Règisterod number: 07333911 Charlty number. 1143246 & SC045901 THE WORKFORCE DEVELOPMENT TRUST LIMITED {ACOMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Bishop Fleming IiniMIIIII ADIF05WJ 2010412024 COMPANIES HOUSE
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and AdmlnlstratSvo Dots11$ of the Company. its Trustee5 and Advisers Foreword Trustees. Report 4-10 Independent Auditors. Report on the Finantial Staternents Consolidated Statement of Financial Activilies 15 Consolidated Balance Sheet 16 Company Balance Sheet Consolidated Statement of Cash Flows 18 Notes to the Financial Statsments 19-37
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustees J Newman, Chair of Trustees l F Mad)onald. Non-Executive Director {resigned 16 December 20221 J Rogers. Chief Exeujtive A Malhotra. Non-Exe(xJtsve Director D Langlon. Non-ExeoJtive Director E Bannerman. Non-Execub"ve Di K A Fraser, Non-Exe¢utNe Director N L McKenna. Non-Executive Oirector R Hill. Non-ExecutivÈ Director L Winward, Non-Executive Director J Abboud. Non-Exe¢)Jtwe Director S L Munro. Non-Executive Director J G Restell. Non-ExecaJtwe Ch"rector Company reglstered number 07333911 Charity registered number 1143246 & SC045901 Regist•r•d office VertJ0 Cheese Lane Bristol BS2 CLIJ Chlef exe¢utlve officer J Rogers Independent auilitors Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Brislol BS16FL Bankers HSBC Bank PLC Cabot Cir(yJs Bristol BS13BA Soli¢ltors TLT LLP 1 Re(Jclrff Street Bristol BS1 6TP Page 1
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED B Y GUARANTEEI FOREWORD FOR THE YEAR ENDED 30 SEPTEMBER 2023 We are pleased to wesent our annual rewjrt together wrth the audited consolidated financial statements of the Workforce Dev81opmènt Tnjst Limited {Ihe Group") for the year eThJed 30 September 2023. This year. the Group rep)rted income of £10.362.406. with a surplus of £41.026 for the year12022.' surplus of £704.793). This finanal hedth alkhvs us to reinvesl in enhaniing our service offerings. During Ihe year, the Group has aided 138.000 indiv¥Juals lo improve their skills and supported over 770 organisalions operating in cAJr sectors. Highlights include." Development of 15 new apprenticeship standards for Ihe health seclor. These appnticeshIp stsndards are sèt to attract around 1,000 new starts a year and will underpin the NHS Long Term Workforce Plan. Our Health Apprenticeship Semce Online {HASO) alone attracted more than 360,000 views ar 90,000 downloads in Ihe year. Developmenl of the Pear Worker apprènticeship standard to allow those who have experienced health or social problems to move into employment and provide peer support and trauma infor1vd cale to thousands of service users experiencing similar challenges. Delivery of 1,257 End-Pornt Assessments for apprenlicEs working in puljic services. ensuring that staff working in these challenging roles a equipped %wth the skills. knovAedge and behaviours to deliver crucial frOnlne services. Delivery of over 850.000 ststulory and mandat(rytraining courses to over 100.000 medical professionals. Our Health Heroes Awards were again hugely suttessfijl and widety supported in their seventh year. recognising the exceptional ntr11m1tjnS and pivotal roles of apprentices and the wder support workforce. 94y(* of NHS Trusts in England and Wales. accounting for approximately 1.19 million employees, have declared alignment to the Core Skills Training Framework. gNing them confidence in the content of their statutory and mandatory training. facilitating employees to passport their skills across the system. We have support& sector skills bodies lo improve technical vocational edUtIon and Iraining systems in Sefbia, Belize and Georgia, developing sustainable strategies that strengthen the linkage belween government, education and industry.Transfomiing workforce skills through training over 3.400 participants in our w¢HOSt programme. The enhancement of 225 Probation Officers. skills to become Trainee Practice Tutor Assessors, fa¢ililating the qualification process for new Probats"on Officers and contn.bUtg lo an increase of 863 Probation Officers in seivice. Our eRostering solutions have been used to generate more than 10.0(K) rota patterns and have helped over 30.000 doctors in the safe management of shift schedules. Our Inspire Justice Awards celebrated the dedication of the broaderjustice workforce th81 ensLrres the smoolh operalion of our criminal justice system al the QE 11 conferen Cenlre. Award winners were joined by senior figured across the sector and con9Tatulated by the Lord Chanceller and Secretsry of Slate for JusticeThe inauguration of the Inspire Justice Awards. celebraty.ng the dedi¢atK)n of the broaderiustice workforce that ensures the smoolh operation of our criminal justice system_ Page 2
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI FOREWORD ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Inlernaly we have remained comrniited to fostering a unified culture auoss Ihe Group, enabling us to deliver high quality services and supwjrt lo all Ihe sectors in which we operate. Recognising our strong financial position. the Trustees have commrtted lo a growth stralegyfrom 2023124 to broaden the impact of the excellent work being delivered across the Gr(yJp. After the end ol the year. we strategically divested our eR05tering dms* io concentrate on our core objective of improving lives through better skills and better jobs delivering better services. This has bolstered the Group's already solid foUndatnS. empowering us to further invest in the enhancement and expansion of support we can provide to employers and employees that deliver their Mtsl services. Jeremy Newman Chair Pag8 3
THE WORKFORCE OEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE} TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees psent Iheir annual report together with the audited financial stalernents of the Company for the 1 October 2022 10 30 September 2023. The Annual Rewrt serves the purposes of both a Trustees. Report and a directors, Report under company law_ The Trustees confimi Ihat the Annual Report and financial statements of the charitable c4Nnpany comply wth the currenl Statutory requirements, the requirements of the charitable .companls governing document and the provisions of the Ststemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance wth the FinanGi81 RekK)rting Stsndaid applicable in the UK and Republi¢ of Ireland IFRS1021 {effective 1 January 20191. ObJe¢tives and a¢tivities a. Policies and objectives To suppw)rt the development and effective use of w(thorce skills to [VIde services for public benefit by. bul r limited lo.. Promoting and advanung workforce educat. training and skills through the development of frameworks. capabilities. competences. knowledge and qualifications Improving the design and implementation of wort¢for¢e development prackn'ces and poliaes through research, analysis and the provision of insights and expertise Providing inlegrated leaming. accreditation and digital solutKJns that increase the effectiveness of workforce skills development, deployment and management Undertaking and assisting in the identrfication. design and rets)gnitTh) of conlinuing professional development for individuals and teams As the UK wide Sector Skills Counal for Health and Justi. linse by the UK Govemment, the company holds a unique place in these sectors. It is our aim lo contribute to the preservation and protection of good health in the Unite¢J Kingdom by contritwbng to the strategic development and improvement of the health sector