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
Vert￿J0
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 finan￿al 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 app￿nticeshIp 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 infor1v￿d 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
frOn￿lne 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 ￿ntr11m1t￿jnS 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 edU￿tIon 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.bUt￿g 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 foUndat￿nS. 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 p￿sent 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￿. li￿nse￿ 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 V￿rkforCe 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 pu￿1¢ 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 Se￿Or$ 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 W0￿forCe 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 Cc￿lin￿e$ 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, perS￿ne1 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 ReSe￿e lo ensure
orderly settlement of the companls contracted lia￿litIeS 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 DeVe￿pment 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 a￿angernents.
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 re￿mMendationS 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 A￿cleS of Assoaal￿nI and the Executive DirectOf5 (registe￿d 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 S￿￿teMs 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 se￿￿eS.
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 am￿nt 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 ac￿rdanCe 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 C￿rnpany 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 inc￿mIng resources and ap￿ICatiOn 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 detec￿on 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 a￿111 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 p￿paration 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 A￿pted 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 ba￿S 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 Othe￿Se 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 re￿rt that fact.
We have nothing to report in this regard.
OPINION ON OTHER mA￿ERs 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 follo￿n9 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 suffi￿ent 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 eX￿anationS 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(lu￿S
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
prO￿dureS ￿lating to..
entsfw'nq. evaluating. and complwng wlh laws and regulations whether Ihey were aware of any
InStan￿S 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 9￿atest 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 a￿1VitieS
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$sets
Intangible assets
Tangli￿e assets
Investment property
330,791
1.792.666
484.716
635,737
1.867,758
484,716
12
13
2,608,173
2,988,211
Current assels
Debtors
15
1,882.538
7.350.879
1.903.999
7.639.698
Cash at bank and in hand
9.233,417
9,543.697
C￿ditorS.. amounts fallirwj due vAthin one
year
16
(2.155,563)
{2.886,9071
Net current assets
7.077.854
6,656.7
Total net assets
9,686,027
9.645.001
Charity funds
Unrestricted funds
Designaled lund$
General funds
17
667.000
9,019.027
617,575
9,027,426
17
Totsl unrestr￿ed funds
17
9.686,027
9,645.001
Total funds
9.686,027
9.645,001
The Twstees acknowledge their responsibilities for cOmpl￿ng with the requirements of the Act with respect to
accounting records and p￿parall0n 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 ha￿1
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 finan￿81 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
PU￿hase 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-
A￿OUn{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 I￿land {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 obl￿a￿"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
Inte￿st on funds held ￿ ¢Jeposil is induded when reCeiVa￿e and the amount Can be measured
reliably by the company,. Ihis is n¢ymally U[￿ notif￿atIon 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 CC￿801￿dated 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 a￿1 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 be￿￿een 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 re￿gnIsed at transaciion value and subsequently
measured at their settlement value ￿th the exception of bank loans which are subsequently
measured at amortised c￿st using the effe￿1ve 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 reaSona￿e
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 Un￿strICted 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
Dep￿CiatIon
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 tsngltr￿e 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.
operati￿al 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 pa￿llents 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 tt￿1r current temi of office comes to an end. The
value of TnJstees ￿m￿nerab"on. induding em￿0yerS 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 defer￿d 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 eX￿sS 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
DeC￿8$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. contribut￿nS 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 operat￿9 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 finaTr￿al 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