Company registered number: 608059
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
CONTENTS
Company Information
1
Directors’ Report
2
-
5
Directors’ Responsibility Statement6
Independent Auditor’s Report7 - 14
Statement of Comprehensive Income
15
Statement of Financial Position16
Statement of Changes in Equity
17
Statement of Cash Flows
18
Notes to the Financial Statements
19
-
44
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 1
COMPANY INFORMATION
DIRECTORS
Aileen Mannion (appointed 16November 2022)
Raja Gul
Romira Hoxha (resigned on 16 November 2022)
Jerrick Sy (appointed 30 June 2023 and resigned 3 July 2023)
Jane McCullough (appointed 30 December 2022 and resigned 30
December 2022)
COMPANY REGISTRATION NUMBER
608059
COMPANYSECRETARYAND
ADMINISTRATOR
NOTE TRUSTEE, PRINCIPAL
PAYINGAGENT,SWAPCOLLATERAL
CUSTODIAN AND ACCOUNT BANK
TMF Administration ServicesLimited
3rd Floor, Kilmore House
Park Lane
Spencer Dock
Dublin 1
Ireland
D01 YE64
The Bankof New York
One Canada Square
London E14 5AL
England
SWAPCOUNTERPARTYAND
CALCULATION AGENT
Natixis S.A.
30 Avenue
PierreMendes-France75013
Paris
France
GraniteSharesJersey Limited
28 Esplanade
St. Helier
JerseyJE23QA
Channel Islands
Grant Thornton
Chartered Accountants and Statutory Audit Firm
13 – 18 City Quay
Dublin2,D02 ED70
Ireland
Irish Law Advisers/Irish Listing Agent
Matheson 70 Sir John Rogerson’s Quay
Grand Canal Dock
Dublin2
Ireland
EnglishLawAdvisers
Linklaters LLP
One Silk Street
London,EC2Y8HQ
United Kingdom
JerseyLawAdvise
Carey Olsen
47Esplanade
St Helier
JerseyJE10BD
Channel Islands
ARRANGER
LEGAL ADVISERS
INDEPENDENT AUDITORS
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 2
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2023
The directors present the Annual Report and the audited financial statements of Graniteshares Financial Public Limited
Company (the "Company") for the financial year ended 30 June 2023.
PRINCIPAL ACTIVITIES
The Company is a public limited company, incorporated in Ireland on 17 July 2017, in accordance with the laws of Ireland
with a registration number 608059.
The Company has been formed for the purpose of issuing collateralised exchange traded products (“ETP Securities” or
(“ETPs”)) and entering into a fully funded Swap agreements. Commercial activity commenced in September 2019 with the
ETP Securities initially listed on the London Stock Exchange for trading on the secondary market.
The Company established a Collateralised ETP Securities Programme under which the Company issues, on an ongoing
basis, collateralised exchange traded products of different classes (each a “Class”) linked into indices providing exposure to a
range of asset classes including equities, commodities, fixed income and currencies. The ETP Securities may have long or
short, leveraged or unleveraged, exposure to the daily performance of the referenced index.
Each Class constitutes limited recourse obligations of the Company, secured on and payable solely from the assets
constituting the ETP Securities in respect of such Class. EachClass of ETPSecurities may compriseoneor more tranches.
The ETP Securities have been listed for trading on the London Stock Exchange, Borsa Italiana S.p.A. (the “Italian Stock
Exchange”), Euronext Paris and Deutsche Borse (the "Frankfurt Stock Exchange"). The Company uses the net proceeds of
the issuance of the ETP Securities to enter into Total Return Swap Transactions (“TRSs”) to hedge its payment
obligations in respect of each Class of the ETP with one or more Swap Providers once the Swap Provider has delivered
eligible collateral. The TRS for each Class of ETP Securities will produce cash flows to service all of the Company’s
payment obligations in respect of that Class.
As at financial year ended 30 June 2023, there were 109 ETPs in issuance (2022: 106 ETPs). The purchases over the
financial year amounted to €240,977,908 (2022: €317,268,102) with sales of €231,042,886 (2022: €202,073,273).