workforce and advanryng the education. training and skills of that VrkforCe for the public benefft. The company 11 continue to undertake wot* of this sort to the benefit of the public for Ihe foreseeable future. In setting objectives and planning for actiwtses. the Trustees have given due consideration to general guKlance published by the Charity Commission relating to pu1¢ benefrt. including the gUidan.PUb1iC benefit.. running a charity IP821'. b. Strategies for achieving obje¢tiv¢s The compan$ overarching stralegy continues to be lo develop a self-sustsining business model via the provision of a range of products and serwces lo the health and justice SeOr$ that txeata a better skilled and flexible workforce. c. Activities undertaken to achieve objectives During the year ended 30 Seplember 2023 Ihe company has continued lo pursue its slralegic aims through actiwties that have included.. Supported over 138 individuals to improve their skills. Developed and reviewed over 180 qualificats.ons and frameworks. Supported more than 770 organisations to transfom approaches to workfcrte development and implement effective learning strategies and solLrtions. Surveyed over 5,000 individuals to establish skills anL1 W0forCe needs. Page 4
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Achievements and perfomwn¢e Review of activitie$ All activities are geared towards tyJr vision of L¥ganis8tions-ImpThing lives through Better skills and Betterjobs delivering Better seNces.- Strategic and operational plans are apwved by the Executive Team and our Board. Performance KPIS against objeclives are systematically monitored and reviewed regularfy at all levels. specif projects are also evaluated and assessed for irnpact. Perforrnance. finanaal management and planning are combined with robust risk management. The Board and Executive Team also periodically assess their own perforniance. Once again during 2022123 the organisation has substantially achieved ils objectives as set out in the operational plan. b. Factors relevant to achieve objectives The 808rd Ccline$ to functi¢Y) effectively and 1rrentlY meets five bmes per year a number of strategic ijevelopmenl acts"vilies factored in. It has established robust finance, Gonlracbng, perSne1 and IT SyEtems and recognises the need to secure the fLbture through a sustairtable bLbsiness model. Page 5
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Financial review a. Going concem The forecasl for the follovmng financial years {FY23f24 and FY24125) a for surpluses of £282k and £561 k respectively. The cashflow projections estimate that cash reserves will increase by -£1 m over the following twelve months. with lurther p05ilive nel ¢ash inflows lo follow thereafter. On the basis of the level of existing reserves and forecast increases lo those resetves over the next two years, we believe Ihal The Workforce Development Trust Limited is and wll conth.nue to be a going concem for the foreseeable future and therefore consider the going concern basis to be appropriate. Further ¢Jetails regarding the adoption of the going rA)nc£m basis can be found the accounting policies. b. Reserves Dolicv AI 30 September 2023, the Wothforce Developrnent Trust holds cash reserves of £7.4m and balance sheet reserves of £9.7m. Of Ihe balance sheet reseThes. £4.5m is set aside as the Designated ReSee lo ensure orderly settlement of the companls contracted lialitIeS rf required. This ccmnprises £0.6m in respect of Afc redundancy costs, £2.9m eslimatetl rnnning ¢sts for six months and £1.Om as contingency. Our reserves policy will enable the organisation lo navigate drfficull mat*el conditions over the next 5 years and ensure that the organisatK)n is sustainable into Ihe foreseeable future. ¢. Prin¢ipal risks and uncertainties The workfor Development Trust recognises tts obligalion to idenltfy and review ils exposure lo risk. It h2S agreed stralegy and policy d(xuments in place and its risk register is reviewed and monitored by the Governance and Audit Committee on a regular basis wilh regular reports through to the 808rd. The key risks identified in 2022123 were.. Failu to meet financial plan and achievement of group wde financsal targets,. Cyber-securit, Delivery of key contracls.. Competition and reputation.. and Recruitment and retention of key people_ A series of measures to control, mitigate and minimise the effeGts of risk a in place, induding developing and maintaining a diverse range of produc15 and services and income sources in order to reduce the risk of over reliance on a single Sour of income and small number of pro(hJcts available for sale. The company has tsken out insurance pdicies to Ver key risks in respect of.. Employer liats'lity, Directors and officers IFabilty, Professional indemni. and Combined liability- Page 6
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 d. Flnan¢ial review Totsl Group Éncoming resources for the year amounted to £10.362.406 (2022.. £11.349.8121 arKI total expenditure £10,321,380 {2022: £10,645,019) resulb'ng in a surplus of £41.02612022= surplus £704,793). By far Ihe largest proportion of expenditu relaled to stsffing and ovethead cosls. are predominantly fixed. We continue lo support and ftex our core staff Ihrough the use of associates and Xed temi contracts in order lo meet demand. As al 30 September 2023 cumulative reseNes am(yJnted to £9.686.027. Structure. govemance and management a. Constitution The Workforce Development Trust is a company Limited by Guaranlee (number 073339111 and is a registered Charity in England (number 1143246) and Scotland (number SC0459011. Its goveming document is 115 Memorandum and Articles of Association which was last aled 9 June 2015 and members of the Board of Trustees are also directors of the company in ¢]uncl)n vAth the exe(xJtive directors. The Workforce Devebpment Trust has %thdly owned trading subsidiaries12022.' three vtholly owned trading subsidiariesl.. SFJ Awards Limited ISFJAI- This subsidiary is an awarding body for the Justice Sector. It operates in the UK and overseas. Any profits made by SFJA will be donated back to the Workforce DeVepment Trust under Gift Aid arrangements. People 1st Intemational Limited. This sub&diary provides strategic serwces lo the hostvtality. retail, travel and 8viation sectofs from the predecessor body. It operates in the UK and overseas. Any profits made by Ihe subsidiary wll be donatsd back to Ihe Workforce Development Trust under Gift Aid aangernents. b. Methods of appointment or èlection of Trustee$ The management of the Group and the company is the responsibility of the Trustees who are ele¢ted and co- opted under the temis of the K4emoranéum of Assooabon. Often Trustees are recommended by existing Trustees but where necessary the Workforce Developmenl Trust uses search and selection seivices and open advertising to publicise a Tru51ee agreed role descllption and person specification. Irrespective of the source 811 Trustees go through a rigorous and transparent appointment process prior lo fomial selection. The People Committee. a subcommittee of the Board. leads Ihis process and makes the necessary remMendationS lo the fvll board. Page 7
