Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd Year ended 31 March 2024 Opinion We have audited the financial statements of Young at Art Ltd (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial acts'vilies (including income and expenditure account), statement of financial position. ststement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporbng framework that has been applied in their preparation is applicable law and United lQngdom Accounting Standards, including FRS 102 The Financial Reporting Standard 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 charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended" have been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practice., 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 Audiiing (UK) (ISAS IUKI} and applicable law. Our responsibilities under those stsndards are further described in the auditorfs responsibilities for the audit of the financial statements section of our rewrt. We are independent 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 the provisions available for small entities. in the circumslances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other businesses of our size and nature we use our audtiors to assist with the preparation of the financial ststements. Conclusions relatlng 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 performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the ¢harity'S ability to continue 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 c¢rn are described in the relevant sections of this report.
Young at Art Ltd Company Limited by Guarantee Independent Auditorfs Report to the Members of Young at Art Ltd (eonlinued) Year ended 31 March 2024 Other infomlation The other information comprises the infomBtion included in the annual report. other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements dS not cover the other information and, except to the extent otherwise explicilly stated in our report, we do not express any fomi of assurance conclusion thereon. In Connection with our audit of the financial statements, 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 obtained in the audit or otheTwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to detemiine whether there is a matenal misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed. we conclude that there is a material misstatement of this other informats'on. VR are required to report that fact. We have nothing to report in this regard Opinions on other matters prescribed by the Companles 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 which the financial statements are prepared is consistent wth the financial statements.. and the trustees, report has been prepared in accordan with applicable legal requirerr£nts. 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 identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to rewrt to you rf. in our opinion: adequate accounting records have not been kepL or returns adequate for our audit have not b*n received from branches not visited by us" or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneralion specified by law are not made,. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial ststements in accordance with the small companies regime and take advantage of the small companies, exemptsons 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 (continued) Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees. responsibilities statement. the trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for 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. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditsng (UK). Those standards require us to comply with the Financial Reporting Council's (FRC'S) Ethical Stsndard for Auditors,, in the circumstances set out in note 24 to the financial statements. In preparing the financial statements, 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 accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd {¢onlinued) Year ended 31 March 2024 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 misstatemen( 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 a¢¢ordance with ISAS {UK) will always detect a material misststement 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 taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our reSnSIbIlItIes. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. In identifying and assessing risks of material misstatement in resped of irregularities. including fraud and non-complian with laws and regulations, we considered the following.. the nature of the industy and sector. control environment and business performance including the design of the remuneration policies. key drivers for directors, remuneration. bonus levels and performance targets., results of our enquiries of managenEnt about their own identificats'on and assessment of the risks of irregularities., any matters we identified having obtained and vieWed documentation of their policies and procedures relating to.. identifying. evaluating and Complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud: the internal controls established to mits'gate risks of fraud or non<ompliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and inntiveS that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS {UK), we are also required to perfonn specific procedures to respond to the risk of management override. We also obtsined 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 determination of material amounts and disclosures in the financial statements The key laws and regulations we considered in this context included ongoing Compliance wtth the UK CoMpanS Act and tax legislation. In addition, we considered provisions of other taws and regulats'ons that do not have a direct effecl on the financial statements but compliance with vthich rrray be fundamental for their ability to operate or to avoid a material pendty. 10
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (continued) Year ended 31 March 2024 As part of an audit in accordance with ISAS {UK). we exerctse professional judgment and maintain professional scepticism throughout the audrt. We also.. Identify and assess the risks of material missiatement of the financial statements. whether due lo fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intents.onal omissions. misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit 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 accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going conrn basis of &counting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast signtficant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However. future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 11
Young at Art Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Young at Art Ltd (¢ontlnuedJ Year ended 31 March 2024 We communicate with those charged wrth governance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audiL 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 auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work, for this report, or for the opinions we have formed. Paul Dolan FCA (Senior Ststutory Auditor) For and on behaff of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 4 November 2024 12