Independent Audltor's Report on the audit of the financial statements Report on the audit of the financial statements Opinlon We have audited the charity financial statements of Limestone Youth Training Project Ltd for the year ended 31 March 2024 which comprise the Charity Statemenl of Financial Activities, the Charity Statement of Financial Position, the Charity statement of Cash Flov and the related notes to the financial statements, including a summary of significant accounting policies set out in the notes. 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). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of the charity's surplus and cash flows for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland- and have been prepared in accordance with the requirements of the Companies Act 2006 and Co- Operative and Community Benefit Societies Act (Northern Ireland) 1969 and the charity's revenue account and balance sheet complies with the requirements of Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and gives a true and fair view. Basis of opinion This report is made solely to the members, as a body. in accordance with the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and 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 members those matters we are required to state to them in an auditor's report and for no other purpose. We have fulfilled our elhical responsibilities under, and are independent of the charity in accordance with. UK ethical requirements, including the FRC'S Ethical Standard for Auditors. To the fullesl extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the members as a body, for our audit work, for this report or for the opinions we have formed. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of its size, the Lirnestone Youth Training Project Ltd uses its accountants to prepare and submit returns to the tax authorities and assist with the preparation of the fin8nci81 statements. Concluslons relatlng to Golng Concern The trustees have prepared the financial statements on the going concem basis as they have concluded that the charity's financial position Means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of the approval of the financial ststements ("the going concem period"). We are required to report to you if we have conduded that the use of the going concem basis of accounting is inappropnate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements.
In our evaluation of the trustee's condusions, we considered the inherent risks to the charity s business model and analysed how those risks might affect the charity's financial resources or ability to continue operalions over the going concern penod. We have concluded that the trustees, us of the going concem basis of 8ccounting in the prèparation of the financial slatements is appropriate. Based on the work we have performed we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may 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 financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiatlon The other information cotllPri5e5 the information included in the annual report. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other infomalion 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 material misstatements. we are required to determine whether there is a material misstatement 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 this other infonnation; we aTe required to report the fact. We have nothing to report in this regard. Opinion on other matters prescribed by CO)peratIve and Communlty Benefit Societies Act (Northern Ireland) 1969 and Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit." The information given in the trustees, report for the financial year for which the financial statements are prepared is consistent WTth the financial statements; and The trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptbon In light of the knowledge and understanding of the chanty and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion= Adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visrted by us: or The financial statements are not in agreement with Ihe accounting records and retums; or Certain disclosures of trustees, remunerats'on specified by law are not made" or We have nol received all the infom)ats'on and explanations we require for our audit; or The trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategic reporL
Respective responsibllitles of Trustees As explained more fully in Ihe Trustee's responsibilities statement, the Trustees (who are also the members and director5 for the purposes of company 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 they 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 trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters relate to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audlt of the financlal statements We have been appointed as auditors under Section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, 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 with ISAS (UK) wlll always detect a material missiatement when it exists. Misstatements can arise from fraud or effor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud. is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business perfomance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and performAnp.p. targets: Results of our enquiries of management about their own identification and assessment of the risks of irregularities; Any matters we identified having obtained and reviewed documentation of their policies and procedures relating to.. Identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance- Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud., The internal controls established to miligate nsks of fraud or non-compliance with laws and regulations. The matters discussed among the audit engagement team including stgnificant component audit teams and relevant intemal specialists. including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud, As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perform spectfic procedures to respond to the risk of management override. We also obtained and understanding of the legal and regulatory frameworks in operdtion, focusing on prDvisions of those laws and regulations that had a direct effect on the detemiinalion of material arnounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty- 10
Audlt response to rlsks Identlfied Our procedures to response to the rtsks idenlffied including the following: Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements- Enquiring of management conceming actual and potential litigation and claims. Performing analytical procedures to identify any unusual or expected relationships that may indicate risks of material misstatement due to fraud. Reading minutes of meetings of those charges wslh govemance and reviewing correspondence with tax authorities; and In addressing the risk of fraud through management overrides control, testing the appropriateness of joumal entries and other adjustments. assessing whether the judgements made in making accounting estimates are indicative of a potential bias- and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement leam members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addilion, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion. forgery, international omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliants and cannot be expected to detect non-compliance with all laws and regulats'ons. A further description of our responsibilities is available on the Financial Reporting Council's website at htpps:Ilvdww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report The report is made solely to the charity's trustees as a body, in accordance with the Ctroperative and Community Benefit Societies Act (Northern Ireland) 1969 and 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 them in an audilor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for thls report, or for the opinions we have fomied. Brendan Malone FCA (Senior Statutory audltor) For and on behalf of Malone Accounting Ltd Chartered Accountants & Statutory Auditors 12 New Street Newry County Down, BT35 6JD Date: 5th September 2024 li