WORKFORCE TRAINING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 ( A COTrIPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COMPANY REGISTRATION NUMBER N1031308 CHARITY REGISTRATION NUMBER NIC 101872 O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 547 FALLS ROAD BELFAST BTII 9AB WORKFORCE TRAINING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR EI NDED 31ST MARCH 2025 CONTEI NTS Page Members and Pi'ofessional Advisors Trustees Annual Report (including the Statement of Dii'ectors Responsibilities in respect of financial statements) Report of tlie Independent Auditors to the Members, 8-10 Accoiinting Policies 11-13 Statement of Financial Activities (incorporating the income and expenditure account) 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Financial Statements 17-23 Page I WORKFORCE TRAINING SERIqCES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 OFFICERS AND OTHER INFORMATION Directors Josepli McAuley (Chair) Julie Maguire (Treasurer) Frank Cullen Jolin Deery Harriet Ferguson David Lynn Heniy Mccarry Catriona M¢Coi'ry Dr Pliilip Toner Secretary Paul Boyle Registered Office Woi-kfoi'ce Training Services Liinited 88-90 Springfield Road Belfast BT12 7AJ Auditors O'Hai'a Sliearer Cliartei'ed Accountaiits & Statutoiy Auditoi's 547 Falls Road Belfast BTI 19AB Solicitors O'Reilly Stewart Solicitors House 75, Courtside 77 May Street Belfast BTI 3JL Bankers Daiiske Bank Belfast Business Centre P.0. Box 183 Donegall Squai'e West Belfast, BTI 6JS Company Registration Number N1031308 Charity Commission for Northern Ireland Registration Number NIC 101872 Page 2 Year ended 3151 March 2025 Workforce Training Services Limited Trustees, Annual Report (incorporating Chair's report) It gives me great pleasure to introduce Workforce Training Seniices Limited's Annual Report for 2024-25. Throughout 2024-25, Workforce has continued to fulfil its mission of developing people to achieve. By focusing on three key areas, we have helped individuals secure good jobs through training, placements, employability skills, and vocational qualifications in vital trades and growth sectors within the local economy. We have supported people in pursuing better careers by reigniting their ambition and guiding them through skills and employment pathways to achieve their professional goals. Furthermore, we have enabled individuals to reach their full potential and access more life opportunities by boosting their confidence and providing tailored support to redefine their abilities and future aspirations. The Workforce community has faced a challenging year following the loss of our dear colleague and friend, Gordon Birch. Gordon's passion for teaching trainees and apprentices in the catering industry was remarkable, as was his dedication to their success. His impact on learners and colleagues alike will not be forgotten. Gordon was more than a colleague,. he was a friend whose kindness and commitment shaped countless lives. His memory will live on. This year, the charity has continued to make strong progress delivering its core contracts which include the Department for the Economy's Skills for Life & Work and ApprenticeshipsNI Programmes, the Education Authority's School Partnership Programme, local council led Employment Academies as part of the Labour Market Partnership initiative and the Step-up Programme in partnership with Belfast Metropolitan College. At Workforce, we prepare individuals for the modern labour market by equipping them with specialised skills, recognised qualifications, and the confidence needed to succeed. Our programmes are tailored to meet employer expectations, ensuring participants gain technical expertise and a strong foundation for career progression. This year's Celebration of Success event at Conway Mill once again showcased the accomplishments of our trainees and apprentices, highlighting their hard work and dedication. Their achievements demonstrate how education can transform lives by advancing careers while contributing to their communities. By fostering excellence, we empower individuals to thrive in a competitive economy and achieve their full potential. However, success at Workforce goes beyond professional progression. While celebrating qualifications and career milestones, we recognise the importance of overall well-being. Good health, meaningful relationships, and a sense of community are integral to a fulfilling life. We are committed to nurturing individuals who not only excel in their careers but make a positive impact on those around them. By promoting personal growth and encouraging connections, we aim to build stronger communities. Workforce continues to champion the values of progress, achievement, and shared success, ensuring our participants can lead enriched lives that truly benefit their local communities. This year, Workforce has made a significant investment by acquiring a strategic site at Blackstaff Road, Belfast, to support our future relocation plans and drive forward our mission. This site will enable us to expand and transform our service provision across the Greater Belfast area, enhancing support for learners and the wider community. The planned community campus will provide enhanced facilities to address