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Misstatements can arise from fraud or error and are considered material if, individuall","page_number":12,"box":{"x":67,"y":515,"width":856,"height":10}},{"id":"18bcadb2-3247-45b2-b8c8-1fc451082e72","block_type":"box","text":"y","page_number":12,"box":{"x":926,"y":518,"width":11,"height":8}},{"id":"95fc12b8-4bf2-47da-b378-3f2980f4494a","block_type":"box","text":"or in agg","page_number":12,"box":{"x":67,"y":530,"width":60,"height":10}},{"id":"aaa87804-f299-4646-95a0-f37034ff88e6","block_type":"box","text":"regate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these","page_number":12,"box":{"x":129,"y":530,"width":807,"height":10}},{"id":"da9a74dc-733d-4d99-a446-f2f44279597b","block_type":"box","text":"financial statements.","page_number":12,"box":{"x":66,"y":544,"width":142,"height":9}},{"id":"04288d88-fa04-4b98-8eab-c02d86e2a47c","block_type":"box","text":"As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism","page_number":12,"box":{"x":66,"y":559,"width":870,"height":10}},{"id":"a90e9646-216c-4a9c-9e44-fecb39b444e1","block_type":"box","text":"throughout the audit. We also:","page_number":12,"box":{"x":66,"y":574,"width":215,"height":10}},{"id":"4c9bce25-eff0-49ef-9a10-b0069a8665cf","block_type":"box","text":"•","page_number":12,"box":{"x":97,"y":598,"width":6,"height":4}},{"id":"70f3a982-e39d-4bce-bb42-cd43f0181f27","block_type":"box","text":"Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design","page_number":12,"box":{"x":128,"y":596,"width":808,"height":10}},{"id":"54a81cb2-5c34-459e-ad72-35f54e7e103b","block_type":"box","text":"and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to","page_number":12,"box":{"x":127,"y":610,"width":809,"height":10}},{"id":"254ba0fc-a6d8-408f-b0d5-bf975577e9eb","block_type":"box","text":"provide a basi","page_number":12,"box":{"x":128,"y":625,"width":94,"height":10}},{"id":"6814f229-017a-4a8a-8161-8bdd8b19053d","block_type":"box","text":"s for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than","page_number":12,"box":{"x":224,"y":625,"width":712,"height":10}},{"id":"d9fb2854-f5e1-44c8-b9e7-3b8c285316b8","block_type":"box","text":"for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the","page_number":12,"box":{"x":127,"y":639,"width":809,"height":10}},{"id":"c04b10e3-754e-49c9-924d-9d80b4e31e29","block_type":"box","text":"override of internal control.","page_number":12,"box":{"x":127,"y":654,"width":193,"height":8}},{"id":"850fa070-4756-45cf-977a-23e4c729e8fd","block_type":"box","text":"•","page_number":12,"box":{"x":97,"y":679,"width":6,"height":4}},{"id":"d9d6885d-2df3-434d-adda-4bf8a5df7d9d","block_type":"box","text":"Obtain an understanding of internal control relevant to the audit in","page_number":12,"box":{"x":127,"y":676,"width":498,"height":10}},{"id":"93b150de-b06a-4a77-9c48-be2772a75d67","block_type":"box","text":"order to design audit procedures that are","page_number":12,"box":{"x":630,"y":676,"width":306,"height":10}},{"id":"90c19183-2c6c-48b9-989d-b802d7ae1fce","block_type":"box","text":"appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the fund’s","page_number":12,"box":{"x":127,"y":690,"width":809,"height":11}},{"id":"6d29c54d-416f-4032-9e3e-4c1c337b20b4","block_type":"box","text":"internal control.","page_number":12,"box":{"x":128,"y":705,"width":107,"height":8}},{"id":"5effbaac-7cba-4436-a32a-4a92cc8ef6fc","block_type":"box","text":"•","page_number":12,"box":{"x":97,"y":730,"width":6,"height":4}},{"id":"5992122a-8bbf-40d5-88a3-6364c7dcf60e","block_type":"box","text":"Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related","page_number":12,"box":{"x":128,"y":727,"width":808,"height":11}},{"id":"0fce5cbf-6e9c-49f3-83c7-ffcd28f05d62","block_type":"box","text":"disclosures made by the ACD.","page_number":12,"box":{"x":127,"y":742,"width":205,"height":10}},{"id":"4522e2b7-f465-483a-8654-6cc9dc1802ae","block_type":"box","text":"•","page_number":12,"box":{"x":97,"y":767,"width":6,"height":4}},{"id":"2ff016bc-cf2b-4a41-99bb-cb8a1c392940","block_type":"box","text":"Conclude on the appropriateness of the ACD’s use of the going concern basis of accounting and, based on the audit","page_number":12,"box":{"x":127,"y":764,"width":809,"height":10}},{"id":"cee64e45-6a23-4d46-85e5-b8d95839395e","block_type":"box","text":"evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt","page_number":12,"box":{"x":127,"y":779,"width":809,"height":10}},{"id":"8c990cea-fe35-4297-afd5-a02a82260868","block_type":"box","text":"on the fund’s ability","page_number":12,"box":{"x":127,"y":793,"width":136,"height":10}},{"id":"7c9a642b-8456-4324-8b1e-31a731029bd8","block_type":"box","text":"to