Registered number.. 07333911 Charity number: 1143246 & SC045901 THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY UMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 "AB03Z35H• 102022 COMPANIES HOUSE 111 •71 ? Bishop Fleming
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and admini$trative details of the Company, its Trustees and advisers Foreword Trustees. Report 3-10 Independent Audi¢or5' Report on the financial statemènts Consolidated Statement of Financial klivitiès 15 Consolidated Balance Sheet 16 Company Balance Sheet 17 Consolidated Statement of Ca$h Flows 18 Notes to the financial statements 19-36
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GVARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES ANO ADVISERS FOR THE YEAR ENDED 30 SEPTEM8ER 2021 Trustees R Abberfey. Non-Executive Director Ires*Jned 30 September 2021} J Newman, Chair of Tmslees l F MacDonald, Non-Execulive Direclor J Rogers. Chief Executive D Wood. Non-ExecutNe Oiredor (rened 30 September 2021) G R H Davies. Non-Executive Director A Williams. NonExecutive Oirector D Langton, Non-Execulive Oireclor E Bannerman, Non-Executive Director K A Fraser. Non-Execub"ve Director N L McKenna. Non-Executive Director R Hill. Non-Executive Director S L Munro18pwinled 24 February 20211 J G Restell (appointed 3 June 20211 Company registered number 07333911 Charlty registered number 1143246 & SCO451 Registered office Verbgo Cheese Lane Bristol BS2 OJJ Company secretary A Cau50n Chief executive oflieÈr J Rogers Independent auditows Bishop Fleming LLP Chartered Accountants Statutory Audilors 10 Temple Back Bristol BS1 6FL Bankers HSBC Bank PLC Cabot Circus Bristol BSI 3BA Solieltors TLT LLP 1 Redcliff Street Bristol BSI 6TP Page 1
THE WORKFORCE DEVELOPMENT TRUST UMrrEO IA COMPANY LIMITED BY GUARANTEEI FOREWORD FOR THE YEAR ENOED 30 SEPTEMBER 2021 The chaiiman presents his ststement for the year. We are pleased to present our annual report together with the audited consolidated financial slatements of the Workforce Development Trust Limited I"Ihe Gr(MJP') for the year ended 30 September 2021. The year has been a period of stabilisation and ocovery f(* Group fdlowng a very difficult previous year and an incredibly challenging lime for all our colleagues. The consequences of the pandemic have beeft managed effectivety across the Group through innovative ways of working and cost reduction. These actions have contributed lo the mainlenance of a sound financial base for the organisation. wlh a surplus Df £227.220 for the year (2020.. deficjt of £1.981,025I, gNing us the ongoing opportunity lo inve51 in the services that we provide to deliver public benefrt. In particular we have strongty invested in our Digitsl Serwices. with the total redevelopment of our cuslomised rostering services. We have a150 continued lo offer a wi¢Je breadth of services to help develop workfOrS thal deliver public benefrt. Examples of this include= Supporting local heafth and soc1 care sJElem5 to Iransfom their workforce to me&t the growing demand and complexty of their local populatKJn. Delivering over 11.000 safe working pattern5 for ow NHS Doctors. cating a Covid-19 Awareness LY)urse accessed by over 37,000 arners. Training over 12.C(JO participants in our WcKldHosl customèr care programmè. supp.n9 70% of the UK'S Fire aThJ Rescue services with ac£redited qualificatK•ns. Training over 40 senior university professionals in Mexico on getKler. equalty, and social inclusion. Development and launch of a staff Mentsl Health Firsl Aid pr(gramme to provtde improved support and promote wellbeing. Recognityon of NHS staff through-our Health Heroes Awards"_which, in its sixlh year, was held virtually with wonderful norninatj.ons and winners and fantssti¢ support from senior leaders across the heallh sector. Internally we have continued lo work lowards ensuring that we have a common cutture across the Workforce Development Trust. thereby enabling us to delNer high quality services and support to all the sectors in which we operate. We are proud that the workf Development Tnjst has been able to provide 5UPPOrt to all of our clÈenls Ihroughoul the pandemic. and that we have been able to maintain a stae organisation to continue this support into the future. Jeremy Newman Chair Page 2
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2021 The Trustees we5ent theii annual report together vthh the audited fanCial statements of the Company for the year 1 October 2020 to 30 September 2021. The Annual report serves the purposes of both a Twslees, report and a directors, report under Company law. The Trustees confirm ihat the Annual report and financial statements of the Charitab company compty wilh the current slatulory requirements, the requirements of the charitable companys goveming document and the provisions of the Statement of Recommended Pra¢ti¢e ISORP) applicable lo charities preparing their accounts in accordance with the Financial Rerx)rting Standard applicable in the UK and Republic of Irebnd {FRS102) (effeclive 1 January 3019)- Oble¢tives and a¢tivities a. Policies and objectives To support Ihe development and effective use ofworkforce ski115 to provide services for public benefit by, but not limited to.. Promoting and advancing workforce educalion. IrainiThJ and skilL4 through the development of frameworks. capabilities. competences, knovAedge and qualifications Improving the design and iMprnetIon of workfor¢e development prath.tes and Wicies through research, analysis and the provision of ir7sights and experb.se Providin9 integrated learning. accredilalion an¢J digiial soltrtions Ihal iwease the effectiveness of workforce skills development, deployment and m8nagement Undertaking and assisting in the identification, design and recognition of Continuing professional development for individuals and teams As the UK wide Sector Skills Council for Health and Justice, licensed by Ihe UK Govemment, the company holds a unique place in these sectors. 11 is our aim to contn.bute to the preservation and protèction of good he8llh in the United Kingdom by contributing to the slraiegic developmeftl and itnprovemenl of the hèalth sector wcthor¢e and advancing the education. training and skills of that workforce for the public benefit. The company will continue to undertake Wofk of Ihis srrt to the benefit of the public for the foreseeable future. In setting objective5 and planning for aclivilies. the Trustees have gNen due consideration to general guidance published by the Charity Commission relats.ng lo public benefit. including Ihe guidance 'Public ben8fit'. running a charity IPB21'. b. Strategies for achleving objective5 The Companls overarching strategy continues to be lo devetop a self•suslaining business model via the provision of a range of products and services to the health and justice sectors that create a belter skilled and flexible workfor¢e. Page 3
