Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited Year ended 31 March 2024 Opinion We have audited the financial statements of Ashton Centre Development Limited (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activilies, slatement 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 United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practicel- 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 Praclice., have been prepared in accordance with the requirernents of the Charities Act (Northem 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 charity 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 wilh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating 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 perfomied, 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 the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited (conllnued) Year ended 31 March 2024 Other infomialion The other information comprises the information included in the annual report, other than the financial statements and our audrtor's report thereon. The truslees are responsible for the olher information. Our opinion on the financial statements does not cover the other infomiation and, except to the extent othenmise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. 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 fact. We have nothing to report in this regard. Matters on which we are required to report by exception Under the Co-operative and Community Benefrt Societies Act (Northern Ireland) 1969 we are required to report to you if, in our opinion: A satisfactory syslem of control over transactions has not been maintained., or proper books of account 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. We have nothing to reporl in this regard. Under the Charities (Accounts and Reporls) Regulations (Northern Ireland) 2015 we are required to report to you if, in our opinion= the information given in the Directors, Report is inconsistent in any material respect; sufficient accounting records have not been kept.. the financial statements are not in agreement with the accounting records. or we have not received all the infonnation and explanations we require for our audit. We have nothing to report in this regard. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such internal control as the truslees determine is necessary to enable the preparation of financial statemenÈs that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going Goncern, disclosing, as applicable, matlers related to going concern and using the going Goncern basis of accounting unless the trustees either intend to liquidate the charrty or to cease operations, or have no realistic altemative but to do so. Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited (contlnued) Year ended 31 March 2024 Auditor's responsibilities for the audit 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 e￿or, and to issue an audltor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee Ihat an audit conducted in accordance with ISAS (UK) will a￿ayS delecl 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 of these 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 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory framework applicable to the Company through enquiry of management. industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the Company - Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an underslanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts. balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statemenls for significant accounting estimates, analysis of journal entries. walkthrough of the key control cycles in place and enquiry of management. 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 statements, whether due to fraud or error, design and perform 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 Ihe audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effeGtiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a malerial uncertainty exists related lo events or condilions that may cast significant doubt on the charity's ability to conlinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial stalements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence okjlained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going ¢oncem. Ashton Centre Development Limited Independent Auditor's Report to the Members of Ashton Centre Development Limited (¢onlinued) Year ended 31 March 2024 Evaluate the overall presentation, structure and contenl of Ihe financial stalements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance 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 section 65 of the Charities Act {Northern Ireland) 2008. Our audit work has been undertaken so that we might state to the charity'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 pemiitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Michael Flannigan (Senior Statutory Auditor) For and on behalf of FEB Chartered Accountants Chartered accountants & statutory auditor Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG 25 November 2024 10