WORKFORCE TRAIISING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST TrIARCH 2023 ( A COMPANY LIMITED BY GUARANTEE AThD NOT HAVING A SHARE CAPITAL) COMPANY REGISTRATION NUMBER NI 031308 CHARJTY REGISTRATION NUMBER NIC 101872 O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATirroRY AUDITORS 547 FALLS ROAD BELFAST BTII 9AB WORKFORCE TRAINLNG SERVICES LIMITED FINANCIAL STATENtENTS FOR THE YEAR ENDED 31ST MARCH 2023 CONTENTS Members and Professional Advisors Trustees Annual Report (including the Statement of Directors Responsibilities in respect of fmancial statements) Report of the Independent Auditors to the Members, 8-10 Accounting Policies 11-13 Statement of Financial Activities (incorporating the income and expenditure account) 14 Balance Sheet 15 ststement of Cash Flows 16 Notes to the Financial Statements 17-23 Page I WORKFORCE TRAJMNG SERVICES LIMTTED FINANCIAL STATEMEIYTS FOR THE YEAII ENDED 31ST MARCH 2023 OFFICERS AND OTHER INFORMATION Directors Joseph McAuley (Chair) Julie Maguire (Treasurer) Frank Cullen John Deery Harriet Ferguson David Lynn Henry M¢Carry Catriona Mccorry Dr Philip Toner Secretary Paul Boyle Registered Office WorkfoTce Training Services Limited 88-90 Springfield Road Belfast BT12 7AJ Auditors O'Hara Sbearer CharteTed Accountants & Statutory Auditors 547 Falls Road Belfast BTI 19AB Solicitors O'Reilly Stewart Solicitors House 75. Courtside 77 May Street Belfast BTI 3JL Bankers Danske Bank Belfast Business Centre P.0. Box 183 Donegall Square West Belfast. BTI 6JS Company Registration Number NI 031308 Charity Commission for Northern Ireland Registration Number NIC 101872 Page 2 WORKFORCE TRAINING SERVICES LIMITED FINANCIAL STATEME,NTS FOR THE YEAR ENDED 31ST MARCH 2023 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS, Opinion We have audited the financial staternents of Workforre TTaining Services Limited (the 'charity') for the year ended J l March 202J which comprise the Statement of Financial Activities, the Ba]ance Sheet the Statement of Cash Flows and the notes to the financial statements, including a Summary of signifioant accounting policies. The fjnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financia] Reporting Standard 102 Thefinancial Reporting Standard Qpplicable in the UKand Republic oflreland (United Kingdom Generally Accepted Accounting Prnctice). In our opinioo the financial staternents: give a true and fair view of the state of the charitable CO￿panY'S affairs &s at i l March 202a and of its incoming Tesources and application of resources, including its income and expenditure for the year then ended; bave been properly prepared in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) (effective l Jallauary 2015) - (Chartties SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). have been prepared in accordance with the requirements of the Companies Act 2006. Ba515 for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are ￿rther described in the Auditor's Tesponsibilities for the audit of the accounts section of OUT report. We are indep¢ndent of the charity in accordance with the ethical requirements that are Televant to our audit of the accounts in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. W¢ believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a b&sis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in Telation to which the ISA5 (UK) require us to Teport to you where.. the trustees, use of the going concern basis of accounting in the preparation of the fmanC1￿ statements is not appropriate. or the trustees have not disclosed in the financial statements any tdentified rnateTiaI uncertainties that may cast 5ignifJcant doubt about the charity's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements ar¢ authorised for LS5Ue. Other information The other infonnation comprises the infornation included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other inforrnation an(t except to the extent otherwise explicitly stated in our repo¢ we do not express any fonn of assurance conclusion thereon. tn connection with our audit of the financial statements, our responsibility is to read the other inforniation an¢ in doing so, consider