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Objectives and activities (CONTINUED) c. Actlvitles undertaken lo a¢hie¥e objectives Ouring the year ended 30 September 2021 the company has contwlued to pursue rts Strateg aims through activities that have Included.. Supporting bcal heallh and sotyal Ca systems to transfom) their workforce to meet the growing demar)d and complexity of their bcal population. Oelivering over 11,OLK) safe working pattems for our NHS Doctors. Creating a Covid-19 Awareness course accessed by over 37,000 learners. Training over 12,000 participants in our WorldHost customer services programme. Supplwng 70Wo of the UK'S Fire and Rescue service5 Wth acuediled qualffications. Quality asstlring and assessing over 7.000 apprentices_ Training over 40 senior unNersity professionals in Mexico on gender, equality. and social inclusK)n. Developed and layed a staff Mental Heath Fir51 aKJ programme to provide imwoved support. and promote wellbeing. Achievements and perfom)an¢e a. Rèvièw of activities All activities are geared towards our vision of organisations to improve people's lives by enabling the effective development and deployment of the workforce who deliver servi¢es for publi¢ benefit_° Strategic and operational plans are approved by the Executive Tearn and OUT Board. Performance KPIS against objectives are systemalically monitored and rÈviewed regularty al all levels. Specific Projects are also evaluated and assessed for impact. PerforMar, financial managemenl and planning a combined with robust risk management. The Board and Executive Team also periodically assess their own perfomiance. on again during 2020121 the organisabon has substsntially athieved I objectives as sel Dul in the operational plan. b. Factors relevant to a¢hieve objeclives The Board continues lo function effectively and currently meets five times per year with a number of strategic development activities factored in. 11 has estsblished robust finance, contracting. personnel and IT systems and Tecognises Ihe need lo se¢ure the future through a sustainabl& tKTrsiness model. Page 4
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Finan¢lal rèview a. Going concern Covid-19 and the associated measures implemenled by the UK and inlemational gtyvernmenls has had a material impact on the Group's operations. The prin0p areas of risk and uncertainty in relation lo the impact of Covid-19 on the Group are.. Availability of our clients to facilitate 5ervu delivery, The extent an(S impact that the reslriclions designed to combat Covid-19 will remain in place.. and The impact on our customers. demands. The trustees have consrdered the impact that il will have on the chartys abilty lo continue as a going concem. Although the impact will be significant the tnjstees Consider that the charity has sufficient financial resilience and therefore consider the going concern basis to be appropriate. Further delails regarding the adoption of the going concern basis can be found in the accounting wli(ies. b. Re$ervos policy The Board of Tnjstees reviews the reseNes polw on an annual basis in Ihe context of the risks and opportunities facing the oiganisalion and its 5tralegc pbns 8fKI budgets. The Board has idenlrfied the key risks that the Workforce DeveloFvnent Trust shoukj mitigate by hOing unrestricted reserves. The target for the general fvnds is a minimum of £4.2m representin9 a future estimate of six months recurrent expenditure. The Boaid consKYers that this level of reserves would allow the company to continu& lo delivèr services in the event of any signtficant Change to tts income. The amounl above the minimum target level is to allow the Group to take advantage of opportunities lo increase and develop ils setvice provision in response to idenlified need. The Trustees continue to take reasonable sleps lo desKJnale funds for the accrued rights and protection of the terms and condilions associated with staff TUPE on 31 March 2013 in line with the agreed transib'on plan. Having undertaken an updated assessment of the required deSnated reserve this now arwunts to £0.7m. The current level ol unreslricled and undesignated reserves exceeds Ihis targel by £3.9m. The Board of Trustees have agreed investment plan5 into 2021122. these plans coupled with a contsnuin9 investment strategy will enab the organisatw to grow and develop future prLKJucts and services lo meet its strategic objectives. Our reserves policy will enable the organisation to nawiate difficuti market condition5 over the next S years and ensure that the organisation is sustainable into the foseeat4e fuiure. Page 5
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 . Principal risks and uncertaintiès The Covid-19 pandemic has had a material impact on the Group's operations during the year wlth this being a challenging lime for people who are working lo deliver public benefit. The principal factors affecting the Group's operations have been a reduction in the availability of key contscts working in the sectors we suppc>rt. along with a reduction in the number of apprentices reaching end point assessment, particularly in the retail and hospitality sectors. The Trustees have considered the Consequen of the Covid-19 pandemic and the impact il has had so far and Ihal it will continue lo have on the ongoing operalions ol the Group. The finanual implicalions have been managed through long-lerm cost reductions and efficiencies. The Directors have prepared forecasts which demonstrate that the Group will be able to continue lo cyerate for the foreseeable fulure within its reserves and anlicipaled c8sh resources. The WDrkforce Development Tru51 recognises its obligation lo identify and review ils exposure to risk. It has agreed strategy and policy documents in place and its risk register is reviewed and monitored by the Govemance and Audil Comrnittee on a regular basis with regular reports through to the Board. Thè key risks identifd in 2020121 were.. Impact ot the Covid-19 pandemtc Failure to meet finanual plan and achievement of group w¢Je financial tsrgets., Cyber4ecurity. Delivery of key contracts.. Compelitson and reputatiOfT,' anLI Recruitment and retention ol key people. A series of measures lo control, mitigate and minimise the effects of risk a in place. including developing and maintaining a diverse range of products and servi$ and income Sour in order to reduce the risk of over reliance on a single source of income and small nufflber of products availabk for sale. The company has taken out insurance rx)li(aes to cover key risks in respect ot Ernployer liability, Directors 8nd offjcers li8brlity,' Professional indemnity", and Cornbined liability. d. Flnan¢ial review Total Group in¢oming resour¢es for the year amounted lo £9,362.357 {2020.. £8.059.356} and total expenditure £9,135,13712020.' £10.040,3811 resulting in a surplus of £227.220 {2020.' deficit £1,981.0251. By far the largest proportion of experltUre kled to staffing and ovethead costs, which are predominantly ffixed. We continue lo support and ftex our core stsff through the use of as50cyates and fixed term contracts in order to meet demand. As al 30 September 2021 cumulative reserves rUnted to £8.940.208. Page 6
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021 Structure, governance and management a. Constitution The Workforce Developmenl TTUSt is a comparry Limited by Guarantee (number 073339111 and is a registered Charty in England Inumbec 11432461 and Scotland Inurnber SC0459011. Its governing document 15 Its Memorandum and Articles of Association whith was last updated 9 June 2015 and members of the Board of Trustees are also directors of the company in conjunction wth the executivè directors. The Workforce Development Trust has three wholly owned trading subsidiaries: SFJ Awards Limited ISFJAI - This subsidiary is an awarding body for the Justice Seclor. It operates in the UK and oveiseas. Any profits made by SFJA will be donated back lo the Workforce Development Trust under Grft Aid arrangements. People 1st International Limited. This subsidiary provides Strateg services to the hospitality, retail. Iravel and aviation sectors from the predecessor bo(ly. It operates in the UK and overseas. Any profits made by the subsidiary will be donated back lo the Workforce Development Trust under Gift Aid arrangements. The National Skills Academy for Heallh Limiled INSAH}- This subsidiary company provides services lo the health and education sectors based on the workfor Development Trust Temtt. pioducls and services. It operates in the UK. Any profits made by NSAH wll be donaled back lo the Workforce Development Trust under Gift Aid arrangemenls. b. Methods of appointrnènt or •lection of Trustees The management of the Group and the company is the responsibility of the Trustees who are elected and co- opted under the terms of the Memorandum of Association_ Often Truslees are recommended by existing Trustees but where necessary the Workforce Development Trusl uses search and selection seNices and open advertising to publicise a Trustee agreed role description and person specification. Irrespective of the source all rruslees go through a rigorous and transparent appointment process prior to formal selection. The People Committee. a subcommittee ol the Board, leads this prorAss and makes the necessary CoMmendatIOnS tr) the full board. Page 7
