ITF

10 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ITF TRUST OPINION We have audited the non-statutory accounts of ITF Trust for the year ended 31 December 2017 which comprise the consolidated income statement, consolidated statement of comprehensive income, con- solidated statement of changes in equity, consolidated statement of financial posi on, consolidated cash flow statement and related notes, including the accoun ng policies in note 5. The non-statutory accounts have been prepared for the reasons set out in notes 1 and 2. In our opinion the non-statutory accounts: • give a true and fair view of the state of the Trust's affairs as at 31 December 2017 and of its surplus for the year then ended; and • have been properly prepared in accordance with Interna onal Financial Repor ng Standards as adopted by the European Union. BASIS FOR OPINION We conducted our audit in accordance with Interna onal Standards on Audi ng (UK) ("ISAs (UK)") and the terms of our engagement le er dated 7 December 2017. Our responsibili es are described below. We have fulfilled our ethical responsibili es under, and are independent of the group in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. GOING CONCERN We are required to report to you if we have concluded that the use of the going concern basis of accoun ng is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of approval of the non-statutory accounts. We have nothing to report in these respects. OTHER INFORMATION The directors are responsible for the other informa on, which comprises the report of the chairman of the finance commi ee, strategic report and directors' report. Our opinion on the non-statutory accounts does not cover the other informa on and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon. Our responsibility is to read the other informa on and, in doing so, consider whether, based on our non-statutory accounts audit work, the informa on therein is materially misstated or inconsistent with the non-statutory accounts or our audit knowledge. Based solely on that work, we have not iden fied material misstatements in the other informa on. DIRECTORS' RESPONSIBILITIES As explained more fully in their statement set out on page 7, the directors are responsible for: the prepara on of the non-statutory accounts, which are intended by them to give a true and fair view; such internal control as they determine is necessary to enable the prepara on of non-statutory accounts that are free from material misstatement, whether due to fraud or error; assessing the group's ability to con nue as a going concern, disclosing, as applicable, ma ers related to going concern; and using the going concern basis of accoun ng unless they either intend to liquidate the group or to cease opera ons, or have no realis c alterna ve but to do so. AUDITOR'S RESPONSIBILITIES Our objec ves are to obtain reasonable assurance about whether the non-statutory accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the non-statutory accounts. A fuller descrip on of our responsibili es is provided on the FRC's website at www.frc.org.uk/auditorsresponsibili es. THE PURPOSE OF OUR AUDIT WORK AND TO WHOM WE OWE OUR RESPONSIBILITIES Our report has been prepared for the group solely in accordance with the terms of our engagement. It has been released to the group on the basis that our report shall not be copied, referred to or disclosed, in whole (save for the group's own internal purposes) or in part, without our prior wri en consent. Our report was designed to meet the agreed requirements of the group determined by the group's needs at the me. Our report should not therefore be regarded as suitable to be used or relied on by any party wishing to acquire rights against us other than the group for any purpose or in any context. Any party other than the group who obtains access to our report or a copy and chooses to rely on our report (or any part of it) will do so at its own risk. To the fullest extent permi ed by law, KPMG LLP will accept no responsibility or liability in respect of our report to any other party. Andrew Turner for and on behalf of KPMG LLP Chartered Accountants 15 Canada Square, London, E14 5GL, United Kingdom 26 March 2018

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