2024-03-31-annual-return

LHAR TP.RV.D ACCULINThliT5 THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDFPENDENT AUDITORS, REPORT TO THE TRUSTEES YEAR ENDED 31ST MARCH 2024 Opinion We have audited the financial statements of The Ulster Defence Regiment Benevolent Fund for the year ended 31, March 2024 which comprise the Stalemenl of Financial Activities, Balance Sheet, Cash Flow Stalement and notes to ihe financial statements, including significant accounting policies. The financial rq)orting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Siandards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom 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 al 31, March 2024, 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 Accounting Practice. and have been prepared in accordance with the Charities Act (Northern Ireland) 2008. Ba$1$ of our opinion We conducted our audit in accordanc¢ with Inlernational Siandards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditor's responsibilities ror the audit of the financial statements section of our report. We are independent of the Fund in accordance with the ethical requirements thai ar¢ r¢l¢vant lo our audil of the financial statements in the UK, including FRC'S Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We b¢li¢ve that ihe audit evidence we have obtained is sufficient and appropriale lo provide a basis for our opinion. AIfrLxI House 19 Alfred street BF.LIIk￿ BT2 8EQ DX 3910 NR BELVAsf 50 Ceniury House 40 Cre8￿￿1 Bu81nes8 PArk LISBURN ]rr28 2GN 17 Mandeville Sireel PORTADOWN Lhigavo IJT02 3PB Tel: [phone] F&Y: [phone] OTn Tel: ++i(0)28 9260 73 Fax.. [phone] Td: [phone] Fax- [phone] Ch#rYed l ReKiglerLYI AudilDts i ehrtQTedTrx Ad¥iu)rE I 1lorrtk4lcAteth￿laThts I Corporale Vinancelthiao GM¢G tradin8 Daweof GMLCOrow) um11￿ W Elo NIo59660. tistofDlr￿rtDrs avallableal re815knedoffi ReB1￿¢t￿ 10 ClJDdurt a￿11 WOTkty theln5biutedLTh&rfcrtd At￿U￿wi￿ in Irdand Atn¢mbrofllAffj.AWoTldwi& AUianc¢ofIDdektht At¢rf)LmthR Vlrn www.gmcgca.c( Page 7

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (conliNued) YEAR ENDED 31ST MARCH 2024 Conelu$lons relating to going coneern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of ihe financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions thal, individually or coll¢Ltivelyi may cast significant doubt on the Fund's ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authoris¢d for issue. Our responsibililles and thc responsibilities of the trustees with r¢spect to going concern are described in the relevant sxtions of this report. Other Information The other infonnation comprises the inforniation included in the annual report other than the financial stat¢m¢nts and our auditor's report ihereon. The trustees are responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does not cover the other inforniation and we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the oiher infonnation and, in doing so, consider whcihcr Ihc other infonnation is materially inconsistent wilh the financial stalemenls or our knowledge obtained in th¢ Course of the audit, or otherwise appears to b¢ materially misstated. Ir we idenlify such material inconsist¢nci¢s or apparent material misstatements. we are required to delemiine whether this gives rise to a material misstatement in the financial stalements thems¢lv¢s. If, based on the work we have perfomied, we conclude that there is a mat¢rial misstatement o( this other inf0m￿tIOn, we are required to report that fact. We have nothing to report in this regard. Matters on which we ire required to report by exeeption We have noihing to report in respect of the following matters in relation to which Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the inf0m￿tIOn given in the financial statements is inconsislent 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 ihe accounting records; or we have not received all the inforniation and explanations we require for our audit. Page 8

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORSI REPORT TO THE TRUSTEES (continued) YEAR ENDED 31ST MARCH 2024 Responsibilitles of trustees As explained more fully in the truslees, responsibilities statement set out on pages 5 and 6. the trustees are responsible for the preparation of the financial stalements and for being satisfied that they give a Irue and fair view, and for such internal control as the truslees detennine is necessary io enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustecs arc responsiblc for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related io going concern and using the going concern basis of accounting unless the trnslees eiiher intend to liquidate the charity or to cease operdtions, or have no realistic alternalive but to do so. Auditor's responsibilitie$ for the audit of the financirdl 5174tements We have been appointed as auditor under seclion 65(2) of ihe Charities Acl (Northern Ireland) 2008 and report in accordance with regulations made under seclion 66 of that Act. Our objectives to obtain reasonable assurance about whether the financial stal¢m¢nts as a whole are free from material misslatemenl, whether due to fraud or error, and io issue an audilor'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 (UK) will always delecl a malerial misstalement when it exists. Misslatemenls can arise from fraud or error and are considered material, if, individually or in the aggrcgalc, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inslances of non-compliance wilh laws and regulations. We design procedurcs in line with our responsibilities, outlined above, lo detect maierial misstatemenls in respect of I￿egularitICs, including fraud, The specific procedures for ihis engagemenl and the extent lo which these are capable of detecting irregularities, including fraud is detailed below: Extent to whlch the Audlt was consldered CApable of detectlng Irregularllles, Includlng frAud Wc idcnlify and ass¢ss the risks of tnatcrial misstalcmcnt of ihe financial stalcmcnts, whcihcr due to fraud or error. and then design and perforni the audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriale to provide a basis lor our opinion, Page 9

