The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees of the Scoteh-Irish Trust of Ulster Year ended 31 March 2023 Opinion We liave audited the accouiits of Scotch-li'isli Ti'u5t of Ulstei. (the 'cl)ai'ity') foi. the year ended 31 March 2023 which coinprise tl)e Stateinent of Fiiiaiicial Activities, the Balance Slieet and the notes to the accounts, incliiding a suiniT]ary of significant accounting policies. The fiiiancial repoi'ting fi'ainewoi-k that Ilas been applie(l in Iheii. pi-epai'ation is applicable law aiid United Kingdoin Accoiiiitii)g Standards (United Kingdoim Genei'ally Accepted Accounting Pi'actice), iiicllidiiig Stateinent of Recoiniiiended Pi'actice {SORP - FRS 102) "Accoiinting aiid Reporting by Cl)ai'ities" in pi-epai'ing the aiiniial I'eport and financial stateinents of the charity. In oiii. opiiiion the accoiints-. give a ti'ue and fail. view of tlie slate of the cliarity's affaii's as at 31 March 2023 and of its incoining resources and application of i'esoiirces, incliiding its income and expenditiire, foi. the year theii ended. liave been pi'operly pi'epared in accordaiice with United Iciiigdoin Geiiei'ally Accepted Accolllltiiig Practice. aiid have been pi'epai'ed in accordance with tlie Stateinent of Ilecoimiiiended Practice: Accouiiling aiid Repoiting by Chai'ities. Ba515 for opiiiioii We conducted oiir aiidit in accoi'daiice witli Intei'natioiial Staiidai'ds on Auditii)g (UK) (ISAS (UK)) and applicable law. Oui. I'espoiisibilities Linder those standards are fiirlher described iii the Auditoi s I'esponsibilities foi. the audit of the accoiints section of oui. I'epoit below. We are independent of the chai-ity in accoi-dance with the ethical I'equii'einenls that al'e i'elevant to oui. audit of the financial slateinents in the UK, incliiding the FRC'S Ethical Staiidai'd, and we liave fulfilled oui. other ethical I'esponsibilities in accordance with tliese I'eqiiii'einents. We believe that the aiidit evidence we have obtained is sufficieiit and appi'opriate to pi'ovide a basis for oiii. opinion. Conclusion relating to going eoiicern In aliditing the financial slateinents, we have concluded tliat the trustees use of the going concei-n basis of accounting in the pi-epai'alion of the finaiicial stateinents is appi'opriat¢. Based on the woi'k we have perfoi'imed, we have not identified aiiy Inaterial unceitaii)ties relating lo eveiits oi. coi)ditions tliat, individiially oi. Collectively, Inay cast sigi)ificanl doubt oli tlie cliai'ities ability to contiiiue as a gointF coiicern for a pei'iod of at least twelve Inonths fi'oiii when the fiiiancial stateinents al'e autlioi-ised foi. ISSLIe. Oui. I'esponsibilities and tlie i'espoiisibilitie5 of tlie coininittee Ineiiibei's witli I'espect to going concei'n ait desci'ibed in Ilie i'elevanl Sections of this i-eporl. Otliei. infoi'ination The othei- iiiforinalion coinpi'ises Ilie infoi'iT)ation iiicliided iii tlie ani)Iial I'epoi-l, oilier than tl)e accounts and oiir auditoi s I'epoi'l Ihereoii. Tlie Trustees at'e I'espoiisible foi- tlie othei. iiifoi'ination. Oui. OPlTllOlI 011 the accoiinls does iiot covei. the othei. infoi'ination and, except to the extent othei'wise explicitly stated in oui- repoi't, Ive do iiot expi-ess any foiin of assui'aiice coi)clusion thei'eon. In connection with oiii. aiidit of tlie accoiiiits, oiii- i-esponsibility is to l-ead the othei- infoi'iiiation aiid, in doing so, considei- wlietlier the othei. iiifoi-lnatioii is Inatei'ially inconsistent with the accounts oi- oui- knowledge obtained in the aiidit oi. otliei'wise appeal's lo be Inaterially Inisstated. If we identify siicl) iiiatei'ial inconsistencies oi. appai'ent Imalei-ial Imisstateiiients, we al'e i'equii'ed to deteriii ine whethei- there is a iiiatei'ial Inisstateiiieiit in tlie accoiinls oi. a Iiiatei-ial Inisstateinent of the othei. infoi'iiiation. If, based on the woi'k we liave pei'foi'ii)ed, we concliide tlial there is a Inatei'ial Imisstateineiit of this otliei- infoi-lnation, Ive al'e I'equired to I'epoi't tlial fact. We have nothiiig lo report in tliis regai-d.
