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 In￿t.) 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 sIgnffi￿nt accounting policies. The financaal reporttng frarnew￿k that has been
applied in their preparation is applicable law and United Kiwm A¢￿Unting Standards. including Financ￿1
Reporting StarKlard 102 The Financial Reporting Standard apPI￿able in the UK and RepubliG of Ireland (United
lfjngdom GeneralIyA￿pted AC0￿nting practi￿).
In our opinion, the financh21 statements".
give a true and fair view of the state of the tharitsble COMpan￿S affairs as at 31 March 2024 and of its
incoming resour￿ a￿d application of resources, ￿duding ts ino)me and expenditure, for the year then
ended:
have been property p￿Pared in aco)rdance with Unlted ￿gdorn Generdlly A￿pted Accounting Pra￿￿.
and
have been prepared tn ac(a)rdance with the requirerr*rts 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$ions relating to going concern
In auditing the financial ststements, we have conduded that the trustees. use of the gotng concem basis of
accounting in the preparation of the financial ststements is appropriate.
Based on the work we have perfOrff￿, we have not identtfied any materid uncertainties relating to events or
Cond￿On$ 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)n￿ble for Ihe other inforrrption contsined Mthin the annual
report. Our opinion on the financial statements does not cover the other information and. eX￿pt to the extent
otherwise explic1￿Y 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 kn￿edge 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 w￿1her 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 I￿luded 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 re￿rnS 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(xx￿nting reo)rds aThJ re￿MS. or
certain disdosures of tn￿ees, 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 tr￿tee$, resr)on&bilttses. the tr￿, who are also the directors of the
trust for the purrx)se of company law, are reSponsi￿e 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
e￿Or. In preparing the financial ststements. the trustees are responsible for assessing the trusfs abilty to ¢xJntinue
as a going con￿rn. 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 reaSona￿Y 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 r￿kS of material mksststement of the financial ststements, whether due to fraud or ermr.
and then design and perform audtt ￿c￿edureS responsive to Ihose risks. induding obtaining audlt eviden￿ that is
suffictent and appropriate to prov•Je a basis for our opinion.
In Identi￿ng and as5e55ing potentid risks of material misstatem￿t 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 (yJnp8n￿s th)￿ments110n of their policies and
oCedU￿$ relating to:
Identifying. evaluating and comptying wÉth laws and regula￿n5 and whether they were aware of
any Instan￿ of n0￿Mpliance.
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 a￿lit 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 deK￿bed 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 ove￿Ide 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 nom*1 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 perfc*rmed 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 regL￿atiOnS.
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 COMpan￿S 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 ￿mPan￿S members as a bc*Jy, 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