Workspace (Draperstownl Llmittd Consolldated finan¢lal statemeols for the year ended 31 March 2024 Pa8e 9 Independent auditors, report to the members of Workspace (Draperstown) Limited Opinlon We have audited the consolidated financial statements of Workspace (Draperstownl Limited Ithe 'Parent Companrfl and its subsidiaries Ithe 'Group'l for the year ended 31 March 2024 which comprise the Consolidated Statement of f inancial Activities and Statement of Comprehensive Income, the Group and Company's Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Funds and the related notes. The financi31 reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Finonciol Reporting Standard opplicable in the UK and Republic of IrelL7nd (United Kingdom Generally Accepted Accountin8 Practice). In our opinion the consolidated financial statements: give a true and fair view of the state of the Group's and Parent Company's affairs as at 31 March 2024 and of the Group's incomin8 resources and application of resources in¢ludin8 Its income ènd expenditure and cash flows for the year then ended.. have been properly prepared in accordance with Generally Accepted Accountin8 Practice in the United Kln8dom and FRS102,' and have been prepared in accordance with the requirements of the Cornpanies Act 2006. Basis for oplnion We conducted our audit in accordance with International Standard5 on Auditin8 IUKI IISAS IUKII and appli¢èble law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of ihe Group and Parent Company in accordance with the ethical requlrements that are relevant to our audit of the flnancial 5tatement5 in the UK, includlng the FRC'S Ethical Standard and we have fulfilled our other ethical cesponsibilities in accordance with these requirements. We believe that the audit evidence we h3ve obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to 8oln8 concern We have nothin8 to report in respect of the followin8 matters In relation to which the ISAS IUKI require us to report to you where: the Trustees, use of the 80in8 concern basis of accountlng in the preparation of the financial statements is not appropriate; or the Tru5tees' have not disc105ed in the financial statements any identified material uncertaintie5 that may cast $18nificant doubt about the Group's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authori5ed for issue. ASM
Workspace (Drèperstownl Limited Consolidated financial statements lor the year ended 31 March 2024 Page 10 Independent auditors, report to the members of Workspace (Draperstown) Limited Other information The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditorfs report thereon. 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 expres5 any forrn of assurance conclusion thereon. In connection with our audit of the financial statement5, our responsibility is to read the other Information and. in doing so, consider whether the other informatlon is materially inconsistent with the financlal statements or our knowledge obtained in the audit or otherwise appe3rs to be materially rnisstated. If we identify such material inconsistencies or apparent material mlsstatements. we ère required to determine whether there is a material mi55tatement in the financial stalement5 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. Opinion5 on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informètion 8iven in the Strategic Report and the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial staternents,. and the Strategic Report and the Trustees, Report have been prepared in accordance with applicable le8al requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstalements included within the Strategic Report or the Trustees, Report. We have nothing to report in respert of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion.. adequate accountin8 records have not been kept by the Parent Company. or returns adequate for our audit have not been received from branches not Vi51ted by us,. or the Parent Company financial statement5 are not in agreement with the accounting records and returns.. or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. ASM
Workspace (Oraperstownl Limlted Consolidated financSal statements lor the year ended 31 March 2024 Page 11 Independent auditors, report to the members of Workspace (Draperstown) Limited Responsibilities of Trustees As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for beinE 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 financial statements that are free from material mi5Statement. whether due to fraud or error. In preparing the flnancial statements, the Trustees are responsible for assessln8 the Group's and the Parent CompanVs ability to continue as a going concern. disclosing, as applicable. matters related to goin8 concern and ¥Jsin8 the going concern basis of accounting unless the members either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the flnancial statement5 as a whole are free from material misstatement, 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 (United Kin8doml will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a88re8ate, they could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S website t.'www.frc.org.uklauditorsresponsibilities. This descrlption forms part of our auditor's report. 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, includin8 fraud. The extent to which our procedures are capable of detectin8 irregularities, Including fraud, is detailed below. Based on our understanding of the Group and the environment in whlch it operates, we have identified the laws and regulations such as ihe Companie5 Act 2006 which have a direct impact on the financial statements, and considered the effect non.compliance with those laws and regulations might have on the financial statements, We considered the opportunities and incentives that may exist within the Company for fraud and identified that the principal risks for fraud 3ri5e from: revenue recognition,. management overrlde of controls,. Posting unusual journals,. and unusual estimation amounts. As part of our audlt procedures we discussed these rlsks with management, and performed audit procedures to identify the occurrence of such risks. There are inherent limitations in any audit procedures undertaken, and in particular the risk of not detecting a rnaterial mi55tatement due to fraud 15 higher than the risk of not deterting a material misstatement due to error. ASM
Workspace IDraper5townl Llmlted Consolldaled financial statements lor the year ended 31 March 2024 Page 12 Use of our report Thls report is made solely to the Company's members, 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 Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report. or for the opinions we have formed. Mlchael McAlllsler {Senlor Statutory Audltorl For and on behall of: ASM IM) Ltd Chartered Accountants and Statutory Audltors The Dlamond Centie Market Street Magherafelt 10 December 2024 ASM