Report of the Independeiit Auditoi's to the Trustees and Members of West Belfast Enterprise Boai'd Limitcd Oplnlon We have audited the fsnancial statements of West Belfast Enterprise Boai'd Limited (the 'charitable parent coinpany,) and its subsidiaries ('the group,) for the year ended 31 Deceinber 2022 which coinprise the ¢onsolidated Statement of Financial Activities, the consolidated and parent company StateiYJent of Financial Position, the consolidated and parent Statement of Cash Flows and notes to the financial stateinents, including a suillinary of significant accounting policies. The fmancial reporting fi'ainework that ha5 been applied in their preparation is applicable law and United Kingdoin A¢¢ounting Standards (Urkited Kingdoin Generally Accepted Accounting Pi'actice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of li'eland,. In oui. opinion the fjnancial slat¢ment5'. give a true and fair view of the state of the gi-oup's and of the charitabl¢ parent coinpany's affairs as at 31 December 2022 and of the group's incoming resoui'ces and application of resources. including its incoine and expenditure, for the y¢ai' then ended. have been properly prepared in aocordaT)ce with United Icingdom Generally Accepted Accounting Practice, includints Financial Reporting Standard 102 'The Fillancial Repoiting Standai'd applicable in the UK and Republic of Ii'eland and have been prepared in accordance with the requirnents of the Coinpanies Act 2006. BAsis foi. opinion We conducted out- audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) aiid applicable law. Oui. responsibilities under those standards are rther described in the Auditors, responsibilities for the audit of the finaii¢ial stateiiieiits section of our report. We are independent of the gi'oup and charitable parent company in accoi'dance with the ethical requirements that are i'elevant to our audit of the fu)anci&l statements in the UK, includitLg the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in aceordance with ihese requireinents. We believe that the audit evideJ)ce we have obtained is sufficient and appropriate to provide a basis for our opinior). Concluslons relating to going concern In auditing the fmancial statemenls, we have concluded that the trustees, use of the going con¢ern basis of accounting in the pi'eparation of th¢ fmancial statements is appropriate. Based on the work we h&ve perfonlled. we have not identified any material uncertainties relating to events or conditions that, individually oi. collectively, may cast significant doubt on the group and chai'itable parent coinpany's ability to continue as a going ¢oncern for & period of at least twelve inonths from when the fmancial stateinenls al'e authorised for issue. Our i'esponsibilities and the responsibilities of ih¢ ts'ustees with respect to going concern are described in the i'elevant sections of this repoit. other Information The tiuslees al'e responsible for the otbei. infonnation. The other infonnation comprises th¢ infortnation included in the Annual R¢poit, othei. than the financial statemenls and our Report of the Independent Auditors Ihei'eon. Our opinion on the financial statements does not cover the other infoiination and. except to the extent othei'wise explicitly stated in our report, we do not express any fonll of assurance conclusion thereon. In COreCtion with our audit of the fjnancial statements, our responsibility is to read the olhei. infonnation and, tn doing so, considei. whether the other inforination is Inaterially inconsistent with the fmancial stateinents or our knowledge obtained in the audit or othenvise appeal's to be materially iTLiSStated. If we identify such material in¢onsisten¢ies or apparent inaterial misstatements, we al'e required to detei'inine whether this oives rise to a tnaterial misstatement in the fall¢la1 slaten]ents themselves. If, based on the work we have perfoimed, we conclude that there is a Inalerial ITJiSStateinent of this other infolation, we are required to report tbat 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 infomiation given in the Report of the Trustees for the fmancial year for which the fmancial stateinents are prepaird is consistent with the fmanGial stateinents. and the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Repoi't of tlie Independent Auditor5 to the Trustees and Membei's or West Belfxst nterprise BoaR'd Limited Matters on which we are required to report by exception In the lioht of the knowledge and understaiiding of the group and the charitable parent company and its environment obtained in the course of the audit, w¢ have not identified inaterial inisslateinenls in the Report of the Trustees. We have noibiT)g to report in respect of the following inatters where the Coinpanies Act 2006 requires us to report to you if, in our opinion.. adequate ac¢ounting recoi'ds have not beeii kept by the group or paTenl coinpany oi. reMrn5 adequate for our audit have not been received froin branches not visited by us. or the group or parent company fll)ancial stateinents al'e not in agreeinent with the accounting records and returns. oi. ceitain disolosures of tt'ustees, remuneration specified by law are not made. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Siateinent of Trustees, Responsibilities, the trustees (who are also the dll'ectors of the charitable coinpany for the purposes of company law) are responsible for the preparation of the fjnancial statements and for being satisfied that they give a ttve and fair view, and foi. such inteimal control as the trustees detennine ig necessary to enable the pi'eparation of ffflancial stateinenls that are free fi'oin matei'ial Inisslatement, whether due to fraud oi. error. In prepa¥ing the fjnancial statements, the trustees are responsible for assessing the group's and charitable parent coinpany's ability to continue as a going concein, disclosing, as applicable, Inatters related to going concern and using the going concern basis of accounting Ullless the trustees eithei. intend to liquidate the gi'oup oi. the ¢haritable parent coinpany or to cease operations, or have no realistic altei'native but to do so. io
