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•
1￿0￿2022
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 (re￿ned 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 & SCO45￿1
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 workfOr￿S thal
deliver public benefrt. Examples of this include=
Supporting local heafth and soc￿1 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.
c￿ating 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 sta￿e 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 f￿anCial 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 iMp￿rne￿￿tIon 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 lay￿ed 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 hO￿ing
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 deS￿nated 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 fo￿seeat4e 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 identif￿d 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 exper￿ltUre ￿k￿led 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 ￿r￿Unted 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 ￿$￿nSibIlIty of the Trustees (who are elected and co
opted under the terms of the Articles of Associ8knnl and the Execulive Directors {￿gIStered as D1￿ClOr$ at
Companies House) identified beknw=
John Rogers Chief Executive
Adam Causon Chief Operating Officer
C8nda¢e Miller Executive Director
The Executive Directors meet ts￿Ce 8 month and have delegated pmrs to act on beha￿ of the Board in
aC￿rdan￿ 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 Manage￿nI of People 1st Inlemational is the ￿sE￿InsibIlity 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 r￿ulreMenI5 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 SerV￿S.
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 finan￿al 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 inf0m1at￿n 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 $18lement of cash ftjws and the reL3ted notes, including a summary of significant accounting
poli￿e$. 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 Acc*pled 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 Ivlfil*d 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 res￿sibIlItieS of the Tr￿￿eeS 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 inf0m￿tion 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 Opin￿￿n 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 not￿ng 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 al￿rt.
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 ￿¢01￿S and
returns., or
certain disclosures of Trustees, remuneration specified by law are not made: or
we have not received all the InfOnnati￿ and explanati￿S we require for our a￿11.
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 Un￿SS the Trusteès either intend to liquidate the Group
or the parent charitsble company or lo cease operations. or have r￿7 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 a￿vaYS 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. ir￿lUd￿9 fraud is
detailed below..
Identifying and assessing potential rlsks rel*ed 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 regulat￿n$ whether they were aware of any
instances of non-cofflpliance",
detecting 8nd responding lo the risk of fraud and whelher they have knOW￿ge 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 M￿h1 ￿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 p￿￿edureS 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 Com￿nIeS Act antj tax legislation.
In addition, we con&dered pfo*isions of other18ws and regUlat￿S 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 Manageft￿nt 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 2￿6. Our audit work has been undertaken so that we rn￿h1 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 finan￿al 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 registe￿d 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 p￿paring the
financial stslements.
Page19

THE WORKFORCE DEVELOPMENT TRUST LIM￿E0
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 EXPEND￿uRE
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 tran￿ated 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 Finan￿al 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 carl￿d 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
re￿dUal 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 Pen￿On 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[estr￿ted 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 reqUI￿S 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 eXpec￿t￿n5 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 S￿nifiCant 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 AcTIV￿lEs
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
Drfre￿nCe 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 pa￿￿ents 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 off￿e comes to an end. The v81ue of TTUStees remuneration, including
employers pension cosls, for the year was as follows., J Ne￿an (Chair) £25.25012020- £25,000). and J
Rogers (Ch￿f 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 ASs￿s
GROUP
Development
Goodwill
Total
COST
At 1 October 2020
Additions
1.464,937
349.726
370.883
1,835.820
349.726
AI 30 septeM￿r 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 Comp￿tion 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
c￿ditOrS 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
DecreaSellinc￿a$e) in (leblors
IT￿rease1(decre8$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 rep￿SentS 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