors are responsible for the other inlomialion Our opinion on the accounts does nol cover Ihe other inlormalion and. except lo Ihe extent olherwse explicit staled in Dur por1, V+E do not eXpsS any fomi of assurance conclusion Ihereon. In conneclion wlh our udil ol Ihe accoun15. our responsibility is io read Ihe other Inlomialion and. in doing so. consider ¥thelher the other Information Is materially inconsislent the accounts or our knowedge obtained in the audit OT olherwse appears lo be malerially misstated. If ¥%e identify such maierial incon51s1encies or apparent material misstalemenls. are required lo determine ¥thether there is a malenal misslalemenl in the accounts or a malenal misstalemenl ol Ihe other Inforrnalion If. based on Ihe work ¥%e have perfomied. v condu(Je Ihal there is a material misslalement of Ihis other infrJTm8lion. are required lo pOrt that fact. We have nothing lo report in this gard. 14
R•g•n•ration Company Ltd Independènt auditors, report to the Memb•rs of R•thfriland and Dlstrlet R•g•nérntlon Company Ltd on the •¢¢ounts lor the year •nded 31 May 2024 Oplnlon on other m•ttern prescribed by the Companies Act 2006 In oui opinion. based on the vK)rk undertaken in the course of the audit.. Ihe infomialion given In the directors, report lor the finanrAal year for ¥thich the accounis are prepared is consistent Trmth the accounts.. and the direclors, report has been prepared in a¢cordance wlh applicable legal requirements. Matters on whlch w• •re requlrnd to Ivport by exc•ptlon We have nothing to report in respect of the lollowng rnallers vthere the Companies A 2006 requires us lo report lo you if. In our opinion". adequate accounting records h8ve nol been kepl. or retums adequate for our audit have not been received from branches not visited by us." or the accounts a not in agreement wlh the accounting e0rd5 and relum5,' or • certain disclosures of directors, remuneialion speufied by law are not made." or we have not ree*ived all the Infornialion and explanations require for our audit". or the directorn were nol enlilled lo prepare the accounts in ardance wlh the small eompanies regime and lake advantage ol Ihe small companies. exemption in preparing the directors, report and lake advanlage of the small companie¥ exemption from Ihe requiremenl lo prepare a slialegic pOrt. RPon151bl1lth0• of dlro¢tor• As explained more lully In the directors, responsibilities staiemeni. the directors are responyible lor the pparatIOn ol Ihe accounts and lor being satisfied that they give a true and lair view. and lor such Intem81 control as the direcloT$ determine 18 necessary lo enable the preparation ol accounts that are flee from rnaterial rnisslalemeni. vthelher due lo fraud or error In preparing the accounts. Ihe directors are responsible lor asse$$ing Ihe company's ability 10 continue a8 a going cOnrn, disdosing. 8$ applicable, matters related to going concem and using the going concem basis of accounting unless the directors either Intend 10 liquidate the company or lo eease operations. or have no realistic allemalive bul to do so. Audllor's r•$pon•lbllltlo• lor th• audlt Of th• •¢¢ount• Our otyieclives are lo oblain reasonable assuran about vknether the accounts as a %thole are free liom material misstatement, vthelher due lo fraud or enor. and lo issue an auditor's reporf that inclu¢Jes oui opinion. Reasonable assurance 1$ a high level ol assurance, bul is not a guarantee that an audit conducte¢J In accordance wth ISAS IUKI wll always delecl a malen41 mi$slalemenl ¥then Il exists. Misslalemenls can rise Irom fraud or error and a Consided malerial if, individually or In the ag998¢e. they could reasonably be expected lo Influen¢x the economic declJion8 ol users lak¢n on the basis ol these a¢counl8. Irregu18rilies. inclutjing fraud, bre in¥tanc¢$ of non-compli8nee with la regulations. We desBJn procedures In line wlh our re5pon51bililies, outlined above, lo deled material misslalemenls In respecl of irregularities. Including Iravd. The specific procedures for Ihis engagement and Ihe exlenl lo ¥thich Ihese are capable of detecting irregulanlies. induding fraud Is delailed below '. d•nti in and A$$essln otèntlal rl k tod to Irre ularltl•• In Identifying and assessing nsks ol material misstatement