LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Opinlon We have audited th8 financial statements of Lisburn Enterprise Organisation Limited {the 'charity') for the year ended 31 December 2023 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and the notes to the financial stat@ments, Including a summary of significant accounting policies. The financial reporting framework that has been applled In their preparation is applicabl8 law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 Thg Financial Reporting Standard applic8b18 in the UK and Republic of Ire18nd (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the Gharitable company's affalrs as at 31 December 2023 and of its Incoming resour$ and application of resources, Including its income and expenditure, for the year then ended., have been property prepared In accordance with Unlted langdom Generally Accepted Accounting Pract1,. and have been prepared in accordance with the requirements of the Companles Act 2DO6. Basls for oplnion We conducted our audit In accordance with Internatlonal Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs rasponsibiliti8s for the audit ol the financial st8t8m8nts 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 with these requirements. We believe that the audit eVIden we have obtained is sufficient and appropriate to provide a basts for our oplnlon. Concluslons relatlng to golng concern In audlting th8 ftnaneial statements, we have concluded that the tnjstees, use of the going concem basls of accounting in the preparation of the financlal statements is appropriate. Based on the work we have performed, we have not id@ntlfied any material uncert2inti•s relating to ov•nt6 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 e1ve months from when the financial statements are authorised for issue. Our responslbilities and the responsibilities of the trustees with respect to golng concem are describ8d in the relevant sections of this report. 10-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED other Infomiation The other information comprises the informatlon Included in the annual report other than the financial statements and our auditoffs report thereon. The trustees are responsible for the other information contained within the annual report. Our oplnion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other infonnation is materially Inconsistent with the flnancial statements or our knowledg8 obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of thls oth8r information, we are required to report that fact. Vve have nothing to report in this regard. Oplnlons on other matters prascrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the Infomiation given in the trustees, report. which includes the directors, report prepared for the purposes of company law. for the financial year for whl¢h the financial statements are prepared is consistent with the financial slatements,. and the dlrectors. report included withln the trustees, report has been prepared in accordance with applicable legal requirem8nts. Matters on whlch wa are requlr8d to report by exception In the light of the knowledge and understanding of the charity and its 8nvironment obtained In the course of the audit, we have not identlfied mat8rial misstatements in the trustees, r8POrt. Wè have nothlng to report in respect of the follong matters In relation to which the Companles Act 2008 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audlt have not been received from branches not visited by us,. or the financial statements are not in agreement with the accountlng records and returns,. or certain disclosures of trustees, remuneration specified by law are not mad8,' or we have not received all the infomation and explanations we require for our audlt-, or the trustees were not entitled to prepare the financial statements in accordan with the small companie8 regime and take advantage of the small ccmpanies, ex8mptions in preparing the trustees, report and from the requirement to prepare a strategic report. 11
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Responslbilltles of trustees As explained more fully in the ststement of trustees. responsibilfties, the trustees, who are also the directors of the ¢harity for the purpose of company law, are responsible for the preparation of the flnancial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detemine is necessary to enable th8 preparation of financial statements that are free frorn material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abllity to continue as a going concern, disclosing, as applicable, matters related to going ¢oncern and using the going oncem basis of accounting unless the trustees either intend to liquidate th8 charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responsibilitles for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole 8re free from material rnisstatement, 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 rnaterial misstatement when it exists. Misstatem8nts can aris8 from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influencs the economic decisions of users taken on the basis of these financial statements. Th8 extant to wttich our procedur@s ar6 capable of detecting Irregularities, Including fraud, Is detailed below. 12-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Extent to whlch the audit was con$ldered capable of detectlng Irregularftles, Includlng fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit eviden that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregularities, including traud and non-compliances with laws and regulations, we considered thè following.. The nature of the industry and sector, control environment 8nd business perfomiance, includlng the chartty's remuneration policies for directors, bonus levels and parformance targèt6, if any., Results of our enquiries of management about thelr own Identificatlon and assessment of thè risks of irregularities; Any matters we Identified having obtained and reviewed the charity's documentation of th8ir policies and proc6dures r81ating to.. Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance,. Detectlng and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and The intemal control8 established to mitigate risks of fraud or non-compliance with laws and regulations., The matters dlscussed among the audlt engagement team regarding how and where fraud might occur in the financial statements and potential indlcators of fraud. As a sUIt of these procedures, we considered the opportunities and incentives that may exist withln the charity for fraud and idenlif18d the greatest potential for fraud in revenue recognitlon. In common with all audits und8r ISAS (UKI, we are also required to perfomi specific procedurès to respond to the risk of management override. We also obtained an understanding of the leg818nd regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulalions that had a direct effect on the determination of materlal amounts and dlsclosures in the financial statements, The key laws and regulations we considered in this context included the Companies Act 2006 and Chartbes Act 2011. In addition, we considered provisions of other laws and regulations that do not have a direct eff on the financial statements bul compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. 13-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Audlt response to risks identlfied Our procedur8S to respond to the risks identified inciuded the following- Reviewtng the financial Statement disclosures and testing to supporting documentatlon to assess compliance with provisions of relevant laws and regulations des¢ribed as having a direct effèct on the financial statements., Enqulrtng of management concerning actual and potential litlgation and claims. Performing analytical procedures to identify any unusu81 or un8xpect8d relationships thal may Indicate risks of material misstatement due to fraud,. Readlng mlnutes of meets'ngs of those charged with govemance and reviewing correspondence with tax authorities., and In addressing th8 risk of fraud through managemènt override of controls, testing the appropriateness of journal entrres and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias. and evaluating the business rationale of any slgnifi¢ant transactions that are unusual or outside Ihe normal course of business. We also communicated rel8vant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-complianGe with laws and regulations throughout the audit. (knng 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 perft)rmed our audit in accordance with auditing standards. In addition, as with any audlt, there remalns a hlgher rfsk of non-detection of irregularities, as they may involve Collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-complian and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibllities is available on the Fin8ncial Reporting Council's websit8 at: https'.11 www.frc.org.uklauditor8responsibilities. This descrlptlon fomis part ol our audltor's report. 14-
LISBURN ENTERPRISE ORGANISATION LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LISBURN ENTERPRISE ORGANISATION LIMITED Use of our report This report Is made solely to the ¢harStable ¢ompany's members. as a body, in accordance with Chapter 3 of Part 18 of the Companies A¢1 2006. Our audit work has been undertaken so that we might state to the charitalje company's members those matters w6 are required to stste to them in an auditovs r8POrt and for no olher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company and the charitable company's members as a body, for our audit work, for this report, or forthe opinions we have formed. Mr Stephen Houston FCA (Senlor Statutory Audltor) for and on behalf of GMCG LISBURN Chartered Accountants Statutory Auditor C8ntury House 40 Crescent Business Park Lisburn BT28 2GN 15-