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COP4lPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Structure, govemance and management (CONTINUED) c. Organisational structure and decisionwmaking policies The management of the company and Ihe group is the responsibility of ihe Tru51ees {who are elected and co opted under the lemis of the Arti¢les of Association) and lh8 Executive Directors (registered as Diffjctors at Companies House) idenlifie¢J below- The management of the company and the group is the responsibility of the Trustees (who are elected and co opted under Ihe terms of the AcleS of AssoaalnI and the Executive DirectOf5 (registed as Directors at Companies House) identified below.. John Rogers Chief Executive Christos Lucas Finance Director Candace Miller Executive Director The Executive Dffectors meel tsmce a month and have delegated powers io act on behalf of the Board in accordance with an agreed scheme of delegalion. The day to day managwment of SFJ Awards is the responsibility of.. The Group Chief Executive Finance Director Executive Director The day lo day management of People 1st International is the responsibility of: The Group Chief Execulive Finance Director The Board has an estsblished sub struclure. with agree(1 tem7s of reference. CL)mprising: Finance and Perfomance Management Committee People Committee Governance and Audrt Commrttee The company has the following established operational committees= Executive Management Team Senior Mana9emenl Team Perfomiance Executive Committee Health and Safety Committee Informat*Jn Security Management SteMs Committee d. Policies adopted for the induction and training of Trustees The Trustees have continued lo rewew governan arrangements tjuring 2022123. The Twstees continue to work within the re¢wirements of adopted poliaes and proeedures for Ihe training and induction of Trustees. e. Pay pollcy for senlor staff The remuneration of senior slaff is detemiined by th8 Board of Trustees on the advicé of the People Committee on an annual basi5. Page 8
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Structure, governance and management (CONTINUED) f. Related party latiOnshIpS The SfJA and People 1 st Inlemational Limited provide a range of setmces to Ihe sectors and are all wholly owned subsidi8ries of the Wothforce Development Trust. Plans for future periods Future Developments Developments during 2023124 wll indLth: Leveraging our products, semces and br8nd$ across our wder footprint,. and Continued investment in and diverS"ng Ihe markets for our range of products and seeS. The WoTkforce Development Tru face5 a number of keyoFVOrtunib"es and challenges which will be addressed during the 2023124 operational year. Specifically. our prime objeclives in 2023124 will be to.. Oevelop and start to implement our grovAh strategy in line wth our V1s10n Conkn'nue lo leverage the pr(KJucts. servi$ and brands that we operate across the wder WOT footprint Aclueve the planned financial resu115 for FY2023124. Members. liabilty The Members of Ihe Company guarantee to rAJntribute an amnt not exceedtsw £1 to the assets of the Company in the event of winding up. Page 9
THE WORKFORCE DEVELOPMENT TRUST LIMrrED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the directors of the Comp8ny for the purposes of company lawl are sponSible for preparing the Trustees. Report and Ihe fir)anual stalernents in acrdanCe applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare finanual slatements for each financial . Under Crnpany law, the Trustees musl not approve the financial slatements unless they are satisfied that they give a true and fair view of the state of affairs of the Grwp and the Company and of their incmIng resources and apICatiOn of resources, induding their income and expenditure. for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting polioes and Ihen apply them consistently, obseNe the meihods and prinoples of the Charities SORP IFRS 1021: make judgments and accounling estimates that a reasonable and prudent: state whether applicable UK Account4)g Slandards IFRS 102) have been followed. subject to any malerial departures dis¢losed and explained in the finanaal statements.. prepare the finanaal statements on the going concem basis unles5 11 is inappropriate to presume that the Group will continue in businets. The Trustees are resFonsible for keeping adequate accounting records that are sufficient lo show and explain Ihe Group and the Companls transactions and disclose wilh reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensu that the financial slalemenls Comply wth Ihe Cornpanies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for iaking reasonable steps foi the preveniw and detecon of fraud and other irregularities. Dis¢losure of Infomiatlon to auditors Each of the persons who are Trustees at the bme when Ihis Trustees. Report is approved has unfirmed Ihal.. so far as Ihat Trustee is awa. Ihere is no relevant a111 inf(m)ation of which the charitable group's auditors are unaware, an that Tnjstee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevanl au¢Jit infomation and to establish that the charilable group's auditors are aware of that inf0miatlc. Approved by (der of the members of the board of Trustees and syned on their behalf by. J Newman Chair of Truslees Dale.. /9/31 ly Page 10
THE WORKFORCE DEVELOPMENT TRUST LIMITEO (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPPAENT TRUST LIMITED OPINION We have audited the finanual stat8ments of Th8 Workforce Development Trust LimileLI Ilhe 'parenl tharitable company) and its subsidiaries (the 'group'l for the year ended 30 September 2023 which comprise the Consolidated Statement of Finanaal Activities. the Consolidated Balan Sheel. the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes. incltjding a summary of significanl accounting policies. The financial reporting framework thal has been applied in their pparation is applicable law and United Kingdom Accounting Standards. including Finanoal Reporb"ng Standard 102 The Financial Reporting Standard appliGable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Ac£ounling Practice). In our opinion the financial ststerrwts: give a true and lair wew of the state of the Group's and of the parent tharitable compan$ affairs as at 30 September 2023 and ol the Group's incoming resources and 8PFJication of resources, including its income and expendilure for Ihe year then ended- have been property prepared in aecordance wlh United Kingdom Generalty Apted Accounting PracticE', and have been prepared in a¢ccrfdan wth the qUIrementS of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordan with Inlernational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards a further described in th& Auditors. responsibililies for the aud(t of the financial ststemenls section of report. We are independent of the Group in accordan with the ethical requirements that are relevant to our audit of Ihe finanu81 statements in the United Kingdom, including the Finanaal Reporting Counal's Ethical Standard. and we have fulfilled our other ethiral responsibilities in accordance with these quIrements. We believe Ihat Ihe audit evidence have obtained is sufficient and appropriate lo provide a baS for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the finanaal slalernents. we have condude(J that Ihe TnJstees' use of Ihe going nCern basis of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have perfoTmed. we have r)ol Klenlffied any rnalerial un¢ertainties relating to events or conditi$ that. individually or collectively. may cast significant doubt on the Group's or the parent chariiable company's ability to wntinue as a going concern for a period of al least twelve months from when the financial statsments are authorised for issue. Our responsibilities and the responsibilities of Ihe Trustees respect to going ¢xJncem are described in the relevant sections of this report. Page 11
