CHURCH OF IRELAND RETIREMENT TRUST INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENTTRUST OpinTon We have audited the finantsal statements of Church of Ireland Retirement Trust (ts Int.) for the year ended 31 March 2024 which ccKnprise the statement of financial activities. the statement of financial wsition and notes to the financial ststements, induding sIgnffint accounting policies. The financaal reporttng frarnewk that has been applied in their preparation is applicable law and United Kiwm A¢Unting Standards. including Financ1 Reporting StarKlard 102 The Financial Reporting Standard apPIable in the UK and RepubliG of Ireland (United lfjngdom GeneralIyApted AC0nting practi). In our opinion, the financh21 statements". give a true and fair view of the state of the tharitsble COMpanS affairs as at 31 March 2024 and of its incoming resour ad application of resources, duding ts ino)me and expenditure, for the year then ended: have been property pPared in aco)rdance with Unlted gdorn Generdlly Apted Accounting Pra. and have been prepared tn ac(a)rdance with the requirerrrts of the Cryanies A( 2006. Basis for opinion We conducled our audit in accordance wtth Intemational Standards on Auditir#J (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described the Auditorfs responsibilities for the audit of the financial statements section of (r rewrL We are independent of the trust in accordance with the ethi¢xl reqltirements that are relevant to crtjr audit of the financial stalemwtts in the UK induding the FRC'S Ethical Standard. and we have fulfilled our other ethical restK)ngtMltbes in accordan with these requirements. We believe thal the audit evidence we have obtained is sufficaent and appropriate to provide a basis for our opinion. Con¢lu$ions relating to going concern In auditing the financial ststements, we have conduded that the trustees. use of the gotng concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have perfOrff, we have not identtfied any materid uncertainties relating to events or CondOn$ that, individually or collectively. cast &gniffi(2nt doubt on the trusfs ability to continue as a going concern for a period of at least Iwefve months from vthen the financial statements are authorised for issue. Our responsibiliknes arHJ the responsibilities of the tr$ with respect to going concem are described in the rdevant sections of this report.
CHURCH OF IRELAND REfiREMENT TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND REnREMENTTRUST Other infomiation The other infonnation comprises ihe irrfonnatK)n indtxled in the annual reFth other than the finanaal statements and our auditorfs report thereon. The trustees are resEM)nble for Ihe other inforrrption contsined Mthin the annual report. Our opinion on the financial statements does not cover the other information and. eXpt to the extent otherwise explic1Y slated in our reFM)TL we do not express any fomi of assurance condusion thereon. Our responsibilty is to read the other infomalion and. in doing so. o)nsider whether the other information is materially inconsistent with the financial statements or our knedge obtained in the (urSe of the audtt. or otherwise appears to be materially misstated. If we identify such material inconsistenaes or apparent material misstatements. we are required to detemiine w1her this gives rÈse to a material misststement in the firAnctal statements themselves. If, based on the work we have performed. we KaUde that there ¢5 a material misstatement of this other information, we are required to report that facL We have nothing to report Bi this regard. Opinions on other matters prexribed by the Companies Act 2006 In our opinion. based on the work undertaken in the coutse of audit the infomiation given in the trustees, report the finanaal year for whith the finanual slatements are prepared. which indudes the directors, report prepared for the ptsrFM)ses of company taw. is o)nstslent with the financial statements", and the directors, report included within ts trustees. W has been prepawl in )rdance with appli(able legal requirements. Matters on which we are requtred to report by exception In the light of the knowledge and understsnding of the trust and its environment obtsined in the course of the audit. we have not identified material misstatements in the directors. reFi¥t Iluded wtthin the trustees. pOrt. We have nothing to rewrt in respec* of the folk>wing matter5 in relation to the Companies Act 2006 requires us to report to you rf. in our opinion= adequale accounting records have not been kepL (K rernS adequate fcf our audit have not been received from branthes not Vistted by us," or the financial statements are not in agreement wtth the a(xxnting reo)rds aThJ reMS. or certain disdosures of tnees, remuneratM)n speufEd by law are not made: or Y have not received the infomation and explanations we require for our audit. or the tnjstees were not entttted to prepare the finanaal statements in acujrdance the small companies regime and take advantage of the small companies. exemptions in prepartng the trustees, report and from the requirement to prepare a strntegic report.
CHURCH OF IRELAND REfiREMENT TRUST INDEPENDENT AUDrroR'S REPORT (coKllNUED) TO THE MEMBERS OF CHURCH OF IREIAND RErtREMENTTRUST Responsibilrties of trustees As explained more fully in the statement of trtee$, resr)on&bilttses. the tr, who are also the directors of the trust for the purrx)se of company law, are reSponsie for the preparation of the financial statements and for being satisfied that they give a true and f2Èr vFew, and for such intemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from rnaterial misstatemenL whether due to fraud or eOr. In preparing the financial ststements. the trustees are responsible for assessing the trusfs abilty to ¢xJntinue as a going conrn. disclosing. as applicabte, matters related to going concem and using the going ¢on¢em basis of accounting unless the trustees either intend to liquidate the charilable company or to cease operations. or have no realistic altemative but to do so. Auditorfs responslbllitles for the audit of the finan¢ial statements Our objectives are to obtain reasonab assuran aboLrt whether the firlanaal statements as a whole are free from Tnatertal misstatemen( whether due to fraud or error. and to issue an audttorfs report that includes our opinion. Reasonable assurance is a high level of assurance bui is not a guarantee that an audit conducted in accordan th ISAS (UK) will always detect a material misstatement when it exists. Mtsstatements rxn arise from frdud or error and are considered mateTial rf, irKlividually or in the aggregate. they could reaSonaY be expected to infiuence the economic decisions of users taken on the basis of these finanryal statement& The extsnt to which our procedures are capable of detecaing iTregularthes. induding fraud, is detailed below.
