Loughview Training Services Limited Independent Auditor's Report to the Members of Loughview Training Services Limited Opinion We have audited the financial statements of Loughview Training Services Limited (the 'charity') for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The fmancial reporting framework that has been applied in their prepardtion is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: give a trne and fait view of the state of the charity's affairs as at 31 March 2023 and of its results 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 Industri & Provident Societies Act (Nl) 1969 and 1976. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the auditOT responsibilitie5 for the audit of the financial statements s¢¢tion of our report. We are independent of the charity in accordance with the ethical iequirements 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 obtained is suificient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the tnteeS use of the going concern basis of accounting in the preparation of the financial statements is approprtate. Based on the work we have perfornjed, w¢ have not identified any rnaterial uncertaintÈes relating to events or conditions that, individually or collectively, may cast signtficant doubt on the charity'5 ability to continue as a going concern for a period of at least twelve month5 from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with resp¢ct to going concern are described in the r¢l¢vant sections of this report. Other information The trustees are responsible for the other information. The other inforn]ation comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other inforniatron and, except to the extent otherwise explicitly stated in our report. we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other inforniation is materially inconsistent with the financial statements or our knowledg¢ obtained in the audit or otherwise appears to be materially misstated. If we identify such mat¢rial inconsistencies or apparent material misstatements, we are required to detemine whether there is a material misstatement in the fmancial ststements or a material misstatement of the other information. If, based on the work we have perforn]ed, we conclude that there 15 a material misstatement of this other inforniation, we are requ2red to report that fact. Page 5
Loughview Tramning Services Limited Independent Auditor's Report to the Members of Lougbview Training Services Limited We have nothing to report in this regard. Opinion on other matters prescribed by the Industrial & Provident Societies Act (Nl) 1969 and 1976 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the Trustees, Report for the fmancial year for which the financial statements are prepared is consistent with the financial statements. and the Tntees, Report has been prepared in accordance with appllcable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and its enviTonment obtained in the course of the audÉL we have not identified material misState7nents in the Trustees, Report. We have nothing to report in respect of the following matters where the Industrial & Provident Societies Act (Nl) 1969 and 1976 requires us to report to you if, in our opinion: adequate accounting records have not been kepl or returns adequate for our audit have not been received from branches not VlSited by us. or the fancial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees remuneration specified by law are not rnade. or we have not received all the inforniation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the (set out on page ). the tru5tee5 are responsible for the preparation of the financial stateEnents and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of fmancial statements that are free from material misstaternenL whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the ¢harity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the trustees either intend to liquidate the charity or to cease operation5, or have no realisttc alternative but to do so. Page 6
Loughview Training Services Limited Independent Auditor's Report to the Members of Lougbview Training Services Limited Auditor responsibilities for the 2udit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL 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 misstatement when it exists. Misstatements can arise from fraud or eor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial statements. The extcnt to which our proc¢dures are capable of d¢tecting irregularities, including fraud is detailed below . . We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates. We detetmined that the following laws and Tegulations were most sÉgnificant: the Industrial & Provident Societies Act (Nl) 1969 and 1976 and we detennined that the financial reporting framework used was FRS 102. We obtained an understanding of how the company is complying with those legal, regulatory and financial reporting frameworks by making inquiries of management" and We assessed the susceptibility of the company's fmancial statements to material misstatement. including how fraud might occur. Based on the results of OUT risk &ssessment we designed our audit procedures to identify non-cornpliance with such laws and regulations identified above. Audit procedures perfonned included- - identifying the nature of the industry sector and business performance. enquiring of management about their own identification and assessment of the risk of Iegular1tieS and whether they have any knowledge of any actual, suspected or alleged fraud. identifying and assessing the design effectiveness of controls management has in place to prevent and detect understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process. identifying and assessing the extent of compliance with laws and regulations and enquiring of management if they are aware of any instance of non-compliance" assessing assumptions and judgements mad¢ by management in its significant accounting estimates for reasonableness" perfomiing analytical proc¢dures to identify any unusual or unexpected variations that may indicate risk of Enaterial misstatement due to fraud. in addressing the risk of fraud through management oveIde of controls. testing the appropriateness of journal entries and other adjustments" assessing whether the judgements made in making accounting estirnates are indicative of a potential bias- and evaluating the business rationale of any significant transactions that are unusual or outside the nornial cours¢ of business. and - enquiring of management concerning actual and potential litigation and claims. There aTe inherent limitations in the audit procedures described above. W¢ are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the fmancial statements. Also. the risk of not detecting a material misstatement due to fraud is higber than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepr¢s¢ntations, or through collusion. A fiher description of our responsibilitie5 is available on the Financial Reporting Council's website at: Mry¥W.frc.org.uklauditorsresponsibilities. This description forn]s part of our auditor's report. Page 7
Loughview Training Services Limited Independent Auditor's Report to the Members of Loughview Training Services Limited Use of our report This report is made solely to the charitable company's trustees, 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 state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other puOSe. To the Ilest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its tne¢S as a body, for our audit work, for this reporL or for the opinions we have fomied. Trevor Shiels (Senior Statutory Auditor) For and on behalf of D T Carson & Co, Statutory Auditor 51-53 Thomas Street Ballymena Co Antrim BT43 6AZ Date 28 June 2023 Page 8