COUNTY TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COUNTY TRUST LIMITED Opinion We have audited the financial statements of County Trust Limited (the 'Charitable Company'l for the year ended 30 April 2023 which comprise the statement of financial activities. the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi). In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 30 April 2023 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended- have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities ft)r the audit of the financial statements section of our report. INe are independent of the Charitsble Company in accordance with the ethical requirements that are 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 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 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 perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company's ability to continue as a going concem for a period of at least twelve months from vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Twstees with respect to going COnM are described in the relevant sections of this report. Other information The other information comprises the infomiation induded 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 infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material InnsIStenc1es or apparent material 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 reF)Ort that fact. We have nothing to report in this regard.
COUNTY TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNTY TRUST LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within 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 Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within 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 retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement viith 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 accordan wth 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. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the Charitsble Company for the purpose of company law, 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 the Trustees 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 Charitable Company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whelher the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditovs 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.
COUNTY TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNTY TRUST LIMITED Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of legUlarl11es, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud, is detailed below. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are-, to identify and assess the risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit eviden regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests wth both management and those charged with govemance of the charitable Company. Our approach was as follows.. We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006. the Charities Act (Northern Ireland) 2008, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with govemance. We assessed the risk of material misstatement of the financial statements, induding the risk of material misstatement due to fraud and how it might occur. by holding discussions with management and those charged with govemance. We inquired of management and those charged wth governance as to any known InStanS of non- compliance or suspected non-compliance with laws and regulations. Based on this understanding. we designed specific appropriate audit prOdureS to identify instances of non-compliance with laws and regulations. This induded making enquiries of management and those charged with govemance and obtaining additional Corroborative evidence as required. As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional $ptI¢l$M 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 perfomi audit procedures responsive to those risks, and obtsin audit evidence 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 intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.
COUNTY TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COUNTY TRUST LIMITED Conclude on the appropriateness of the trustees. use of the going cOnM basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions 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 auditor's report to the related disclosures in the financial statements or, if such disdosures are inadequate. to modify our opinion. Our conclusions are based on the audit eviden obtained up to the date of our auditor's report. However, fvture events or conditions may cause the charitable company's to cease to continue as a going concern. Evaluate the overall presentstion, 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 wth govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. induding any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditorfs report. Use of our report This report is made solely to the charitable 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 charitable Company's members those matters we are required to state to them in an auditors. 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 charitable company and the charitable Company's members as a l)ody, for our audit work, for this report, or for the opinions we have formed. (Senior Statutory Auditor) for and on behalf of Moore (N.I.) LLP 9 January 2024 Chartered Accountants Statutory Auditor 30-32 Lodge Road Coleraine BT52 1NB