eport of the Independent Auditors to the Trustees and Members of
West Belfast Enterprise Board Limited
Opinion
We have audited the financial statements of West Belfast Enterprise Board Lirnited (the 'charitable pareni coiiipan J I
and its subsidiaries ('the group,) for the year ended 31 December 2023 which comprise Ihe consolidated Statement or
Financial Activities, the consolidated and parent company Statement of Financial Position, the consolidated and pareni
Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.
The financial repoiting fi'amework that has been applied in their preparation is applicable law and Uniied Kingdoin
Accounting Standards (Uniled Kingdom Generally Accepted Accounting Practice), including Financial Reporting
Siandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,.
In our opii)ion the financial statements..
give a true and fair view of the state of tl)e group's and of tlie charitable parent con)pany's ¢11'1¢111'S 11% ill
31 December2023 and of the group's incoming resources and application of resources, including ils inconie <iiid
expenditure, for the year then ended.
have been properly prepai'ed in accordance wiih United Kingdorn Genei?Ily Accepted Accounting Practice, includinL
Financial Reporting Standard 102 'The Financial Repoiting Standard applicable in the UK aiid Republ ic ol. IrL'lcliid': <111(1
have been prepared in accordance with the requirenienls of the Companies Aci 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Audiling (UK) (ISAS (UK)) and applicable law.
Our responsibilities under those standards are furthei. described in the Auditors, responsibilities for the audit of the
financial statements section of our report. We are independent of the group and Charitable pai'enl company in
accordance with th¢ ethical requirements that al'e relevant to oui. audit of the financial statements in the UK, incliid iiii
the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh Iliese
requirements. We believe that the audi¢ evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Conclusions relating to going Concern
In auditing the financial statements, we have concluded that the trustees, use of th¢ going concern basis of accounting in
tlie preparation of the fmancial stat¢m¢nts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually oi. coll¢¢tively, may cast significant doubt on the group and charitable parent company's ability lo
continue as a going concem for a period of at least twelve months from when the ftnancial statements are autlioi'ised for
issue.
Oui. responsibilities and the responsibilitie5 of the trnstees with resp¢ct to going concern are described in the relevani
sections of this report.

Report of the Independellt Auditors to the Trustees and Members of
West Belfast Enterprise Board Limited
Other inforrnation
The thjstees aTe responsible for the other infornation. The otheT inforn)ation comprises the inforniation included in the
Annual Reporl other than the fmaThcial statements and our Report of the IDdep¢ndent Auditors thereon.
OUT opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise
explicitly stated in our Teport, we do not express any forn] of assurance coTh¢lusion thereon.
In connection with OUT audit of the fu)ancial ststements, our responsibility IS to read the other infonnation an4 in doing
so, consider whether the other inforn)ation 15 materially inconsistent with the fjnancial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistellcies or
apparent material misstatements, we are requiTed to deterniine whether this gives rise to a material rnisstatement in the
f￿anCIal statements themselves. If, based on the work we have perfomied, we conclude that there is a material
misstatemerAt of this otber infornation, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the WOTk undertaken io the course of the audit..
the information given in the Report of the Trustees for the financial yeaT for wbich tbe financial staternenls are
prepared is consistent with the fjnancial statements. and
the Report of the Trnstses has been prep&ed in accordance with applicable legal Tequirements.
Matters on which we are required to report by exception
In the ligbt of the knowledge and understanding of the group 8lld the charitable parent company and its environment
obtained in the COUTse of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matteTS where the Companies Act 2006 requires us to report to
you if, in our opiaion..
- adequate accounting Tecords have not been kept by the group or parent company or returns adequate for our audit have
not been received frotll branches not visited by us. or
- the group or parent company fmallcial statements are not in agreement with the accounting records and returns. or
- Ce￿in disclosures of ttwtees, remunerdtion specified by law are not made. or
- we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained tnore ￿llY in the Statement of Trustees, Responsibilities, the tn￿te¢S (who are also the diTe¢tors of the
charitable company for the puryoses of company law) are responsible for the PTeparation of tbe fmancial statements and
for being satisfied that they give a true and fair view, and for su¢b internal control as the trustees detern]ine is necessary
to enable the preparation of financial statements that are free from material tnisstaten]¢nt, whether due to fraud or etror.
In prepaTing the f]nancial statements, the trustees are Tesponsible for assessing the group's and charitsble parent
ompany's ability to Colltinue as a goiDg concern, disclosing, &s applicable, matters related to going Concern and using
the going concern basis of accounting unless the thjstees either intend to liquidate the group or tbe charitable parent
company OT to cease operatiODS, or have no realistic alternative but to do so.
io

