Report of the Independent Audltors to the Trustees of The Walter Watson Charitable Tnjst Opinion We have audited the financial statements of The Walter Watson Charitable Trust (the 'charity') for the year ended 29 September 2024 which comprtse the Statement of Financial Activities. the Balance SheeL the Cash Flow Statement and notes to the financial statements, including a summary of significant accounling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdon) Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice), including Finan¢ial Reportin8 Standard 102 Tlie Financial Reporting Standard appLicabl¢ in the UK and Republic of Ireland,. In our opinion the financial staten￿ttts: ive a true and fair view of the state of the charitys affairs as at 29 September 2024 and of its incoming resources and applieation of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting staI￿ard 102 'The Financial Reportitig Standard applicable in the UK and Republic of Ireland,. have been prepared in accordance with the requirements of Basis for opinion We conducted our audit in accordance wlth In*rnational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are furtber descrÈbed in the Auditors, responsibilities for the E4udit of the financial statements section of our report. We are independent of the charity in accordance with rhe ethical requirements that are relevant to our audit of the fTnancial stalements in the UK, including the FRC'S Ethical Standard, and wc have Ifilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sU￿1¢ient and appropriatc to provide a basis for our opinion. Materlal uncertalnty relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is &ppropriate. Based on Ihe work wc have performe(L we have Dot identified any material uncertainties rclating to events or conditions that, individually or collectively, may cast significant doubt on the chaTitVs abiliry to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant Sections of this report. Other information The trustees are responsible for the other infomlation. The other information ￿mpriSeS the information included in the Annual Report, other than ihe financial statements and our Report of the Tndependent Auditors tliereon. Oui. opinion on tIK finanoial statements does not cover the other infom)ation and. except lo the extent oilierwise explicitly scated in our repori we do noi express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statemen15 or our knowledge obtained in tl)e audit or otherwise appears to be materially misstated. If we identify sucli material incons?slenci¢s or apparent material misstatements, we are r4uired lo detemiine whether this giv¢s rise to a material rnisslatement in the finarLcial statetnents themselves. Tf, based on the work we have perforrne(L we conclude that there is a material misstatement of this other information. we are required to report that facL We Iiave notl)ing to report in this regard. Matters on which ive are required to report by exception We liave not]iing to report in respect of the followin8 matters where the Charities Cominission for Northern Ireland requii'es US to report to you if, in our opinion.. - the inforniation given in the Report of tlie Tn￿te¢S is inconsistent in any material respect with the financial ststements. or - sufficient accounting recorits have not been kepL or the financial statements are not in agreement with the accounting records and returns. or - we have not received all the information and explanations we ￿qUIre for our audit. Report of the Independent Alldltors to tht Trustees of The Walter Watson Charitable Trnst Responsibilitie5 of trustees As explained more fully in Ibe Trustees, Responsibilities StatemenL the thlstees are r¢sponsible for the preparation of the financial statements which oive a true and faiT view, and for such internal control as the trustees detern]ine is necessary to enable the preparation of financial Sts￿ments that are free from Material misstatemenÈ whether due to fraud or error. In preparing the fmancial statements, the trustees are responsible for assessing the charitys ability to ¢ontinue as a going concern, disclosing, as appli¢able, matters related to going collcern and usintr the going concern basis of accounting unless the trustees either intend to liquidate the cbarity or to cease operations. or have no realistic alternative but to do so. Report of the Independent Auditors to the Truste&% or The Walter W2tson Ch2rit2ble Trust Our responsibilities for the audit of the fmancial statements We have been appointed as auditors under and report in accordance with the Act and relevant regulations made or havin(F effe¢t thereunder. Our objectives are to obtain reasonable assurance about wheth¢T the financial statements as a whole are free from material misstatemeni, 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 assurdnce, bul is T￿t a gllat2ntee that all audit conductcd in aecoTdance with ISAS (UK) will always detect a rnatetial misstatement when it exists. Misstatements can arise from fraud or errol. and ate considered material if, individually or in the aggregate, they could re&8onably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to wbich our procedures are capable of detecting irregularities. including fraud is delailed below. Our approach lo identifying and assessing the risks of Duterial mtsstaternent in respect of irregularities. including fraud and non4ompliance with lav￿ and reguIations, was as follows.. the engagemezjl partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicablc and regulations; we idenlified the laws and regulations applicable to the charity through discussions with directors and other management, and from our comrnercial 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, taxation legislation and daia protection, anli-bribery, empl0￿c￿t, environmental and health and safety legislation. we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. and identified laws and regulalions were communicated within the audit team re8vlarly and the team remained alcrt lo instances of non-compliance throughoui the audil. We assessed the suseeptibility of the charitys financial statenients 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, tl)eir knowledge of actual, suspected and alleged fraud- and - considering tlie internal controls in place to Miti￿te risks of fraud and non-compliance with laws And regulations. To address the risk of fraud through management bias and override of controls, VK: performed analytical procedures to identify any unL8ual or unexpe¢*d relalionships" te8ted journal cntries to idcntify unusual Iransaclions. assessed whether judgements and assumptions made in deterniining the accounting estimates set out in die notes were indicative of potential bias- and investigated tlie rationale behind significant or unusual tran5aclions. In response to the risk of irregularities and non