Docusign Envelope ID: 7C07248F-983B-4F8B-904D-FCB9B680B5CE
THE UTC COMMON INVESTMENT FUND
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE OF THE UTC COMMON INVESTMENT FUND
Report on the audit of the financial statements
Opinion
In our opinion, The UTC Common Investment Fund’s financial statements:
give a true and fair view of the financial transactions of the CIF during the year ended 31 December 2023, and of the amount and disposition at that date of its assets and liabilities; and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law). We have audited the financial statements, included within the Report and Financial Statements, which comprise: the Statement of Net Assets Available to Participating Scheme as at 31 December 2023; the Fund Account and Statement of Changes in Net Assets Attributable to Participating Scheme for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies. 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 CIF 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 responsibilities in accordance with these requirements. Conclusions relating to going concern Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the CIF’s abili ty to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the trustee’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the CIF’s abi lity to continue as a going concern.
Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.
Reporting on other information The other information comprises all of the information in the Report and Financial Statements other than the financial statements and our auditors’ report thereon. The trustee is responsible for the other information. Our opinion on the financi al statements does not cover the other information and, accordingly, we do not express an audit opinion or any form of assurance thereon.
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