Ile )oi'l' uf tl)e Inde endent Auditoi's to the 'fi'iJstees (2nd Membei's or Women'5 Re8ouI'Le lind Develo ment A Ci)m LiI)iited OpiIiioii We bave <iiidiled Il)e fu)aiiLilc l 8tal¢iiienls of Woiiieii's ResoLlI'ce aDd Developi)iellt Agency CDillpÉiny Liniited (Ilie 'cliaritable coiiipaiiy,) for Ilie yeai. ended 31 MLl1'cli 2024 ivhicli coiiiprise the StaleiiienL of Financial Aclivilies, the S'latei)ieiit ot Fiiiai)cial Positioi), Ilie SttEll)e1]t of Casli flows, ¢ind Iioles to Ilie fiiiaiicial sl<lteineLils, incliidiiig a SLiiiimary of sigliificaiit aceouiiliiig i)olicies. Tlie Fiiixncial i'epoi'ting fi-1( Iiiewoi-k that lias bLen dpi)iie(l ID tbeii. pi'ep<ifcilioii Is cipplicable 1<1W aiid Uiiilcd Kingdoiii Accoiinling SlanLlards' (Uiiiled T(iJigdoiii Genei-ally Accepted Accouiiting Pr1( clice), iiicliidiiig FiLiai)cial Repoi'liiig Staiidai-d 102 'Tlie Fiiiaiicial Rei)orling Sldiidard i( pplicable in the UK and RepLiblic of Ireland,. Iii oiir opiiiiuii Ilie fiiiancial staleiiieiil8'. give a ttLie (ind fall. VILIV of tlie stJte of tlie cliai-ilc1ble coillpany's affall's as at 31 Mai-cli 2024 and of it5 iiicolmiiig resoiirce8 and applic<ilioii of i-esoiiices, incliidiiig ils incoiiie <111d expeiidittire, foi. tbe yeai- theii elided. liave been pi'opei-ly prepai'ed iii accoi'dance willi United ICing(loin Gei)ei'ally Accepted Accounting Pi'aclice, iiicludirL& finaiicial Repoiting Slaiidai'd 102 'Tlie FInncial Reportiiig SIÉ2ndai'd applicable in tlie UIC aiid Rei)iiblic ol ILeland Jiid have beeii pi'epared ill accoi"dallce willi tlie I'eqiiii'eineiils of Ilie Coinpanies Act 2006. Basis foi- opiIiion We coiidiicled OLII. aiidit iii accoi'dance willi Intei-IiEJIIollal Slaiidai'ds on ALidilillg (UIC) (ISAS (UK)) and api)Iic<2Lile law. OLII. i-esponsibililies iindei. tliose standai'ds al'e ftiitliei- desci'ibed in the ALidilois' i'espoiisibilities foi- Ilie Liudil ol Ib# finaiioial stlc lemeiils sectioii of oiii. i-eport. Mle al'e indei)eiideLIt of tlie olJaritcible coiiipauy iii accoi'd¢ince willi Ilie etbicEJI i'equii"eineiil8 Ibal are i'olevaiil to oui. 2udil of tlie fiiilc IICll¢ l &tateiiie]]ts ill Ibe UK, inclLidiiig tli¥ FRC'S Etliical SlciThdai'd, and tlie piovi,8ion8 Éivailable toi. sin4111 eiitilies, in tlie cii"cu11i5taiice5 set OLII iii iiote 18 to IliL fiiiajicial stateineiils, aiid we11lL ve fu Ifilled niir otlier ethical i-espoi)sibilities in accoLdaiice willi Iliese i'eqiiireiiieiits. We bLlieve Ilicql tlie audit evideiice we Iiave obtlc ined is siifficient and appi'oi)iillle lo pi'ovide 1¢ basis foi. OLlf opinioii. Coneliisions i'elgting to going coiieei'n lii au(litiiig Ibe flllancial s11( leiiiellls, we Iiave concluded tl)al Ilie h-iislees, Iise of the goiDg conceim basis of accoLlll1iiig iii 11)e pi'epai'alioi) of tlie finai)¢ial slatei)Iciils is appi'oi)I'iate. B<l.sed ciii Ilie ivoi"k we Iicive i)ei-forined, we liave Dot idei)lified aiiy inaleI'ial iiii¢eFtaiLilies i'elEJtllig lo evellts oi" coijdilions Ili1< I, iiidividiially oi" collectively, iiiay cast Si11f1ca11I doiibl on Ilie cl)ai'itable tioiiipdiiy's 1( bility lo coiiliniie as a going LoThcein for a period of at lec15t twelve iiioiitlis fi'om wheii Ilie finaiicial st<lteiiienls ale aiillioiised foi- issiie. Oiii. i'espoThsibililies aiid 11)e I'espoiisibilities of Ilie li-ustees witli i'e8pect to goiiig concein are desctibed lll tlie i'elevclllt .seLlioiis of Ibis i-Ll)orl.
