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.
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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.
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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.
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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
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