Roglstered Company Number: 03437589 CLORK TIKVA SCHOOL Fouf4DATtON (A COMPANY LIMITED BY GUARANTEE) REI PORT OF TIIE TRUSTEES AND UNAUDITED vIf4ANCIAL STAI'EMENTS FOR THE YEAR LNDED 31 AUGUST2025 Charity Number: 1073942 I:LORE TIKVA SC.HOOI, fiOUNDAI'JON CONTENTS OFTHE fiNANCJAL STATE1fv￿rffis FOR THE YEAR ENDLD 31 AUGUST IOL Page Lyumber Retth ofthe Trnste Indep￿id¢llt ExallLin&s Report StatryD¢nt ofi-,iij￿¢I￿J Activiti¢5 Balall¢e Sheet 9-14 Notes to the FitWLciai sthteJJw￿3 Page I CLORI TIKVA SCHOOL IfOUNDATJON REPORT OF TIIJL TRUSTEES FOR'IIIE YEAK ENDED 31 AUGUS'I. 2025 Thc triistccs who &rc also dircclors of th¢ ¢hority for the purposcs of the Compaiiies A¢t 2006, pr¢s¢nt their ￿1St￿l nport lld aLw pr¢s¢nt th¢ dlLt¢tors' r¢portwidi thc fii1&nci￿I stllt¢mcntsof the charity for thc yc&r ciidcd 31 August 2025. Thc financiHI stmemcnts havc been prepared iii occordan¢¢ wth the a¢couiiting ￿LiCIes whi¢h ¢an b¢ found 00 p88¢8 9 and 10 and comply widi th¢ Charities Act 2011. the Companic8 Act 2006. the Mcmornndum and Arti¢lcs of AssociatiotL ond A¥¢ouJ)iing and Repoiiilig by Climriiles.. Statement of Rtcomm¢nd¢d PraLtice applie&bl¢ lo cl7￿.1tics pirparing Ilielr thccouiits in acc4)rdallce with the Finanoial R¢porting S￿￿￿Ord appli¢ubl¥ in ¢he UK and Republi¢ of Ir¢lHnd (FRS 1021 (effectivc I Jaiiiiary 2019}. REItICRKNCE AND ADMINIStIL4TIVE DETAILS Registered CompaRy Number 03437589 Reglstered Charlty Nuinber 1073942 Re￿stered Office 115 Fiilwell Av¢nu¢ Barkin8side Essex IG6 2JN Tru$teEs G¢orge KDorllng { Chairthanl Paiil D BoLirne John C Mon'ison Rabbt D Hulbert AiidrewK L¢wis latt￿ L Bloom J&%on E Lcvy Claire A Flartloy l appoint¢d I Septe￿ber 2025) ITesiEn¢d 24 July20251 lttdeptiident Ex•mlntrs Ms J A Ricklcr, FCA Alwyns LLP Crown Holis¢ 151 High Road Loughton Essex IGIO 41£r STRucfuRE, COVERNAIYCE AND MANAGEMENT Governlng doeumenl The Ghurity Is ¢ontyulled by Its governing documell( adeed of trust, alld coDstitutes a iltllited compallyb limited by guarontee. as de[li￿d by th¢ Companie$ A¢1 2006. Bet S¢fer Llmited Is a ¢OTnpany limited by guaratltee governed by its Memor8ndum Eujd Articles of A580ciation dated 22 S¢pi¢mber 1997. Tb¢ ¢hariiy changed its name to Clor¢ Thkvu SL'hool Fouiidatioii on 17 Jurte 2019. It is regis*red as a ¢harity with the Charity con￿￿$$100. Anyone over th¢ ag¢ 0118 cart becom¢ & m¢mb¢r ofihe company by application to the ust¢¢5 and there are currelltly 20 rKmbers, each of whojnagree to contribute £IO illihe eveni of the charity windit]8 UP. P&8e 2 CLORE TIKVA SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultsnent fippollltmentof trustees A8 setQLit in th¢ Artiola8 of As50ciation thc mcmbers of ihc ¢ompartyeEcctthc tsiLsltcs, whD, in ts]n4 eject the ch&￿￿. All mcnthcrs circuialcd iiut le58 than seven or iiiore ihan Iw¢nly-¢iBlil cl¢aT days kfore the dale appLliJJtd for holdin8 X 8ener*l 1￿cling. witii notice