RUDDELL & COMPANY CharteredAccountants & RegisteredAuditors J6 Chureh Street, DunganFzon, Co. Tyrone, B T716AB Tel.. (028) 8772 2043 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NEWFORGE COMMUNI DEVELOPMENT TRUST Report on the Audit of the Financial Statements Opinlon We have audited the financial statements of Newforge Community Development Trust I'the Trust") for the year ended 31 March 2023, which comprise a Statement of Financial Activities, a Statement of Financial Position, Cashflow Statement and the Notes to the Financial Statements. including significant Accounting Policies set out in note 3. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard Gpplicuble in the UKand Republic of Ireland lapplying Section IA of that Standardl Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the companls affairs as at 31 March 2023 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards. comprising FRS 102 The Financial Reporting Stondard applicoble in the UK and Republic of Ireland issued by the UK'S Financial Reporting Council; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKII and applicable law. Our responsibilities under those standards are described in the Auditor's Responsibilities for the Audit of the Financial Stotements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of financial statements in the UK, including the FRC's Ethical Standard for Auditors, and we have fulfilled our other 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 We draw attention to page 16 in the financial statements. which indicates that the Trust is dependent on the funding of members and adequate banking facilities. As stated on page 16, these events or condition5, along with other matters as set forth in the Boing concern note on pages 16, indicate that a material uncertainty exists that may cast significant doubt on the Trust's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge it5 liabilities in the normal course of business. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. RegisiereO io Audii Work by th¢ lii.FtLtyle of ChaneKdAccoMniaiiiy Ihylalld Rudd¢,11 & Compaiiy is ihLJ trading OIJDMR Limited. Reyislercd NJ. Rv&ri.%fJuiioii.N¢). Nl hflOSgX RegLFiered oific¥.' 47 Dernanijille Road, Poitudowm. Cts. Arniu¥h. BT62 JPF RUDDELL & COMPANY CharteredAeeounlants & RegisteredAuditors 16 Church Street, Dungannon, Co. Tyrone. B T716AB Tel.- (028) 8772 2043 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NEWFORGE COMMUNITY DEVELOPMENT TRUST (continued) Other Inftirmation The other information comprises the information included in the Annual Report other than the Financial Statements and our Auditor's Report thereon. The trustees are responsible for the other information contained within the Annual Report. 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 express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is rnaterially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent rnaterial misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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. Opinions on Other Matters Prescrlbed by the Componies Art 2006 Based solely on the work undertaken in the course of the audit, we report that: in our opinion, the information given in the Trustees, Report is consistent with the Financial Statements,. and in our opinion, the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which We are Required to Report by Exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any materlal misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept. or returns adequate for our audit have not been received from branche5 not visited by us: or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the Small Companies Regime and take advantage of the Small Companies Exemptions in preparing the Trustees, Report and from the requirement to prepare a strategic report. io I)1￿.￿.1￿)1' JiiJittilittN Rmcldcll FCA. BA IHoii.¥J ALL.,IIBS IALf) R¢gi.¥Eeredtto carry Audil Ivopk ty ihe InFliiUte of CharleredAccounta￿/.f jii Irelajid R￿ddell & Compaii)J is iroding name o[JDMR Limiied. RegisierediFt Nl. Re.gi.vlJaiioii.l¢). RL'gi.Fl¢n)d oifice.. 47 D¢rnwnville Road. Ponadtswn. Co. Armugh. tsr62 IPF RUDDELL & COMPANY ChavteredAccountants & RegisleredAuditors 16 Church Sireel, Dungannon, Co. Tyrone. B T716AB Tel. (028) 8772 2043 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NEWFORGE COMMUNITY DEVELOPMENT TRUST (continued) Respective Responsibilities Responsibllities of Trusteesfvr the Financial Statements As explained more fully in the Trustees, Responsibilities Statement set out on page 7, the Trustees are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial Statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the company's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations. or has no realistic alternative but to do so. Audltorfs Responsibilitiesfor the Audit of the Financlalstatements Our objectives are to obtain reasonable assurance about whether the financial statements 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 IUKI 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 taken 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 extent to which our procedures are Capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the company and industry. we identified that the principal risk5 of non-compliance with laws and regulations related to UK tax le81slation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct imp2Ct on the financial statements such as Companies Act 2006. We evalLtated management'5 incentives and opportunities foi fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journals. Audit procedures performed by the engagement team included.. discussion with management, including consideration of known or suspetted instances of non-compliance with laws and regulations and fraud; and identification and testing of significant manual journal entries. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher that the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by. for example forgery or intentional misrepresentations or through collusion. l)IlgL'l¢)i.- Jijlluiliuyi Ruddvll FC"A. BA 114oJi.F} AL'L.. MBS IA<'cJ. Regi51ered to carry ¢)n Audit Work by the In5tiZule ofCharteredA¢munianLs in IrelttNd Rr4dd¥ll & CtsmpuhTv 15 ihg iradiJi£nqme o[JDMR LiiNil¥d. RegisiÉredin Nl. RLxTI.I'if¢iiitsJT..ViJ. Nl 0116391 R¢'xisicr¥dolltCe. 47 DerrvonvillL, Ro¢Td. Poi.radow￿. Co. Armugh. Bf02 IPF RUDDELL & COMPANY CharteredAccountants & RegisteredAuditors 16 Chz4rch Street, Dungannon. Co. Tyrone. B T716AB Tel.. (028) 8772 2043 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NEWFORGE COMMUNITY DEVELOPMENT TRUST (continued) The Purpose ofour Audit Work ond to Whom We Owe Our Responsibilities Our 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 Auditorfs 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. Jonathan Ruddell Senior Statutory Auditor for and on behalf of Ruddell & Company Chartered Accountants & Registered Auditors 16- 18 Church Street Dungannon 11 July 2024 BT716AB 12 iyi'i'lnj. Ji)Jlrltliall Rtsildell FCA. BA IHiJJi.¥J AL'C. IIBS IALC). Regisiered to carry on Audii Wtsrk by the Ins1iiMtenJChar¢ettdAccounrauiT 1*1 Ireland Rt4ilJ¥ll & i.Y ihe IradiiixFTUMe nJJJ)MR Limited. Re¥i.vlerEdiii Nl Rexi.YirutlVJl Il'¢J. Nl OlJfi39I Rc'xi.iivvdvJJiLe. 47 DerrvunvillL. Rwid. PcJriqdfJWlI. Co. AriMu¥h. BT02 IPF