whether the other infonnation is materially inconsistent with the financial Statements or our knowledge obtained in the audit or otherwise appears to be mateTially misstated. If we identify such rnaterial inconsistencies or apparent materi n]isstat¢ments, we are required to deterniine whether there is a materia] mksstatement in the financial staternents or a material misstatement of the other inforniation. If, based on the work we have performed, we conclude that there is a tnaterial misstatement of this other infonnation. we are required to report that fact. We have nothing to report in this regard. Page 8 WORKFORCE TRAINING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 REPORT OF THE INDEPENDEiYf AUDITOR TO THE MEMBERS, Matter5 On which we 2re required to report by exception tn the light of the knowledge and understanding of the Trustees and its enviroDrnent obtained in the course of the audiL we have not identified material misstatements in the Tru5tee5' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires u5 to report to you if, in our opinion.. sufficient accounting records have not been kept. OT tbe fmancial statements are not in agreement with the accountincy records. or certain disclosures of tU￿teeS, remuneration specified by law are not made. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more ￿llY in the Ststement of Trustees, Responsibilities, the trustees, who are also the directors of the charity for the pU￿oSe of company law, are responsible for the Preparation of the financial statements aud for being satisfied that they give a true and faii view, and for such internal control as the director5 deterniine is necessary to enable the preparation of financial statements tbat are free from material misstatsJnenL whether due to fraud or error. In preparincr the financial statemeuts, the trustees are Tesponsible for asse55ino the charity's ability to continue as a going concern, disclosing, &s applicable, matters related to going concern and using the troino concem basis of accounting unless the trustee5 either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives aTe to obtain reasonable assurance about whether the fmancial statements as a whole are free from mateTial isst2tement, whether due to fraud or eEror, and to issue an auditorfs report that includes OUT opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material rni55tatement when it exists. Misstatemellts can artse from fraud or error and are considered material if, individually or in the aggregate, tbey could Teasonably be expected to influence the econornic decisions of users taken on the basis of these fmancial staten)ents. regularities. includints fraud, are instances of non-compliance with laws 2nd Tevulations. We desigT procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregulaTities, includino fraud. The extent to which our procedures are capable of detecting irreoulartties. including frau(L is detailed below. ExplaD8tion as to wljat extent the zudit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are to identify and as5e55 the risk of material misstatement of the financial Statements due to fraud. to obtain suifRcient appropriate audit evidence regarding the assessed risks of Material misstatement due to fraud, through designing and implementing appropriate Tesponses to those assessed risks. and to respond appropriately to instances of fraud or suspected fraud ideutified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the Charity. Our appToach was as follow5: We obtained an understanding of the leoal and Tegulatory requirements applicable to the charity and considered that the most Si￿lficant are the Companies Act 2006 and the Financial Reporting Standard applicable ij] the UK and Republic of Ireland (FRS 102) (effective l Janaury 2015) - (Charities SORP (FRS 102). Enquiry of managemenl those charged with oovernance and the entity's 501i¢itors around actual and potential litigation alld claims. Enquiry of entity staff in compliance fimctions to identify any instances of any non-compliance with law5 and regulations. Reviewing financial statement dtsc105ures and testing to supporting documentation to assess compliance