Cash flows are a result of subscriptions and redemptions of ETP securities and expenses incurred. A movement on
collateral does not generate a cash flow. The proceeds of the issuance of a tranche of ETP Securities of a Class will be paid
by the Company to one or more of the Swap Providers with whom the Company has entered by the Company in relation
that Class in proportion to the increase in the number of ETP Securities of that Class then outstanding.
The Company’s payment obligations in respect of the ETP Securities of a Class will be covered entirely from payments
received by the Company from the Swap Providers in respect of such TRS. Pursuant to the terms of each credit support
document, the Company will be obliged to pay amounts equal to each distribution made on collateral held by it to the
relevant Swap Provider upon receipt.
The ETP Securities do not bear interest at a prescribed rate. The return (if any) on the ETP Securities shall be calculated in
accordance with the redemption provisions. The Classes of ETP Securities are disclosed in note 11.
There were no acquisitions of own shares by the Company during the financial year (2022:nil).
The Company does not have any branches.
The principal financial risks and uncertainties facing the Company during the financial year relate to the financial
instruments held by it and are set out in note 14 to the financial statements and the Company expects the nature of these risks
and uncertainties to remain the same for the foreseeable future.
On 24 February 2022, Russia engaged in military actions in the sovereign territory of Ukraine. The current political and
financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of trading in
these countries and other impacted countries within the region. Management is closely monitoring the situation.
FUTURE DEVELOPMENTS
The plan for the foreseeable future is to continue with the issuance of ETPs under the programme mentioned above which
may include listings on other stock exchanges.
RESULTS AND DIVIDENDS
The results for the financial year and the Company’s financial position at the end of the financial year are set out on page 15
and 16, respectively. Profit on ordinary activities before taxation amounted to €1,000 (2022: €1,000). The corporation tax
charge for the financial year is €250 (2022: €250).
No dividends were recommended to be paid for the financial year ended 30 June 2023 (2022: €nil).
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 3
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2023 (CONTINUED)
Key performance indicators
(a) Net gain/loss on financial assets at FVTPL
Financial year
ended
30 June
2023
35,822,145
Financial year
ended
30 June
2022
(113,921,136)
(b) Net loss/gain on financial liabilities at FVTPL
(35,822,145)
113,921,136
(c) Financial assets at FVTPL
165,698,150
119,940,983
(d) Financial liabilities at FVTPL
(165,698,150)
(119,940,983)
PRINCIPAL RISKS AND UNCERTAINTIES
The operations of the Company are subject to various risks. Information about the financial risk management objectives and
policies of the Company, along with exposure of the Company to market risk, currency risk, liquidity risk, concentration risk and
operational risk, are disclosed in note 14 to the financial statements.
GOING CONCERN
The directors have assessed the ability of the Company to continue in operational existence for twelve months from the date
of approvalof thefinancialstatements (‘theperiodof assessment’) andhaveconcludedthat it is appropriate to prepare the
financial statements on a going concern basis.
In making this assessment the directors have considered the impact of Ukraine-Russia war on the Company’s business.
The nature of the Company’s business dictates that the outstanding ETPs may be redeemed at any time by any authorised
participant who has entered into an authorised participant agreement with the Company. As the redemption of ETPs will
coincide with the sale of an equal amount of the TRS’s, no liquidity risk is considered to arise. The Company has entered into
its primary service contracts with service providers on a non-recourse basis and these costs are being met by
GraniteShares Jersey Limited. Therefore, the directors are confident that the Company will have the ability to continue to pay
its operating costs and any redemptions that may arise within the period of assessment.
Based on the above, the directors have concluded that the Company has no material uncertainties which would cast a
significant doubt on the Company’s ability to continue as a going concern over the period of assessment.
DIRECTORS AND COMPANY SECRETARY
The Secretary of the company is TMF Administration Services Limited. Raja Gul and Aileen Mannion are the current active
directors. During the financial year Romira Hoxha resigned as a director additionally Jerrick Sy and Jane McCullough also
served as alternative directors. The directors and the company secretary had no material interest in any contract of
significance in relation to the business of the Company. The directors and company secretary who held office on 30 June
2023 did not hold any shares, debentures or loan stock of the Company on that date or during the financial year (2022:
same).
