Local Economic Development Company (LEDCOM) Limited Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2023 Opinion We have audited the group and parent charitable company financial statements of Local Economic Development Company ILEDCOMI Limited for the year ended 30 September 2023 which comprises the consolidated and charity Statement of Financial Activities, the consolidated and charity Balance Sheet. the consolidated cash flow statement and the notes to the accounts including a sumrnary 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 the financial statements.. give a true and fair view of the state of the group and parent charitable companvs affairs as at year ended 30 September 2023 and of the group's and parent charitable companV5 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 opinion We conducted our audit in accordan wlh International Stsndards on Auditing {UKI {ISAs {UK}) and applicable law. Our responsibilities under those stsndards are further described in the Audilor'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 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 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 contsnue as a going concern for a period of at least e1ve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. 20
Local Economic Development Company (LEDCOM) Limited Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2023 Other information The other information comprises the information included in the annual report, other than the financial slalements 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 staled in our report, 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 doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheTwise appears lo be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine 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 lo report in this regard. Opinions on other matters prescribed bythe Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the inform8tion given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with thefinancial slatements., 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 light of the knowledge and understanding of the Trustees and its environment obtained in the course of the audit, we have not identified material misstatements 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 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 certain disclosures of tnjstees. remuneration specified by law are not made.. or we have not received all the infomialion and explanations we require for our audil. 21
Local Economic Development Company (LEDCOM) Limited Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2023 Responsibilities of Trustees As explained more fully in the Slalement of Trustees Responsibilities, the Trustees 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or effor. 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 lo going concem 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. Auditorfs responsibilities for the audit of the financial 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 eOr. and to issue an auditor's report that includes our opinion. Reasonable assurance 15 a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 agggate. they could reasonably be expected lo influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo detect material misstatements in respect of irregularities, including fraud. The extent 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 company 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 signifi¢ant accounting estimates. analysis of journal entrie5. walkthrough of the key contro15 cycles in place and enquiry of management. 22
Local Economic Development Company (LEDCOM) Limited Company Limited by Guarantee INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS Year Ended 30 Se tember 2023 Our procedures to respond to those risks identified included, but were not limited to.. Enquiry of management, those charged with governance and the enlitls solicitors around actual and potential litigation and clairns. Enquiry of management to identify any instances of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Audiling the risk of management override of controls, including through testing joumal 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 is 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 company's 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 slate to the charitable companls members those matters we are required to stste to them in an auditors, 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 charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. Date JL Grant (Senior StatutoryAuditorl for and on behalf of FPM ACCOUNTANTS LTD Chartered Accountants & Statutory Auditor 1-3 Arthur Street Belfast BT1 4GA 23