Local Economlc Development Company (LEDCOM) Llmited Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2022 Opinion We have audited the group and parent charitable company financial statements of Local Economic Development Company (LEDCOMI Limited for the year ended 30 September 2022 which comprises the consolidated and charity Statement of Financial Activities, the consolidaled and charity Balance Sheet, the consolidated cash flow statement and the notes 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 oplnion the financial statements: give a true and falr view of the state of the group 8nd parenl charitable companls affairs as at year ended 30 September 2022 and of the group's and parent charitable companls Incomlng 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 Accountlng Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinlon 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 Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons 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 appropiate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the group and charity's ability to continue as a going concem for a period of at le8St e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililies of the trustees with respect to going concern are described in the relevant sections of this report. 18
Local Economlc Development Company (LEDCOM) Limited Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2022 Other Informatlon 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 Ihe flnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our repori. we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in dolng so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparenl 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 information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with thefinancial statements., and the Trustees Report has been prepared in accordanc8 Wlth applicable legal requirements. Matter8 on which we are requlred to report by èxc•ptlon In the light of the knowledge and understanding of the Trustees and its environment obtained in the course of the audit, we have not identified material misslatements in the Trustees Report. 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 bean kept, or returns ad8quat8 for our audlt 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 certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. 19
Local Econornlc Development Company (LEDCOM) Llmited Company Llmited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2022 Responsibllities of Trustees As explained more fully in the Statement of Trustees Responsibilities, the Trustees are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors 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 accounts, the Trustees are responsible for assessing the charity's ability to continue as 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 reallstlc allernative bul to do so. Audltor's responslbilities for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor'5 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 always detect a material misstatement when it exists. Misstatements can 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 accounts. Irregularities, Including fraud, are instances of non-compliance with laws and regulatlons. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The axtent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We obtained an understanding of the legal and regulatory framework applicable to the cornpany through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company- Companies 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 plac8 and enquiry of management. 20
Local Economic Development Company (LEDCOM) Limited Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2022 Our procedures to respond to those risks Identrfied included, but were not limited to.. Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims. Enquiry of management to identify any instances of non-compllance wlth laws and regulations. Reviewing minutes of meetings of those charged with govemance. Reviewing financial statement 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 other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities for the audit of the accounts 15 located on the Financial Reporting Council's website at: http'.Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. This report is made solely to the charitable companys members.as a body, in accordance with Chapter 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 companrfs members those matters we are required to state to them in an auditors, r8POrt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions w8 have formed. Datè JL Grant (Senlor tatutory Audltor) for and on behalf of FPM ACCOUNTANTS LTD Chartered Accountants & Statutory Auditor 1-3 Arthur Street Belfast BT14GA 21