FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2023 Opinlon We have audited the fl nancia I statements of Fermanagh Enterprise Limited ('the charltable corrbpany.) for the year ended 31 March 2023 which comprise the Statement of Flnanclal Activities, the Statement of Flnancial Position, the Statement of Cash Flows and the related notes to the financial statements, includSng a summary of significant accountlng policles. The flnanclal reportlng framework that has been applied I n their preparation 15 applicable law and Unlted Kingdom Accountlng Standard5, including FRS IQ2 "The Financial Reporting standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accountlng Practice) applying Section IA of that standard. Thls report Is made solely to the charitable company's directors / trustees, as a bodyi in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we might state to the charltable company's dlrectors / trustees those matters we are requlred 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 / trustees as a body, for our audlt work, for this report, or for the opinions we have formed. In our oplnlon the financial statements: glve a true and falr vlew of the state of the charltable company's affalr5 as at 31 March 2023 and of its total Incoming resources and expenditure of resources, Includlng Its Income and expendlture, for the year then ended. have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practlce; and have been prepared In accordance wlth the requlrements of the Companies Act 2006. Basis for opinion We conducted our aud It In accordance wlth Internatlonal Standards on Auditing (UK) (ISAS (UK) ) and appllcable law. Our responsSbllltles under those standards are further descrlbed in the Auditor's responslbllltles for the audit of the financlal statements sectlon of our report. We are Independent of the company In accordance with ethical requirement5 that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fu Ifil led our other ethical responsibilities in accordance with these requlrernents. We believe that the audlt evldence we have obtained Is sufficlent and appropriate to provlde a basis for our oplnlon. Conclusions relatlng to golng concern We have nothlng to report in respect of the following matters in relation to whlch ISAS (UK) requlre us to report to you where: the directors, use of the goln9 concern basls of accountlng In the preparatlon of the flrbancial statement5 is not approprlate; or the directors have not dlsclosed In the flnanclal statement5 any identified materlal uncertalnties that may cast slg n Iflcant doubt about the charitable company's abillty to contlnue to adopt the going concern basis of accounting for a perlod of at least twelve months from the date when the financial statements are authorised for Issue. CavanaghKelly"
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT (contlnued) FOR THE YEAR ENDED 31 MARCH 2023 other Information The directors are responsible for the other Information. The other Information comprises the Information included in the Dlrectors. Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other informatlon and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance concluslon thereon. In connectlon wlth ou r 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 wlth the financial statements or our knowledge obtalned in the audit, or otherwlse appears to be materially misstated. If we identify such material inconsistencies, or appare nt material misstatements, we are requ ired to determine whether there is a material misstatement in the fi nancial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material mi55tatement of thls other informatlon we are required to report that fact. We have nothing to report In this regard, Opinions on other matters pre$crlbed by the Companles Act 2006 In our oplnlon, based on the work undertaken In the course of the audlt: the Informatlon glven in the Dlrectors, Report for the flnanclal year for whlch the flnancial statements are prepared 15 consistent with the flnanclal statements; and the Directors, Report has been prepared in accordance wlth appllcable legal requirements. Matters on which 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 Identlfled material misstatement5 in the Dlrectors, Report. We have nothlng to report In respect of the followlng matters In relatlon to whlch the Companies Act 2006 requlres us to report to you If, In our opinion: adequate accountlng records have not been kept, or returns adequate for our audit have not been received from branches not vlslted by us; or the flnanclal statements are not in agreement wlth the accountlng records and returns; or certain d isc105ures of dl rector5' remuneration specified by law are not made. or we have not received all the i nformatlon and explanatlons we requ ire for our aud It; or the directors were not entltled to prepare the financlal statements In accordance with the small companies, reglme and take advantage of the small companles, exemptlon in preparing the Dlrectors, Report. Responsibilities of Dlrectors / Trustees As explained more fu I ly i n the Dlrectors, Responsibilities Statement, the d Irectors (who are also the trustees of the charltable company for the purp05e of charity law), are responsible for the preparatlon of the financlal statements and for belng satlsfied that they give a true and fair view, and for such internal control as the Dlrectors determlne is necessary to enable the preparatlon of flnancial statements that are free from material mlsstatement, whether due to fraud or error. In preparlng the flnanclal statements, the dlrectors are responslble for assessing the company's abllity to contlnue as a going concern, disclosing, as applicable, matter5 related to going concern and using the going concern basis of accounting unless the directors elther intends to liquidate the charitable company or to cease operatlons, or has no reallstlc alternative but to do so. CavanaghKelly°
FERMANAGH ENTERPRISE LIMITED (Charitable Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2023 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from materlal misstatement, 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 wlth ISAS (UK) will always detect a material misstatement when it exlsts. Misstatements can arise from fraud or error and are considered materlal If, Indlvldually or In aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basls of these financlal statements. A further descrlptlon of our responsiblllties for the audit of the financlal statements Is located on the Flnanclal Reporting Councll's webslte at Thls descrlptlon forms part of our audltor's report. Mr. Ryan Falls FCA {Senlor Statutory Auditor) For and on behalf of CavanaghKelly Chartered Accountants and Statutory Auditors 36- 38 Northland Row Dungonnon Co. Tyrone BT71 6AP Date: 28 November 2023 CavanaghKelly" 10