oi'l of the Iiide endent Aiiditoi's to the Ti-listees and tvlenibei's uf WoJnen's Resoui'cL Anil DevLIo ment A ene Com An Liniited OtIILI' inl'oi-miltioii Tlie Ii'ustees ¢ll'e respoiisible foi. Ilie otliei. iiiforiiiatioii. Tlie otl)ei' iiifoiiiiatioii COiilPll8es Ilie iiifoniialioD incliided iii 11)e Aniiiial Reiioi'l, otlici. Iliai) Ilie fiiiaiicial staleiiiciils aiid oiu. Repoi'l ot the Iiidepeiidenl Aiidiloi's tl)ei'eoii. Oiii. opiiiioii 011 11)e financial sl¢ileiiieiils doeq iiol cover tlic otliei- iiifoi'iiialiaii aiid, except to tl)e extei)t olliei'wise exi)licitly staled in oiii. rep()i-t, we do not express any foi'in of a.88111"ance ¢onclLlSlOlI tliei'eoii. Iii coiuieclion with oiii. aLidil of Ilie finaiicial slaleiiieiits, OLII. responsibilily is lo i'e&d tlio otliei. iJ]Foi'iiiAlion ai)d, iii doing so, eonsidei. wlietliei tlie otliei- iiifoi'niatioii is nialei-illlly iiicoiisisteiil with tlie financial 81(Itenienls oi. Olir loiowledge ol)t¢iiiied iii tbe aiidit oi. olliei'wise appec11'S lo be Jn¢ilei'iJ< Ily Liiissl<lted. If we ideiitify SLicII iiidterial iiiconsisteiicies oi. appai'ent liltel.11 iiiisslateiiieiils, we Llie i'eqiiii'ed to dttlcniiinc wlie.Ili¢r Illls, gives i'ise to & niatei.ial iiiisslateiiient in I'lie financial slaleiiienls Ilittiiiselves. If, based 011 tlie woi'k we Iidve pei'foi"Ined, we concliide thlil thtti'e is a imdlei-idl iiiisstateiiient of tliis otlier infoi-nialion, we dr'e i'eqiiij'ed lo iepoi'l Ilial fact. We have nothiiig lo i-ei)oi't irl Iliis regai'd. Opiiiions on otliei. Tnattei-s pi-escribed by tlle Compxnie.s ALt 2006 lil oiii. opii)ioii, based oil Ilie woi'k Liiidei'tlÉ keli lll tlje coiii"8e of the 1< iidit: the ii)foi'iiiation giiieii in tlie Rei)oil of tlie Tiustees foi. Ilie fiii<liicial yelli- for wliicli Ilie fiiiaiicial statenieiils al'e Pk'epdl"Ld ib consisleiit willi Ilie finGillLi<il slaleiiienls., and the Repuil of tlie Triislees IiL1S beeii pi-eplL l'ed iii ÉlCLOI'dcince with £ippIiLable legÉil i-eqiiireinei)18. Mattel's on ivhiLli iye 1l1.L I'LquiI'ed I'o repoi'l b}1 exLcplion Ii) tlie liglit of tlie knowile(Ige ¢liid iiiiderstaiidingF of Ilie cliai'itable coiiipaiiy aiid ils eiiviroiuiiei)t obt1< Iiied in 11)¥ coui'se of Ilie Iiudil, we have llot identified iiialLrial iiiisstaleiiieLlts in the Repoi'l of the Ti'iistees. We Iiave nolhing to rep()Il ITI L'espect of Ilie followiiig Inattei's ivhei'e tlie Coinp<111ies Act 20U6 reoiiii'es lis to i'eport lo you if, iii oiii. oi)iiiion'. adeciiiale accoiiuling i'e¢oi'ds Iiave not beeii kept oi- rettii'lls adequate foi. oiii. aiidit 111( ve not beeii I'eceived fi'oiii bi'¢iiiclies Iiol vi,f iled b)1 lis, oi. tlie fiiJLIIICiLqI sl(Iteiiients are iiol iii 'eeInenI will) tl)e accoiintiiigy L'ecoi-(Is aiid rettirns,. or cei'ldul disclo8111'e8 of h'iislees, i'eillliiiei'atioii specifjed by lil W <?i'e not IlliTrde,' ai. we liave iiol i'eceived all tlie iiifoi'iiialioii Liiid exi)12L ll¢ilioiis we i'equir'e foi. oiii. aLidit' oi. Ilie Ii-lislees were iiol ciitilled I'o tÉike Lidv1< ntl¢ ge of tlie siiiall coinpaiiies cxeiMI)tion li'oin Ilie i'eqLllI'cmciit to prepai'e ll Stt'<ltcgic Repoi'l oi. iii pi'epai'ing Ibe Repoi-l of IliL Ti"iistecs. Res1)on.sil)ilitiei