POWERS OF DIRECTORS
TheBoardis responsiblefor managingthebusinessaffairs oftheCompanyinaccordancewith theCompany’s Constitution.
Thedirectorsmay delegatecertainfunctions toTMF AdministrationServices Limited(the“Administrator”) andother parties,
subject to the supervision and direction of the directors.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 4
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2023 (CONTINUED)
DIRECTORS’ COMPLIANCE STATEMENT
The directors, in accordance with Section 225(2)(a) of the Companies Act 2014 (the “Act”), acknowledge that they are
responsible for securing the Company’s compliance with its relevant obligations. Relevant obligations, in the context of the
Company, are the Company’s obligations under:
(a) the Act, where a breach of the obligations would be a category 1 or category 2 offence;
(b) the Act, where a breach of the obligation would be a serious Market Abuse or Prospectus offence; and
(c) tax law.
Pursuant to Section 225(2)(b) of the Act, the directors confirm that:
(i) a compliance policy statement has been drawn upas required by Section225(3)(a) of the Actsetting out the Company’s
policies (that, in the directors’ opinion, are appropriate to the Company) respecting compliance by the Company with its
relevant obligations;
(ii) appropriate arrangements and structures have been put in place that, in their opinion, secure material compliance with
the Company’s relevant obligations; and
(iii) a review has been conducted, in the financial year, of the arrangements and structures referred to in paragraph (ii).
CORPORATE GOVERNANCE STATEMENT
The directors have established processes regarding internal controls and risk management systems to ensure effective
oversight of the financial reporting process. These include appointing the Administrator to maintain the accounting records of
the Company. The Administrator is contractually obliged to maintain adequate accounting records and to that end the
Administrator performs reconciliations of its records to those of Graniteshares Jersey Limited (“the Arranger”). The
Administrator is also contractually obliged to prepare the annual report including financial statements for review and
approval by the directors. The directors evaluate and discuss significant accounting and reporting issues as the need
arises.
From time to time the directors also examine and evaluate the Administrator’s financial accounting and reporting routines and
monitor and evaluate the external auditors’ performance, qualifications and independence. The Administrator has
operating responsibility for internal control in relation to the financial reporting process and reports to the directors. The
directors are responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and
ensuring the processes are in place for the timely identification of internal and external matters with a potential effect on
financial reporting. The directors have also put in place processes to identify changes in accounting rules and
recommendations and to ensure that these changes are accurately reflected in the Company’s financial statements.
The Administrator is contractually obliged to design and maintain control structures to manage the risks which the directors
judge to be significant for internal control over financial reporting. These control structures include appropriate segregation of
responsibilities and specific control activities aimed at detecting or preventing the risk of significant deficiencies in financial
reporting for every significant account in the financial statements and the related notes in the Company’s financial statements.
The directors delegate the asset valuation function to the Arranger who operates a sophisticated system of controls to
ensure appropriate valuation. All the values for the financial instruments held by the Company have been provided by the
Arranger and in our opinion, they are the most appropriate and reliable source of such fair values in its capacity as Arranger.
We are satisfied that the amounts as stated in the Company’s financial statements represent a reasonable approximation
of those values.
TheCompany’spolicies andthedirectorsinstructions with relevancefor financialreportingareupdatedandcommunicated
via appropriate channels, such as e-mail, correspondence and meetings to ensure that all financial reporting information
requirements are met in a complete and accurate manner. The directors have an annual process to ensure that appropriate
measures are taken to consider and address any shortcomings identified and measures recommended by the independent
auditors. Given the contractualobligations of the Administrator, the directors haveconcludedthat there is currently no need for
the Company to have a separate audit committee or internal audit function in order for the directors to perform effective
monitoring and oversight of the internal controls and risk management systems of the Company in relation to the financial
reporting process. Therefore, the Company has taken the exemption available for Section 110 companies as set out under
Section 1551 of the Companies Act 2014 S 11 (c) not to have a a separate audit committee.
No director has a significant direct or indirect holding of securities in the Company. No person has any special rights of
control over the Company’s share capital. There are no restrictions on voting rights.
