WORKFORCE TRAINING SERVICES LIMITfi D
FINANCIAL STATEMEI NTS
FOR THE YEAR KNDED 31ST MARCH 2024
( A cO￿1PANy 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 STATE￿Il￿T5
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 Irlai￿d 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 a5sui￿nC¢, 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 LLon01￿1¢ 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.
ExPlan￿tIon 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 re￿￿t 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 p￿Pa1.¢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
lI￿l'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
Int￿1* fr￿1 Uk I1$￿i inv¢sim¥iii$
I1￿0￿e ¢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 Et￿￿nIY (D￿l- Trni￿1￿¥ for sI￿rESs
Lkpartni¢MI for Eco1￿177Y (D￿l- 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 FRO￿1 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¢
cniployl￿lll A¢Ude￿il¢S
BLifusl City CDiiiKil- Youth Piobinmm¢
B¥ifasl Ciiy CwiKil Retrofil prob1illi￿11
geifu51 City Caknncil. Sehools Social Eiikrprise p￿rnI17111
Beifu51 City e￿IncI1- job￿￿￿ prou*milliiie
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)
Red￿ndyIr￿y 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
corwri￿11on Skills R¢8iM¢r ICSRI ¢%p¢n
SiatTlrninin8 ONt ￿lItT sia(rtoys
ESF. Podi • EinployTrenl- pfjyroll rosis (S¢¢N￿¢ 8)
ESF.. G¢¢ Conr*cied- pAyroll cos¢5 (See Nfjie 8J
Esr.. P￿h • Einploym￿l ¢.%P¢WS
ESF.. G¢1 c￿￿¢¢¢e￿ ¢xpet
cl￿nIn8 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¢pl￿De 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
S￿1&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
C￿h ol
Crcdiiors
ittd A¢¢Nols
Trgri$fcr5
b¢N￿ell 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 surplU￿DerIC]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 lllll0iyllo￿tff1Q5Y} 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