CHURCH OF IRELAND REllREMENT TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND REfiREMENTTRUST Extent to which th¢ audTt was tonsidered capable of detecting irre9ulaTities. including fraud We identify and assess the rkS of material mksststement of the financial ststements, whether due to fraud or ermr. and then design and perform audtt cedureS responsive to Ihose risks. induding obtaining audlt eviden that is suffictent and appropriate to prov•Je a basis for our opinion. In Identing and as5e55ing potentid risks of material misstatemt in Pect of irregularities. induding fraud and non-complian with laws and regutations. we conshjered the follov#ing: The nalmre of the Éndusty and sector. control environment ar business perfomance. includirKJ the compan$ remuneration pdiues for dtrectors. bonus levels and perfonnance targets. rf any.. Results of c4Jr enquiries of rnanagement atKsut their own Klentifjcation and assessment of the risks of irregularities.. Any matter5 we pdentified Prdvtng oblained and reviawEd the (yJnp8ns th)ments110n of their policies and oCedU$ relating to: Identifying. evaluating and comptying wÉth laws and regulan5 and whether they were aware of any Instan of n0Mpliance. Detecting and responding to the risks of fraud ar¥J whether they have krK>wledge of any actual. suspected or alleged fraud" and . The intemal controls estabtisw to mitsgate risks of fraud or non<ompliance with laws and regulations- The matter5 discussed affM)ng the alit engagement team regarding how aThJ where fraud might ocujr in the finanual ststements and Potential indicatOF5 of fraud. As a resutt of these procedures. we Considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recx)gnition. In ryjmmon with all audits under ISAS {UK), we are also required to rfo specific procedures to respond to the rtsk of marhagement overrKJe. We also obtained an undefstandiro of the tegal aTrJ regulatory frameworks that the tt)mpany operates in, focusing on provisions of those Eaws arKI reguEatiorL% that had a direct effect detemiination of material amounts and disclosures in the financial statements. The key k7ws and regulat*)t we considered in this context induded the Companies Act 2006. and local tax legislation. In addition. V cortsidered provisi(K of other lavfi and regulations that do not have a direct effect on the finan¢Éal statements but compliance whith may be fundamental to the companls ability to operate or to av(yd a material penalty.
CHURCH OF IRELAND REllREMENT TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND REfiREMENTTRUST Audit response to risks identified Our procedu$ to respond to the risks wJentiW included the following: Reviewing the financial statement disdosures and testing to supporting dO(mentatiOn to assess mplIan with provisions of relevant laws and regulations deKbed as havin9 a direct effect on the financial statements: . Enquiring of management conceming adual and ithntial Trbjation and daims; Perfomiing anatyh'cal procedures to identsfy any unusual or unexperted relalionships that may indicate risks of material misstatement due to fraud: . Reading Minutes of meetings of those dkqrged with govemanct arKI reviewing cowndence with tax authorities; and In addressing the risk of fraud through management oveIde of controls. testing the appropriateness of joumal entrtes and other adjuslments" assessing whether the judgements made in maknn9 accounting estimates are indicative of a potenlial blas; and evaluats'ng the LNJsiness rationale of any signfficant transactions that are unusual or outside the nom1 course of business. We also communicated relÈvant identified laws arKI regulations and potential fraud risks to all engagèment team members and remained alert to any indications of fraud or non<0mplian laws and regulations through0 the audit. Owing to the inherent limitati$ of an audiL there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. even though we have property pFanned and perfcrmed our audit in accordance wth auditing standards. In addtknon. as with any audic there remains a higher risk of non4etection of irregularities, as they may involve (x)Iluson, forgery, intenti(Nwl omissions, mtsrepresentstions. or the override of intemal controls. We are not resFM)n&bte for preventing rKwMp[ian and cannot be expected to detect non- ¢ompliance wth all laws and regLatiOnS. A further description of our resFonsibilities is availat4e on Financial Rewttng Counal'$ website at: httpsjl w•M.frc.org.ukJauditor5responsibiltbes. This description forns part of our auditorfs reporL
CHURCH OF IRELAND REnREMENT TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE MEMBERS OF CHURCH OF IRELAND RETIREMENTTRUST Use of our report This report is made solely to the dwrilabfe COMpanS rnernbe. as a t£dy. in aC0)rdan wtth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so th we might state to the charitsble companvs members those matters we are required to state to them in an auditorfs report and for no other purp05e. To the fullest extent pemttted by law. we do not accept or assume reswnsibiltty to anyone other than Ihe charitable company and the charitable mPanS members as a bcJy, for our audti worK forthis report. or for the opinions we have forned. Mr Stephen Houston FCA (Senior SL*utory Auditofj for and on behalf of GMCG USBURN Chartered Accountants ststutory Auditor Cenbjry House 40 Crescent Business Park Ltsbum BT28 2GN