Maritime Belfast Trust Company Llmited by Guarantee Independent Audltorfs Report to the Members of Marltime Belfast Trust Year ended 31 March 2024 Opinion We have audited the financial statements of Maritime Belf8St Trust (the 'chaTity'> for the year ended 31 March 2024 which Comprise the statement of financi81 activiiies (including income and expenditure account), ststement of financial position, statement of cash flows and the related notes, including 8 summary of signfficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, 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 financial statements.. give a true and fair view of the state of the charty'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; have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Stsndards on Audtting (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs 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 Ethlcal 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 relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, 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 collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twefve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 20
Maritime Belfast Trust Company Limlted by Guarantee Independent Audltor's Report to the Members of Marltime Belfast Trust (conunued) Year ended 31 March 2024 Other informatlon The other information comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thefeon. 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 stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial ststements. 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial stalements 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 to report in this regard. Opinlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the truslees, report for the financial year for which the financial ststements are prepared is consisterrt with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charity 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 A 2006 requires us to report to you if. in our opinion= adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement wlth the accounting records and retums. or certain disdosures of trustees, remuneration specified by law are not rnade., 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 directors, report and from the requirement to prepare a strategic report. 21
Maritime Belfast Trust Company Limited by Guarantee Independent Auditorfs Report to the Mem bers of Maritime Belfast Trust {continued) Year ended 31 March 2024 Responslblllties of trustees As explained more fully in the trustees, responsibilities ststement, 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 trustees determine is ne$sary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and Intemational Stand8rds on Auditing {UK). Those standards require us to comply th the Financial ReFK)rting Council's (FRC'S) Ethical Standard for Auditors,, in the circumstsnces set out in note 23 to the financial statements. In preparing the financial statements, the trustees are responsible for assessing the ch8rity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees eilher intend to liquidate the chartty or to cease operalions, or have no realistic alternative but to do so. 22
Maritime Belfast Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Maritime Belfast Trust (¢ontlnuedJ Year ended 31 March 2024 Auditorfs responsibilities for thg audlt of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to 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 misslatement when it exists. Misstatements can arise from fraud or error 8nd 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 responsibi5ities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detsiled below- In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-complian with laws and regulations, we considered the following.. the nature of the industry and sector. control environment and business performance including the design of the remuneration policies, key drivers for directors. remuneration, bonus levels and performance t8rgets', 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 arKJ 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 knowtedge of any actual, suspected or alleged fraud. the internal controls established to mitigate risks of fraud or nan-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 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 incentives that may exist within the organisation for fraud and identrfied the greatest potential for fraud. In common with all audits under ISAS (UK), 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 and disclosures in the financial statements. The key laws and regulations we considered in this context induded ongoing compliance 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 f5nancsal statements but compliance with which may be fundamental for their ability to operate or to avoid a material penally. 23
Maritime Belfast Trust Company Llmited by Guarant88 Independent Auditor's Report to the Members of Marltlme Belfast Trust (conlinue(9 Yearended 31 March 2024 As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also". Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence 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 intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstsnces, but not for the purpose of expressing an opinion on th8 effectiveness of the internal control. Evaluate the appropriateness 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 concern basis of accounting and, based on the audit eviden obtained, whether a material UnrtaInty exists related to events or conditions that may cast significant doubt on the charitys ability to continue as a going concem. If we conclude that a material uncertainty exist5. we are required to draw attention in our auditorfs report to the related 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 auditorfs report. HovRver, future everrts or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentstion. structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any signific2nt deficiencies in intemal control that we identify during our audit.
Maritime Belfast Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Maritime Belfast Trust (rontlnuedj Year ended 31 March 2024 As explained more fully in the Trustees, Responsibilities Statement (set out on page 16), the trustees are responsible for the preparation of the financial statements and for being Satisfied that they gwe a true and fair view. Our responsibility is to audit 8nd express an opinion on the financial statements in accordance with applicable law and Intemational Standards on Auditing (UK). Those stsndards require us to comply with the Finanaal Reporting Council's (FRC's} Ethical Standard for Audttors,. in the circumstances set out in note 23 to the financial statements. Use of our report This report is made solely to the charity's members, as a body. in accordance wilh Chapter 3 of Part 16 of the Companies Act 20C6. Our audit WOTk has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditoffs report and for no other purpose. To the fullest extenl permitted by law. we do not accept or assume responsibiliiy to anyone other than the charty and the charity's members as a body, for our audit work, for this report. or for the opinions we have fomed. Conor Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 8 November 2024 25