HAR TERBD ACCQUNTANT8 MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAINSTAY DRM LTD Opinion We have audited the financial statements of Mainstay DRM Ltd (the 'charily I for the year ended 31 March 2023 which comprise the slalemenl of financial activities, the balance sheet, the statement of cash flows and note5 to the financial statements, including 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 Tlie Finai7Gial Reportiiig Standard applicab18 in the UK and Republic of Irgland {Uniled Kingdom Generally Accepted Accounting Praclicei. In our opinion, the financial statements". give a true and fair view of the state of the charitable company's affairs as al 31 March 2023 and of its incoming resources and application of resources, including ils 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 ofthe Companies Act 2006. Basis for opinion We conducted our audil in accordance with International Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responS￿billI1es under those standards are further described in the Auditorfs r&sponsibilities for the audit of tl?e financial stateinents section of our report. We are independent of the charity in accordance with the ethical reqLsiremenls that are relevant to our audit of the financial slalemenls 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 oblained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have Gonduded that the Iruslees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or colleclively, may cast significant doubt on the charity's ability lo continue 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 trustees with respect to going concerii are de5cNbed in the relevant sections of Ihis report. -4lfred Elou.se 19.4lfred Street B&.￿.￿*S.1. BI'2 8EQ DX3910.NR Belfilst SQ CcntLirv Housc 40 CrcsLent Busin￿￿￿￿ Park I.ISIIL,RN L-, MandeTrille Street PORTIlDOIIry Crai8iiVi)n T62 3PB I'el: +44 {0)28 903A IA13 &Y: +44 (0)28 9031 orry I'el.. +44 (0)28 9260 735S +44 10}28 9260 1656 Tel: +44 {o1ry8 3833 2801 F&x- ￿44 {0)'.8.38 J3 D29.3 Cbdrtered I￿lin￿li1 RYFJ5lpr￿￿.%u￿iorS ('hurip￿IT1lx .%rrAliill4hL3 l'ur￿￿1￿ FInunre..Wi"i￿)r5 CHAkTERBD ACCOU*tAN18 MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD Other infomiation The other Information comprises the inforrnalion included in the annual report other than the financial statements and OLir auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other informalion and, except lo the extent otherwise explicitly slated In our report. we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing 50, consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstalemenl in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misslalemenl of this other information, we are required to report Ihat fact. We have nothing to report in thi5 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 information given in the trustees, report for the financial year for which the financial statements 3re prepared, which inclLides the directors, report prepared for Ihe purposes of company law. is consislenl with the finaiicial statements". and the directors, report included wilhin the trustees, report has been prepared in accordance wrth applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audil, we have not identified material misslalèmenls in the directors, report included within the IrLislees' report. We have notliing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion". adequate accounting records have not been kept, or returns adequate for our audit have iiot been received from branches not visited by us., or the financial statements are not in agreement wilh the accounting records and retums.. or certain disclosures of Irustee5' remuneration 5pecrfied by law are not made., or we have not received all the inforrnation and explanations we require for our audit.. or the Iruslees were not entitled lo piepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemplions in preparing the trustees, report and from the requirement to prepare a strategic report. Alfred Flouse 19.ilfred Street IIELFIISI. ￿1.2 8EQ DX3910 NK Bclf&¥t 50 c￿n￿r¥ Hou5C 40 Ctrescent Busin￿& Park I.ISlll-.R¥ 1¥1'fj8 2G.N IT mandL￿711C Strect YOKI',WOI&Th' Craiguvon r62 3YII l-el: +44 (0)28 9031 I113 l•ax: +44 (0)ry8 91131 OT, Tcl: +44 10)28 9260 '&¥: +44 10)28 y260 i(J-6 Tel- +44 {0)08 3833 2801 F￿. +M {0128.'18.'4.$ 0292 Re￿Ier￿S %uililors Lh&rtv.rrt1T.TrA.