continue as a going concern. If we conclude that a material uncertainty exists, we are required","page_number":12,"box":{"x":268,"y":793,"width":668,"height":10}},{"id":"0f841b1c-d4cf-40de-9f14-a32a941ab40f","block_type":"box","text":"to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are","page_number":12,"box":{"x":127,"y":807,"width":809,"height":11}},{"id":"c504c342-96a4-4619-b042-c073d6656cfe","block_type":"box","text":"inadequate, to modify our opini","page_number":12,"box":{"x":128,"y":822,"width":219,"height":10}},{"id":"809865a8-3a8e-497c-b293-a0b5c9d0b09f","block_type":"box","text":"on. Our conclusions are based on the audit evidence obtained up to the date of our","page_number":12,"box":{"x":349,"y":822,"width":587,"height":10}},{"id":"990728bf-ebbf-4c2e-8ff1-b8410df3235b","block_type":"box","text":"auditor’s report. However, future events or conditions may cause the fund to cease to continue as a going concern.","page_number":12,"box":{"x":127,"y":836,"width":788,"height":11}},{"id":"437c4a4b-991f-45ac-9f29-66b4daa8a488","block_type":"box","text":"•","page_number":12,"box":{"x":97,"y":861,"width":6,"height":5}},{"id":"aafbbdfa-a19a-4209-8da1-7e3c77d81ed9","block_type":"box","text":"Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and","page_number":12,"box":{"x":128,"y":859,"width":808,"height":10}},{"id":"ebb89163-cf69-49e9-b2a4-75793eda39b5","block_type":"box","text":"whether the financial statements represent the underlying transactions and events in a manner that achieves fair","page_number":12,"box":{"x":127,"y":873,"width":809,"height":11}},{"id":"223cf34b-e9b2-47ea-b48b-96d0c38ffc73","block_type":"box","text":"presentation.","page_number":12,"box":{"x":128,"y":888,"width":89,"height":10}},{"id":"624c9cbb-86b4-4ec9-9d90-864f7a5ef6da","block_type":"box","text":"Docusign Envelope ID: 22733F7D-C525-8D78-834E-1F498A161B7E","page_number":12,"box":{"x":29,"y":13,"width":410,"height":9}},{"id":"be99cd47-6341-455f-b6d4-32d49ebc2ba3","block_type":"box","text":"MGTS Progeny ProFolio Model Fund","page_number":13,"box":{"x":249,"y":45,"width":247,"height":10}},{"id":"372a152e-cc48-45fd-8b3c-e38e84ae5a65","block_type":"box","text":"-","page_number":13,"box":{"x":497,"y":50,"width":4,"height":1}},{"id":"f8b8d312-6e75-466c-91bb-4700446811c0","block_type":"box","text":"fo","page_number":13,"box":{"x":504,"y":45,"width":8,"height":10}},{"id":"24ed4296-dbcf-420e-9e99-2a833ac380b0","block_type":"box","text":"for the p","page_number":13,"box":{"x":511,"y":45,"width":44,"height":8}},{"id":"728323bc-a71e-4d7f-8388-e4900839e3dd","block_type":"box","text":"period","page_number":13,"box":{"x":555,"y":45,"width":44,"height":10}},{"id":"b07a6f11-e2ed-437d-9f68-4883c2e89e1c","block_type":"box","text":"ended 31 March 2026","page_number":13,"box":{"x":603,"y":45,"width":148,"height":8}},{"id":"b2cd8559-858f-41b9-a7e9-a0d9a736df14","block_type":"box","text":"12","page_number":13,"box":{"x":67,"y":972,"width":16,"height":8}},{"id":"d4de65b5-1c5d-4f24-bba0-ba2f1c537f63","block_type":"box","text":"Margetts Fund Management Limited","page_number":13,"box":{"x":88,"y":972,"width":250,"height":10}},{"id":"df9dc491-b3cf-4e6a-82cb-06f85dcb54bb","block_type":"box","text":"Independent Auditor’s Report (continued)","page_number":13,"box":{"x":68,"y":68,"width":467,"height":17}},{"id":"da630374-5d2d-4e1f-9de3-050f848a7184","block_type":"box","text":"We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the","page_number":13,"box":{"x":67,"y":101,"width":869,"height":10}},{"id":"9009aff0-1f27-4426-ba07-8ee0b429e0aa","block_type":"box","text":"audit and significant audit findings, including any significant deficiencies in","page_number":13,"box":{"x":67,"y":115,"width":509,"height":11}},{"id":"866409ca-0d84-4907-9a57-bb8ce02313f1","block_type":"box","text":"internal control that we identify during our audit.","page_number":13,"box":{"x":578,"y":115,"width":334,"height":11}},{"id":"cae307b0-7b5e-41dc-82ae-078e19a66e91","block_type":"box","text":"Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud","page_number":13,"box":{"x":67,"y":144,"width":736,"height":11}},{"id":"28f3d7b6-d087-465f-b43b-03a0e1b6d195","block_type":"box","text":"Irregularities, including fraud, are instances of non","page_number":13,"box":{"x":71,"y":174,"width":338,"height":10}},{"id":"5bf66506-2c84-45e9-9d43-6e82beab746f","block_type":"box","text":"-","page_number":13,"box":{"x":411,"y":178,"width":4,"height":1}},{"id":"750a2a9e-a241-4c5f-aadc-43cb35cbfae3","block_type":"box","text":"compliance with laws and regulations. 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