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEM8ER 2021 Structure, governance and management ICONTINUEDI c. Organisational Structure and decisionrymaking policies The management of the company and the group 15 the resFonsibility of the Trustees (who are elected and co opted under the terms of the Articles of Association) and the Executs"ve Directors (registered as Directors al Companies House) identffied below= The management of the comp8ny 8ntl the gioup is the $nSibIlIty of the Trustees (who are elected and co opted under the terms of the Articles of Associ8knnl and the Execulive Directors {gIStered as D1ClOr$ at Companies House) identified beknw= John Rogers Chief Executive Adam Causon Chief Operating Officer C8nda¢e Miller Executive Director The Executive Directors meet tsCe 8 month and have delegated pmrs to act on beha of the Board in aCrdan with an agreed scheme of delegation. The day to day management of National Skills Academy for Health is the respon5ibilty of.. The Group Chief Executive Chief Operating Officer The day lo day management of SFJ Awards is the resFx)nsibilty of: The Group Chief Executive Chief Operating Officer Executive Director The day to day ManagenI of People 1st Inlemational is the sEInsibIlity of.. The Group Chief ExecutNe Chief Operating Officer The Board has an established sub structure. with agreed terms of reference, cornprising.. Finance and perfOman Management Committee People Committee Governance and Audit Committee The company has the following estsblished operabcM)al committees" Executive Management Team Senior Management Team Performance Executive Committee Health and Safety Committee Information Security Management Syslerrts Committee d. Policies adopted for the induction and training of Trustees The Trustees have conlinued to review governar ar[ements dunno 2021Y21. The Trustees continue lo work wthin the rulreMenI5 of 8dopled policies and procedures for the training and in(Suclion of Trustees. Page 8
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2021 structure, governance and management (CONTINUED) . Pay policy for senior staff The rernuneralion of senior staff is determined by the Board of Trustees on the advice of the People Committee on an annual basis. f. Related party relationships The NSAH. SfJA and People 1st Inlemalional Limrted provide a range of services to the sectors and are 811 whdly owned subsKliaries of the Workforce Development Trust. Plans for future pèrlods Futurè Developments Developments during 2021122 wll include.. Leveraging our products, services and brands across our wider footprint., and Continue(J investment in and diversifying the maikets for our range of producis and SerVS. The Workforce Development Trust faces a number of key opportunities ènd Challenges whith will be addressed during the 2020121 operational year. Specrfically, our prime objeclives in 2021122 will be lo.. Continue to recover Ihe or9anisalion from the impact of Covid-19: Rewew our strategic obj'ectives process to 2025. in line with our Mission and Vision,- Continue to leverage the pr(Klu¢ts. services arKI lyands we now tyerale across all parts of our wider WDT footprint., and Achieve the finanaal position for 2021122 as set out in the new three year financial plan. Mèmbers. liability The Members of the Company guarantee to ¢trIbute an amount rKJI exceeding £1 to the assets of the Company in the event of wnding up. Page 9
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2021 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees {who ère also the clireclors of the Company for the purposes of company lawl are respOnS)Ie for preparing the Trustees. report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PractKel. Company law requi$ the Truslees to prepare finanal statements for each financial year. Under company law, the Trustees musl not 8pprove the ffinanaal statements unless Ihey are satisfied that they give a true and fair view of the stale of affairs of the Group and the Company and of their incomirKJ resources and application of resources. including their income and expenditure. for that [tric. In preparing these financial slalements. the Trustees are required to-. select suitable accounting policies arKI then apply them consistent. observe the methods and principles of the charib.es SORP IFRS 102),. make iudgments and accounting e51imate5 that ale re3sonable and prudent- state whether applicable UK Accounhng Stsndards IFRS 1021 have been followed, subject to any material departures disc105ed and explained in the financial stslements- prepare the financial st8lemenls on the goin9 concem basis unless it is inappropriate to presume thal the Group will continue in business. The Trustees are responsibk for keeping adequate accounting re(x)rd5 that are sufficient lo show and explain the Group and the Companys transactions and disclose with reasonable accuracy at any ts.rne the financial P0511ion of the Group ancl the Company and enable them to ensure that the financial statements comply wjth the Companies Act 2006. They are also $nSible lot safeguardirbg the assets of the Group and the Company and hence for taking reasonable step5 for the prevenlhon anij detecb.on of fraud and other triegularilies. Disclosure of infom)ation to auditors Each of the persons who are Trustee5 at the time when this Trustees, report is approved has confirmed Ih8t'. so far as that Truslee Is aware, the is no levant audit inf0m1atn of which the charitable group's auditors are unaware. and that Trustee has taken all the steps that ought to have been tsken as a Twstee in order to be aware of any relevant audit inforrnab.on and lo estsblish that the ¢haritsble group's auditors are aware of that infomiation. Approved by ¢yder of the ff*mbers of the board of Trustees and Signed on their behaff by.. wman Date.. &{LCfrl. Pagè 10
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED OPINION We have audited the financial statements ol The Workforce Development Tnjst Limited {the'parent charitable companll and its subsidiaries Ilhe 'group'l for the year ended 30 September 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated balan sheet. ihe Company balance sheet. the Consolidated $18lement of cash ftjws and the reL3ted notes, including a summary of significant accounting polie$. The financi81 porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. induding FinancAal Re[KI"ng Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iunited KiNJdom Generally Accpled A¢¢oynting Practicel. In our opinion the financial slalements.. give a true and fair view of the stste of the Group's and of the parent Charitable companls affairs as al 30 Seplember 2021 and of the Group's incoming resources and applulion of resources, inclu¢Jing its income 8nd expenditu for Ihe year then ended.. have been propedy prepared in accordan wlh Unrted Kingdom Generalty Accepted Accounting Practice" and have been prepared in aCcOrdar with the requiremenls of the Companies Act 20L%. BASIS FOR OPINION We conducted our audit in accordance wilh Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our rèsponsibilities under those standards are furthèr described in the Auditors. responsibilitiès for Ihe audit of the financial slalèrnenls section of our ieport_ We are inllependent of the Groug in accordance with the ethical requirèments that are relevant to our audit of the finawal stalements in the Unite(l Kingdom. including the Financial RerK)rting Council's Ethical Standard. and we have Ivlfild our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial siatements. we have concluded Ihat the Truslee5' use of the going concern basis of accounting in the preparation of the financial statemenis is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to evenis or condrtions Ihat. individualty 01 collectively, may cast sfvJnTfi¢ant doubl on the Gioup's or the parent charitablè companls ability to continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the ressibIlItieS of the TreeS with respect to going ei)ncern are describèd in the relevanl $8clions of Ihis report. Page11
