ITF

ITF Trust Annual Report and Financial Statements 2022 11 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. Auditors' responsibili es 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. Irregulari es, including fraud, are instances of non- compliance with laws and regula ons. We design procedures in line with our responsibili es, outlined above, to detect material misstatements in respect of irregulari es, including fraud. The extent to which our procedures are capable of detec ng irregulari es, including fraud, is detailed below. Based on our understanding of the group and industry, we iden fied that the principal risks of non-compliance with laws and regula ons related to tax legisla on, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incen ves and opportuni es for fraudulent manipula on of the financial statements (including the risk of override of controls), and determined that the principal risks were related to accoun ng es mates and judgements, par cularly in rela on to revenue recogni on, pos ng inappropriate journal entries to manipulate reported results and subsequent events. Audit procedures performed by the engagement team included: • Discussions with management and those charged with governance, including considera on of known or suspected instances of non-compliance with laws and regula on and fraud; • Review of minutes of mee ngs of those charged with governance; • Iden fying and tes ng journal entries, in par cular any journal entries posted with unusual account combina ons, unusual words and unusual users; • Discussions with external tax advisors including considera on of known or suspected instances of non-compliance with tax legisla on. There are inherent limita ons in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regula ons that are not closely related to events and transac ons reflected in the financial statements. Also, the risk of not detec ng a material misstatement due to fraud is higher than the risk of not detec ng one resul ng from error, as fraud may involve deliberate concealment by, for example, forgery or inten onal misrepresenta ons, or through collusion. 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. Use of this report This report, including the opinion, has been prepared for and only for the directors as a body to enable you to fulfil your obliga on to ITF Trust to obtain an audit of the group's financial statements in accordance with our engagement le er dated 24 January 2023 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come, including without limita on under any contractual obliga ons of the ITF Trust, save where expressly agreed by our prior consent in wri ng. PricewaterhouseCoopers LLP Chartered Accountants London 21 March 2023

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