b¢iJJ8 8iven of tsuslees refiTi1￿ by rotalivn p¢tsons king r¢c0xw￿nJ¢d for 4pPO￿￿￿ellt &8 Iriisle¢s. Ijiilnctlon #nil ti'x1￿]￿% of llV+V trnStees New Ini$t¢¢g sr¢ bri¢frd on Ili¢ir l¢gal obligutiony uJJd¢r chority And Com￿nY Iftw., thc Content of Ihc McTh)Tandum Article8 of A￿CIatiOlI,. the dcci8ion moking proces8eB", Ihe biisine￿a ploii rc¢cnt fin4ll¢l￿1 p¢rfoi'ittanw of thc rljarity. Trtist¢e8 are ¢liC￿lTagCd kn alt¢nd appLDPIA&te &¥ter￿1 traiiiitsg event8 WI￿re these will fa¢ilityte the undettskin8 of tlieir rol¢. 0rga]Jl$atlo￿ll1 lti'uctu The boaid of liu$l¢w which cali hav¢ up to 9 mcmbcrs, iYCCt8 three ttttK8 a year 8ttd lldminister5 the charity. The duy-to-thy activities llre condueted from the offJc¢ of lh¢ Cloir Tikva School. Company s¢¢r¢knrial swwc¢s and financial Jdministrotion wetr ¢otri¢d oiit by Mi" P D BoiwK during the year. witli ML. G R Dorltng A￿lIning tliis rol¢ going forwnrd. RelAte(I PAI'tky Tjie charity ha8 & elose reknttonship with Clore Tith S¢hool, whi¢h is 8it¢d in th¢ Pf¢nliBU owned by th¢ ¢harity. It also h8 ￿latiOns￿LIp with JS7 fonK¢rlyJCDSAB (Jewish Colly)Mmity Day School Advisory BoArd), wh08c remit 18 to ¢8thbli5h wid work wilb Jewish sthooly ¥lwIiiw ils pluralist ¢thos is al80 the Ad￿iSSio11 Authority desiFmt¢d by the Departmellt for Education. Rl%k Ma￿￿￿ement Th¢ Irust¢¢s 8111i8fLed that 811 mjor ri8k8 have been ideniified and ieviewed, wid thal $ystems est&thli8h¢d to tnitiga* those ri¥ks. 'I'lie'fnistees ar¢ continuing.. nttAillllial rnvi¢w ofih¢riyks th¢ ¢I￿rIty may f&¢¢,' to rcvicw 8yStems 8nd Pr(￿lUTe# to itiitigatc tho8¢ risks id¢lllifi¢iL' thc implementation of pro¢ediues do4igncd to niiiiimise ￿nY pot¢iitial impact on th¢ ¢tLurty sh￿1]d th08e risks twt¢rialis¢. OBJECTIVES AND ACTivrriEs DffLI￿R PUBLIC Ir￿TEREST ObJectlve5 ￿lld Mlans Th¢ di41iWs obj¢ctiv¢s aT¢'.- dv4nceiJ*nt of cdiicution in H(Yordanct wit11pm￿￿lVC Jcw5h principlcs., to ￿ the Bu￿rdianS of the school ethos nnd b¢ fully wi)i)orltvoof al 411 tlEiKB.' maintenanc¢ nnd d¢velopment of premis￿ for the putpo8e8 olsuch Adv8ncemettt' fvndin¥ uf thal pg11 of lhe ¥ohool's wrriciilumwhich 18 outsid¢ 8tate assistanc4 viz Hcbr¢w teaching Bnd J¢wish Bttidi&¥' to provide up to of All School C&pitEd ExpettdiLute coveted by SCA fundin to pty)vide the bal&ncc of tiittdin8 for school t￿]￿1 pmjecig Ihttt aTe n()tcovcr&q by$tHte funding. Tjie Trustees are njindful uf th¢ n¢¢d to n)eet the ￿)blIC Bgnefji ffquir¢m¢nt and have b¢¢ll inade awore of the ￿lidance given to the Tnislees by the Chdrily Comthission. They L'un¥id¥t thut the ui)Iis upDn th¢m is di8cIigT8¢d by th¢ prolliotion of dV￿l¢tIn¢1it ofd)e educalion in accoldaj￿ pro8res$ive Jeivish piilli'ipltts. provide Hebrew itsc]Jin8 And Jewish Siudi¢E* which are oiilside Stale School currieulunL However, wheLE their are vaLancie8 the school is open to ehilijien of all faiths and the diyc￿lly this biin8y lo the