Holywell Trnst Independent audilor's report to the truste&s of Holywell Trust Opinion We have audited th¢ financial statem¢nts of Holywell TTUSt for ihe year cnded 31 March 2023 which comprise the statement of financial activities, the balance sheet, the cashflow statemen( and the relaied notes. The financial reportin8 framework that has been applied in their preparation is applicable law and Uniied Kingdom Accounting Standards (United Kingdom Generally A¢¢ept¢d Accounting Practice) including FRS 102 The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland" This report is made solely to ihe charity's irustees, a5 a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulaiions (Northern Ireland) 201 5. Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required to state to them in an auditor's report and for no Other purpose. To the fullest extent perniitted by law, we do not accept or assume R8ponsibility to anyone other than the chariiy and the charity's trustees as a body, for our audit work, for this report, or for ihe opinions w¢ have formed. In our opinion the financial siatsments; give a tNe and fair view of the state of the charity's affaits as at 31st March 2023, and of its incoming resources and expenditure of resources, for the year then ended. - have been properly prepared In accordance with United Kin8dom Generally Accepted Accounting Praclice. and - have been prepared in accordance with the requirements of the Charities Act (Northcrn Ireland) 2008. Basls for oplnlon We ¢onducied our audit in accordance with tnternational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thos¢ standards are further described in the Auditor's responsibilit1¢5 for the audit of the financial stal¢ments section of our rcport, We are independent of the charily in accordance with the ethical requirements that are relevant to our audit of the financial statemenis in the UK, includin8 the FRC'S Ethical Siandard, and we have fulfilled our other ethical responsibilities in accordance with these requir¢ments. We believe that the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Concluslons relatlng to goln8 concern In auditing the financial staiements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financio) statements is appropriate. Based on the work we have perfornjed, we have not identified 2ny material uncertainties relating to events or conditions ihat, individually or collectively. may cast significant doubt on the charily's abilily to continue as a going concern for a period of at least twelve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the trnstees with respect to going concern are described in the relevant seclions of this report. Page 8
Holywell Trust Other information The Irustees responsible for the oiher infomiaiion. The other infonnation comprises the infomiation included in the trustees, annual report, oth¢r than the financial statements and our audilofs report thereon. Our opinion on (he financial statements does not cover other inforniation 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 r¢sponsibility is to read the other information and, in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If w¢ identify such material inconsistencies or apparent material misstaiements, we are required to deterniine whether there is a material misstatement in the financial Statements or a material misstatement of the other inforn]ation. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other inforniation. we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by ex¢eptlon We have nothing to report in respect of the following rnatters in relation to which the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to ieport if, in our opinion: we have not received all ihe inforniation and explanalions that we require for our audit: or the financial statements are not in agreement with the accounting records and returns; or the chanty has not kept adequate reords; or the infonnation given in the financial statements is inconsistent in any material respect with the irustee5' report. Responslbilities of the trusttts As explained more fully in the trustees, responsibilities statemeni set out on page 3, th¢ Irustees are responsible for the preparntion of the financial statemenis and for being satisfied that they give a true and fair view, and for such inlernal control as the trustees deterniine is necessary to enabl¢ the preparation of financial statements that are free from material misstatement, whether due to frdud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, a5 applicablc, marters related to going concern and using the going concern basis of accounling unless the trustees either intend to liquidate thc charity or to cease operations, or have no realistic alternative but to do so. Audltor's responslbilities for the audlt of the fjnanclal statements We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report in accordance with regulations made under section 66 of that Acl. Page 9
