THE WORK
FOUNDATION
PAR T OF LA14CAS7ER VMItrE451-.¥
The Work Foundation Alliance Limited
Aiinual Report and Financi¥l Siaiements
For the l'ear ended 31 Juh. 21121
Charih" number: 1146813
Compani" number." 07746776

The Work Foundation Alliance Limited
Annual Report and Findncial statemcnls for the Year Ended 31 Julv 2021
Contents
Page
l. Legal and administrative information
2. Annual report of the Irustees
2.1 Struclure. governance and managcmeni
2.2 Activities and principal achievements
2.3 Future plans
2.4 Trustees. report of financial results
3. Siatement of tru51ees rL'sponsibililies
4. Indepcndent audiior s report lo ihe members of
The Work Foundation Alliance Limiled
5. Sialemenl of Financial Aciivities including) income
and expenditure accounl for th¢ year ended 31 July 2021
10
6. Balance sheel as at 31 July 2021
7. Notes lo the financial statements for the year ended 31 July 2021
12- 18

The Work Foundation Alliance Limited
Legal AdJninistraii*e incormation
harit
Charil
Com
name.. The Work Foundation Alliance Limiied
1Stration number- 114681J. registered in England &. Wales
re istTation number.. 07746776. regisiered in England & Wales
isiered Office..
Lancaster Universiry
Universit). House
Bailrigg
Lan¢a%ter
LAI 4YW
Triistees-.
Mrs S Randall-Palev
Prolessor A Laing (Chair)
Mr GP Fielding
Com
se¢reia
Mr G P Fielding
an
Statuiorv auditor-
BDO LLP
2 Sno¥v Hill
Qu¢¢nswa>'
Birmingham
B4 6GA
Uniied Kingdom
Banke
Barclay5 B¢ink
Barclays Business Cenire
Manchester City Office
PO Box357
51 Mosley Strect
MANCHESTER
M60 2AU
al advis
Ashurst LLP
Bro#dwalk House
G5 Appold Sireet
London
EC2A 2HA
Eversheds LLP
Eversheds House
70 Great Bridgewater Street
Manchester
MI.5ES

The Work Foundation Alliance Limited
Annual Report of the Trustees
The Trustees. who are also Dire¢iors of ihe charilable company for the purposes of the Companies
Aci. preseni their annual repon and audited financial staiements for the year ended 31 July 2021. The
charity is exempi from preparing a strntegic report under the small companies, exemption.
2.1 Strueiure. Governance M#nagemen¢
Group Strncture
The Work Foundation Alliance Limited (TWF) is a charitable company limited by guarantee which
ceascd tradingy in April ?021. The a¢iiviLies which underpinned ihe cliaritable purposes are now solely
undertaken by Lancaster Universiry. TWF was incorporaied on 19 August ?0 I l and r¢gisiered as a
charilv on l O April 201 ? The company ivas e51ablish¢d under a Meinorandum of Association which
esiablished the obj¢¢is and powers ofthe ¢hariiable company and 1.% governed under it5 Articles of
A550Clation. In the event of thL company being wound up membets are required io Contribute an
amount not exceedinb £ l.
The Work foundation Alliance Limited commenced irading as TWF on l August 2012 when the
trade. aciivilies, certain a55els and liabiliiies of l.andec Limiied Iiradiiig as Tlie Work Foundation)
were (ransferred ¢0 Twr rollowinbTr its successful chariiy regisiration. Thc liabiliiies transferred were
£294.512.
The charity is a wholly owned subsidiary of Lancaster University.
The chariiy has three appointed trusiees as delailed in lh¢ legal and administraiive infomiation
and ¢omprise of two Lancasier University employees and four exiernally appoinied irusiee5.
The trustees ofih¢ company during Ihe year and up to the dale of signing the financial statemenrs were
a5 noted on Page 2.
The Irusiees are responsible for overseeing and approving all key decisions und¢rtaken with regards
to the cl)arity.
Remuneration Policy
The Trustees of the charity in their role as Trustees did not receive any remunerdtion in the ¢urreni or
prior period.
Recruitment, appointment and induction of lrnstees
Triistee5 were elected based Lipon the skills sei and the deemed contribution thev could rnake to the
charity in achi¢vinb> it5 objectives. Th¢ tnjsiees were duly inducted inio the organisation and the role
of th¢ trnstee via meelings held ai TWF with other irustees and the company secretary and meetings
with the staff of the ¢harity.
Trustee m¢¢tings were held ai lea51 once per annum with appmpriai¢ inforniation being diss¢minated
to the truslees as and when requir¢d.