The Scotch-lrish Trust of Ulster Independent auditor's report to the Trustees of the Scotch-Irish Trust of Ulster Year ended 31 Mai'ch 2023 (continiied) Opinions on othei. Tnatter5 In oui. 01)inion, based on the woi'k underlakeii in the course of oui. audit.. the infoi'ination given in the Ti'u51ees' Report for the financial yeai. for which the accounts al'e prepai'ed is consistent with the accounts. and the Trustees, Report has beeii pi'ei)ared iii accoi'dance with applicable legal i-eqiiii'einei)Is. Mattel's on Ivhicli Ive are required to repoi't by exception Iii light of the knowledge and undei'standing of the Chai'ity and its enviroiiinent obtained in the course of the audit, we have not identified Inatei'ial misslalements in the Ti'uslees, Repoi't. We have nothing to repoit in respect of the following i)iatteis in relation to wliich we al'e required lo I'epoit to you if, in our opinion. adequate accolinting I'ecoi'ds have not been kept, or I'eturns adequate foi- our audit have not been I'eceived; or the accounts al'e not in agi'eeinenl with the accouiitiiig I'ecords aiid I'eCui'ns- or cei'tain disclosiii'es of i-einiineration specified by law are Iiot Inade,. or we have Iiot received all Ilie it)foi'inalioii and explanations we I'eqLliI'e for our audit. Re5ponsibilitie5 of Trustee5 As explaiiied Inore fully in the Stateinent of Triistees, Responsibilities, the Ti'ustees are i'esponsible for the pi'epai'alion of the accounts aiid foi. being satisfied tliat they give a Ii'iie and fair view, aiid foi. such intei'nal conti'ol as the trustees detei'inine is necessai'y to enable the pi'epai'ation of accounts that al'e free fi'oin Inatei-ial Inisstateiiient, whether due to fi'aud oi. errol.. In pi'eparing the accoiinls, the Triislees al'e I'esponsible foi. assessiiig tl)e charity's ability lo continue as a goiiig coiicern, disclosing, as applicable, Inattei's I'elating to going concerii and usiiig tlie goiiig concei'ii basis of accoiinling uiiless the Ti-ustees eithei. intend to Iiqliidate tlie charity oi. to cease opei'alions, or have no realistic alternative biit to do so. Auditoi s respoiisibililies foi. the audit of the finaiicial stateinents Oui. objectives are to obtain reasonable assui'ance abolit whether the accounts as a whole al'e fl'ee fi-oin iiiaterial Inisstateii)enl, whetlier due to fraiid oi. ei'i'oi., aiid to issiie an aiiditoi-'s repoi't tlial incliides oiii. opinioii. Reasonable assui'aiice is a high level of a5SLlI'ance but is not a gLiai-antee tliat an audit condiicled in accoi'dance with ISAS (Ull) will always detect a Inatei'ial Inisstateinei)t wheii it exists. Misstaleineiits cali arise froin fraud or errol. and al'e considered Imatei'ial if, individually oi. in tlie aggi'egate, they could reasonably be expected to ii?fliience tlie econoinic decisions of Iisei's takeii 011 the basis of these accoiints. Ii'i'egulai'ities, includiiig fi'aiid, are instances of non-coinpliance with laws and regiilation5. We design pi'ocedui'es in line with OLII. I'espoiisibilities, oiitlined above, lo delecl Inalerial Inisslaleinents iii I'espect of ii'i'egii