WORKFORCE TRAINING SERVICES LIMITfi D FINANCIAL STATEMEI NTS FOR THE YEAR KNDED 31ST MARCH 2024 ( A cO1PANy LITrIITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COMPANY REGISTRATION NUMBER NI 031308 CHARITY REGISTRATION NUMBER NIC 101872 O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 547 FALLS ROAD BELFAST BTII 9AB
WOIU(FORCE TRAINING SERVICES LIMITED FINANCIAL STATIMEI NTS HE YEIAR EI NDED 31ST MARCH 2024 FOR CONTENTS Page Meinbei's and Pi'ofessional Advisors Ti'iistees Annual Report (including the Statement of Directoi's Responsibilities in I'espect of financial statements) Report of the Independent Auditors to the Membei's, 8-10 Accounting Policies 11-13 Stateinent of Financial Activities (incoi'poi'ating the income and expendituir account) 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17-23 Page I
WORKFORCE TRAINING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YII AR II NDED 31ST MARCH 2024 OFFICERS Afffj OTHER INFORMATION Directors Josepli McALiley (Chair) Jiilie Magiiire (Treasui-er) Frank Cullen John Deei'y Hai'riet Fei-guson David Lyiin Henry Mccai'ry Catriona Mccoriy Dr Philip Tonei- Seci'etary Paul Boyle Registei"ed Office Woi'kforce Training Services Limited 88-90 Spi'ingfield Road Belfast BT12 7AJ Auditors O'Hara Sliearer Chartered Accouiitants & Statutory Auditors 547 Falls Road Belfast BTI19AB Solieitors O'Reilly Stewart Solicitors House 75, Courtside 77 May Strcct Belfast BTI 3JL Bankei'5 Danske Bank Belfast Business Centre P.0. Box 183 Doiiegall Sqiiare West Belfast. BTI 6JS Company Registration Number NI 031308 Charity Commission for Norlhern Ireland Registration Number NIC 101872 Page 2
WORi<foRCE TRAININ SERVICES LIMITED FINANCIAL STATEIlT5 FOR THE YEAR ENDII D 31ST MARCH 2024 REP RT OF TFIE INDEI PENDlt NT AUDITOR TO THE MEMBERS, Opinion We liave audited the financial slatemeiits of Workforce Traii)iiig Services Liiniled {Ilie '¢hai'ily') for Ilie year endcd 31 March 2024 Ivhich ¢oiiiprise the Staleiiienl of Financial Activities, Ilie Balance Sheet, tlie Sialeiiienl of Casli Flows aiid Ilie nolcs io Ihe financial slateinenls, incliiding a siiiiiiMI( ry of significai)l aecouiilinL policies. Tlie fiii<inci&l repoiliiiuF frameivork Ili¢il lias beeii appli¢(l in their prepai'alioii 15 applici£ ble law and Ui)iled Kingdoiii Accouiiling Siaiidards, in¢liiding FiiiilllCI?c l Repoi'ling Standard 102 fhefiiJu17ciuI Repoi'ling Si(Indcii'd (Ipplicdble lip lh¥ uiicl l£tti)iibli¢ uf li'elcintl (Uniled Kiiigdoiii Geiierally A¢ceptcd Accounting Pi'aclice). In our opinion, the finaiicial statements: give ft true and fair view of Ihe slate of the ¢harilable conipaiiy's affairs as al 31 Mai'c11 2024 aiid of its incoii)ing sources and application of resources, iiicluding its income and expcnditure for rhe y¢ai' Ilien ended., have been properly pitpared in accordaiice with Ihe Fiiiancial Repoiling Staiidard applic47ble iii the UK aiid Repiiblic of Irelai)d (FRS I O?) (effective l JHiiuary 2015) - (Chai'ilies SORP {FRS1021). the Financial Reportiiig Standard applicable in the UK and RepLiblic of Ireland {FRS 102): have been prepared in accordan¢e willi the requirements of the Companies A¢t 2006. B85is for opinion We conducted our Hudit in accordance with Jnternalioiial Standards on Aiiditing (UK) (ISAS (UK)) and applicable law. Our responsibilitie5 und¢r Ihose slnndards arc fiiriher desci'ibcd iii the Aiiditor's responsibilities foi. Il)e auclil of the accouiils seclioii of our report. We al'e indep¢iidcnl of the charity in accordaT)¢e with the eiliical I'eqLiireiiieiils that are relevRnl 10 Otir audil of Ihe accounts in Ille UK. iiicliiding the FRC'S Eiliical Slai)d4iiYi, aiid we have fulfilled our oiliei. eiliiclll respoI)sibililies in accord&nc¢ with Iliese requiremcnls. Wc believe Ihal the audit evideiice ive liave oblaiiied is siirrici¢ii( aiid &ppropriille lo provide a bRSiS for our opii)ion. Coiiclusions i'elThtiiig to going concerii We have iiothiiig to report in respect of the followiiig Inatters in i'¢lalion lo which the ISAS (UK) reouire us to report to you where.. the Iruslecs, use of tlie goiiig coii¢eYii basis of ac¢oiiiiling in the preparation of Ihc finaiicial sialein¢nls is nol appropriate; or the trustees liavc i)ot disclosed in ihe fii)ancial slaleinents any idenlified