whi)ol lielp8 promote iDt¢L' faith dialo￿1¢ and co-operation. thereby proJnotinB Bood coJNniiJJity relations hclpin8 ID collthfjtajrti SeiTlllism and reliBiOW preiudice5 early &8e. Volullteer5 The ch81.ily i8 Ilcpcndent on the voluntary work of the IwstCC8 in thiiiislcting ils ful￿8 and othcr voliuJl¢¢ts who glyc thcir tini¢ yupportillg th¢ charitys activitics. Thc value of this sup￿rte￿I)nOt be re8dily quontifIed 8nd hÈs rt(>l been included in th¢ rmtiJ]¢ial &18l¢tTknts. PHg¢ 3 CLORE TIKVA SCHOOL FOUNDAT]ON REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 ACHJEVEMKNT AND PERFORMANCE Chthr1t￿￿￿ aetlvhles Duru]B Ihe past fJnHncinl yeai., th¢ widcr economic trnviro1￿tnt r¢iTk4in¢d challenging. with tlie contin￿d itnpq¢t of thc cost of liviiig ci'i¥is many F￿1￿lieS withiij tlJ¢ Cloi% Tikva Sehoul ¥oiiuiwiiily. Despit¢ th¢8¢ pr¢8sure4 th Foundnlion has wntinucd lo re¢¢iv¢ $liY)n8 SllPPOIt Irom p4r¢nts and donor8, ￿lablin8 It Io SLlSloin ils ctrmmtlnktht lo funding th¢ Ivtil and Jewish 8fvdics ¢UT[i￿1117I1l at thc ￿11001. Pupil nun]b¢r8 have renMirt¢d below hi81vri¢ kv¢i4 ￿llecting broader dem8t#plii¢ tr¢nds •oross Redbridgc alld Gre•t¢t Lonclon. IA)wer intsk¢ into Niiisery anil Recepiion ill ELent years Continu￿ lo woit i18 way throygb the 8chuol, i.¢￿IllilIg itt rediiced ovciill ¢mDkniBnl fjnd, Cor￿¢quentIy, a ￿n￿ller base of faniili¢s coiitribuling ihTougb Vo2imtary Pur¢lllal Conlrjbutions (VPCS). The uiyleD)¢ntstion of a revis￿1 Pupil Ad]nis¥ioIi Nunkn¢r IPANI of 45 piu)ils 11.5 fom ¢lltyl. togetlicr with thc iIiliDduction of mixcd.TrBe classes fwln Septunber 2024, represents x pr¢>£ciive fjiid n¢cLYsaLy ￿spOilSe by thc School to align its s¢nictur¢ with ¢iirrent dLfjnartd. However, thi¥ adjUstn￿nt also has d Lorrespolldiii8 11n￿¢1 vn fuliire cotttribiition l¢vcI8. NolwitIL8tall(ling the8C Ongoin8 ehallcngc%, Ihc I'oundation lias oncc again iiwl it% coic obli8alions in 5UPV)rtlll8 HebTtw tellehirtg Jewish Sh￿1￿. Ca￿rUI finallc1￿1 inhno8ement l)1$ r¢illaillcd a priority thLDughoiit the ycar, with cxpenditure c108¢1y Ino￿ltor¢d &ttd effieien¢ies id¢ntified wherever IX188Lble lo ￿lsur￿ Iliat gvoilDbl¢ funds arc dircctcd towards k¢y ducational provi810￿. llje ￿18tall]lblIIty of tbi8 fiirtdiiig model rcmnitts linder te8ular review, with pHr11￿lIuT focLi$ Ott strengllienillg enga¥nship8 r¢inaiii ceiilral to yupportJ]Lg tli¢ school's Cthos ftiid en8iiring th¢ contilliid deliveryof a hi8h*iialityJewi%li gnd $¢oulaT ¢ducalion. Looking aheal Ilie Foun(kilion [en￿]nS fwiis¢d oil tnainlaitiin8 fjnalleinl 9tsbilily i¥hil¢ adapting to A changing ediicolional nd ¢conoilli¢ lfind8cai)¢. Thioiigli cotsfiniicd collaboi'4liun willi parents. and cojnjnunity it 1$ commilt¢d to supporlirt8 Clore Tikva School in d¢Jivering its missiott fot tlxe Irllr8 to 201]*. FINANCIAL REVIEW Rexeiyts policy The ¢TU$ieey hev¢ ¢ylablishd t1￿ level of umr$tyi¢l￿ ie8erv¢8 {i¢. those fim(ts that al'e frcely &v&ilable snd 118cthlc) tI￿t the th￿￿ty 8Eioul(I hove.. te fimd the School's HE￿¢W t¢aching Jewith 9tudi¢$ prow?min¢; to llieet t)ossibl¢ ¢tnergelleyprem18￿ ￿PaI￿, oth¢rexpenditur& The triislcc8 COJJ9ider th*t th¢ ideal l¢v¢l of lil￿estriCted re%ervcs at 31 August 2025 wuuld b¢ £200.