INDEPENDENT AUDITOR'S REPORT to the Members of ECF Trust IA company limited by guarantee, not having a $hare capital) Report on the audit of the financial statements Oplnlon We have audited the company financial statements of ECF Trust I'the company'l for the financial year ended 31 December 2023 which comprtse the Statement of Financial Adivilies lincorporaling an Income and Expenditure Account}, the Balance Sheet. the Slalemenl of Cash Flows and notes lo the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is applieable law and United Kingdom Aecounling Standards. including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" applying Section 1A of that Standard and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102. In our opinion. when reporting in accordanee with a fair presentation framework the financial stalemenl5'. give a true and fair view of the state of the company's affairs as al 31 December 2023 and of its surplus fof the financial year then ended-, have been properly prepared in aceordance with United Kingdom Generally Actspted AoUntIng Practice,. and have been prepared in accordance with the requiiements of the Companies Act 2006 and the Charities Act {NortheTn Ireland) 2008. Basls for opinlon We conducted our audit in accordance with International Standards on Auditing {UK) IISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements sedion of our report. We are independent of the company in accordan with ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard. and we 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 In auditing the financial statements. we have concluded that the Iruslees, use of the going concem ba$is 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 lo events or conditions that. individually or eolleclively, may cast significant doubt on the company's ability lo continue as a going COnM for a period of al least e1ve months from the dale when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other Irrformation The other information comprises the infomialion included in the annual report other than the financial statements and our Audilo¢s Report Ihereon. The Iruslees are responsible for the other infomialion contained within the annual report. Our opinion on the financial statements does not cover the other infomation and. except to the extent otherwise expliciuy slated in our report. we do not express any fom of assurance conclusion Ihereon. Our responsibility is to read the other infomialion and, in doing so. consider whether the other infomialion is malerialty inconsistent with the financial ststements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misststements. we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstalemenl of this other inforniation, we are required lo report that fact. We have nothing lo report in this regard. Opinion on other matter prescribed by th9 Companies Act 2006 In our opinion. based on the work undertaken in the Course of the audit.. the infomalion given in the Trustees. Annual Report for the financial year for whi¢h the financial statements are prepared is consistent with the financial statements.. and the Tru51ees' Annual Report has been prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT to the Members of ECF Trust IA company limlted by guarantee, not having a sharo capital) Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit. we have not identified material misslalements in the TTuslees' Annual Report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report lo you if. in our opinion.. adequate accounting records have not been kept., or the financial slalements are not in agreement with the accounting records and retums,. or rtain disclosures of trustees, remuneration specrfied by law are not made., or the trustees were not enlilled to prepare the financial statements in accordance with the small companies regime and tske advantage of the small companies, exemption in preparing the Trustees, Annual Report. Responsibilities of trustees for the financial statgments As explained more fully in the Statement of Trustees, Responsibilities set out on page 7. the trustees 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 eonlrol as they determine is necessary lo enable the preparation of financial statements that are free from material misslalemenl. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the company's ability lo continue as a going concem. disclosing, as applicable. matters related to going concern and using the going conrn basis of accounting unless management either intends to liquidate the company or lo Cease operations, or has no realistic allemalive bul to do so. Auditorfs responsibilltles for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will aayS delect a material misstatement when il exists. Misslalements 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 stalemenls. 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 misslalements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. There is an inherent difficulty in detecting irregularities during audit. However the effectiveness of entity's controls. the nature and extent of audit procedures performed. gives us wnfidence in detecting irregularities. Further information regarding the scope of our responsibilitles as auditor As part of an audit in accordance with ISAS (UK}. we exercise professional judgement and maintsin professional $p11c1sM throughout the audit. We also.. Identify and assess the risks of material misstatement of the whether due to fraud or error. design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material rnisslalement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. mispresentatIons. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstan¢es, bul not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates an related disclosures made by trustees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubl on the ¢ompany's ability to continue as a going concern. If we conclude that a material unrtainlY exists. we are required lo draw allenlion in our Auditor's Report lo the related disclosures in the financial statements or, if such disclosu$ are inadequate, lo modify our opinion. Our conclusions are based on the audit eviden obtained up to the date of our Auditorfs Report. However, future events or conditions may cause the the company to cease to continue as a goin9 concem. Evaluate the overall presentslion. slru¢lure and conlenl of the financial statements. including the diselosures. and whether the finan¢ial Statements represent the underlying transactions and events in a manner that achieves fair presentation. 10
INDEPENDENT AUDITOR'S REPORT to the Members of ECF Trust IA company limited by guarant•è. not having a sharg capltall We communicate with those charged with governance regarding, among other matters, the planned scope and liming of the audit and significant audit findings. including any significant deficiencies in intemal control that we identfy during our audit. DALY PA & COMPANY Chartere Accountants 4 Camegie Street Lurgan Craigavon Co. Armagh BT66 SAS Northern Ireland 28 June 2024 11