maleri411 Liiicert¢iinlies IhRt may cast signifiLanl doiibi abolit Ilie chai'ily'5 abilily lo conliiiue lo adopt the going Goiiceni basis of Jccoiinling? for H pei'iod of ot lea51 twelve nioiiihs fi'oiii Ilie dale wli¢n the fii)ancial slatcmenls are aiithorised foi. issue. Other infoiTration The other informalioii comprises the infornialioii incliided in the annual report. olher than the finaiicial slaleinents ai)d our audiloi s report Ihereoii. The IrLtst¢es are responsible for the oihei. inforiiii¢ lion. Our opinion on the financial slalemenls does not cover the other information and, except lo the extenl oiherwise explicitly stated in our report. we do not express any forin of Assurance coiicliisioii Il)ereon. In conncclion with Olir aiidil of Ilie financial slaleineiils, oiir re51)onsibility is to rel4 d Ilie other informalioii and. in doing so. consider wheiher the otliei. inforinalion 15 nialei'ially inconsi51eiil willi the finaiicial slaleincnls or oiir kiiowledge obiained in the aiidil or otherwise appears lo be iiialerially misstl¢ led. If we idenli fy sucli nialerial iiiconsislencies oi. apparenl Inalerial mi551atements, we Rre reqliired lo delermiiie wl)cilier there is A ithaterial misstalemeiil in Ilie financial slaleineiils or a material mis5tatcineiil of the other information. If. ba5¢d on the work we l)ave pei'formed, we conclude Ihal Iliere is a Inalerial misslatement of this other infoi'inalion. we are required to report that facl. We have nothing lo report in tliis regard. Page 8
wo FORCE TRAINING RVICES LIMITED INANCIAL STATEMENTS FOR THE Y AR KP4DED31ST MA H 2024 REI POR'r rTHE INDEPENDENT UDI'roii'i'o'rHL ML BEIIS, MRtteiT on iyhieh we Are i'¢qulred to report by exfeptlon In the liglil ofih¢ knowledge and uiidci'slii nding of Ihe I'ru51ee3 and ils enviionmLnl obtaiiied iii ihe coui'se of Ihe audil. WL have not idenlificd material misslaleiiwnls in tlie Truslc¢s' Repoi'l. We have noihing lo I'epori in I'especl ofihe following mallers in I'elalion lo ivliich (he Companies Acl 2006 requirLb lis 10 report lo you if, irk our opinion: sufficicnl accounliiig recoi'ds have noi been k¢pl; or the financial slalemenls are nol iii agrccinenl with Ihc accounliiig records: oi. c¢rtain dis¢losurLS oI'(ruslc¢s' I'LlI)IinLI'ulion SPLLII lcd by Itiiv 11 rc i)ol ni%ide: o we hayc nol receivLd ull the inloi'iiiiiiion llnd L.xpliinaiioiis IYL, fL'qUiI'L loi. oiir (iudit. Ruijonsibllitles of trustees As explairted more fully in (he Slalcmenl or-rruslc¢s' Responsibililies, Ihe Inisiees, who ai'c also th¢ direcloi's of IhL Ghiii'ily for the PLirpose of company law, al'e I'esponsible for lh¢ pi'epgrnlion of Ihe finunLi&I stutcrncnls and foi. being 8aLisfiLd tliai Ihey giv¢ o Irue and fail. vie¥v, and loi. sv¢h inlei'nal Lonlrol as the dircclor5 deiermiiie is n¢ce5&81'y lo enablL Ihl pi'epai'alioii of financial $laiemenls Ihal air free from nilllerial missialemcnl, Ivhcther due 10 fraud oi. error. In preparing Ihe finKinLial sLaleinLnLs, the Iruslecs are I'espon5ibl¢ lor asscssing Ihe charily'5 abilily 10 voiilinuc lig 11 oing concLI'n, disc105ing, as applicable. mdiicf.8 Irlaid lo going conccm ynd using ilie 8(iing L(InLeiii basi5 01- aLcounliiig unlLs% IhL IrusieLS either intend to liquidatc (he Lompuny or Io LLasL OPLralions. or huYL no I'ealislil ¥l(ci'nalivL bul lo do %0. Auditor's re5poiisibililies for the auillt of tlie fiii#nclAI stThtement5 Our objccliv¢5 aiE lo obioin rcasonable assurllncc about whelher the finaiicial 51aleinents as a wholc ore Iree Fi'om niuierial mi5slalcni¢nl, wheilier due lo fraiid or ei'roi., and lo issuc lin audiLoe5 repoi'l Ihul includes oiir opinioii. Reasonable a5%uI'anLe is a higj) ILVCI of a5suinC¢, bui is nol ki guoi'anlce Iliai an aiidil condiiclcd in accordlince with ISAS (IIKI will diLLLI It mal¢i'ial mis51aleiii¢iiL whLn it exists. Misslalemcnlb can ari5c Irom Iraud 01- ei'i'or und ui'c considii'¢d nialci'ial i I.. individiidlly or in Ihc &ggrLgllLe, they coiild &SOnablY bc expccled io inlluertCL the LLon011¢ decisions ()I' users ithkL)ii IhL l)asis UI. Ihc5e Iinonciul sluiemcnts. Iri'cgulai'ili¢5, including fraud. al'c i1islarbCCS ol- noii-Lomi)liancL iviih tind I'egLil&iiions. Wc dL5ign pi'OLLdiii'¢s iii linL iviih oui. rLspoiisibililic5. ouilii)ed aiM)iii. lo dLILLI iiialerial Inisslalciiieiils in rL.SPCLI uf ii'rcgiiilarities, incliidiiig Iraud. 