(MPO. ThE achinl iinr¢strict¢d rtS¢EVCS at 31 Augiisl 2025 werc £170568 {£29,4.32 sliort of th¢ tfirstted fJBuic of £200,000). AS stated in the Perf0rJnaU￿ Hnd Financial Review sections. whilst the eurrent Icvcl of 1¢8grv65 ￿re at a erilical level in th¢ shoTt t¢Tm, il LrmaiI￿ Ibtt Irustets'inle]xlion lo in¢tea8¢ tli¢unre8tricted ruerve8 80 Ihey mlly¢nsur¢ 8 suffi¢i¢ncyot r¢5crve8 to ptovide fmAnci811]¢xibilily in fvtULf yQllS. policy and objeclive 'l-ru¥lees inay invest the chaiilys tiinds, ttot iiTun¢diat¢ly iequir¢d for ils PlELyose¥, itt or upvTr ¥urtL inv¢8tnKnls, secuillties or property a3 n￿Y be thoiiBhi fit. The tnislees, hovin8 Te¥ard lo the liqutdity r¢(iuireJnents of providinx fund& for that progranimc, attd to Ihe ]rscives Poli￿ ol'ke¢ping available hinds in inlet&4t beÉrirt8 ￿￿Ount9. seek lo receive n rate of deposit int¢re8t wliich iNtcJies or exec¢d8 irttl&iion Ns measuTed by Ilie retail pric¢8 index. The r¢8ulty for th¢ yearand fmajjcial p08ition of tli¢ Co[￿)anY are as shown in tlic ￿lneX¢d finartcial slalcttKTht5. Page 4 CLORI TIIntribiitions IVPCS), contilliie to presenl a L1￿11e11g¢ and requijy ongoing lliiention. Effort8 wlll thetefore conlilliie to be dtrected toward5 lllcfe8sing engag¢meDI wlth alld the wider community to improv¢ panicipation and ¢nsur¢ a mtsr¢ sustalnable and predlclable income stre4 In response lo contllJu¢d d¢MOgr￿h1¢ ehanges hnd loweT pupil number5 acro￿ die region. the Scknool Iw initiated collsuliation process regarding a furihcr reduclion iii its Publisli¢d Admissioii Nuniber 10 30 pupib11 forin eDiry)} proposed to takr efftct froD] Sept¢mb¢r 2027. This follows earlier adjii8Lmettts and reflects a Lottgidettd strategi¢ appro￿h to alignillg thc School's structsjrc with runrnt and proj¢ct¢d demand. Wliile thi5 change inay have an iinpact on fuliir¢ contribiilion level4 it 15 intcnded to crcatc a more sustgin8bl¢ opcrntinB mod¢l find SUp￿rt th¢ long-tenn fiiiw)ci*d stability of Ix)th th¢ klwol and the Foundation. 'j￿r.1ftL$te¢S also rccognisc the evolving nattirc ot the School's commiiiiity. Since il8 establislimLnt, the pmfJlL and g¢ographic distribution of familie8 shiftd, with n)0￿ fgmili¢% now living tuither from tlic imincdiatc local arca. 