BANBRIDGE DISTRICT ENTERPRISES LIMITED Jones Peters INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANBRIDGE DISTRICT ENTERPRISES LIMITED YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Banbridge District Enterprises Limited (the 'charity') for the year ended 31 March 2024 which comprise the statement of financiaI activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, 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 and the Charities Act (Northern Ireland) 2008. 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. W¢ b¢li¢v¢ that the audit evidence w¢ have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlDg to going concern 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 perfornied, we have not identified any material uncertainties relating to events or conditions 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 months from when the financial statements are authorised for issue. Our responsibilities and thc responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. -12-
BANBRIDGE DISTRICT ENTERPRISES LIMITED Jones Peters INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANBRIDGE DISTIUCT ENTERPRISES LIMITED YEAR ENDED 31 MARCH 2024 Other information The other inforniation comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. The trnstees are responsible for the other inforn]ation. Our opinion on the financial statements does not cover the other infornlation and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforn]ation and, in doing so, consider whether the other inforn]ation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to det¢rn]ine whether there is a material misstatement in th¢ financial statements or a material misstatement of the other information. If, based on the work we have perforn]ed, we conclude that there is a material misstaternent of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by tbe Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the inforn]ation given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit hav¢ not been received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns. or ertain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inforniation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemption in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilitles statement, the trustees, (who are also the directors for the purposes of company law), are responsible for the preparation of the financial staternents 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 material misstatement. whether due to fraud or error. In preparing the financial 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. -13-
BANBRIDGE DISTRICT ENTERPRISES LIMITED Jones Peters INDEPENDENT AUDITOR'S REPORT TO TItE MEMBERS OF BANBRIDGE DISTIUCT ENTERPRISES LIMITED YEAR ENDED 31 IVIARCH 2024 Auditor's responsibillties for the audRt of the financial statements 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 b¢ expected to influence the economic decisions of users taken on the b&sis of these financial statements. Extent to which the audit was considered eapable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial slatements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and perfornied audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the detern]ination of material amounts and disclosures in the financial statements. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity, s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that nY exist within the charity for fraud. Auditing stsndards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing and completeness of recognition of grant and contract income and major donations and the override of controls by management. Our audit procedures to respond to these risks included ¢nquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, testing of a sample of transactions against the ternis of the fLmding agreements and the requirement of the Charities SORP (FRS102), sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfonned our audit in accordance with auditing standards. In addition, as with any audit, there remained a hÉgher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council, s website at: www.frc.or .uk/auditorsres onsibilities. This description fornis part of our Auditor, s Report. -14-
BANBRIDGE DISTRICT ENTERPRISES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BANBRIDGE DISTRICT ENTERPIUSES LIMITED Jones Peters YEAR ENDED 31 IfvIARCH 2024 We also communicated relevant identified laws and regulations and potential fraud risks to all audit team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial ststements, whether due to fraud or error, design and perforni audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the CiTcumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to sate to them in an auditor's report and for no other purpose. To the fullest extent pern]itted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for th¢ opinions we have fom]¢d. Hughes House 617 Church Street Banbridge BT32 4AA Paul Cummings (S nior Statutory Auditor) For And on behalf of Jones Peters Chartered Accountants and StAtutory Auditors 12 November 2024 -15-