Belfast Exposed Photography Company Llmlted by Guarantse Indop8nd8nt Auditorf8 Report to the Members of Belfast Exposed Photography Year ended 31 March 2024 Oplnlon We have audited the financial statements of Belfast Exposed Phob3raphy (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial posrtion and the related notes. including a summary of significant accounting policies. The financial reporting fr8m8work that has been applied in t￿￿}r preparation is appliGable law and United Kingdom Acc¢)unting Standards, including FRS 102 The Financtal R8POrting Standard applicable in the UK and Republic of Ireland (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements.. give a true and falr view of the 8tste of the charity's affair8 88 at 31 March 2024 and of its incoming resources and application of r8sourc&s, Including it8 income and expenditura, for the year then ended: have been prop•dy prepared in accordanca wlth United Kingdom Generally Aexepted Accounting Practice., have been prepared in accordance wtth th• requirements of tha Companles Act 2006. 8asl8 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibiltties under those Standards ar8 further de8cribed in the auditorfs responsibilities for the audit of the financial statements section of our report. We 8re independent of the charity in accordance wlth the ethical requ1￿mentS that are relevant to our audit of the financial Statements In the UK, including the FRC'S EthieAI 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 oplnlon. Con¢lu8lon• r•latlng to golng ¢oncem In auditing the financial statements, we have concluded that the tru3tees' u8e of the going concern bas18 of accounting In the preparation of the financial 8tstements Is appropriate. Based on the work we have performed. we have not identlfied any material uncertainties re18ting to events or condFtions that. indivldually or collectively, may ca3t significant doubt on the charlty's ability to continue as a going concem for a peri¢xl of at least twelve months from when the financial statements are authorised for issue. Our respon8ibilitl88 and the responslbilities of Ihe trustees with respect to going concern are described In the relevant sections of this report. Belfast Exposed Photography Company Limited by Guarantse Independent Audltorfs Report to the Members of Belfast Exposed Photography (contlnuedj Year ended 31 March 2024 Other Inforniatlon The other infomiation comprises the infomiation Included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other infonnation. Our opinion on th8 financial ststements d￿S not cover the other information arKI, except to the extent otherwise explicltty stated in our report. we do not express any fomi of assurance conclusion thewn. In connection with our audit of the financiel statements. our responsibility is to read the other information and. in doing so, consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audbt or otherwise appears to b8 materially misstated. If we idenllfy such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a materlal misstatement of the other information. If, based on the work we have perfonned, we condude that there is a material misstatement of this other information, we are required to report that fact. We have nothlng to report in thi8 regard. Oplnlon8 on other matter8 pr08crlbed by th• Companle8 Act 2006 In our opinion, based on the VKxk undertaken in the cour8e of the audit: the information given in the trustee8' report for the financial year for which the flnancial statements are prepared 18 consisterrt with the financial statements: and the tru8tee8' report has been prepared in accordance with applicable legal requirements. Mattev8 on whlch w• arn rnqulred to r•port by excoptlon In the light of the knowledge and understanding of the charlty and its environment obtained in the ¢our8e of the audlt, we have not identified Material mi88t8tsment8 in the trustees, report, We have nothing to report in respect of the following matt8r8 In relation to which the Corrrf)anies Act 2006 requires u8 to report to you rf, in our opinton.. adequate accounting re¢ord8 have not been kept, or retum8 adequate for our audit have not been received from br8nch88 not visited by us: or the financi81 statement8 are not in agreement with the accounting records and returns: or cert8in di8clo8ure8 of trustees, remuneratlon speCif￿d by law are not made: or we have not r8Ce￿ffjd all the Infonnation and explanations we requlre for our audit. or th8 trustees wer8 not entitled to prepare the financial statements in accordance wlth the small companies reglme and take advantage of the small companies, exemptions in preparing the directors, report and from the requlrement to prepare 8 Strategic report. Belfast Exposed Photography Company Llmlted by Guarantee Independent AudIt0￿6 Report to the Members of Belfast Exposed Photography (¢onllmied) Yearended 31 March 2024 Responsibllltles