Craigavon Industrial Development Organisation (a compaDy limited by guarantee) io Independent auditor's report to the members of Craigavon Industrial Development Organisation Opinion We have audited the flnancial statements of Craigavon Industrial Development Organisation (the 'charitable company) for the year ¢nded 31 March 2024 which ¢ompris¢ th¢ consolidated statement of financial activities. th¢ consolidated balanc¢ sheet, the Charlble company balance sheeL the consolidated statemeni of c&8hflows. rh¢ charitsble company ststement of cashflows and the notes to the fmancial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicabl¢ law and United Kingdom Accounting Standards, including Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (issued in October 2019). In our opinion the finatLcial stafytllenls: give a true and fair view of the state of the group's and chitable company's affairs &$ at 31 March 2024 and of the group's incoming resources and application of resources, including its result and cash flows for the year then ended. have been properly prepared in accordance wtth United Kingdom Generalty Awted Accountlng Practice. and have been prepared in accordance with the requirements of the Companies Act 2(X)6. Basis of audit opinion We conducted our audit in accordanc¢ with International Standards on Auditing (i]K) {ISAs IUK)) and applicable law. Our responsibilities under those standards are fiirther described in the Auditors responsibilities for the audit of the fancIal statements section of our report. We are independent of the Chitable company in accordance with the ethical requirements that are relevant to our audit of the fancial sL*ements in the UK including the FRC'S Ethical Standard, and w¢ hav¢ fulfill¢d our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient aud appropriate to provide a basis for our opinion. Conclusions relgting to going concern In auditing the fmancial statements, we have concluded 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 prfOrnie we have not identified any material uncertainties relating to ¢v¢nts or conditions thaL individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the fllWLcial statements are authorised ftir issu¢. Our respoiisibilities and the responsi1]itIeS of the trustees with respect to going concai) are described in the relevant sections of tbis r¢port. Other information The trustees are responsible for the other informalion. The other infonnation MpriseS the inforniation ID the report of the trustees, but does not include the fanCIal statements and our report of the auditors thereon. Our opinion on th¢ fmancial stat¢ments does not cover the other infornlatio and exwTrt to the extent otherwise explicitly ststed in our repoTL we do not express any forni of assurance conclusion thereon. In conn¢ction with our audit of the financial statements, our responsibility is to read th¢ other iDforn]ation and, in doing so, consider whether the other inforniation is materialty inconsistent with the financial statements or our knowledge obtained in th¢ ¢iudil vr uthenvisc aPPCdts Lv bc mdAla1]Y ffi]55d. If w¥ id¥Iilify suLIi iIidLrLial iiiroJ)5i5tcJJGiw 01 appatcnt rnat¢rial misstatsments. we are required to detennine whether there is a material misstst¢ment in the fmancial statements or a material misstat¢m¢nt of th¢ other information. If, based on the work we have wfi)nne4 we conclude that there is a material misstatement of this other inforn]ation, we are required to ryort that fact We have nothing to r¢EXJrt in this regard.
Craigavon Industrial Development Orgallisation (a company limited by guarantee) 11 Independent auditor's report to the members of CraRgavon Industrial Development Organisation (Continued) Opinion on other matters prescribed by the Companies Act 201 In our opinion, bed on the work undertaken in the course of the audit: the infom]ation given in the report of the trustees for the financial year for whith the fmancial statements are prepared is consistent with the financial statements" and the report of the tnb1ees bas been prepared in accordance with applicable legal requirements. Matters on whieh we Ydre required to report by exceptio In the light of the knowledge and understanding nf the charitable cnmFdny 2nd its environment obtained in the course of the audil, we have not identiried material misstatements in the report of the trustees. We have nothing to report in respect of the following matters where the Companie5 Act 2006 requir¢s us to ryort 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 VlSlted by us- or the fmancial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not Made. or we have not received all the inforniation and explanations we require for our audii" or the tntstees were not entitled to prepare the fancial staiements in accordance with the small companies regime and take advantage of the small companies, exemption from the requirement to prepare a Strategic report or in preparing the report of the trustees. Responsibilities of Irustees As explained more fvlly in the Statement of trusiees responsil)ilitie& the tntstees (who are also the dir¢ctors of the charitable ompany for the PUTW)se) of company law) are reswDsible for the prepaTation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees deterniine is neSsary to enable the preparation of fllwicial statements that are free from material mi&statemenL whether due to fraud or error. In preparing the fmancial stafrments the tnteeS are responsible for esSIng the charitable company'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 tSteeS either intend to liquidate the charitable cornpany or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial ststemeDts Our objectives are to obtain reasonable assurance aix)ut whether the fjnancial statements as a whole are free from material misstat¢ment. wh¢ther du¢ to fraud OT error, and lo issue a Report of the auditors that includes our opinion. Reasonable &8suran¢e is a high level i)f assurance, but is not a guardntee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or eor 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 siatrments. Irregularities, including fraud, are InsLceS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements ID respect of iegularlties, including frdU(L The extent to which our proccduT¢S ar¢ capablc of dctccting iTregularitie4 including fraud is detailed bclow: Based on our understanding of the charitable company and inthisty. we identified that the principal risks of non-compliance with laws and regulations related to failure to comply with the regulations of grant and fijnding providers and we considered the extent to which non-compliance might have a material effect on the fmancial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management'5 incentives and opportunities for fraudulent manipulation of the fanCIal statements (including the risk of override of controls), and detern)ined that the principal risks are related to posting journal entries to manipulate the fmancial statements, inappropriate revenue recognition and management bias in determining accounting estirnates.
Craigavon Industrial Development Organisation (a company limited by guarantee) 12 Independent auditor's report to the members of Craigavon Industrial Development Organisation (continued) Audit procedures perfornied by the engagement team included: Discussions with managernenL including consideration of known or suspected instances of non-compliance with laws and regulations (including data protections legislation) and fraud. Identification and testing of significant journal entries. and Evaluation and, where appropriate, challenging assumptions and judgements made by management in d¢t¢rniining significant accounting estimates. There arc inhcrcnt limitations in th¢ audit procedures d¢SGrIb above. W¢ are less likoly to b¢wm¢ aware of instan¢¢s of non-compliance with laws and regulations that are not closely related to events and transadions reflected in the fmancial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberale concealment by, for exampl4 fotgcry or int¢ntiDnal misrepres¢ntations. or tl]rough collusion. A fLher description of our responsibilities for the audit of the fmancial statements is located on the Fmancial Reporting Council's website at www.frc.o .uklauditors nsibilities. This description fornts part of our Report of the auditors. Use of our report This report is made solely to the tharitable Company's members. a b(, in accordance with Chaptrr 3 of Part 16 of the Companies Act 2006. Our audit work ha5 kcn und¢rtak¢n 50 that wc mi8bt state to th¢ charitabl¢ ¢ompany's rncmbcr3 th03C m2tters we are required tn state tn thern in an auditnr'4 repnrt and for no other pun)ose. To the fullest extent perniitted by law, we do not accept or assujne responsibility to anyone other than the charitable company and the charitable company's members as a body> for our audit worK for this rewrL or for the opiniolls we have fornied. DavRd Ruddell (Senior Statutory Auditor) for and on behalf of Wylie Ruddell Statutory Auditor Chartered Accountants Arn]agh Business Centre 2 Loughgall Road Arniagh BT617NH Date: It QcEober Ao £Lt