CHARTRRED ACCOUNTANT8 OUTBURST ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OUTBURST ARTS FESTIVAL Opinion We have audited the financial slatements of Oulburst Arts Festival (Ihe 'charity'l for the year ended 31 March 2023 which comprise the statement of financial activities. the statement of financial position and notes to the financial statemenls, including significant accounling policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepled Accounting Practice). In our opinion, Ihe finan￿81 statemenls= give a true and fair view of the state of the charitable companys affairs as at 31 March 2023 and of its incoming resources and application of resources, induding f(s income and expenditure, for the year then ended., have been properfy prepared in accordance with United Kingdom Generalty Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing {UK) (ISAS (UKI} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the fin8nci81 statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audil 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 audil evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going Concern In auditing the financial statements, we have concluded that the directors, use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not idenlified any material uncertainties relating to events or condilions Ihal, individually or collectively, may cast signrficant doubt on the charrty's ability to continue as a going concern for a period of at least twelve rnonths from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors wtlh respect to going concem are described in the relevant sections of this report. Alfred Hottst 19 Alfred Street BWAST BTO 8EQ DX3910 NR Belfast 50 Cen￿ry House A7 Mandeville Street 40 Creseent Business Park IVRTADOWN SDLRN r28 2GN r62 3PB Tel: +44 (0)28 9031 1113 Trax: +44 (0)28 9031 OTn Tel: +44 (0)28 9260 T355 Fax: +44 {0)28 9260 1656 Tel: +44 (0)28 3833 2801 Fax: +44 (0)28 3835 0293 CHARTRRED ACCOUNTANT8 OUTBURST ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUTBURST ARTS FESTIVAL Other information The other information comprises the infomialion included in the annual ￿port olher than the financial stalements and our auditorfs report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly Stated in our report, we do not express any form of assurance conclusion thereon. 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 oblained in the course of the audil, or otherwise appears to be materialty misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstalemenl in the financial statemenls Ihemselves. If, based on the work we have performed, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matter5 prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit= the information given in the directors, report for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the directors, report has been prepared in accordan￿ with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not idenlified material misstatements in the directors, reporl included within the directors, report. We have nothing lo report in respect of the following matters in relation to which Ihe Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums- or certain disclosures of trustees, remuneration specified by law are nol made", or we have not received all the information and explanations we require for our audit- or the directors were nol entilled to prepa￿ the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the directors. report and from the requirement lo prepare a slrategic report. Alfred Hottst 19 Alfred Street BWAST BTO 8EQ DX3910 NR Belfast 50 Cen￿ry House A7 Mandeville Street 40 Creseent Business Park IVRTADOWN SDLRN r28 2GN r62 3PB Tel: +44 (0)28 9031 1113 Trax: +44 (0)28 9031 OTn Tel: +44 (0)28 9260 T355 Fax: +44 {0)28 9260 1656 Tel: +44 (0)28 3833 2801 Fax: +44 (0)28 3835 0293 CHARTRRED ACCOUNTANT8 OUTBURST ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUTBURST ARTS FESTIVAL Responsibilities of directors As explained more fully in Ihe statement of directors, responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view. and for such internal control as the directors detemiine is ne￿$sary 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 directors are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related lo going concem and using the going concem basis of accounling unless the directors either inlend to liquidate the charitable company or to cease operations, or have no realisb'c attemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misslatement, whelher due to fraud or error. and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assuran￿ but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will always delecl a material misslatement when it exists. Misstalements can arise from fraud or error and are considered material if. individualty or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies. outlined above. to detect malerial misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Alfred Hottst 19 Alfred Street BWAST BTO 8EQ DX3910 NR Belfast 50 Cen￿ry House A7 Mandeville Street 40 Creseent