'I'hL LxILII( to which oui. pro¢edui'e5 are capuble of delcLiing irrcgiilariiies. including fi'uud. is delKiiILd bclow. ExPlantIon as to whAt ¢xtenl the lludit IVAS conslilered capnble of detecting iri'egulMritie5, Including frHud The objeclive5 oFour audit in re5pecI of fi'aud, are 10 idenlify and assess Ihe risk5 of mal¢riRI misslalcment ol Ihe finaiicial slateinenls due lo fi'aud; lo obiain 5ufficieni appi'opl'iale audit ¢vidcnce I'egarding Ilie asscsscd I'isks of malcl'ial mi5Staienicnl UL io li'aiid. Ihi'ough dcsigniiig and iTnplcmenliiig appi'opri81¢ responscs lo Ihoye as5e5seil risks.. (ind io rL5poiid appi'opriat¢ly to inslgnces or ri'aud oi. siisp¢cicd IraLid idcnlified dLiring Ihe Judil. Flolvever. IhL pi'imary rLSPOI).%ibilily lor ihe pi'evenlion and dclcclioii of Iralid I'¢sts with both managemcnl und 1110sC Lhhrged vyiih goveriiuiice ol- IhL Chni'ily. Our approach wa5 ils follows.. Wc obiaincd undersltinding of thc Icgal and regul¢110ry reqiiiitn)Ln15 appIiLable lo (hL charily and con5idercd Ihal Ihe mosl significanl al'c Ihe Coinpiinies Acl 2006 and the filill iiciul Rep()I'ling Siaiidard applicablL in IliL UK and Republic of Irelund IFRS 102) {effecliv¢ l Janllllly 2015)- Ichai'ilics SORP11.'RS I U21. Enquiiy of nianagemenl, Ihose chai'ged iyiih govei'nl¢ ncc and Ihe cnlil)p's.%oliciloi's aroiind aclual and polenliul liligalion and claims. Enquiry ol'enlily staff iii Lonipliancc function5 10 idenlify uiiy inslaiices ol. un), nnii-coniplian¢c iviih law4 alld regulations. Il¢viewing lii)8llLial slalLmcnl disclosui'es und les(ing lo suppoi'ling duciimcntÉ1lion Io ii SSL'SY Lolllpliance Hpjili appliLabl¢ laiips <1nd rLgulalions. Pagc 9
WORIIFORCE TRAININC SERVICES LIMITED FINANCIAL STATEMENTS FOR TFIE YEAR KNDED 31SI' MARCH 2024 REPORT OF THL INDIPENDEt Nl" AUDITOR'fo THE iKEMBERS' Auditing the risk of managenieiil override of controls, includiiig througi) lesling journhl entries aiid oilier adjuslmeiils foi. appropriateness, and evaliialirtg the biisiness rationale of significaiit Ii'ansactions oiitside the norinal Course of business. A5 parl of an audit in accordance witli ISA5 (UK) we exercise professional judgeinent and maintain professional sceplicisiii throiighoul the Hudit. We also: Ideiilify and assess the risks of iiiaterial mis51nlenienl of the fii)ancial slalemenls, whether due lo fraiid or error. design aiid perfoi'iii audit procediires respoiisive to ttiose risks, and obtain aiidil evidence that is sufficient and appropriate to providc a basis for our opinion. The risk of not delecting a nial¢rial nii55talenienl I'esLiliin¥ from fraud is higher tlian for one reslilling froin error, as fraud may involv¢ collusioi), forgiery. inlenlional omissions. misrepresentations. or the override of internal control. Obiaiii an Ltndcrslanding of iiiternal Control r¢lev&nt lo the aiidit iii ol'der to design aiidil procedlires thai are appropi'iale in the circumstance5. bill iiol for Il)e pui'pose5 of expressing ali opiiiioii 01) tlie effe¢(iveiiess of the company's internal control. Evaluate the appropriatenes5 of accourtling, policies iised and the reMsonablene5s of accounling cstiinales and related disclosures made by the dii'ectors. Conclude on the appropriateness of the dire¢tors' Iise of the going con¢ein basis of Accounting aiid, based on Ilie aiidil evidence obtli iiied, whether a matcrial Iincertainly exists related lo events oi. conditions Ihal niay SI significant doubt on the cliarily's abilily lo conliniie as a goin&1 concen). If we concliide Ilial a niileri411 Iiiicei'lainly exist5, we are required lo draw atteiilion in our audilols report lo Ilie I'¢laled disclosures iii the finai)cial sialemenls or. if such disclosLires arg inadequate, to modify oui. opiiiion. Oiir concliisions al'e based on the audit cvidence obtained up to our aiiditoi s report. However. fulLlI'e events or conditions Inay ca115e the chlll'ily lo cease lo conlinue as 4 going concern. Evaliialc the overall presentation. slriiclure and conleiit of the financittl stalcments. incliiding the di5closiii.e5, aiid wheihci. Ihe finaiicial slateinents repr¢seiil the underlyiiig Iran5aclions and events iii a In<inner tl)al acliieves fair prcs¢ntation. A further