Lough Neagh Partnershlp Llmlted
Company Ilmlted by gu8rantee
Independent audltorfs report to Ihe members of
Year ended 31 March 2023
Oplnlon
We have audited the financial Skiemonts of Lough Neagh Parlnership Limfted {the 'company? for the year
ended 31 March 2023 which comprise the stsiemenl of income arKJ retan&l earnings. slatement ol financial
position arMJ notes to the linancial stalemenls. induding a summary of significanl a￿OUntIng polictes. The
financial reporting framework that has been applied in their preparation is applicable law and United lfjngdom
Accounting Standards, including FAS 102 The Financial Reportiry Standard applicable in the UK and
Republic of Ireland (United lfjngdom Generally Accepted A￿untIng Pradice).
In our opinion. the financial statements:
give a true and fair view ol the stale of the companys affairs as at 31 March 2tr23 and ol its profit lor the
year then ended:
have been properfy prepared In aC￿[danCe wlth United lfjnwknm Generally Accepled thounling Praciico:
and
have been p￿Pared in accordance wilh the requiremenis of the Companies Acl 2006.
Basis for oplnlon
We conducted our audit in accordance with Inlemational Standards on Au£frting (UK) (ISAS (UK)) and
applicable law. Our res￿nSIbIlitieS under those SLqndards are further described in the auditofs responsibililies
for the audit of the financlal statements seclron of our report. We are indeperKlerrt ol the company in
accordance with the ethical requirements thal are relevant io our audit of the financial stsiernents in Ihe UK
induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibililies in accordance
wilh these reqU1￿MentS. We believe that the audit eviden￿ we have oblained is sufficienl and appropriate to
provide a basis for our opinion.
Concluslons relallng to going concern
In auditing the financial statements, we have conduded that the directors use of the going concem basi5 of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied, we have nol idenlified any material uncertainlies relati￿ to events or
conditions thaL individually or collectively. may cast signrficant doubl on the cx)mpan(s ability to continue as a
going concem for a priod of at leasi ￿e1ve monts from when the financial statements are authorised for
issue.
Our responsibilities and the resw)nsbi ilities of the directors wilh respect to going concem are descJibed in the
relevanl sections of this reporL
Other Informatlon
The other informalion comprises the information induded in the annual report. other than the financial
ststements and our authtorfs report Ihereon. The directors are responsible for the other infonnalion. Our
opinion on the financial statements does not cover the olher information and, exL*pt to the extent otheThvise
explicitty ststed in our report, we do not express any lorm of assurance condusion thereon.
In connection with our audit of the flnancial statements, our responsibility is to read the other inlormation and,
In doing so. consider whelher the other Inlomiation is materially inconsistent with Ihe financial statemenls or
our knowledge oblained in Ihe audit or otherwise appears to be materially mlsstated. If we idenlify such
material inconslstencies or apparent material misstaternents. we are required to determlne whether there is a
maierial misslatemenl in the financial statements or a fftaterial misstatemenl ol the other information. If, based
on the work we have performed. we conclude thal there is a fflaterial misstatemenl ol this olher Snlomiation.
we are required to report that facL
13

Lough Neagh Parlnershlp Umlled
Company Ilmlted by guaranlee
Independem audlloffs repon io the members ol
Year ended 31 March 2023
We have nothing io report in this regard.
Oplnlons on Other matters prescrlbed by ihe Companles Acl 2006
In our opinion, based on the work undertaken in the course ol the audit:
the information given in the directors, report lor the financial year for which the financial stalements are
prepared is consistent with Ihe financial statements; and
the directors. reFOrt has been prepared in accordance with applic￿le legal reqLNrements.
latters on whlch we are required to report by exceptlon
In the light of the knowledge and underStandi￿j of the company and its erniironmenl oblained in Ihe course ol
the audit. we have not identified material misslalements in the directors. report.
