REPORT OF THE INDEPENDENT AUDITORS TO TUE MEMBERS OF ROYAL ULSTER ACIUCULTURAL SOCIETY Opitllon We have audited ih¢ financial statements of the Royal U1¢T Agriculturat So¢iety (the'parent charity? and its subsidiaries (th¢ 'group') for the year ended 31 Ociober 2022 which ¢omprise thc Consolidated Statcment of Financial Activities. Consolida¢¢d Baiancc Sheet, Society Balance Shcc4 Statements of Changes in Funds (Group and Society). Consolidated Cash Flow Statem¢nL Notes to the Consolidated Cash Flow Ststement and Notcs to the Financial Statements. including a summary of signifJ¢ant accounting tA)Iicics. The financial rcporting frdmework that has becn applied in their pr¢paration is applicable law and United Kingdom Accounting Standards, including Financial Rcwrting Standard 102 The Financial Reporting Siandard applicable in the UK and Republic of trcland (United Kingdom Generally Accepted Accounting Practice). In our opinion th¢ financial statements- give a true and fair view of the statc of the group's and parent charity's affairs as at 31st Ociober 2022. at]d of the group's total incoming resour¢¢s and expcnditur¢ of resour¢¢5 for the year then ended. have been properly prepared in ac¢ordance with Unitcd Kingdom Generally Accq)tcd Accounling PrdCtic¢" and havc been prq>ared in accordance with the requircments of the Charities Act (Northern Ireland) 2008 (as am¢nded by the Charttics Act (Northern Ircland) 2022). Ba$is for OPiDiOn We ¢onducted our audit in accordance with Inlernationa] Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards arc further describ¢d in the Auditor's r¢5ponsibililic5 for th¢ audit of th¢ finan¢ial statemcnts section of our rcport. Wc are indcpendent of the group and parent charity in accordance with th¢ ethical Tcquirements that are relevant lo our audit of the financial statemcnls in the UK including the FRC'5 Ethieal Standard, and we have fulfill our othcr ethicat responsibilities in accordanc¢ with these requirements. W¢ bclieve that the audil eviden0¢ we have obtained 15 5uffici¢nl and appropriat¢ to provide a basis for our opinion. Concluslon regarding goillg eoncern In auditing ihc financiAI 5tatem¢nW we have concluded that the truste¢'s use of the going concern basis of accounting in th¢ preparaiion of the financial Sialements is appropriate. Based on the work we havc perfomie& we have not identified any material uncertainties relating to events or conditions that, individually or colle¢iively, may cast significant doubt on ihc group and par¢nl charity's ability to continue as a going concern for a peri(Ki of at le&* twelve months from when the finan¢ial statements are authorised for issue. Our responsibililics and the responsibiliti of the trustec with r¢spect to going conccrn are dwribed in the relevant sections of this report. Other information The trustccs are r¢sponsibl¢ for the othcr infomiation. Thc other inforniation comprises ihe information includ in the trustee's annual repor¢ other than the financial statements and our Auditovs rcport th¢reon. Our opinion on th¢ financial statcments dijes not ¢over the other information and except lo the extent otherwise cxplicitly stated in our report. we do not express any forni of assuran¢c conclusion thereon. In connection with our audit of the financial stat¢ments. our responsibility is to read the other inforTnation and, in doing so, consider whether the other inforniation is materially inconsistent with thc financid statements or our knowledge obtained in the audit or othcrwi5e appcars to b¢ materially miwotcd. If we identify such material inconsisiencies or apparent material misstatem¢nts, we are required to ddermine whether the is a material misstatcment in thc financial staternents or a mat¢rial misstaicment of the other inforn)ation. If, bascd on th¢ work w¢ have p¢rfornied, we ¢onclude that there is a material misstatement of this oth¢r inforn)l0 we are rquir¢d to report that fact. We have nothing to report in this regard.
