ITF

INDEPENDENT AUDITOR'S REPORT TO THE directors OF THE ITF TRUST Report on the audit of the financial statements OPINION In our opinion, ITF Trust's group financial statements (the "financial statements"): ▪ give a true and fair view of the state of the group's affairs as at 31 December 2018 and of its deficit and cash flows for the year then ended; and ▪ have been properly prepared in accordance with Interna onal Financial Repor ng Standards (IFRS's) as adopted by the European Union. We have audited the financial statements, included within the Annual Report and Financial Statements (the Annual Report), which comprise: the consolidated statement of financial posi on as at 31 December 2018, the consolidated income statement, consolidated statement of comprehensive income, consolidated cash flow statement and consolidated statement of changes in equity for the year then ended; and the notes to the financial statements, which include a descrip on of the significant accoun ng policies. BASIS FOR OPINION We conducted our audit in accordance with Interna onal Standards on Audi ng (UK) ("ISAs (UK)") and applicable law. Our responsibili es under ISAs (UK) are further described in the Auditor's responsibili es for the audit of the financial statements sec on of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibili es in accordance with these requirements. Conclusions relating to going concern ISAs (UK) require us to report to you when: ▪ the directors' use of the going concern basis of accoun ng in the prepara on of the financial statements is not appropriate; or ▪ the directors have not disclosed in the financial statements any iden fied material uncertain es that may cast significant doubt about the group's ability to con nue to adopt the going concern basis of accoun ng for a period of at least twelve months from the date when the financial statements are authorised for issue. We have nothing to report in respect of the above ma ers. However, because not all future events or condi ons can be predicted, this statement is not a guarantee as to the group's ability to con nue as a going concern. For example, the terms on which the United Kingdom may withdraw from the European Union, which is currently due to occur on 29 March 2019, are not clear, and it is difficult to evaluate all of the poten al implica ons on the group's trade, customers, suppliers and the wider economy. Reporting on other information The other informa on comprises all of the informa on in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other informa on. Our opinion on the financial statements does not cover the other informa on and, accordingly, we do not express an audit opinion or any form of assurance thereon. In connec on with our audit of the financial statements, our responsibility is to read the other informa on and, in doing so, consider whether the other informa on is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we iden fy an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other informa on. If, based on the work we have performed, we conclude that there is a material misstatement of this other informa on, we are required to report that fact. We have nothing to report based on these responsibili es. Responsibilities for the financial statements and the audit Responsibili es of the directors for the financial statements As explained more fully in the Statement of directors' responsibili es in respect of the financial statements, the directors are responsible for the prepara on of the financial statements in accordance with the applicable framework and for being sa sfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the prepara on of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for 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 the directors 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 for the audit of the financial statements Our objec ves 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 auditors' 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. A further descrip on of our responsibili es for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/ auditorsresponsibili es. This descrip on forms part of our auditors' report. ITF ANNUAL REPORT AND FINANCIAL STATEMENTS / 08

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