LOUGHGIEL COMMUNITY ASSOCIATION LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOUGHGIEL COMMUNITY ASSOCIATION LTD YEAR ENDED 31 MARCH 2023 Qualified Opinion We have audited the financial statements of Loughgicl Community Association Ltd (th¢ 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the cash flow statement and the not¢s to the accounts, 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 Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the possible effects of the matters described in the Basis for qualified opinion section of our report, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for qualified opinion The charity were unable to provide sufficient audit evidence to verify the completeness of generated income, nor did Ihey consider fully the V A T implications of such income. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance wilh the eihical requirements Ihat are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we hav¢ fulfilled our other ethical responsibilities in ac¢ordan¢¢ with the% requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified 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 15 appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the gryoup and charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
LOUGHGIEL COMMUNITY ASSOCIATION LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOUGHGIEL COMMUNITY ASSOCIATION LTD (continued) YEAR ENDED 31 MARCH 2023 Other information The other inforrnation comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other inforn)ation. Our opinion on the financial does not cover the other inforniation and, except to the extent otheTWi5e explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforn]ation and, in doing so, consider whether the other infonnation is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requiTed to deterniine whether there is a material misstatement in the accounts or a material rnisstatement of the other infomlation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in ihis regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit: the infom]ation given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustee5 Report has been prepared in accordance with applicable legal requirements. Matters on Ivhieh we are required to report by exception In the light of the knowledge and understanding of the Trustees and its envtronment obtained in the course of the audit, we have not idenlified material misstatements in the Trustees Report. 12
LOUGHGIEL COMMUNITY ASSOCIATION LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOUGHGIEL COMMUNITY ASSOCIATION LTD (contlnu•d) YEAR ENDED 31 MARCH 2023 We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to r¢port to you if. in our opinion.. the financial 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 inforn]ation and explanations we require for our audit. As highlighted in our qualified opinion, in certain specific respects. we do not believe that adequate accounting records have b¢¢n kept. Responsibilities of Trustees As explained more fully in the Statement of Trustees Responsibilities, the Trustees who are also the director5 of the charity for the purpose of company law, are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair view, and for such internal control as the directors deterniine is necessary to enable the preparation of financial statemenls 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 a5 a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of th¢ financial ststements 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 auditorfs report that includes our opinion. Reasonable assurance is a high level of assuranc¢, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements Can artse 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 accounts. 13
LOUGHGIEL COMMUNITY ASSOCIATION LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOUGHGIEL COMMUNITY ASSOCIATION LTD (continued) YEAR ENDED 31 MARCH 2023 IegularitIes, including fraud, are instances 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 ext¢nt to which our procedures are capable of detecting irregularilies, including fraud, is detailed below. We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, IndSty research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company - Cornpanies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to: Enquiry of managemenl, those charged with governance and the entity's solicitors around actual and potential litigation and claims. Enquiry of managemeTtI to identify any instances of non-compliance with laws and regulations. Reviewing financial stalement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal entries and oiher adjustments for appropriatene55, and evaluating the business rationale of significant transactions outside the nonnal course of business. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at: litt .'Ilwww.frc.or F uklaiidirors es nsibi lilies. 14
LOUGHGIEL COMMUNITY ASSOCIATION LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LOUGHGIEL COMMUNITY ASSOCIATION LTD (¢ontInu) YEAR ENDED 31 MARCH 2023 This description fonns part of our auditor's rep)rt. This report is made solely to the charitable company's members, as a body, in accordance with Chapfrr 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not accept or &8sume responsibility to anyone other than the charitable company and its members as a body, for our audil work, for this report, or for the opinions we have fornied. MR JAMES LOWRY GRANT (Senior Statutory Auditor) For and on behalf of FPM ACCOUNTANTS LTD Chartered Accountants & Stalutory Auditor Unit I, Building 10 Central Park Mallusk Co Antrim BT36 4FS 15