lai-ilies, ii)cludiiig fi'aud. Tlie extent to which oui. procedui'es are capable of delectiiig ii'i'egularities, including fi'aud is detailed below: We gained an iinderstanding of the legal aiid I'egulatory fi'ainework applicable to tlie cl)ai'ity and Ilie indiisli'y in whicli it opei'ates, and coiisidei'ed tlie I'isk of acts by the charity that ivere contraiy to applicable laws and i'egulalions, including fi'aud. We designed audit pi-ocediii'es to respond lo tlie I'isk, I'ecogiiisints that the I'isk of not detecting a Inatei'ial Inisstateiiient due to fi-aiid is higher thai) tlie I'isk of iiot detectiiig one I'esultiiig fi'oin ei-i'or, as fi'aud ii)ay involve delibei'ate coi)cealii)enl by, for exan)ple, foi'tsei'y oi. iiileiitioiial iiiisi-epi'esentations, oi. thi'ough collusion. We focused on laws aiid I'egulations wliich coiild give I'ise to a i))aterial iiiisstateineiits in the finaiicial stalenieiits, iiicliiding, biit not liiiiiled to, the aecoui)ling and repoi'ting of chai'ilies and UK tax legislatioi). Our tests included agi'eein(r the fiiiai)cial stateii)eiils disclosui'es lo iindei'lyiiits suppoi'tin docuineiitation, enqiiires with iiiana(Fenieiit aiid enqiiires of legal COLinsel where appi'opi'iale. Tl)ere al'e inliei'ent liinitations iii the aiidit pi'ocediires
The Scotch-Irish Trust of Ulster Independent auditor's report to the Trustees of the Scotch-Irish Trust of Ulster Year ended 31 March 2023 (continued) described above and, the furthei- I'einoved non-coinpliance with laws and I'egiilations is froim the events and li'ansaclions reflected iii the financial staleinents, the less likely we woiild becoime awai'e of it. We did not identify any key aiidit Inatters I'elating to irregularities, including fi'alid. As in all Olir audits, we also addressed the I'isk of iiianageinenl overi'ide of intei-i)al conti'ols, including testiiig joiii'nals and evaluatiiig whethei. there was evidence of bias by tlie coiminittee Ineinbei's that I'epreseiiled a I'isk of Imalei-ial Inisslaleinent due lo fraud. A further desci'iplion of oui. I'esponsibililies for the audit of the accoLiiils is located 01) the Finaiicial Repoitii)g Council's website at.. http'.Ilwww.frc.org.uklaiiditoi'si'esponsibilities. This desci'ipiion foi'ins pai't of oui. auditoi s I'epoit. This report is niade solely lo the charity's Triislees, as a body, in accoi'dance will) Cliai'ilies Act (Norihei'ii Ireland) 2008 and I'egulalions Imade ui)der that Act. Oiir audit woi'k has been underlakeii 50 that we i))iglit State to tlie chai'ity's Trustees those Inatter5 we al'e I'equii'ed lo slate to theill iii an auditor'5 I'eport and foi- 110 othei- puipose. To tlie fullest e,xtent pei'illitted by law, we do iiot accept oi. assuine I'espoiisibility to ai)yoiie olhei. tliai) the chai'ity and its Ti'ustees as a body, foi. our audit woi'k, foi. this repoi't, oi. foi- tlie opinioiis we Iiave forined. Mi. Rodney Haiiiill FCA (Sei)ior Sialutoi'y Auditoi.) For and on behalf of Haiiiill Mcllwaine Chartei'ed Accountaiils and Statutory Audiloi. 28-30 Old Moiintfield Road Oinagh Co. Tyi'one BT79 7BJ 5 Janiiary 2024