STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditorsl Report to the Trustees of STRABANE ENTERPRISE AGENCY We have audited the financial statements of Strabane Enterprise Agency (the 'charitable company,) for the year ended 31 March 2023 which comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including a sun]mw of significant 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 'The Financial Reporting Siandard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fair view of the state of the charitable companls affairs as at 31 March 2023, and of its totsl incoming resources and expenditure of resources, in¢luding 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. Basls for opinion We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditovs responsibilities for the audit of the financial statements Section of our report. We are independent of the charitable cotnpany 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. We believe that the audit evidence we have obtained is sufflcient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basis of accounting in the preparation of the fllwi¢ial statements is not appropriate. or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast signifi¢ant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a pei.iod of at least twelve months from the date when the financial statements arc authoriscd for ISSUC, Other illformation The trnstees are responsible for the other infornlation. The oiher inforn]ation comprises the inf0mtIoll included in the trnstees, annual report , other than the financial statements and our auditor's report thereon. Our opinion on the fllMncial statements does not cover the other infonnation and, except to the extent othernvise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our respotLqibility is to read the other inforniation and, in doing so, consider whether the other inforniation is nmterially in¢onsistent 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 detemine whether there is a material misstatetnent in the financial statements or a material tnisstatement of the other inforn]ation. If, based on the work we have perforn]ed, we conclude that there is a nterIal misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Page 7
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY (continued) Opinions on other matters prescribed by the Companies Act 2006 In our Opinio based on the work undertaken in the course of the audit: the inf0mtion given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the dire¢tor8' report included within the trustees, report has been prepared in accordance with appliGable legal requirements. Matters on which we are required to report by exception In light of our knowledge and understanding of the chaTilable company and its enivromnent obtained in the course of the audit, we have Thot identified nthterial misstatements in the directors, report included within the trnsfres, 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 kepL or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with ihe a¢counting records and returns. or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the infortnation 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 aiid 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, Responsibilities Statement, set out on page 5, the trustees, (who are also directors of the charitable company for ihe purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a trne and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of fxnancial 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 companys ability to continue as a going ¢on¢ern, dis¢lo8ing, as applicable, matters related to going concern and usitig 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. Auditor's responsibilities for the audit of the flnancial 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 OT error and are considered material if, individually or in the aggregate, Ihey 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 n)aterial misstatements in respect of irregularities, including fraud. The extent to Nsthi¢h our procedures are capable of detecting irregularities, including fraud 18 detailed below: Page 8
STIL4BANE ENTERPRISE AGENCY (A compaDy limited by guarantee) Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to those standard to small charitable companies, and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered laws and regulations that have a dire¢t impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and VAT. Audit procedures perfornied included the following: Inspecting correspondence with regulators and tax authorities. Discussions with management including consideration of knovm or suspected instances of non-compliance with laws and regulation and fraud. Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. Identifying and testing journals and the rationale behind significant or unusual transactions, in particular journal entries posted with unusual accoun¢ combinations, postings by unusual users or with unusual descriptions. Challenging assumptions and judgements nde by management in their critical accounting estimates, 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 perforn]ed our audit in accordance with auditing standards. For example, the further removed noTh-¢omplxan¢e with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a higher 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 preventillg non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism tl]roughout the audit. We also.. Page 9
STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY (Continued) Identify and assess the Thsks of material misstatement nf Ihe financial statements, whether du¢ 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 appropriatc in tbc ciicumstances. but not for the pUose of expre88ing an opinion on the effectiveness of the Charitable compangs internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estirnates and relat6d disclosures made by the trustees. Conclude on the appropriatencss of the trusiees, use of the going concern b&sis of accounting and, based on the audit evidence obtained. whether a nterial uncertainty cxi8t8 related to events or conditions that may cast significant doubt on the charitable company's abilily to continue as a going concern. If we conclude that a material uncertainty exists. we are required io draw attentlOD in our auditor's report to the related disclosures in the financial statements or, Af such disclosu$ are inadequate. lo modify our opinion. Our conclusions ar¢ based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and ¢ont¢nt of the financial statements, including the disclosures, and whether the financial stafrments represent the underlying transactions and events in a manner that achieves fair presentation. We communicate wilh 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 charitsble companvs members, as a body, in accordance with Chapter 3 Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditoes report and for no other purpose. To the fullest extent pennitted by law, we do not accq)t or assume responsibility to anyone other than the charitable company and the charitable compan8 members as a body, for our audit work, for this reporL or for the opinions we have fonned. Cerard Murray (Senior Statutory A For and on behalf of McDaid M¢ Chartered Accountants and Statutory Auditor 28 - 32 Clarendon Street Derry BT48 711D ough Moore l June 2023 Page 10