ol. ti'ii.stees As ÈxplÉliiied Inoie hilly iii Ilitt StLlteiiieiit ot. Ti'iislees, Resi)oiisibililie,%, Ilie ti'iislees (Ivlio ale also Ibe directors of Ilie cliAritable coiiii)any foi. tlie piiiyDses of coinpaiiy law) li'e i'espoiisible foi. Ilie piepai'alion L)[ Ilie fiiiaiiLial slateinents <ind foi. being satisfied that they give a h-lie Ejnd fail. view, aiid foi. siicli inteinal conli'ol as Ilie '[l,lee5 delei'iiiiiie is iieces'sol'y lo eiiable Ilie pi'epc1l'cltioii of fiiianciLiI sl<lteinents tli<lt 111e fi'ee fi'oiii Inatei'ilc I Inisslale)iieiil, w13elbei' (Ilie lo fi'lliid oi. ei"i'oi". In pi'epai'ing Ilie financi] slaleiiients, Ilie Ii'LlStees <ll'e i'esponsible foi- as.%e,%.siiig tl)e chaiilable coinpany's É1bility to colltkniie £lS Éi goiiig coiice111, disclosing, (1.8 ai)i)Iic¢ible, Ill<ittei's i'elaled lo goii)g coiicerii iL lid iisiiig Ilie goiiig Loii¢eii) bi1SiS of aCCOilLilii)g iinless tlie IL'LlStees eilliei. iiilend to liqiiiddte tlie cliai'ilable coinpany oi. lo cease Dpei'ations, (li" Iiave no i'ealislic allei-natiiitt bLIt lo do so.
oi'l of tIiL li)Ile endent ilii(litoi-s to tlie Ti-iistees lind Membei's ol 141omen'5 Re.50uI-eL <1nd Develo )mLnt A enL Coi Liniited Oui- I'esponsibilitie5 lor tlie audit ol. tlie lin£?nLl#il s'tateiiieIits Oiii. ol)j#ctive% are lo obtain i'easongble asgiiraJ]ce about wliether tl)e Iillaucial staleinellls as a wliole aL'e free fi'oi)I InÉilei'ial Inisstalei)ieiit, wl)eil)ei' diie lo fj'aiid oi. eL'I'Oi', and lo issiie ll Rei)01-l ot. Ilie Iiidepeiideiil Aiidiloi's 111<21 ii)clLide.s ou1- opiiiioil. Rellsoiiable xssiii-¢111ce is a high levcl of 1£ ssuraiice, bul is Iiol Ic gLiai'aiitee 11)at ali Jiidit coiidLicled iii accoi-dai)ce witli ISAS (UIC) will alivays detect a ill<ltei'ial Iiiisslaleineiil wliell il cxisls. MisslalLinei)ls can ai-isc fi'oni fj'aiid oi- ei-i"oi' aiid al'e considei'ed ni81tt1.ial if, iiidi vidLially oi. iii tlie aggi'eg<ile, Iliey could i'ecl.8onably be expecle(I to iiifliiesice the economiL deci%ioi)8 of users lalceii on tl)e basis of Iliese riiiaiicial st1( Icineiits. ie exteiil to vvliicli oui. i)i-ocedLlI-es al-e capÉ2ble ol detecting iLI'egLilarilies, inclu(liiig li'aud i.q detailed below.. Iri-egiilc11-Ilies, illcludiiig fr<iud, tji'e iiistai)ces of Iiijii-coinpliaiice llIb laws and i'egiilatioiis. We desig pi'ocediiies in line willi oiii. I'espoi),qibililies, oiitlined above, to detect nialeiial n)is'state111ents in I'espeel of ii"i'egiilai'ities, incliidiiig fi'dud. In i)aiticulai', we looked at wl)ei'e niaiiageiiieiil Iiiade siibjeclive jiidgeinenls, fol. exainple iii i'espect of ilCCOillltiiig esllliiales tliat iiivolvcd niiikiiig assiiiiiplioDs aiid coiisidering fiitLlI"e events tlial al'e iidiei.eiilly iiiicerlaiii. We also coiisideiLd ])oteLltial fiiiancial oi. ollici i)i"e8siii"es, oppoitllIllty alld Inoliiiatioii.% foi" fi'aiid. As pai't nf tliis cliscii.8sion, Ive idenlifittd Ilie inleimal conh'ols established lo iiiiligale i'isks I'elaled Lo fi'aiid oi. iioii-Loini)liai)ce willi l<lWS 1( iJd I'egiilalioJ]s aiid bow inariqc geineiit i]]oiiitoi" Ibese pi'ocesses. Appi'opiiate procediii'es iiicliided the review and testiiig of inaniial joiiiiials aiid l(ey estiiiiales aiid judgemenls Inade by iiiandEenient foi. t'i.