health, wellbeing, and employment barriers, with a focus on supporting women, people with disabilities, newcomers, and those from minority ethnic backgrounds. This investment reflects our commitment to fostering partnerships with business, community, and public sector organisations while contributing to the regeneration of a disadvantaged area. This marks a pivotal step in our journey to ensure Workforce continues to deliver meaningful impact for future generations. Strong financial results over the past year have enabled us to update our facilities for high-quality training and learning. Modern facilities are vital for supporting participants in achieving optimal outcomes. Alongside this, we remain committed to investing in the development of our people and the continuous improvement of our programmes and services. Our balance sheet remains strong, with total net assets of £9.4m, up from £8.6m in the previous year. At year-end, we held £3.9m in cash and £4.2m in net current assets, with no Soans. This positions us well for future development at Blackstaff Road. I wish to acknowledge the invaluable contributions of the Workforce management and staff teams, whose unwavering support, guidance, and belief in the potential of our learners have been instrumental in their achievements. Despite yearly challenges, they work tirelessly to improve the lives of our learners. Their efforts enhance employment prospects, life chances, and positive outcomes. Pastoral care and wellbeing are central to our service delivery, with our Welfare Team playing a vital role in supporting the health and wellbeing of trainees and apprentices, consistently demonstrating exceptional dedication. Their work often goes beyond expectations, ensuring individuals receive the support they need to thrive both personally and professionally. This commitment reflects our values, highlighting Workforce as an organisation prioritising welfare and lifelong learning for growth and success. For their dedication, hard work and commitment, l extend my deepest appreciation and heartfelt thanks to all our staff. I would like to thank to my fellow board members for their unwavering commitment, dedication, and invaluable support. Their collective and individual expertise, alongside their generous contribution of time, has been instrumental in ensuring the effective governance and efficient operation of the company. In an ever-evolving landscape, their specialised knowledge and competent leadership have been key in maintaining robust governance, enabling Workforce to remain focused on serving our beneficiaries and fulfilling our mission. In conclusion, I would like to express my gratitude to all our placement providers, employers, delivery partners, funders, and other stakeholders for their continuous help and support over the past year. Their contributions have been vital in shaping the quality of our service provision. Signature Date Afr Ztsls Chair Skills for Life and Work Workforce's Skills for Life and Work programme, funded by the Department for the Economy, has made a significant impact in enhancing the employability prospects of young individuals, especially those aged between 16-17, or those with a disability or from an in-care background. This programme offers a comprehensive curriculum encompassing personal development, employability training, and vocational skills, in addition to essential literacy, numeracy, and ICT qualifications. Workforce is one of the largest providers of work-based learning in Northern Ireland, with a strong record of engaging young people through its Skills For Life and Work programme. In September 2024, Workforce recruited 204 trainees from 27 post- primary schools across Greater Belfast, marking its highest-ever intake and a 12 % increase compared to 2023. The programme consistently helps participants secure apprenticeships or further training, providing them with clear pathways to successful careers. Over the past 12 months, the programme's key achievements and outcomes include.. 84 young people securing employment and advancing to the ApprenticeshipNI programme., 259 participants earning a vocational qualification this year., 407 Essential Skills qualifications in literacy, numeracy, and ICT being completed. 289 personal development and employability qualifications being obtained. 1,455 hours of individual mentoring sessions being provided to participants,. and 106 independent counselling sessions being delivered to young people through Bremar Wellbeing. ApprenticeshipsNI Workforce delivers high-quality apprenticeship training through the ApprenticeshipsNI programme, enabling participants to gain industry-recognised Level 2 and Level 3 qualifications while in paid employment from day one. Over the last year, we have worked closely with 221 employers to secure meaningful work placements and job opportunities for young people. By building strong relationships with businesses, we ensure that both employer requirements and apprentice development needs are met, creating a pathway to sustainable employment and career progression. In the 2024-25 period, 150 apprentices participated in the ApprenticeshipsNI programme through Workforce. We have prioritised increasing access to apprenticeship