WORKFORCE TRAINING SERVICES LIMITED FIYANCIAL STATETrTENTS R THE YEAR ENDED 31ST MARCH 2023 REPORT OF THE INDEPENDENT AUDITOR TO THE IEMBERs, Opinion We have audited the financial statements of Workforce Training Services Limlted (the 'chaTity') for the year ended J l March 2023 which cornprise the Statement of Financial Activities, the Balance Sheet, the Stat¢rnent of Ch Flows and the notes to the financial statements, including a summary of significant accounting policies. The fanCIal Teporting frnmework that has been applied in theiT preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ThefinanGial Reporting Standard applicable in the UK and Republic oflreland (United Kingdom GeneraIly Accepted Accounting PTactice). In our Opinio the financial statements: giv¢ a true and fair view of the state of the Charitable company'5 affalrs as at J l March 2023 and of its incoming resources and application of resource5, including its income and expenditure for the year then ended; have beell properly prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of ITeland (FRS 102) (effective l Janauary 2015) - (Charities SORF (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of ITeland (FRS 102). have been prepared in accordance with the requiTements of the Companies Act 2006, Basis for opinion We conducted our audit in accordance with International StandaTd5 on Auditing (UK) (ISAS (UK)) and applicable l&w. Our responsibilities urAder those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our Teport. We are independent of the chartty in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical St2nd8rd, and we have filfjlled our other ethical responsibilities in accordance with thes¢ requirements. We believe that the audit evidence we have obtained is suffjcient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to Teport in respect of the following matters in Telation to which the ISAS (UK) require us to report to you wheT¢: the trustees, use of the going concern b&si5 of accounting in the Preparation of the financial statements is not appropriate. or the trustees have not disclosed in the financial 5tatement5 any identified material uncertainties that may cast significant doubt about the charity's ability to continue to adopt the going concem blS of accounting for a peTiod of at least twelve months from the date whell the financial statrments are authorised for issue. Other illforniation The other inforniation COmPTises the inforniation included in the annual repor¢ other than the fInancial statements and our auditor's report thereon. The trustees are respollsible for the other information. Our opinion on the financial ststements doe5 not cover the other inforn]ation and, except to the extent otherwise explicitly ststed in our report, we do not express any forn] of assurance conclusion thereon. In connection wÉth our audit of the fU}cial statements, our responsibility is to read the other infonnation an in doing so, consider whether the other infomiation is rnaterially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a materia] misstatement in the financial staternents or a material rnisstatement of the other inforn]ation. If, based on the work we have perfomie(L we conclude that there is a material tnisstaternent of thi5 Other infonnation, we are required to report that fact. We have nothmg to report in this regard. Page 8
WORKFORCE TRAINING SERVICES LtMITED FINA.IcIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS, Matters on which we are required to report by exceptioD tn the liJo t of the knowledge and understanding of the Trustees and its environrnent obtained in the course of the audiL we have not identified mateTial misststements in the Trustees, Report. We have nothing to report in respect of the followiniy matteTS in relation to which the Companies Act 2006 requires us to report to you if, in OUT opinion: sufficient accounting records have not been kept. or the fmancial statements are not iJ] agreement with the accounting records" or certain disclosures of trustees, retnuneration specified by law are not rnade,. or we have not received all the infonnation and explanations we requiTe for our audit. Responsibilities of trustees As explaiDed more fvlly in the Statement of Tn]stees' Responsibilities, the trustees, who are also the diiectors of the cELarity for the purpose of company law, are responsible for the preparation of the anCIal statements and for being satisfied that ive a true and fair view, and for such internal control as the diTectors deterniine is necessary to enable the preparation of fmancial statements tbat are free from material misstatement. whether due to fraud or eOr. In preparin(T the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees 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 are to obtain reasonable assurance about whether the fmancial statements Is a whole are free from material misstatement. whether due to fraud or e0T, and to issue an auditotrs 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 mi55tatement when it exists. Misstatements can arise from fraud or error aud are Considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on tbe basis of these fmancial statements. Irregularities, includintr fraud, aTe instances of non-compliance with laws and regulations. We design PTocedures in