CXAitTÉXaD ACCI)IINfAKTS MAINSTAY DRP INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAINSTAY DRP Opinion We have audited the financial statements of Mainstay DRP (the -charity') for the year ended 31 March 2023 which comprise the statement of financial activities. the balance sheet, 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 Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Sta17dartJ applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice}. In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming iesources and application of resources, including rts income and expenditure, for the year then ended.. have been properly prepared in accordance wilh United Kingdom Generalty Accepted Accounting practi., and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for optnion Vve conducted our audit in accordance with International Standards on Auditing {UK} (ISAS (UK)) and applicable Saw. Our responsibilities under those standards are further described in the Auditols responsibilities for the audit of the financial statements section of our report. We are independent of the ¢harity in accordance with the ethical requirements that are relevant to our aLdit 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 that the tru51ees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or condition5 that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a petiod of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Irustees wilh respect to going concern are described in the relevant sections of thi5 report. 17 MJnil('.villL.SlrLLt 19_.Ilfred Sttyet BELI'iiS'f B'i'2 IILQ 40 C'.I'escLI)t Ilii¥&nL¥s Park LISIILTRN J'ty8 2G. c.rlIgv1IJ) 11'1-6fj.3PB I't..1.' _44 11))28 9031 1113 bi.. 4 44 (0)28 E)i):ii 'I'1..1: +44 (0)28 926(1 355 14ux: _44 (111211 c)2611 16.-.6 Tel: +44 (1))28.38'13 a8g)I li4. +44 (1))8 311:4J l)293 4nAG RLisiprLnl IiithnduL'I auilil thi ItItU1(llh1ErLyl.'O7iIll1ITr I[)1 ww%.wiicg¢a.coin
¢HAHTEAto AtCOlJWTAYTS MAINSTAY DRP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRP Other inforniation The other informalian comprises the infomialion included in the annual report other than the financial statements and our auditols report thereon. The trustees are responsible for the other information cont2ired within the annual report. Our opinion on the financial Statements does ncit cover the other information and, except to Ihe extent othenlSe explicitty staled in our report, we do not express any forni of assurance conclusion thereon. Our responsibility 15 to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or OLtr knowledge obtained in the cotsrse of the audil, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of thi5 Other infomation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters 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 trustees, report for the financial year for which the financial statements are prepared, which indudes the directors, report prepared for the purposes of company law, is consistent with the finanGial statements., and the directors, report included within the Irustees, report has been prepared in accordance 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 iderlified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respecl of the following matters in relation to whith the Companies Acl 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or returns 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 returns,. or certain disdosures of trustees, remuneration specified by law are not made; or we have not received all the infomiation and explanations we require for our audrt., or the trustees were not enlilled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Irustees, report and from the requirement lo prepare a strategic reporl. -41fiwd Flnu_se Ic)_41fL'e.d Streot CLrtry Hoiisc 40 C'.I'Lsee.iit Busine¥*D PdT.k J7 ilf ¢inilLwiIIL StreLI POIi'IAI)011.ThT LISKLIR B'l'<)8 2{. JYA"6-.1PB I'L.1: _44 (1>)..119O31 1713 IL%: +44 {(I)'.8 I)();11 0777 '1'1..1: +44 (0)28 ry355 ' 44 {nl28 ¢)I6t> 16.-,6 Tel: +44 (0)'28 311:4.'1281)1 Ilux: +44 {0)28 J8:4 j U29.4
CHAKTERED ACCOUNTAWTS MAINSTAY DRP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRP Responsibtlities of trv5tse5 As explained more fvlly in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of cornpany law, are responsible for the preparation of the financial statements and foi being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable: matters related to going concern and using the going concern basis of accounling unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the flnancial statements Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance wtth ISAS {UK) will always detect a material misstalemenl when it exists. Misstatements 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 ststement5. The extent to which our procedures are capable of detecting irregularitie5, including fraud, is detailed below. 10- -.Ilfre.d El(bii8e 11).41fid Str¢¢t CLntury Huuse 40 C.rLsfLlIt BiisÉness Park iy MdndLMll<...glrLC..t P()K"I"AI)OIfvN I.ISBIIRN 151.28 2Cy l)X,'ItJio.NX Xelfutyt;->O BI"6=.3PB l L.1: _44 (i))ty8 91):11 1113 fr'tll: +44 (f))28 I)i>Ji or7 'Ii..1: +44 {0)8 9260 %3PJ5 IX 444 {11)28 1)2611 16;-6 Tel: +44 {0)L8.311:1.3" Fu¥: +44 (f))28:18'.44> V21)',1 4nAG R4islerLI Iiiti)ntltiLldui11Li%k)1:.1hL 1411t111e0fI-rrtXI.tlj1iTr1b ItLwMI vWM.licge8.cOll1