Holywell Trust Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo 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 wilh ISAS (UK) will always d¢le¢i a material mi5slaten]ent when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence (he ecanomic decisions of users taken on the basis of the finan¢ial siatements. Explanation as to what extent the audit was consldered capable of detectlllg Irregularities, Includlng Irregulariiies, including fraud, are instances of non-compliance with law.s and regulations. We design procedures in line with our responsibiliti, outlined above, to delect material misstatements in respect of irregularities, includin8 fraud. The extent to which our procedures ore capable of detecting irregularities, including frdud is detailed below: Identlfylng and assesslng polentlAI rlsks related to Irregularlties In identifying and assessing risks of material misstatement in respect of irregulariiie8, including fraud and non•compliance with laws and regulation$, we considered the following. - the nature of the industry* sector and the specific control environmeni which it operdtes in the charities own assessment of the risks that irregularfties may occur, eiiher as A result of fraud or error. representations and results from our enquiries with management and the trustees regarding their own identification and assessment of the risks of I¢gularitIes, enquiries of management relating to accounting estimates measurements, recognition criteria and justifieation of such amounts; any malters we have identified having obtained and reviewed the charities policies and procedures relating to: * identifying and assessing if laws and regulations ar¢ compliant and whether they are aware of any instances of nonrycompliance: * detection and response to the risk of fraud and whether they are aware of any actual, suspected or alleged fraud instances; * the internal controls designed to mitigate risks or fraud or non.compliance with laws and regulations, and to minimise risk of management oveideS of such controls, all matters discussed among ihe audit engagement team regarding how and where fraud could occur and the potential indicatOf5 of fraud. As a result of these procedures, we considered the opportuniiies and incentives that may exist within the charity for fraud. The audit included assessin8 the proCedUS and evaluating ihe measurement of estimations. In common with all audits under ISAS (UK), we are also required to perfomi specific procedures to respond to ihe risk of management override. We also required an understanding of the legal and regulaiory frameworks applicable to the chariiy and considered Ihat the most significant are SORP 2019 (FRS 102) and Charities Act (Northern Ireland) 2008. Audit responses to risks ideniified Our procedures to respond to risks identified included the following: reviewing the financial statement disclosus, testing the relevant docurnentation to assess compliance with the significant laws and regulalions - those described as having a direct effeti on the financial statements; enquiring with management and obtaining third pany confinnation from the eharity's solicitors regarding any actual or potential litigation and claims; Page 10
Holywell Trust perforn]ing analyiical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatemeni due to fraud: reading minutes of board and management meetings. examine forecasting material in line with actual perforniance, identifying any potential fraud indicators or instances: reviewing Charity Commission North¢rn Ireland corr¢spond¢n¢e, identify any late submissions or omissions of mandatory inforniation; in addressing the risk of fraud through management override of controls, testing the appropriateness of data entries and adjustments; assessin8 whether the judgements made in makin8 accountin8 estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or Outside the normal course of th¢ charities objectives. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert io any indications of frdud or noncomplianc¢ with laws and r¢gulations throughout the audit. As part of an audit in accordance with ISAS (UK), we exer¢i5¢ professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material mi55tat¢ment of the financial statements. whether due to fraud or error. design and perforni audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriale to provide a basis for our opinion. The risk of not detecting a malerial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgcry, intentional omissions, misrepresentations, or ihe overridc of internal control. Obtain an understanding of internal conirol relevant to ihe audit in ordcr lo design audit procedures that are appropriate in the circumstanccs, bul not for (he purpose of cxpressing an opinion on thc effccliveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and lated disclosures made by the trustees. Conclude on the appropriateness of the trustee5' use of the going concern basis of accountin8 and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw atteniion in our auditols report to the related disclosures in the financial statements or, if such disclosu are inadequate, to modify our opinion, Our conclusions are based on the audie evidence obtained up to the date of the auditoFs report. However, future events or conditions may cause the charity to cease to continue as a going concem. -Evaluate the overall presentation, 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 wilh those charged with governancc regarding, among other matters, the planned scope and timing of the audit and significant audit flndings, including any significant deficiencies in internal control that we identify during our audit. Page 11
Holywell Trust McGroarty Mccaffert Statutory Auditor arli5 race &Co BT48 6JX Date: 16 January 2024 McGroarty Mccafferty & Company is eligible to act as an auditor in ienns of section 1212 of ihe Companies Act 2006. Page 12