The directors are responsible for managing the business affairs of the Company in accordance with the Company
Constitution. The directors may delegate certain functions to the Administrator and other parties, subject to the supervision and
direction by the directors. The Board consists of three directors.
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 5
DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE2023 (CONTINUED)
ACCOUNTING RECORDS
The Directors are responsible for ensuring that adequate accounting records, as outlined in Section 281 to 285 of the
Companies Act 2014, are kept by the Company. The measures are taken by the directors to ensure compliance with the
Company’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and
ensuring that a competent service provider is responsible for the preparation and maintenance of the accounting records.
Theaccounting recordsarekeptat the Company’sregistered office at 3rd Floor,Kilmore House, Park Lane,Spencer Dock,
Dublin 1, D01 YE64, Ireland.
SHAREHOLDER MEETINGS
The shareholder’s rights and the operations of the shareholders meetings are defined in the Company’s Constitution and
complies with the Companies Act 2014.
RELATED PARTY TRANSACTIONS
The related party transactions in relation to the Company are disclosed in note 16.
SIGNIFICANT SUBSEQUENT EVENTS
The significant subsequent events in relation to the Company are disclosed in note 17.
POLITICAL DONATIONS
The Company did not make any political donations during the financial year (2022: nil).
RESEARCHANDDEVELOPMENT
The Company did notengage in any research and development activity during the financial year (2022: nil).
INDEPENDENT AUDITOR
Grant Thornton, Chartered Accountants and Statutory Audit Firm is the independent auditor for the Company and will
continue in office in accordance with section 383(2) of the Companies Act 2014.
RELEVANT AUDIT INFORMATION
Each of the persons who are directors at the time when this Directors’ report is approved has confirmed that:
so far as that director is aware, there is no relevant audit information of which the Company’s auditors are unaware;
and
that director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant
audit information and to establish that the Company’s auditors are aware of that information.
This report was approved by the Board on 27/10/2023 and signed on its behalf by:
................................... ......
AileenMannion
Director
.........................................
RajaGul
Director
GRANITESHARES FINANCIAL PUBLIC LIMITED COMPANY
Page 6
DIRECTORS’ RESPONSIBILITY STATEMENT
The Directorsare responsible forpreparingthe Directors’ Reportand the financialstatements in accordance with applicable
Irish company law and regulations.
Irish company law, requires the directors to prepare financial statements for each financial year. Under that law, they have
elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union and applicable Irish law.
Under Irish company law, the directors must not approve the financial statements unless they are satisfied that they give a
true and fair view of the assets, liabilities and financial position of the Company and of its profit or loss for that financial year
and otherwise comply with Companies Act 2014. In preparing these financial statements, the directors are required to:
select suitable accountingpolicies and then apply them consistently; •
make judgments and estimates that are reasonable and prudent;
state whether they have been prepared in accordance with IFRS as adopted by the European Union;
assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern; and
use the going concern basis of accounting, unless they either intend to liquidate the Company or to cease operations,
or have no realistic alternative, but to do so.
The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any
time the assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that the financial
statements comply with the Companies Act 2014. They are responsible for such internal controls as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the
Company and to prevent and detect fraud and other irregularities. The directors are also responsible for preparing a
Directors’ Report that complies with the requirements of the Companies Act 2014.
This report was approved by the Board on 27/10/2023 and signed on its behalf by:
................................... ......
AileenMannion
Director
.........................................
RajaGul
Director
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h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
,
w
e
h
a
v
e
conclud
e
d
t
h
at
t
h
e
dir
e
c
t
ors
us
e
o
f
going conc
e
rn b
a
sis o
f
a
ccoun
t
ing in
t
h
e
pr
e
p
a
r
at
ion o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s is
a
ppropri
ate.
