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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 ac￿pt 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.
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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 re￿iVed 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.
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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;
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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
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