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED {CONTINUEDI OTHER INFORMATION The other information comprises the information induded in the Annual Report other than Ihe financial statements and our Auditors. Report Ihereon. The Trustees are responsible for Ihe other infomiation contained within the Annual Report. Our opinion on the financial slatements does not cover the other infomation and. except lo the extent OtheSe explicitly stated in our report. we do not express any form of assurance nclUsion Ihereon. Our responsibility is to read the other infomiation and. in doing so. consider whether the other infomiation is materially inconsislenl with the finanrial 51alements or Our knowledge obiained in the course of the audit. or otherwise appears to be materially misststed. If we idenb.fy such material inconsistencies or apparent malerial missiatements, we are required to deterrnine whether this gives rise lo a material misstalement in the financial statements themselves. 11, based on Ihe work we have performed. we condude Ih8t there is a material misstslement of this other infom)alion, we are r8quired to rert that fact. We have nothing to report in this regard. OPINION ON OTHER mAERs PRESCRIBED BY THE COMPANIES ACT 2006 In wr opinion. based on the work undertaken in the course of the audit the infomialion given in the Trustees. ReFW)rt for the finanaal year for whith the financial statements are prepared is consislent with the financial statements. the Trustees. Report has been prepared in accordance wth applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knovAedge and understsnding of the charitable company and its environmenl obtained in the course of Ihe audit, we have nol identified material misststements in the Trustees. Report. We have nothing lo report In respect of the follon9 matters in relatwjn to vthich Companies Act 2006 qUireS us to port to you if, in our opinK)n- the parent charitable company has not kept adequate and suffient accounting records, or retums adequate for our audit have not been received from branches noi visiled by us. or the parenl charitable company financial statements are not in agreement wth the accounting recorés and returns.. or certain disclosures of Trustees. remuneraticm) specifieo by law are nol made.. or we have not received all the lnf0m)ati and eXanationS we require for our audit. RESPONS181LITIES OF TRUSTEES As explained more fully in the Trustees. Responsibilities Staiemenl. the Trustees {who are also the directors of the charitable company for the purrx)ses of company law} are responsible for the preparation of the financial slalemenls and for being satisfied that they gNe a Irue and fair view. and for such inlemal control as the Trustees (Jelermine is necessary lo enable the preparati¢)n of financial stalements that are free from material misstalemenl. whether due lo fraud or error. In preparing the finanaal statements. the Trustees are spONSIb for assessing the Gnyjp's and the parent charitable companls ability to continue as a going concem. ijisclosing. as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees eilher inlend to liquidate the Group or the parent charitabje company or to cease operations. or have no realistic aiiernalive but to do so. Page 12
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED ICONTINUEDI AUDITORS. RESPONSIBILITIES FOR THE AUD OF THE FINANCIAL STATEMENTS Our obj'ectives are to obtain aS0natAe assurance atM)ul wthether the finantial ststemenls as a whole ar¢ free from material misstatement. whether due to fraud or error. and to issue an Audrtors, Report that inGludes ovr opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee Ihat an audit conducted in a¢¢ordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and aw considered malerial if, individually or In the aggregate, they could asOnablY be expected lo influence the economic decisit$ of users taken on the basis of these finanaal s13lements. Irregularities. induding fraud. ao instances of non-compliance th laws and regulations. We design proce(luS in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our pr¢Jcedures are Capable of detecb'ng irregularities. includin9 fraud is detsiled below.. IDENTIFYING AND ASSESSING POTENTIAL RISKS RELATED TO IRREGULARITIES we have considered the nature of the ¢ndustry and sector. control environment and txjsiness p8rformance we have considered Ihe results of our enquiries of management about their own identrficalion and assessment of the risk of irregularities. for any matters ideniified we have obtained 8rHY reviewed documenlation of the Companies, policAes and prOdureS lating to.. entsfw'nq. evaluating. and complwng wlh laws and regulations whether Ihey were aware of any InStanS of non-compliance.. ¢Jetecling and SpOnding lo Ihe risk of fraud and wh8lh8r they have knowledge of actual, suspecled or alleged fraud.. and Ihe inlemal Controls estsblished to mitigate the risks of fraud or rKJn-complian¢e wth laws and regulations. we have Considered the matters discussed among the audit engagement team including the intemal tax specialists warding how and where fraud might occur in Ihe financial ststements and wtential inditstots of fraud. As a result of these procedu$, we Considered Ihe opportunilies and incentives that may exist vAthin the organisalion for fraud and identified the 9atest F*)tential for fraud in the fdloTrMng areas.. revenue re¢ognition cut off In common with all audits under ISAS (UK), we a also requrred to perfom) specific procedures lo reswjnd lo the risk of management overnde. We also obtained an understanding of the legal and regulalory fr8ffleworks that the Company operates in. focusing on prowsions of those laws and regulalions that had a direct effect on the delennination of material amounts and ¢Jisclosures in the financial statements. The key laws and re9ulakn.ons we considere¢J in this context induded the UK Companies Act and lax legislatton. In addition, we considered provisions of other laws and regulations that do nol have a direct effect on the financial statements but compliance with which may be fvndamental to the Companies, ability to operate or to avoid a material penalty. These included data protection regulats"ons. health and safety regulations and employTnenl legislation. Audit response to risks idenlffied We identified revenue recognition cut off as 8 key audil matter related lo Ihe potential risk of fraud, our procedures to respond to risks identified included the following= reviewng the financial statemenl ¢Jis¢losures anty testing to svpportiNJ documentalion lo assess u)mpliance with provisions of relevant laws and regulations described as havTng a direct effed on the finanual statements.. Page 13