Our
e
v
a
lu
at
ion o
f
t
h
e
dir
e
c
t
ors
a
ss
e
ssm
e
n
t
o
f
t
h
e
Comp
a
n
y’
s
a
bili
ty
t
o con
t
inu
e
a
s
a
going conc
e
rn b
a
sis o
f
a
ccoun
t
ing includ
e
d
:
·
Ob
ta
ining
a
nd r
e
v
i
e
wing
t
h
e
dir
e
c
t
ors
f
orm
a
l
a
ss
e
ssm
e
n
t
o
f
going conc
e
rn
;
·
R
e
vi
e
w
in
g
po
st
y
ea
r-
e
n
d
p
e
rform
a
nc
e
a
n
d
b
us
in
e
ss
a
c
t
ivi
t
i
e
s
;
·
M
a
k
ing
e
nquiri
e
s wi
t
h m
a
n
a
g
e
m
e
n
t
a
nd r
e
v
i
e
wing
t
h
e
bo
a
rd minu
te
s in ord
e
r
t
o und
e
rs
ta
nd
t
h
e
f
u
t
ur
e
pl
a
ns
a
nd
t
o id
e
n
t
i
f
y
po
te
n
t
i
a
l con
t
r
a
dic
t
or
y
in
f
orm
at
ion
;
a
nd
·
Ass
e
ssing
t
h
e
a
d
e
qu
a
c
y
o
f
t
h
e
disclosur
e
s wi
t
h r
e
sp
e
c
t
t
o
t
h
e
going conc
e
rn
a
ssump
t
ion
.
Ind
e
p
e
nd
e
n
t
a
u
di
t
or
’s
r
e
por
t
t
o
t
h
e
m
e
mb
e
r
s
of
Gr
a
ni
t
e
s
h
a
r
e
s
Fin
a
nci
a
l
P
L
C
Conclusions
relating
to
going
concern
(continued)
B
a
s
e
d on
t
h
e
wor
k
w
e
h
a
v
e
p
e
r
f
orm
e
d
,
w
e
h
a
v
e
no
t
id
e
n
t
i
f
i
e
d
a
n
y
m
ate
ri
a
l unc
e
r
ta
in
t
i
e
s r
e
l
at
ing
t
o
e
v
e
n
t
s or
condi
t
ions
t
h
at,
indi
v
idu
a
ll
y
or coll
e
c
t
i
v
e
l
y,
m
ay
c
a
s
t
signi
f
ic
a
n
t
doub
t
on
t
h
e
Comp
a
n
y’
s
a
bili
ty
t
o con
t
inu
e
a
s
a
going conc
e
rn
f
or
a
p
e
riod o
f
at
l
ea
s
t
t
w
e
l
v
e
mon
t
hs
f
rom
t
h
e
d
ate
wh
e
n
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
r
e
a
u
t
horis
e
d
f
or issu
e.
Our r
e
sponsibili
t
i
e
s
a
nd
t
h
e
r
e
sponsibili
t
i
e
s o
f
t
h
e
dir
e
c
t
ors wi
t
h r
e
sp
e
c
t
t
o going conc
e
rn
a
r
e
d
e
scrib
e
d in
t
h
e
r
e
l
e
v
a
n
t
s
e
c
t
ions o
f
t
his r
e
por
t.
Key
audit
matters
K
e
y
a
ud
i
t
m
a
tt
e
r
s
a
r
e
t
ho
s
e
m
a
tt
e
r
s
t
h
a
t,
in o
u
r prof
e
ss
ion
a
l j
udg
e
m
e
n
t,
w
e
r
e
of mo
st
s
i
g
nific
a
nc
e
in o
u
r
a
ud
i
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s o
f
t
h
e
curr
e
n
t
f
in
a
nci
a
l p
e
riod
a
nd includ
e
t
h
e
mos
t
signi
f
ic
a
n
t
a
ss
e
ss
e
d ris
k
s o
f
m
ate
ri
a
l miss
tate
m
e
n
t
(wh
et
h
e
r or no
t
du
e
t
o
f
r
a
ud) w
e
id
e
n
t
i
f
i
e
d
,
including
t
hos
e
which h
a
d
t
h
e
gr
eate
s
t
e
ff
e
c
t
on
:
t
h
e
o
v
e
r
a
ll
a
udi
t
s
t
r
ate
g
y,
t
h
e
a
lloc
at
ion o
f
r
e
sourc
e
s in
t
h
e
a
udi
t,
a
nd
t
h
e
dir
e
c
t
ing o
f
e
ff
or
t
s o
f
t
h
e
e
ng
a
g
e
m
e
n
t
tea
m
.