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED ICONTINUEDI OTHER INFORMATION The other information comprises the inf0mtion indude(l in the Annual report other than the financial statements and our Auditors. report Ihereon. The Trustees are fè5pon5ible lor the othèr information ¢onlainÈd within the Annual report. Our Opinn on the financial slatemenls does not cover Ihe other information and, except to the exlenl othenrlise explicitly stated in our report. we do not express any form of assurance conelusion Ihereon. Our responsibility is to read the other infomiation and. in doing so. consider whether Ihe other information is malenally inconsistent with Ihe financial statements or cyjr knowledge obtained in the course of the audit. or otherwis& 8ppe8rs to be materialty misststed. If we identify such material inconsistencies or apparent material misstatements, we are qUired to determine whether this gives rise to a material misslalement in the financial statements Ihemselves. If, based on the work we have performed. we conclthle that there is a material misstatement of this other inforniat. we a required to report that fact. We have notng to repcKt in this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In Dur opinion. based on the work undertaken in the course of the alrt. the inforTnalion given in the Trustees. Rew)rt for the finanual year for which the financial statements are prepared Is consistent with the financial statements. the Truslees. Report ha5 been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understandirbg of the charitable company anil its environment obtsined in the course of the audit. we have not identified material misstatements in the Trustees. Report. We have nothing lo report in respect of Ihe folkAw"ng matters in relalK)n lo which Companie5 Act 20Ch8 requires us lo ieport to you il, in our oFN'nion'. the parent charitsble company has rK)t kept adequate and sufficient ac£ounting records, or returns adequate for our audit have not been received from branches not visited by us. or the parent charrtable company financial statements are not in agreement wlh the accounting ¢01S and returns., or certain disclosures of Trustees, remuneration specified by law are not made: or we have not received all the InfOnnati and explanatiS we require for our a11. RESPONSIBILITIES OF TRUSTEES As explained more lully in the Trustees. responsibilities stslemerbt. the Trustees l¥tho are also the directors of the harilable company for Ihe purposes of company lawl ale responsible lor the preparation of Ihe financial statements and for being satisfied that they give a true and fair view, and foi such internal control as the Trustees determine is necessary lo enable the preparation of financial slalements that are Iree from material mi5slalemenl. whether due to fraud or error. In preparing the financial statements. the Trustees a responyble for 8ssessing the Group's and the parent charitable companys ability lo continue 85 8 going concem, disclosing. as applicable, matters lated to going concern and using the going concern basis of accounling UnSS the Trusteès either intend to liquidate the Group or the parent charitsble company or lo cease operations. or have r7 realistic alteinalwe bul to do so. Page 12
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDfToRS' REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITEO (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain reasonable assurance 3boui vknelher the financial ststements as a whole are free from material misstatement, whelher due to fraud or èrror. and to issue an Aud41ors' report thal includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducle(l in accordance with ISAS IUKI will avaYS detect a material misststemenl when it exists. Misstalements can arise from fr8uLY or error and are Considered material if. indivmlually or in the aggregate. thpy could reasDnabty be èxpected to influence the economic (lecisions of users iaken the basis of these financial stslements. Irregularities, including fraud, are instsnces of non-compliance wrth laws and regulations. We design procedures in line with our responsibilitie5, OLrtlined above. tts delect material misslatemenls in ce5pect of irregularilie5, induding fraud. The extent lo which our procedures are Capab of detecliNJ irregularities. irlUd9 fraud is detailed below.. Identifying and assessing potential rlsks reled to irregularities we have considered the nature of the industry and secior. conlrol environment and business performan we have considered the results of our enquiries of management about their own identification and assessment of the risk of irregularities. for any matters identified we have obtained arKI reviewed ¢Jowmentation of the Companies. poliaes and procedures relating to.. identrfy'ng. evaluab"ng. and comptying vrith and regulatn$ whether they were aware of any instances of non-cofflpliance", detecting 8nd responding lo the risk of fraud and whelher they have knOWge of 8Ctual, suspected, or 811eged fraud,. and the internal controls established to mitvjate the risks of fraud or nonthcomplianc& with laws and regulations. we have Considered the matters discussed among the audit engagement team induding internal tax specialists regarding how and where fraud Mh1 cuT in the finanaal statements and potenlial indicators of fraud. As a resutt of these procedures, we considered the opportunities and incentwes that may exisl wilhin the organisalion for fraud and identified the greatest tM)tentsal for fraud in the following areas.. revenue recognition cut off In common wilh all audits under ISAS IUKI. we are also required to perform specific pedureS lo respond to the risk of managemenl override. We also obtained an underslarKling of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the erMinatIon ol material amounts and disclosures in the financial stalemenls. The key laws and regulations we considered in this context included the UK ComnIeS Act antj tax legislation. In addition, we con&dered pfoisions of other18ws and regUlatS Ihal do not have a direct effect on the financial statements but Compliance with which may k fundamental to the Companies, ability to operate or to avoid a material penalty. These included daia tKoteclion regulations. health and safety regulations and employment legislalKJn. Audit responsè to risks identified We identified revenue recognition cut off as a key audil matter related to the potential risk of fraud. our procedures lo respond lo risks identified included the following: reviewing the financial statement disc105ures and lesling to supporting documentation lo assess compliance with provisions of relevant laws and regulations described as havirg a direct effect on the financial stalemenls", Page 13
