WORI<FOIICE TRAINING SERVICEI S LIMITED FINANCIAL sfATEMENTS FOR THE YEIAR LI NDII D 31ST MARCII 2024 REPORT OF THE INDEPENDENT AUDITOR TO THE METrIBlI R Opinion We liave audited Ihe financial 5tatemeii15 of Workforce Ti'aiiiiiig Services Liiiiited (Ilie 'charily') for Ihe year ended 31 March 2024 which coinprise the Staleineiil of FinJiici¢l1 Activities, the Balaiice Sheet, Ili¢ Sialeinent of Casli Flows aiid Ihe iioies lo the financial slaleiiienls, iiicludiiiui a siiiniiiai'y of significaill aecoiiiilinL policies. The fin8ncii¢ I I'epoi'ring fi'anieiyork Ihal has been applied in Ilieii. prepai'alion is appliGl1 ble law 1¢ nd Uiiiled Kiiigdoin Accolinliiig Siaiidai'd5. incliiding Finaiicial Repoi-ling Siaiidard 102 llie Jinancial Repui-ling Sicin(Icii'duppli¢able in ihe IJK cind Repiiblic af li'eliiild (Ui)iled Kingdoin Geiiernlly Accepted Accounting Practi¢e). In our opinion. the financial $18lemenls: give a true aiid fair view of tlie stale of the charitable conipany's affairs as 31 March 2024 and of ils incoiniiig resources and pplicalion of i'esoui'ces, iiicliidiiig ils income and expenditure for the year Ilien ended; have been properly prepared iii liccordaiice Ivith ihe Financial Repoi'ting Standard applic¢ible in Il)c UK and Republic of Ireland (FRS I O?) (etteclive l Jaiiiiai'y 2015) - (Chai'ities SORP (FRS102}), Ihe Financial Rewiliiig Siandard applicable in the UK aiid Repiiblic of Ii'¢land (FRS 102), hRve been prepai'ed in accoi'daiice will) the I'eqiiiremenls of the Companie5 Act 2006. BASIS foi. opinion We ¢ondu¢ted oiir audit iii accordance with International Standards on Aiidiling (UK) (15As (UK)) Hiid applicable law. Our rcsponsibilities under those standards arc further described in the Auditor'5 responsibilities for the audit of Ihc accouiils seGtion ofour rcport. We are independcnl of the charity in accoi'daiice witl) Ihc etl)ical reqiiirenieiits thAI 7¢ I'e relevanl lo oiir audit of Ihe accoLiii15 iii Ilie UK, iiicludingy Ihc FRC'S Eiliical Siaiidard, and we h1< ve fulfille(l our otliei. eihi¢al respoiisibiliiies in accordance willi Ihese requireniciils. Wc believc Ilial thc aiidit cvideiicc ive liave ob11ii)ed is siirricieiil and appropriale IQ provide a basis for our opiiiion. Coiicluslons relRting to goiTig coiicei'ii W¢ have nothing to report in respect of the following matters in relation to which (lie ISAS (UK) require 115 io report lo you where.. the li'uslee5' use of ihe goiiig coiicern basis of accounling in th¢ preparatioi) of Ilie finaiicial slaleinenls is nol appropriate. OT the trLlStees hive not discloscd in the fiiiancial slalements any ideillified maierial uncei'lainiie5 that MRY ¢ast significant doiibi aboul the cliarily's ability to coiilinuc lo adopt Ilie going concerii basis of 11 ccounliiig for a period of at least twelve monilis from (lie dale when 11)e financial slateinenls are nuthoris¢d foi. issiie. Othei. infoi'mntion The otlier inforination comprises the infr>rmation incliided in the annual report, other than Ili¢ fiiiancial 5taleineii15 Ind oiir auditor's report thereon. The trustees are responsible for the other information. Oiii. opinion on the finai)cial stalenienls