The Work Foundation Alliance Limited
2. Annu¥l Report ol tbe Trustees (coDtinued)
2.1 Structur¢, Gol'erDa￿ce ManagtmeDI (continuedl.
Risks uncertainties and key performanee indicators
The trustees. reviewed and assessed ihe major risks of the charity on a regular basis and there were
sysiem5 in place to Ix>¢h address and mitigate Ihose risks as ihey arose. These included regular
reponing to the board of trustees wilh regards io financial and operaiional issues affecting the
business. meeiings beThveen mernbers of the internal management team and regular reporting 10
Lancaster University represeniaiive5 and comminees ivith regards io ihose risks and the charity's
p¢rformance against lis key objectives.
Objeetlves, Activities and Public Benefit
The charitable objectives and aciivilies of TWF are now operaied directly through Lan¢asier
University. namely. io SUPFon ihe promotion of ihe indusirv and commerce of rhe UK and
worldivide. The outpuis from research are made publicly available, beiiefi¢ing WOTkcrs by improving
managemeni and industrial relaiionships.
Dlre¢lors' indemnltles
As perniilted by the Articles of Asso¢iarion. the directors have the ben¢fii of an indemnity which is a
qualifying (hird-parry indemnil). provision as defined bi Se¢iion ?34 ofthe Coinpanies Act 2006. The
indemnity was in force throLtghou¢ ihe last financial j'ear aiid is currenilv in force. The compai)y also
purchased and maintained ihroughoui ihe financial year Directors and o￿l¢ers. Liabilily Insurai)ce
in respeci of itsell-and lis direciors.
Key personnel
The charity does not have any managemeni personnel or employees (2020: nill. The operalions of the
charity are overseen by the Dire¢iors.
2.2 A¢tii'ities Prin¢ip41 Af biti'emeots
During the financial year ?020121 until ihe Charii). ceLs¢d trading in April 20? l. the charitv worked
towards achieving ihe objeciives sei in 2016117. Perfomiance against these objeciives is set oui
below..
Links with Lancaster Universi
The charity continued to 5UPPOrt the work of TWF. wliich operates through Lancaster University
Management School. from its Londott base. TWF campaigns to improve the quality of working life
through advo¢aiy, research and pra¢ii¢al interveniions.
Financial 5UStainabili
The charity coniinu¢d io oversee the management of the premises for a tenanL uniil the lease ceased
on 24 April 2021.

The Work Foundation Alliance Limited
2. ADnuAI Report of the TTllSt¢es leotttinued)
2.3 Future plans
The charity has ceas¢d irading and will be wound up during 2021122.
2.4 Trustee5' Report of Flnancial Review
Income for the year ended 31 Julv 2021 was £383.368 with expendI(u￿ of £724.740 resulting in
deficit of £341.372. The comparable resulis for the year ended 31 July 2020 were income of
£525.209 and expenditure of £679.570 resulting in a deficii ot £154.36].
Jn¢oming Resource5
Other trading activity contributed £383.368 10 income (2020.. £525.209) which comprised of income
from venue space hire and ancillary services.
Resour¢e$ Expended
Expenditure comprises of directly incurred project relaied costs and gener81 overheads.
The trusiees received no remunera¢ion {2020'. nil) for acting in their capaciiy as a trustee and have not
received any reimbursemeni of ¢xpenses (2020: nil}.
A breakdown of expenditure by lype is given in note 2.
Rcscrves
The charity is ¢iirrently reporting a negative reserves posilion of £3.240.106120*0.. £? 898,934).
Takinb fuilire projections inio accouni, the negative reserve position 1% unlikely (o be eliii)inated.
However. althoiigh thcsc negative reserv¢s will remain on tl)e ElalancL' Sheei. tlie charily coniinues 10
receive financial support from it5 pareni entity. Lancasier University.
Gotng Concern Noie l {A¢¢ounting Poli¢io)
The Charity cca5¢d trading in April ?021 and tlie tru51e¢5 do nol consider tl)e Cliarity to a going
Coiicern. Accordingly. the financial 51aiemenis have not been prepared on a gioing ¢on¢em basis. No
adjiistments were necessarv io the amounis ai which the remainingi assets and liabilities ar¢ included
in the financial statements.

