ITF

10 Opinion In our opinion, ITF Trust's group financial statements: • give a true and fair view of the state of the group's affairs as at 31 December 2023 and of its profit and cash flows for the year then ended; and • have been properly prepared in accordance with UK adopted interna onal accoun ng standards. We have audited the financial statements, included within the Annual Report and Consolidated Financial Statements (the "Annual Report"), which comprise: the consolidated statement of financial posi on as at 31 December 2023; the consolidated income statement and consolidated statement of comprehensive income, the consolidated cash flow statement, and the 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 Auditors' 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 rela ng to going concern Based on the work we have performed, we have not iden fied any material uncertain es rela ng to events or condi ons that, individually or collec vely, may cast significant doubt on the group's ability to con nue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In audi ng the financial statements, we have concluded that the directors' use of the going concern basis of accoun ng in the prepara on of the financial statements is appropriate. However, because not all future events or condi ons can be predicted, this conclusion is not a guarantee as to the group's ability to con nue as a going concern. Our responsibili es and the responsibili es of the directors with respect to going concern are described in the relevant sec ons of this report. Repor ng on other informa on 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. Responsibili es 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 Report on the audit of the financial statements INDEPENDENT AUDITORS' REPORT TO THE DIRECTORS OF ITF LIMITED IN THEIR CAPACITY AS THE ADVISORY COMMITTEE TO THE TRUSTEES ("THE DIRECTORS") OF ITF TRUST Independent Auditors' Report

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