cloes nol cover the other information and. except lo the extent oilierwise explicitly slated in our report. we do not e.xpress any foi'iii of assurance conclLision Iliereon. In coniieclion ivith oiii. aiidit of Ilie financial slRlemeiilS. oiir responsibility is lo rea(1 Ihe oil)er ii)form&lioii aiid. in doing so, consider wliciher Ihe otlier inforination is materially iiicoiisisteiii willi the financial slaleiii¢nls or oui- kiiowlcdge obiaiiied 111 the audit or otl)erwise appears lo be Inalcrially iiiisstaled. If we identify SLicli maierial inconsistencies oi. appareiil mil lerial misstalemenls, we are rcquired lo determine whether there is a nialei'ial Inissthlemenl in th¢ finaiicial slalellieii15 or a Inaterial misslaternent of the other ii)forinatioii. If. based on the woi'k we hav¢ pei'foi'ined, we concliide that there is a malei'ial misstatement of this oihei. inforniation. we al'e reqliired to report that fact. We have nothing 10 report in this regai'd, Pagg 8
WORKfoRCETRAINING SERVICES LI riNANCIAL STATIMCI NTS HE YIIAR ENDCI D31S MARCH 2024 ED FOR REPOR'r or i-HE INDEPLNDENT AUDITOR'r 'riiE fvIEfvIBERS' MAtteiT Ort ivhich we Arc rtquiiyd to report by exception In the lighi of the knoivledge and underslaDdiiig ofihe l i'u51ees and ils environii)Lnl obtained in ihe LOUI'5e of ilie aLidil. IYL, have nol identified m&(ei'ial Ini5slat¢menls in ihe Trustees, Rcport. We have noihing lo reporl in respect of Ihe following malteis iii relalion lo wliich Ihe Companies Acl 2006 1'eq(iii'¢S Llb (O reporl 10 you if, in our opinion: sufficicnl accounliiig rccoi'ds have noi bLen kepl; or thc finanLial 5laieii)en15 al'e nol iii agrecniLnl iviih (hL IICCOLinling record8; 01. ei'lain disi105ures ol. Ii'iislecs, rLIIIUIICI'¢iiion SPLcilicd by lJiv al'c i)ol li11L. OI. we have nol rc¢eivLd illl Ihc iiiloriiialion and cxplanalion% ive rL(iuirL for uui. iiudi(. Responsibilitles of trustees A.8 cxplain¢d niorc fLilly in the Silltetnenl ofTruslee5' Rcsponsibililies, the trLislees, who ai'c also Ihe direclors ofihl chiii'ity foi. Ilie pui'posc of con)pan)' law. are r¢sponsible foi- Ihe pi'epai'aiion of the financial slaiciiients and foi. bcing Saiisfi¥d ili&l they give a true and fail. vi¢w, And lor such inlernal Lotilrol as Ili¢ direclors delermine is necessary 10 eiiablc Ihe prepai'alion or rinancilll 51aleinenls Ihal air free fi-om ni<11erial misslalemenl, wh¢iher diie to Ii'aud or eri'or. In prep41ring Ihc liiianuial slalLm¥nls, IhL Iruslu¢s al'c rc5ponsiblc loi. Isse55ing Ilie charity's abilily lo LoiilinLIC 115 a goin conccrn, disclosing, as #pplicablL. Inaiiers I'LlalLd Lo goiiig concern using IIiL goiiig LonLern b&sis ol. aLciiiinliiig LinlL% the IrusieLs Liiher iiilcnd lo liquidalc Ilie company oi. to LLIISL OPLI'411ion%. ijr Ii&vL IIU I'LdlisliL alici'iialivL but 10 do Auditor's responsibllltles for tlie ou(Ilt of tlie fJnan¢lftl stntemeiits Our objeclives al'e lo obtain re8sonable assurance about wheihoi. the fiiiancial statements a5 8 whole arc frce Irom iiiJiei'ial mi5slal¢nicnl, wheil)ei' diie lo fraud oi. ei'roi., and (o issiie audilOI S I'CPQrt Ihal incliid¢s our opinion. Rc¢isonable asSLiriinL¢ is u higli level of455uranc¢, bul 15 nol ¥ guaranlcc ihal an audit ¢onducl¥d in uc¢ordan¢e wilh ISAS (UK) i¥i1S ally),5 dLtLLI a Inalci'ial niiss((Ilcmeiii whLii il exisls. fvlis.