Ulster Garden Vlllages Limlted Independent audttors, report to the Committee of Management of U181èr Garden Willages Limlted Opinlon We have audiled the financial statements of Ulster Garden Vlllages Limited ('the Charity) for the year ended 31 December 2022 whlth comprise the Statement of firla1 activities, the Balance sheet. the Staternent of cash flows and the related notes, induding a SLrmmary of stgnificant accounting policies. The financial reporting framework that has been appli&l in their preparation is applicable law and United Kingdom Accounting Standards, including FinanrAal Reporting Standard 102 The Financial Reporting Standard appAcable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements". give a true and fair view of the state of the charitat4e cornpanvs affairs as at 31 December 2022 and of its inc(Mning resources and application of resources, including Its inu)me and expendtture for the year then ended: have been propedy prep8red In Sccordancg with United Kingdom Genarally Actspted Accounting Practic8: and have been prepared in accordance wlth tha requirements of Th8 Charities Act (Northem Ireland) 2008 and Regulation 8 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. the Industrial and Provident slet1&s (Northem Ireland) 1969 and the Industrlal and Provident Scdetles (Northern Ireland) Order 2006 as amended by the Credit Unions and Co-operdtive and Communily Benefit Societies Act (Northern Ir8land) 2016. Basis for oplnlon We i>Jnduct8d our audlt In accordance with Internatlonal Stsnd8rds on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsitmlities for the audit of Ihe finandal Statements sectton of our report. We are independent of the tharitable company in aco)rdan with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. induding Financ4al Reporting Councifs Ethitxl Standard. and we have fvlfilled our other ethical responsibilties in accordan with these requirements. We believe that the au¢fit Idence we have obtalned is sufficienl and appropriate to provide a basis for our opinion. Going Concern In aLttIng the financial statements, we have concluded that Ihe Cornmittee of Management use of the going Conrn basis of accounting in the preparation of the financial slaternents is appropriate. Based on Ihe work we have performed. we have Thjt Identified any materfal uncertainlies relating to events or conditions that, individually or collectively. may cast signifant doubt on the charitable companys ability to continue as a going concern for a p8riod of at least e1ve months from when the financial statements are authorfsed for issue. Our responsibilities and the re5ponsibifities of the Committeè of Management with reSpt to going concern are described in the relevant sections of thls report. Page 13
Ulster Garden Willages Limited Indepondent auditors. report to the Committee of PAanagement of Ulster Garden Villag88 Lim Ited (Gontinued) Olhèr Inforniation The other information comprises the Infomiattn included in the Annual report other than the financial statements and our Auditors, report thereon. The Committee of Management are responsible for the other information contained within the Annual report. Our OPTnion on the financial statements does not cover th8 Other information and. eKcepl to the extent otherwise explicitly stated in our report. we do not express any fom) of assurance conduslon Ihereon. Our responsibility is to read the other informalion and, in doing so, consider whether Ihe other information 15 materially inconsistent with the financial statements or our knowledge Dbtalned in the course of the au(fit, or otherwise appears to be Material misstated. If we identify such material inconsistencies or apparent material misslatements, we are required to determine whether this gives rise lo a material rn1SStalement in the financial stat8m8nts themselves. If, based on the work we have p8rformed. w8 conclude that there is a material misstatement of this other inforniation. we are required lo report that fact. We have nothing to report In this regard. Oplnlons on other matters prescrlbed by The Charities Aet (Northern Ireland) 2008 and Regulatlon 8 of the Charities (Accounls and Roportsl Regulations (Northorn Iroland) 2015, the Industrial and Provldent Soclelles (Northern Ireland) 1969 and the Industrlal and Provident Socletles INorthern Ireland) Order 2006 as arnended by the Credlt Unlons and Cowoperatlve and Comfflunity Beneflt Societies Acl (Northem Ireland) 2016 In our oplnbn. based on th8 work und8rtaken in the course of the audit: th6 infom18tlon glven In the Commlttee of Management Report for the financlal year for which the Ilnancial statements are prepared is conslstent wlth the finandal statements: and. Ihe Commlttee of Management report has been prepared In accordance wlth applkable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understandiNJ of the charitable )rnpany and its environment obtained in the course of the audit. we have not identlfled material misstatements in the Committee of Management report. We have nothing to report in respect of the following matters in relation to which legislation requires us to report to you if. in our opinion- adèquate accountlng records have not been kept. or returns adequate for our audit have nol been received from branches not visited by us." or the financlal statements are not in agreement th the accounting records and r8tums,' or certaln dlsclosures of Commlttee of Managemenl remuneratlon sperAf18d by law are not made. or we have not received all the Infomiatlon and explanatlons we require for our 8udlt", or the Committ88 of Management were not enlltled to prepare the financlal statemenls In acccKdance with the small companles reglme and L8ke advantage of the small companles, exemplions in prèp2riro the Cornmlttee of Management's report and from the r8qulr8ment to prepare a Slrateglc report. Page 14