line with our responsibilities, oudined above. to detect material misstatements In respect of irregularities, including traud. The extent to which our procedures are capable of detecting irregularitie5. includintr frau4 15 detsiled below. Explanation as to what extent the audit Ivas considered eapable of deteeting irregularities, including fraud The objective5 of our audit in respect of fraud. are to identify and assess the risks of mater3al misstaternent of the financial statements due to fraud. to obtain suificient appropriate audit evidence regarding the assessed risks of material misstatement due to frau4 through designing and irnplementing appropriate responses to those assessed risks. and to Tespond appropriately to instance5 of fraud or suspected fraud identified during tbe audit. However, the primary responsibility for the preventioll and detection of fraud rests with both rnanagement and those cbarged with Lrovernance of the ChaTity. Our approach was as follows.. We obtained an UDderstanding of the legal and regulatory requirements applicable to the chaTity and considered that the most sigllificant are the Cornpanies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of treland (FRS 102) (effective l Janaury 2015) - (Charities SORP (FRS 102). Enquiry of management, those charoed with governance and the entity's solicitors aTound actyal and potential litigation and clairns. Enquiry of entity stsff in compliance fjjnctions to identify any instance5 of any non-compliance with laws and regulations. Reviewing financial statement disclosures and testing to 5UPPOrting documentazion to assess compliance with applicable laws and regulations. Page 9
WORKFORCE TRAIMNG SERVICES LI FINANCIAL sTATEMErs FOR THE ITAR Ef*l)ED 31ST ED CH 2023 REPORT OF THE IINDEPENDENT AUDITOR T THE MElfBERS' Auditing the risL of m8nagement override of controls. including through testing journal entrie5 and other adjustments for appToprialeness. and evaluating the business Ydtiona]e of si8nificani trallsaclion5 outside the normal course of busine5S. As part of an audit in accordance w?Ih ISAS (UK) we exercise professionaI judgement and maintain profc55ional scepticism throughout the audit. We also." Idcntify and Ls5ess the risks of material misstatetnent of the financial slatemcnts, whether due to fraud or error, desi perfomi audit procedures resp)nsive to thosc risks. and obtain audit evidence that is sufficient and 8ppropriate to provide a basis for our opinion. The risk of not detecting a malerial misstatement resulting Irom fraud is higher than for one resulting from error. as fraud may involve Collusio forgery. intentional omissions. misrcpresentations, or the overrid¢ of internal eonlrol. Obtain an underslanding of intemai control relevant to the audit in Order to design audit procedures that are appropriate in the circumstan¢es, but not for the purposes of expressing an opinion on the effectiveness of the ompany's iT21crnal control. Evaluate the approprialenes5 of accounting p)licics used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on thc appropriateness of the directors, use of the going concern b&si5 of accounting and. based on the audit eVidce obtaincd, whether a material uftcertainty exists related to events or conditions that rnay cast significant doubt on thc charity's ability to continue as a going concern. Ef we conclude that a material uncettiinty exists, we are required lo draw attcntion in our auditor's report to the related disclosure5 in the financial statements or. if such disclosures are i7]adcquatc, to modify our opinion. Our conclusions are bed on the audit evidcncc obtained up to our auditorfs report. However. future events OT conditions may cause the charity to cease to continuc as & going concern. Evaluatc the overall presentatiOJ4 Structure and ¢ontent of th¢ financial statcmcnts. including ihe disc105ures, 8nd whethcr the financial statements represeryl the underlying transactions and cvcnts in a manner that achieves fair pr¢5entation. A fvrther description of our responsibilities for the audst of thc financial statements is located OD th¢ Financial Reporting Council's website at- http-.//www.frc.org.uklauditorsresponsibilitics. This description fortns part of our &udiiorfs report. We communicate with those chargEd with governance regarding, arnong other matters, the planned scopc and timing of the udit and significant findings, including any significant d¢ficiencies in interna] control that we identify during our audit. Use of our report This report is madc solely to the tharitable company's members, &8 a body, in accordancc with Chapter 3 of Part 16 of the Companies Act 2006 and regulatiotts made under that Act. Our audit work has been undertakcn so that we Ight stale lo the charitsble company's members thos¢ matters we are r¢quired to state to them in an auditor5, rcport and for no oiher purpose. To the fullest extcnt pcrnitted by law. we do not accept or assume responsibility to anyonc othcr than the charitable company anditsrri mbers & body. for ur audit worl for this reporL or for the opinions we have forned. E SHEARER F.C.A., Senior Ststhtory Auditor FOR AND ON BEHALF OF O'ILIK4 SHEAREII Statutory Auditor O'HARA SHEARER CIL4RTERED ACCOUNTANTS AM) STATirtORY AUDITORS 547 F311s Road Belfast BTII 9AB Dgted: 8th December 2023 Page 10