with applicable laws and regulations. Page 9 WORKFORCE TIL41NTNG SERVICES LtMITED FINANCIAL STA TEMEryTS FOR THE YEAR ENDED 31ST MARCH 2023 REPORT OF THE INDEP NDENT AuD￿oR TO THE MEMBE Auditing the risk of managcment ovenide of contro15. including through testing journal entrie5 and other adjustments foT appropriateness. and evaluating the business rationale of significant tran58CtiOll5 Outside the nonnal course of business. As part of an audit in ac¢ordan¢e Mryth ISAS (UK) we exercise professional judgement and maintain prof￿$10￿al scepticism throughout the audiL We also: Identify and assess the risk5 of ]nateTial misstatcmcnt of th¢ financial statements, whether due to frdud or error. desigm and perforyn audit procedures responsivc to those risks, atLd obtain audit evidence that is suffjcient appropriate to provide a basis for our opinion. The risk of not de￿ctIng a material misstatrment resulting from fraud is higher than for one resulting from etror, ls frdud may involve collusioiL forgery. inlcntional omissions, tnisrepresentations. or the override of internal control. Obtain an understanding of int¢mai control relevant to the audit in order to design audit procedures that are appropriate in the ¢ircumstances. but not for th¢ PUTPOSCS of expressing an opinion on the eff¢¢tivencss of the COFnpany's interna] control. Ev81uate the appropriatenrs5 of accounting policies us¢d and the re&sonablcncs5 of accounting estimates 8nd related di5closurcs made by the directors. Concludc on the appropriatene5$ of the directors, use of the going concem basis of accounting and. based on the audit evidcnce obtained, whether a material uncertainty exists related to events or condiT?ons that may ca51 significant doubt on the charity's ability to continue as a going concern. If we conclude tbat a material utjcertainty exists. we a￿ rcquircd to draw attention in our auditor's report to thc related disclosures in the financial ststem¢nts or. if such dis¢losurcs are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to our auditovs report. However. future events or conditions may cause the charity to cease to continu¢ as a going con¢¢tll. Evaluate the overall presentation, structure and content of the financial statements. including thc disclosures. and whcther the financial statements represenl the undcrlying transactions and events in a manner that achieves fair prcscntation. A further descriptlon of our responsibilities for the audit of the f￿anCial statements is locatcd on the Financial Reporting Courkcil's wcbslte at= http'.Ilw¥m.frc.org.uklauditorsre5ponsibilitie5. This description fom]s part of our auditogs report. We communicate with those charged with govemance regarding, among other matters, the planned scope and liming of the audit 8J)d significant fmdings, including any si￿]1r1¢anI deficiencie5 in intCTnai control that we identify during our audit. Use of our report This report Is made solely to the charitable company's membcrs, &s a body. in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006 and rcgulation5 made under that ACL Our audit work ha5 been undertaken so that we might state tr> Ihe charitable Companls members those matt¢r5 we are requiTed to state to them in an auditors, report and for no othcr purpose. To the fullest cxtent pemiitted by law, we do not accept or assumc responsibility to anyone other than the chariiable company bers a body. for ur audit work", for thi5 repo]( or for the opinion5 we have fornied. LAWRE E SHEARER F.CA., Senior Ststutory Auditor FOR ANT) ON BEHALF OF O'HAIL4 SHEARER, Statutory Auditor O'HAiL4 SHEARER CHARTERED ACCOUNTAf+lTS AND STATufoRY AUDITORS 547 Falls Road Belfast BTI19AB Dated: 8th D¢¢ember 2023 Page 10 WORKFORCE I]L4tNING SERVICES LIMfFED FINLNCLIL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 STATEMENf OF ACCOUNTING POLICIES Accounting Convelltioll and Basis of Accounting The financial statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard which applies in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of lTeland (FRS 102) and the Companies Act 2006. Going Concern At the time of approving the financial statements, the