Young at Art Ltd Company Llmlted by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd Year ended 31 March 2023 Opinlon We have audited the financial statements of Young at Art Ltd {Ihe 'charity') for the year ended 31 March 2023 which comprise the statement of flnancial activities (including income and expenditurè accounll, statement of financial position. statement of cash flows and the related notes, including a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicé). In our oplnion the financial statements-. give a true and fair view of the state of the charlty's affalrs as at 31 March 2023 and of Its incoming resources and appllcatlon of r8sources. including Its income and expenditur8, for the year then ended,. have been properly prepar8d in a¢cordance with United Kingdom Generally Accepted Accounting Practice.. have been prepared In accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wllh Intematlonal Standards on Auditlng IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor'5 responsibilities for the audit of the financial statements section of our report. We are independ8nt of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and Ihe provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basls for our opinion. In common with many other busSnesses of our size and nature we use our audltors to assist with the preparation of the financial slalements. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustees. 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 identlfled any material uncertaintles relatlng to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to conlinue as a going concern for a period of at least twelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are d8scribed in the relevant sections of this report.
Young at Art Ltd Company Llmited by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (contlnued) Year ended 31 March 2023 Other Information The other information comprises the Information included In th8 annual report, other than the flnancial statements and our auditor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial stat8rnents does not cover the other information and, except to the extent othetwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other inforrnation and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in Ihe audit or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required to determlne whether there is a malerial misslatemenl In the financial statements or a material misststement of the other Inforrnation. If, based on the work we have performed, we conclude that there is a matèrial misststement of Ihls othèr Informallon. we ar8 r8qulred to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companlès Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the Information given in the trustees. report for the financial year for whlch th8 fSnanclal statements are prepared is consist8nl with the financial statements., and tha trustees, report has been prepared in accordance with gpplicable legal r8quir8m8nts. Matters on which we are requlred to report by exceptlon In the light of th8 knowledge and understanding of the charity and its envlronment obtained in the course of the audit. we have not Sdenlified material rnisstaternents in the trustees, report. We have nothing to report in respect of the following matters in relation lo which th8 Companies Act 2006 requires us to 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 flnancial statements are not in agreemenl wlth the accounting records and returns: or certaln disclosures of trustees, rernunerallon specified by law are nol made; or W8 have not received all thé information and explanations we require for our audit: or the trustees were not entitled to prepare 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 to prepare a strategic report.
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (contlnued) Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities stalement. the trustees (who are also the directors for the purposes of company law) are responsible for thè preparation of the financial stalem8nts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is nec8ssary to enable the preparation of financial stalemenls that are free from material misstatement, whether due to fraud or error. In preparing th8 financial statements, the trustees are responsible for assesslng 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 accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allernalive bul lo do so.
Young at Art Ltd Company Limited by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (contlnued) Year ended 31 March 2023 Auditorfs responslbllltles for the audlt of the flnanclal statements Our oblectives are to obtain re8son8ble assurance about whether the flnanclal statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a mal8rial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users lak8n on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in Ilne with our rèsponsibilities, outlined above, to detect material misslalemenls in respect of irregularitles, Includlng fraud. The extent lo which our procedures are capable of detecting irregulari1188, including fraudls detalled below.. In identifying and assessing risks of material misstatement in respe¢l of irregularities, including fraud and non•compliance with laws and r8gulations, we considered the following.. the nature of the industry and sector, control environment and business performance including Ihe deslgn of the remuneration policies. key drivers for directors, remuneration, bonus levels and performance targets. resu115 of our enqulries of management about their own identlficalion and assessment of the risks of irregularities., any matters we identified having oblained and revlewed documentatlon of thelr policles and procedures relating to.. identifying, evaluating and complying with laws and r8gulalions and whether management were aware of any instances of non-compliance.. delecling and responding to the risks of fraud and whether management have knowledge ofany actual, suspected or alleged fraud., the internal conlrols established to miligate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audlt engagement team including significant component audit teams and relevant internal specialists, including lax and valuations specialists regarding how and where fraud mlght occur In the financial statements and any potential indicators of fraud, A5 a result of these procedures, we considered the opportunities and incentives that may exist within thé organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UKI, we are also required to perform specific procedures lo respond to the risk of manag8mènt override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determlnation of material amounts and disclosures in the financial statements. The key laws and regulations we considered In this context included ongoing compliance with the UK Companies Act and tax 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 for their ability lo operate or to avoid a material penalty. 10
Young at Art Ltd Company Limlted by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (conllnued) Year ended 31 March 2023 As part of an audit in accordance with ISAS IUKI, we exerase professional judgment and malntaln professional sceptiGism throughout the audlt. We also.. Identify and assess the risks of material misstatement of the financial staternenls, wh8th8r due to fraud or error, design and perform audit procedures responsive lo those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inlentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audlt in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accountlng policles used and the reasonableness of accounting estimates and related disclosures made by Ihe trustees. Conclude on the appropriateness of the trust8es' use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to event5 or conditions that may cast significant doubl on the charity's ability to continue as a going oncern. If we conclude that a material uncertainly exists, we are required to draw allenlion in our auditor's report lo the related disclosures in the financial slalemenls or, if such disclosures are Inadequat&, to modify our opinion. Our conclusions are based on Ihe audit evldence obtained up to the datè of our auditor's report. However, future events or condition5 may Cause the charlly to cease to contlnue as a going Concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures. and whether the financial stat&menls represent the underlying transactions and events in a manner that achieves fair presentation. 11
Young at Art Ltd Company Limited by Guarantee Independent Audltor's Report to the Members of Young at Art Ltd (conllnuedj Year ended 31 March 2023 We communicate with those charged wlth governance regarding, among other matters, the planned scope and timing of the audit and signlficanl audlt findings, including any significant deficlencles in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not a¢cept or assume responsibility to anyone other than the charity and the charlty's members as a btjdy. for our audit work. for this report, or for the opinions we have fomied. Paul Dolan FCA (Senlor Slalutory Audllorl For and on behalf of Finegan Gibson Ltd Chartered accountants & slalutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 6 Novemb8r 2023 12