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 Tn￿tee 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.
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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 fu￿ncial 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 f￿anCIal 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.
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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.
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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
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