%k of fi-aiid. Based on oiii- uiidei'sla)Idii)g of Ilie coii)paiiy alld iiidiisli'y, we ideijlified Ilie pi'ii)CiP<211'isks of uoi)-compliauce willi laws and i'egulalions as Ilio,8e tliat Iiave a dii'ect iiiipacl on 11)e delei-iiiiiialioii of iiiatei'ial ainounls and disclosiii-es iii the fiiiancial ,8taleinents. We evaluated iiiaiiJgciii¢i)t's iiicenlives and opp01-iLlItles foi. fraudiileiil Inaiiii)iilation of Ilie fir]aii¢i81 glaleiiieiils an(1 identified Ilie gi'eatest polenlil¢ I foi- ti'aiid, WL coininunicated Ilie idenlifried laws aiid i'egiilalions IIu'oLiglioLlt tbe il udit tec1111 aiid I'eiiiained alei'l to ¢iiiy llidiLc11ioii.s of iioii-coiiipli¢ince tlll'oiiglioul tlie llLidil. Audit pi'ocedures pei'foi'nicd inGluded, l)Iil wei'e iiot liiiiiled to.. Discussions willi inanLTrgeinent incliidiiig coiisidei'citioii of knowi) oi. siispected inst1L lices of iioii-coinpliallce willi laws aiid i-egLilalioii alld fi'aiid., Reviewiiig Ilie FJI)aiicial 5tateinciil disclosiii'es and le%tiiig to siipporting dociimenlalion. Review of boai-d Ineeliiig iiiiiiiitcs OF Iliose cliai'ged witb gove1alICe. bi a(Idi'cssiiig the i'isk of fi-aiid tlm-ougl) IMaDagellieiit oven'ide ot conlrols, testllig tlie appropi'iateiiess or joiiillal eiitt'ies Qt lid oilieL' adjiisttneiils. As P1( I'l of ali audit 111 <2CCOI'dJllce witli ISAS (IJIC), we exercise i)i'ofessioiial jLidgJiieiil aiid iiiaiiitaiii pi'ofessiollal scepliLisin Ilu'oiiglioiil tlic it iidil. We cilso.'_ Iclentify and (Issess Ilie I'islcs of nialei'ial Inisstateiiient of the fiiianciAI s13tciiienls, wlielheT de lo fi'aiid oi. ei-i'oi., desi1 and i)ei'foiin aiidil pi'ocedui'e8 i-esi)onsive lo Ilio%e i'isks, aiid obiÉliD ciiidit eiiideiice that is siifficient aiid api)i'opi'iale lo pi'ovidc a basis foi. oui- 01)inioii. Tlie I'islc of iiol delecliiig a Iiiateiial inisstalciiienl Lesiiliing fi-oin fi'aiid is liigliei. than foi. one i'eslilling fi'oin ei-l'or, as fi'aiid Iiiay involve collLlSlOlI, foi'gei'y, iIileiitional oiiiissions, Inisi'epi'eseiitcilioiis, oi. the ovei'iide ol intei'nal conti'ol. Obiaiii iindei'staiidiDg of iiilei'iial coiili'ol i'elev81)I lo Ilie £lLidil in oi'dei. lo desi7 audit Pl'OLediii-es Iliat tsi-e appi'opi-iiile in tlie circiiinstai)ces, bill not foi- Il)e pui.pose of expi'essi11g ai) 01)iiiion uii Ilie efffecliveiiess ol the LhLiiilies iiitei-lial coiitrol. 12
oi't ol. the In(le
enilent Auilitoi's to the 'fi'iislee.8 &ind Menil)ei-s DI.
WotnL'll'S Resou I'ee Iiiid DLvelo
ment A
Com
an
Liniitcd
EvlllLial¢ Ilie appi'oi)l-iL11ei)ess of tlCCOLiiitiiig policic8 Li%ed £lLid tlie i'ensoJ)ableness of ¢iLcoiintiiig e%tilll¢lte.% ai)d
rEl¢iled disclog111.cs InlÉ de by tIIL ti'ii%(Leg.
Perfoi'ni an?É lylical pioeedLlI'es to identify any iiiiiislial oi. uiiexi)ected I'elalioi)sliips Ilial. Illiqy iiidictile I'isks of
iiiatei'ii211)ii8stateineiit diie to fi'aiid oi. eii'oi..
Concliide on tlie <1PI)I'OPI'irlteiiess of tlie trLI.%lee,% ii%e of Ilie going concerii basis of iL ccoiinliiig ai)d l)ased 011 tlie
audil evideiice obl¢iui¢d, Miliethei. <7 IM<lteLi?L I IliiLttL'lic inty ckists relate(I lo evei)Iq oi- coiidilioiis 111lÉ 1 i)l