Company registration number: N1026172 CharÈty registrdtion number: 101211 Antrim Enterprise Agency Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2023 DT Carson & Co. 51- 53 Thomas Street Ballnena Co. Antrim BT43 6AZ
Antrim Enterprise Agency Limited Independent Auditor's Report to the Members of Antrim Enterprise Agency Limited Opinion We have audited the financial statements of Antrim Enterprise Agenoy Limited (the 'charity) for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of sigllificant accounting policies. The financial repoTtsng framework that has been applied in their preparation is applicable law and United IQngdom"AG¢oillftiThg Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accountlng Practice). tn our opinion the financial statements: give a t¢ and fair view of the state of the clLarity's affairs as at 31 March 2023 and of its incoming resources and application of resources. including its incorne and expenditure. for the year then ende. h&ve been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been piepared in accordance with the requirements of the Companies A¢t 2006. B211% for opinion We conducted our audit in accordance with International Standards on Auditing (tJK) aSAs (UK)) and applicable law. Our responsibilities under those standard5 are fiwth¢r described in the auditor responsibilities for the audit of the financial statemenls section of our report. We are independent of the charity in aOr(lau¢¢ with the ethtcal requirements that are relevant to our audit of the financial ststernents in the UL including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirenllts. We believe that tbe audit evidence we hav¢ obtained is suffiCit and appropriate to provide a basis for our opinion. Coneluslons relAthIE to Eolng eoneern In auditing the financial stst¢ments, have ¢on¢luded that tbe trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonne4 we have not identified any material uncertainties relating to events or condilioD5 that, individually or collectively, lly 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 original financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with Te$pt to going concern are described in the relevant sections of this report. Otber inforniation The other inforniation compris¢s the inforn]ation included in the Tntees, Repor¢ other than the financial statements and our auditor's report thereon. The trustees are responsible for the oth¢r information contained within the Trustees, ReporL Our opinion on the financial statements does not cover the other information an(L except to the extent othenvise explicitly stated in our report. w¢ do not express any forn] of assurance onclusion thereon. In connection with our audit of the financial statements, our responsibility is to read thc other ]nforntion anil in doing so. consider whether the other iDforn]ation is mat¢Tiaily inconsistent with the fmancial statements or our knowledge obtained in the audit or othetwise appears to be materially tnisstated. If we identify such material incon5lSt¢n¢ies or apparent material misstatements, we are required to determine whether there is a material misstatement in the fmancial Statements or a mateTtal misstaternent of the other infornution. If, based on the work we have perfornied, we conclude that there is a material mlsstatent of this othw Informatio w¢ are required to report that fact. Page 16
Antrim EnterprAse Agency Limited Independent Auditorls Report to the Members of Antrim Enterprise Agency Limited We have nothing to report in this regard. Opinlon on other mAtter prescribed by the Companies Act 2006 In out opinion. based on the work undertaken in the course of the audit.. the inf0mtion given in the Trustees, Report for the financial year for which the fiDaocial statements are prepared is CODSiStent wÈth the financial ststements; and the Tntees, Report has been prepared in accordance with applicable legal requirements. Matter5 on whlth we are required to report by exception In the light of our knowledge and understanding of the chatity and its environment obtained in the cours¢ of the audit, we have not identified ma1&1 misstatements in the Trustees, Report. W¢ h&ve nothmg to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo 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 u5" or the financial stateftnents are not in agreement with the accounting records arld returns" or certain disclosures of trustees I¢rnunerntion specified by law are not made. or we have not received all the inforn]ation and ¢xplanations we require for our audit. RespDnsibilities of trustees As explained more fully in the Statement of Tntees, Responsibilities (set out on page 15), the trustees are responsible for tlle preparation of the financial statements and for being satisfied that they give a tNe 2nd fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of fitwicial statements that are free from maknial misstatement, whether due to fraud or eThor. In preparlng the financial statements, the thistees are responsible for assessing the charity's ability to continue as a going concern, dis¢105ing, as applicable. matters related to going concern alld illg the going concern basis of accounting unless tbe tnjstees either intend to liquidate the chlty or to cease operations, or have no realistic alternative but to do so. Audfitor responsibilities for the audit of tbe fjnanci41 statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mis5tatem¢nl whether du¢ to fraud or error. and to issue an auditor's report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accoidance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise froLn fraud or error and are consid¢red material if. indtvidually or in the aggregate. they could reasonably be expected to infiuence the economic decisions of users tsken on the basis of these financial statements. Tegularities, includtng frau are installces of non-compliance wlth laws and regulations. We design procedures in line with our responsibilities, outlined abov¢. to detect material misstaternents in respect of irregularities, in¢lu¢Jing fraud. The extent to which our procedures are capable of detecting irregularities, including fraud 1$ detsiled below.. Page 17
Antrim Enterprise Agency Limited Independent Auditor's Report to the Members of Antrim Enterprise Agency Limited We obtained an understanding of the legal and regulatory framework applicable to the Company and the sector in wliicli they operate. We detennined that the following laws and regulations were most significant: the Companies Act 2006 and Charities Act (Nortliern Ireland) 2008 and we detemiined tliat the financial reporting framework used was FRS 102 and A¢¢ounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). . We obtained an understanding of how the Company are complying with those legal. regulatory and financial reporting frameworks by making inquiries of manasenient and through the review of the meetings of the trustee5' and • We assessed the susceptibility of the Company's financial statements to material mi5StafrmenL including how frdud might occur. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance wilh such laws and regulations identified above. Audit procedures perfornied included: identifying the nature of the industry sector and business perfomiance; enquiring of management about their own identification and assessment of the risk of irregularities and wliether they liave any knowledge of any actual, suspected or alleged fraud. reviewing Board minute5- identifying and assessing the design effectiveness of controls management has in place to prevent and detect understanding how those Charged with govemance considered and addressed the potential for override of controls or other inappropriate influence over the financlal reporting process. identifying and assessing the extent of compliance with laws and regulations and enquiring of management if t]iey are aware of any instance of noncompliance- assessing assumption5 and judgements made by management in its significant accounting estimates for reasonableness. perfomiing analytical procedures to identify any unusual or unexpected variations that may indicate risk of material misstatement due to fraud. in addressing the risk of fraud through manageTnent override of contro15, testing the appropriateness ofjoumal entries and other adjustments. assessing whether the judgements made in makiiig accounting estimates are ndicative of a potential bias- and evaluating the busine55 rationale of any significant transactions that are unusual or outside the nomlal course of business. and enquiring of management concerning actual and potential litigation and Claims. There are inherent limitation5 in the audit procedure5 described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to frdud is higlier than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's web51t¢ at: www.frc.org.uk/auditorsresponsibilities. This description fomis part of our auditor's report. Use of our report This report is made solely to the charitable company's trustees, as a body. in ac¢ordanre 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 trustees those matters we are required to state to diem in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its tNstees as a body, for our audit work, for this repoiL or for the opinions we have fomed. Page 18
ADtrim Enterprise Agency Limited Independent Auditor's Report to the Members of Antrim Enterprise Agency Limited James Wallace (Senior Statutory Auditor) For and on behalf of DT Carson & Co., Statutory Auditor 51- 53 Thomas Street Ballymena Co. Antrin] BT43 6AZ I I September 2023 Page 19