THE ULSTER DEFENCE REGIMEIYT BENEVOLENT FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (eontinueéfj YEAR ENDED 31ST MARCH 2024 Audfitor's responsibllltles for the audit of the financlgl statements (continued) Identifying and assessing potential risks related to irregularities In identifying and assessing poiential risks of malerial misstatement in respect of irregularities, including fraud and non-compliance with laws and regulalions, we considered the following.. The nature ofthe industry and sector, control environment and charity's financial results and position. Results of our enquiries of management about iheir own identification and assessment of ihe risks of irregularities. Any matters we identified having obiained and reviewed the charity's documentation of their policies and procedures relating to: Identifying, evaluating and complying wilh laws and regulations and wheiher they were aware of any instances of non-compliance. Detecting and responding io ihe risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud. and The internal controls established to mitigate risks of fraud or non-compliance wilh laws and regulations. The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a resuli of these procedures, we considered the that the particular areas in the financial statements that wcre susceptible to misslatement were related lo management bias in accounting eslimales and judgements: recognition, classification and completeness of income. In common with all audits under ISAS (UK), we are also required to perforni specific procedures to respond to the risk of management override. W¢ also obtained an understanding of th¢ l¢gal and r¢gulatory frameworks thal th¢ Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the detern]ination of material amounts and disclosures in the financial statements. The key laws and regulalions we considered in this context included Charity legislation applicable to Northem Ireland, Charity's governing document. employment law, health and safety and tax legislation. In addition, we considered provisions of other laws and regulations that do noi have a direct effect on the financial statements but compliance wilh which may be fundamental to the Charity's ability to operale or to avoid a material penalty. Page 10

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (continued) YEAR ENDED 31ST MARCH 2024 Auditor's responsibilities for the audit of the financial statements (continued) Audit response to rlsks Identfifled: 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 slatements. Enquiring of management concerning actual and potential litigation and claims; Perforniing analytical procedures to identify any unusual or unexpected relationships that may indicat¢ risks of material misstatements due to fraud; Reading minutes of meetings of those charged with governance and reviewing corr¢spondenc¢ with tax authorities; and In addressing ihe risk of fraud through management ov¢rrid¢ of controls, testing the appropriateness of journal entries and other adjustments 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 transaclions that are large, unusual or outside the nornial course of the charity's aclivities, W¢ also communical¢d 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 regulation5 throughout the audit. Owing to the inherent limilations of an audil, Ihere is an unavoidable risk that we may not have detected some material misstatements in the financi81 statements, even though we have properly planned and perfornled our audit in accordance with audiling standards. In addition, as with any audit, there remains a higher risk of non- delection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal conlrols. We are not responsible for preventing non-compliance and cannol be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on ihe Financial Reporting Council's website at htt s:l/www.frc.or .uklauditosres onsibilities. This description fonns part of our auditor's rq)ort. Pagell

THE ULSTER DEFENCE REGIMENT BENEVOLENT FUND INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (conlinuÉd) YEAR ENDED 31ST MARCH 2024 Use of our report This report is made solely to the Fund's Board of Truslees, 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 ihat we might stalc to the Fund's Irustees those matlcrs we are required to slate lo them in an auditors, report and for no other purpose. To the fullest extent pemiilted by law. we do not accepi or assume rcsponsibility lo anyone oih than the Fund and the Fund's trustees as a body, for our audit work, for this report, or for ihe opinions we have fornied. Mr Nigel re FCA (Senior Statutory Auditor) For and on behalf of GMCG BELFAST Chartcred Accountvdnts Statutory Auditor Alfred House 19 Alfred Streel Belfast BT2 8EQ z?. 10.2AL Page 12