St Patrick's Archdiocesan Trust Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PATIUCK'S ARCHDIOCESAN TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the fmancial statements of St Patrick's Archdiocesan Trust Limited ('the charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its total incoming r¢sour¢es and expenditure of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of the financiaI statements in the UK, including the FRC'S EthÉcal Standard, and wc have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAS (UK) require us to report to you were: the Trustee's use of the going concern basis of accounting in the preparation of the financkal statements is not appropriate. or the Tntee has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 26
St Patrick's Archdiocesan Trust Limited INDEPENDENT AUDITOR'S REPORT TO THE MElWtBERS OF ST PATRICK'S ARCHDIOCESAN TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Continued Other Information The Trustee is responsible for tlie other inforn]ation. The other infom]ation comprises the infom]ation included iii the Directors, Report aiid the Strategic Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the fll]ancial statements does not cover the other inforn]ation and, except to the extent othenvise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the funcial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial statements, or our knowledge obtained in the audit, or otherwÈse appears to be materially misstated. If we identify such tnaterial inconsistencies or apparent materiaL niisstatements, we are required to detemiine whether there is a material misstatement in the fanCIal statements or a material misstatement of the other itrfom]alion. If. based on the work we have perfom]ed, we conclude that there is a material inisstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our Opinio based on the work undertaken in the course of the audit: the inforniation given in the Directors, Report and the Strategic Rq)ort for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Directors. Report and the Strategic Report has been prq)ared in accordance with applicable legal requircments. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of Ilie audit, we have not identified material misstatements in the Directors, Report or Strategic Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been reccived froTn branches not visited by us. or the financial statements are not in agreement with the accounting records and retums. or certain disclosures of Directors. remuneration specified by law are not made. or we have not received all the infotTnation and explanations we require for our audit. Responsibilities of Trustee As explained more fully in the Trustee's Responsibilities Statement, the Trustee is responsible for the preparation of the fmancial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustee detennine is necessary to enable the preparation of financial statements that are Irec from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustee is responsible for assessing the company's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustee either intends to liquidate the charitable company or to cease operations, or has no realistic altemative but to do so. 27
St Patrick's Archdiocesan Trust Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PATRICK'S ARCHDIOCESAN TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Continued Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high l¢v¢l of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaten]cnt when it exists. Misstateinents can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to intluence the economic decisions of users taken on the basis of these financial statements. Explanation as to what extent the audit was considered capable of detectillg irregularities, including fraud [egUlaritIeS, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the charitable company. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our proccdurcs included the following.. We obtained understanding of the legal and regulatory requirements applicable to the charitable company's financial statements and considered the most sKgnifi¢ant are the Companies Act 2006, Financial Reporting Standards (FRS102) and the Statement of Recommended Practice applicable to charities. We have assessed the risk of material misstatement of the financial statements. including risk of material misstatement due to fraud and how it might occur by holding discussions with manageinent and those charged with governance. We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations- Understanding the internal controls established to mitigate risks related to fraud or non- compliance with laws and regulations. and Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue re¢ogmition, and managctnent override. The audit response to risks identified included: Reviewing the financial statements disclosures and testing to supporting documentation to assess Compliance with the relevant laws and regulations above; Perfom]ing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud. In addressing the risk of fraud through management override of controls. testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the nomial course of business. 28
St Patrick's Archdiocesan Trust Limited IINDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST PATRICK'S ARCHDIOCESAN TRUST LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Continued A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description fomis part of our auditor's report. Use of our Report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members tliose matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Ryan Falls CA (Senior Stat ry Auditor) For and on behalf of CAVANAGHKELLY Chartered Accountants & Statutory Auditors 36 - 38 Northland Row Dungannon Co. Tyrone BT716AP Date: 11 December 2024 29