West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited Year ended 30 June 2023 Oplnlon We have audited the financial slatemenls of West Belfast Development Trust Limiled {Ihe 'charity') for the year ended 30 June 2023 which comprise the statement of financial activities {including income and expenditure account), statement of financial position, slatement of cash flows and the related noles, 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 Accepied Accounting Practice). In our opinion the financial slatements-. give a true and fair view of the state of the charity's affairs as at 30 June 2023 and of its incoming resources and application of resour￿$, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practice., have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlernational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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 basis for our opinion. Conclusions relatlng to going concern In auditing the financial stalements, we have concluded that the Irustees. use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriale. Based on the work we have performed. we have not identrfied any malerial uncertainties relaling to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sedions of this report. West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited fcontinuedj Year ended 30 June 2023 Other information The other information comprises the information included in the annual report, other than the financial slalements and our auditor's report thereon. The trustees are responsible for Ihe other information. Our opinion on Ihe financial statements does not cover the olher information and, except to the extent otherwise explicitly stated in our r8POrt. 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 stalements 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 malerial misstatement in the financial slatemenls or a material misstatement of Ihe other information. If, based on the work we have performed, we conclude that there is a malerial misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the 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 ststements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requiremenls. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the truslees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches nol visited by us., or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of trustees. remuneration specified by law are not made., or we have not re￿iVed all Ihe informalion and explanations we require for our audlt. 10 West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (¢ontinu8dJ Year ended 30 June 2023 Responslbilities of trustees As explained more fully in the tnjslees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for bein9 satisfied that they give a true and fair view, and for such internal control as Ihe trustees determine is necessary to enable the preparation of financial slatements that are free from malerial misstatement. whether due lo fraud or error. In preparing the financial statements, Ihe trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters relaled lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 11 West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited {￿n￿n￿*d) Year ended 30 June 2023 Audltorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a malertal misstalemenl when il exists. Misstatements can arise from fraud or error 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 stalements. Irregularities, including fraud, are inslances of non-compliance with laws and regulalions. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our prO￿dureS 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 seclor. control environment and business performance including the design of the remuneration policies, key drivers for directors. remuneration, bonus levels and performan￿ 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 lo- identifying, evaluating and complying with laws and regulations and whether management were aware of any instsnces 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 miligale risks of fraud or non-compliance with laws and regulations. the matters discussed among Ihe audit engagement team including significant component audit teams and relevant internal 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 exisl within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK). we are also required lo perform specific prO￿dureS to respond to the risk of management override. We also obtained an underslanding of the legal and regulatory frameworks in operation, focusing on provisions of Ihose laws and regulalions that had a direct effecl on the delermination of material amounts and disclosures in the financial slatemenls. 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 Ihat do not have a direct effect on the financial stalements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. 12 West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (conlinued) Year ended 30 June 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial slatements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of nol detecting a materral misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresenlations, or Ihe override of internal control. Obtain an understanding of internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounling estimates and related disclosures made by the trustees. Conclude on the appropriateness of Ihe trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or condilions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material Un￿rtaintY exists. we are required to draw attention in our auditoff s report to the related disclosures in the financial slalements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditorfs report. However, future evenls or conditions may cause the charity to ￿ase to continue as a going concem. Evaluate the overall presentation, structure and content of Ihe financial statements. including the disclosures, and whether the financial statements represent the underlying transaclions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we idenlify during our audit. 13 West Belfast Development Trust Limited Company Limited by Guarantee Independent Auditor's Report to the Members of West Belfast Development Trust Limited (Continu￿) Year ended 30 June 2023 Respective responsibilities of directors and auditor As explained more fully in the Trustees, Responsibilities Stalement (set out on page 8) the directors are responsible for the preparation of the financial slalemenls and for being satisfied that they give a Irue and fair view. Our responsibility is to audil and express an opinion on the financial statements in accordance with applicable law and International Standards on Audiling (UK). Those standards require us to comply with the Financial Reporting Council's {FRC'sl Ethical Standard for Auditors., in the circumstances set out in note 22 to Ihe financial statements. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat 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. To the fullest extent permilted by law, we do not accept or assume responsibility to anyone other than the charity and the Charity's members as a body, for our audit work, for this report, or for Ihe opinions we have formed. Paul Dolan (Senior Statulory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 21 March 2024 14