description of oiir responsibilities for the audit of Ili¢ financial slalei)ients is located on Ilie finaiicial R¢iJorling Council's website at.. http:l/www.frc.org.uklaiidilorsrespoi)sibililies. This descriplioi) forins part of OLII. auditor's report. We commiinicate willi those charged with governance regiarding, among other Inaller5. the plaiined s¢ope and liiniiig ol. the audit and significant findings. including any significant deficiencies in intei'nal control that we ideillify diii'ingi oiir au(lil. Us¢ of oui. report This ret is niade solely to the charitable compaiiys Inenib¢rs. as a body, ii) accordance willi Chapler 3 of Parl 16 of the Coinpanies Act 2006 and I'egLilalions Imade under ihal Act. Our alidit work l)(Is been undertakeii so Ilial we Inighi 51ate lo Ilie chai'ilable coinpany's nieinbers those matters we are required 10 5t£lte lo Iheiii iii an auditoi's, I'cport and foi. iio oilier pui'pose. To the fiillesl extent permittcd by law, we do not accept or assume r¢5ponsibility lo anyone otlier tlian the chai'iiable company and it5 ieinbers as a dy, for our audit work, for thi5 report, oi. for the opinion5 we liave foi'ined. LAWRKNCE SHEARER fi.C.A., Seiiioi. Statutory Aii(litor FOR AND ON BEHALF OF O'HARA SHEAREI R, Stntutory Auditor O'HARA SHEARER CHARTERED ACCOUIYTANTS AND STATUTORY AUDITORS 547 Fftlls Road Belfast BTI19AB Dated: 29th November 2024 Pnge 10
WORKFORCEI TRAINING SERVICES LIMITED ri INANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF ACCOUNTING POLICIES Aecountiiig Convention And Basis of Accounting The financial statements have been pPa1.¢d Linder the historical cost convention, The financial staleinents have been prepared in accordance witli Accounting and Reporting by Charities: Stateinent of Recommended Pi'actice applicable to chai'ities prepai'ing tlieir accoiints in accoi'dance witli the Financial Reporting Standard wliich applies in tlie UK and Republic of Ireland (FRS 102) {eft"ectiv¢ l January 2015) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Repliblic of Ireland {FRS 102) and the Companies Act 2006. Going Concern At the time of appi'oving the financial statements, the tl'LlStees' have a reasonable expectation that tlie charity has adequate resoiii'ces to continiie in opei'ational existence foi. the foreseeable fiiture. Thus the ti'ustees, continiie to adopt the going concern basis of accouiiting in p paring tlie financial statements. Income Recognition Incoine is recognised when the Charity has entitleinent to the fLinds, any performance conditions attached to the item(s) of income have been met, it is probable that the incoine will be received and the amount can be measLlI'ed reliably. Interest Receivable Enterest on fiinds held is included when receivable and tlie amount can be mea5uIEd reliably; this is normally upon notification of the interest paid or payable by the Bank. Resources Expeiided All expenditLlI'e is accounted for on an accruals basis and is classified iindei. lieadings that aggi'egate all costs I'elated to the category. Fundraising costs incliide tlie costs of advertising. producing piiblications, printing and mailing fundraising material, and staff costs in these areas. Costs of charitable activities include direct expend iture incuiTed througli operational activities. Governance costs represent the costs associated witli the govei'nance arrangements of the charity which I'elate to the general running of the chai'ity as opposed to those costs associated with fundraising or charitable activity. Filed Assets All tsngible fixed assets are recorded at cost. Page 11
WORKFORCE TRAINING SERVICEI S LIMITED FINANCIAL STATEME¢NTS FOR THEI YEAR ENDED 31ST MARCH 2024 STATEMENT OF ACCOUNTING POLICIES Conliiiiied Depreciation Depi'eciation is calciilated to wi'ite off the cost of fixed assets over their estimated iisefiil lives at tlie following rates.. Fi'eehold PiY)perty Plant and machineiy Fixtures and fittings Motor vehicle5 20/0 Sti'aight line 12.500/0 residLial valiie 200/0 IrsidLial valiie 25 % residiial value Investments Unlisted equity investinents are initially recorded at cost. and subseqiiently measiired at fail. valLie. If fair value cannot be reliably measuiEd, assets al'e measured at cost less impairinent. Listed investmeiits al'e measured at