%ili￿)ts F(trDsi*.knmnswllts F1n#nLt..wY￿UrS <'NlrtJ 15.7 ltpilliik￿1i1lTY￿(dh1(I￿{Jr0uP limiled. LNO.. blusyb&i>. L￿￿￿1￿151l￿￿￿ble￿ttE%￿er￿ll olfiLY CHAKTERbD ACCOUXTANTS MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees. who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the trL151ees determine is necessary to enable the preparation of financial statements that are free from material misslalem&nt. whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity s ability lo continue as a going coiicern. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Auditorfs responsibilities for the audit of the financial statements Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fralid or error, and to issue an aLiditor's report that includes our opinion. Reasonable asslirance is a high level of assurance but is not a guarantee that an audit conducled in accordance with ISAS (UK) will always detect a rllaterial 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 financial stalemenls. The extent to which our procedures are capable of detecting irregularities, including fraud, 15 detailed below. .￿rred Holl¥e 19.41fred Street BELbtrW' IYI'2 8Tr:Q DX3910 NR Bclfa.gt.? CcDtury HvusL 40 Crcsccnl Vwk IJSIII.'RN Ary MdindLville StreLt PORTIU)OI* Crai¥¢lVOn B'I'62 3PB I'el: +44 {0)28 9031 1113 . +44 (0128 9031 ori 'I'LI: +44 (0)28 9260 ry55 TraLTL'. +4410)28 9260 16.-6 Tel.. +44 {0)48 3833 28ot F&¥: *44 (0)28 38.'4.Tr 0293 I'hanp￿￿.IW(v￿nlwnL i8J Iradin4tknimEofGblcLp 15 (FfvTdJ isJlrn(lin4nameofGNldr(Iroiip t￿nited. hli)*)06LTr. IAsliJf fLVtLtedoffwL' W￿￿..8￿1¢¥ea.e￿￿ CHARTLK&O ACCOU¥TAt4TS MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD Audit response to risks identified Our procedures to respond lo the risks identified included the following.. Reviewing the financial statement disclosures and testing lo supportiiig documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the rinancial slalements., Enquiring of management concerning actual and potential litigation and claims., Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misslatemenl due lo fraud., Reading minutes of meeting5 of those charged with governance and reviewing correspondence with tax authorities., and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting eslimales are indicative of a potential bias.. and èvaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also commLinicaled relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-compliance with laws and regLilations throughout the audit. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstalemenls in the financial stalenients, even though we have properly planned and performed our audit in accordance with 3udiliiig standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities. as they may involve collusion, forgery, intentioiial omissions, misrepresentations. or the override of interiial controls. We are not responsible for preventing non-compliance and cannol be expected to detect non- ompliance with all laws and regulations. A further description of our responsibilities is available on the Fiiiancial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsre5ponsibilities. This description fomis part of our audilorfs report. -.Ufred House l9 Alfred street 1STr.'J.Tr',ISI' H'I'2 8k.'Q DK3910 NR Belfast.70 Ccnturv FIuusL' 40 CrcseLnl Park 1JSIIL￿¥ B'l-ty8 IIdndeiille Street VORT,iDOIVN Cr￿g￿v￿n JJT62 3PB l-cl: +44 {0)28 9031 1113 Tr'a¥: +44 (0),.8 9031 OT TLI: -44 (0)28 9260 ws ax.. +44 10)28 9260 16.56 Tel: +44 (D)ry8 3833 9801 Fix- +44 (D)fj8 383) fP293 sTvftYl iuditLYS Lbartp]trdTaA.lds7￿)￿ A ITakn..*rrfTIA(',' MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD Use of our report This report is made solely lo the charitable company's members. as a body, in accordance with Chapi8r 3 of Part 16 of the Companies Act 2006 Our audit woik has been undertaken so that we might slate lo the charilat4e company's members those matters we are requ￿ed to stale lo them in an audstor's ￿port and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charrtable company and the charrtable company's members as a body foi our audit work. for this report, or forlhe opinions we have formed. Mr Nigel Moo CA (Senior Statutory Audltoi) for and on bèhalf of GMCG BELFAST Chartered Accountants Statutory Auditor Chartered Accountants & Stalulory Auditor Alfred House 19 Alfred Street 8elfasl BT2 8EQ