trustees, have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable fvture. Thus the trustees, continue to adopt the going concern basis of accounting in preparing the fmancial statements. Income Recounitioll Income is recognised when the Charity has entitlement to the funds, any perfonnance conditions attached to the item(s) of income have been meL it is probable that the income will be received and the amount can be measured reliably. Interest Receivable Interest on funds held is included when receivable and the amount can be measured reliably. this is nonnally upon notification of the interest paid or payable by the Bank. Resources Expended All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category. Fundraising costs include the costs of advertising, producing publications, printing and mailing fundraising material, and staff costs in thesc areas. Costs of charitable activities include direct expenditure inCu￿ed through operational activities. Governance costs represent the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fimdraising oi charitable activity. Fixed Assets All tangible fixed assets are recorded at cost. Pagell WORKFORCE TIUINING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 STATEMENT OF ACCOUNTING POLICIES Conltnued Depreciation Depreciation is calculated to write off the cost of fixed assets over their estimated usefvl lives at the following rates: Freehold Property Plant and machtnery Fixtsres and fittings Motor vehicles 2 % straight line 12.50% residual value 20 % residual value 250/0 residual value Investments Unlisted equity investments are initially recorded at GOSL and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairnient. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Repairs and Renewals All repairs and renewals are written off as incurred Pellsion Costs The charity does currently operate a defmed conribution pension scheme. Debtors and Prepayments Trade debtors and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. Financial Instruments The Charity only has financial assets and fmancial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Foreign Currencies Monetary assets and liabilities in foreign Currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. Page 12 WORKFORCE TRALYING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 STATEMENf OF ACCOUNTING POLICIES Continued Fund Accounting Unrestricted fitnds are general funds that are available for use at the Trustees, discretion in fvrtherance of the ¢haritable objectives of the charity unless the ￿ndS have been designated for other puTposes. Designated fi2nd5 are unrestricted filnds set aside by the trustees out of unrestricted funds for spe¢ifi¢ Jre pury)o$es. Restricted fvnds are those given for use in a parti¢ulaT area or for specific purposes. the use of which is restricted to that area or purpose. Endownment fmnds Hre subjeth to specific conditions by donors that the capital must be maintained by the charity. The income received from fimders depends on the eharity meeting detailed criteria on expenses plans. Grant5 (riven under such conditions are also given subject to them being obtained for in connection with the fjjrtherance of the ¢harity's aims and objectives. Such income can be repayable to the funder if such expenses plans and criteria 8re not met. Such income is only deferred when the donor specifies that the wLldonation must only be used in future accounting periods; or the donor has imposed conditions which must be met before the charity ha5 unconditional entitlernent. Income frorn charitable activities includes income received under contract or where entitlement to grant SJnding is subject to specific perfonnance conditions is reco8mised as earned as the related goodslseTvices are provided. Granl income included in this category provtdes fvnding to 5UPPOrt perfomiance activities and is recognised where there is entitlement, certainty of receipt and the amount ¢8n be measured with sufficient reliability. Income is defe￿ed when: feeslperfonnance related grants are received in advance of the performanc&levent to which they relate. Reserves Policy Workforce Training Services Lirnited reserves policy is to maintain a sufficient