THE WORKFORCE DEVELOPMENT TRUST UPAITED IACOMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED ICONTINUEDI enquiring of management conc£ming actual and potential litigation daims: performing analytical procedures lo idenlrfy any unusual or unexpected relationships that may indicate risks of material misstatement or fraud- reading minutes of meetings of those charged ryth govemance and rwewing Corresponden wlh HfvIRC'. and in addressing the risk of fraud through management override of controls, lesting the appropriateness o joumal entries and other adjustments.. assessing whether the judgements made in making accounts'ng estimates are indicative of a potential bias and evaluatiro the business rationale of any significant transactions that are unusual or outside Ihe course of business. We also communicated relevant identsfie(I laws and regulations and polentsal fravd risks to all engagement team members and remained alert lo any indic8ts.ons of fraud or non-compliance wth laws and wulations throu9hout the audit. A further description of uur responsibilities for the audit of tre finan¢ial slalemenls.15 located on the Financjal Reporting Council'5 website al- www.frc.or .ukJauditorsres nsibililies. This description form5 Part of our Auditors. Report. USE OF OUR REPORT This report is made sdely to the tharilable cjynpanls members, as a body, in accfydance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been ui)dertaken $0 that wa might slate in the charitable companls members thosè mattets we are required to stste to them in an Auditots, Report arbd for no other purpose. To the fullest extent pem)itted by law. we do not ac£ept or assume responsibility to anyone other than the tharitable ccrtnpany anty its members, as a body. for our audit wwk. for this report, or for the opinions we have formed. David Butler FCA DChA (Senior Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL Dale". COL Page 14
THE WORKFORCE DEVELOPMENT TRUST UMITED (A COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDEO 30 SEPTEMBER 2023 Unrestrided funds 2023 Total funds 2023 Total funds 2022 Note Income from: Charitable activities Other trading activrties Investments 5.799,334 4.354.207 208.865 5.799.334 4.354.207 208.865 6,564.717 4.748.716 36.379 Total income 10,362.406 10.362.406 11.349,812 Expènditure on- Raising fijnds Charitable a1VitieS 3.990.101 6.331.279 3,990,101 331.279 3.780,782 6,864.237 Total exp•nditure 10.321,380 10.321,380 10.645.019 Net movÈmÈnt in fvnds 41,026 41,026 704.793 R8conciliallon of fund$: Total funds brought forward Net movement in funds 9.645,001 41.026 9.645,001 41.026 8,940,208 704,793 Total funds carrled for4¥ard 9.686.027 9,686,027 9.645.001 The notes on pages 19 to 37 form part of ihe5e ffianu81 statements. Page 15
THE WORKFORCE DEVELOPMENT TRUST UMITED (A COMPANY LIMITEO BY GUARANTEEI REGISTERED NUMBER:07333911 CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Note Flxed a$sets Intangible assets Tanglie assets Investment property 330,791 1.792.666 484.716 635,737 1.867,758 484,716 12 13 2,608,173 2,988,211 Current assels Debtors 15 1,882.538 7.350.879 1.903.999 7.639.698 Cash at bank and in hand 9.233,417 9,543.697 CditorS.. amounts fallirwj due vAthin one year 16 (2.155,563) {2.886,9071 Net current assets 7.077.854 6,656.7 Total net assets 9,686,027 9.645.001 Charity funds Unrestricted funds Designaled lund$ General funds 17 667.000 9,019.027 617,575 9,027,426 17 Totsl unrestred funds 17 9.686,027 9,645.001 Total funds 9.686,027 9.645,001 The Twstees acknowledge their responsibilities for cOmplng with the requirements of the Act with respect to accounting records and pparall0n of financial statemenls. The financjal statements were approved and authorised for issue by the Trustees and signed on their behalf bw. J Newman Chair of Trustees Date.. /9/3/4 The notes on pages 19 to 37 forni part of these financk81 ststements. Page 16
THE WORKFORCE DEVELOPMENT TRUST LIMITED . (A COMPANY LIMITED B Y GUARANTEEI REGISTERED NUMBER..07333911 COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Note Fixed assets Intangible assets Tangible assets Investments Investment property 300,661 1.789,666 552,693 1.863,633 12 14 13 484,716 484,716 2.575,045 2,901,045 Current assets Deblors Cash at bank and in ha1 15 3.101.374 7.233.977 3,744.581 7.009.909 10.335.351 10.754.490 Credrtors.. amounts falling due within one year 16 11,830.023) 12.546,932) Net current assets 8.505.328 8,207.558 Totsl net 11,080.373 11.108,603 Charity funds Unrestricle¢J funds Designated funds General fund5 17 667,000 10.413,373 617.575 10.491,028 17 Total unrestricted funds 17 11.080,373 11.108.603 Total fund$ 11.080,373 11,108.603 The Trustees acknowledge their responsibilities for ¢c¥nplying th the requi ments of the Act with respect to accounting records and preparation of finanaal statements. The finan81 stslemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. J Newman Chair ol Truslees Date.. /g/vty The notes on pages 19 to 37 form part of these finaner81 ststements. Page 17
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEIAENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Cash flows from operatlng act5vit5es Nel Cash used in operatsng actiwties {42S.2961 1,627,085 Cash flows from investing activilies Interest ceiVed 208.865 36.379 {47.602) 1255.8581 (24.7861 1291,5121 Purchase of intsngible assets PUhase of tangitle fixed assels Net ¢ash provided byl{u$ed inl inv•sling a¢tivitie$ 136.477 1510.991} Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year <288,8191 7.639,698 1,116,094 6.523.604 Cash and cash equivalents atthe end of Ihe year 7,350,879 7.639,698 The notes on pages 19 10 37 fom part ofthese fiiianL?al statements Page 18
THE WORKFORCE OEVELOPMENT TRUST LIMrrED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 GENERAL INFORMATION The Workltsrts Development Trust Limited is a charitsble company incorporated in England and Wales. The registered office is VertvJo. Cheese Lane. Brist. BS2 OJJ. ACCOUNTING POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial stalements have been prepared in accordanee wth Ihe Charities SORP {FRS 1021- AOUn{1ng and Reporting by Charilies.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard aprAicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191, the Fin8nual Reporting Standard applicable in the UK and Republic of Iland {FRS 1021 and the Companies Act 2006. The Workforce Development Trust Limited meets the definition of a pLJblic benefit entity under FRS 102. Assets and liabilities are initially recognised ai historical cost or transaction value unless otherwise ststed in the rdevant accounbng Folicy. The Consolidated Ststement of Financaal Activities ISOFAI and Con501idated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Ststement of Finanaal Activities in these financial ststemenls. 2.2 COMPANY STATUS The company is a cc¥npany limiled by guarantee. The members of the company are the Trustees named on page 1. In the event of ihe company being wcmjnd up. the liats'lity in respect of the guarantee is limited to £1 per member of the company_ 2a GOING CONCERN The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related lo events or Conditions Ihat may cast significant doubl on the ability of the company to conb.nue as a going ccx)cem. The Trustees make this assessment in re$pe¢l of a period of one year from the date of approval of the financial ststements. Thè Trustees have assessed the current trading cLJndrtions and the financial forecasts. and have eL)nsidered altemalive scenarios_ Under all secanarios reviewed the Group has suffiaent reserv8s to enable il to continue as a going concem. For this reason it ¢tinUeS to adopt the going concem basis in preparing the financial statements. Page 19
