Page 74 - CCB_Annual Report_2022

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Independent auditors’ report to the

Independent members of Cambridge & Counties Bank

Limited

Auditors’ Report Report on the audit of the financial statements

Opinion
In our opinion, Cambridge & Counties Bank Limited’s financial statements:

• give a true and fair view of the state of the company’s affairs as at 31 December 2022 and of its profit and cash flows for
the year then ended;
• have been properly prepared in accordance with UK-adopted international accounting standards; and
• have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report, which comprise: the Statement of Financial
Position as at 31 December 2022; the Statement of Profit or Loss and Other Comprehensive Income, the Statement of
Changes in Equity and the Statement of Cash Flows 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 of Cambridge & Counties Bank Limited.

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 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.

Other than those disclosed in note 8, we have provided no non-audit services to the company in the period under audit.

Our audit approach

Overview
Audit scope
• We performed audit procedures over all material account balances and financial information of the bank
• We performed the audit using one team based in Birmingham

Key audit matters
• The application of key judgements and assumptions in relation to applying expected credit loss provisioning on loans and
advances to customers
• The appropriateness of assumptions used in the accounting for the effective interest rate of loans and advances to
customers

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