fair value with changes in fail" value being recognised in income or expenditiire. Repairs and ReneivAIs All repairs and i'enewals air written off as incui'red Pension Costs The chaI'ity does currently operate a defined conribution pension scheme. Debtors and Prepayments Trade debtors and other debtors al'e recognised at the settlement amoiint due after any discoiint offered. Pi'epayments al'e valLied at the amount prepaid net of any trade discounts dLIe. Creditors and Provisions CreditOl'5 and provisions are recognised whei'e the charity has a piEsent obligation resiilting fi'oin a past event tliat will pi'obably resiilt in the transfei. of funds to a third pai'ty and the amount diie to settle the obligation can be measiii'ed 01- estiinated reliably. Ci'editoi's and pi'ovisions are noi'mally I'ecognised at their settlement amount after allowing foi. any ti'ade discounts due. Finuncial Instruments The Charity on ly has financial assets and financial liabilities of a kind that qiialify as basic financial insti'uments. Basic financial insti'iiinenls are initially recognised at ti?nsaction valiie and subsequently measiired at tlieii. settlement valiie with the exception of bank loans which are siibsequently measured at amoitised cost using the effective interesl method. Forelgn Currencies Monetai'y assets and liabilities in foiEign ciinrncies air translated into stei'ling at the i?tes of exchange ru ling at the balance sheet date. Transactions in foreign curi'encies al'e 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 movernent in funds. Page 12
WORKFORCE TRAININ SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR [* NDED 31ST fvIARCH 2024 TATEMCNT OF ACCOUNTING POLICIES Coiiliiii Fund Accounting Unresli'icled funds are general fiinds that are available for use at the Truste¢s' discretion in furtheraiice of the charitable objectiyes of th¢ cliarity iinless the fiinds have been designated for other pui'p05es. Designated fuiids are Iinreslricted fiinds sel aside by Ihe trustees out of unrestricted funds for specifi fLlture pui'pose5. Restricted funds are those given for use in a plrticular area or for specific purpose5, the use of which is restricted to that area 01- purpose. Endownmenl funds are siibject to specific conditions by donors that the capital musl be maintuined by the charity. The incornc received fi'om funders depends on the ¢hai'ily meeting detailed critcria on e.Ypenses plan5. Grants given under such conditions are also given subject to tliem being obi8ined for in connection with the furtherance of the liarily's aims and objectives. Sucli income Can be repayable lo the funder if such e.xpenses plans and ¢rilcria are not met. Such income is only deferred when the donoi. specifies that the granildonation must only be used in future accounting periods. or the donor has imposed conditions which must be mel before Ihc charity has uncoiiditional entitlement. Income from chai'itable activities includes income rcceived under contract or where entillemenl lo grant fvnding is subje¢l lo specific pei'fonnance ¢ondilions is recognised as earned as the ielated goodslservices are provided. Gi'aiil income included in this Category provides funding 10 5llPPOIt performance activities and is recogni5ed whei'e Ihere is entitlement, ¢citaiiity of receipt and Ilie amount can be meaSLired witli sufficient reliability. Income is defeiyed when.. feeslperformance related grants are received in advance of the performancelevent to whi¢h thcy relate. Re3¢1'ves Pollcy Workfore¢ Training Services Limited i'eserves policy is lo maint&in a sufficienl levcl of Irserves to enable opcrnling activities to be Inainlained for a period of al least 3 10 6 monllis in Ihe event of major fiinding stream5 ending. The reserves policy a150 takes account of covei'in8 costs in the event of closure, to cover rediindan¢ie5, rents, and fees that are due incliiding statutory audit fe¢s. It also lakes Account of potential risks and contingencies that may Al'is¢ from time to lim¢. Workforce Training Services Limited maintain unreslricled reserves if accrued should be used for tlie purposes which meet the aims and objeclivcs of Woi'kforce Training Seryices Limited. The b04rd should monitor and review the amount of unre51ricted reserves monthly in addition to the level of any restricted reserves. The trustees have agreed lo designate fiinds tolallin8 £1.5 Million in order to assist with the future capital obligations of the Ofganislllion. Pa8e 13
