STRABANE ENTERPRISE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY We have audited the financial statements of Strabane Enfrrprise Agency (the 'charitable company,) for the year ended 31 March 2024 which Comprise the statement of financial activities, the statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The fmancial reporting fram¢work that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting PTactice). In our opinion the financial statements.. give a true and fair view of the state of the charitable companys affairs as at 31 March 2024, and of its total incoming resources and expenditure of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. 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 ftllther described in the Auditoes 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 lfilled our other ethical responsibilities in accordance with 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 We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us t() report to you where.. the trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,. or the trustees have not disclosed in the financial statements any identifi¢d material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other informatlon The trustees are responsible for the other infonnation. The other inforniation comprises the inforniation included in the trustees, annual report , other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other inforn]ation and, except to the extent otherwise 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 responsibility is to read the other infomiation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statem¢nts 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 d¢tennine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Page 7
STIL4BANE 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 Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the trustees, report (incoorating the directors, report) for the financial year for which the fIniCIal statements are prepared is consistent with the fJnan¢ial statemcnls. and the directors, report included within the trustees, report h¢ been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In li11 of our knowledge and understanding of ihe charitable company and its enivronment obtained in the course of the audit, we have not identifi¢d nterIal misstatements in the directors, report included within 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 accounling records hav¢ not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agr¢ement with the accounting records and rettllMs' or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inforniation and explanation5 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, Responsibilities Statement, set out OD page 5, the trnstees, (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the fjnancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatemen¢ 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 concern. disclosing, as applicable, matters relatcd to going concern and using the going concern basis of accounting unless the trustees either intcnd to liquidate the Chitable company or to ccase operations, or hiive no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain rcasonable assurance about whether the financial statements as a whole are free from material misstatemenl whether due to fraud or ¢rror, 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 mi5Statement 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 influcnce the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect matcrial misstatements in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Page 8
STRABANE ENTERPRISE AGENCY (A company 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 coiisidered the extent to which non- compliance might have a materkal effect on the financial statements. We also considered laws and regulations tliat have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and VAT. Audit procedures perforn]ed included the following.. lllsp¢cting correspondence with regulators and tax authorities. Discussions with management iThcluding consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Considering the inlcrnal controls in place to mitigate risks of fraud and non-compliancc with laws and regulations. Identifying and testing journals and the rationale behind significant or unusual transactions. in particular journal entries posted with unusual account combinations. postings by unusual users or with unusual descriptions. Challenging assumptions and judgements made by management in their critical accounting estimates. Owing to the inherent liinitations 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. For example, the further removed non-compliance with laws and regulations (irregularities) is from tlie events and transactions reflected in ihe financial statements. the les5 likely the inherently limited procedures required by auditing standards would identify it. In addition. as with any audiL th¢re Temains a higher risk of non-detectlon 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 del¢ct non-compliance with all laws and regulations. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional sc¢pticism throughout the audit. We also: Page 9
STII4BANE ENTERPIUSE AGENCY (A company limited by guarantee) Independent Auditors, Report to the Trustees of STRABANE ENTERPRISE AGENCY (eontinued) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or ettor, design and perforni audit proledures 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 tnily involve collusion. forgery, intentional omissions. misrepresentatiun5, 01 the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appmpriate in the circumstances. but not for the purpose of expressing an opinion on the efft¢tiveness of the charitable company's internal control. Evaluate the appropriatcness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the tru5tees' use of the going concern basis of accounting and, based on th¢ audit evidcncc obtained, whcther a material uncertainty exists related to events or conditions that may cast significant doubt on the charltable compaDy'S ability to continue as a going concern. If we conclude that a mateiial uncertainty exists. we are r¢quired to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtain¢d up to the date of our auditovs report. However, tUre events or conditions May cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including tILe disclosures, and whether the financial statements represent the underlying transactions and events in a manner that a¢hi¢ves fair presentation. 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 charitable company's 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 companys members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assulne responsibility to anyonc other than the charitable company and the charitable company's members as a body) for our audit work, for this reporL ur for the opinions we have formed. Gerard Murray (Senior St Auditor) For and behalf of McDiiid Mccullough Moore Chartered Accountants and Statutory Auditor 28 - 32 Clarendon Street Derry BT48 7HD 13 September 2024 Page 10