level of reserves to enable operating activities ¢0 be maintained for a period of at least 3 to 6 months in the event of rnajor fuDding strearns ending. The reserves policy also takes a￿OUrtt of covering costs in the event of closure, to cover redundancies, rents, and fees that are due including statutory audit fee5. It also take5 account of potential risks and contingencies that may arise from time to time. Workforce Training SeTvices Limited maintain unrestricted reserves if accrued should be used for the purposes which meet the aims and objective5 of Workforce Training Services Limited. The board should monitor and review the amount of unrestricted reserves monthly in addition to the level of any restricted reserves. The trustee5 have a￿ed to designate totalling £1.5 Million in order to assist with the future capital obligations of ihe organi5ation. Page 13 WORKFOR E TRAIN'ING SERVtCES LIMITED F FIYATrICIAL ACTIVITIES ineor orxtin the inconje and ex OR TIIE YEAR ENDED 31ST i￿lAR 023 STATEMED4T enditure 8c¢ount Unr¢stricted Re$tri¢ted Endownment TOTAL Fund$ Funds Funds 2023 TOTAL 2022 NOTES tNCOME AND EtYDOWNIMET4TS FROM: Donations and lega¢i¢5 lllcome from investments Jncome frora chAtitabl2 activities Income from other trading activities 32,975 3,114.612 1.38l.370 32,975 12.164 3.114.612 3,442.646 l i81370 1.497.244 TOTAL INCOME AND ENDOWTriMEP4TS 4,528,957 4528,957 4,952,1)54 EXPENDITURE ON: ExpeDdittre oll rsising funds Expenditwe on chtiritabl¢ pdivities Other wenditure Net (gatsJslnosses OD investments J.961207 3,96I207 3.582.547 23,Il3 (166 TOTAL RESOURCES EXPETr4DED 3.984,320 3.984.320 3582.381 NET INCOMEI(EXPENDITiJRE) 544.637 544,637 1,369h73 Trallsfer5 bettveen fimds NET MOVEMENT IN FUNDS 544,637 544,637 1 J69,673 RECONCILIATION OF FUNDS TOTAL FLTrIDS BROUGHT FORWAIID 7,099.090 7.099.090 5,729,4I7 Prior year adjustment 22 92.187 92.187 TOTAL FUNDS CARRIED FORWARD 7,735.914 7,7J5,914 7,099,090 The Ststemettt of Financial Attivities includes All gAins and ID55es lli th¢ year and therefore St#tement of Total Re¢ogNisrd Cains Losses has not been prepared All ofthe gbove AmouDts relate to continuing a¢tiTrities The 1ccom￿ny{￿8 *ettsuutillE poiiciu thc mott5 fo￿ PArtoftheJe fiLancittI stitem¢nts Page 14 WORKFORCE TII41NING SERVICES LIl￿tTED BALANCE SHEET AS AT 31ST MARCH 2023 2023 2022 NOTES FIXED ASSETS Tangible assets Investments 3,062,771 3,093,591 1,002,958 626,071 10 4,065,729 3,719,662 cirRRENT ASSETS Stocks Debtors and prepaytnents Cash at bank Cash in hand 4,500 4,500 668,610 535,421 3,080,823 3,036,127 150 3,753,933 3,576,198 12 Creditors: amounts falling due within one year 13 (83,748) (196,770) NET CURRENT ASSETS/(LIABILITIES) 3,670,185 3.379,428 TOTAL ASSETS LESS CURRENT ASSETS/( LIABILITIES ) 6,732,956 7,099,090 Creditors: amounts falling due after more than one year 14 NET ASSETSI{LIABJLITIES) 7,735,914 7,099,090 FUNDS: ENDOWNMENT FUNDS UNRESTRICTED LNCOl¥￿ FUNDS 15116117118119120 7,735,914 7,099,090 RESTRICTED INCOME FUNDS 15116117118119120 7,735,914 7,099,090 PPROVED O.N BEHALF OF THE BOARD OF DIRECTORS . MCAULE CTOR JULIE MAGUIRE DIRECTOR DATE 8th December 2023 DATE 8th December 2023 The Accompanying accounting policies And notes forjn part of th¢st financial statements Page 15 WORKFORCE TRAINING SERVICES STATEll￿NT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2023 2023 2022 NOTES CASHFLOWS FROM OPERATING ACTIVITIES Cash generated from operations 16 561,877 1,384,504 Net cash inflow/(outtlow) frorn operating activities 561,877 1,384,504 Investing activities Investtnent income Purchase of tangible fixed assets Acquisition of investments Disposal of investments Disposal of tangible fixed assets (132,131) (148,818) (400,000) (450,000) 10 14,800 700 Net cash from inve5tiD1i5B PTVWtt B¢lfa# City Council_Job5tArt prowLm¢ B¥lfyst City Council- Acadcmics Delf&%t City CDun¢il. EJnp1oJTrentAcade￿eS Dtpment for Economy IDtEI Dep8tthcnt forCon)rnuniiies ID£fF Reddy Ernplo>Ebilty S¢rYic¢ Transport AcRdcJwe5 llltorn¢ 2250 622,3?9 136.906 94.367 170.000 21.744 4,240 329534 2.250 622.329 136.906 94,367 170.000 2L.744 4.240 329.534 3.485 218.756 235.834 120,007 50.000 23,055 18.0 581557 78.097 66.272 2,51) 