267694 EdinburghIT AR 2024 WEB - Flipbook - Page 53
THE EDINBURGH INVESTMENT TRUST PLC / FINANCIAL REVIEW / 51
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF THE EDINBURGH INVESTMENT TRUST PLC
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
In our opinion, The Edinburgh Investment Trust plc’s financial statements:
•
give a true and fair view of the state of the Company’s affairs as at 31 March 2024 and of its return and cash flows for the
year then ended;
•
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic
of Ireland”, and applicable law); and
•
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Financial Report (the “Annual Report”), which comprise:
the Balance Sheet as at 31 March 2024; the Income Statement, the Statement of Changes in Equity and the Cash Flow Statement
for the year then ended; and the notes to the financial statements, which include a description of the significant accounting
policies.
Our opinion is consistent with our reporting to the Audit Committee.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements
section 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 Company 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, as applicable to listed public interest entities, and
we have fulfilled our other ethical responsibilities in accordance with these requirements.
To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not
provided.
We have provided no non-audit services to the Company in the period under audit.
OUR AUDIT APPROACH
Context
The Company is a standalone Investment Trust Company and engages Liontrust Fund Partners LLP (the “Manager”) to manage
its assets.
Overview
Audit scope
•
We conducted our audit of the financial statements using information from The Bank of New York Mellon (International)
Limited (the “Administrator” and the “Custodian”) and NSM Funds (UK) Limited (the “Company Secretary”) to whom the
Manager has, with the consent of the Directors, delegated the provision of certain administrative functions.
•
We tailored the scope of our audit taking into account the types of investments within the Company, the involvement of the
third parties referred to above, the accounting processes and controls, and the industry in which the Company operates.
•
We obtained an understanding of the control environment in place at both the Manager and the Administrator, and adopted
a fully substantive testing approach using reports obtained from the Administrator.
Key audit matters
•
Valuation and existence of investments.
•
Accuracy, completeness and occurrence of income.
Materiality
•
Overall materiality: £11,350,470 (2023: £11,392,000) based on 1% of Net Assets.
•
Performance materiality: £8,512,853 (2023: £8,544,000).
