Oma h Enter Charitable C rise Com an Limited an Limited b rantee Inde endent Auditor's Re ort to the Members of Oma Limited for the ear ended 31 March 2023 h Enter rise Com an Opinion We have audited the financial statements of Omagh Enterprise Company Limited ('the charitable company.) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, 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 Accepted Accounting Practice). This report is made solely to the charitable company's directors, as a body, in accordance with Section 65 of the Charities Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state to the charitable company's directors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullc5t extent permitted by law, we do not accept or assume responsibility Lo (Inyone other than the charitable company and the charitable company's directors as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its total incoming resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (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 charitable company in accordance with ethical requirements that are relevant to our audit of the finanr_ial qt3tement5 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 relating to going concern We have nothing to report in respect of the following matters in relation to which ISAS (UK) require us to report to you where: the membcrs, use of the going concem basi5 of accounting in the preparation of the financial statements is not appropriate; or the members have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least tvvelve months from the date when the financial sratements are authorised for issue. Page 17
Charitable Com an Limited b Guarantee Inde endent Auditor's Re ort to the Members of Oma Limited for the ear ended 31 March 2023 Continued h Enter rise Com an Other information The Members are responsible for the other information. The other information comprises the information included in the Members, Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information 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 incon515teTrt with the financial statements, oi" our kiiowledge obtained in the audlt, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are reqUId 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 are required to report that fact. We have nothing to report in this regard. Matters on which we are required 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 identified material misstatements in the Members, Report. We have nothing to pOrt in respett of the following matters in relation to which the Charities Act (Northern Ireland) 2008 requires us to report to you if. in our opinion: the information given in the members. report is inconsistent in any material respect with the financial statements; or adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not V151ted by us. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. or Responsibilities of Members As explained more fully in the Directors, Responsibilities Statement, the directors (who are also the trustees of the charitable company for the purpose of charity 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 Directors 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 Dirertors 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 Directors either intends to liquidate the Charitable company or to cease operations, or has no realistic alternative but to do so. Page 18
Oma h Enter rise Com an Limited Charitable Com an Limited b Guarantee Inde endent Auditor's Re ort to the Members of Oma Limited for the ear ended 31 March 2023 Continued h Enter rise Com an Auditor's 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 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the charitable company. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: We obtained understanding of the legal and regulatory requirements applicable to the charitable company's financial statements and considered the most significant are the Charities Act (Northern Ireland) 2008, Financial Reporting Standards (FRS102) and Charity SORP. We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance. We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations; Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and Discussions amongst the audit engagement team regarding how fraud rnight occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified the following potential areas where fraud may occur: timing of revenue recognition and management override. The audit response to risks identified included: Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above; Performing analytical procedure5 to identify any unusual or unexpected relationships that may indicate risk of material mi55tatement due to fraud; Page 19
Oma h Enter rise Com an Limited Charltable Com an Llmited b Guarantee Inde endent Auditor's Re ort to the Members of Oma Limited for the ear ended 31 March 2023 Con inued h Enter rise Com an In addressing the risk of fraud through management override of controls, iesting the appropriateness of journal entries and nther adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or OLltgide the nnrmal r_nijrse of business. In addressing the rlsk of fraud thruugli iiiaiiagement override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. A further dcscription of our responsibilities for the aLJdit of the financial statemp_ntq is located on the Financial Reporting Council's website at ww .frc auditorsres onsibilitie 'l-his description forms part of our auditvr. report. Use of our Report Thls rp.r)nrt is made solely to the charitable company's members, as a body, in accordance with section 65 of the Charities Act (Northern Ireland) 2008. Our audit work has been underLc1keii so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs 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 the charitable company's member5 as a body, for our audit work, for this report, or for the opinions we have formed. Mr. Ryan Falls FCA (Senior Statutory Auditor) For and on behalf of CAVANAGHKELLY Chartered Accountants and Statutory Auditors 36 ~ 38 Northland Row Dungannon Co. Tyrone BTrI 6AP Date: 29 June 2023 Page 20