98.670 3.485 218.756 235.834 120,007 50.000 23.055 18.OOQ 582.557 78.097 66272 98.670 .381.370 81.370 1497,244 1.497.244 Page 17 WOElI￿ORcE TRAD41NG S RVI TE5 TO THE FINANCIAL ST.4TEME FOR THE YEAR ENDED 31 ARCH 21123 EXPENDITURE ON RAISLYG FUNDS nrestricted Rtstrieted FllLds Funds Uttrtstrlcttd Restricted FurAds 2tr22 Promolionaj and fvndTaisin8 ¢0Sts 6. EXPENDITURE ON CHARITABLE AcrivrriES Unrestricted RtStricted Funds Funds Uurt5tricied Rcytricted Funds 2023 2022 Wag¥ and sal#ri¢5 fSeeNoi¢ 8) Soci81 security Costs (SeeNoie 8) Redundancy costs Tra￿Ing matEriaLs EqtsipIntnt lu'ring and leasing Ttsinee a114Jwances Motor and travel costs Construc120n Ski115 Re8iStw ICSRI expenses Sthff tyaining and other staff r0515 ESF.. Path 2 EmpltsyrneTht- pa￿11 costs (SE8 Nole 8) ESF.. Gel ConneEt¢d- payroll costs (SeeNoie 8J ESF.. Path 2 Etnploylnent expe￿5 ESF." Get Connected experthes C]e8ning a]2d laundry Bought-in and In-house tr)ining Aeadetni¢5 expenses Sponsorship cos IPTofitl L05s on di5P05al of fixcd &55ets Depreciation (SeeNoie g) Sundry expcrbw ,005,013 155.641 29252 100,523 16.278 693.832 7.339 9.814 31.617 247.974 279J08 41243 28.666 48.895 145.341 564.040 4.536 (10.128) 158.279 391 1,005,013 155.641 29.252 11)0.5?3 16.278 693.832 7,339 9.114 31.617 247.974 279.308 41,243 28,666 48,895 145.34L 564,(MO 4.536 110,1281 158,279 391 917.514 158.494 29,132 100,859 12.290 875.3D5 3.8Y2 9216 917.514 15B.494 29,132 100.859 12.290 875.305 3.892 9216 24270 226.336 266,305 3.855 15.794 31.861 151,832 183.597 1.750 17001 146.614 226.J36 266,305 3,855 15.794 31.861 151,832 J 83.597 1,750 1700) 146,614 3,557,854 3,5i7,854 3,15&216 3,158,216 SupptTrrt Cost5 GovernAnce ¢wts relephone and tni¢rnet P£ni payablc Rates In5ur4nce Eht and hrat Printtng. 5X)stage ar￿ stationery Repai￿ and mainlenllnce Advertising and womotior Audit fees Accountancy fees 1£8al and other profc55ion21 fee$ Subscripuons akd lieent¢s Bgnk intcrest and charses 19.812 54.940 1.787 63,053 97.WS 18,832 67,366 J9,812 54.940 1.787 63.053 97.005 18.83? 67,360 11.692 7.110 2.419 14.502 42.667 22.067 99.237 3L2 60.378 38.783 19.165 9?,981 15,086 7200 3,600 24.678 39,506 1,338 22.067 99.237 31? 60.378 38.783 19,165 92.981 15.086 7200 3.600 24.678 39.506 1.338 7,110 1.419 14.502 42.662 2,173 403J53 403JSJ 424J31 424 31 TOTAL EXPENDITURE ON CHAR￿ABLE ACfIVITIES 3 961,207 3.961.Z07 &382,547 3.582.547 7. NET IGAll¥SyLOSSES ON tNVESThIEKrs Net Igain5Wosses invethnents 23.113 23.113 166 166) 23.113 23,113 (1661 166) Page 18 WORKFORCE TIL4INING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 7. NET (OUTGOING)I INCOMING RESOURCES FOR THE YEAR This is stated after chargingl(crediting) 2023 2022 Auditors remuneration Depreciation 7,110 158,279 7,200 146,614 8. SALARY COSTS AND EMOLUMENTS 2023 2022 Total staff costs were as follows: Wages and salaries - key management personnel Wages and salaries - other stsff Wages and salaries - ESF staff Employer social security costs - key management personnel Employer social security costs - other staff Employer social security costs - ESF staff Employer social security costs - Statutory Maternity Pay Recoverable Employer social security costs - Employment Allowance 174,302 830,711 481,672 31,637 124,004 74,862 163,163 754,351 424,305 58,824 112,349 68,336 (12,679) 1,717.188 1,568,649 The average monthly number of employees during the year was a5 follows: 2023 Number 49 2022 Number 48 Trustees, remuneration and benefits There was no trustees, remuneration or other benefits for the year ended 31 st March 2023. (2022: £Nil) Trustees, Expenses There were no trustees, expenses paid for the year ended 31 st March 2023. (2022: £Nil) Page l9 WORKFORCE TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEMEPITS FOR THE YEAR ENDED 31ST MARCH 2023 9. TANGIBLE FIXED ASSETS Freehold Plant & Property MaGhinery Fixtures & Fittings Motor Vehicles Total COST As at 1st April 2022 3,649,685 345,714 1,094,679 48,450 5.138.528 Additions Disposals 32,143 45.392 54,596 132,131 (30,000) (30,000) As at 3 Ist March 2023 3,681,828 345,714 1,140,071 73,046 5,240,659 DEPRECIATION As at 1st April 2022 952.713 315,867 735.752 40,605 2,044,937 Charge for year Eliminated on