Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast Year ended 31 March 2023 Oplnlon We have audited the financial statements of Eastside Property Belfast (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expenditure account), slat8ment of financial position, statement of cash flows and the related notes. 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 Acceplèd Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitys affairs as at 31 March 2023 and of its incoming resources and application of resources, including its inGome and expenditure, for the year then ended-, have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the auditoVs 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 the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of a similar size and nature. the charity uses its auditors to prepare and submit return5 to the tax authorities and assist with the preparation of their organisation's financial statements. Conclusions relating to golng concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not idenlified 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 monlhs from when the financial statements a authortsed for issue. Our responsibilities and the responsibiliti8s of the trustees with respect to going Concern are describ8d in the relevant sections of this report.
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (continued) Year ended 31 March 2023 Other inforniation The other information comprises the information included in the annual report, other than the financial statements and our auditols report Ihereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other information and, except to the extent otheThvise explicitly stated in our report, we do not expr&ss any form of assuran¢8 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 infonnation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we identify such malerial 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 perfomied. we wnGlude that there is a material misstatement of this Other information, we are required to report that facL We have nothing to report in this règard. Oplnlons on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: th8 infonnation given in the trustees, report for the financial year for which the financial statements are prepared is consistent WSth the financial statements: and the trustees, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and underslanding of the charity and ils environment obtained in the course of the audit, we have not identffied material misstatements in the trustees. report. We have nothing to report in respect of Ihe following matters in relation to which th8 Companies 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 visited by us" or the financial ststements are not in agreement with the accounting records and retums. or certain disdosures of trustee5' remuneratlon specified by law are not made; or We have not received all the infomiation and explanations w8 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 tha directors. report and from Ihe requirement to prepare a strategic report.
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (conlinuedj Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees (who are also the diractors for the purposes of company law) are responsible for the preparation of the financial statements and for being satlsfied 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 misststement, whether due to fraud or error. In preparing the financial ststements. the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic altemative but to do so. 10
Eastside Property Belfast Company Limlted by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (conlinuedj Year ended 31 March 2023 Auditorf5 responsibilitie5 for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether tha financial statements as a whol& ar8 free from material 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 with ISAS (UK) will always d8tect a material misstatement wh8n it exists. Misstatements can arise from fraud or arror 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 statsments. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above. to detect 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 perf0rrnan including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and performance targets. results of our enquiries of management about their own identification and assessment of the risks of irregularities: any matters we identified having obtsined and r8viewed 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 wheth8r management have knowledge of any actual, suspected or alleged fraud., the intemal controls established to mitigate risks of fraud or non-complian with laws and regulations. the matters discussed among the 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 procedure5. 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 specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operatlon, focusing on provisions of those laws and regulation5 that had a direct 8ffect on the determination of material amounts and disclosures in the financial statements. The key laws and regulation5 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 fundamantal for their ability to OP8rat8 or to avoid a material penalty. 11
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (Continued) Year ended 31 March 2023 As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintsin professional scepticism throughout the audit. We also.. Id8ntify and assess the risks of material misstatement of Ihe financial ststements, whether due to fraud or error, design and perform audit proc8dures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions. misrepresentations. or the override of internal control. Obtaln an understanding of internal control relevant to the audit In order lo design audlt procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going conrn basis of accounting and. based on Ihe audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on Ihe charity's ability to ¢ontinue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor'5 report. However. fvture events or wnditions may cause the charity to cease to continue as a going concern. Evaluate the ov8rall presenlation, structure and content of the financial statements, including the dis¢105ure5. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 12
Eastside Property Belfast Company Limited by Guarantee Independent Auditor's Report to the Members of Eastside Property Belfast (contlftuèd) Year ended 31 March 2023 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. Use of our report This report is made solely to the charivs members. 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 Charty's members those matters we are required to state to them in an auditoes 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 the charity's members as a body, for our audil work, for this report, or for the opinions we have formed. Paul Dolan {Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 1 Dec8mber 2023 13