The Work Foundation Alliance Limited
S¢atemeni ofTrusiees' responsibilities
The trustees (who are also directors of The Work Foundation Alliance Limited for the purposes of
Cotnpany la￿) are responsible for preparing the Trusiees. Annual RerM)rt and the financial stateinents
in aecordance ￿'1th applicable ta￿. and Uniied Kingdom Accotsniing Standards (United Kingdom
Generally Aecepted Ac¢ounting Prnctice) in¢luding FRSIO? -.The financial reporting siandard
applicable in the UK & Republic of Ireland"
Company law requires ihe irusiees to prepare financial 51aiemenis for each financial )'ear ivliich gyive a
true and fair view of the slate of affairs of ihe charitable company and of ihe incoming regources and
applicdtion of resources. including the income and expenditure. of ihe charitable company for thar
period. In preparing these financial siaiements. ihe iruslees are required io-
select suitable accounting policies and then appl>. them consisientlv:
observe the me¢hods and principles in the Charilies SORP..
make judgments and esiiJnaies thai are reasonable and prudeni:
slate whether applicable A¢couniing STandards have been followed. subje¢1 To any maierial
departures dis¢losed and explained in ihe financial staiements: and
prepare the financial staiemenis on the going Concern basis unless li is inappropriate to presume that
the ch£lriiable coinpany will ¢oniinue in business. As explained in noie l io the financial siaiements.
Ihe trL15tees do noi believe the going concern basis io be appropriate and. in coiisequence. these
financial siaiemenis hav¢ noi been prepared on that basisThe iTusiees are responsible for keeping
adequate accouniing records that disclose with reasonable accurdcv ai anv lime ihe financial position
of the chariiable company and enable them 10 ensure that the financial siaiemenls comply with ihe
Companies Act 2006. They are also reswnsible for safeguarding ¢he asseis of the chariiable company
and hence for taking reasonable steps for the prevention and detection of fraud and other
irregulariiies.
The trustees are responsible for the maintenance and integrity of the corporate and financial
inforniaiion included on the charitable company's website. Legislation in ihe United Kingdom
governing ihe prepardiion and dissemination of financial Siatements may differ from l¢gislation in
other jurisdi¢iion5.
In so far as ihe trustees are aware:
there is no relevant audit inforniaiion of which the charithble company's auditor is unaware;
and
the irusiee5 have taken all sieps that they oughi to have taken to make ihem5elves aware of
any relevant audit inforn)aiion and to establish ihai ihe audiior is a￿.are ol'that information.
Approved by the Board and signed on its behalf by:
Mr G P Fielding
Company Secretary