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED (CONTINUED) enquiring of Manageftnt conceming aclual and potential tiga1K)n cLaims- perfomiing analytiC21 procedures to entIfy any Unusu or unexpected relationships that may indicate risks ol tllalerial misstatement or fraud". readin9 minutes ol meelings of Ihose charged Trmth 9ovemance and reviewng correspondence with HMRC.. and in addressing the risk of fraud through management override ol controls. testing the appropriateness of journal entries and other adjuslments., assessing whether thejudgemenls made in making accounting estimates are indicative of a potenb"81 bias and evaluating Ihe business rationale of any significant transactions that are unusual or outside the norrnal course of busine$5. We also communrcated relevant idenlrfied laws and Tegul3b"ons and potential fraud risks to all engagement team embers and remained alert lo any indications of fraud or non-compliance wth laws and regulations throughout the audit. A further description of our responsibilities for the aLKtit of the financial siatemenis is located on the Financial Reporting Council's website at.. V.frc. .ukl uditorsres nsibilities. This des¢riplion fomis part of our Auditors. report. USE OF OUR REPORT This report is made solely lo the charrtable companvs members, as a body, in accordance with Chaptèr 3 of Part 16 of the Companies Act 26. Our audit work has been undertaken so that we rnh1 stste to the charitable ¢ompanWs members those matters we are required to state to them in an Auditors. report and for no other purpose. To the fLJllesl extent pemiitted by law. we do not accept or assume responsibility to anyone other than the charitsble MpanY and its members, as a body. for our audit work. for this port. or for the opinions we have formed. Oavid 8u ler FCA DChA (Senior ststutory auditor) for and on behaK of Bishop Flèming LLP Chartered Accounlants Statutory Auditors 10 Temple Back Bristol BS1 6FL Date.. Page 14
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDEO 30 SEPTEMBER 2021 Unrestricted funds 2021 Total lunds 2021 Total funds 2020 Note Income from- Charitable aclNilies Other trading activities Investments 5.656,818 3.694,634 10.905 5.656,818 3.694,634 10,905 4,487,762 3,507,006 64.588 Total income 9,362.3S7 9.362,357 8,059,356 Expenditure on- Raising funds Charitable activities 2.724.993 6.410.144 2.724,993 6.410,144 3,012,796 7,027,585 Total expènditure 9.135,137 .135,137 10.040.381 Net movement in lunds 227,220 227.220 11.981,025 Reconciliation of funds: Total funds brought fonNard Nel movement in funds 8,712,988 227.220 8,712,988 227.220 10.694.013 11.981,0251 Total lunds carried forward 8.940,208 8,940.208 8,712,988 The notes C pages 19 10 36 fom part of these financ¢1 statements. Page15
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITEO BY GUARANTEEI REGISTERED NUMBER:07333911 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2021 2021 2020 Nots Fixed assets Intangible assets Tangible assets Investment propety 10 787,138 1.670.157 484.716 802.027 1,932,420 12 2,942,Of 1 2,734,447 Current assets Debtors 14 2.376,968 6,523,604 2,104.219 7.579,308 Cash at bank and in harKI 8,900.572 9.683,527 Creditors.. amounts falling due wlhin one year 15 {2.902.375) 13,704,986) Nel current assets 5,998,197 5,978.541 Total net assets" 8,940,208 8.712,988 Charity fvnds Unreslricled funds 16 8.940,208 8,712,988 Total funds 8.940,208 8,712.988 The Trustees aCkno%edge their responsibilrties for ¢(%np'ftg th the wuirements of the Act wth SpeCt to accounting records and Preparat of finarri81 stateN*nts. The financial statements were approved and authorised for issue by Ihe Trustees and siqned on their behalf by.. J Newman Chair of,Truslees Date.. ¥ . J Rogers Chief Executive The notes on pages 19 10 36 form part of these financial statements. Page 16
THE WORKFORCE DEVELOPMENT TRUST LIMThED IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:07333911 COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 2020 Notè Fixed assets Intangible assets Tangible assets Investments 10 623.997 1.670.157 558,789 1.932,420 13 Investrnent propety 12 484.716 2.778.873 2.491.212 Current assets Deblors Cash at bank and in hand 14 4,781.568 5.312.686 3,550.643 7,060.260 10.094.254 10,610,903 Creditors.. amounts falling due wthin one year 15 12.241.779} 13.028,9181 Nel current assets 7.852.475 7.581,985 Total not assets 10,631,348 10.073,197 Charity funds Unreslricled funds 16 10.631,348 10,073,197 Total funds 10,631,348 10,073,197 The Tnjstees acknO¥edge their responsibilitie5 for comp"ng th the requirements of the Act respect lo accounb'ng recor(Js and preparation of finanaal statements. The finanal ststements were approved aThY authorised for issue by the Trustees and signed on their behalf by.. man Chair of Trustees Dale: L. IAA J Rogers Chief Executive /31 The noles on pages 19 to 36 form part of these financial statements. Page 17
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2021 2021 2020 Cash flows Irom opèrating activities Net cash used in operating aclivities {404.993) 1969,518} Cash Ilows from investing activities Interest received Purchase of intangible assets Purchase of tangible fixed assets 10,905 64,588 1349,7261 1208,9451 1311,8901 11,866,374} Net cash used in investing activities {650.7111 12,010,731) Change in cash and cash equivalÈnts in the year Cash and cash eq(aivalenls at Ihe beginning of the year 11.OSS,7041 12,980,249) 7.579,308 10,559,557 Cash and cash equivalents at the end of the year 6.523,604 7.579,308 The noles on pages 19 10 36 form part ol these finan(3Jl 5tstements Pagè 18
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 GENERAL INFORMATION The Workfoi¢e Development Trust Limited 15 a charitsble company in¢orFx)rated in England and Wales. The registed office is Vertigo. Cheese Lane. Bristol. BS2 OJJ. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial ststements have been prepared in accordance th the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Staiement of Recommended Practi applicable lo charitie5 preparing their accounts in accordance wilh the Finanual Reporting Standard applicable in the UK and Republic of IreLand IFRS 102) {effecttve 1 January 20191, the FTrn8ncial Rèporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Companies Act 2006. The Wothforce Devekjpmenl Trust Limiied meets the definition of a Publ benefit entity under FRS 102. Assets and liabilib.es are initially recognised at historical cosl or transadion value unless otherwise stated in the rdevant accounting The Consolidated siatement of financial acts"vrtie5 ISOFAI antl Consolillated b818nce sheet consolidate the financial statements of the Company and its subsidiary undertaking. The rèsults of the subsidiary are consolidated on a line by line basis. The Company has tsken advantage of Ihe exemption 8lk)wed uThYer section 408 of the Companies Act 2006 and has not presented ils own Statement of finarKial activitie5 in these financial 51alements. 2.2 COMPANY STATUS The company is a company limitsd by guarantee. The members of the company are the Trustees named on page 1. In the event of the company Ing wound vp, the liability in respect of the guarantee is limited to É1 per member of the company. 2.3 GOING CONCERN The Trustees assess whether the use of going cDncem is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubl on the ability of the company lo eonlinue as a goiThJ concem. The Trustees make this assessmenl in respect of a per of one year from tt)e dale of appfovJ of the financ(al stslemenls. The Trustees continue lo monitor the impacl that Covid-19 is having on operations and are taking acb'ons lo minimi5e their effect on the long-temi reseryes of the Group. Under all the scenarios reviewed, the Group has sufficient reserves lo enable the Group to continue as a going ¢oncem for Ihe foreseeable future. For this reason rt conb.nues to adopt the wng (*)ncem basis in pparing the financial stslements. Page19
