THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
CHARTBRED ACCOUNT ANTS
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
YEAR ENDED 31ST MARCH 2023
Oplnion
We have audited the financial ststements of The Ulster Defence Regiment Benevolent Fund for the
sl
year ended 31 March 2023 which comprise the Statement of Financial Activities, Balance Sheet,
Cash Flow Statement and notes to the financial statements, including significant accounting policies.
The financial rep)rting framework that has been applied in their preparation is applicable law and
United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial
Reporting Standard applicable in the UK and Republic of Ireland (United Kin8dom Generally
Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the Fund's affairs as at 31 March 2023, and of its
incoming resources and expenditure of resources, for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accountin8 Practice; and
have been prepared in accordance with the Charities Act (Northern Ireland) 2008.
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Basis of our opinlon
We conducted our audit in accordance with International Stsndards on Auditing (UK) {ISAs (UK))
and applicable law, Our rcsponsibilities 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
the Fund in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including FRC'S Ethical Standard, and the provisions available for Sn￿11
entities, in the circumstances set out in note 21 to the financial ststcm¢nts, and we have fulfilled our
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going Concern
In auditing the financial statcments, we have concluded that the trustees, use of the going concern
basis of accounting in the pr¢paration of the financial statements is appropriate,
Based on the work we have perfonned, we have not identified any material uncertainties relating to
events or conditions thaL individually or coll¢ctively, may cast significant doubt on the Fund's ability
to continue as a going concern for a period of at least twelv¢ months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described
in th¢ relevant sections of this report.
Cciitury House
40 Cre5ceni B115iness Pllrk
LISBURN
BT28 2GN
17 Mande￿Ile &reet
PORTADOWN
Craigavon
BT623PB
X9 Alfred Street
BELFAST BT2 8EQ
DX3910 NK Belfast so
Tel: +44 (0)28 9031 IJ13
Fax.. +44 (0)28 9031 0777
Tel: +44 fo)28 9260 7355
Fax: +44 (0)28 9260 J656
Tel.. +44 {0)28 3833 2801
Fax: +44 (0)28 3835 0293
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THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (conilnued)
YEAR ENDED 31ST MARCH 2023
Other infomation
The other infonnation comprises the infomiation included in the annual report other than the financial
statements and our auditor's report thereon. The trustees ar¢ responsible for the other inforniation
contained within the annual report. Our opinion on the financial statements does not cover the other
inf0m￿tIOn and we do not express any forn] of assurance conclusion thereon. Our responsibility is to
read the other infornlation and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to deterniine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have perfornied, we
conclude that there is a material missLit¢m¢nt of this other information, we arc required to report that
fact.
We have nothin8 to report in this regard.
Matters on which we are required to report by exceptlon
We have nothing to report in respect of the following matters in relation to which Charities (Accounts
and R¢ports) Regulations 2008 require u5 to report to you if, in our opinion:
the infonnation given in the financial statements is inconsistent in any material respect with
the trustees, report, or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records: or
we have not received all the inforn￿tIon and explanations we require for our audit.
Responsibilltles of trustees
As explained more fully in the trustees. responsibilities statement set out on pages 6 and 7, the
trustees are responsible for the preparation of financial statements 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 financial ststements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the trust¢¢s either intend to liquidate the charity or to cease
operations, or have no realistic alternative but to do so.
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THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (Coniinued)
YEAR ENDED 31ST MARCH 2023
Audltor's responslbilitles for the audlt of the fmancial 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 Act.
Our objectives are to obtain reasonable asswance about whether the financial statements as a whole
are free from materiaI 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 assurancc, 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 error and are considered material, if, 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.
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, including fraud. The specific procedures for this engagement and the extent to which
these are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audlt wa8 ¢oDsldered capable of detecting irregularitles, Including fraud
We identify and assess the risks of material misstatement of the financial staternents, whether due to
fraud or error, and then design and perfonn the audit procedures responsive to those risks, including
obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identlfying and assesslng potential risk4 related to irregularltles
In identifying and assessing potential risks of material misstatement in respect of i￿¢gU]ar1ties,
including fraud and non-compliance with laws and regulations. we considered the following..
