Colin Glen Trust Company Limited by Guarantee Independent Audltor's Report to the Members of Colln Glen Trust Year ended 31 March 2024 Opinion We have audited the financial statements of Colin Glen Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial actNities (including income and expenditure account), statement of financial position. statement of cash flows and the related notes, including a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Unitsd Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (unit Kingdom Generally Accepted Accounting Pracltcel. In our opinio'n the financial statements: give a true and fair view ofthe state ofthe charivs affairs as at 31 March 2024 and of its incoming resources and application of resour$. including its income and expenditure, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice". have been wepared in accordan th the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those stsndards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audTt of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities. in the circumstances set out below. and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to prowde a basis for our opinion. APB Ethical Standard - Provisions availab for small entities In common wth many other organisations ()f a similar size and nature. the charity uses ils auditors to prepare and assist wth the preparation of their organi5ation's financial statements. Conclusions relating to going Concern In auditing the financial statements, we have conduded that the trustees, use of the going concem 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 event5 or conditions that, individually or collectively, may r2St significant doubt on the charity's ability to continue as a going conrn for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibiltties and the respjnsibilities of the trustees wth respect to going nffl are described in the relevant sections of this report.
Colin Glen Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Colin Glen Trust (contlnued) Year ended 31 March 2024 Other infonnation The other information mpriseS the information includej in the annual report, other than the financial statements and our auditorfs report thereon. The Injstees are responsible for the other information. Our opinion on the financial ststements does not cover the other informats'on and, except to the extent otherwise explicitly stated in our report, we do not express any form of assuran conclusion thereon. In connection wth our audit of the financial statements. our responsibility Is to read the other information and. in doing so. consider whether the other information is materialty inconsistsnt with the financial staternenls or our knowledge obtained in the audit or olherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstalement in the financial stalemenls or a material misstatement of the other information. If, based on the work we have perforrned, we conclude tIt there is a material misstatement of this other information. we are required to report that fact. We have nothing to rekK)rt in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the auditr. the infomiation given in the trustees. report for Ihe financial year for which the financial statements are prepared is consistent with the financial statements- and the trustees, rep)rt has been prepared in accordance applicable legal requtrements. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the chartty and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the followry matters in relati to which the Companies Act 2006 requires us to report lo you if, in our opinion: adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us; or the financial statsments a not in agreement with the accounling records and returns: or certain disclosures of trustees, remuneration specified by law are not made: or we have not receNed all the informatK¥n and explanations we require for our audit; c the trustees were not entitted to prepare the financial statements in accordance wilh the small companies regime and take advantsge of the srnall companies. exemptions in preparing the directors. report and from the requirement to prepare a strategic reporL
Colin Glen Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Colin Glen Trust {¢onllnued) Year ended 31 March 2024 Responsibilities of trustees As explained more fulty in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are reswnsible for the preparation ofthe financial statements and for being satisfied that they gNe a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from rnaterial misstatement. whether due to fraud or error. Our responsibility is to audit and express an opinion (M the finanoal statements in accordance with appIlble law and Intemational Standards on Auditing (UK). Those standards require us to comply wilh the Financial ReFQrting Council's (FRC'S) Ethical Standard for AL*Jitors', in the circumstances set out in note 30 to the financial statements. In preparing the financial statemenls. the trustees are responsible for assessing the charity's ability to continue as a going concem. disclosing, as applicabfe. matters related to going concem and using the going concem basis of accounting unles5 the trustees either intend to IM4uidate the charity or to Gease operations, or have no realistic altemalive but to do so.
Colin Glen Trust Company Limited by Guarantee Independent Audltor's Report to the Members of Colin Glen Trust (contlnued) Year ended 31 March 2024 Auditoes responsibilitie5 for the audit of the financial ststements Our objectives ar8 to obtain reasonable assurance about whether the finala1 statements a5 a whole are free from material misstatement. whether due lo fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit conducted in accordance wth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered rnaterial if, individually or in the aggregate. they could reasonably be expected to influence the onoMiC decisions of users taken on Ihe basis of these financial statements. Irregularities. includirwJ fraud, are instsnces of non-complian Lqws and regulations. We design procedures in line with our responsibilities. ouuined above. to detect material misstatements in resped of irregularities, including fraud. The extent to which our prOdureS are capable of delecting irregularities, including fraud is detailed below- In idenlifying and assessing risks of material misstalement in respect of irregularities. including fraud and non-compliance wtth laws arKJ gUlationS. we considered the following.. the nature of the industry and sector. control environrnent and business performance induding the design of the remuneration policies. key drNers for directors. remuneration, bonus levels and perfomance targets" results of our enquiries of management al)out their own identification and assessment of the risks of irregulariÉies- any matters we identified having obtained and reviewed duMentIon of their policies and procedures relating to.. identifying, evaluating and complying with laws and regUlati(S and whether management were aware of any InStanS of non-compliance. detecting and responding to the risks of fraud and whether rnanagement have knowledge of any actual, suspectsd or alleged fraud" the intemal controls established to mltigate risks of fraud or non-cornpliance with laws and regulations. the matters discussed among the audit engagement team induding significant component audit teams and relevant intemal specialist5. including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we considered the opportunities and incenlives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common wtth all audits under ISAS {UK). we are also required to perform specific procedures to respond to the risk of management override. We also obtained an underslanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the delemiination of material amounts and disclosures in the financial slatements. The key laws and regulations we o)nsidwed in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition. we considered provisions of olher laws and regulations thal do not have a direct effect on Ihe financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty.
Colin Glen Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Colln Glen Trust (Continued) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK), we 8xerase professional judgment and maintain professional scepticism throughout the audit. We also: Idenlify and assess the risks of material misstatement of the financial statements. whether due to fraud or error. design and perfoTh audit procedures responsive to those risks. and obtain audit evidence that is Sufflent and appropriate to provide a basis for our opinion. The risk of not deteGting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may inv(Ave collusion. forgery. intentional omissiLX)s. misrepresentations. or the oveIde of internal control. Obtain an understanding of inlemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the interr1 control. Evaluate the appropr¢ateness of aLxounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the goiNJ concem basis of accounting and, based on the audit eviden obtsined, whether a material UnrtaInty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material nrtaInty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financtal ststements or, rf such disdosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditoffs report. However, future events or conditions may cause the charity io cease to ontinue as a going conrn. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures. and whether the financial statements representthe undedying transactions and events in a manner that achieves fair presentation. 10
Colin Glen Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of Colin Glen Trust (continuj Year ended 31 March 2024 We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and Significant audit finding5. including any significant deficiencies in internal control that we identity during our audit. Use of our report This report is made solely to the charity'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 charity's members those matters we are required lo stale lo them in an audtto¢s report and for no other purpose. To the fullest extent permitted by law. we do not accept or assurne responsibility to anyone other than the charity and the charity's members as a body. for our audit worK for this report. or for the opinK)ns we have fomied. Paul Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 3 December 2024 11