The International Centre for Local and Regional Development Company Limited by Guarantee Independent Auditor's Report to the Members of The International Centre for Local and Regional Development Year ended 31 July 2022 Opinion We have audited the finanaal statements of The International Centre for Local and Regional Development (the 'charity'l for the year ended 31 July 2022 which comprise the statement of financial activities {including income and expenditure account), statement of financial position and the related note5, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financlal statements.. glve a true and fair view of the state of the charity's affairs as at 31 July 2022 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 Pradice; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audf( in accordance with International S12ndards on Auditing IUKI IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the audltovs 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, induding the FRC'S Eth￿1 Standard, and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidents we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial statements, we have con¢luded that the trustees, use of the going concern basis of accounting in the preparat￿Tr of the financial $lalemenls is appropriate. Based on the work we have performed. we have not Klenlified any rnaterial uncertainties felaling to events or conditions that. individually or collectively. may cast significant doubl on the charity's ability to Continue as a going concern for a period of at least ￿e1ve months from when the financial slaternents are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concem are described in the relevant sections of this report. 22 The Internatlonal Centre for Local and Regional Development Company Limited by Guarantee Independent Auditor's Report to the Members of The International Centre for Local and Regional Development{conllnuod) Year ended 31 July 2022 other Information The other information comprises the inforrnalion included in the annual report. other than the financial statements and our auditorfs report thereon. The Iruslees 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 stated in our report. we do not express any form of assurance conclusion thereon. In connectson with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls. we are required lo determine whether there is a material misslatemenl in the finanual statements or a material misstalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other informal￿n. we are required to ￿port that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Cornpanies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the inft)fmation given in the trustees, report for the financial year for which the financtal statements are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by gxcgplion In the light ofthe knowledge and understanding of the ¢harity and ils 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 require5 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 ir¢ agreement with the accounting records and retums., or certain disclosures of trustees, remuneration specrfied by law are not made,. or we have not r￿1Ved all the infomiation and explanations we require for our audit. The International Centre for Local and Regional Development Company Limited by Guarantse Independent Auditor's Report to the Members of The Intsrnational Centre for Local and Regional Development (continued) Year ended 31 July 2022 Responsibilitigs of trustees As explained more fully in the trustees, responsibilities statement, the trustees {who are also the directors forthe purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view. and for such internal control as the trustees detemiine is necessary lo enable the preparation of financial statements that are free trom material misstatement, whether due lo fraud or error. In preparing the financial statements, the tnjstees are responsible for assessing the charty's ability to continue as a going coll￿[￿, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations. or have no realistic atternative bul to do so. The International Centre for Local and Regional Development Company Limited by Guarantee Independent Auditor's Report to the Members of The Internatlonal Centre for Local and Regional Development I¢(￿1￿￿￿e￿} Year ended 31 July 2022 Auditorfs responsibilitieg for the audlt of the flnanclal statements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's 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. Misstaternenls 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable of deleeting irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstalemenl in respect of irregularities. including fraud and non-compliance with laws and regulations, we considered the following.. the nature of the industry and sedor, control environment and business performance induding the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and performance targets., results of our enquiries of management about their own identification and assessment of the risks of irregularities-, any matters we identified having obtained and reviewed documentation of their policies and procedures relating to". identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding lo the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud- the internal controls established to mitigate nsks of fraud or non-complian¢e with laws and regulations. the matters discussed among the audit engagement team including signlficanl component audit teams and relevant internal specialists. including lax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and in￿ntiveS that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS {UKI, we are also required to perform specific procedures to respond lo the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, ft)cusing on provisions of those laws and regulations that had a direct effecton the determination of material amounts and disclosures in the financial slalemenls. The key laws and regulations we considered in this context included ongoing complianee with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamentsl for their ability lo operate or to avoid a material penalty- 25 The International Centre for Local and Reglonal Development Company Limited by Guarantee Independent Auditorfs Report to the Members of The Intsrnational Centre for Local and Regional Development (continued) Year ended 31 July 2022 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintaln professional scepticism throughout the audit. We also.. Identify and assess the risks of malenal misstatement of the financial statements, whether due to fraud or error. design and perform audit prO￿dureS responsive to those risks, and obtain audit eviden￿ that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevantto the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounts'ng estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit eviden￿ obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's abilty to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the ielated disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's rewrt. However, future events or conditions may cause the charity to cease to conts'nue as a going concern. Evaluate the overall presentation, Structure and content of the financial stalemenls, including the disclosures. and whelherthe financial ststements represent the underlying transactions and events in a manner that achieves fair presentation. 26 The International Centre for Local and Reglonal Development Company Limited by Guarantee Independent Auditor's Report to the Members of The International Centre for Local and Regional Development (eonllnued) Year ended 31 July 2022 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, induding any ssgnificanl deficiencies in internal control that we identify during our audit. Use of our report This report ig made solely lo the charity's members, as a body, in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charity's members those matters we are required to state to them in an audilovs report and for no other purpose. To the fullest extent permitted by law, we do not a¢cept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work, for this report, or for the opinions we have fomied. Conor Dolan FCA (Senior Slatulory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & slatulory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 4 April 2023 27