Page 124 - 86395_CCB - 2024 Annual Report (web)

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Independent auditors’ report to the directors of Cambridge
& Counties Bank Limited

Report on the audit of the country-by-country information

Opinion
In our opinion, Cambridge & Counties Bank Limited’s country-by-country information for the year ended 31 st December 2024 has
been properly prepared, in all material respects, in accordance with the requirements of the Capital Requirements (Country-by-
Country Reporting) Regulations 2013.
We have audited the country-by-country information for the year ended 31 st December 2024 in the Country-by-Country Report.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”), including ISA (UK) 800 and
ISA (UK) 805, and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the
audit of the country-by-country information 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 country-
by-country information in the UK, which includes the FRC’s Ethical Standard, as applicable to public interest entities, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
Emphasis of matter - Basis of preparation
In forming our opinion on the country-by-country information, which is not modified, we draw attention to the country-by-country
report of the country-by-country information which describes the basis of preparation. The country-by-country information is
prepared for the directors for the purpose of complying with the requirements of the Capital Requirements (Country-by-Country
Reporting) Regulations 2013. The country-by-country information has therefore been prepared in accordance with a special purpose
framework and, as a result, the country-by-country information may not be suitable for another purpose.
Conclusions relating to going concern

Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting
included:

• We reviewed and challenged the key assumptions used by the directors in their determination of the going concern of the
Company.
• We reviewed management’s stress test scenarios and considered whether the Company would continue to operate above
required regulatory capital and liquidity minima during times of stress.
• We considered as to whether our audit work had identified events or conditions which may give rise to uncertainty of the
Company’s future ability to trade; and
• We reviewed legal and regulatory correspondence to ensure that any compliance issues which may impact the going
concern of the Company had not been identified.

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 company’s ability to continue as a going concern for a period of at least
twelve months from the date on which the country-by-country information is authorised for issue.

In auditing the country-by-country information, we have concluded that the directors’ use of the going concern basis of accounting
in the preparation of the country-by-country information is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company’s ability
to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of
this report.

Responsibilities for the country-by-country information and the audit
Responsibilities of the directors for the country-by-country information
The directors are responsible for the preparation of the country-by-country information in accordance with the requirements of the
Capital Requirements (Country-by-Country Reporting) Regulations 2013 as explained in the basis of preparation in the country-by-
country information, and for determining that the basis of preparation and accounting policies are acceptable in the circumstances.
The directors are also responsible for such internal control as they determine is necessary to enable the preparation of country-by-
country information that is free from material misstatement, whether due to fraud or error.
In preparing the country-by-country information, the directors are responsible for assessing the company’s ability to continue as a
going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.