Ulster Garden Villages Limited Independent auditors. report to Ihe Committee of Management of Ulster Garden Villages Umll•d {continuedl Responslbilltlos of tha Comffllttee of Management As explained more fully In the Trustèes, responsibilities ststement. the Commlttee of Management are resrKfynslble for th8 preparation of the financial 8tat8m&nts and for belng satisfied that th8y give a true and fair Vlew, arjd for such internal control as thè Commlttee of Management datermine Is necessary to enable the prepardtion of financi81 stataments Ihat are free from material misstatement, whether due to fraud or error. In preparing Ihe financial stat8m8nts. the Committee of Manag8ment are responsible for assesslng the charitable companvs ability to continue as a going concern. discloslng, as applicable, maltars related lo going concem and uslng the golng concem basls of accounting unless the Commlttee of Management either intend to Ilquidate the charitable company or to cease operatbjns, or have rKJ reallstlc altemative but to do so. Audltors. responsibllltl88 for the audlt of the financlal statsmenls Our otyectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslaternent, whether due to fraud or error. and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarante& that an audit conducted In accordance with ISA5 (UK) wll always dete¢t a material misstatement when it exists. Mi8stat8ments can aris8 from fraud or error and ar8 considered material If, Individually or in th8 aggregate. they could reasonably be 8xpected to influence th8 économic declsions of users taken on Ihe basis of these financial statemènts. 1rr8gularlties, induding fraud, are instances of non-complian wlth laws an'd r8gulalions. We deslgn procedures In Ilne with our r6sponsibilitles. outlined at)ove. to d8t8Ct material misststernents in respect of irregularitles, including fraud. The extent to which our procedures are capable of d8tecting irr8gularlties. Including fraud is detailed below.. We gainad an understanding of the legal and r8gulalory framework applicable to th8 Charity and the Industry in vlhich they operate. and considered the risk of acts by the Charity that were contrary to applicable laws and regulations. includlng fraud. Vve considered the opportunities and Incentlves that may exist within the Charity for fraLKI and idenlified the greatest pot8ntial for fraud in the folkJwirvJ ar8as' management override of controls. W8 d8signed audit procedures to Spond to these rlsks. recognlsing that the risk of not detectlng a material mlsstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may Involve deliberate concealment by, for example, forgery or Int8ntional misrepresèntations, or through collusion. Our audlt prdureS included: 8noulrl8s of management aboul their own idenllfication and assessment of risks of irregularities. testing the deslgn and implementation of controls relating to the risk and sampla testing of Joufftals posted durlng the year. Because of the inherent limitations of an audit. there is a risk that W8 will not d8tect all irregularitles, Including those leading to a material misslatement in the financial ststem8nts or non-complSance with regulation. Thls risk increases the more that compllance with a law or regulatlon is removed from the events and transactions reflected in Ihe flnanclal statements, as wé will be less likely to become aware of instances of non-compliance. The risk Is atso greater rag2rding Irregularities occurring due to fraud rather than error, as fr8ud invo5 intentional concealment. forgèry, collusion, omission or mlsrepresentatlon. A furthèr description of our responslbilities for Ihe audit of the financial staternents is located on the Financial Reportiro Council's webstle al: www.frc.or -uklauditorsres Audltors, repjrt. onsibilities. This description forms part of our Page 15
Ulster Garden Villages Limited Independont auditors. report to tho Commlttae of Management of Ulster Garden Vlllages Limltad (continued) Use of our report This report is made solely lo the Gharitable Gompanvs members, as a body, in accordance with Secfion 65 of the Charities Act (Northern Irela1) 2008 and Regulalron 8 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2G15 and Section 43 of tha Industrial and Provident Societies (Northem Ireland) 1969 and the Industrial and Provident Societies (Northem Ireland) Order 2006 as amended by the Credit Unions and Co- operative and Community Benefit So¢ietles Act (Northem Ireland) 2016. Our audit work has been undertaken so that we might slate to the charitable Companls members those matters we are required to slate to them in an Auditors, report and for no other purFose. To the fullest extent permitted by law, we do not accept Of assume responslbllity lo anyone other than the charftable company and Its members, as a body, for our audit work, for this report, or for the opinions we have formed. Brian Clerkin (Senlor statutory audltor) for ar¥J on behalf of ASM (B) Ltd Chartered Accountants and Statutory Attr 4th Floor Glendinnlng House 6 Murray Street Belfast BT16DN 21 March 2023 ASM (B) Ltd are 81igible to act as auditors in terms of section 1212 Df the Companies Act 2006. Page 16