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.
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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 reqUI￿d 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