Holywood Family Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Holywood Family Trust Year ended 31 August 2023 Opinion We have audited the financial statements of Holywood Family Trust (the 'charity'l for the year ended 31 August 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position. statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom 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 ofthe state of the charity's affairs as at 31 August 2023 and of its incoming reSoUrS and application of resources, including its income and expenditure. for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with International Standards on Auditing (UK} {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our reporL 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 we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit 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 the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied. we have not identified any material UnrtaIntieS relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going conrn for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilits'es of the trustees with respect to going concem are described in the relevant sections of this report.
Holywood Family Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Holywood Family Trust (continued) Year ended 31 August 2023 Other infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our reporL we do not express any form of assuran conclusion thereon. In connection with our audit of thefinanaal statements, ourresponsibility is to read the other infomation 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 misstatements, we are required to determine whether there is a material 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 infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters pScribed by the Companies 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 forwhich the financial statements are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the lightof 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, reporL We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report 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 visited by us" or the financial statements are not in agreement with the accounting records and returns", or rtain disclosures of twstees, remuneration specified by law are not made" or we have not received all the infomiation and explanats'ons we require for our audit" or the trustees were not entitled to take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Holywood Family Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Holywood Family Trust (continued) Year ended 31 August 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors forthe purposes ofcompany law) are responsibleforthe preparation ofthefinancial 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. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going conrn. disclosing. as applicable. matters related to going concem 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 altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 accordance with ISAS (UK) will alwaysdetect a materialmisstatementwhen it exists. Misstatements Ggn 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 InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities. 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 detsiled below= As part of the audit process we obtained an understanding of the legal and regulatory framework applicable to the entity. being FR102, Companies Act 2006 the UK taxation regime and compliance with other regulations. In addition, we assessed the risks of material fraud through enquires with management and those charged with corporate govemance and analytical procedures were used to assess any unusual or unexpected relationships. As with all organisation of this size, there remains an inherent difficulty in the detection of irregularities. A further description of our responsibilities for the audit of financial statements is located on the FRC'S website at mvw.frc.org.uklauditorsresponsibilities As part of an audit in accordan with ISAS (UK). we exercise professional judgment and maintain professional sceptiasm throughout the audiL We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit prOdureS 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 intemal 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 effectNeness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of aoUntIng estimates and related disclosures made by the trustees.
Holywood Family Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of Holywood Family Trust (continued) Year ended 31 August 2023 Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant 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 condusions are based on the audit evidence obtained up to the date of our auditor's 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. We communicate with those charged with govemance regarding, among other matters, the planned scope and ts'ming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's 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. Ms E Mulholland (Senior Statutory Auditor) For and on behalf of Johnston Graham Limited Chartered accountants & statutory auditor 216 - 218 Holywood Road Belfast BT41PD