.XODUS'rRusr IA CO%fPANS' LlhllTED BY GUARANIEE) I'LAR Tr.NW)Tr.D JI AUGUST 2022 IND1 PEI NDfi NT AUDITORS, Rfi PORT TO MIMBERS ofi XODUS TRUST (A COMPANY LIMITED BY GUARANTEIE) Oi)inioii We h2¢ ve ¢?udiled the fini?llciiil sl%Trleiiienls of Exodus Trust (the 'charilable compaiiy.) for the yeai. ended 3]M August 2022 ivhich coiiiprAse the Stateiiienl of Financial Aclivilies (incliiding inconie ¢lnd expenditure accoiint). the Balaiice Sheet. Ihe Sialetiienl of Cash Floivs and notes lo Ihe fin(In¢ial sti2lemeiils, including a siimm1& ry of significcinl &1CCOITnling policies. The finciiicial reportiiig fr¢11neivork th¢21 h( been applied in Iheir prep4iralion is <2ppIic4ible111IV iind United Kingdom Accouiiiii)g Sl1¢ 1)dili'ds, iiicliiding Fii).Inci<il Reporting Siaiidard 102 Tlie fiiiaiicial Reporliiig Siaiidai'd applicable iii ilie UK aiid Reyiiblic of li'elaiid (Ui)ited Kingdo1 Gener.Illy Accepted Accounliiig Practice). In our opinion Ihc financial sliilcm¢nls: give <7 Iriie and fiiir vieiv of ihe slale of the cliJril¢lble coi)Ipany's affairs a$ 111 31 Aiigii812022fr cind of ils incoiliing resoiirces and qipplicalion of resources. including its income and expenditure. for the year ilien elided; hlliie beeii properly prepared in accordance ivlth Uniled Kingdoni GeIierally Aceepied AccoLinliiig Priiclicey lind h&ive been prepilred in ccordance wilh Ihe reqiiirements of Ihe Coinpiinies Act 2(X)6. Basls foi. opliiion W¥. Coiiducl¢il our i?iidil in ccordance iviih Inlernalionol Siandards on Audiling (UK)(ISAs(UK)) nnd applici1ble law. Oiir responsibililie.s under those $161nd1i rds are fi)I'ihei' described in Ihe Aiidilor's responsibilities for Ilie audit of the finttnci£il slaleiiieiils section of our reporl. We indenden1 of Ihe chiiril¢1ble comp¢lny in 47ccordc1nce with IhL elhiciil re(iiiii-emenls Ihic I cire I'eleviinl lo oiii. audit of Ilie finaiicial slaieineiils iii the UK, iiicliiding Ilie FRC'S Eil)ical Standard, ai)d ilie provisions aipailable for siiiall eiitities, iii Ihe circuinslaiices set out in iiote 24 10 Il)e flnancial slaleiiients, and we have fulfjlled our other eiliical respoiisibililies in accordaiice ivilli these requiremen15. We believe Ihai the audil evidence ive h47ve obiained is sufficienl lind i?ppropriilte lo provide a b4iSiS for our opinion, Concluslon5 l'elatlng to goiiig concern In aiiditiiig Ilie fii)anciiil slalenienls. Ive have concluded Ihat the Iruslees, use of the going COiKerJi basis of accouiitii)g in tlie prepariltioi) of the fiiiancial slatemenls is appropriate. Based oil the ivork ive have perfornied, Ive have ilol ideiilified ally n)aleriiil unc¢rlainlies relaling lo eveiils or conditions Iliil, iiidividually or collectively. niay cast significant doubi on Ihe chqirilable COIIIP4111y's ability lo coiiliiiue q< s a goiiig concein for a period of .11 leiisl livelve inonihs froili ivhen the fin?¢ llciill .slillemenls are ¢?Iiihorised for issiie. Oiir responsibililies Thd Ihe responsibililies of the Iruslees iviih respect lo going concern are described in the releviTrnl sections of this report.