INDEPENDEKf AUDITOR'S REPORT TO MEMBERS OF THE WORK FOUNDATION ALL4INCE
LIMITED
Oplnlon on the flnancial statements
In our opinion. the financial 5tatanents:
give a tnje and fair view of the state of the Charitable Company's affairs a5 ai 31 July 2021
and of its incoming resources and application of reX￿rte$ for the year then ended.
have been properly prepared in accortjance with United Kingdom Gwerally Accepted
Accounting F*actice; and
have been prepared in acc¢ydance wth the requlrements of the Companies Act 2006.
We have audited the finandal statement5 of The Vlork Foundation Alliance Limited I'the
Charitable Company") for the year ended 31 July 2021 which comprise the statement of
financial activities, the balance sheet and r￿teS to the financial statement5, including a
Summary of significant accounting policie5. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingd(Yn Accounting Standards,
inclu¢Jing Financial Reporting Siandard 102 The FirkinciGI Reportins Standard t7pplicoble In the
UK arKI Republic ol Irelofftl (United Kingdom Generally Accepted Accounting ￿aCtIce1.
Basls for opinlon
We conducted cHJr audit in accordance with International Standard5 On Auditing IUKI IISAS IUKII
and applicable law. Our responsibiliiies under those standards are further deKribed in the
Auditor's responsibilities for the audit of the financial statement5 section of our report. We
belleve that the audit evidence we have obtained 15 wfficient and appropriate to provide a
basis for our opinion.
Independence
We rernain Independent of the Charitable Company in accordance with the ethical requirements
relevant to our audit of ihe finanoal statements in the UK, including Ihe FRC'S Ethical Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Empha515 of matter- flnancSal statements prepared on a bas15 Qther than golng concern
We draw attention to Note 1 to the financial statements which explains that the directors
intend to liquidate the company and therefore do not consider the company to be a going
concern. Accordingly the financial statement5 have been prepared on a ba515 Other than that
of going concern as described in Note 1. Our opinion is not modified in this respect of this
matter.
Other Informatlon
The Trustees are responsible for the other infomiation. The other information comprises the
information included in theAnnual Report, other than the financial statements and our auditor's
report thereon. The other information comprises: annual report of the trustees. Our opinion on
the financial statements does not cover the other infomiation and, except to the extenl
otheTrwse explicitly stated in our report, we do not express any form of a55urance conclusion
thereon. Our responsibility is to read the other inforn)ati¢)n and, in doing so, consider whether
the other information is materially incon51Stent with the financ7al statements or our knowledge
obtained in the audit or otherwse appear5 to be materially mlsstated. If we identify such
material inconsistencie5 or apparent material mi5Statements. we are required to determine
whether there is a material misstatement in the finanaal statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that
fact.

We have nothing to report in this regard.
Other Companies Act 2006 reportlng
In our opinion, based on the undertaken in the course of the audit:
the information given in the Trustees. Report, which includes the Directors. Report and the
Strategic report prepared for the purposes of Company Law, for the financial year for which
the financial statements are prepared is consistent with the financial statements,. and
the Strategic report and the Director5, Report, which are included in the Trustees, Report,
has been prepared in accordance wilh applicable legal requirements.
In the light of the knowledge and understanding of the Charitable Comparry and Its environment
obtained in the course of the audit, we have not identified material misstatements in the
Strategic report or the Trustee'5 report.
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if. in our opinion.
adequate accounting records have not been kept, or retum5 adequate for our audlt have
not been received from branches not visited by LSS,. or
the financial statements are nol in agreement with the accounting records and returns,. or
certain disclosures of D7rectors' remuneration specified by law are not made,. or
we have not received all the infomiaticffl and explanatlcrfls we require for c4Jr audit
Responslbllltles of Trustees
As explalned more fully in the statement of trustee5' responsibilities, the Trustees (who are
a150 the directors of the charilable company for the purp05e5 of company lawl are responsible
for the preparation of the financial statements and for being satlsfied that they give a true and
fair view, and for such internal control as the Trustees detemiines 15 n￿eSsary to enable the
preparati(￿ of financial 5tatement5 that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Trustee5 are responsible for assessTng the Charitable
Company's ability to continue as a going concern, disclosing. as applicable. matters related to
going concern and using the going concem basis of accountinq unless the Trustees either intend
to liquiéate the Charitable Company or to cease operations, or have no realistic alternative but
to do so.
Audltor's responslbllltles for the audlt of the flnanclal statements
We have been appointed as audit(￿ under the Companies Act and report in accordance
with the Act and relevant regulations made or having effert thereunder.
Our objectives are to obtain reasonable assurance about whether the financial Statements as a
whole are free from material ffli5Statement. whether due to fraud or error, and to issue an
auéitor's report that include5 our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAS IUKI Y￿1[ always éetect
a Material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individL¢ally or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was capable of deterting irregularitie5, including fraLKJ