THE WORKFORCE DEVELOPMENT TRUST LIME0 IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOUNTING POLICIES (continued) 2.4 INCOME All income is recognised once the wnpany has enkn'tlemenl to income, it is probable that the income will be received and the amount of income rècèivable can be measured reliably. Other income is recognised in the period in vthich it is Teceivable and to the extent the gc%xJs have been provided or on completion of the service. Grants received are recLyJnised tn the Ststement of Financial Activities as voluntary income and classified as restricted or unresth"cteLI dependry on the terms attael*d lo them. Income on long term contracts is recognised in the Ststement of Finanual Activities lo refled the proportion of work carried oul up to the yeaf end. Where incoming resources are received in advance they are delerred to the period lo which they relate. An analysis of the movement on delerred income is included In note 16. 2.5 EXPENDuRE Expenditure is recognised once there is a legal or consltuclive obligation lo transfer economic benefit to a Ihird paty, it is probable Ihat a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity- ExpendÈlure on charitable activities is incurred on directly undertsking the activilbes which fvrther the Group's objective5, as well as arby assocrdled SUPkXJrt costs. 2.6 BASIS OF CONSOLIDATION The financial slatements consolidate the accounts of the Workforce Development Trust Limited and all of its subsidiary tjndertakings {'subsidiaiies'l. The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account. The income and expenditu account for the year deatt wtlh in the accounis of the company was £558.151 5urplus12020'. £930.381 deficit). 2.7 INTEREST RECEIVABLE Interest on funds held on dèposit is included when receivable and the amount can be measured reliably by the company- this is nomally urK)n notffication of the interest paid or payable by the Bank. 2.6 FOREIGN CURRENCIES )netary assets and liabilities denominated in forevJn currencies are translated into sterling al rates of exchange ruling at the reporting date. Transactions in foreign currencies are tranated inlo sterfing at the rate ruling on the date of the Iransaclion. Exchange gains and losses ale rec(yJnised in the Conwlidated statement of financial aclivilie5. Page 20
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED 8Y GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2021 ACCOUNTING POLICIES {continued> 2.9 INTANGIBLE ASSETS Development costs are capitalised wthin intangble assets where they can be identified wilh a specific pfoducl or project anticipated io produce future benefits, and are amortised on the straight line basis over the anticipated lrfe ol the benefts arising from the completed product or project. Deferred rgsearch and development costs a vieWed annually, antj where future beneffits are deemed to have ceased or to be in doubl. the balance of any relateé research and development is written off to the Statement of Finanal Activities. 2.10 TANGIBLE FIXED ASSETS AND DEPRECIATION A capitalised fixed asset is property, such as land buikiings andlof equipment with a cost OT value equal lo or greater than £S.000 al the dale ol acquisition and which has an expecte¢J useful life in excess of one year. Capilalised Iixed assets are acquired for the use in rK)rmal operations and are not under nomial circumstances acquired for resale. All fixed assets are entered into the financial ledger for inventory and financial ieporting purph)ses. Assets costing less than £5.000 are accounted for in the financial year of purchase and are therefore rKJI capitslised. Costs lo keep as fixed asset In its normal operab.ng condib.on that do not extend the origin81 useful life of the asset will not be capitalised. These costs are expenses as repairs and maintenance during the year in whKh they are incurred. A review for impairmenl of a fixed asset is carried oul rf events or changes in circumstances indicate that the caiwng value of any fixed assel may not be recoverable. Shortsalls between the carwng value of fixed assets and their recoveratAe amounts are recognised as impairments. Impairment 105ses are recogni5ed in Ihe Stslernent of Financial Acb"vilies. Tangible fixed assets are carld at cost, net of ¢Jepreciats"on and any provision for impairment. Depreciation is provided at rales cakukled lo write off the cost of fixed assets. less their estimated redUal value, over their expected useful lives on the folk)wing bases.. Freehold property Short-lem leasehold impiovement works Fixtures and fittings Office equipment straight line over 50 years strai9ht line over 5 years. or life of lease if shorter straight line over 5 years straight line over 4_5 years 2.11 INVESTMENTS Investments in subsidiaries are vatued al cDsl less provision for impaiment. 2.12 DEBTORS Trade and other debtors are recognised at Ihe settlernenl amount after any trade discount offered. Prepayments are valued at the amount Prepa net of any trade discounts due. 2.13 CASH AT BANK AND IN HAND Cash al bank and in hand ¥Kludes cash and short4erm highty liquid investments with a short malurily of three months or less from the date of acquisition or openiry of the depxjsit or similar account. Page 21
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED 8Y GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ACCOUNTING POLICIES (continued) 2.14 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligatitin 8t the Balance sheet dale as 8 resutt of 8 past event, it is probable that a transfer ol economic benefft will be required in settlement. and the amount of the settlement can be estsmaled reliaNy. Liabilities are recognised at the amount that the Company anlicipales rt will pay lo settle the debt or the amounl it has received as advanced payments fo¥ the goods or services it mu51 provide. Provisions are measuied at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present Value of those amounts. discounted al the pre-tax discount rale that reflects the risks specific lo the Iiabilty. The nwinding of the discount is recognised in the Consokndatsd ststement of financial activities as finance cost. 2.1 S FINANCIAL INSTRUMENTS The &oup On has financial assels and financial liabiltties of a kiné that qualify as basic financi81 instAJments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cosl using Ihe effective interest method. 2.16 OPERATING LEASES Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease temi. 2.17 PENSIONS The Group operales a defined contribution pension scheme and the pension charge represents the amoun15 payable by Ihe Group to Ihe fund in respect of the yEar. The company operates a defined benefits PenOn scherne. The scheme is a multi*mployer scheme where it is not possible, in the nomial course of events. to identrfy on 8 consislenl and reasonable basis. the share of undedy)ng assets and liabilities belongir>g to individual participating employers. Therefore. as required by FRS102. the company accounts for this scheme as if it was a defined contribution scheme. The amount charge(1 lo the Stslemenl of Financial Activities represents contributions payable to the scheme in respect of the accounting perth. 2.18 FUND ACCOUNTING General fvnds are unrestricted funds which are available for use at the discretion of thè Trustees in furtherance of the gener81 objeclNes of the Group and which have not been designaled for other purposes. Designated funds comprise un[estrted fvnds that have been sel aside by ts Trustees for particular purp)ses. The aim and use of each ¢Jesignated fund is set wt in the notes to the financial statements. Restricted funds are funds which are to be uged in accordance with specific restrictions imposed by onors or which have been raised by the Group for particu18r purposes. The costs of r8ising 8nd administering such ftjnds are Charged against the specific fund. The aim and use of eath reslricled furhd is sel out in the notes lo the financial staletnenls. Investment ir)come. gains and k)sses are allLtsted lo the appropriate fund. Page 22