Th
e
s
e
m
atte
rs w
e
r
e
a
ddr
e
ss
e
d in
t
h
e
con
te
x
t
o
f
our
a
udi
t
o
f
t
h
e
f
in
a
nci
a
l s
tate
m
e
n
t
s
a
s
a
whol
e,
a
nd in
f
orming our opinion
t
h
e
r
e
on
,
a
nd
t
h
e
r
e
f
or
e
w
e
do no
t
pro
v
id
e
a
s
e
p
a
r
ate
opinion on
t
h
e
s
e
m
atte
rs
.
Overall audit strategy
W
e
d
e
sign
e
d our
a
udi
t
b
y
d
ete
rmining m
ate
ri
a
li
ty
a
nd
a
ss
e
ssing
t
h
e
ris
k
s o
f
m
ate
ri
a
l miss
tate
m
e
n
t
in
t
h
e
fin
a
nci
a
l
st
a
t
e
m
e
n
ts.
In p
a
r
t
ic
u
l
a
r
,
w
e
look
e
d
a
t
w
h
e
r
e
t
h
e
d
ir
e
c
t
or
s
m
a
d
e
su
bj
e
c
t
iv
e
j
udg
e
m
e
n
ts,
for
e
x
a
mpl
e
,
in
r
e
s
p
e
c
t
of
s
i
g
nific
a
n
t
a
cco
u
n
t
in
g
e
st
im
a
t
e
s
t
h
a
t
involv
e
d
m
a
kin
g
a
ssu
mp
t
ion
s
a
n
d
con
s
i
d
e
rin
g
f
utu
r
e
e
v
e
n
ts
t
h
at
a
r
e
inh
e
r
e
n
t
l
y
unc
e
r
ta
in /
t
h
e
s
e
l
e
c
t
ion o
f
pricing sourc
e
s
t
o
v
a
lu
e
t
h
e
in
v
e
s
t
m
e
n
t
por
t
f
olio
.
W
e
a
lso
a
ddr
e
ss
e
d
t
h
e
ris
k
o
f
m
a
n
a
g
e
m
e
n
t
o
v
e
rrid
e
o
f
in
te
rn
a
l con
t
rols
,
including
e
v
a
lu
at
ing wh
et
h
e
r
t
h
e
r
e
w
a
s
a
n
y
e
v
id
e
nc
e
o
f
po
te
n
t
i
a
l bi
a
s
t
h
at
could r
e
sul
t
in
a
ris
k
o
f
m
ate
ri
a
l miss
tate
m
e
n
t
du
e
t
o
f
r
a
ud
.
B
a
s
e
d on our consid
e
r
at
ions
a
s s
et
ou
t
b
e
low
,
our
a
r
ea
s o
f
f
ocus includ
e
d
:
·
E
x
is
te
nc
e
o
f
f
in
a
nci
a
l
a
ss
et
s
a
nd li
a
bili
t
i
e
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss
·
V
a
lu
at
ion o
f
f
in
a
nci
a
l
a
ss
et
s
a
nd li
a
bili
t
i
e
s
at
f
a
ir
v
a
lu
e
t
hrough pro
f
i
t
or loss
How we tailored the audit scope
Th
e
Comp
a
n
y
is
a
public limi
te
d comp
a
n
y
a
nd qu
a
li
f
i
e
s
f
or
t
h
e
r
e
gim
e
con
ta
in
e
d in
S
e
c
t
ion 110 o
f
t
h
e
Irish
T
a
x
e
s Consolid
at
ion Ac
t,
1997
.
Th
e
Comp
a
n
y
h
a
s lis
te
d
e
x
ch
a
ng
e
t
r
a
d
e
d produc
t
s (
ET
P
S
e
curi
t
i
e
s
or
(
ET
P
s
)) on
t
h
e
London
S
t
oc
k
E
x
ch
a
ng
e,
I
ta
li
a
n
S
t
oc
k
E
x
ch