Irregularities, including fraud, are instances of non-compliance with law5 and regulations. We
design procedures in line with our responsibilities, Outlined above, to detect material
misstatements in respect of irregularities. including fraud. The extent to which our procedures
are capable of detecting irregularities, including fraud is detailed below:
As a part of our audit in accordance wth Llnited Kingdom Generally Accepted Accounting
Practice; and requirement5 of the Companie5 Act 21KJ6 we exercise professional judgement and
maintain professional scepticism throughout the audit. Based on our understanding and
accumulated knowledge of the Charity and the sector in which ii operates we considered the
risk of acts by the Charity which were contrary to applicable laws and regulations, includlng
fraud and whether such actions or non-compliance might have a material effect on the financial
statements. These included but were not limited to those Ihat relate to the form and content
of the financial statements, such as the Charities SORP 2019, Financial Reporting Stanéard 102
The Financial Reportins Standard opplicable in the UK ond Republic of Irelond Iunited Kingdom
Generally Accepted Accounting Practice) the UK Companies Act 2CQ6 and those that relate to
the payment of ernployees. All leam members were briefed to ensure they were aware of any
relevant regulation5 in relation to their work.
We evaluated management's incentlves and opportunities for fraudulent manipulatlon of the
financial statements lincludinq the risk of override of controls), and determined that the
principal risks were related to Posting inappropriate journal entries, management bias in
accounting estimate5 and impr¢Jper revenue recognition associated with year-end cut.off. Our
audit procedures included. but were not limited to:
Agreement of the flnanclal statement dlsclosures to underlwn8 SUPPQrtlnq
documentation;
Challenging assumptions and judgements made by managament in their siqnlficant
accounting estimates, In particular in relation to recoverability of debtors
Revenue year end ctjl-off procedures;
Identifying and tesiin8 joumal entrles, in particular any journal entries posted with
specific unusual narrative, manual joJrnals to revenue and cash. and review of
journa15 posied to least Used accounts:
Discussion5 Wlth management,. including consiéeratlon of known or suspected
instances of non-compliance wth laws and regulation and fraud.
Obtained an understan(Jing of how ihe Charity is complwng with Ihose legal and
regulatory frameworks such as Companie5 Act 2Cth & Employment Taxes Act by
making enquiries to management and those responsible for legal and compliance
procedures. We corroborated our enquiries through our review of board minutes
and other evidence gathered during the course of the audlt;
Obtaining an understanding of internal control relevant to the audit in order to
design audit procedufe5 that are appropriate in the circumstance5, but not for the
purpose of expres5in8 an Opini￿ on the effectiveness of the Charity'5 internal
control- and
Evalualed tthe overall preseniatlon, strvcture and C￿tent of the financial
statement5, including the disclosures. and whether the financial statements
represent the underlying transaction5 and events in a manner that achieve5 fair
presentation.
Our audit procedures were designed to respond to risks of material misstatement in the
financial siatements, recognising thal the risk of not detecting a material misstatement due to
fraud is higher than the risk of not deteclin8 one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery. misrepresentatior15 or through collusion.
There are inherent limitations in the aL￿7t pr￿edureS perfomied and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the
financial statements, the le55 likely we are to bec(Kne aware of it.
A further de5criptTron of wr responsibilities for the audit of the financial statements is located
at the Financial Reporting Council's I"FRC's"I website at-
htt s.. //www.frc.or
-uklauditorsres
sibilities. This description forms part of our auditor's
report.

Use of our report
Th?s report 15 made solely to the Charitable Company's members. a5 a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2(K]6. Our audit work has been undertaken 50 that
we might state to the Charitable C(Mnpany's members those matters we are required to state
to them in an auditor's report and foi no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the Charitable Company and
the Charitable Company's members as a body. for our audit work, for this report. or for the
opinions we have formed.
Oottu$*n•d by..
A11A1e0130tA4AC
Kyla Bellingall15enior Statutory Auditor)
For and on behalf of BDO LLP. statutory auditor
Birmingham
13 April 2022
BDO LLP 15 a limited liability partnership registered in England and Wale5 Iwth registered
number OC3051271.

