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