tHAkTÈXÈO AccouEJfANT MAINSTAY DRP INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRP Extent to whtch the auditwas considered capable of detecting irregularities, including fraud We identify and a55ess the risks of material misstatement of the financial statements, whether due lo fraud or error, and then design and perform audit procedures responsive lo those risks, including obtaining audit evidents that is sufficient and appropriate to provide a basis for our Dpinion. In identifying and assessing potential risks of material misslatement in respecl of irregularities, induding fraud and non-compliances with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business perfomance, including the company's rernuneration policies for direclors. bonus levels and perfornian targets, if any., Results of our enquiries of management about their own identification and asse5srnent of the risks of irregularilies., Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to.. Identifying, evaluating and complying wilh laws and regulalions and whether they were aware of any Instan of non-compliance., Delecling and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., and The internal 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 OCCUT 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 company lor fraud and identified the greatest potential for fraud in revenue recognition. In common with all audils under ISAS {UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounls and disclosure5 in the financial statements. The key laws and regulaticns we CDn5idered in this context inclLtded the Companies Act 2006, and local tax legislation. In addition, we Gonsidered provisions of other laws and regulations that do not have a direct effect on Ihe financial statements but Gompliance with which may be fundamental to the company's ability to operate or to avoid a mateTial penalty. 11 --Ilfrt.d IlTritge. 19..Iltred Street BLLI'ilSI' Il'l tI1,:o l)X.'si)iu NK BLlttkst CL'ntury Hou5C 40 (rce11t Biii>iiie&4 Park 17 MJn(liwillL..8IYL(..I I.ISIIL'R Js"i'48 2(y Crai¥aviin IFI"62.3PB I'L.1". -44 (())9119031 1113 Ir4L%'. + 44 (o)28 91131 O-, 'l(..1.. 44 {0)28 926() 73JP5 I."ux.' _44 (11)28 ¢J26I1 16.-.6 Tel: +44 (1>)28 38.1.4 a8ihi Ila%'. +44 {0)28 38.'lj 02()4 dnAG svwM".piiegea.com
CHARTEBED ACCQIIIITAKr$ MAINSTAY DRP INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF MAINSTAY DRP Audit response to risks identified Our procedLtres to respond to the risks identified induded the following.. Reviewing the financial statément disclosures and testing Io SLtpportiny documentation to assess Gompliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Enquiring of management conceming actual and poterslial litigation and claims., Performing analytical procedures 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 appropriateness Df journal entries and other adjuslments.. as5es5ing whether the judgements made in making accounting estimates are indicative of a polential bias. and evaluating the business rationale of any significant transaclions thal are unusual or outside the nomal course of business. We also communicated relevant identified laws 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 limitations of an audit, there is an unavoidable risk that we may nol have detected some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. In addition: as with any audit: there remains a higher risk of non-deteclion of irregularities. as they may involve collusion, forgery, inlenlional omissions. misrepresentations, or the override of inlemal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non- complian with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website al.. htlps'.11 www.frc.org.uklaudilorsresponsibilities. This descriplion forms part of our auditor's report. 12- .41fi'f d H()iEse 19.4lfred Street BELI,1 r Bi'2 8F.Q l)K39iu NK 1Sclfst SQ CLnlMry' House 40 CrCl1t Businrss Park LISBLK B'I'28 2( p()K"r,u)01iry4 Irr62.3PB Tel.. th44 (n)Tr8 9031 1113 &*: +44 (0)28 I)ii.'ii opy I'LI: +44 {0)28 9260 73•5 I,-. 44 (1?12S 9261) 16.-6 T@1: +44 (0)28 3833 28ni Fax.. +M lo)28 38.'lj 029.3 .}2¢8ra.Co
MAINSTAY DRP INDEPENDENT AIJDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRP 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 Ihe Companies Act 2006. Our audit work has been undèrtaken so that we might state to the charitat4e company's members thosè matters we are required to stale to them in an audilo¢s report and for no other purpose. To the fullest ext6nl pemiitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and the Charitable company's members as a t)ody, for our audit work, for this report. 01 for the opinions we havè formed. Mr Nlgel Moo A (Senlor Statutory Auditor) for and on behalf of GMCG BELFAST Chartered Accountants Statutory Auditor Chartered Accountants & Stalulory Auditor A5fred House 19 Alfred Street Belfsst BT2 8EQ 13