EXODUS TRU.ST (A COIIVAP4Y I,1]rrED BY GUARAKfEE) ITAtt ENDED JI AUGUSI 2022 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTINUED) Othei. informatlon The Ti'iislees rfll'e respoiisible for the other inforjnalion. The otl)er inforTnil1ion coinprises aiiy ii)foriiialion other Ih%in the fJnanci411 slalenieJ)1s and our auditor's report Iheieon. Our opiiiioii on il)e ftiiaiicial sli£ leiiienls does not cover the other inforilialion and. except to the extent othei'ivise explicitly slated in our report, Ive do not express aiiy fonii of assurdnce coiiclusion Ihereon. In coniieclion ivilh our audit of the financial slatemeiits, our responsibilily is lo read ilie other inforn)(21ion c1nd. li) doing so. consider ivhether ihe other inloriiialioij is nialerially ii)coi)sisleiit ivilli the fiiiL111cial slalenienls or our k'nowledge obtained in Ihe audit oi. oiheriyise appei¢ I's lo be nialerially Inisslaled. If Ive idei)lify such nii?teriii l incoJ)sislencies or appareiil iiiaterial nusslaleiiienls, ive are required lo delerinine ivhell)er there is Illiilerial Inisslaleiiient iii Ilie fiJ)aiicial 51<ilemenls or a Iiialerial iiiisstateiiient of Ihe ollier inforiiici1ion. If, bit Sed on Ihe ivork ive have rfor1]]ed, ive conclude thi¢ I there is 11 lli¢1teri111 iiiisslalemenl of this other ijifoTlI)ation: Ive are required 10 repon Ihal facl. We have tiothing to report in this regivd. Opiiiions 011 othew iiiatters presci'lbed by Ilie Compaiiles Ac12006 Iii our opiIiioi), b£lsed on Ihe Ivork iindertaken iii the course of Ihe aiidil., the inforniiilion given in Ilie directors, report for the finailcial year foi. iyhich Ihe fjnaiicial slaieiiienls are prepared is consislenl wilh Ihe financial slaleiiienls. aiid the directors, report has beeii pr¢pq( red in accordaiice ivith 41pplicable legal requireiiieIits. Mfttters on ivhicli Ive air i'eqiilred lo repDrt by exception In the light of our knoivledge and uiiderslaiiding of Ihe charitable coinpany aiid ils environinenl obiained in the coiirse of the audit, we have not ideiilified nialerial n)isslaleiiieiits in Ihe directors, i'eporl. We l)ave noihiiig lo report in respecl of the following iiiaiiers in relalioii lo ivhich the Compllnies Act 2006 requires us lo report lo you if. in our opinion: ,1deqiiate accouiiliiig records h47ve ttol been kepi, or returns 21 dequl1 le for our audtt have nol been received fi'oin brcinches not visiied by us; OT the finc1ncial st<lteniei)Is are nol in agreeiiienl wilh the accounting records and returiis. or ccrti2in disclosures of directors, reJMuneT14 tion specified by laiv are noi mil de- or ive have not received 811 the iiifornialion aiKI explanations we require for our audil; oi. the Iruslees were not ejiiitled lo prepare the financial stateinents in accordance iviili tlie sIiiall coinpanies. i'egiine aiid lake advaiilage of the small coiiipaiiies, exempiions in preparing the directors, KepoN lind froln Ihe requireineiit lo prepare cl strategic report. 12
EXODUS TRUST IA COIIPANY LIhlITED BY GUARANTEEI YEAR ENDED 31 AUGUST 2022 INDEPENDENT AUDITORS, REPORT TO THE NqEMBERS OF EXODUS TRUST (A COMPANY LIMITEI D BY GUARANTEE) ICONTINUED) Respoiislbllltlos of Trustees As explaiiied n)ore f1511y in the Slatejiienl of Trustees, Responsibililies sel out on pages 9 aiid l O, the Trustees (Ivho l< re also the direclors of ihe charilable conipany for Ihe puipose of coiiipany law) are responsible for Ilie preparation of the finaI)cial slaleii)ei)Is and for being salisfied Ihlil they give aiid ti'iie and fc1ir vieiv. and for sueli internal control Ihe Iru.4lees detern)?i)e is iieces8ary lo encible Ilie prep¢1ralioii of fii1l¢ iicial 8iai¢mL'nts th1¢ l are free froi)i ii)alcrial Inisslaleinent, Ivhellier due to fraud or error. In pi'ep¢11'ing Ilie