The Work Foundation Alliance Limited
Statement of Financial Activities including income and expenditure account for
the vear ended 31 Juh. 2011
Totsl
Toial
2021
2020
Note
Income and eDdowments from:
Other irading activities
383,368
383J68
5•5.?09
525.209
Tot41
383.368
5?5 ?09
Expenditure on:
RaisinbT fiinds
662.217
667.196
Charitable activiiies
(rovernancc cosis
12.374
Tol*l
724,740
679.-570
Net expenditure for th¢ year
(341 J72)
(154.3611
Net moYem¢nt in funds
(341 J72
11.54.361
Reeoncili#lii)n of fun(Is:
Unrestriclcd funds balance5
brought fon¥ard at l Au¥usi
Unrestri¢ied lunds balan¢¢s caThied
forward ai 31 July
{2,898,934)
(2.744.573)
(3.240J06>
(2,898.9341
There is no material difference between Ihe Ios5 before taxation and the loss for the financial
year slated above and their histori¢Jl cosi equivalenis.
10

The Work Foundation Alliance Limited
Balance Sbeet as at 31 Juli 2021
Tot*1
Total
Total
Toial
Note
2021
2021
2020
2020
Current Asse1$
Debtors
Cash at bank and in hand
Tothl Current Assets
302.989
4,939
307.928
442.491
4.969
447.460
Creditors.. amounts falling due
within one year
13.548.234)
1).)37.3141
Net ¢urrent liabilities
(3.240.306)
(2,889.854)
Total 454ets less current
liabilities
13.240.306>
11 889.8541
Creditors- amounis falling due after
one year
(9,080)
Net Liabllities
(3.240,J06)
12.898.934)
The funds ofthe Charitv
Unrestricted funds
{3,240J06)
{2.898.934}
Total Charlty deficit
(3,240.306)
1? 89fl.9341
These financial siotements on page5 1 O to 18 were approved by the board of directors
and were signed on 115 behalf by
Mrs S Randall-Paley
Trustee
Charity number= 1146813
Company number". 07746776

The Work Foundalion Alliance Limited
Note5 to the financial statements for the vear ended 31 Jul). 2021
Accounting policies
Charity information
The Work Foundation Alliance Limited is a ¢hariiable company limiied by guardn¢ee registered in
England & Wales. The charitable company 15 a publi¢ bei)efit cntity. The registered office is
Lancaster University. Universiiy House. Bailrig& Lancaster. Lan¢ashir¢. LA14YW.
Basis of preparntio
These financial siatemen15 have been prepared under the hisiorical cosi convention and in accordance
witli Accounting and Reporting by Charitie5.' Siaiement of Rccommended Pracli¢¢ applicable to
charities preparinbj their accounis in accordanc¢ willi ihc Financial Reporting Standard applicdble in
Ihe UK and Republic ot ITeland IFRS I O?) leffe¢iive l January 2019)- Ihe Chariti¢s SORP IFRS102),
Charities Act 201 l and the Companies Act 2006.
Going Concern
The Charity ceased trading in April 2021 and ihe Trustees intend io liquidate the Charity in due
¢OLirse. The Trusiees do noi Consider the Chariiy io be a bioing conceni. Accordinbly. the fii)an¢ial
siatLiiienis havL noi been prepared on a going concern basis. No adjusiments were nLc¢ssary to the
umollnis ai which ihe r¢mainingT assets and liabilities are included in ihe financial stat¢menis
Cash Flow
The company is exempt from ihe r¢quiremeni of FRS 102. to prepare a cash flow siaiement. as li is a
siibsidiary und¢rtaking? of LancasEer University and its cash flows are included within the con501idated
casli Ilow 8ldtcm¢nt ol-tha¢ eniily
Financial Instruments
TrddL and other debtors are re¢ognised al the seitl¢ment amount due afier anv irade discount off¢red.
PrLpayments are valued at the amount Prepaid nei of any Irdde discounts due. Cash ai bank and cash
in liand includes cash and short i¢mi highly liquid investmen15 With a short maiurily of three months
or less froin the da¢¢ of dcquisilion or opening of ihe dewsit or Similar accounl. Crediiors and
provisions are reeogTnised where ihe ¢hariiy has a pr¢5¢ni obligation r¢5uliinb? from a evenl that
will probably resuli in ihe (rdnsfer of funds lo a third party aiid ihe ￿noUn1 due to settl¢ the obligation
an be measLired or es(imated reliably. Credilor5 and provision5 are nomially recognised ai their
5ettlem¢ni dmount after allowing for any trade di￿oUntS due.
12

