CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 We have audited the financial statements of Causeway Trust (the 'charity') for the year ended 31 December 2022 which comprise the ststement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, 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 r@doM Generally Accepted Accounting Practice). in our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 2022 and of its incoming resources and application 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., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKII 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 thp. r.harity in accordance with the ethical requirements that ara rolovant to our audit of the financial statements in the UX, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis ofaccounting in the preparation ofthe financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report.
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 Other infomiation The other infonnation comprises the infornation induded in the annual report. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the ffinancial statements does not cover the other infotmation and, except to the extent otherwse explicity stated in our report, we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomiab'on is materially inconsistent wtth the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a m2tp.ri21 misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misststement of this other infonmab'on. 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 opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial period for which the financial statements are prepared is consistent wrth the financial statements; and the trustees, report has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In tha light of the knowledge and understanding of the charity and its cnvironment obtaincd in tho course ofthe audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2008 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 received from branches not visited by us., or the financial statements are not in agreement Viith the accounting records and retums,. or rtain disclosures of trustees. remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 Responsibilities of trustees As explained. more fully in the trustees, responsibilities statement, the trustees {who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity orto cease operations, or have no realistic aSternative but to do so. 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 auditols report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, iiibludiTIg fraud. The extent to which our PrOureS are capable of detecting irregularities, including fraud is detailed below- In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. .the nature of the industry and sector. control environment and business performance including the design of the remuncration policies. key drivers for direGtors' remuneration, bonus leve15 and performance targets., results ofour enquiries of management about their own identification and assessment ofthe risks of irregularities., any matters we identified having obtained and reviewed documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether management werc aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud.. the internal controls estsblished to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed 2mnng the aLidit engagement team including significant component audit teams'and relevant internal specialists, 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 incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perfomi specific procedures to respond to the risk of management override.
CAUSEWAY TRUST Independent Auditor's Report to the Members of Causeway Trust Period from 1 January 2022 to 31 December 2022 We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial slatemenls. The key laws and regulation$ we consKlered in this context induded ongoing Complian vAth the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the finaTh81 statements but Complian wth thich may be fundamental fortheirability lo operate or lo avoid a material penalty. As part of an audit in accordance with ISAS (UK). we exercise professronal judgmenl and maintain professional $p11c1Srn throughout the audit. We also= Identify and assess the risks of material misstatement of the financial stalements. whether due to fraud or error, deslgn and pertomi auoil PToce(lures responsive to Ihose nsks. and obtsin audit eviden that Is sutticient an appropriate to provide a basis for our opinion. The risk of not detecting a material misststement resulting from fraud is higher than for one resulting from error, as fraud may invofve collusion, forgery, intentional omissions. misrepresentations. nrthp. t)vp.rrith of inlemal cJ)nlrol. Obtain an understanding of intemal control revant to the audit in order lo design audit procedures that are appropriate in the circumstances. but not for the pO$e of expressing an opinion on the effectiveness of the internal control. Evaluate the appropnateness of a¢zounling poliaes used aTrJ the reasonableness of acojunting estimates and related disGlosures made by th¢ Itu&tees. Conclude on the appropilateness of the trustees, use of the going concem basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubl on the ¢harttl5 ability to continue as a going concems, Ifwe condude that a material uncertainty exists. we are required to draw attention in our auditorfs report to the related disdosures in the financial statements or. if such disclosures are inadequate. lo modify our opinion. Our conclusion5 are based on the audit eviden obtained up tu Ilie d¢dteufuur suditorfs weport. However. futu events or o)nolltlons may cause ihe charffy to cease to continue as a going Con. Evaluate the overall presentstion. strudure and content of the financial stalernents, induding the disctosures, and whelher the financial ststernents represent the underlying transactions and events in a manner that achieves fair presentation. We communicate wilh those Charged with governan regarding, among other matters, the planned scope and liming of the audit and significant audit findings, induding any significant defirAen¢ies in intefflal control that we identify during our audit. Use of our pOrt This report is made solely lo the chartty's member5. as a body. in accordan wth Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we a required lo state to them in an auditorfs port and for no other purpose. To Ihe fvllesl extent permitted by law, we do not accept or assume responsibility to anyone other than the chanty and the charity's members as a body. for our audit work, for this report, or for the opinions we have fOed. anus enior For and on behalf ot. McGuire + Farry Limited Chartered Certified Accountants EmeTrknron Hou Carryduff Belfast BT8 8DN 28 September 2022