Report of the Jndependent Auditors to the Trustee5 and Members of West Belfast Enterprise Board Lilnited Ollr r¢sponsibillties for the audlt of the financial statements Our objectives are to obtain reasoiiable assui'anc¢ about whether the financial statements as a whole are fire from Inalerial misstatement, whether due to fraud or erroT, and to issu¢ a Report of the Independent Auditoi's tbat includes our opinion. Reasonable assurance is a high level of assui'ance, but is not a guarantee that aD audit conducted in &ccordance witb ISAS (UK) will always detect a inaterial misstateinent when it exists. Misstateinents can,ai'ise from fraud oi. error and are considered inaterial if, individually oi. in the aggregate, they could reasonably be expected to influence the econoinic decisions of users taken on the basis of these fmancial statetnents. The extent to which our procedur¢s are capable of detecting irregularities, including fi'aud is detailed below: The following al-e i'equired to be considered.. the nature of the industry and sector, control environm¢nt and entity pei'forniance. results of our enquires of inanagement, about their own identification and assessment of the risks of irregulai'ities. review of company policies and pi'ocedures relating to.. identifying, evaluation and complying with laws and regulations and whether they al'e aware of instances of noncoinplianc¢' dete¢ting and responding to the risks of fraud and whether they have any knowledge of any actual, suspected oi alleged fraud. the internal Gontrols established to initigate risks of fraud or non-coinpliance with laws and regulations. the matters discussed a]nong the audit engagement team and specific component audit teams regai'ding how and where fraud inight occur in the fmancial slateinents and any potential indicators of fraud. Because of these procedures. we considered the opportunities and incentives that niay exist within the group and charitable parent coinpany for fraud and identified the greatest potential foi. fraud is in i'elation to fair value inoveinents on inveshneiit property, coiiipleteness of incoines, expenditure not being applied in line with intended puryoses and the calculation and payinent of salaries. In cointnon with all audits under ISAS (UIC), we are also i'equii'ed to perforin specific procedures to respond to the risk of inanageinent override. Audit response to risks identified. The cuii'ent audit is ¢ondu¢ted with professional sceplicism using procedures that are in a¢cordance with Intejnational Standards on Auditing. Jn i'esponding to the identified key audit inatters above we obtained an understanding of the chai'ity's objectives and incoine strearns togethei. with the salary calciilation and pi'ocessing process, we perfonned enquires of Inanageinent and inspe¢led relevant docuinents and calculations, verifyints llicoines and expendityres, a55essing the completengss and accuTacy of disclosures witbin the fmancial stateinenls and concurird the figures wei'e matei'ially accurate, In addition to the above, oui- pi'ocedui'es to respond to risks identified include the following; i'eviewing tlie fvll financial statement disclosures and testing to supporting docuinentation to assess coinpliance with provisions of relevant laws and i'egu12tions desci'ibed as havin(F a direct effect on the fmancial staten)eiits' enquiring of inanagement concems of actual and potential litigatioii and ¢lalltiS' - reviewing basis for cal¢ulating fair value of investment property and coillpare to inarket cotlditions. perfoming analytical procedui'es to identify any unusual oi. unexpected relationship5 that may indicate risks of Inaterial misstateinent due to fraud. reading ininute8 of meetings of those charged with govemance; obtasned an understanding of provisions and lield discussions wilh inanagemeE)t to understand the basis of recognition or non-recognition of provisions. and in addressing the risk of fraud through Jnanagement ovei'ride of controls, testing the appropriateness of journal enh'ies and other adjustments- assessing whethei. the judgements made in making accounting estllnates al'e indicative of a potential bias. and evaluating the business rationale of any significant transactions that are unusual oi. outside the noTmal course of business. We also communicated relevant identifted laws and regulations and potential fi'aud risks to all engagement team members and significant coillponent audit teams, and remained alert to any indications of fraud or noncoinpliance with laws and regulation5 throughout tlie audit. A further description of our responsibilities foi. the audit of the flnancial statements is lo¢ated on the Financial Reporting Council's website at www.frc.oi'g.uklauditorsT¢spoll8ibilitie5, This description fonns part of our Repoit of the Independent Auditors. li
Repoi'l of the Independent Auditors to the Tru51ee5 &nd Members of We51 Belf2st Ei nterpi-ise Board LiTnit¢d Us¥ of our report This r¢pDrt is Inade solely to the charitable company's members, ab a body, in accordan¢¢ with Chapter 3 of Parl 16 of the Companies Act 20J6. Oiir aiidil woilc has been underlalcen so that we might slate to the charitable coinpany's members Iliose Ipallers we 8re requircd lo slate lo tlieill in an auditors, r£porl and for no other purpose. To tlie fullest cxt¢iil pei'mittcd by law, we do not accept oi. assuine i'espoi)sibility lo anyoiie other Ihall the charitable compaiiy aiid Ihc cl)ai'ilable conipany's members a5 a body, for our aiidit work, for this repoit, or for the opinions we have foi'tned. Malachy ady{ eiiior Stal for and on Ifof .B.Mc Cl)¥rlercd A¢couMlanls Stathtoiy Aiiditors Raihmore House 52 Si Patt'icks Avenue Downpatrick Co. Down BT30 6DS oiy ady iidilor) 12