of trustees As explained rnore fully in the trustees, respon8lbilities ststemerrt, 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 intemal control as the trust￿$ detennine is necessary to enable the preparation of financlal statements that are fr88 from material misstatement, whether due to fraud or error. In preparing the financial Statements, the trustees are responsible for a88e8sing the charity's abilrty to continue as a going concern, dt8clo8ing. as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease opar8tion8. or have no realistic altemativa but to do 80. Audltorfs rnsponslbllltlos for tho audlt of the flnanclal statem•nts Our objectives are to obtain reasonable assurance about whether the financial statements as a who are free from material misstatement. whether due to fraud or error. and to issue an auditor's report that include8 our opinion. Reasonable assurance is a high level of assuranrR, but is not a guarantee that an audit conducted in ac¢ordance wrth ISAS (UK) will always detect a materfal misstatement when it exists. Misstatemenls rAn arise from fraud or error and are considered material rf, individually or in the aggregate, they c¢yJkl roasonably be expected to influence the economic decSslons of users taken on the basis of these financial 8latements. Irregularities, including fraud. are instance8 of non-compliance with law8 and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatement8 in respect of iTregulantie8. including fraud. The extent to which our procedure8 are capable of detecting irregulanti88. includlng fraud 18 detailed below.. We obtalned an understanding of the legal and regulatory frameworf( applicablè to the Company through enquiry of management, industry research and the application of cumulattve audit knowledge. We identified the following principal laws and regulations relevant to the Company - Companies Act 20CkS and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed 8n understsndiro of the key fraud ri8ks to the entty (including how fraud mlght occur), the controls in place to help mitigate those risks. and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates. analysi8 of Joumal entries. walkthrough of the key control ¢ycle8 in place and enquiry of management. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional 8cepticism throughout the audit. We also: Identify and assess the risks of materlal misstatement of the financial statements, whether due to fraud or error. design and perfom audit procedures responsive to those risks, and d)tain audit evidence that is sufficient and appropriate to provide a basis for our opin•?n. The risk of not detecting a material misstatement resulting from fraud is higher than for one resultlng from error, as fraud may involve collusion. forgery, intentbjnal 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 circumstances, but not for the purp08e of expressing an opinion on the effectiveness of the internal control. 10- Belfast Exposed Photography Company Llmlted by Guarantee Independent Audltorfs Report to the Members of Belfiist Exposed Photography (contlnued) Year ended 31 March 2024 Evaluate the appropriateness of accounting policies used and the reasork3bleness of accounting estimates and related disclosure5 made by the trustees. Conclude on the appropriateness of the twstees, 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 svJnir￿ant doubt on the charity's abilty to continue as a going concem. If we conclude that a material uncertainty exists, 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 m(xlfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditofs report. Howwer, future events or Conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial Statements, including the disclosures, and whether the financial ststement8 represent the underlying transactions and avents in a manner that achleves falr pr•8entation. We communAcate wlth those charged with governance regardlng, among other matter8, the planned scope and timing of the audit and 8ignlfunt audit finding8, including any signlflcant deficiencies in internal control that we identify durlng our audit. of our report Thi8 raport is made Solely to the charity's members, a8 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work h89 been undertaken 80 that we might state to the charity'8 members those matters we are requlred to stste to them ift an auditorf8 report and for no other purpose. To the full88t extent perniitted by law. we do not accept or assume responsibilty to anyone other than tha charity and the charity's members as a body, for our audit work, for this report, or for the opSnlons we have fomied. Michael Ilanni8dn I c 17, 2024 1:33 GMTI Michael Flannigan (Senior Statutory Auditor) For and on behalf of FEB Chartered Accountants Chartered accountants & statutory auditor Linenhall Exchange 1st Floor, 26 Linenhall Street Belfast Northern Ireland BT2 8BG 12 December 2024 11