The Work Foundation Alliance Limited
Notes io ihe finanLial siatenients for the l'ear ended 31 Jul* 2021 leontinued)
Accountin2 ptslRcies IconiiDuedl
Related party transactions exemption
The COTnpany has taken advantage of ihe exemption under section 33.1 I from ihe provisions of
FRS102 on the ground5 Ihar it is a wholly owned subsidiary of a group headed b), Lancaster
Universit),.
Current t8x#tion
Corpordiion ta.x payable is provided on i￿able profiis at ihe curreni raie. Irrecoverable VAT is
charged 10 the income and eX￿ndItUre account as incurred.
Turnover
Turnover arises from provision of services in the UK. Revenue is ￿OgnISed in line with the
provision of services.
The method of revenue recogniiion varies according ihe ternis of the individual contrdcts or income
stream wilh revenue being recognised when the deliverables are deemed io have been fully mei.
These meihods include-.
Venue hire- spread equally over ihe hire period.
All funds received during the year and the prior year were unrestricted funds and are used to deliver
Ihe aims and objectives of the chariiy.
Deferred income
Income is deterred in the annual financial siaiemenis to the extent that li has been billed in advance of
service delivery and entiilemeni io the funds noi due at ihe year end.
Slgnificant accounting estimates and judgements
Management has nol made an) dc¢ouniing estimaies or judgements that would have a significani
effect on the amounts recognised in lh¢ financial siaiements.
The Directo￿ di5ciiss accounting estimaies and judgemenis in the contexi of the budgel setting
process and during ils periodic revi¢w of ihe accounts ai Board wneetin8S.

The Work Foundation Alliance Limited
riotes to the financi￿1 %tatements for the year ended 31 Jul!. 2021 (continued)
Accounting polieies {conlinued)
BASIS of allocation of expenditure
Direct Costs are allocated in full to th¢ specific departmenl or income stream io iyhich they relate.
Centrally incurred expenditure which 15 noi dire¢ily atiribuiable to a specific department or income
sireain is allocated to each department pro-rath io ihe siaff number5 ￿lIhIrt Ihe depaninent.
DLiring ?0?0121 ihere was no centrdlly incurred expendiiure ihai was not directly attributable io a
specitic income siream12020.. £nil).
Opcr¥ting leases
Rentals payable in re5ptt¢ ol'operating leases are charbed to ihe siaiemeni of financial activilies over
lh¢ pLriod of the lease. Lease inc¢niives. such a5 reni-free periods. a￿ allocaled over the term ol-tli¢
lease on a slraighi-line b&sis.
The Inanab)emeni of the lease is the responsibility of the Univetsily property service team.
Fund accounting
Unrestricted fund5 are available io spend on activilies ihai deliver th¢ aims and objectives ol'ilie
charily.
The charity has noi received any reslricted funds during ihe year and ihe prior year.
Curreno.
The financial staiements are presenied in £ sierling.
14

The Work Foundation Alliance Limited
Notes to the fjnancial stdteni¢nts for the l'ear ended 31 Jul!. 2021 (euntinued)
Resources e¥pended
Siaff
Cos
Office
Cosis
her
Costs
Total
Total
2021
2020
Otl)er
Governance
Totil
662,217
662.217
667.196
9.988
66?.217
9.988
724,740
679.570
Office Cosis consisi of rent, service charges. business rdres. electriciiy and property insurance.
Prior year comparative5
St3tT
Cosis
Other
Cosis
Total
2020
Costs
Other
Governance
TotAI
667.196
667,196
12,374
679.$70
1.948
1.948
10.4?6
10.4?6
667.196
Governance co$ts consist of: _
2021
20?0
Mana¥emeni Cosis
Legal and Siaiutory Fe¢$
Support Costs
Total
2.535
59,988
1.948
10,416
62.523
St*ff costs
The charily does noi have any employees (2020: nil).
Directo￿. remuneratitsn
The charity does not employ any directors (2020: nil).
Administrative expenses include rnanagement charges of £2.535 in respeci of pan lime duties of
company directors employed by the University i?020= £1.948).
No trustees received remunerdiion or reimbursement of expense5 from the charity during the current
or prior year.
Interest pa!'#ble and similar ch*rgt
Interest is received or paid on the inier-companv balances held ￿'Ith its pa￿n¢. Lancaster Universitv. at
a rdte of Base Rate plus 0.25Yo. Interest pavabl¢ is included i¥iihin office support costs in Noie 2.
15