Business Park IVRTADOWN SDLRN r28 2GN r62 3PB Tel: +44 (0)28 9031 1113 Trax: +44 (0)28 9031 OTn Tel: +44 (0)28 9260 T355 Fax: +44 {0)28 9260 1656 Tel: +44 (0)28 3833 2801 Fax: +44 (0)28 3835 0293 CHARTRRED ACCOUNTANT8 OUTBURST ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUTBURST ARTS FESTIVAL Extent to which the audit was considered capable of detecting irregularities, including fraud We idenlify and assess the risks of material misstatement of the financial slatements. whether due to fraud or error, and then design and perform audit procedures responsive to those risks. induding obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In idenlifying and assessing potential risks of material misslatement in respect of irregularilies, including fraud and non-compllan￿S with laws and regulations. considered the following= The nature of the industry and sector, control environment and business performan￿, including the charitable company's remuneration policies for directors, bonus levels and performance targets, if any,. Results of our enquiries of management about their own identification and assessmenl of the risks of irregularities- Any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to.. Idenlifying, evaluating and comptying with laws and regulations and whether they were aware of any instance of non-compliance: Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and The internal controls estsblished to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud mighl occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud and idenlified Ihe greatesl potential for fraud in income recognition. In common with all audits under ISAS (UK). we are also required to perforn specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the detemiination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included Ihe Companies Act 2006, and local lax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. Alfred Hottst 19 Alfred Street BWAST BTO 8EQ DX3910 NR Belfast 50 Cen￿ry House A7 Mandeville Street 40 Creseent Business Park IVRTADOWN SDLRN r28 2GN r62 3PB Tel: +44 (0)28 9031 1113 Trax: +44 (0)28 9031 OTn Tel: +44 (0)28 9260 T355 Fax: +44 {0)28 9260 1656 Tel: +44 (0)28 3833 2801 Fax: +44 (0)28 3835 0293 CHARTRRED ACCOUNTANT8 OUTBURST ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUTBURST ARTS FESTIVAL Audit reponse to risks identified Our procedures lo respond lo Ihe risks identified included the following= Reviewing the financial slalement disclosures and lesting io supporling documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial slatements- Enquiring of management concerning actual and potential litigation and daims., Performing analytical procedures to identify any unusual or unexpected relalionships that may indicate risks of material misstatement due to fraud.. Reading minutes of meetings of those charged with govemance and reviewing correspondence with tax aulhorilies., and In addressing the risk of fraud Ihrough management override of controls. testing the approprialeness of joumal entries and other adjustments., assessing whelher the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any significant Iransaclions that are unusual or outside the nonnal course of business. We also communicated relevant identified lav￿ and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitalions of an audtt, there is an unavoidable risk that we may nol have delecled some material misstatements in the financial statements, even though we have propedy planned and performed our audit in accordance with auditing standards. In addition, as wilh any audit, Ihere remains a higher risk of non-detection of irregularities, as they may involve collusion. forgery, intentional omissions. misrepresentations, or the override of inlernal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at.. htlps.'Il www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs report. Alfred Hottst 19 Alfred Street BWAST BTO 8EQ DX3910 NR Belfast 50 Cen￿ry House A7 Mandeville Street 40 Creseent Business Park IVRTADOWN SDLRN r28 2GN r62 3PB Tel: +44 (0)28 9031 1113 Trax: +44 (0)28 9031 OTn Tel: +44 (0)28 9260 T355 Fax: +44 {0)28 9260 1656 Tel: +44 (0)28 3833 2801 Fax: +44 (0)28 3835 0293 CHARTRRED ACCOUNTANT8 OUTBURST ARTS FESTIVAL INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OUTBURST ARTS FESTIVAL Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the CompaniesAct 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those matters we are required to state to them in an audiloffs report and for no olher 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 Stephen Houston FCA (Senior Statutory Auditor) for and on behalf of GMCG LISBURN 28 September 2023 Chartered Accountsnts Slatutory Auditor Century House 40 CreS￿nt Business Park Lisbum BT28 2GN 10- Alfred Hottst 19 Alfred Street BWAST BTO 8EQ DX3910 NR Belfast 50 Cen￿ry House A7 Mandeville Street 40 Creseent Business Park IVRTADOWN SDLRN r28 2GN r62 3PB Tel: +44 (0)28 9031 1113 Trax: +44 (0)28 9031 OTn Tel: +44 (0)28 9260 T355 Fax: +44 {0)28 9260 1656 Tel: +44 (0)28 3833 2801 Fax: +44 (0)28 3835 0293