THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST Opinion We have audited the financial statements of The Martin Residential Trust {the 'charitable company,) for the year ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes. induding 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 Financial Reporting Standard 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 charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, induding its income and expenditure for the year then ended., have been properfy prepared in accordance with United kQ'ngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance vth Intemational Standards on Auditing (UK} IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our reporL We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements 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 charitable company's ability to continue as a going conrn for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees Vth respect to going concem are described in the relevant sections of this reporL Page 6
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Other inforniation The other information comprises the infonnation included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicilly stated in our report, we do not express any form of assurance conclusion thereon. 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 knedge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that facL We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knoedge and understanding of the charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, reporL We have nothing to report in respect of the foll0vng matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration spectfied by law are not made,. or we have not received all the information and explanations we require for our audit- or the Trustees were not entilled to prepare the financial statements in accordance wth the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement. the Trustees {who are also the directors of the charitable company 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 the Trustees 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 charitable 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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Page 7
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Auditor5. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) wll ayS detect a material misstatement when it 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 statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to vthich our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and nOrcoMpliance with laws and regulations, was as follows. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. As part of the audit in accordance with ISAS (UK) we exercised professional judgement and maintained professional scepticism throughout the audiL We identified the lavts and regulations applicable to the company through discussions with directors and other management. and from our commercial knoedge and experience of the sector and we focused on specific lavts and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. including the Companies Act 2006 and the Charities Act (Northern Ireland) 2022. We assessed the susceptibility of the companls financial statements to material misstatement, induding obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud. their knoedge of actual, suspected and alleged fraud and onsidering the internal controls in place to mitigate risks of fraud and norcoMpliance wth laws and regulations. We obtained an understanding of intemal controls relevant to the audit in order to design audit procedures that were appropriate in the circumstsnces but not for the purpose of expressing an opinion of the effectiveness of the Company's intemal controls. To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships- tested joumal entries to identify unusual transactions,. evaluated the appropriateness of accounting policies used, including managements, use of the going concern basis of accounting. and the reasonableness of accounting estimates and related disclosures made by management,. and investigated the rationale behind significant or unusual transactions. In response to the risk of legUlarltieS and noriwcompliance wth laws and regulations, we designed procedures which included but were not limited to agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance,. and enquiring of management as to actual and potential litigation and daims. Because of the inherent limitations of an audit. there is a risk that y wll not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we viill be less likely to become aware of instances of n0coMplianCe. The risk is also greater regarding irregularrties occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wvM.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, report. Page 8
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Use of our report This report is made solefy to the charitable company's members, as a body, in accordance wth 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 members those matters we are required to state to them in an Auditors, 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Michael Fitch (Senior statutory auditor) for and on behalf of UHY Hacker Young Fitch Limited Statutory Auditors & Chartered Accountants Suite 2.06, Custom House Custom House Square Belfast Antrim BT13ET 21 August 2024 UHY Hacker Young Fitch Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 9