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 requi￿rnents 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 COr￿eCtion 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
f￿all¢la1 slaten]ents themselves. If, based on the work we have perfoimed, we conclude that there is a Inalerial
ITJiSStateinent of this other infol￿ation, 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.
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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.
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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)
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