REPORT OF TIIE INDEPENDENT AUDITORS TO THE MEMBERS OF ROYAL UISTER AGRICULTURAL SOCIETY Oplnion on other ]nAtters prescribed by the Charities Art (Northern Irelalld) 2008 (as amended by the Ch4ritAes Act (Northern IrelAlld) 2022) In our opinion. based on the work undertaken in the cTSE of the audit: the infom)ation given in the Report of the Council for the fitwicial yw for which ihe finaneial statetn¢nts ar¢ prepared is consistent with the financial ststem¢nts.' and the Report of the Council has been prq)ared in accordance with appli¢able legal requirements. Mxtters on whlth we are required to report by ¢xeeption In the light of the knowledge and undcrstsndtng of the group and parent charity and its environment obtained in the course of the audit. we hav¢ not identified matcrial mi&sratements in thc Report of thc CouncAI. We have nothing to report in r¢spect of the following mattets in relation to which th¢ Charitie5 (A¢¢ounts and Reports) Regulations (Northern Ireland) 2015 r¢quire us to report to you if, in our opinion- ad4uate aeoounting rttords have not becn kepL or returns thquate forour audit have be¢n received from branches not visited by us.. or the fjnancial statem¢nts are nol in agreement with the accounting records and returns. or ccrtain disclosures of trustee"5 remuncration specified by law are not made,. or w¢ have noi rec¢ived all the inforniation and explanations we require for our audit. or Respollsibilities oftrustees As explained more fully in the tnistee's resw)nsibilities statemcnt set out on page 10 the trnstee are responsible for the prcparation of financial statemcnts which givc a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial staternents thai are free from material misststem¢nt. whether due to fraud or etror. In preparing the financial Statements. the tnisiets are rc4yon5ible for &Ing the group's and parent charity's ability to ontinue as a going concem, disclosing. as applicable, matters related to going ncern and using the going concem basis of accounting unles5 the trustccs either intend to liquidate ihe group or the parent charity or io cease operations, or have no realistic aii¢rnative but to do so. Auditors, re5POllsibilitie8 for the *udit of the financial ytatemeDts W¢ have becn appointed as Auditor undcr paragraph 6 of schedule 6 of the Charities Act (Northem Ircland) 2008 (as amended by the Chariti&8 Act (Northern Sreland) 2022) and report in accordance wilh regulations mad¢ under section 66 of that Act. Our objectives are to obtain reasonable a$5urance atK)ut whether the finan¢ial statements as a whole are free from mat¢rial mi5Stalement, whether due to frdud or error, and to issue an auditor's report that include5 our opinion. Reasonabl¢ assurance ts a high level of assurance. but As not a guarantce that an audit conducted in accordanc¢ with ISAS IUK) will always detect a material misstatement when it exists. Misstatcments can arise from fraud or error and are ¢onsidered matcriai if, individually or in th¢ aggregate, th¢y could rwonably be expected to influen¢¢ the econojnic d¢cisions of Us5 taken on th¢ basis of ihes¢ financial stst¢menls. luegularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in linc wilh our responsibilities, outlincd above. to detect matcrial misstatements in respect of irregulariiies. including fraud. The ¢xtent to which our procedurcs are capable of detecting iTregulatiii¢s. including fraud is detailed below: We considered the opportunitie5 and incentives that may Cxist within the organi5ation for fraud and id¢ntified the greatest potential for fraud in relation to revenue recognttion. In common with ail audits under ISAS (UK). we arc aIso required to perfomi specific priKedures to respond to the risk of managemcnt override.
REPORT OF THE INDEPENDEi%Y AUDrroRS TO THE MEMBERS OF ROYAL ULSTER AGRICULTURAL SOCIETY Auditors, reSpo51b]lles for the audlt •fth¢ fin*lleiai stA¢emtLts- Continued We also obtsined an understandÈng of the legal and regulatory frameworks that the group and par¢nt charity operates in, focusing on provision5 of those laws and regulalions that a direct effect on the detenninatioll of materiai amounts and disclosures in the financial statements. The key laws and iegulations we considered in this context Includ the UK Compani¢s Act. In addition. we COndered provisions of othtt laws and regulations that do not have a dire¢t effect on the financial statements but compliance with whi¢h may be fundamentsl to the group and parent charity's ability to operate or to avoid material penalty. Our procedures to respond to risk5 ideniified includoj the following: revicwing the financial statement disclosures and testing io supprting dtKum¢ntation to &ssess compliance with provision5 of relevant laws and regulations described as having a direct effect on the financi statements. enquiring of rn0nageent and external legal counsel concerning a¢iual and potential litigation and claim5,' - perfonning analytical procedur¢s to identify any unusual or ullex rdationships that Jnay indicate risks of material misstatem¢nt due to fraud. - reading minutes of meetings from those charged with govemancr. - in addressing the risk of fraud through managemeni ovcrride of controls. teming the appropriatcne5s ofjournal entries and other adjustrnents. assessing whdher the judgcments made in making accounting e5timatC5 are indicative of a potential bi. ond evaluating the business rational¢ of any significant trdnsactions that ar¢ unusual or outside the norrnal Course of busine&s. We also ¢ommuni¢ated relevant identified laws and regulations and potential frdud risks to all ¢ngageTneTht team mcmbers and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. Because of the inher¢nt limitations of an JJdi¢ there 15 a riskthat we will notdetect a]1 irregularitie5, including those leading to a material misstatemeni in the financial statements or non-compliance with regulation. This risk in¢reases the more that compliance with a law or regulation is removed from events and transactions reflttted in the financial statements, as we will be Iw likelytobe¢ome awareof instancesof non-compliance. The risk isalsogreater regarding trregulaTitie50ccurring due to fraud rdther than erTor. &s fraud involves intentional concealmenL forgery. Collusio omission or misr¢presentstion. A further description of our rcsponsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fonns part of our Auditor's report. Use of our report This report is made solely to the charity's truste¢, as a }y, tn accordanc¢ with Part 4 of the Charities {Accounts and Reports) Regulations INorthern Ireland) 2015. Our audit w(Mk IS been undertaken so that we might state to the Charity, Iru5tees those tnatters we are required to state to ihem in an auditor's report and for no other purpose. To the fullest extent pennitted by law, we do not accqjt or a&sume responsibility to anyone other t11 th¢ ¢harAty and the charity's trust¢¢ as body, for our audit work, for this teport, or for the opinio8 we have fomied. Joanne Small (Senior Statutory Auth"tor) For and behaif of Baker Tilly Mooney Moore Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast BTI 3BG Date.. 2oLS