CUARTEAED AecoL.NTAliT5 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 'charity ) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes lo 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 Th8 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 charitable company's affairs as at 31 March 2024 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 Acl 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 obtsined is sufficienl and appropriate to provide a basis for our opinion. Conclusions relating lo 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 appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individLJally or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least ￿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. .41fre(l Houst 19_.Ilfred Street BE.￿￿￿$T B'I'2 8LQ DX3C)%o NR Belfast s CL.n￿r>. IIousL 40 C.rescL'nt Bu¥bIn￿$ P￿k LISIILKN '1Tr8 2GN .Mi*ndcirylle Strect YOR'I'ADOIV. Craisavon Bl'62.4PB TLI.. +44 (0)28 90.31 111.4 I'"ax'. +44 (0)28 9031 0777 TL.I: +44 (0)28 9260 I,-￿. +44 {0)28 9260 1656 Tel: +44 (0)ty8 38.33 2801 F&Y.' +44 10)28 383.5 o- 4TIAG wMryv.gmegea.com CIIART%RED ACeOL'¥fAkTS MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD other Information The other information comprises the information included in the annual report other than Ihe financial statements arid our auditor's report thereon. The trustees are responsible for the other information contsined within the annual report. Our opinion on the financial statements does not cover the other inforniation and, except lo the extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other info￿natIon and, in doing so, consider whether the other informalion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatemenl in the financial slalements themselves. 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. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the informatiors given in the trustees. report for the financial year for which the f1nancial statements are prepared, which includes the directors, report prepared for the purposes of cornpany law, is consistent with the financial statements,. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by oxception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit. we have not identified material misstslements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relalion 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 not been received from branches nol visited by LJS., or the financial statements are not in agreement with the accounting records and relums., 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., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. .4]fred Hov5 19..Ilfved Street BLJ.I,IW'BT4 8LQ DX31)io Ilelfast s CLntury IlvutyL 40 Cre￿¢￿t BusDÉncss Park LIS14LIiN 11.1.28 2GN iry,M4ndeNTrllc Street POR'I'AI)0W￿, CraÉkuvon Bl'62.8PII -r¢1: +44 (0)28 90.41 111.3 I.'#x: +44 (0)28 9011 07fi I'cl: +44 (0)28 9260 -,3D5 Trax: +44 {0)48 9260 1656 Tel: +44 (o)fj8 38.33 28ot Fax.. +44 (D)28 383.5 0-93 AN1¥￿￿￿￿1.[1AI-, MTr4w.gnicgca.¢om CHART8AED AccouYfANTS 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 dirèctors 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 trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustee5 are responsible for assessing the charily's ability lo continue as a going concem, disclosing, as applicable, mallers related to going concern and using Ihe going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations. or have no realistic allemative but to do so. Auditor's responsibilities for the audit of the flnancial statements 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 auditor's report thal 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 financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. -4Vred House 19.-Ilfred Sti'eet BLJ.I,Iisf B'f4 8LQ DX3910 h'x Jlelfas* 51 CLnturs HoutDL 40 C.rescL'nt Business Park iry.MffjindevRlle Strcct PORI'ADONtr.N CraÉgavvn 11.1.28 2GN Bl'62.ryPB Tt.I: +44 {0)28 90.31 1113 l.ax: +44 {0)28 9031 07r; Tel: +44 (0)28 9260 I,-ax: +44 (0)28 9260 1656 Tel: +44 (0}28 3833 4801 F&x.' +44 (0)28 383D 0293 4mAG A AfE4M￿r￿fTL&(- KwY.gm¢gea.com CIIART4AKP AC¢OVVTAkTS MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error. and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business performance, including the company's remuneration policies for directors, bonus levels and performance targets, if any., Results of our enquiries of management about their own identification and assessmenl of the risks of irregularities., Any matters we identified having obtained and reviewed the companys documentation of their policies and procedures relating to.. Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.. and The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAS IUKI. we are also required to perform specific procedures to respond lo the risk of management override. We also oblained an understanding of the leg31 and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the detemiinalion of material amounts and disclosures in the financial statements. The key laws and Tegulations we considered in this context included the Companies Act 2006. and local tax legislation. In addition, we considered provisions of other laws and regulations that do nol have a direct effect on the financial statements but compliance with which may be fundamentsl to the company's ability to operate or to avoid a material penalty. .41fr￿ House 19..Ufred.%ti*et BELbiiSI' B'l'4 8LQ DX3C)iu f*R Btlfast 5 entury House 40 CrcSL*'nt ButDine5¥ P￿k LISBLIL B'I'28 2GN 17 M#nde%ille Street Craixuvon T62 3PB rd: +44 (0)28 9031 1113 I..￿: +44 {0)28 9031 Of/ I'LI: +44 {0)28 9260 -8D0 I..￿: +44 {o)oll 9260 1656 Tel: +44 (0)28 38.31 48ot F&￿. +44 (0)28 3835 0-93 .gnicgca.coin CHA#TLkXD ACCOLryTANTS MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD Audit response to risks identified Our procedures lo respond to the risks identified included the following: Reviewing the financial slatement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Enquiring of management concerning actual and potential litigalion and claims., Perfomiing analytical procedures lo identify any unusual or unexpected relationships thal may indicate risks of material misstalement due to fraud- Reading minutes of meetings 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 judgement5 made in making accounting estimates are indicative of a potential bias: and evaluating the business rationale of any significant transactions that are unusual or outside the nomial course of business. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and refflained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may nol have detected some material misstatements in the financial stalements, even though we have properly planned and perfomied our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-deteclion of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to delecl non- compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at= httPS'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. .4￿red 19.41frtd Street BLLI'"LISI' Bl'4 8LQ DX3gto NK Ilelfast SU Centtlrfv HIiEL%L' 40 C.rc5Lxnt IlusiDes5 Park LlSBLR￿. B'128 2GN J?.TrlandcTrTrllL Street poxr,ii)oiv Cratgayon 111.62 8PB TLI.. +44 (0)28 9031 1114 l.ax: +44 (0)48 90.31 07f/ TLI: +44 (0)28 9260 7.35 +44 (0)08 9260 16s6 T¢l- +44 (0)28 3831 *801 Fax: +44 {0)28 38.35 0ty93 A Nf￿￿rnI.1'lA￿', .4M'thddKXk..￿lIAniI.0(lll￿￿7￿￿(tfn*￿'e$7uJIins1.lrn1g ryYw.gnicg¢&.coni CHA#TkJiEO AccolTNT￿ys MAINSTAY DRM LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MAINSTAY DRM LTD Use of our 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. Our audit work has been undertaken so that we might stale lo the charilable company's members those matters we are required lo state to them in an auditols 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 the charitable companys members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Nigel Moore FCA (Senior Statutory Auditor) for and on behalf of GMCG BELFAST 26 November 2024 Chartered A¢countants ststutory Auditor Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Belfast BT2 8EQ 10 .41fred Hovsc 19.-ufi&ed StE*et BELTrIlSl" 15'1'9 8LQ DX3C)io NR Btlf#s* 50 CLntury IIousL 40 c.rcsL￿'nt Business P4Tk LISBLRN B'I28 2GN Jry.MdndeNTrllL Street voK'r,IDOIVN Craik#von Bl'62 qYJ> 'rLI., +44 (0)28 9031 1113 ￿. +44 (0)2t4 9031 Of7 T¢1: +44 (0)28 9260 7.850 Tr4￿: +44 (0)28 9260 1656 Tel: +44 (0)28 3833 0801 F&x.' +44 (0)28 3835 0ty93 "4TrAG AN1fm￿r￿[l.I￿-. -411'nrld4ilkl< All18nL￿.1>fl￿de￿￿￿enlAIy)J11ll￿￿Xl.lmk4 w.gnicgea.com