disposal 62.358 3.731 77.795 14.395 158,279 (25,328) (25,328) As at 315t March 2023 1,015.071 319.598 813,547 29.672 2,177.888 Net book value 2023 2,666.757 26,116 326,524 43.374 3,062,771 Net book value 2022 2.696.972 29.847 358.927 7,845 3,093.591 10. INVESTMENTS 2023 2022 COST OR VALUATION As at 1st April 2022 626.071 175,905 Additions Fair value movements 400.000 (23,113) 450,000 166 As at 3 1st March 2023 1.002.958 626,071 IMPAIRMENT As at 1st April 2022 and 3 1st March 2023 CARRYING AMOUNT As at 31st March 2023 1,002,958 626,071 As at 31st March 2022 626,071 175,905 11. CASH AT BANK 2023 2022 Danske Bank- Current Accounts Santander Bank- C￿ent Accounts Danske Bank- tnvestment Accounts 1.018.178 2,484,I34 2,062,645 551.985 3,080,823 3,036,127 Page 20 WORKFORCE TRAINING SERVICE LIMITED NOTES TO THE Ft%ANCL4L STATEMENrs FOR THE YEAR ENDED 31ST TrL4RCH 2023 12. DEBTORS: Amouprfs FALLING DUE WITH]N ONE YEAR 2023 2022 Trade d¢bto Grallts receivable Oth¢r dcbtors Prepaym¢nts 2.822 637,005 20,102 8,681 290.626 222.292 12.081 10.422 668.610 535.421 13. CREDITOL8: AMOITNTS FALLfNG DUE WITHIN OIYE YEAR 2023 2022 Trade Creditors Busittss credit card Social security costs and i)th¢rtsxes ' Deferred Lncome Sundry ereditor5 and 8Krued exp¢n5¢S 8.000 1,404 47.386 11,628 750 47,990 45,000 26.958 83,748 196,770 14. CREDITORS: A￿0￿￿Ts FALLINC DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank108llS Defetred Èncome IS A￿ALySIs OF LYET ASSETS BETWEEN FtrylDS Tangible DEbtstS Fixed and Assets Investn¢nts Prepayments C&sh at Bank and Creditors nd Accrua15 Tran$fers be￿¢¢n Funds 21123 2022 Unrestricted Funds 3.062,771 1.002.958 673,110 3.080.823 183.748) 7,735,914 7,099,05X) Restricted Funds Total Futlds 3,062,771 1002 958 673,I10 3 080,823 83.7481 7735 914 7 099,090 16. R£CONCILL4TIOY OF OPERATING PROFIT TO NET CASH FLOW FROIM OPE]L4Tt)'G ACTIVITIES FROM OPE114TING ACTIVITIES 21123 2022 Owatin8 SuTplusllD¢ficit) for the year Depreciation Movement in debtors Movement in creditors IGainyLDss on ir¢vesknents (ProfityLos5 on di5PO521 of Fixed Assets Prior year adJ￿5￿ent 544,637 158.279 (133.189) 1113.0221 23.113 110.128) 92.187 1,369,073 146.614 {64.515) (66.382) <166) (7001 Net CAsh inflowllollfflowl from operAting Bctivities 561,877 I J84SV4 P48c21 WORKFOR E TrAfNING SERVICES LIMITED TES TO THE FIP4ANCtAL STATEMEKr FOR THE YEAR ENDED 31 202 I7. MOVEfvIEYT IN FifNDS r4et Mov¢ment Fvnd8 2023 Opening BAlante Trgn5fer5 bthvern Funds Prior year Adjustment Expenditure 2023 2022 Unrestricted Fund5 ?,099,090 4.528,957 {3,984J201 544,637 92,187 7.735.914 7.099.090 Restricted Funds 7.099.090 4528,957 3,984 J20 544,637 7.735,914 7,099,090 Pas¢ 22 WORKFORCE TRAINING SERVICES LI1￿ITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR EYDED 31ST MARCH 2023 18. UNRESTRICTED INCO￿LE FUNDS 2023 2022 Balance at 1st April 2022 7,099,090 5,729,417 Incoming resources for the year Resources expended for the year Prior year adjustment Transfer between fimds 4,528,957 (3,984,320) 92,187 4,952,054 (3,582,381) Balance at 3 1st March 2023 7,735,914 7,099,090 19. RESTRICTED INCOME FUNDS 2023 2022 Balance at 1st April 2022 Incoming resources for the year Resources expended for the year Transfer between funds Balance at 3 1st March 2023 20. DESIGNATED FUNDS Designated funds are unrestricted funds set aside by the trustees out of unrestricted funds for specific future purposes. The trustees have agreed to designate funds totslling £1.5 Million in order to assist with the future capital obligations of the organisation. 21. LEGAL STATUS Workforce Training Services Limited is a Company Limited by Guarantee. Each member has agreed to contribute £1 in the event of a compulsory winding up. Workforce Training Services Limited is registered with The Charity Commission for Northern Ireland, Charity Number l 01872. Date of registration 18th September 2015. Workforce Training Services Limited is a recognised Charity withÉn the defInition of Section 360{3) Income and Corporation Taxes Act 1970 by the Commissioners of the EJM Revenue & Customs. 22. PRIOR YEAR ADJUSTMENT The prior year adjustment relates to adjustrnents made regarding earlier f￿anCIal years accruals. Page 23