The Work Foundation Alliance Limited
Notvts to the financial statements for the vear ended 31 Jul!. 2021 Icontinued)
Net oulgoinE resources before taxation
2021
2020
Loss IJ stufed llfler chanjiug..
Auditor's remuneration: auditing of the financial
statements
7.760
Debtors: amounts f¥lling due wilhim one i'e*r
2021
2020
Trade debtors
Ac¢rued income
Amounis owed by Land¢c Limiied *
Prepayrnent5
Value Add¢d Tax
22,282
13,805
294,512
100.797
11.095
442.491
294.512
8,477
302.989
The Work Foundation Alliance Limited commenced trading a5 TWF on l Augyusl ?0 l • wlien the
Irade, activities, certain ass¢is and liabilities ol-Landec Limited (trading as Tl)e Work Foundalioi))
were Iranslerred to TWTr' lollowinbT its SLiccessful ¢harily regTlStraiion. The liabilities transferred
wer¢ £294,512.
Creditors: amounts falllngdue wlthln one year
2021
2020
Trade creditor5
Amolinls owed io Lancaster University
Accrual% and def¢rr¢d income
6,967
3,523.054
18,212
3.548.234
?10
3.178.570
158.534
3.337.314
*Lancasler University ha5 Confirnied thai it will seek repayment of this amouni for the foreseeable
tLItLire. Inierest is paid on the balance al a rate of Base Rate plus 0.2S% per annum.
Deferred income inclLide5 venue hire income received in advance of the hire wi￿. The fund5 re¢¢ived
are deterred and released to match the timing of the hi￿ peri￿J. The moveinents in deferred inconie over
the y¢ar were
Deferred income balance brought forward
New delerrdl in the year
Releases from deferred income
Deferred income balance Ca￿led forward
80,843
(80,843)
16

The Work Foundation Alliance Limited
Notes io the fjnallcial slaremenis for the l'ear ended 31 Jul!. 202 R (continued)
Credltors.. amounts falllng due after more than one year
Lease Premium in respeci of properry rental
2021
2020
Within orbe year
Wiihin two io five years
Total
9.080
9,080
The lease premium was being released over a period of10 years.
Operalin% lease ¢ommitm¢nls
Lessor
As The lease ceased on 24 April 2021. Ihe charitv had no commitments under operaiing ILases at ihe
year end (2020.. £611.30]). These figures retleci ihe rent review ihai look effect froin Sepiemb¢r ?016.
Future minimum le&se payments under non-cancellable
operatin¥ leases
2020
?020
Within one year
Within iwo ro five years
Total
525.1)00
86.301
611.iOI
Le55ee
The charity had a subienani at its Palmer Sireei premises uniil the revised end dale of 24 April 2021.
Ai the year cnd the charity was Iherefore due no income under operating leas¢12020: £486,351).
FuiLITe minimum lease receipts under non-can¢ellable
operating leases
2021
20?0
Within one year
Within iwo to live years
Toial
417,690
68.661
486.3%1
17

The Work Foundation Alliance Limiled
Note5 to the financial statements for the )'eor ended 31 Jul1- 2021 (continuedl
io.
Ultimate p#rent eompan
The ultimate pareni undertak'ing and controlling party is Lancasier Universiiy. The principal purpose
of Lancaster Universiry 15 the provision of teachhng and research
Lancaster Universiiy is the parent undertaking of the largesi and smalle51 group of undertakings to
consolidate these financial staiements at 31 July 2021. Th¢ consolidaied financial statements can be
obtain¢d trom
Lancaster University
University House
Bdilrigg,
Lan¢aster
Lan¢ashire
LAI 4YW
18