%laLeincn15 can Ir I'isc li'oiii limiid 01- Lri'ui. and (Il'¥ con5idLI'ed 111alci.ial il-. indii'icliially or in the uggirgale. Il)ey could reasoiiably be e%pLLILd lo inllucnL¢' IhL cconoiniL deci.4ions ol- Il4Lrs iakcii lh¥ b&%1.4 01. Ihese financial s(aLcmcnts. Iri'egulai'ilies. including Ii'aud. al'e iiislan¢¢s ol non-LompliancL iviili Iuivs Mnd 'gula[105. We dc5ign proucdui'cs iii linL iviIII our rLSPOnbibililics, ouiliiied ab()vL, lo dLlcLi malerial InissLÉiicin¢iils iii rL'speLI uf iri'eb)Iilai'ilies, including Iraiid.-l-hL LNILfiI lo which oui. predUl.¢5 are capable ofdelecling ii.re8ulurili¢s. inLlvding fi'aud, is Lletaiilcd bLIow. Explanation RS to iyliat extent the Audil IVAS con5iilci.ed eai)Able of (letecting irwulni'itits. Incliidlllg frnud The objeclives ofoLlI' audil in I'e5pcci or rraiid, arg lo idenlify and ll5sess the risks of malei-ial mi5slalcinLiiI of Ilic fin41DLial staiemenls due lo fraud. io obiain surricienl appropi'iaie aiidil cvidence I'cgarding (lie &ssesscd I'isks of Inalerial mi5511I (Linenl duc (o liniid. Ihroiigh designing Ic nd implemeiiling appiopi'i(ile I'esponsLS lo Ihosc ll%ses5ed I'isK.i.' lind Io I'L.%pond appi'oprialely lo inslanGe5 of fi'&ud oi. siispecl¢d fi?ud idciililied during Ihc audi(. Ho¥vever. the pi'iinary IL'5poiisibilily foi. IhL prcvenlion und del¢clion ol. fraud rests with boih maiiageiiienl and 11i05c charged wilh goiieriiiirbce ufihL Charily. Our appi'oach was as follows: We obiain¢d an undeisl41nding ol"IhL Icgal and I'cgLII14 toly I'CqLiiremLnls IippIiLablc lo Ilie chai'ily and conbidci'cd Ihal Ihc m051 significani ai'¢ Ihc Loiiipunie5 Acl 2006 and Ihc financial Repoi'iing Siandai'd applicllblL 111 Ilic UK and Republic of Srcland (fRS 102) (effeclive l Januaiy 2U15) - (ChariliLS SORP <fRS 102}. r.nquiry of MangeMent. those charged wilh govei'iiilnce and Ihe enlily's solicilurs iii'ound ucluJl and polcnli141 liligalion and claiins. Enquiry ol'cnlily 51arr in LomplianLe lunclion5 10 idLnlily any instances ol'any non-compliiinLLi iyiih laws ii nd regulalion5. Reviewing lin8nciiil still¢[ dis¢losuYcs and Icsling lo supporliiig documcnlcilion lo asse55 LonipliancL iyiih applicablc law5 and r¥'gulalion5. l)age 9
ORKFORCEI TRAINING SERVICCtS LIMI'fED FINANCIAL STATLI IWICI NTS FOR THE YII AR ENDED 31S'I" MARCH 2024 REPORT OF THE INDEI PENDENT AUDITOR TO THC MEMBEI RS, Audiliiig the risk of Inanagenicnl override of Goiili'ols, including Iliioiigh testing jolirnal eiilries aiid other adjuslmeiils foi. appi'oprialeii¢ss, ai)d evalualiiig Ilie business raliontLle of 5isnificaiil IrAnsa¢lioiis OLilside the normlil course of bLisiiiess. As part of an audil irt accordance with ISAS (UK) we exeirise profe55iol)al jiidgemenl aiid iiiainlaiii professioiial sceplicisni throughout the audil. We also.. Identify aiid assess the risks of malerial misstatement of the finaijcial slalemenls. wl)eilier due lo fraiid or errol.. design and perform aiidit procedures responsive to those risks. and obiiiin ftudil evidence t111 is siifficienl