opportunities, particularly for young people from disadvantaged backgrounds, ensuring they can benefit from this structured training and employment pathway. By actively engaging employers and supporting apprentices throughout their journey, we continue to expand opportunities and deliver tangible results for participants and businesses alike. EmploymentAcademies The Labour Market Partnership (LMP) is a province-wide approach developed by the Department for Communities, aiming to address issues with jobs and training by combining resources and delivering a collaborative and flexible approach to employability support in each council area. The LMP focuses on improving labour market conditions and addressing challenges faced by employers, training providers, and community and voluntary organisations. We are pleased to report that Workforce has once again successfully tendered for and been awarded the contract to deliver the Employment Academies in Customer Service, Transport, and Construction, as part of Belfast City Council's Labour Market Partnership-funded Employment Academy initiative. Belfast is the largest of all the councils with which we work. These contracts, commencing on 2nd December 2024 and running for three years with an option to renew for an additional year, reflect our continued strong partnership with Belfast City Council. We are pleased to support individuals in accessing training and employment opportunities through this impactful programme. Through this initiative, Workforce has continued to strengthen and develop its strategic relationships with all five previously engaged councils.. Belfast City Council, Mid & East Antrim Borough Council, Newry, Mourne and Down District Council, Lisburn and Castlereagh City Council, and Antrim & Newtownabbey Borough Council. In addition, we are now working with a sixth council, Ards and North Down Borough Council, where we have delivered an SIA Licence Academy. Across these partnerships, Workforce continues to deliver a range of skills and employability programmes aligned to sectoral needs. For the 2024-2025 financial year, we have supported 401 participants through Employment Academies, broken down as follows.. Type of Academy No. of Participants HGV 201 Bus 50 Leisure 20 Hospitality / Customer Services 46 Warehousing 39 SIA Licence 31 Digital Skills 13 Total 401 This year saw strong engagement across several sectors. however, there was no delivery in Construction, which is disappointing given the historically high demand for this provision. Additionally, we obsenied reduced participation in Leisure, Hospitality, and Retail, which is also a concern. We aim to address these challenges by working closely with our local council partners to strengthen engagement and delivery in these areas in the coming year. STEP UP Over the past two years, Workforce has successfully partnered with Belfast Metropolitan College to deliver the STEP-UP programme, an initiative funded by the Department for the Economy to support under-represented groups in accessing skills, education, and employment opportunities. As one of six delivery partners, Workforce provided tailored, mentor-led support through two distinct programmes: College Connect 25+ targeting economically inactive or unemployed individuals aged 25 and over, and the Women Returners Access Programme (WRAP), supporting unemployed or economically inactive women. Between 1 st June 2023 and 31 st March 2025, Workforce engaged 76 participants through College Connect 25+ and 48 through WRAP. Both programmes achieved strong outcomes, with WRAP recording a 940/0 retention rate and a 78 % progression rate into training or employment, while College Connect 25+ achieved an 890/0 retention rate and 82 % positive progression. Participants benefitted from 1-to-1 mentoring, employability support, and accredited training courses, such as customer service, food hygiene, CSR, COSHH, manual handling, forklift training, emergency first aid, and mental health first aid. This comprehensive support equipped participants with industry-specific skills, enhancing their Gareer prospects and enabling access to wider employment opportunities. Although funding for this programme ended on 31 March 2025, we are committed to continuing our collaboration with Belfast Metropolitan College and exploring future employability initiatives. School Partnership Programme Workforce's School Partnership Programme, a key element of its education services, collaborates annually with five post-primary schools, engaging over 160 pupils. The initiative focuses on providing Year 11 and Year 12 pupils with practical vocational skills by enabling them to achieve CEA'S Occupational Studies qualification, many at Level 2, which is equivalent to a GCSE. Pupils gain hands-on experience in areas such as construction, catering, hairdressing, and motor vehicle maintenance and repair. This pathway has consistently facilitated transitions for many pupils into Workforce's training programmes upon completing school, demonstrating the programme's success in bridging education and employment. This structured pathway not only enhances career readiness but also reinforces the value of practical learning for young people. Other Youth-Led Programmes