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 PrO￿￿ureS 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 finaTh￿81
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
$￿p11c1Srn throughout the audit. We also=
Identify and assess the risks of material misstatement of the financial stalements. whether due to fraud or error,
deslgn and pertomi auoil PToce(lures responsive to Ihose nsks. and obtsin audit eviden￿ that Is sutticient an
appropriate to provide a basis for our opinion. The risk of not detecting a material misststement resulting from
fraud is higher than for one resulting from error, as fraud may invofve collusion, forgery, intentional omissions.
misrepresentations. nrthp. t)vp.rrith of inlemal cJ)nlrol.
Obtain an understanding of intemal control re￿vant to the audit in order lo design audit procedures that are
appropriate in the circumstances. but not for the p￿￿O$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 fO￿ed.
anus
enior
For and on behalf ot.
McGuire + Farry Limited
Chartered Certified Accountants
EmeTrknron Hou
Carryduff
Belfast
BT8 8DN
28 September 2022