INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD Oplnion We have audited the financial statements of Inspire Business Cenlre Ltd (the 'charitable company,) for the year ended 31 March 2024 which comprise the statement of financial activities, the statement of financial posrtion, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Aocounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Iland (United Kingdom Generally Accepted Accountsng Pracbce>. In our opinion, the financial statements.. give a true and fair view of the state of the tharitable company's affair5 as at 31 March 2024 and of ils incoming resources and applicatson of resources, induding its income and expenditure, for the year then ended., have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UKI (ISAS (UKI) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors responsibilrties for the audit ol the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to aur 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 relating to going concern In auditing the financial statements, we have concluded Ihat the trustees. use of the going concem basis ol accounting in the preparation of the financial stalemenls is appropriate. Based on the work we have perfomied, we have not identffied any material UnrtaIntieS relating to events or conditions that, individually or collectively, may cast signffjcant doubt on the charttable company's ability to continue a3 a going concern for a period of at least twelve months from when the finanrial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD Other infomiation The other information comprises the infomiation induded in the annual report other than the finala1 statements and our auditor's report thereon. The trustees are responsible for the other infomation contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the èxtent othemse explicitly stated in our report, we do not express any forn of assurance conclusion thereon. Our responsibility is to read the other infomiab'on and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knedge obtained in tt)e course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistenaes or apparent material misstatements, we are required to determine whether this gives rise to a material misslatement in the financial statements themselves. If. based on the Work we have performed, we conclude that there is a material misststement of this other infomiation. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the CompanFes Act 2006 In our opinion. based on the work undertaken in the wurse of our audit" the information givèn in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law. is consistent wsth the finanal statements,. and the directors, report included wtthin the trustees, report has been prepared in accordance wtth applicable legal requirements. Matters on vthich we are required to report by exception In the light of the knowtedge and understsnding of the charitable company and its enmronment obtained in the cotsrse of the audit, we have not identtfied material misststements in the directors, report induded within the trustees, report. We have nothing to report in respect of the followng matters in relation to which the Companies Act 2006 requires us to report to you rf. in ouropinion= adequate accounling records have not tseen 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 rtain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the infomiation and explanations we require for our audit- or the trustees were not entrtled to prepare Ihe financial stalements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. 10-
INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD ResponsSbillties of trustees As explained more fully in the statement of truslees. responsibilities, the trustees. who are also the directors of the charitable company for the PUTpose of company law, are responsible for the preparation of the financial statements and for being satisfied thal they give a true and fair view, an(J for such intemal control as Ihe trustees detemine is necessary to enable the preparation of financial statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going ConM, disclosing, as applicable, matters related to going concern and using the going conrn basis of accounts'ng unless the trustee5 either intend to liquidate the charrtable company or to cease operations, or have no realistic altematsve but to do so. Auditor's responsibilities for the audlt 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 lo issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could aSOnablY be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulats"ons. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of itregular¢ties, including fraud. The extenl to which our procedures are capable of detecting irregularities, including fraLKI, is detailed below. 11
INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD Extent to which the audit was considered capable of detecting irregularities. including fraud We idèntify and assess the risks of material misstatement of the financial stalements. whether due to fraud or error, and then design and perfomi audit prOdureS responsive to those risks. including obtaining audit evidence that is i sufficient and appropriate to provide a basis for our opinion. In identfying and assessing potential risks of material misststemenl in respect of iegUlar1ties. induding fraud and i non-compliances with laws and regulations, we considered the followng= The nature of the industy and sector, control environment and business perfomance. including the charitable company's remunerats'on policies for directors. bonus levels and perfomiance tsrgets, if any" Results of our enquiries of management about their own identification and assessment of Ihe risks of iegUlar[treS-, Any matters we identified having obtsined and reviewed the charitsble company's documentation of Iheir i policies and procedures relaling to: Identifying, evaluating and complwng wÉth laws and regulations and whether they were aware of any inslance of non-complian., Delecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. and The inlemal controls established 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 might oc¢ur in the financial statemenls and potential indicators of fraud. As a result of these protsdures. V considered the opportunities and inntiveS that may exist wthin the charitable company for fraud and identified the greatest potential for fraud in income recognition. In common wth all audits under ISAS (UK), we are also required to perform spectfic procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framewo$ that the charitable company operates in focusing on provisions of Ih05e laws and regulations that had a direct effect on the determination cl material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct efft on the financial statements but compliance wtth which may be fundamental to the company's ability to operate or to ald a material penaty. 12-
INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD Audlt response to risks identified Our procedures to respond to the risks identified included the following: Reviewng the financial staternent disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direcl effect on the financial statements.. Enquiring of management concerning actual and potential lib"gation and claims.. Performing analytical prOdureS to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud-, Reading minutes of meetings of those charged with govemance and reviewing correspondence with tax authorities.. and In addressing the risk of fraud through management override of controls, testing the approprialerless of journal entries and other adjustments-. assessing whether the judgements made in making accounling estimates are indicative of a potential bias-, and evaluatlng the business rats"onale of any signifiCt transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert to any indications of fraud or non-compliance wf(h laws and regulations throughout the audit. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatemenls in the financial statements, even though we have properly planned and performed our audit in accordance with auditsng standards. In addikn"on, as with any audit. there remains a higher risk of non-delection of irregularities, as they may involve collusion, forgery, intentional omissions. misrepresenlations, CK the override of internal controls. We are not responsible for preventing notFcompliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporknng Council's website at.. httPS:11 .frc.org.ukJauditorsresponsibililies. This description foms part of our audito¢s report. 13-
INSPIRE BUSINESS CENTRE LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF INSPIRE BUSINESS CENTRE LTD Use of our report This report is made solely to the charttable company's members, as a body. in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audtt work has been undertaken so that we might state to the charitatje company's i members those matters we are required to stste to them in an auditoffs report and for no other purpose. To the fullest extent permitted by law, we do not 8Qpt or assume responsibility to anyone other than the charitable company and the charitable companls members as a body, for our audit work, for this report, or for the opinions we I have forrned. Mr Stephen Houston FCA {Senior Statutory Auditor for and on behalf of GMCG LISBURN Chartered Accountants Statutory Auditor Century House 40 Gresnt Business Park Lisbum BT28 2GN 14-