Workforce, in collaboration with Work West, has successfully delivered the youth component of its Social Enterprise programme in 2024-25. This initiative engaged 24 young people, ages 14 to 16, in the creation and management of small business projects. This hands-on experience aims to foster their entrepreneurial talents, offering a foundation to cultivate these skills as they transition into further education, training or employment. Community Workforce is dedicated to strengthening partnerships within the local community. This year, our joinery trainees have created planters and outdoor furniture, which were donated to several community organisations. Our young people have also contributed through activities such as neighbourhood litter picks and budget-friendly cooking projects. In addition to these practical initiatives, they have shown social responsibility by organising and supporting fundraising efforts for Foodstock, a key local foodbank. These examples highlight the valuable contributions made by our trainees and apprentices over the past year. Quality Awards Workforce's Gold accreditation for the Investors In People Award, placing us in the top 17 % of IIP-accredited organisations, underscores our commitment to staff development. We recognise that our employees are central to delivering the highest quality services. By investing in their growth, skills, and wellbeing, we ensure they are equipped to meet the evolving needs of our clients. Continuous development is embedded in our culture, reflecting our dedication to improving our people practices. This commitment guarantees a knowledgeable, motivated workforce capable of sustaining excellence in service provision, while fostering a positive, supportive workplace that benefits both staff and service users. Our quality management system has once again demonstrated compliance with the ISO.'9001:2015 standard. This achievement reaffirms our ability to consistently meet intended outcomes, reflecting our commitment to maintaining high standards of quality and operational excellence. The successful audit outcome highlights the robustness of our processes and the effectiveness of our quality management practices. As a result, we are pleased to retain our ISO'.9001:2015 accreditation for another year. Plans for the future Workforce prioritises long-term financial security and sustainability. We recently secured contracts for the Department for the Economy's Skills For Life & Work and ApprentioeshipsNI programmes. These contracts are central to our mission, allowing us to maintain services that develop skills and apprenticeship opportunities in the Gommunity. Securing these contracts ensures we continue delivering essential programmes that support local workforce development. Workforce views Employment Academies as a vital component of its service delivery, recognising their role in supporting individuals to secure sustainable careers and progress within their current roles. Currently, we are collaborating with six local councils-Belfast, Antrim & Newtownabbey, Lisburn & Castlereagh, Newry, Mourne and Down, Mid & East Antrim, and Ards and North Down Borough Council-to deliver Academies in Transport and Logistics, Construction and Customer Service. These Academies provide tailored opportunities for unemployed and economically inactive individuals or those on low incomes to gain qualifications and skills, aligning their development with the needs of local employers and strengthening the regional economy. Workforce is committed to expanding these initiatives, seeing them as a key area for future growth and an effective means of addressing skills shortages in priority sectors while creating real prospects for participants. Our previous collaboration with Belfast Metropolitan College in the delivery of the STEP UP programme proved to be very successful this year. We aim to build on this partnership and explore the possibility of establishing effective working relationships with other like-minded local learning providers to create opportunities to bid on a host of education and training tenders. We are in the final stages of agreeing our Strategic Plan 2026-2031, which will guide our actions over the next five years to ensure Workforce is prepared for the future. This period will include a significant milestone in 2028, marking 50 years since the organisation was first established. The plan is built around five key themes.. increasing skills for good jobs and a stronger economy, fostering ambition and lifelong learning, improving wellbeing, promoting inclusion, and supporting regeneration. As part of this strategy, we are progressing plans for a new community campus at Blackstaff Road, Belfast, to expand our service provision and address health, wellbeing, and employment barriers. This milestone will reflect our ongoing commitment to supporting learners, businesses, and communities while shaping a strong and inclusive future. The annual report was approved by the trustees of the charity on 28th November 2025 and signed on its behalf by Paul Boyle (Secretary) WORKFORCE TRAINING SERVICES LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 STATEMENT OF DIRECTORS RESPONSIBILITIES The directors are responsible for preparing the