'fhc5r changcs will ¢OlltiniK to infoim strntcgic plonning and eJigagem¢nl efforis, ejisuriiig that th¢ S¢hool rb'maills r¢sponsiv¢, inclusive and ttrA¢tiY¢ to prospe¢tiv¢ fati]ilie5. Lookiiig llhe￿, thE Boord wlll continiic to review its composition and cApabiliti¢s to cosiire it is well plo¢¢d to m¢¢t fiiture challenges. By combining prud¢nt finatLci&I manllgcmcnt. pro&ctivc lundraising, and a clcar str&tegic direction. th¢ 'lTiisI¢¢s reinain cautiOU51y opiiinisti¢ atollt the Found&¢ion's ftbility to strengthen ils fltwicimj positlon and conttlliie supportillg the S¢hoDI ¢ff¢¢tivelyov¢r the wn]ing y¢ar& GOING CONCERN Th¢ Trust¢¢s plth¢d to report th¢ going concen) siakn2s of thc charity has improvcd this yc8r as n￿asured by iiicr¢ased ¢ash res¢rv¢s ot th¢ ¢nd olthe yew. Non¢th¥lE54 tli¢ day to day aftaws of the charity ll¢ed to k mainthiDcd as prudently 4$ possible whilst focu5iDg on m8XitDisillg pÉwentsl ¢ontyibutionb 8nd oth¢r income. Haviii8 r¢gard to Ihe positiorj of the coinpany's unrttslricled fund4 the trusts*s continually monitor H¢bMv leachittg and Jewish sludies costs. and a]so ¢DSt5 in ¢onii¢ction with Security and Administration. Colltinuttd fund raising a¢(ivities will continu¢ w b¢ retlecled in siibsequeThtyears' fiiiancial sta￿mttnts. The trustee5 have also considcrcd the cotwqu¢ncrs of COVID-19 and oth¢T cvents aThd cOnditior￿ and IMv¢ detertnined tha( thry do not create a matcrial uncert8inty Ihat C&8ts significant doubtupn the charitys ability to totttsllue as o going CQllCern. Pag¢ 5 CLORE TIKVA SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE ITAR ENDED 31 AUGUST 2025 STATEMENT OF TRU￿￿Ks1 RESPONSIBILITIILS Th¢ tyu3tees {who olso the diJ¢ctors of CIoTe fikva School Foiindation for the purposcs of cotllpany Idwl aT¢ r￿ponSible for preparing thc Report olthe Triiste¢s und th¢ fLtLm¢iaJ 5tat¢ill¢nts in ￿￿rdanc¢ with applicablt law and ￿gUlatio￿5. Company law requir¢s ihe trusie¢s 10 pr¢piir¢ finallcial stafrmellls for each fiiiaiicEAI year. Under that law tbe trustee5 ttiusl prepare the fiJJancial s¢atements in accordance with Uiii*d Kingdom Gen¢r#lly A¢¢ept¢d Aecouiiiing Practic¢ (Unil¢d Kingdom Accountiiig Siandards aiid dpplicdble 14w}. Uttder compuny Jaw Ihe trustees must noi approvc Ihc rJttanci￿ slut¢m¢nls uiile55 they are 5JtL5fied th8t thcy give a lrne and fair view ofthe state ofaffairs of the charitsble compaiiy and of tlic iiicoming resour¢es and &ppli¢alion of resour¢e4 incliidiog tlit in¢oine and xpcnditure, of the cliaritablc company for that pei'iod. Inpreparing th¢se fillancial statemellts, the trustees ar¢ req111￿d to:_ s¢l¢¢i suitable accoiinting policies alld dien apply them coii$isknily' ob8erYe the meihods and pi'in¥iples iii ihe Charity SORP., make judEmeIits aiid estijnalts r¢asonable and prudeiit. siote whothbr appllGabl¢ UK AccoiinÉing Standards havc been followed. subjectto any material departt]rcs disclo.8ed xnd explained in th¢ financial stalen￿lIt￿., Thnd prq)fire the flnancial slitcments on th¢ going rolK¢1￿ b￿LS un1¢5s It 15 jLiappropriat¢ to pr¢5unK that th¢ charitablc cOMp￿yw11] continue lo eperate. The trustees rt8PODsible for k¢¢plng adequ&te aecounting records that are Buffjcient to Show and explabj the cliaritable LOTnpanls