fJnai)cial statenienls, Ihe Inislees lire re.sponsible for assessing the charilable coinp4?Ily'S abilily to conliniie ¢18 11 going concerii. disclosing, as appliciible, In<illers related lo going coiicerii and Lising the going concern b41SiS of accoui)liiig uiiless Ilie Iru51ees iviiher inleiid 10 liquidate Ilie cliarilable coinpuiiy or to cease oper4ilions, or have no realislic aliernalive but lo do so. Auilitor's respoiislbllllles for Ihe auillt of the tliiaiielal slfileiiients Oiir objectives cire lo obti1in reasoni2ble assurance aboul ivheiher the fin4incial slaleniei)Is as a ivhole are free froiii Tll<iiericil iiiissl411eiiiei)t. Ivlietl)er diie lo frlud or etTof, 1¢ nd lo issue ali auditor's i'cporl Ihlll incliides our opinioi). Reasonable assurilnce is a l)igh lel'el of assiirance, bill is iiol a giiaranlLc that ali audit coiidiicied iii accord11 nce ivilh ISAS (UK) will alivays delecl a in471erii¢ l iiiisslaleJi)eJil ivlieii it exists. Misslatemenls can lse froi)I fraud or error aiid are considered nialerial if. individually oi- in Ihe ggi'egale. Iliey coiild Keiisonably be expected 10 influence the econoniic decisioIis of users taken on the bl& sis of these fin4incial slaleiiieiils. Irregiilarilies, iiicludiiig fraiid, are iiislances of non-coJ)Ipliaiice will) l4iiVS and regiilalions. We design pi'ocediii'es ii) liiie iviih our i'espoi).sibililies, oiillined iibove. to delecl iillllerial i?iisslalenienl.s in respect of in'egiil(IriliLs. Ancludiilg fraiid. The specifi¢ prixeduies for Iliis engageiiieiil aiid the extenl lo which tliese are ClipAble of delLLling irrcgularilies, including fraud is deiftiled beloiv.. I xlenl to Ivlilcli tlie Rudit li'a5 eonsldei'ed capfil)l¢ of dctectlng Iri'egularities, includli)R fi'aud We idenlify &ind 1ssess the risks of i1171ericil n)issliileiiienl of Ilie fiiiaiicial slalenienls, Ivhether due lo fralid or error, aiid then design 47nd perforiii tlie audii procedures responsive to Ihose risks. including oblciiiiiiig audil cvidence thal is sufficienl and approprillie to provide 47 basis foi oui opiiiioii. lllentifying And Assesslng poteiitlal rlsks related to irregularltles Iii identifying cind assc.85ii)8 risks of Iiiaicrial InisslaleTnenl in respect of irregularlties, includii)g fraud aiid IioIi-coinpliance ivilh laiv.s and regulations. Ive considered Ihe folloiving: Aiidlt i'espoiise to rlsks identified: Ilie n611ure of Ihe induslry .Ind sector, control environn)enl and charily's finaiicial results aiid position. currei)I COVID-19 environinenl resiilis of oiir eiiquiries of inaiiageinenl abolit their oivn idenlificatioii and assessiment of the risks of irregul&lrilies: ,qny IiTratters ive identified having obtained revieived the Charity's documenlalion of their policies and procediire.S Tel411ing lo- idenlifyiiig, evalualing and coiiiplying iviih Iclivs aiid tegulatioiis and ivheiher Ihey wei'e aivcire of i?ny instances of noii-coiiipliaiice. deieciing and responding lo Ihe risks of fraud ai)d wlieiher they have knoivledge Of any 1clual, suspected or alleged fraiid. and 13
F,YODU,S TRUST (A COIIP*lNI' 1,1241tTED BI. GUARANTEEI Yli.AR Tr.NDTr,D 31 AUGUST 2022 INDEPEINDENT AUDITORS, REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTJNUED} Auditor's responsibilltles for the &udll of the financial staten?eiils (coiili1114ed) Audit response to rlsks fdcntificd (coiiliiiiied): the internal controls eslabli5hed to ii)iligale risks of fraud or i)on-complIaie iviili laivs and regulaiions-, Ilie iiiallers discussed among ihe audit engageinent teaiii regiirding hoiv and ivliere fraud might occur in tlie fiiianci4?l .sl<iiemenls i1nd poieiiiiiil indicators of fnud. As a i'esLIII of these procediires. Ive considered tl)al Ihe particul4if iire¢l8 in the fii)aiicial slalei)iei)Is