IIIORIKfoR .41IN LlIlll'l'CD STATELIIETriT or FIINAYI CIAL.4CTIVITIES liieor 01'4I1iii Ili¢ In¢Dmt lind ex roft THE Yr.AR EYI DEID 31ST fvIARCH 2024 vic ni lIl'extr1e¢ed R¢yli'leted EndoiYnni¢nl TOTAL Funds riund¥ 2024 TOTAL 2023 NOTES INCOfvIE AIYD ENDOIVNi¥IETrrrs FROhl., th)nolio1 and lega¢ics In¢omc from invcslilleilts Incon1¢ frotki churilable a¢livilies InLoJMe from other tradin8 aLtivi(ie5 96.148 3.557.903 915.569 96,148 J2,975 3,557,903 3,114.612 915J69 1.381 J70 TOTAL INCOhlE AND E14DOWNIMENTS 4,569,620 4,569.621J 4,528,957 EXPENDITURC ON: E.xpendilure on roisiiig fiind5 Expenditure oil choriiable acliviti¢s Oilier expendilure Nel18ainsylosses on inyesiinenls 3.833,556 3.833.556 3,961.207 63.910) 63.910 23.113 TOTAL RESOIIRCES CIXPCNDED 3.769.646 3.769,646 3,984,320 NET IYI COfvIEI(EXPENDITIIRE) 799,974 799J74 544,637 Transfcrs behveeii funds NET fvIOVEfvIEIYT IN FUNDS 799,974 799,974 544,637 RECONCILIATION or FUND5 TOTAL FIINDS BROUGHT FORIVARD 7,735,914 7,735,914 7.1199,090 Prior aT &djuslNwHI 22 15.580 15.580 92.187 TOTAL FIINDS CARRIED foRIYARD 8JSI.468 .fj51.468 7,735,914 Tho SIAl¢m¢nl of filiiAnfi41 iltlivitits Inelud¢s nll gthliiJ xnd1os3¢s In Ihc yei)Y And thtyefoiy A 514ttment ofTol#l Rt¢o%nlsed GAlns L055es IINs not b¢¢n prtpArrd All oftht *bnve Amounls r¥l41¢ lo ¢oTrtlnulng actlvltlei ThE 4trompthrtylni xctmhll poll¢l¢s Ihtnole5 itheje fin#nthal sialtmenis Page 14
WORKFORCI TRAINING SERVICES LIMITID BALANCE SHEI ET AS AT 31ST MARCH 2024 2024 2023 NOTCI S FIXED ASSEI TS Tangible assets Investinenls 2,947,648 3,062,771 1,066,868 1,002,958 4,014,516 4,065,729 10 CURRENT ASSETS Stocks Debtors and prepayments Cash at bank Cash iii hand 4,500 4,500 475,320 668,610 4,135,012 3,080,823 12 4,614,832 3,753,933 Creditors: Amounts fulling due ivithin one year 13 (77,880) (83,748) NEt T CURRENT ASSETSI(LIABILITIES) 4,536,952 3,670,185 TOTAL ASSETS LESS CURRENT ASSETSI( LIABILITIES ) 7.484,600 7,735,914 Creditors; 9mounls folling due afler more than one ye2r 14 NET ASSETSI{LIABILITIES) 8,551,468 7,735,914 FUNDS: ENDOWNMIINT FUNDS UNRESTRICTED INCOME FUNDS 15116117118119120 8,551,468 7,735.914 RESTRICTED INCOME FUNDS 15116117118119120 8,551,468 7,735,914 APPROVED ON BEHALF OFTHE BOARD OF DIRECTORS: JOSE DIFE DATE eAULEY JULIE MAGUIRE DIRECTOR TO 8tli June 2024 DATE 8th June 2024 The n¢¢oMpAnying #tcollnting policies ind notes form part of these finAncinl $tfjtemeTrtJ Page 15
WORKFORCE TRAININC SERVICE¢ S LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR IINDEID 31ST MARCH 2024 2024 2023 NOTES CASHFLOWS FROM OPERATING ACTIVITIES Cash genei'aled fi'om opei'ations l6 1,085,387 561,877 Net cash inflowl(OLltflow) from opei?ting activities 1,085,387 561,877 Investing activities Investment incoine Puirhase of tangible fixed assels Acquisition of investments Disposal of investments Disposal of tangible fixed assets (31,198) (L32,131) (400,000) 10 14,800 Net cash from investing activities (31,198) (517,331) Increasel{decrease) In cash llnd cash equiv&lents in the year 1,054,189 44,546 Casli cAsh equivglents at the beginning of the year 3,080,823 3,036,277 Cnsh and ¢a5h equivnlents gt the end of the yeAr 11 4,135,012 3,080,823 Relating to.. Cash at baiili and in hand 11 4,135,012 3,080,823 The nc¢ompAnying A¢cOUllti% policles and notes forrn part of these finAnclAI stAlements Page 16
vi RTI 2fj I. DONATIONS AYI D LEGACIES Unresirkte Re¥lrfLle41 Uvycjlrltlt Fdrtilj 1024 FMnilJ 1023 L¢gllei¢5 2. INCOIllE fROhl IiYVESThlENTS UnMslrl¢l Unreslrtcle Reslrlcled FunJ5 Funils 2024 202J Int1 fr1 Uk I1$i inv¢sim¥iii$ I10e ¢ash JO.Q14 66.lJ4 30.014 66.lJ4 24,121 8,854 8.B54 96.148 96.148 J2,975 J?.975 J. INCOhI£ FROhl CHARITADLE AcfiviTIES Unreslr5cled Rt511'1¢1 Unros¢ri¢itd Futtds ReJlrlcl¢ 1024 2023 Deportmeni for EtnIY (Dl- Trni1¥ for sIrESs Lkpartni¢MI for Eco1177Y (Dl- Skills fvr Lif¢ Woikin Appreiiii¢¢51up Nl S¢liools sundry 4icw¢ 11,380 2.746.159 680.978 104,37J 15.013 I 1.380 ?746.159 080.978 104 J7J 7.5J2.291 2.5J2.291 J)0.751 214.014 J7J56 JJO.751 214.014 J7J56 Lws". tkferr¢d IEKom¢ fSe¢ Nof¢ 12) 3.557.90J 3J57.9tt3 4. INCOhlE FRO1 OTIIER TRADING ACTIVITIES Vryrt¥lrkitd Uni'estrl¢fd FllAItJ Rtslrlrlt¢l 2024 201J Cw51ru¢iionSkills f<¢si$ieilCSRI its¢cAnt ESF.. Poih 2 ELiipIDynient ESF.. G¢1 CoMK¢¢J Prowmm¢ cniployllll A¢Udeil¢S BLifusl City CDiiiKil- Youth Piobinmm¢ B¥ifasl Ciiy CwiKil Retrofil prob1illi11 geifu51 City Caknncil. Sehools Social Eiikrprise prnI17111 Beifu51 City eIncI1- job proumilliiie Slep Up li[*t 115 lJ,SJ2 185 13.53? 2.?50 02? 329 136,906 329.5J4 94,367 170.000 21.744 4.140 2,250 612.329 136, J19.JJ4 94,307 70.000 21.744 749.449 749.449 oo 7920 915569 15.509 i.Jai.J70 I,J81,J70 Palle 17