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GVARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT The preparation of the finania81 ststements reqUIS mana9ement to make judgemenis. estimates and assumptions that affect the amounts E)rted for assets and liabilrtbes as al the balance sheet date and the amounts reported for revenues and expenses during the year. However. the nature of estimation means the actual outcomes could differ from those estimates. Estimates anij ju(Igemenls a continualty evaluated are based on historical experience and other factors. including eXpectn5 of fulure events that are believed to be reasonable under the circumstsnces. Critical accounting estimates and assumptions-. Aecrued and deferred income from long term contracts." Long term contract 1>alan are valued based on the stage of completion of the contract al the year end by reference lo the costs incurred lo year end and the totsl exr*cted $ts of contract. Wheie a contract is expected lo te k)ss making. the balance i8 written down to the expected iecoverable amount at the year end. OperatirvJ lease ¢ommilments.' The company has entered into commercial propety leases as a lessee for the use ol woperty and equipment. The (JassifiG4lion of such leases as operating or finance lease requires the company to determine, based on an evaluabon of the tèmis and condthons of the arrangements. whether it retains or acquires Ihe SnifiCant risks and rewards of ownership of thèse assets and 8c¢ordingly whether the lease requires an asset and liability to be recognised in thè Ststement of Financol Positicx). INCOME FROM CHARITABLE AcTIVlEs Vnrestricted funds 2021 Total funds 2021 Totsl funds 2020 Education and training 5.656,818 5.656.818 4,487,762 Totsl 2020 4,487,762 4,487.762 INVESTMENT INCOME Unrestricted funds 2021 Total funds 2021 Total funds 2020 Invesknenl income 10.905 10.905 64.588 Total 2020 64.588 Page 23
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2021 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Total funds 2020 Education and training 4.284.641 2,125,503 6.410.144 7,027.585 Total 2020 4.129,043 2.898,542 7.027,585 ANALYSIS OF DIRECT COSTS Total funds 2021 Total funds 2020 Activitiès 2021 Stsff costs Depreciation Consultancy Travel and 5ub5islence Subscriptions Apprenticeships VAT adjustments DrfrenCe on foreign exchange 3.292.570 348.973 517,692 66,687 12,093 48,664 11.5221 15161 3,292.570 348,973 517,692 66,687 12,093 48,664 {1.S22) 1516) 3.191,735 355,957 307,058 205,539 9,511 63.698 14.8401 385 4,284,641 4.284.641 4,129,043 Total 2020 4.129,043 4.129.043 Page 24
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 ANALYSIS OF EXPENDITURE BY ACTIVITIES {CONTINUEDI ANALYSIS OF SUPPORT COSTS Tota5 funds 2021 Total funds 2020 Activities 2021 Staff costs 1.002.694 68,477 4.752 77.643 50.092 27.954 29,939 1.143 474,437 26.227 119,583 28.462 25.100 1,002,694 6B.477 4,752 77.643 50,092 27,954 29,939 190,143 474,437 26,227 119.583 2B,462 2S.100 1.255,229 72,206 4,850 76,376 92.374 427.951 59,296 213,765 498.289 80.834 98.007 Insurance Bank charges Office costs Staff recruilmenl Agency aNI other staff Costs Professional feès Premise5 costs Computer costs Travel anLY subsister Advertising ané promolion Bad debt provision Governance costs 19,365 2.125,503 2,125,503 2,898.542 Tota12D20 2.898,542 2.898,542 NET INCOMING RESOURCESIIRESOURCES EXPENDED> This is ststed after charging.. 2021 2020 Depreciation ol tangible fixed assets Amortisation of intangible fixed assèts Auditors, remuneration Auditors, non audit costs Operating lease rentsls 89,437 364,615 20,525 76.218 373,517 19.365 250 S5.089 21,625 Page 25
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GLIARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 STAFF COSTS Group 2021 Group 2020 Company 2021 Company 2020 Wages and salaries Social security costs Contribution to defined Contribut pension schemes 5.049.482 560.363 5.481.636 582,799 3.655.688 401,414 3.833.224 431.394 340.218 356.187 239,535 263,223 5,950,063 6.420,622 4.296.637 4,527,841 The average number of persons employed by the Company during the year was as follows: Group 2021 No. Group 2020 No. Operalronal Stsff Apprentices 11 124 118 127 The number of empk)yee5 whose emph)yee benefits lexdudirKJ employer pension c05ts} exceeded £60,OLK) was.. Group 2021 No. Group 2020 No. In the band £60.l- £70.OCKJ In the band £70.001- £80,0(KI In the band £80,001 - £90.OLKS In the band £90,001 - £100.WO In the band £110,001- £5LK).000 Totsl termination paents amounted to £18.468 in the year12020.' £455.4641. The key managernenl personnel comprise Ihe Trustees and the Senior Management Team. The total amount ol employee benefrts lincuding employer pension contributs'onsl received by key management personnel for their services was £411,49812020- £432,883). TRUSTEES. REMUNERATION AND EXPENSES In line with the provision in the goveming document ol the charity- the post of Chair is a remunerated posiknon." and the Chief Executive only receives remuneration in respect of services provided undertaking the role of Chief Executive. and not in respect of services as a Trustee. Other Trustees have received payments from the ch8rity in respect of their roles 8$ Trustees, these Trustees will receive remuneration until Iheir current term of offe comes to an end. The v81ue of TTUStees remuneration, including employers pension cosls, for the year was as follows., J Nean (Chair) £25.25012020- £25,000). and J Rogers (Chf Executive) £157.635 {2020". £154.6481. Page 26
THE WORKFORCE DEVELOPMENTTRUST LIMITED {A COMPANY LIMITEO BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 10. INTANGIBLE ASss GROUP Development Goodwill Total COST At 1 October 2020 Additions 1.464,937 349.726 370.883 1,835.820 349.726 AI 30 septeMr 2021 1.814,663 370,883 2,185,546 AMORTISATION Al 1 October 2020 Charge for the year 893.033 290,438 140.760 74,177 1.033,793 364.615 At 30 September 2021 1,183,4T1 214.937 1.398,408 NET 800K VALUE At 30 September 2021 631,192 1 $5,946 787,138 At 30 September 2020 571,904 230.123 802,027 Page 27
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2021 10. INTANGIBLE ASSETS {CONTINUEDI COMPANY Development COST At 1 October 2020 Additions 1,447.177 349.726 AI 30 September 2021 1.796.903 AMORTISATION At 1 October 2020 Charge for the year 888,388 284.518 At 30 September 2021 1.172.906 NET BOOK VALUE At 30 September 2021 623.997 At 30 September 2020 558,769 Page 28
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 11. TANGIBLE FIXED ASSETS GROUP AND COMPANY Short-term leasehold Fixtures and property fittings Frnehold pmprty Office equipment Total COST OR VALUATION Al 1 October 2020 Additions Transfer lo investment property 1,807.828 106.315 120.056 990 3.039 141.144 360.129 63.441 2.291.052 311,890 {484.7161 {484,7161 At 30 September 2021 1,429.427 121.046 144.183 423.570 2,118,226 DEPRECIATION At 1 October 2020 Charge for the year 120.056 3,039 9,642 235,537 74.846 358,632 89,437 At 30 September 2021 120.057 12,681 310.383 448,069 NET BOOK VALUE Al 30 September 2021 1.424.479 131.502 113.187 1,670.157 At 30 September 2020 1.807,828 124.592 1,932,420 Page 29