Il)at Ivere ,8uscepiible io niissiateineni ivere related to 1111¢ nagemenl bias iij accouiiiiiig ¢stiinales aiid jiidgei)ients' recogThitioii. cl&1ssificalion Ilnd coinpletei)ess of iiicoiiie. In coii)iiion iviili all audits uiider ISAS (UK), Ive also required 10 perform specific procedures to respoiid to the risk" of iiiniiagei)ieiil OVelTide, We also obi14 ijied an undersl¢lnding ol the legal And regulalory (raiiieivoi'k"s ihal Ihe Cliarily opeTaies iii, focu.sing on provisioiis of those laivs and regulations Ihlil had a direct effect on ihe delerniin4lioi) of Inalei'ial aiiioiinls ai)d disclosures iii Ilie fin&ill¢i111 sliilemeiils. The key laivs and Yegiilalions ive considered in 11)is context iiicluded Cliarlly legisl4ilioii applicable lo Northern Irelaiid, Chayily's goveriiiiig docuiiieiil, eniployinenl law, he&?Iih and safely aiid lax legislalioii. In 41ddilion, Ive con8idered piovisions of oiher laivs alid reguli?lions Ilial do iiol have a direct effecl on the fiiiclncilil slaleinents bul coiiipliaiice iviih ivhich irÉay be fuIid4inicnl¢il lo Ihe Charily's ability to operi11e or lo avoid a Ji)aierial penaliy. for ex¢iniple coJ)Ipliance ivilh appliccible ATOL regulalions. Our procedures lo i'espond lo risks ideiitified include Ihe folloiving: ideiilifyiiig aiid assessing Ihe d&sign effe¢iiveness of coiilrols nianic gen)eiii has iii place to pi'evenl aI)d detect fraiid- revieiving the finaiicial slalenieiils disclosures 1¢ nd lesttng to siipportiiig d(Kuiiienlation 10 ssess conipliaiice ivilh provisions of Televanl Iilivs and regLilaltoI)s described as having direct effect on the financial slaienienls; eiiqiiirii)g of iiian4igeiiient 4ind exiernal legal advisors concerning AclLial and poleiilial litigation and c114 ims- perforIi)ing analyiici?I procedures lo identify any unusual or uiiexpected relatioiisl)ips th4lt iiiay indic411e i'isk of n)aterial iiiisslalejmeiils due lo fraud: reading minutes of meetings of ihose chllrged iviih goveriiance: oblaii)ing ali iiiiderslailding of provftsions and holding discussion5 Iviih managemeiil lo Liiidei'slaiid Ilie basis of recogiiilion. and in addressing the risk of fraud throiigh manageinenl override of conti'ols, testing 11)e ,Trpproprialeness of jOUTiial entrie5 <ind other adjusliiieiils including those relc11ing to reveniie recognilioI)' <lsse55tng wheihei. the judgeineiils.Ji)iide in m(1king accouiiliiig esiiinates 4ve indicative of polenli¢il bi1( s; llnd evaluating the ratioiiale of 16 ny sigi)ificani Iransaclioiis that are large, ujiusual or ou15ide Ihe nomi<l1 course of tlie charily'S <iclivilies. 14
F:XOY)US U'IIUST (A CO.IIPANY LI1[[ED BY GUARANTEE) I'Tr.AX Tr.NIITr.I) 31 AUGUST 2022 INDEPENDENT AUDITORS9 REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITIID BY GUARANTEE) (CONTINUED) Auditor's responsibilllles for the audlt of the financlal slatements (coiiliiiiied) We also comniiinic4iled relev¢inl identifjed IRivs and regulaiioiis aiid potei)tial fraud risk.s to all eiigageiiienl leaiiis nieinbets <ind iemained alett 10 4iny indicaiions of fraud or I)oii-coniplidiice ivitli1&2IVS nnd itgiilaiioijs Ihi'oiighoul the audil. BecnLise of the inherenl liniil¢llioiis of an audit, Ihere is a risk Ihai ive ivill iioi delect all irregularilies, incliiding those leilding to ll malei-i141 niisslal¢i?i¢nl in ilie fjiiaiicial slatenieJ)Is or non-coJJiplj¢?nce ivilh regulalion. This risk incre14 ses the Jnore Ih4i1 complirf1nce with a laiv or regiilaiion is i'ejnoved frojii the eveiils aiid Iralisaclions retlecled iii Ihe fiiiancial slaleJiiei)Is) 14 s ive ivill be less likely lo becon)e aiv<ire of insliiiices of non-coii)pliaiice. The risk is lilso gTei4 ler iegarding iTregulai'ilies IKcuiring due 10 fraud rallier 11)aii error. as fr4iiid involves inieniionftl conceii lineni, foi'gery, collusioii. oiillssion oi. niisrepresenlalion. We 4ire noi respoi)sible for preveniing noii-conipliaiice aTid caniiot be expecled 10 deie¢i non-compliiiiice ivilh all laivs and regulalions. As parl of 01) audit in accordaiice wilh ISAS {UK). Ive exercise professionic l jiidgeiiienl 1¢ nd maiijlain pinfessioiial scepiicisni Ihroughoul the udil. We nl.