ItOlll¥F E TR,KlIYING SERTr'ICES LlIlllTED ,Y01'ES'fo i'lIE fi IYI IAL STATIIIEIY THE I'E,IR DED3 112U2 5. EXPEYI DITURE ON RAISINC FIINDS Vnreslrleltd Resli'ttlwl FuNds UnYt51rlclEIl Re51rl¢ltd 2024 202J Pf(Mnolionol aThJ fundNisin8 ¢0S15 6. gxi>ENDITUftE ON CIIARITAIILE AcfiviTIES Ullrtsirf¢¢ril Reslrttle Llnrutrkt¢d Rtslrl¢ttd Fun 2024 1023 Wou¢s sol4ri¢s (Se¥ Nole 8) Social sccurily ¢os15 (SL'e Nule 8) RedndyIry cosls Trainin¥ illalcrials Equipm¢Thl hiring aThJ leising Trnintt alloiYMnc¢5 .J6?.544 211.536 ,36? 544 •1?5J6 I,5,01 J 15i.641 ?9.?57 1ts).5•J 16,178 693.83? 7.3J9 9.814 I.IX)5.OlJ 155.&11 79.?5? I¢JO,5?3 16.•71 1?1.038 8.801 739.9?1 1.869 l??,038 8,801 1,869 7,339 9,814 31,617 947,974 79.308 corwri11on Skills R¢8iM¢r ICSRI ¢%p¢n SiatTlrninin8 ONt lItT sia(rtoys ESF. Podi • EinployTrenl- pfjyroll rosis (S¢¢N¢ 8) ESF.. G¢¢ Conrcied- pAyroll cos¢5 (See Nfjie 8J Esr.. Ph • Einployml ¢.%P¢WS ESF.. G¢1 c¢¢¢e ¢xpet clnIn8 and laundry Bought-in and In-house trthinbnB A¢tsdcmies expcn5¢S Sponsonhip costs (Prolily L05J disposal orrixed a55e LK*p¢¢¢ittiioN (See Noié 9) Indry expenses 23.876 23.876 ?47.974 •79.308 ?8.666 8,895 145,341 564,040 4.536 I iu.1•8) 158,?79 391 28,fy56 48.895 145.J41 564,040 4.536 54.050 505.59) ??? 1?5 2.1(X) 54.050 i05.590 22? 115 2.100 146.J21 1.675 146,3?1 4.675 154.279 391 3,401.694 3,401,694 3.SS7.854 3,557,854 Supijort Costs CoYernHv¢e tosls T¢l¢plDe And iniernel 14.641 8J.50? 23Q 78.465 75.109 24.741 17.067 18.61) 19.81? 54,940 ,787 03.053 97,(X)5 19,812 54,940 1.7S7 6J.05J 97.¢X>5 18.832 67.3( 83.50• ?Jo 71.405 75.109 ?4,741 17.067 11,615 RThles Lishi ond IKfyi Priniin8. posloge and slatiunery Rcpair5 sjnd rngini¢uryn¢¢ Advertisin8 othl promtyion5 Audil fl Ac¢¢JunklWy f¢ Legal other professional fce5 IT ¢0s1$, subscriplhons llnd li¢¢rKcs Bonk Intere thnd rli4r8¢S 67.366 2.700 91.694 86.890 1.038 ?.419 ?1,694 ,890 l.OJ8 2.17J 2.17J 431A62 4Jl,862 403,35J 403,353 TOIAL E.¥PENDrruRE ON CHARnillll.& ACTIVITIES 3,833.SS6 3,833.556 3.961,207 3 961,207 7. IYET ICAINSyLO&SFS ON INVLSThIEr Nei IBainsytoJ3es on inve51menls 63,9101 16J.g10 23.113 63.910 6J,910 23.113 Page 18
WOIU(FORCE TRAINING SCRVICES LIMITED NOTES TO THE FINANCIAL STATEMEINTS FOR THE YEAR ENDIID 31ST MARCH 2024 7. NEI T (OUTGOING)I INCOMING RESOURCES FOR THE YEAR This is stated after ehargingl(erediting) 2024 2023 Auditors remiineration Depreciation 7,110 146,321 7,110 158,279 . SALARY COSTS AND EMOLUMENTS 2024 2023 Total staff costs were as follows: Wages and salai'ies - key management pei'sonnel Wages and salai'ies - othei. staff Wages and salai'ies - ESF staff Employei. social seciirity costs - key management personnel Employer social security costs - other staff Employer social secLirity costs - ESF staff Employei. social se¢ui'ity costs - Statutory Matei'nity Pay Recoverable Einployer social security costs - Einployment Allowance 135,228 1,227,316 174,302 830,711 481,672 31,637 124,004 74,862 23.932 188,604 1,575,080 1,717,188 Tlie average montlily numbei. of employees dLlI'ing th¢ year was as follows.. 2024 Number 2023 Number 49 48 Trustees, remuneration and benefits Thei'e was no trustees, remunei'ation or other benefits for the yeai. ended 31 st Mairh 2024. (2023., £Nil) Trustees, Expenses Thei'e wei-e no tl'l15tees' expenses paid foi. the yeai. ended 3 1st March 2024. (2023: £Nil) Page 19