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES (¢ontinued) 2.4 INCOME l income is recognised On the company has enb"Ilement lo the income. il is probable that the income VAII be receiva and the amount of income receivable can be measured reliably. Other income 15 recognise¢Y in the peri(xl in it is receivable and lo the extent the goods have been provided or on completion of the seNice. Grants received are recognised in the Stsiement of Fin8wal Activities as voluntary incAJme and classrfied as restricted or unrestricted dependir¥J on the lerms attached lo them. Income on long temi contracts is r8CA)gnised in the Statement of Financial Activities to reflect the proportion of work Carried oul up io the year end. Where incomin9 resources are received in advancé they are deferred to the period to which they relate. An analy3is of the movemenl on deferred income is induded in note 16. 2.5 EXPENDITURE Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit 10 8 third party, rt is probable that a transfer of economic benefits will be Tequired In settlement an¢J the amount of ihe obla"0n Can measured reliably. Expenditure is dassified by actiwty. Expenditure on charitable a¢aivities is Énujrred on undertaking the actimties which further the GrcHJp's objectives. as well as any associale(J support o)sts. 2.6 BASIS OF CONSOLIDATION The financial ststements consolidate the accounls of Ihe Workforce Development Tfust Limited and all of its subsidiary undertakings I'subsidiaries'l. The company has tsken advantage of the exempiion contsined wthin Secti¢ 408 of the Compan>es Act 2006 not lo wesenl its Income and expenditure account. The income and expendrture acc4xJnt for the ar dealt wth in the accounts of Ihe company was £42,309 surplus12022.' £266.538 suwusl. 2.7 INTEREST RECEIVABLE Intest on funds held ¢Jeposil is induded when reCeiVae and the amount Can be measured reliably by the company,. Ihis is n¢ymally U[ notifatIon of the inleresl paid or payable by the Bank. 2.8 FOREIGN CURRENCIES Monetary assets and liabilits.es denominated in foreign currenctes are translated into sterfing at rates of exchange nJling at the repobing date. Transactions in foreign rreWeS a translated intr) steding at the rate ruling on the d8te of the transaction. Exthange gains and losses are recognised in the CC801dated Stslement of Finanaal tiVI11¢s. Page 20
THE WORKFORCE OEVELOPPAENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES Icontlnued) 2.9 INTANGIBLE ASSETS Development costs are capilaltsed within intangible assels where they can be idenknfied wilh specific pr(¥Juct or project antiupaled to pro(Juce future benefils. and are amortised on the slfaight line basis over the anb"cipated life of the beneffts arising from the completed product or projecl. Defefred research a1 development costs a reviewed annually. and where fulure benefits are deemed lo have aSed or lo be in doubt, the balanr£ of any related resear¢h and development is WTitten off lo the Stslemenl of Financial Acb"vits"es. 2.10 TANGIBLE FIXED ASSETS AND DEPRECIATION A capitalised fixed asset is propety. such as land buildings andlor equipment with a cost or value equal to or greater than £S.000 at the date of acquisition and which has an expected useful life in excess of one year. Capitslised fixed assets are acquired for the use in nomal operats'ons and are not under normal urcumslances acquired foi resale. Al fixed assels are entered into the finanual ledger for inventory and finanual reporting purposes. Assets costing less than £5.000 are acc4Junted for in the fin8n(aal ye8r of wrchase and are therefore not capitalised. Costs to k8ep as fixed asset in its normal operating condition that do not extend the oroinal useful life of the assel will not be capitalis8d. Th&se costs are expanses as repairs and maintenance during the year in which they are inojrred. A review for impaimient of a fixed asset is carried out rf events or changes in circumstan$ indicate that the caryng value of any fixed asset may not be recoverable_ Shortfalls beeen the carrying value of fixed assets and therr recoverable amounts a re(wnised as impaimients. Impaimient losses are recogniseil in the Statemenl of Fin8nual Activitses. Tangible fixed assets are carried at Cost. net of deprecAatr"on and any proirision for irnp8im)enl. Depreciation is provided al rates calculaled to wrife off the cost of fixed assets, less their estimated residual value. over Iheir expected useful lives on the fcllowing b8ses.' Freehold propety Short-tem) leasehold improvement works Fixtures and fith.ngs Office equipment straight line over 50 years straight line over S years, or life of lease if shLwter slraighl line over 5 years straight line over 4-5 years 2.11 INVESTMENTS Inveslments in subsidiaries a Valued al cnst less provision for impaimient. 2.12 DEBTORS Trade and other debtors are recognised at the setllement amount after anyjrade discount offered. Prepayments are valued at the amount prepaid net of any trade discnunts due. 2.13 CASH AT BANK AND IN HAND Cash at bank and in hand indudes cash and short-tem highly liqu inveslmenls wth a short maturity of three months or less from the date of acquisrtion or opening of the deposit or similar account. Page 21
THE WORKFORCE DEVELOPMENT TRUST UMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ACCOUNTING POLICIES {continuedl 2.14 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al Ihe Balance Sheet dale as a re5uII of a past event. it is pfobable that a transfer of economic benefil will be required in settlement. and the amount ol the settlement can be eslimaled reliably. abiltlies a recognised at the amount that the Company antiapates it wll pay lo settle the debt or the 8mwnl il has receNed as advanced payments for the goods or services il musl provide. Provisions are me8sured al the best estimate of the amounts required to setue the obligation. Where the effect of the time value of mney is m8lertal, the provision is based on the present value of those amounts. discounted al the pre-tax discosjnt rate thal refle¢ts the nsks specific to the liability. The unwnding of the discount is recognised in the Consolidated Staiement of Finanual Activities as a finance ¢ost. 2.15 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind Ihat qualify a5 basic financial instruments_ Basic financial inslwmenls a initially regnIsed at transaciion value and subsequently measured at their settlement value th the exception of bank loans which are subsequently measured at amortised cst using the effe1ve inleresl rnethod. 2.16 OPERATING LEASES Rentals paid under operatsng leases are charged to the Consolid8ted Ststement of Finan¢ial Activities on a straight line bas over Ihe lease term. 2.17 PENSIONS The Group operates a defined contribub.on pension scheme and the pension charge represenls the amounts p8ydble by the Group to the fLJnd in respect of the year. The company operates a defined benefits pension scheme. The scheme is a multi*mployer scheme where it is not possible. in the normal course of events. lo identify on a consistent and reaSonae basis. Ihe share of underlwng assets and liabilib.es belonging lo individual partiopab'ng employers. Therefore, as requirad by FRS102. the company accounts for this scheme as if it was a defined contributton scheme. The amount charged to the Statement of Financial Aclivities represents ntributions payable to the scheme in respect of the accounting peri¢)d. 2.18 FUND ACCOUNTING General funds are unreslricled funds whKh are available for use al the diS¢tIon of the Trustees in fvrtherance of the general objectives of the Group 8nd vthich have not been designated for other purposes. Designated funds comprise UnstrICted funds that have been set aside by the Tnjslees for particular purposes. The aim and use of each designated ftjnd is set out in the notes lo the financial ststemenls. Restricted funds are funds which are to be used in accordance wilh specifi¢ rgslrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and adminislering suth funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the noles lo the financial statements. Investment income. gains and losses are allLxaled lo the appropriate fund. Page 22