$0: deiilify and asse.ss Ihe risks of millerial iiiisslaleiiieiil of Ihe fiiiancial slalenienls, Ivhelher diie 10 fi'&liid or eNor. desigii aiid perforiii audit procedures responsive to ihose risks, ond obioin aiidit evidcncc Ihat is .sufficienl ancl appropriate lo provide a basis for our opinion. The risk of nol deiecling 1& iiialerid11 nii5slaleTii¢nl res111iing from fraud is liiglier Ihan for oi)e resuliiiig froiii error, as fr<iud n11¢ y involve colli)sion, forgery, inleiilioiial oniissioiis, iiiisrepreseiilalioiis, or Ihe oveiTide of inlernnl conlrol. Obiaiii an iiiiderslai)diiig of iiiieriial conlrol relevaiit lo Ihe aiidil in order lo design audit pi'ocedures thai are appropriate in the circuiiislances. bul not for ihe piirpose of expressiiig ali opinioIi the effeeiiveiless of Ilie ehic rilal)Ic COlllPil1)y's inlcrnal control. Evalu<iie Ihe approprialeness of a¢¢ounling policies used aiid the reasonableiiess of accouIiting e51iiii<il¢s llnd relnled disclosur¢s made by Ihe Irustees. Conclude on the &ippropri<lleness of Ihe truslees. use of ilie goiiig concern bosis of accouilling 1nd. b1( sed on Ihe Iiiidil evidence obtained, w'helher a Inaierial iii)cerl.iiiily exists i'el2L led lo evenls or coiidilioiis Ihal iiiay cast sigiiiftcaiil doubt oil ihe clLirilable Coiiipii ny'.$ i?bilily lo conliiiiie <18 a goiiig concerji. Jf ive conclude ili(Il iiiaterlal uiKertaiiily ¢xisls. Ive ¢ire iequircd lo draw i?Ileiilion iii oui. aiidilor's report io Ilie related disclosures in the financial .slaleiiienls or. if siich disclosui'es .ire ii)adequ4?le. lo iiiodify our opinion. Oiir conclii8ions are based oil Ihe audit evidence oblaiiied up lo Ilic dale of our auditor's reporl. Hoivever. future eveiils or coildilions iiiciy cause Ihe charilcible conipiiny lo ce(Ise lo continue as a goii)g coiicerIi. Evaliial¢ ihe overall presenlalion, slruclure and coiitenl of Ilie fiijaiicial slatenient5. iIicluding the disclosiires, Iqnd ivheiher (he finan¢iig1 slalements represei)t Ilie ujiderlyiiig iransactions lind evei)Is in a iiliqnner IhqTrl Iqchieves flqif presenl4l1ion. We coniiniiniciile with those chc1rged ivith governance regarding, aniong oiher Jiiallers, the planned scope iiiid tiTiiing of Ihe audit and significant audit findings. including significani deficiencies iii inlernal onlrol lh11 ive idenlify during our iiiidit. 15
EXODUS TRUST (A COIIPANI l.lli Ji'fED BY GUARAKTEEI I'EAR ENDED31 AUGUST 2022 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EXODUS TRUST {A COMPANY LIMITED BY GUARANTEIE) (CONTINUED) Use of our repoi't Tliis report is ni4ide solely to the charilable coiiipany's menibers. as body. in accordaIice iviih Chapter 3 of Parl 16 of the Conipaiiies Acl 2006. Our 1¢ iidil ivork has been underl¢lk"en so that ive iiikghi slale lo Ihe cliiirllable coiiipany's iiieiilbers those inaiiers ive are required lo slate to il)eni iii Illl iluditoi s report und for 110 other purpose. To Ihe fullesi exleilt perniiiied by laiv, Ive do nol accept or assiiine responsibility lo anyoiie other Ihan the chiirilable eoii)pai)y and the chiiriiable coiiipany's mejnbers as a body, for our aiidil ivork. for this report, or for lh¢ opinions ive hcive forn)ed. Michael Mccarler FCA (Senior Siaiiitory Auditor) For ai)d on behiilf of Jacksoii Andreivs Charlei'Ld Acrounlaiils and Sialulory Auditor 6 Maiideville Mews Porladoivn BT62 3NS . qp4& LL 16