THE WORKFORCE DEVELOPKqENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 12. INVESTMENT PROPERTY GROUP Freehold investment propety VALUATION -Transfer from t8ngible fixed assets 484,716 AI 30 September 2021 484,716 COMPANY Freehold investment property VALUATION Transfers between classes 484,776 At 30 September 2021 484,716 13. FIXED ASSET INVESTMENTS Shares in group undertaking COMPANY COST OR VALUATION Al 1 October 2020 AT 30 SEPTEMBER 2021 NET BOOKVALUE AT 30 SEPTEMBER 2021 At 30 September 2020 Page 30
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 30 SEPTEMBER 2021 14. DEBTORS Group 2021 Group 2020 Company 2021 Company 2020 DUE AFTER MORE THAN ONE YEAR Amounts owed by group urKlertakings 75.000 175.000 75.000 175,000 OUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors Prepayments af¥J accrued income 1.817.685 1.544,524 903,876 3.469,382 1.830 331,480 747,156 2,291,926 17.841 318.720 1.830 557.453 24.596 535,099 2.376.968 2,104.219 4,781.568 3,550,643 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2021 Group 2020 Company 2021 Company 2020 Trade creditors 319.250 456.056 112,176 2.014.893 193,121 710,958 180,914 2.619.993 262.808 456.056 111,244 1,411,671 156.376 710.550 180.536 1.981,456 Other taxation and swal security Other Cfeditors Accruals and deferred income 2,902,375 3.704,986 2.241.779 3,028,918 Group 2021 Group 2020 Company 2021 Company 2020 Deferred income al 1 October 2020 Resources deferred during Ihe year Amounts released from previous periods 2.199,343 1,944.858 1.661,967 1,161,769 1.794,431 2.199,343 1.297,275 1,661.967 12,199.3431 (1.944.858) {1.661.9671 11.161,769} 1.794,431 2.199.343 1.297.275 1,661,967 Al the ba18nce sheet dale the group was holding lunds received in advance for orojecls spanning th8 year end. Income has been induded in the SOFA lo reprèsènt the stagè of Comption of these projects and the excess has been deferred as appropriate. Page 31
THE WORKFORCE DEVELOPMENT TRUST LIMrrED (A COMPANY LIMITED BY GVARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 16. STATEMENT OF FUNDS STATEMENT OF FUNDS -CURRENT YEAR Balance at 30 Septembèr 2021 Balance at 1 October 2020 Transfers Inlout Income Expenditure IJNRESTRICTED FUNDS DESIGNATED FUNDS Future stsff liabilities 625.974 47.071 673,045 GENERAL FUNDS General Funds 8.087.014 9.362.357 19.135.137) 147.0711 8.267.163 TOTAL UNRESTRICTED FUNDS 8.712.988 9.362,357 19.135,137) 8.940,208 Page 32
THE WORKFORCE DEVELOPMENT TRUST UMITED {A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 16. STATEMENT OF FUNDS (CONnNUED) STATEMENT OF FUNDS - PRIOR YEAR Balance at 30 September 2020 Balance at 1 October 2019 Transfers inlout Income Expenditure UNRESTRICTED FVNDS DESIGNATED FUNDS Future staff liabilities 819,353 1193,3791 625.974 GENERAL FUNDS General Funds 9.874.660 8.059,356 (10.040,381) 193,379 8.087.014 TOTAL UNRESTRICTED FUNDS 10,694.013 8.059,356 (10.040,381) 8.712.988 DESIGNATED FUNDS This fund has built up prior lo and on transition to cover potential future staff liabilities arising from the TUPE of staff from Skills for Health. Following staff changes since 2013, 3 significant proportion ol this fund was released lo leave a balance refwive of the current estimate of potenbal future staff liabilities in relation to those individuaL%. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted funds 2021 Total funds 2021 Tangible fixed assets Intangiblè fixed assets Inveslment property Current assets Credilors due within one year 1.670,157 1,670.157 787,138 7B7,138 484.716 484.716 8.900.572 8,900.572 12.902.375} 12,902.3751 TOTAL 8.940,208 8.940,208 Pa9& 33
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS {CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestrictèd funcls 2020 Total funds 2020 Tangible fixed assels Intangible fixed assets Current assets cditOrS due within one sear 1,932.420 1,932,420 802.027 802,027 9,683,527 9,683,527 13.704,9861 13.704,9861 TOTAL 8,712,988 8.712.988 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVIMES 18. Group 2021 Group 2020 Nel inwmelexpendilure for the year la5 per Ststement of Financial Aciivities) 227,220 11,981,025) ADJUSTMENTS FOR: Depreciation charges Amortisation charges Interest received DecreaSellinca$e) in (leblors ITrease1(decre8$e) in creditofs 89,437 364,615 110.9051 1272,7491 1802.611) 76,236 373,517 164,5881 93,973 532,369 NET CASH USED IN OPERATING ACTIVITIES 1404,993) 1969,5181 19. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2021 Group 2020 Cash in hand Nob'ce deposits (less than 3 months) 1.517,305 5,006.299 4,833.593 2,745,715 TOTAL CASH AND CASH EQUIVALENTS 6,523,604 7,579.308 Page 34
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 20. ANALYSIS OF CHANGES IN NET DEBT At30 September 2021 October 2020 Cash flows Cash al bank and in hand 7.579.308 {1,055,704} 6.523.604 7.$79.308 11.OSS,704} 6,523,604 21. PENSION COMMITMENTS The companls empkjyees belong to three prinapal pension sehemes. The NHS pension scheme for eligible staff which is a defined benefit scheme. Slaff ale offered a defined contributions scheme administered by the National EmployThent Savings Trust. An Aviva pension scheme was brought in during the year ended 30 September 2015 on transfer Irom JSSC. NHS S¢heme Only NHS employee5 TUPE'd over Irom the Universtty Hospitsls Bristol NHS Tru51 belong lo the NHS scherne, which is a multiomployer defined benefit pension scheme. As the company is unable to identify ils share of the assels and liabilities of the scheme on a consistent and reliable basis. the scheme is trealed by the company as if it were a defined contribution scheme, in accordancè with Sèction 28 of FRS 102. The pension cosl charge represents contributi(S payable by Ihe company to the scheme and amounted 10 £91,08612020.' £114.7951. Contributions totallinu £16.03012020: £21.5781 were payable to the scheme at the balance sheet date and are included in creditors. Defined Contribution Schemes The assets of these sch&mes are held separately from those of the company independently administered funlls. The pension cost charge repSentS contnbulions payable by the company lo the funds and am¢)unted to £249.132. iwo luftds 12020_" £241.873. hvo funds). Contributions totalling £34.160 (2020.. £41,997) were payable to the funds at the balan sheet date and are included in creditors. 22. OPERATING LEASE COMMITMENTS At 30 September 2021 the Group and the Company had wmmilmenls to make future minimum lease payments under non-cancellable operating leases as follows= Group 2021 Group 2020 Company 2021 Company 2020 Not later than 1 year Later than 1 year and nol later than 5 year5 8,250 20.625 21,625 28.875 21.625 28,875 28,875 50,500 50.500 Page 35
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021 23. RELATED PARTY TRANSACTIONS The Workforce Development Trust LTrmited is claimin9 the exemption under FRS 102 Section 33 not to disclose transactions with wholly owned subsidianes. 24. PRINCIPAL SUBSIDIARIES The following were subskliary urKlertakings of the Company. Names Company number Equity shareholding Basis of control The National Ski115 Academy for Health 07461613 Limited SFJ Awards Limited People 1st Intemational Limited 100% Fully owned and controlled 06926458 11332207 100% 100% Fully owned and controlled Fully owned and controlled The financia1 results of the subsidiaries for the year were.. Names Income Expenditure ProfitllLoss) I Surplusl (Deficit) for the year Net assets The National Skills Academy for Health Limrted SFJ Awards Limited People 1st Intemational Limited 355 {4,701) 14,2821 1266,5581 2.224.359 1.468,512 11,998,758) 11.804.SOS) 225,601 {335.9931 11.433.924) Page 36