h Enter an Ch ar ndent Audl orfsR ear ortt mb 202 Om hEn ise Com Oplnlon We have audited the financlal statements of Omagh Enterprlse Company Limited ('the charitsble company.) for the year ended 31 March 2024 whlch 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 sumrnary of signlflcant accounting policles. The financial reporting framework that has been applied in their preparation is applicable law and United Klngdom 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 Att (Northern Ireland) 2008. Our audit work ha5 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 fullest extent permitted by law, we do not acpt or assume responsibility to anyone 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 oplnlon the flnancial statements: glve a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its total incoming resources, including its income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charlties Act (Northem Ireland) 2008. Basis for oplnion We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further descrlbed 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 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 golng concern We have nothing to report in respect of the followlng matters in relation to whlch ISAS (UK) require us to report to you where: the members, use of the going concem basis of accounting in the preparation of the flnancial 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 twelve months from the date when the financial statements are authorised for issue. Page 18
hEn Chari Ise Com Li Li Ited nd nt A dltor. edf ear the Memb of ontin 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 financlal statements does not cover the other information and, except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance condusion thereon. In connectlon 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 statements. 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 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 information, we are requlred to report that fact. We have nothing to report In this regard. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understandlng of the Charitable company and its environment obtained in the course of the audit, we have not identlfled material misstatements in the Members. Report. We have nothing to report in respect of the following matters in relation to which the Charities Act (Northem Ireland) 2008 requi 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 retums adequate for our audit have not been received frorn branches not visited by us; or the financial statements are not in agreement with the accounting records and returns. or we have not reiVed 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 ststements and for being satisfied that they give a true and falr view, and for such intemal control as the Directors determine Is necessary to enable the preparation of financlal ststements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and USTng 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 19
nter abl rls Com Llmite In den ortto embe 24 Enter om Auditor's responslbllltles for the audit of the flnanclal statements Our objectives are to obtaln reasonable assurance about whether the financlal statements as a whole are free from material mlsstatement, 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 materlal 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: IrregularTties, including fraud, are instances of non-compliance wlth 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 approprlately to Instances of fraud or suspected fraud identified durlng the course of our audit. However, the primary responsibllity for the preventlon and detection of fraud rests with management and those charged wlth governance of the charitable company. In identifying and assessing risks of material misstatement in respect of irregularitie5, 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 financlal statements and considered the most signlficant 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 law5 and regulations; Understanding the internal controls established to mltlgate risks related to fraud or non-compliance with laws and regulations. and Discussions amongst the audit engagement team regardlng how fraud might occur in the finanaal statements and any potential indicators of fraud. As part of thls dlscussion, we identified the followlng potential areas where fraud may occur.. tlmlng of revenue recognition and management override. The audit response to risks identlfled included: Reviewing the flnancial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations Performing analytlcal procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; Page 20
Oma h Enter Ch rita leco Llmited an ran nd or A dltor, ear ri in In addressing the risk of fraud through management override of controls, testlng the approprlateness of journal entrles and other adjustments, assesslng 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. In addressing the risk of fraud through management override of contro15, 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 description of our responsibilities for the audit of the financlal statements is located on the Financial Reportlng Council's website at This description forms part of our auditor's report. Use of our Report This report is made solely to the charitable company's members, as a body, In accordance with section 65 of the Charitie5 Act (Northern Ireland) 2008. 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 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 members 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 Audltors 36 - 38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 2 July 2024 Page 21