ITF

48 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ITF TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ITF TRUST We have audited the non-statutory consolidated financial statements of the ITF Trust for the year ended 31 December 2014 set out on pages 49 to 71. These financial statements have been prepared for the reasons set out in notes 1 and 2 to the financial statements and on the basis of the financial reporting framework of International Financial Reporting Standards (IFRSs). This report is made solely to the Trustees, as a body, in accordance with the terms of our engagement. Our report was designed to meet the agreed requirements of the Trust determined by the Trust's needs at the time. 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 Trust or the members, as a body, for any purpose or in any context. To the fullest extent permitted by law, KPMG LLP will accept no responsibility or liability in respect of our report to any other party. Respective responsibilities of management and auditor Management of the ITF Trust has accepted responsibility for the preparation of the non-statutory financial statements which are intended by them to give a true and fair view of the state of affairs of the Trust and of the profit or loss for that period. They have decided to prepare the non-statutory financial statements in accordance with International Financial Reporting Standards (IFRSs). In preparing these non-statutory accounts, management has: • selected suitable accounting policies and applied them consistently; • made judgements and estimates that are reasonable and prudent; • stated whether they have been prepared in accordance with IFRSs; • prepared the non-statutory accounts on the going concern basis. Management has general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities. Our responsibility is to audit, and express an opinion on, the non-statutory financial statements in accordance with the terms of our engagement letter dated 3 March 2015 and International Standards on Auditing (UK and Ireland). Those standards require that we comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Trust's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition we read all the financial and non-financial information in the financial statements to identify material inconsistencies with the audited non-statutory accounts and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: • give a true and fair view of the state of the Trust's affairs as at 31 December 2014 and of its surplus for the year then ended; and • have been properly prepared in accordance with IFRSs. Andrew Turner for and on behalf of KPMG LLP, Chartered Accountants 18 March 2015

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