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT The preparalion of the financial stalements requires management to make judgements. eslimates and assumptions that affecl the amounts reported for assets and liabilities as at the balance sheet dale and Ihe amounts reported for revenues and expenses during the year. Hovlever. the nature of estimation means Ihe actual outcomes could drffer from Ihose estimates. Estimates and judgements are continually evaluated and are based on historical experience and olher factors. including expectsb"¢)ns of fvIU events that are believed to be reasonable under the rcumstances. Critical accounling estimates and assumpt*)ns= Accrued and deferred in¢ome from long tem contracts: Long lem contract balances are valued based on the stag8 of completion of the CL)nlracl at the year end by reference lo the costs intsjrred to year end and the totsl expected costs of the contract. Where a contract is expected to be loss making. the balance is Itten down to the expected recoverable amounl at the year end. Operating lease commitments.. The company has entered into commercial property leases as a lessee for the use of propety and equipment. The d8ssffi¢ation of such leases as operaling or finance lease requires the company lo deterTYFine. b8sed on 8n evaluation of the tem)s and conditions of the arrangements. whether il retsins or aeouires the swnffjc8nt risks and WardS of ownership of these assets and accordingly whether the lease requires an asset and liability lo be recognised in the Statement of Financial Position. INCOME FROM CHARITABLE ACTIVMES Unrestricted funds 2023 Total funds 2023 Total fLJnds 2022 Education and training 5.799.334 S799,334 6,564,717 TOTAL 2022 6,564.717 6.564,717 Page 23
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 INCOME FROM OTHER TRADING ACTIVITIES Income from fundraising events Unrestricted funds 2023 Total fund5 2023 Total funds 2022 Completion Consultancy Registrations Other 1.207.881 1.243.104 1.475.998 427.224 1.207.881 1.243,104 1.475,998 427.224 1,023,628 1.015,703 1,606,151 1,103.234 4.354,207 4.354,207 4,748,716 TOTAL 2022 4.748,716 4,748,716 INVESTMENT INCOME Unreslricted funds 2023 Total fund5 2023 Total funds 2022 Investment income 208.865 208,865 36.379 TOTAL 2022 36,379 36.379 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken dlrectly 2023 Support costs 2023 Total funds 2023 Total funds 2022 Education and training 4.030.638 2.3(KJ.641 6,331.279 6,864,237 TOTAL 2022 4.636.494 2.227.743 6.864.237 Page 24
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF DIRECT COSTS Edu¢ation Total funds 2023 Total funds 2022 Training 2023 Staff costs 3.137,043 398,388 303.395 7,812 98.230 27,544 55.718 1.530 978 3.137,043 398,388 303.395 7,812 98.230 27.544 55.718 1.530 978 3.362,857 414.7 662.163 {25.468) 134.605 13.188 70,212 {5161 {2541 4.800 DepCiatIon Consultancy Bad debt provision Travel and subsistence Subscriptions Apprenticeships VAT adjustments Difference on foreign exchange Loss on disposal of fixed assets 4.030.638 4.030,638 4,636,494 TOTAL 2022 4,636.494 4,636.494 Page 25
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF SUPPORT COSTS Education and Training Total funds 2023 Total funds 2022 2023 Staff costs Insurance 1.259.021 71.817 7.683 38.324 104.407 5.710 15.578 122.606 542.981 13.745 93.269 25.500 1.259,021 71,817 7,683 38,324 104,407 5,710 15.578 122.606 542,981 ' 13.745 93.269 25.500 1,006,125 69,137 8,050 54,818 211.856 44.047 16,965 123,506 521,738 10,801 137.078 23,622 Bank charges Office costs Staff recruitmènt Agency and other staff costs Professional fees Premises costs Computer costs Travel and subsistence Advertising and promotion Govemance costs 2.300,641 2.300.641 2,227,743 TOTAL 2022 2.227.743 2,227.743 NET INCOMING RESOURCESIIRESOURCES EXPENDED) This is stated after charging= 2023 2022 Dewecialion of tsngltre fixed assets 99.878 92,922 Amortisat¢on of intangible fixed assets Auditors remuneration Operating lease rentals 352.548 23,500 20.750 402,459 22.000 8,250 Page 26
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 STAFF COSTS Group 2023 Group 2022 Company 2023 Company 2022 Wages and salaries Social security c051s Contribution to defined contribution penston schemes 5,475,970 419.274 5.381,401 431.016 3,746.379 419,274 3.701,236 431,016 236,572 236.730 236,572 236,730 6.131.816 6.049.147 4,402,225 4.368.982 The average number of persons emplojtd by the Company during the year was as follows.. Group 2023 No. Group 2022 No. operatial Staff 110 The number of emptOyEe5 whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2023 No. GTOUP 2022 In the band £60.001 - £70.( In the band £70,001- £80.OfXI In the band £80,(K)1 - £90.000 In the band £90,001 - £1.0(KI In the band £100.CN)1- £170.CM)o In the band £140.001 - £150.LYXI Total temination pallents amwnted lo £Nil in the year12022". £42.9231. The key m8nagement personnel eomprise the Trustees 8nd the Senror Management Team. The tolal arnount of employee benefits (incuding employer pension contributions) received by key managem8nt personnel for their services was £714.95212022'. £657.9921. 10. TRUSTEES. REMUNERATION AND EXPENSES In line wth the provision in the goveming document of Ihe chariV. the post of Chair is a remuner8ted position,. and Ihe Chief ExeuJts"ve onty receives remuneration in respect of services prowded undertakin9 the role of Chief Executive, finance and leaming Servi and cDnsullancy. and not in respect of services as a Trustee. Other TnJstees have recéived payTnents from the charity in respect of their rdes as Trustees, these Trustees wll receive remuneration until tt1r current temi of office comes to an end. The value of TnJstees mnerab"on. induding em0yerS pension costs, for the year was as follows. J Newman {Chairl £29.691 {2022: £25.8821. J Rogers (Chief Executive) £167,82412022.. £162.5531. Page.27
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOEO 30 SEPTEMBER 2023 11. INTANGIBLE ASSETS GROUP Devel¢)pm•nt Goodwill Total COST Al 1 October 2022 Additions 2,065.721 47.602 370.883 2.436,604 47.602 At 30 September 2023 2.113.323 370,883 2,484.206 AMORTISATION Al 1 Octctjer 2022 Charge for the ar 1,511.753 300,909 289.114 51,639 1,81)0.867 352.548 At 30 September 2023 1.812,662 340,753 2.153.415 NET BOOK VALUE At 30 September 2023 300.661 30,130 330,791 At 30 Seplember 2022 553,968 81.769 635.737 Page 28
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 11. INTANG18LE ASSETS ICONTINUEDI COMPANY Development COST At 1 October 2022 Additions 2,047,961 47,602 At 30 September 2023 2,095,563 AMORTISATION At 1 October 2022 Charge for the year 1.495,268 299,634 At 30 September 2023 1,794.902 NET BOOK VALUE At 30 September 2023 300.661 At 30 September 2022 552,693 Page 29
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COPAPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 12. TANGIBLE FIXED ASSETS GROUP AND COMPANY Short4emi leasehold Flxtures and property flttlngs Freehold property Office equipment Total COST OR VALUATION At 1 Odober 2022 Additions 1.644.256 9.213 120,057 153,600 11.103 490,836 4.470 2.408,749 24,786 At 30 September 2023 1,653.469 120.057 164.703 495.306 2.433,535 DEPRECIATION At 1 October 2022 Charge for the year 21.842 18,364 120,057 37,021 27,609 362.071 53.905 540.991 99.878 At 30 September 2023 40,206 120.057 64,630 415.976 640,869 NET BOOK VALUE At 30 September 2023 1.613,263 100,073 79,330 1,792,666 At 30 September 2022 1.622,414 116,579 128.765 1,867,758 Page 30
THE WORKFORCE DEVELOPMENT TRUST LIMrrED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 13. INVESTMENT PROPERTY GROUP AND COMPANY Freehold investment property VALUATION At 1 October 2022 484,716 At 30 September 2023 484,716 14. FIXED ASSET INVESTMENTS Shares in group undertaklngs COMPANY COST OR VALUATION At 1 October 2022 Amounts written off {1) AT 30 SEPTEMBER 2023 NET BOOK VALUE AT 30 SEPTEMBER 2023 AT 30 SEPTEMBER 2022 Page 31
