THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF LAW SOCIETY OF NORTHERN IRELAND TRUST Report on the audit of the financial statements Opinion In our opinion. Law Society of Northem Ireland Trust's financial statements (the "financial statements"): give a true and fair view of the state of the Trust's affairs as at 31 December 2022 and of its incoming resources and application of resources 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 Stsndard applicable in the UK and Republic of Ireland" and applicable law)- and have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008 and The Charities (Accounts and Reports) Regulations (Northem Iland) 2015. We have audited the financial statements, which comprise.. the ststement of financial position as at 31 December 2022; the statement of financial activities for the year then ended,. the accounting policies: and the notes to the financial statements, which include a description of the significant accounting policies. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) ("ISAs {UK)"} and applicable law. Our responsibilities under ISAS (UK) are further described in the Auditors. responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC'S Ethical Standard and we have fulfilled our other ethical responsibililies in accordance with these requirements. Conclusions relating to going concern Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the Trust's ability to continue as a going Concern for a period of at least twelve months from the date on which the financial ststements are authorised for issue. In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. However. because not all future event5 or conditions can be predicted, this conclusion is not a guarantee as to the Trust's ability to continue as a going concern. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Reporting on other information The other information comprises all of the information in the Financial Statements other than the financial statements and ourauditors. report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or any fom of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially mi5Stated. Ifwe identify an apparent
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INDEPENDENT AUDITORS. REPORT (CONTINUED) Reporting on other information (continued) material inconsistency or material misstatement. we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other infomiation. 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 based on these responsibilities. Based on our work undertaken in the course of the audit, the Charities (Accounts and Reports) Regulations {Northern Ireland) 2015 requires us also to report certain opinions and matters as described below. Trustees. Report Under the Charities (Accounts and Reports) Regulations (Northem Ireland) 2015 we are required to report to you if, in our opinion the information contained in the financial statements is inconsistent in any material respect with the Trustees, Annual Report. We have no exceptions to report arising from this responsibility. Responsibilities for the financial statements and the audit Responsibilities of the Trustees for the financial statements As explained more fully in the Statement of Trustee's responsibilities. the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fairview. The trustees are also responsible for such intemal 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 Trust'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 trustees either intend to liquidate the Trust or to cease operations. or have no realistic alternative but to do so. Auditors. responsibilities for the audit of the financial statements We are eligible to act and have been appointed as auditors under section 65(2}' of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effectthereunder. 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 auditors. report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are Gonsidered 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 a capable of detecting irregularities, including fraud. is detailed below. Based on our understanding of the Trustlindustry. we identified that the principal risks of non-compliance with laws and regulations related to solicitors orders, data protection and employment, and we considered the extent to which non-complian¢e might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act {Northern Ireland) 2008 and The Charities (Accounts and Reports) Regulations {Northern Ireland) 2015. We evaluated the incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) by the trustees and those responsible for, or involved in, the preparation of the financial statements, and determined that the principal risks were related to posting of inappropriate joumal entries to manipulate profit and inappropriate recognition of revenue. Audit procedures performed included:
THE LAW SOCIETY OF NORTHERN IRELAND TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 INDEPENDENT AUDITORS. REPORT (CONTINUED) Auditors. responsibilities for the audit of the financial statements (continued) Discussions with management including the consideration of known or suspected instances of non- compliance with laws and regulation and fraud,. Identifying and testing unusual joumal entries, in particular journal entries posted with an unusual account combinalion., and performing unpredictable procedures There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to evenls and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than 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. A further description of our responsibilities for the audit of the financial ststements is located on the FRC'S website at: www.frc.or .uklauditorsres onsibilities. This description forms part of our auditors. report. Use of this report This report, including the opinions, has been prepared for and only for the Trust's trustees as a body in accordance with section 65 of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act (Part 4 of the Charities {Accounts and Reports) Regulations (Northern Ireland) 20151 and for no other purpose. We do not, in giving these opinions. accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Other required reporting Charities (Accounts and Reports) Regulations {Northern Ireland) 2015 exception reporting Under the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 we are reqUId to report to you if, in our opinion: sufficient accounting records have not been kept-, the financial statements are not in agreement with the accounting records. or we have not received all the information and explanations we require for our audit. We have no exceptions to report arising from this responsibility. Harbinson Mulholland Chartered Accountants Statutory Auditors Cenlrepoint 24 Omieau Avenue Belfast BT2 8HS 18 2trz3