ourne Sti ul Limited Charitabl C an it b Guaran IN th EPENDE DITO ed31Ma ch RE 024 OR t th Dir tor f Mourn sti ulu en ed for Opinion We have audited the financial statements of Mourne Stimulus Limited ('the charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). Thls report Is made solely to the charitable company's Directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's Directors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Dlrectors as a body, for our audit work, for this report, or for the opinions we have formed. In our opinlon the flnancial statements: Give a true and fair view of the state of the charltable company's affairs as at 31 March 2024 and of its total incoming resources and expenditure of resources, Includlng its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requlrements of the Companies Act 2006. Basis for opinion We conducted our audlt In accordance with Internatlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responslbilities under those standards are further described In the Auditor's responsibilities for the audit of the financlal statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of the flnancial statements In the UK, Sncluding the FRC'S Ethical Standard, and we have fulfilled 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 basls for our opinion. Concluslons relating to going concern We have nothing to report in respect of the followlng matters in relatlon to which ISAS (UK) require us to report to you where.. the directors, use of the going concern basis of accounting in the preparation of the flnancial statements is not appropriate,. or the directors have not disclosed in the flnancial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the golng concern basis of accounting for a period of at least twelve month5 from the date when the financial statements are authorised for Issue. CavanaghKelly. Chartered Accountants & Statutory Auditors Page17
Mourne Stimulu Charita Limited rante INDEPENDENT A North rn Irelan DITORS. REPOR Limited for the o th Dir ear ended 31 March 2024 e Verbal Continued tre Other Information The directors are responsible for the other information. The other information comprises the information included in the Directors, Report, other than the financial statements and our Auditor's Report thereon. Our opinion 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent materlal misstatement5, we are required to determine whether there is a material misstaternent in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thls other Information, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the Information given In the Directors, Report for the flnancial year for which the financial statements are prepared is consistent with the flnancial statements. and the Directors, Report has been prepared in accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained In the course of the audit, we have not identified material misstatements the Directors, Report. We have nothing to report In respect of the following matters in relatlon to which the Companles Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not vlsited by us; or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanations we requlre for our audit. or the directors were not entitled to prepare the financial statements In accordance with the small companies, regime and take advantage of the small companie5, exemption in preparing the Directors, Report. CavanaghKellyi Chartered Accountants & Statutory Auditors Pagle | 8
Mourne Stimulus Limit Charitabl Limited b tee INDEPENDENT AUDITOR REP Northern Ireland Limtted for the RT to th ectors of The V l Arts ear nded 31 March 2024 Continued Responsibilities of Directors As explained more fully in the Directors, Responsibilities Statement, the directors (who are also the trustees of the charitable company for the purpose of charity law), are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the charitable company or to cease operations, or has no realistlc alternative but to do so. Audltor's responsibilities for the audit of the financlal staternents Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Audltor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audlt conducted In accordance with ISAS (UK) wlll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. Irregularities, including fraud, are instances of non-compllance with laws and regulatlons. The objectives of our audit in respect of fraud are to assess the risk of materlal misstatement due to fraud, design and implement approprlate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identifled during the course of our audit. However, the primary responslblllty for the preventlon and detection of fraud rests wlth management and those charged with governance of the company. In Identlfylng and assesslng rlsks of materlal misstatement In respect of irregularltles, including fraud and non-compllance with laws and regulations, our procedures Included the following: We obtained an understandlng of the legal and regulatory requirements applicable to the charitable company's financial statements and consldered the most significant are the Companies Att 2006 and Financial Reporting Standards (FRS102)' We have assessed the rlsk of material mlsstatement of the flnanclal statements, including risk of material misstatement due to fraud and how it might occur by holding dlscussions with management and those charged with governance, We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Understanding the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations; and Discussions amongst the audit engagement team regarding how fraud might occur In the financial statements and any potential indicators of fraud. As part of this discussion, we identified the following potential areas where fraud may occur: timing of revenue recognition and rnanagement override. CavanaghKellyi Chartered Accountants & Statutory Auditors Page19
urne Sti hari ul s Limite ar tee PENDE UDITOR Northern Ireland REPORT to the Directors of he Verbal Arts Limited for the ear ended 31 March 2024 Continu The audit response to risks identified included: en Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above. Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made In making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business, and In addressing the risk of fraud through management overrlde of controls, testlng the appropriateness of Journal entries and other adjustments, assessing whether the Judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. A further descriptlon of our responsibilitles for the audit of the financial statementsls located on the Financial Reporting Council's webslte at www.fr descriptlon forms part of our auditor's report. or .uk This other matters whlch we are required to address The flnanclal statements for the year ended 31 March 2023, forming the comparatlve figures of the flnanclal statements for the year ended 31 March 2024 are unaudited. Mr. Ryan Falls FCA (Senior Statutory Auditor) For and on behalf of CAVANAGHKELLY Chartered Accountants and Statutory Audltors 36 - 38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 19 December 2024 CavanaghKellyi Chartered Accountants & Statutory Auditor5 PauFel 10