The nature of the industry and sector, control environment and charity's financial results and
position.
Results of our enquiries of management about their own identification and assessment of th¢
risks of irregularities"
Any matters we identified having obtain¢d and reviewed the charity's documentation of their
policies and procedures relating to:
Id¢ntifying. evaluating and complying with laws and regulations and whether they were
aware of any instances of non-compliance"
Detecting and responding to the risks of fraud and whether they have knowledge of any
actual, suspected or alleged fraud. and
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THE ULSTER DEFEIYCE REGIMENT BEIYEVOLENT FUND
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (¢onllnued)
YEAR ENDED 31ST MARCH 2023
Auditor's responslbllltks for the audit of the financial statements (conlinued)
Identlfylng and assessing potential rtsks related to irregularltles (con¢lnued)
The internal controls established to mitigate risks of fraud or non-compliance with laws
and regulations.
the matters discussèd among thc audit engagement team regarding how and where fraud rnight
occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the that the particular areas in the financial statements
that were susceptible to misstatement were related to management bias in accounting estimates and
judgements; recognition, classification and completeness of income. In common with all audits under
ISAS (UK), we are also required to perform specific procedures to respond to the risk of manag¢ment
override.
We also obtained an understanding of the legal and regulatory frameworks that the Charity operates
in, focusing on provisions of those laws and regulations that had a direct effect on the detennination
of material amounts and disclosures in the financial statements. The key laws and regulations we
considered in this context included Charity le8islation applicable to Northern Ireland, Charity,
governing document, employment law, health and safety and tax legislation.
In addition, wc considered provisions of other laws and regulations that do not have a direct effect on
the financial statements but compliance with which may be fundamental to the Charity's ability to
operate or to avoid a material penalty.
Audlt response to risks identlfied:
Our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to
assess compliance with provisions of relevant laws and regulations described as having a
direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Perfonning analytical procedures to identify any unusual or unexpected relationships that
may indicate risks of material misstatements due to fraud.
Reading minutes of meetings of those charged with governance and reviewing
correspondence with tax authorities. and
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THE ULSTER DEFENCE REGIMENT BENEVOLEIYT FUND
INDEPEIYDENT AUDITORS, REPORT TO THE TRUSTEES (conlinued)
YEAR ENDED 31ST MARCH 2023
Auditor's responsRbilitie8 for the audlt of the financial statements (conilnued)
Audlt response to rlsks identified (continued):
in addressing the risk of fraud through management override of controls, testing the
appropriateness of journal entries and other adjustm¢nts including those relating to revenue
recognition; assessing whether the judgements made in making accounting estimates are
indicative of potential bias; and evaluating the rationale of any significant transactions that
are large, unusual or outside the nonnal course of the charity's activities.
We also communicated relevant identified laws and regulations and potential fraud risks to all
engagement teams members and remained alert to any indications of fraud or non-compliance with
laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misststements in the financial statements, even though we have properly
planned and performed our audit in accordance with auditing standards. In addition, as with any audit,
there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery,
intentional omissions, misrepresentations, or the overrid¢ of internal controls. We are not responsible
for preventing non-compliance and cannot be ¢xpected to detect non-compliance with all laws and
regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website
ath
s:Ilwww.frc.or .uk/auditosres
onsibilities. This description fornis part of our auditor's report.
Use of our report
This report is made solely to the Fund's Board of Trustees, as a body, in accordance with part 4 of the
Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been
undertaken so that we might state to the Fund's trustees those matters we are required to state to them
in an auditors, report and for no other purpose. To the fullest extent pem]itt¢d by law, w¢ do not
accept or assume responsibility to anyone other than the Fund and th¢ Fund's trustees as a body, for
our audit work, for this report, or for the opinions we have fonned.
Mr Nige
re FCA (Senlor Statutory Audltor)
For and on behalf of GMCG BELFAST
Chartered Accountant$
Statutory Auditor
Dated: ..l.1!< >ia
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Page 12