GASYARD DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST Opinion We have audited the financial stateTnents of Gasyard Development Trust (the 'chariV) for the year ended 31 March 2024 which comprise the ststement of financial activities, the balan sheet and notes to the financial statements, induding significant accounting policies. The financial reporting framewotk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding Financial Reporttng Standard 102 The Financial Repong Standard applicable in the UK and Reptsblic of Iland (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements-. give a true and fair view of the state of the charitable companls affairs as at 31 March 2024 and of its incoming resources and application of resources. induding its income and expenditure. for the year then ended., have been propedy prepared in accordan with United Kingdom Generally Apted Acunting Practice., and have been prepared in accordan wtth the requirements of the Companies Acl 2006. Basis for opinion We conducted our audit in accordan with Intemational Standards on AuditÉng (UK) (ISAS (UK}) and applicable law. Our responsibiltties under those stsndards are further described in the Auditors SponSIbl1rtles for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtained 15 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 trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfoThed, we have not identffied any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charity's abilty to continue as a going concern for a period of at least e1ve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report. Other information The other inforniation comprises the infomiation induded in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on Ihe financial statements does not cover the other infomation and, except to the extent otherwise explictuy stated in our report, we do not express any forn of assuran conclusion thereon. Our responsibilty 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 obtsined in the course of the audit, or otherwise appears to be materially misstated. If we identsfy such material incon5iStencies or apparent material misstatements, we are required to detemiine whether this gNes rise to a material misstatement in the finanaal statements themselves. If, based on the work we have perfomied. we condude that there is a material misstatement of this other information, we are required to report that fart. 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 financÉal year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law. is consistent with the financial statements,. and the directors, report included wtlhin the trustees. report has been prepared in aCrdance wtth applicable legal requirements. 12-
GASYARD DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST Matters on which Y are required to report by exception In the light of the knowledge and understanding ol the chartty and its environment obtained in the course of the audit, we have not identtfied malerial misstatements in the directors, report induded wtthin the trustees, report. We have nothing to report in respect of the following matters in relation to whith the Companies Act 2006 requires us to report to you rf, in our opinion= adequate accounting records have not been kept, or retums adequate for our audtt have not been reiVed from branches not visited by us" or the finanaal statements a not in agreement with the accounting record5 and retums; or rtain disclosures of trustees. remuneration specified by law are not made. or we have not received all the infonnation and explanations we require for our audit- or the trustees were not entitled to prepare the financial slatements in accordan with the small companies regime and take advantage of the small companies, exempb'ons in preparing the trustees. report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilTlies, the trustees. who are also the directors of the charity for the purpose of company law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal 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 statements, the tru51ees are responsible for assessing the charity's abilty to ntinue as a going conrn, disclosing. as applicable, matters related to going concem and using the going concern basis of accounting 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 financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error. and to issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS (UKI will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, indNidually or in the aggregate, they could reasonably be expected to influen the economic decisions of user5 taken on the basis of these finanaal statements. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. Extent to which the audit was considered capable of detecting irregularities. including fraud The objectives of our audit in respect of fraud, are., lo identfy and assess the risks of material misstatement of the financial statements due to fraud,. to obtsin Sufficient appropriale audtt eviden regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instan$ ol fraud or 5U5pected fraud identified during the audtt. However. the primary responsibility for the prevention and detedion of fraud rests with both management and those charged with governance of the charitable company. Based on our understanding of the charitsble company and tts operating environment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework, (FRS 102, the Chartties Act (Northem Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northem Ireland) 2015, the Charty SORP and the Companies Act 2006) of which non-compliance may have a material effect on the finanaal statements. complian with these laws and regulations was assessed as part of our procedures. Other laws and regulations of which non-complian may have a material effect on the financial statements, e.g. through fines or litigation, were identified such as regulations in relation to employment law. Our required procedures in these areas are limited to inquiry of trustees and other managemenl and inspection of any regulatory or legal correspondence. These limited prOdureS did not idenb'fy any actual or suspected non-compliance. 13-
GASYARD DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST We assessed the susceptibiltty of the charitable companls financial statements to malerial misstatement, including how fraud might occur. including evaluating managemenys inntiveS and opportunities to manage eamings or influence the reported results. From the results of our assessment. we determined that the principal risks ol fraud relate to posting inappropriale joumal entries and use of chanty funds for purposes outside of restrictions imposed by the donor. In common wilh all audtts under ISAS (UK). we are required to perform specific procedures to respond to the risk of management override. Audit response to risks identified As part of an audit in accordan wtth ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit prOdureS perfomied by the engagement team included.. We obtained an understanding of the tharttable company's intemal control systems in order to design audit procedures that are appropriate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the charitable company's intemal control. We obtained an understanding of how the charitable company complies with relevant laws and regulations, including those as a result of its registration with the Charity Commission for Northern Ireland and charitable status with HM Revenue & Customs , by making enquiries of management and those charged with govemance. Enquiry of management. those charged with governan and the entty's solicttors around actual and potential litigation and claims. Enquiry of entty staff to identfy any instan$ of non-compliance with laws and regulations. Performing analytical procedure5 to identrfy any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Reviewing minutes of meetings of those charged with governan. Reviewing financial statement disdosures and testing to supporting documentation to assess compliance with applicable laws and regulations. We test the completeness of income to address the risk of fraud in revenue recognition. Auditing the risk of management override of controls. induding through testing joumal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions that are unusual or outside the nomial course of business. Auditing the risk of use of charity fijnds outside of restrictions imposed by the donor by review of funding letters of offer to identify restrictions, and review of funding daims prepared by management to check compliance with restrictions. We communicated relevant law5 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 Ihe audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions refflected in the financial statements. the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resutting from error, as fraud may invohie deliberate conalMent through collusion, forgery, intentional omissions. rnisrepresentations or the override of intemal control. A further description of our responsibilttte5 is available on Ihe Financial Reporting Council's website at.. httpsJl www.frc.org.uklauditorsresponsibilities. This description fonns part of our audtto¢s report. Use of our report This report is made solely to Ihe charttable companVs members, as a body. in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable cornpany's members those matters we are required to state to Ihem in an audttorfs report and for no other purpose. To Ihe fullest extent permitted by law. we do not accept or assume responsibilty to anyone other than the charitable company and the charitable compan$ members as a body. for our audit work. for thi5 report, or for the opinions we have fomied. 14-
GASYARD DEVELOPMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST Joh radley Iseniorstatuto Auditor} for and on behalf of Moore (Nl) LLP 17 December 2024 Chartered Accountants Statutory Auditor 21-23 Clarendon Street Derry-Londonderry BT48 7EP 15-