WORICFORCE TRAIIYING SERVICES LIMITED NOTEI S TO THE filNANCIAL STATCTrIENTS FOR TIIE YEI AR ENDED 31ST TrIARCFI 2024 9. TANGIBLI FIXED ASSEITS Freehold Planl & Property Macliinery Fixtures & Fittings Motor Vehicles Total COST As at 1st April 2023 3.681.8?8 345,714 1,140,071 73,046 5,240,659 Additions Disposa15 31,198 31.198 As at 3 1st March 2024 3,681,828 345,714 1,171,269 73,046 5,271,857 DEPRECIATION As al 1st April 2023 1,015,071 319,598 813,547 29,672 2,177,888 Charge for year Eliminated on disposal 62,550 3.265 69,660 10.846 146,321 As at 31 sl March 2024 1,077,621 322.863 883.207 40.518 2,324,209 Net book value 2024 2,604,207 22.851 288.06? 32.528 2,947,648 Net book value 2023 2,666,757 26,116 326,524 43,374 3.062.771 10. INVESTMENTS 2024 2023 COST OR VALUATION As at I sl April 2023 1,002.958 626,071 Additions Fair value movements 400,000 23,113) 63,910 As at 31 st March 2024 1.066.868 1.002.958 IMPAIRMENT As at 1st Api'il 2023 and 31 st March 2024 CARRYING AMOUNT As at 31 st March 2024 1,066,868 1,002,958 As at 3 1st March 2023 1,002,958 626,071 I I. CASH AT BANK 2024 2023 Danske Bank - Ciirrenl Accounts Dansk¢ Bank - Investment A¢¢ounls 1.976.466 1.018,178 2,158,546 2,062,645 4,135,012 3.080.823 Pag¢ 20
IVORlil", ftcb I'RAIN OTES I'o TTrlV. flyi ALY 1.4L STAT, FOR I'HL YEAR F.NI)ED JIS'I. hl.4RCH 2Tr24 12. DEBI'OAS.. IlhlOLtNTS FALLIING DLIE IVITHINI ONE I.'EAR 2024 2023 Traik. debio Giwils Teceivoble IXIK'r d¢blors Prepaym¢n¢s 18.532 418.29J 32,432 6,063 2.822 637,005 20.102 8.681 475,J20 &58.610 IJ. CREDITORS.. iihl0iINTS fitlLLING DIIE IvrrHIN ONE YE&lR 2024 2023 Tra(tL' ¢r¢ditors Biisines5 credit car S1&1 s¢¢urity ¢osts aiid oih¢r l&xes DcferTed iiieonie Sulldry trcdiiors accrued ¢xpen5CS 31,847 2,252 40.490 47,386 3.291 26,958 77.880 83.748 14. CREDITORS: AfvIOIINTS fALLING DUE AFfER fvIORC THAN ONE YEAR 2024 2023 Bunk t0•115 Deferr iiicome 15, ANALYSIS OF IYET ASSETS BETIVEEYI FUNDS Taii8Lble Debiors And lllyesimenls Prepaynienls iii Flaijd Ch ol Crcdiiors ittd A¢¢Nols Trgri$fcr5 b¢Nell fund5 Asse 2024 2023 Unr¢stri¢l¢d Fiinds 2.947.648 I.,861% 479.82n 4.135,012 {77,8801 8,551,46R 7.7J5.914 R¢51ricted Futhds Tdlll Funds 2.947.648 1.066.868 479.820 4.135.012 77.8110 8.551.468 7.7JS.914 16, RLCONCILIA TION or OPERATING PROFIT TO N£T CASH fiLOIV FROfvI OPERATING ArfiviTIES FROfvI OPERATING ACTIVITIES 2024 2023 Operaling surplUDerIC]tI for th¢ year D¢precialion Movcmenl in dcbto Movcmeni in ¢redilors IGninyLDSS oil iiiv¢slmeiils IPTofilyLt on dispos#l ofFixed Asseis Prior yeui 4djuslin¢nl Plet ¢Ash lllll0iyllotff1Q5Y} froni op¢railDg i¢ilvltltJ 799.974 544.637 146,321 158,279 193.290 1133,1891 (5,8681 1113,0221 163,910) 110,128) 92.187 15.580 lJ185J87 561077 Pw21
ETR SERVICCS LlIlllTFD OR TfrIE):EIR C DEDJ 2024 17. fvIOVEhlEt+rr IN FUNDS N¢t hlovement Optning Trinsferj bettveen fiuiids Prlor y¢41' Ad5us¢menl Incoine Expoiidlturt 2f124 2n24 2023 UThreslricled Fiinds 7,735.914 4,569.620 13.769.646) 799,974 15.580 8,551,468 7.735.914 Rcstri¢ted Furtds 7,73S,914 4,569,620 3.769.646 799,974 8,$51.468 7,735.914
WORKFORCE TRAINING SERVICES LIMITED NOTEI S TO THE FINANCIAL STATIMEI NTS FOR THE YCIAR EINDII D 31ST MARCH 2024 18. UNRESTRICTED INCOME FUNDS 2024 2023 Balance at I st April 2023 7,735,914 7,099,090 Incoming ItSOLlI'ces for the year ResoLii'ces expended for the year Prioi. year adj ustment Transfer between fiinds 4,569,620 4,528,957 (3,769,646) (3,984,320) 15,580 92,187 Balance at 3 1st March 2024 8.551,468 7,735,914 19. RESTRICTED INCOME FUNDS 2024 2023 Balance at 1st April 2023 Incoming resoui'ces for the year Resources expended for the year Transfer between fiinds Balance at 3 1st March 2024 20. DESIGNATED FUNDS Designated fiinds are iinrestricted fiinds set aside by the ti'ustees out of iinrestricted fLinds for specific future purposes. The trustees have agreed lo designate funds totalling £1.5 Million in order to assist with the future capital obligations of the oi'ganisation. 21. LEGAL STATUS Workforce Training Services Liinited is a Company Limited by Guarantee. Each Inember has agreed to contribute £ l in the event of a compulsory winding up. Workforce Training Services Liinited is registered with The Charity Commission for Noi'ihern Ireland, Cliai-ity Nuinbei. 101872. Date of registration 18th September 2015. Woi'kforce Training Services Limited is a recognised Charity within the definition of Section 360{3) Income and Coryjoration Taxes Act 1970 by the Coinmissioners of the HM Revenue & Customs. 22. PRIOR YEAR ADJUSTMENT The prior year adjiistment relates to adjLlStments made regarding earlier financial years accruals. Page 23