trall8act1ol￿ and disclose with reasonable ￿eur4¢Y at any th¢ ffnwi¢ial y)sitiDn of the ¢1Wi￿b1e ¢ompuny And to enable thelli to ensure that the fillancial statemen¢s comply with the Companies A¢t 2006. They are also re$wnsible for saf¢guor(ting the as5¢ts' of the cornpany aiid hence for taklljg rewllable Steps ror tilt pr¢v¢ntiull and detectiolloffraud other irregularitie$. Th¢ re￿}rtIleS beej) prepared in accord8nc¢ wlih th¢ swial provisivns of P4rl 15 of the Companie5 ALt 2006 iating to •trJl compani¢5. ON BEHALF OF T'HE TRUSTEES: P D Bourne -Tn]$tee Date.. 7 (01 (2oJ6 Pagc 6 CLORE TIKVA SCHOOL FOUNDATION INDFPEiYDENT EXAMINF.X'S RTr,VORTTO THE TRUS'fEifs ov ci.ORI¢'l'lKVA SCFIOOL FOIINI)AI'ION rcporl to It1181¢e5 Iwlin are Ili¢ Dirtxtors for llie purp￿ of ¢(xnpaiiy lawl on Iny examillailoii of tli¢ finaii¢ial slai¢m¢nts of Clor¢ T¢kva Schwl Foui)dation (Th¢ chnritAble cortipAnll fot the yelli crtded 31 Auwt 2Q25 wbith comptk8e the Siai¢m¢nt of FiD•i¢ial A¢iiviliGs. th¢ Balan¢e Sheet iiid related ttotes pRge 9 to 14. Tliis report is made solely ￿ the dtsrity's ttusleas, lls a boty. in a¢wrdwi¢¢ wilh s¢¢1ion 145 of11)e Cliariiies A¢1 2011. My work ha8 bBcii iin(krtath 50 Ihal I might slal¢ 10 the Cli￿lly'S Iiiisle¢s IhD5c mattcrs l am ￿quir¢d to sthie ID thcm in this r¢port and for no oth¢r purpose, To the fullest extcnt permitted by IILW, I dg tiot ¥K¢ept OT assuthe rc8ponsibility to anyorte other Ihan Ihe cliariiy 11 lid the ¢harily's Intsi¥es 35 a bDdy, formy WO￿ for Ibi8 r¢port, or forth¢opinioDS I hav¢ forjlled. REspEcfivE RESPONSIBILI'fiKs ow TRUSTEES AiYD EMMINgR A$ th¢ trustc¢s of Ui¢ ¢liariiabl¢ company you Jrc rcsponsible tor Ihc preparolion of IhB finanGiaJ $tnteJnenLq in accordance with t1kereqU￿0Men1S of the Compbtiies Act20061'the2006 Act'}. Having 8aligfi¢d my5¢1f tknt IhB finaiicinl stslenients of dje charitable coinpwiy ar¢ not requireil lo b¢ audi￿d under Parl 16 of the Act and nrc cligibl¢ for independont ¢xamino¢ioJ, I row)rt in rowe¢t Df niy examittfiiion of the ¢h*ritfible ¢ompatty's finAncial sthlein¢nls ¢arri¢d out und¢r section 145 of the Chaiities Aei 2011 l'ibe 201 1 A¢t'l alld ill EatryiLg Vill my ¢xaminaiion I hAv¢ fol1v￿￿ all Ihc applicable Directioijy Biven by the Cbarily ComtDiS8iOn ulld¢r ge¢b(HJ 145{5Mbl of the 20LIAcL AS PErniitted by DI￿¢tiOn 2, issued by the Charily Commissiojj Ihe fjm) for whi¢h 114vrk h#s provide(I Iht Company with bookknping scrvic¢s during the yeor cndcd 31 Aii8USt 20￿. As A consequett¢e I hove tollDw¢d the trquircmentof the FRC'È Ethic￿ Siandard under￿kIllg diis us8igrtthttttt. An independent ¢x91n1￿￿li0n not thvolve g&iliering the evidett¢¢ IhAt would be rcquircd in lludTt and consequcntly ￿￿8 nthi ￿V¢r all the mai￿r$ thAI an auditor collsiders ￿ giv￿8 thdr opinion on lh¢ r￿gn¢la1 $latem¢nts. The plawiing glld ¢DJLduct of audit Boes beyojid I1￿ lijnited asgwAiiee tTrial 8n independ¢nt