Report of the Independent Auditor5 to the Trustees of The Walter Watson Charitable Trust Opinion We have audited the financial statements of The Walter Watson Charitable Trust (the 'charity') for the year ended 29 September 2023 which comprise the Statement of Financial ActivRties, the Balance Sheet, the Cash Flow Statement and notes to the fmancial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the fll)ancial statements: give a true and fair view of the state of the charitys affairs as at 29 September 2023 and of its incoming resources and application of resouices, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Charlties Act 2011. Basis for opinion We conducted our audit in accordance witb International Standards on Auditing IUK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to OUT audit of the flnancial statemenls in ihe UK. including the FRC'S Ethical Standard, and we have fillfilled our other etbical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suificient and appropriate to provide a basis for our opinion. Material uncertainty relating to goÉng eoncern In auditing the fllwicial statements, we have concluded that the trustees, use of the going concern basis of accounting in th¢ preparation of the fmancial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the tnlstees with respect to going concern are described in the relevant sections of this Teport. Other information The trustees are responsible for the other inforniation. The other inforniation comprises the inforniation included in the Annual Report, other than the financial statements and our ReFK)rt of the Independent Auditors thereon. Our opinion on the fmancial statements does not cover the other infonnation and, except to the extent othenvise explicitly stated in our report. we do not express any forn] of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the fmancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent nmterial misstatements, we are required to detemiine whether this gives rise to a material misstatement in the fmancial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of thi5 Other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Matters on which Ive are required to report by exception We have nothing to report in respect of the following matters where the CharitÈes Commission for Northern Ireland requires us to report to you if, in our opinion: - the inforntIon given in the Report of the Tnte¢S is inconsistent in any material respect with the fmancial statements; or - sufficient accounting records have not been kept; or - the fanCIal statements are not in agreement with the accounting records and rettwns. or - we have not received all the information and explanatlODS we require for our audit.
Report of the Independent Auditors to the Trustees of The Walter Wstson Cbaritable Trust Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of flllancial statements that are free from material misstatement, whether due to fraud or eOr. In preparing the fmancial statements, the trustees are responsible for assessing the charitys 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Report of the Independent Auditors to the Trustee5 of The Walter Watson Charitable Trust Our responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 201 l and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material mlsstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fmancial statements. The extent to which our Procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-¢ompliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we identified the laws and regulations applÈcable to the company through discussions with director5 and other managemenL and from our commercial knowledge and experience of the computer component manufacturing and supply sector. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity. including Charities Act (Northern Ireland) 2008, tsxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence" and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charitys fmancial statements to material misstatement, including obtaining an understanding of how fraud Might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. and - considering the int¢rnal contro15 in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and ovetride of controls, we: - perfornied analytical procedures to identify any unusual or unexpected relationships. - tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in deternjining the accounting estimates set out in the notes were indicative of potential bias. and - investigated the rationale behind signtficant or unusual transactions. In response to the risk of irregularities and nonwcompliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation. - reading the minutes of meetings of those Charged witb governance" enquiring of management as to actual and potential litigalion and claims. and - reviewing correspondence with HMRC. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from fmancial transaction5, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Report of the Independent Auditors to the Trustees of The Walter Watson Charitable Trust Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forn]s part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitys trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitys trustees as a body, for OUT audit work, for this reporL or for the opinions we have fornied. M.B.Mc Grady Chart¢Ted Acco Statutory Auditors Rathmore House 52 Si Patrick5 Avenuc Downpatrick Co. Down BT30 6DS ts 13 December 2023