In respect of irregulonties, induding fraud and non.compliance wlh la$ and regulalions. ¥%f considere{1 the followng.. • the nature ol the industry and $8clor. control environment and bu5ines8 performance • results ol our enquiries of management aboul Iheir idenlificalion and g$ses8ment of the risks ot Irregularities any matters leh have identified having obtained from management vknelher Ihey wgre aware of any instances ol non.compliance and thelher they have knovAedge ol any actual. suspected or alleged fraud." and reviewng Ihe inlernal controls established lo miligale risk ol fraud or non-cornpliance laws and regulalions. and the matters ¢Jiscussed among the audit engagement tearn regarding how and ere fraud rnh1 occur in the finanoal staiement5 and any potential Indicators of fraud. 15
R9goneratlon Company Ltd Independent audltors. report to the Memb•rs ol Rathfrfland and Dlstrlct Regenerati¢>n Company Lld on the •ccounts for the y•ar ended 31 M•y 2024 As a result ol these procedures. have identified the greatest potential IOT fraud in Ihe areas whith management is required lo exerase Significant judgemenl In common wlh 811 audits under ISA'5 IUKI. %%e are also required to perfom speufic proureS to Tespond lo the nsk ol managernenl override We also obtained an understanding ol the legal and regulatory frame¥wrk that the Company operates In, focusing o provisions of those la} and Tegulalions that had a direct effect on the determination of material amounts and disclosures in Ihe financial slalemenls The key la and regulations we considered in this conlexl Induded the UK Companies Act. pension and tax legislalion In addition. ¥%e considered provisions of other law5 and gulations that do not have a dired effect on the finanual statements but compliance wlh ¥thich may be lundamenlal lo the Company's ability 10 operaie or lo avoid a matenal penalty These Induded dal8 protection, employment, enyironment81 and he8llh and safely re9ulalions. As a result ol performing the above. idenlified the polential for m8nagernenl ovemde of the controls as key audil matter relaled lo the potential risk of fraud. Our procedures lo respond lo the nsk6 itJenlified ineluded the lollowng.. reviewng the financsal slalemenl disdo$ures and lesling lo supporting documenlalion lo asse58 compliance wlh provisions of Telèvanl la and règul81ion3 descr¢bed 88 having a direcl effecl on the rinanoal statements.. enquiring of m8nagemÈnl con(mlng actual and polenligl lili981ion and claims.. perfofming analytical procedures to identify any unusual or unexpected relationships that many indicate risks of malerial misslalemenl due lo fraud. reading minutes ol rneeling5 of those charged wlh govemance". and • in addressing Ihe nsk of fraud Ihrou9h managemenl overr¢de ol controls. le61ing the appropriateness of journal enines and other adjuslmenls. assessing thelher the judgements made in making a¢counling estimates are indicative ol a potential bias". and evaluating the business rationale ol any SnIfiCan1 transactions that are unusual or outside the normal course ol business We also communicaled relevant identified laws and regulations 8nd potential fraud risks 10 811 engagement leam m¢rnbers ond remained alert lo any Indication8 of fraud or non.compliance th la6 and regulations throughout the audit. A further description ol Ouf re8ponsibililies lor Ihe audll of the financsal slalemenls is located on Ihe Financial Reporting Counol's vbsile ol %wM.frc.org.uklaudilor8respon8Sbililies. This description form$ part ol our auditor's report This repori Is made solely lo Ihe comp8ny'8 membefs. 8s a body. In 8ceordance wlh Chaptef 3 01 Part 16 of the Companies Act 2006 Our aijdil ¥%t)rk has been undertaken so Ihai mighl state lo Ihe company's mernbers those mallers *+E are required to Stale lo Ihem in an audilorfs report and lor no other purpose To Ihe lullesl extent pemilled by law. do not accept or assume responsibility lo anyone other than Ihe company 8nd Ihe company s members as a body, for our audit rk. lor this Teport. or lor the opinitsns have lorTned. On Rgyn ds ACA IS•nlor St•tutory Audltorl on behalf of Fitzpatrick & Keamey Limited Charlered Accounlanls and Slalulory Auditors 10c Marcus Square Newry Co. Down 8T34 1AE 21 M•h 2025 16