Report of the Independent Auditors to the Trustees and Members of
West Belfast Ellterprise Board Limited
Our responsibilities for the audit of the financial statements
Our obje¢tives aTe to obtain reasonable assurance about whether the fmancial statements as a whole are free from
material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guaTantee tbat an audit conducted in
accordance with ISAS (UK) will always detect a n]aterial misstatement when it exists. Misstatements can arise from
fraud or e￿or 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 fmancial statements.
The extent to whicb our PTocedures are capable of detecting I￿egular1tieS, including fraud is detailed below:
The following are required to be considered..
- the natyre of the kndusty and sector, Control environment and entity perfomance.
- results of our enquires of managetnent, about their own identifi¢ation and assessment of the risks of iTTegularities'
- review of company policies and PTocedures relating to:
identifying) evaluation and complying witb laws and regulations and whether they are awaTe of instances of
noncompliance.
detecting and responding to the risks of fraud and whether they have any knowledge of any actual, suspected or
alleged fraud.
the internal controls establisbed to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagen]ent team and specific cotuponent audit teams regarding how and wheTe
fraud might occur in the f￿anCIal statements and any potential indicators of fraud.
Because of these procedures, we considered the opportt]nities 8nd incentives tbat tnay exist withill the group and
charitable parent company for fraud and identified the greatest potential for fraud is in relation to fair value moven]ents
on investment property, completeness of incon]es, expenditure not being applied in line with intended purposes and the
calculation and payment of salaries. In ¢ommon with all audits under ISAS (UK), we are also requiTed to perfonll
specific procedures to respond to the risk of managemellt ove￿ide.
Audit response to risks identified.
The cvffent audit is conducted with professional scepticism using procedures that are in a¢¢ordance with International
Standards on Audit2ng.
In responding to the identified key audit matters above we obtained an understanding of the chaTity'S objertives aDd
income streams together with the salary calculation and processing process, we perfornied enquires of management and
inspected relevant documents and calculations, verifying incomes and expenditures, assessing the completeness and
accuracy of dAsclosuTes within the f]nancial statements and ¢oncuTTed the figures were tllaterially a¢¢urate.
In addition to the above, our proceduTes to respond to risks identified include the following..
- reviewing the ￿1[ fulancial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as baving a direct effect on the fJnaDcial statements.
- enquiring of management ¢oncerns of actual and potential litigation and ¢laims'
- reviewing basis for calculating fair value of investrnent propety and compare to market conditions.
perforrniug analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.
- reading minutes of meetings of those charged wtth governance.
- obtained an understanding of provisions and held discussions with managen]ent to understand the basis of Tecognition
or non-recognition of provisions. and
in adthessing the risk of fraud through managetnent override of controls, testing the appropriateness of journal entries
and other adjustments; assessing whetber the judgements made in making ac¢ouDting estimates are indicative of a
potential bias. and evaluating the business rationale of any significant transactions that are unusual or outside the
normal coutse of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and significant component audit teams, and Temained alert to any indications of fraud or noncompliance with
laws and regulations throughout the audit.
A further description of our Tesponsibilities for the audit of the f￿anCIal statements is located on the Financial
Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fonns part of our Report of the
Independent Auditors.

Report of the Independent Auditors to tbe Trustees and Members of
West Belf2St Enterprise Board Limited
Use of our report
This report is made solely to the charitable cornpany'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 charitable company's
embers those matters we are required to 5tste to them in an auditors, Teport and for no other purpose. To the fijllest
extent pemitted by law. we do not accept OT assume Tesponsibility to anyone other than the charitable company and the
charitable company's members as a body, for our audit work, for this report, or for the opinions we have forn]ed.
Malachy
ady (S
nior Sta
for and on be
alf of M.B.Mc
Chartered Accountants
sta￿tOry Auditors
Rathjnore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS
tory
uditor)
21 June 2024
12