174 TRUST
INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF 174 TRUST
Opinion
We have audited the financial statements of 174 Trust for the year ended 30 September
2024 which comprise statement of financial activrties, balance sheet, cashflow statement,
reconciliation of movements in funds, statement of total recognised gains and losses and
notes to the financial statements, including a summary of significant accounting policies.
The financial 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
Kingdom Generally AGcepted Accounting PractiGe).
In our opinion the financial statements
give a true and fair view of the state of the Trust's affairs as at 301h September
2024 and of its total incoming resources and expenditure of resources, including
its Income and Expenditure, for the year then ended.,
Have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practi￿., and
Have been prepared in accordance with the requirements of the Charities Act
(Northern Ireland) 2008 and the Charities (Accounts and Reports) Regulations
(Northern Ireland) 2015
Basis of Opinion
We conducted our audit in accordance viith Intemational Standards of Auditing (UK) and
applicable law. Our responsibilities 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 charitable Trust, in accordance wrth the ethical requirements that
a￿ relevant to our audit of the financial statements in the UK, including the FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordan￿ 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 statements. we have concluded that the trustees, use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perforned, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt
on the Twst's ability to continue as a going concem for a period of at least bNelve months
from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going con￿rn
are described in the relevant sections of this report.
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174TRUST
INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF 174 TRUST
Other infomiation
The other information comprises the information included in the trustees, ￿pOrt, other
than the financial statements and our auditor's report thereon. The trustees are
responsible for the other information contained within the annual ￿pOrt. Our opinion on
the financial statements does not cover the other information and, ex￿pt to the extent
othepwise explicitly stated in our report, we do not express any form of assuran
conclusion thereon. Our responsibilty is to read other information and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of our audit, or otheDNise appears to
be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to detemiine 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Trust and its environment obtained
in the course of the audit, we have not identified material misstatements in the trustees,
report.
We have nothing to report in respect of the following matters in relation to which the
Charities (Accounts and Reports) Regulation (Northem Ireland) 2015 require us lo report
to you if, in our opinion..
The trust has not kept adequate accounting records,. or
The financial statements are not in agreement with the accounting records and
turns., or
Certain disclosures of trustee's remuneration specified by law a￿ not made. or
We have not received all the information and explanations we require for our
audit.
Responsibilities of trustees
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
detemiine is ne￿SSary 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 trusts
ability to continue as a going GOn￿rn, disclosing, as applicable, matters related to going
concem and using the going concern basis of accounting unless the trustees either intend
to liquidate the trust or to cease operation. or have no alternative but to do so.
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174TRUST
INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF 174 TRUST
Auditor's responsibilities for the audit of the financial 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 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 (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 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 i￿egUlar1ties, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud is
detailed below..
In identifying and assessing risk of material misstatements in respect of irregularities,
including fraud and non-compliance with laws and regulations, we considered the
following:
the nature of the industry and sector, control environment and business
perfomance including the design of the remuneration policies, key drivers for
management remuneration '
results of our enquiries of management about their own identification and
assessment of irregularities.
any matters we identified having obtained and reviewed documentation of their
policies and procedures relating to.
Identify and test journal entries to address the risk of inappropriate journals and
management override of controls;
identifying, evaluating and complying with laws and regulations and whether
management were aware of any instances of non-compliance.,
detecting and responding to the risks of fraud and whether management have
knowledge of any actual, suspected or alleged fraud.
the internal controls established to mitigate risks of fraud or non-compliance with
laws and regulations.
Challenging assumptions and judgements made by management in their
significant accounting estimates including estimate of useful lives of tangible fixed
assets.,
The matters discussed among the audit engagement team including tax and
valuation specialists regarding how and where fraud might occur in the financial
statements and any indicators of fraud.
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As a results of these procedures, we Gonsidered the opportunities and incentives that
may exist within the organisation forfraud and identified the greatest potential for fraud.
In common with all audits under ISAS (UK), we are also required to perform specific
prO￿dureS to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks in
operation, focusing on provisions of those laws and regulations that had a direct effect
on the determination of material amounts and disclosures in the financial statements.
The key laws and regulations we considered in this context including ongoing
compliance with the UK Companies Act and tax legislation.
In addition, we 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
for their ability to operate or to avoid a material penalty.
As part of an audit in accordance with ISAS (UK), we exercise professional judgment
and maintain professional scepticism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit eviden￿ that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal
control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the charitable company's internal
control.
Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees, use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or Gonditions that may cast significant doubt on
the charitable company's ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention in our auditorfs
report to the related disclosures in the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the charitable company to ￿ase
to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.
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174 TRUST
INDEPENDENT AUDITORS, REPORT
TO THE TRUSTEES OF 174TRUST
Use of our report
This report is made solely to the 174 TNst 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 174 Trust trustees those matters
we are required to state to thetn in an auditor's report and for no other purpose. To the
fullest extent pemiitted by law, we do not accept or assum8 responsibility to anyone other
than the 174 Trust trustees as a body, for our audit worK for this report, or for the opinions
we have fonned.
Janice Blair (Senior StatLrtory. Auditor)
For and on behalf of Harvey & Co Accountancy Services Ltd {Statutory auditor)
5 Willowbank Road Millbrook Larne Co Antrim BT40 2SF
31 March 2025
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