Maritime Belfast Trust Company Limited by Guarantee Independent Audltorfs Report to the Members of Maritlme Belfast Trust Year ended 31 March 2023 Oplnlon We have audited the financial statements of Maritime Belfast Twst (the 'Charit￿) for the year ended 31 March 2023 which comprise the statement of finan¢lal activities (including income and expendilure account). statement of financial position, statement of cash flows and the related notes. induding summary of significant accounting policies. The financlal reporting framework Ihat has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Induding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountlng Practice). In our opinion the financial statements- give a true and fair view of the state of the charty's affairs as at 31 March 2023 and of Its incoming resources and application of resources, induding its Income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We Conducted our audit in accordance with Internallonal Standards on Auditing {UKI (ISAS (UK)) and applicable law. Our responslbilities under those standards are further described in the audltorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wlth the ethical requlrements thal are relevant lo our audit of the financial statements in the UK, induding the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audlt evidence we have obtsined is sufficient and appropriate to provide a basls for our opinion. Conclusions relating to golng concern In auditing the financial stalements, V￿ 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 perfomed, we have not identified any material uncertalnties relating to events or conditions that. individually or collectively. may cast significant doubt on the charty's ability to continue as a going concern for a period of at least twelve months from ￿en the financi81 ststements are authorlsed for Issue. Our responsibilities and the responsibilities of the Truslees with respect to going concern are described in the relevant sections of this report. 20 Maritime Belfast Trust Company Llmited by Guarantse Independent Audltor's Report to tho Members of Maritlme Belfast Trust (wiunu Year ended 31 March 2023 Other Infomiation The other infomiation 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 the financial statements doe5 not cover the other information and. except lo the extent otheThvise explicitly ststed in our report, we do not express any form of assurance Gonclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so. consider whether the other infomiation is materially inconsistent with the financial statements or our knowtedge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have perfomied. we conclude that there Is a material misstatement of this other information, we are required to report that fact. We have nothlng 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 Ihe audit: the Infomiation given in the Trustees, report for the financial year for which the financlal statements are prepared is consistent wth the finar￿al statements,. and the Trustees, report has been prepared in accordance with applicable legal requirement5. Matters on whlch we aro requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the ¢ourse 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 relums adequate for our audit have not been received from branches not visited by u5" or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of Trustees, remuneration specrfied by law are not made: or we have not received all the information and explanations V￿ require for our audit. or the Truslees vrfere not entitled to prepare the financial slatements in accordance with the Small companies regime and take advantsge of the small companies, exemptions in preparing the Directors, report and from the requirement to prepare a strategic report. 21 Maritime Belfast Trust Company Limited by Guarantee Independent Audltor's Report to the Members of Maritime Belfast Trust(¢onllnuod) Year ended 31 March 2023 Responslbilltles of trustees As explained more fully In the Trustees, responsibilities statement, the Trustees (who are also the Directors for the purposes 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 TTUStees determine 15 necessary to enable the preparation of financial statements that are free from malerial misstatement, whether due to traud or error. In preparing the financial statements. the Trustees are responsible for assessing the charivs 8bility to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Truslees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Audltotrs responslbilltlos for the audlt of the flnanclal statements Our objedives are to obtain reasonable assuran￿ about whether the financial statements as a ￿hOle are free from material misststement, whether due to fraud or error, and to issije an auditor's report that includes ouropinion. 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 rf. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responslbilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularlties, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector, control environment and business perfonnance including the design of the remuneration policies, key drivers for Director5, remuneration, bonus levels and performance targets; results of our enquiries of management about their ovm identification and assessment of the risks of irregularities., any matters we identrfied having obtained and reviewed documentation of Iheir 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 to the risks of fraud and whether management have kno￿ledge of any actual, suspected or alleged fraud- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and vthere fraud might occur in the financial statements and any potential indicators of fraud. Maritime Belfast Trust Company Limited by Guarantse Independent Audltor's Report to the Members of Maritlme Belfast Trust (conllnu•dJ Year ended 31 March 2023 As a result of these procedures, we considered the opportunities and incentives that may exist wthin the organisation for fraud and identified the greatest potential for fraud. In common wth all audits under ISAS (UIQ. we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts arKI disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing Compliance with the UK Companies Act and tax legislation. In additlon. we considered provislons of other laws and regulations that do not have a dired effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. As part of an audit In accordance wilh ISAS (UK), we exercise professional judgment and malntain professional scepticism throughoLtt the audlt. We a150: Identify and assess the risks of material misslatement of the financlal statements, bthether due to fraud or error, deslgn and perform audbt procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The rlsk of not detecting a material misststement resultlng 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 relevant to 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 intemal control. Evaluate the appropriatenes5 of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concem basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or condbtions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material unGertainty exists, we are required to draw atterrtion in our auditorfs report to the related disclosures in the financi81 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'$ report. However, future events or conditions may cause the charity to cease lo continue as 8 going concern. Evaluate the overall presentation, structure and content of the financial ststements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achleves falr presentation. 23 Maritime Belfast Trust Company Limlted by Guarantee Independent Auditorfs Report to the Mem bers of Marltlme Belfast Trust {¢onllnued) Yearended 31 March 2023 We communicate with those charged with govemance regarding, among other matters. the planned scope and timing of the audit and significant audit findings, induding any significant deficiencies in internal control that we identify durin9 our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 18 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them In an auditor's report and for no other purpose. To th8 fullest extent pemiitted by law, we do nol accept or assume responsibility to anyone other than the charity and the charlty's members as a body, for our audit work, for this report, or for the opinions we have formed. Conor Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 Jame$ Street South Belfast BT2 8DN 10 November 2023