North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 Independent Auditofs Report to thè Members of North Down Development Organisation Limited We have audited the financial statements of North Down Development Oranisation Limited lthe'charitable companl) for the year ended 31 March 2024 which comprise the Statement of Financial Activities.Charity Balance Sheet and notes to the financial statemants. including sonificant accounting policies. The financial reporting framework that has bn applied in their preparation is applicable L4w and United Kingdom Accounting Standards. induding Finanaal Reporting Standard 102 The Financ1 Repothng Standa1 applicable in the UK and Republic of Ireland {Uniled lQngdom Generalty Accepted Accounting PCtICe) and comprising Chafibes SORP. In our opinion the financial statements.. give a kne and fair view of the state ofthe charitable company's affairs as al 31 March 2024, and of its incoming resour0 and application of resources, induding its incoffle and expenditure, for the year then ended,. have been propedy prepared in accordan with United Kingdom Generally Accepted Accounting Pract[.. and have been prepared in accordance with the requirements of the Companies Act 21306. Basis for opinion We conducted ouraudit in accordanc£ with International Slandards on Auditing (UK) (ISAS IUKI} and appli(2ble law. thr resp)nsibilities under Ihose standards are further described in the auditor responsibilities for the audit of the finar]cial statements section of our report. We are independent of the charitable o)mpany in acLI)rdance with ihe ethical requirements that are relevant lo our audit of the financial slatements in the UK, induding Ihe FRC'S Ethical Slandard, and we have fulfilled our olher ethi(21 responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is SLrfficient and appropriate to provide a basis forour opin¢on. Conclusions relating to going concern In audthng the financial statements, we have conduded that the trustees. use ofthe going concEm basis of accounting in the preparafion ofthe financial statements is appropriate. Based on the work we have perfomed, we have not identified any material unrtaInties relating to events or ojndilions that, indwidually or collectively, may st significant doubt on tre charitable CL)mpanYs ability lo conlinue as a going cnM for a period of at leasl tsvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of Ihe trustees wth reswt to going conrn are described in the relevant sections of this reporL Other infomiation Thè other infomiation comprises the information included in the trustees, annual report . other than the financial statements and our audltorfs tEPOrt thereon. The Iruslees are responsible for the other information. Our opinion on the finanaal statements does not cover the other infomiation and, except to the extent otherwise expliciljy stated in our report. we do not express any fonn of assuran conclusion thereon. Our tpsponsibiliiy is to read the other information and, in doing so, ()nsider whelher the other infonmalion is materially inconsistent with the financial statements or our knowledge oblained in the course of the audit or otherwise appea to be materially misslated. If we identty such matertal inconsistenaes or apparent material misstatements, we are required lo delenmine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we condude that there is a maleiial misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matter5 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course ofthe audit.. the information given in the trustees, report, lch indudes the [stralegic report and thel directots. report prepared for the purposes of company law, for the financial yearfor which the financial statements are prepared is consistent wth the financial statements- and the directors, report induded wlhin the trustees. report have been ppared in accordan with appliLxble legal requirements. Matters on whlch we are required to report by exception In Ihe light of the knoedge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report induded within Ihe tsuste&s' repo We have nothing to report in respect of the folloimng matters in relation to which the Companies Act 2006 requires us lo r8p)rt to you rf. in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been recewed from branches not v7sited by us,. or the financial statements are not in agreement with the accounting records and retums., or certain disclosures oftNslee5' rernuneration specffied by law are not made., or we have not re1v all Ihe infomialion and explanations we require for our audit [' or Responsibilities of trustees As explained more fully in the twstees. responsibileS statement set out on pages 1 the trustees {who aré also the directors of ihe charitable company for the purposes ofcompany law) SnSIble for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of finanrial statements that are free from material misstaiemert whether due to fraud or error. In preparing the financial statements, the Injslees are responsible ft)rassessing the charitable companvs abilty lo continue as a going cOnM, disclosing, as applicable, matters related to going cnM and using the going cnncem basis ofaccounting unless the tnJstees either intend to liquidate the charitable ojmpany or to cease operations. or have no realistic altemative but to do so. pE4e 6
North Down Development Organisation Limited Reports and Financial Statements For the Year Ended 31st March 2024 Auditor responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether Ihe financial statements as a whole are free from material misstslement, whelher due to fraud or error, and to issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assuran, but is not a guarantee that an audit conducted in accordan wth ISAS (UK) will ahvays detect a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to influence the economic deasions of users taken on the basis of these financial statemerrts. tlrregularities, including fraud, are instances of norKomplIan with laws and regulations. We design procedures in line with our responsibilib'es, outlined above, to detect material misststements in respect of irregularities, including fraud.15 The extent to which our pn)cedures are (apable of detecling irregularities, including fraud is detailed below: Bec2use of the inherent limitations of an audit, there is a risk that we wll not detect all irr8gularities, including Ihose leading to a material misstatement in the financial slatements or non-compliance with regulation. This risk increases the more that compliance wth a law or regulatiDn is removed from the events and tran5aclions rellecled in the financial statements, as we wll be less likety to become aware of instances of nOnOmplianCe. The risk is also grealer regarding irregularthes occurring due to fraud rather than emr, as fraud involves intentional cnncealment, forgery. collusion, omission or misrepresentab'on.I As part of an audit in aC(K)rdan with ISAS IUKI. we exerase professional judgment and mainlain professional scepticism Ihroughoutthe audit. We also: Idenlfy and assess the risks of materral misstatement ofthe finanrial ststements, whether due to fraud or error, design and perform audit predureS responsive to those risks, and obtain audit eVIden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery. intentional omissions. misrepresentations, or the oveIde of intemal control. Obtain an understanding of intemal control relevant to the audtt in order to design audit procedures that are appropriate in the circumstances. but not forthe purwse of expressing an opinion on the effectiveness ofthe charitable company's intemal contrd. Evaluate the appropriateness of accounting poliues used and Ihe reasonableness ofaccounting esb'mates and related disclosures rnade by the trustees. Conclude on the appn)priateness of the truslees. use of the going u)ncem basis of accounting and, based on the audit eviden obtained. whether a material uncertainty exists related to events or (K>ndibons that may cast significant doubt on the charitable company's ability to continue as a going COnM. Ifwe condude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disdosures are inadeouate, to modtfy our opinion. OUT conclusions are based on the audit evidence obtained up lo the date of our auditor's reporL However, fijture events or condthons may cause Ihe charitable company to ase to conknnue as a going concem. Evaluate the overall presentation, structure and content of the financial statements. induding the disclosures, and whether the finanaal statements represent the underlying nSactionS and events in a manner that achieves fair presentation I. gwes a Irue and fair view). We communicate wtth those ¢harged with gI)Vernan regarding. among other matters. the planned scope and timing of the audit and sMJnifiGant audit findings, including any signfficant defictencies in intemal control that we idenbfy during our audit. Use of ourreport This report15 made SOlY to Ihe charitable company's members, as a body, in accordants wth Chapler 3 of Part 16 ofthe Companie5 Act 2(X)6. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required lo state to them in an auditorfs report and for no other purpose. To the ftjllesl extent permitted by law, we do not ap1 or assume responsibility to anyone other than Ihe charitable company and the charitable companys members as a body. for our audil work, for this report. or for the opinions we have fomed. MrRonan 8rddley(SeniorSlatutoryAuditor) Forandon behaifof BTrdleyAccounting and Taxatson. Statutory Audtior Suite D, Fomiation Works Maand Maryland Industrial Estate Ballygowan Road Belfast BT23 6BL 17.IL.LY page 7