We have nothing lo report in respect of Ihe following matters where the C4)mpanies Act 2006 requires us io
report to you rf. in our opinion:
adequaie accounting records have not been kep( or retums alequale for our audil have not been received
from branches nol visited by us; or
the finanaal Slatements are not in agreement the accounting records and the relums; or
certain disclosures ol directors. ￿muneratiOn specified by law are not made; or
we have nol received all the information and explanations we require lor our audit: Of
the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantsge of the small companies, exemptions in preparing the direciors. report and from
the requirement to prepare a slrategic rewL
Responsibilities of dlreclors
As explatned more fully in the directors. responsibilities statemeni. the directors are responsible tor the
preparation of the financial statements and for being satisfied thai they give a true and fair view. and lor such
irrternal control as the directors determine is necessary to enable the prepar*ion of financial statements that
are free from material missiatemenL whether due to fraud or error.
In preparing Ihe financial statements. the direclors are responsible for assessing the company's ability to
continue as a going concem, disclosing, as applicabl8. matters related to going concem and using the going
concem basis of accounting unless the directors eilher intend to liquidate Ihe company or to cease operations.
or have no realistic alternative but to do so.
Auditorfs responslblllties lor the audit ol Ihe Ilnanclal statement
Our objeclives are 10 obtain reasonable assurance aboul whether the financial slatements as a whole are free
from material misststemenl, whelher due lo fraud or error. and 10 issue an auditorfs report Ihat includes our
opinion. Reasonable assurance is a high level of assurance. but is nol a guarantee that an audit conducted in
accordance with ISAS (UIQ will always detect a material misstatement when it exists. Misstatements can arise
from (raud or error and are considered material rf. individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users laken on the basis of these financial statements.
Irregularilies. including fraud, are instances of non-compliance with laws and regulalions. We design
procedures in line with our responsibilities, outlined above. to delecl material fflisstalements in respect of
irregularities. including fraud. The extent to which our procedures are capable ol detecting irregularities.
including Iraud is deiailed below:
14

Lough Neagh Partnershlp Llmlted
Company Ilmlted by guarantee
Independent audttorfg reporl to the members of
Lough Neagh Partnershlp Umlled (contlnued)
Year ended 31 March 2023
As part of an audit in accordance wilh ISAS (UK), we exercise prolessional judgment and mainiain
professional scepticism throughout the audiL we also..
Identity and assess the risks ol material misslatemeni of Ihe finar￿la7 statements. whether due to fraud or
error. design and perform audit procedures responsive io those risks. and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
missialemenl resulting from fraud is higher than lor one resulting from error. as Iraud may involve collusion.
forgery, intentional omissions. misrepreseniations, or the override of intemal control.
Obtain an understanding of intemal conlrol relevant to the audit in order to design audit procEdures that are
appropriate in Ihe circumstances. bul not for the purpose of expressing an opinion on the effectiveness of
the intemal control.
Evaluate the appropriateness of accounting polioes used and the reasonableness of accounting estsrnates
and related (ftsclosures made by the directors.
Conclude on the appropriateness of the directors use of the going concem basis of accounling and. based
on the audit eviden￿ obtained. whether a materia] uncertainty exists related to events or conditions Ihat
may cast signifjcant doubt on the company's ability lo continue as a going concem. If we condude that a
material uncertainty exists, we are required lo draw attenlion in our auditorfs report to the related
disdasures in the financial slatements or, rf such disclosures are inadequate. to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our audilofs report HryNever.
fulure events or conditions may (xuse Ihe cornpany to cease to continue as a going Goncem.
Evaluate the overall presentation. slructure and content of the financial SL￿ernents. including the
disdosures, and whether the financial SL*ements represent the urKlerlying transactions and events in a
manner that achieves fair presentstson.
We communicate with those charged with governance regarding, among other matters. the planned scope
and timing of the audit and significant audit firKJings. including any significant deficiencies in intemal control
that we identify during our audit.
111429
Jerfery ogers FCA (Senior Statutory Auditor)
For arKI on behalf of
Phelan & Prescott
River House
Home Avenue
Newry
BT34 2DL
Date=25th March 2024