CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Oplnlon
We have audited the financial statem&nts of Church of Ireland Retirement Trust (the 'trust'} for the year ended 31
March 2023 which comprlse the statement of financial activities, the statement of financial position and notes to the
financial statements, including significant a¢counting policies. The financial reporting 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 applicabl8 in thg UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements-.
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its
incoming resources and applicalion of resources, including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practio.,
and
have been prèpared in accordance with the requirements of the CompaniesA¢t 2006.
Basls for oplnlon
We conducted our audit in accordance with Internalional Standards on Auditing IUKI (ISAS (UKI) and applicable
law. Our responsibilities under those standards are further described in the Audilotts responsibilities for the audit ol
the financial statements section of our report. We are independent of the trust in accordance wrth 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 responsibilit18s in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnlon.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the trustees, use of the going con￿￿ basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, 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 when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of Ihis report.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Other Informatlon
The other information comprlses the information inGluded In the annual report other than the finarrl81 ststements
and our auditor's report thereon. The trustees are respon$ible for the other infomiation contalned within the annual
report. Our opinion on the financial statements does not cover the other Infonnation and, except to the extent
other4vise expliatly stated In our report, we do not express any fonn of a88ur8nce ¢onGlusion thereon. Our
r8sponsibillty is to read the other infomiatlon and, in dolng so, Consider whether the other Infomia'on is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otharnise appears
to be materially misstated. If Identrfy such material inconsistencles or apparent material misstatements, we are
required to determine whether this givos rise to a material mlsstatement in the financlal statements themselves. If,
based on the worf( we have perfomed, we condude that there is a material misstatement of this other infomiatlon,
we are required to report that fact.
We have nothlng to report in th18 regard.
Oplnlons on other mattern prescrlbod by th• Companle$ Act 2006
In our opinlon, 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 financlal stat&ments ar8
prepared, which Includes the directors, report prepared for the purpose8 of company law, 1$ consistent with the
financlal statements., 8nd
the directors, report included wtthin the tru8tees' report has been prepared in accordance ￿ryth applicable legal
requirements.
Matters on whlch w• aro requlrod to rnport by excoptlon
In th• light of the knowl8dg6 and understanding of the tnjst and its environment obtaingd In the course of the audlt,
we havo not Identllled materlal misstatements In the dlrectors. report Included wlthln the trustees. report.
We have nothing to report in re8p8Ct of the following matter8 In relatlon to whlch the Companies Act 2006 requlres
us to report to you if, in our oplnlon-
adequate accounting records have not been kept, or rèturns adequate for our audit have not been received
from branches not visited by us,. or
th8 financial statements are not in agreement with the accountlng records and return6; or
certain disclosures of trustees, remuneration specified by law are not made,. or
We have not recelvad all the infomiation and explanation8 we rèquire for our audlt,. or
the trustees were not entitled to prepare the financial statements in accordance with the Small companies
regime and take advantsge of the small companies. exemptions in preparing the trustees, report and from the
requlrem8nt to prepare a strategic report.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Rèsponslbllltles of trustees
As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the
trust 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 delermine is necessary to
enable the preparation of financial st8tem8nts 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 charitable company or to ￿ase operations, or have no
realistic alternative but to do so.
Audltorfs responslbllltles for the audlt of the flnanclal statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are fre8 from
material misstatement, whether du@ to fraud or error, and Io issu8 an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conductéd 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Extent to whlch the audlt was conslderod capable of d8tsctlng Irregularltles, Includlng fraud
We identity and ass8ss the risks of material misstatement of the financial statements, whether due to fraud or arror,
and then deslgn and perform audit procedures responsive to those risks, Including obtaining audit evldence that 18
suffident and appropriate to provide a basis for our oplnlon.
In identlfylng and assessing potential risks of material misstatement in respect of irregularities induding fraud and
non￿cOmplianCa8 with laws and regulation8, we considered the following:
The nature of the industry and sector, control environment and buslness perfomlance, including the
company'8 remuneration polld88 for directors, bonus levels and performance targets, If any.
Results of our enqulrias of management aljout their own Identificats'on and a88essment of the rlsks of
irregularitles;
Any matters we Idantified havlng obtsined and reviewed the company's documentation of their policl8s and
procedures relating to:
Identlfylng, evaluating and complylng Mrfth laws and regulatlons and whether they were aware of
any instance of non-compllance;
Detectlng and respondlng to the rlsks of fraud and whether they have knowledge of any actual,
suspected or alleged fraud,. and
The Intamal control8 astabllshed to mltigate risks of fraud or non-compllance wlth laws and
regulations.,
The matters discussed among the audit engagement team regarding how arKI where fraud might occur In
the financial statements and potential indl¢ator8 of fraud.
As a result of these procedures, we considered the opportunities and Incentives that may exist wilhin the company
for fraud and identified the greatest potential for fraud in income recognltlon. In common wlth all audits under ISAS
{UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtalned an understanding of the legal and regulatory fraMe￿￿rkS that the company operates in, focusing
on provisions of those laws and regulations that had a direct effect on the determination of material amounts and
disclosures in th• financial statements. The key laws and regulation8 we considered in thls context inGlu(Jed the
Companies Act 2006, and local tax legislation.
In addition, we considered provlsions of other rav￿ and regulations that do not have a direct effect on the financial
statements but compliance with which may be fundamental to the company'8 ability to Operate or to avoid a material
penalty.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Audlt response to risks identified
Our procedures to respond to the nsks identified Included the following..
Reviewing the financial slatement disclosures and testing to supporting documentation to assess
compliance with provisions of relevant laws and regulations described as having a direct effect on the
financial statements.,
Enquiring of management concerning actual and potential litigation and claims.,
Performing analytical procedures to identify any unusual or un8xpected relationships that may indicate
risks of material misstatement due to fraud,
Reading minutès of mèètings of those charged with governance and reviewing correspondence wth tax
authorities., and
In addressing the risk of fraud through management override of controls, testing the appropriatenèss of
journal entries and other adjustments,. assessing whether the judgements made in making accounting
estimates are indicative of a potential bias; and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the
audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some
material misstatements in the financial statements, even though we have properly planned and performed our audit
in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-¢Jetection of
irregularities, as they may involve collusion. forgery, intenlional omissions, misrepresentations, or the override of
internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-
compliance wilh all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11
www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.

CHURCH OF IRELAND RETIREMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENT TRUST
Uso of our report
This report is made solely to the charttable company's members, as a body, In accordan￿ with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitatrje companws
members those matters we are required to state to them in an auditorfs report and for no other purpose. To the
fijllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitsble
company and the charitable companls members as a body, for our audit work, for this report, or for the oplnions we
have fonned,
Mr Stsphon Hou$ton FCA Isenlor Ststutory Audltor)
for and on behalf of GMCG LISBURN
Charterad Accountants
statutory Audltor
Century House
40 Crescent Buslne$8 Parf(
Llsburn
8T28 2GN