aiid appi'opriale to provide a basis foi. oiir opinion. Tlie risk of not d¢t¢cliiig a Inalerial iiiisstaleinenl I'esiiliin& Fix)In frAud is IIiBher tliaii for one r¢sLiliing fi'om ei'roi.. as fraud may involve colliisioii, foi'gery, ii)leiilioiial omissions. misi'epreseiil81ioiis, or the override of internal control. Oblain an understanding of iiilernal control relevant 10 the audit in order to design audit pi'ocedLires Ih<lt are appropi'iate in the circiimsLinces, bul not for the puiyoses of expressiiig ali opinioi) on the effc¢liveiic5s of Ihe company's iniernftl control. Evaluatc Ihe appi'oprialeness of accountiiig policies used and il)e reasonableiiess ol accoiinling esliinates and related disc105ures made by the dircfjlors. Concludc on the approprialeness of Ili¢ direct015' use of tlie going concern basis of accounting aiid, bR5ed on Ihe aiidil evidence obtained, whether a malerial iincertainly exists rclaled io even15 01. condili011s that Illl¢ y Ctisl significant doubt on Ihe Gliarily's ability lo conlinlie as a going concern. If we coiicllide IhRI a material iincerlainly exists, we al'e required to draw altentioi) in our auditor's report to (he I'elalcd disclosiire5 in tlie financial sialemeiils or, if such disclosures are iiiadequftle. lo Inodify oiir opinion. Our ¢onclLision5 are based 01) tlie aLidil evid¢iice obtained up 10 oiir auditols report. How¢ver. future evenls or coiiditions i)iay cau5c (lie Ghai'ity lo cease to conliniie as a going concern. Eva5Liale the overall presenllltion, slructiire and content of the financial 51atemenls, iiicliidiiig the disclosiires, and wlieiher the fiii4iiicial staleillents I'epre5ciiI Ilie iindei'lying Ii'ai1Sl1 clioiis ai)d eveii15 in a Inrfitbiiei. Ilial acliieves fair preseiitalion. A further descriplion of oiir responsibilities foi. the aiidil of the firsancial statements is located oil the Financial Reporliiig Council's website at.. littP'.Ilwww.frc.org.Iiklaudilor5respoiisibililies. This descriplioii foi'ins parl of oiir aLidilor's I'eporl. We conimunicale with those charged wilh governance regarding. amoiig other Inallers, Ilie plaiiiied scope and liining of (lie audit and sigiiificani findings. including ILny sigiiificaiil defieieiicies in ii)lei'nal conli'oS Ilial we identify dLII'IIIUJ OLII. aiidil. Use of oui. report Tlii5 report is made solely to the cl)aritable coillpany's menlbers, lls a body, in AccordRnce with Chapter 3 of Parl 16 of Ihc Coinpanies Act 2006 aiid regiilalioiis made iii)dei' tha( Act. Oiir alidil work has been iinderlaken so Ihal WC Iiiig)hi slalc lo Ilie harilable coinpany's mcinbers those matlei's we are required lo slate lo them in ali aiidilors, report and for no oilier pui'pose. To the fullest extent perinitted by law, we do not accept or assume responsibility to anyone other than the chai'itable ¢oinpaiiy nd it5 embers as a dy, for Dui. aiidil work, for this report. oi. for the opiiiions we have formed. LAWRENCE SHEARCR F.C.A., Seiiioj. StAtutory Auditoy FOR AND ON BEHALF OF O'HARA SHEARER. Stlltutoi'y Auditor O'HARA SHCARCR CHARTEI RED ACCOUNTANTS AND STATUTORY AUDITORS 547 Falls Road Belfasl BTII 9AB DAted: 29th Noveiiiber 2024 Page 10