THE WORKFORCE DEVELOPMENT TRIJST LIMITED IA COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 DEBTORS Group 2023 Group 2022 Company 2023 Company 2022 DUE WITHIN ONE YEAR Trade deblors Amounts owed by group undertakings Other debtors Prep8ymenls and accrued inctxne 1.152.601 1.485.644 430,189 2.068.540 229 602.416 755,253 2.729,489 3.449 256,390 11.177 .407.178 728,801 1.882,538 1.903,999 3,101.374 3.744,581 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2023 Group 2022 Company 2023 Company 2022 Trade cre{Jit$ 346.147 252.881 215.961 166.454 49 308.736 88,441 1,983,252 Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income 222,589 100,865 1.485,962 308,736 88.441 2.236.849 222,589 100,865 1,290.608 2.155,563 2,886,907 1,830,023 2,546,932 Group 2023 Group 2022 Company 2023 Company 2022 Deferred income at 1 October 2022 Resources deferd during the year Amounts released from previous peric*Js 1.849.671 1.794.431 1.701.197 1.297.275 1.315,492 1.849.671 1.183,212 1.701,197 (1.849,671) {1.794.431) 11.701.1971 {1.297.2751 1.315.492 1.849,671 1.183,212 1,701,197 Al the balance sheet date ihe group was holding funds received in advance for projects spanning the year end. Income has been induded in Ihe SOFA to represent the stage of cornplelion of Ihese projects and the eXsS has been deferred as appropriate. Page 32
THE WORKFORCE DEVELOPMENT TRUST UMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. STATEMENT OF FUNOS STATEMENT OF FUNDS- CURRENT YEAR Balance at 30 Transfers September inlout 2023 Balance at 1 October 2022 Income Expenditure UNRESTRICTED FUNOS DESIGNATED FUNOS Future staff lialm'lities 617.575 49,425 667,000 GENERAL FUNDS General Funds 9.027.426 10.362,406 {10,321.380) {49,425) 9.019,027 TOTAL UNRESTRICTED FUNDS 9.645.001 10.362.406 (10.321.380) 9.686,027 Page 33
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 17. STATEMENT OF FUNDS ICONTINUEDI STATEMENT OF FUNDS- PRIOR YEAR Balance at 30 September 2022 8alance al 1 Odober 2021 Tran5fer5 inloul Inujme ExpeThJiture UNRESTRICTED FUNDS DESIGNATED FUNDS Future staff liabiliies 673.045 (55.4701 617,575 GENERAL FUNDS General Funds 8.267,163 11.349.812 {10.645.0191 55.470 9.027.426 TOTAL UNRESTRICTED FUNDS 8.940,208 11.349.812 110.645,0191 9,645.001 DESIGNATED FUNDS This fund has built up priu to and on 1ransits.on to Cover potential ftjture staff liabilities arising from the TUPE of staff from Skills for Health. Following staff Changes SIn 2013. a significant proportion of this fund was released to leave a balance reflective of the current esb.male of potenlial future staff liabilities in relalitM lo those individuals. 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Intangiije fixed assets Investment property Current assets Creditors due wlhin one year 1.792.666 1.792,866 330.791 330.791 484.716 484,716 9.233.417 ,233.417 (2.155,5631 {2,155.5631 TOTAL 9,686,027 9,686,027 Page 34
THE WORKFORCE OEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANAL YSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Intangible fixed assets Investment propety Current assets Creéitors due within one year 1.867,758 1.867,758 635,737 635,737 484,716 484,716 9,543.697 9.543,697 12.886,9071 12.886.907) TOTAL 9,645,001 9,645,001 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 19. Group 2023 GroLtp 2022 Net income f( the year las per Statement of Financial Aclivities) 41.026 704,793 ADJUSTMENTS FOR: Oeprecialion ¢harges Amortisalion charges Dividends, inlerests and rents from Investments Los5 on the sale of fixed assets DeC8$e in debtors Decrease in creditors 99.878 352,548 I208,865) 92,922 402,459 136,379) 5,789 472,969 115.4681 20,226 (730.3921 NET CASH PROVIDED BYI{USED INI OPERATING ACTMTIES (425.5791 1,627.085 20. ANALYSIS OF CASH AND CASH EQUWALENTS Group 2023 Group 2022 Cash in hand 7,350,879 7,639,698 TOTAL CASH AND CASH EQUIVALENTS 7,350,879 7,639,698 Page 35
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2023 21. ANALYSIS OF CHANGES IN NET DEBT At30 September 2023 O¢tober 2022 Cash flows Cash at bank and in hand 7.639.698 (288,8191 7.350,879 7.639,698 (288,8191 7,350,879 22. PENSION COMMITMENTS The companls employees belong to three prinupal pengon schemes. The NHS pension scheme for eligible slaff which is a defined benefit scheme. Staff are offered a define(S contributions scheme administered by the Nalional Employment Savings Tnsst. An Aviva pension scheme was brought in during the year ended 30 September 2015 transfer from JSSC. NHS Scheme Only NHS employees TUPE'd over from the Univwsity H05pilals 8rislol NHS Trust belong to the NHS scheme, which is a mulb"-employer defined benefit nSIOn scheme_ As the company is unable lo identify ils share of the 8ssets and liabilities of the scheme on a consistent and reliable basis. the scheme is treated by the company a5 if it were a defined contribution scheme. in accordance with Section 28 of FRS 102. The pension cost charge represents contributions payable by the company to the scheme and amounted to £46.39812022.' £86.9391. contributnS lotalling £11.14912022.' £11.5511 were payable to the scheme al the balance sheel dale and are induded in creditors. Defined Contribution Schemes The assets of these schemes are held separately from those of the company independently administered funds. The pension cost charge represents contribulions payable by the company to Ihe fvnds and amounted to £397,331, funds 12022." £207,687. two funds). Contribulions lotalling £37,525 (2022.. £32.3541 were payable to the funds at the baance sheet date and are included in creditors. 23. OPERATING LEASE COMMITMENTS AI 30 September 2023 the Group and the Company had commitments to make future minimum lease payTnents under non-cancellable operat9 leases as follows-. Group 2023 Group 2022 C¢mpany 2023 Company 2022 Not later than 1 year Later than 1 year and not later than 5 year5 20.7SO 15,562 8.250 20.625 20,750 15.562 8,250 20,625 36.312 28.875 36.312 28,875 Page 36
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 30 SEPTEM8ER 2023 24. RELATED PARTY TRANSACTIONS The Workforce Developmenl Trust Limiied is claiming exemption under FRS 102 Section 33 not to disdose transactions with wholty ovlned subsKliaries. 25. POST BALANCE SHEET EVENTS During the year, the Company CL)nducle(l a VIeW inlo whether its eRostering seNice fits into the Group's wider workfo Development semces and operations. After the year end, and in line with the outcome of the review. the Company sold the trade and assets relaiing to the eRostering service lo a third parly Ihal the Trustees detemiined as being best placed to lake the eRostering business forward_ In Ihe 2022123 finanaal year. the seNi¢e generated revenue of £782k. 26. PRINCIPAL SUBSIDIARIES The following were subsidiary undertakings of the Cornpany. Names Company number Equity shareholding Basis of control SFJ Awards Limited People 1st Intemational Limited 06926458 11332207 Fullyowned and eonlrolled Fully owned and controlled 1C(I% The finaTral results of the subwdiafies for the year .. Names Income Expendilure ProfiVILoss) I Surplusl (Deficit) for the yèar Net assets SFJ Awards Lirnited People 1st Intemational Limited 2.723,631 1.575.737 12.193,9521 (1.505.198) 299.728 70,539 {1,393.1101 Ouring the year, The Nalional Sknlls Academy for Health Limiled. a 1(K)% owned and cA)ntrolled subsidiary of The Workforce Oevelopment Trust Limited. was dissolved. Page 37