Directors, Repoit and the financial statements in accordance with applicable law and regulations. Coinpany Law requires the directors to prepare fInancial statements for each financial year. The Trustees, who are also directors for the purposes of coinpany law, present their i'eport and the financial stateinents of the chai'ity for the year ended 31 st March 2025. The Trustees confirm tliat they comply with the reqLiirements of the Charities Act (Northern Ii'eland) 2008 and Accounting and Reporting by Charities.. Statement of Recommended Practice wliich applies to charities pi'eparinu their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). Under company law the directors must not approve the financial statements unless they al-e satisfied that they give a true and fair view of the state of affaii's of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the directors are i'equired to.. select suitable accounting policies and then apply them consistently. make judgeinents and estimates that are i'easonable and prudent. prepare the financial statements on the goii]o concern basis unless it is inappropriate to presume that the coinpany will continue iii business. Tlie directoi's are responsible for keeping adequate accounting records that are sufficient to show and explain th'e company's transactions and disclose with reasonable accui'acy at any tiine the financial position of the coinpaiiy and enable them to ensure tliat the fiiiancial stateinents comply with the Compaiiies Act 2006. They are also responsible for safeguarding the assets of the company and hence for talr￿n177e 627,927 30,702 97.874 627.927 30.702 97,874 241.000 241,000 79.200 79.200 997,503 997.503 915.569 915,569 Pa8¢ 17 IVORl&FORCE TRAININC. SERVICES LlIlllTED I OTF.S TO THE fiNI ANCIAL.%TA TfNI ir.IYTS FOII-I'HE YEIIR ENDED 31ST PvI.411CH 2U25 5. EXPEINDITURE ON RAISINC FUNDS UThrt5trictcd Rtstrieted Fundy Unre5trict¢d Re51rtcle Funds Fllrtds 2025 2024 Promoiional and fundraising cos15 6. EXPENDrrvRE ON CHARITABLE AC1'IVITIES Llnrestrieted Restrictcd ruiids u￿reStrIcted Resirlcted Fuiids 2025 2024 Wages and salarie5 (See Noie 8) Soridl 5eruiiry c0515 (Sgg 8) Redundancy costs Training maleriu15 Equipmeni hiring and leasing Trainee alloiyances Moioi and Iravel costs Conslruclion SKi115 Regisier ICSRI e.%pense8 SiatT Iraining and other staff COSTS Cleaning and laiindry Bouglii-ln and In-l)ouse training Academits expenses Sport50rship c0515 IProfiiJi Loss on disposal of fi¥td assets O¢prtciaiion (Sge Noig 9) Sundry e.xpenses 1.374.855 219,616 1,374,855 219,616 1.36?.544 ?]? 536 1,362,544 ?1?,530 154,090 1.844 77?.9?7 4.182 li4.090 1,844 77? 9?7 4.182 122,038 8.801 732.9?1 1.869 2.248 23,876 54,050 505.$90 22? 125 2.lQO 1??038 8,801 739.971 1,869 17,885 60.448 509.068 ?34,770 8,170 17.885 60,448 509,068 434,770 8.170 23.876 54,050 505,590 2.100 157.676 157.676 146.321 4,675 146,321 4.675 3.517.632 3,517,632 3.401,694 3,401,694 Suibi)ort Co515 aiid Covcrnanc¢ cos15 T¢l¢pliono and Iniernei Rent payuble Rates Insuranee 14,641 83.50? 230 78.465 75,109 24,741 17.067 14,641 83.502 230 78,465 75,109 ?4.741 17,067 155,946 999 58.?87 j5,95? 155.946 999 58,287 55.95? ?9.595 31,463 15,790 7.110 2,760 34,387 Printing. poslage and siationery Repairs and tndinlenance Advenising and promoiiotts Audit fees Accoun￿nCY fees Legal and oiher professional f¢¢5 IT cosis, subscripiions and licentes Bllnk inter¢51 churges 31.463 15,790 2,760 34.387 14? 134 971 ?1.694 86,890 1.038 86.890 1.038 971 552,501 SS2,501 431.862 431,862 TOTPIL EXPEI NDITURE ON CHARITABLE ACTIVITIES 4.070.133 4,070,133 3,833.556 3,833,556 7. NET IGAINSYLOSSCS ON INVESTINIENTS Net Iguinslllosses on Invesiments 26.065 ?6.065 163,9101 163.9101 26,065 26.065 163,9101 163.9101 Page 18 WORKFORCE TRAINING SERVICEI S LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 7. NEI T {OUTGOING)I INCOMING RESOURCES FOR THE YEAR This is stated after chargingl(crediting) 2025 2024 Auditors remuneration Depreciation 7,110 157,676 7,110 146,321 8. SALARY COSTS AND EMOLUMENTS 2025 2024 Total staff costs were as follows: Wages and salaries - key management personnel Wages and salaries - other staff Employer social secui'ity costs - key management personnel Employer social security costs - other staff Employer social security costs - Statutory Maternity Pay Recoverable Employer social security costs - Employment Allowance 141,035 135,228 1,233,820 1,227,316 25,373 23,932 196,377 188,604 (2,134) 1,594,471 1,575,080 Tlie average monthly number of employees during the year was as follows: 2025 Number 45 2024 Number 48 Trustees, remuneration and benefits There was no trustees, remuneration or otlier benefits for the year ended 31 st March 2025. (2024: £Nil) Trustees, Expenses There were no trustees, expenses paid for the year ended 31 st March 2025. (2024.. £Nil) Page 19 WORKFORCE TRAINING SERVICES LIIWIITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST fvIARCH 2025 9. TANGIBLE FIXED ASSETS Freehold Plant & Property Machinery Fixtures & Fittings Motor Vehicles Total COST As at I st April 2024 3,681,828 345,714 1,171,269 73,046 5,271,857 Additions Disposals 1,286,452 23.969 35,990 1,346,411 As at 3 1st March 2025 4,968,280 345,714 1,195,238 109,036 6,618,268 DEPRECIATION As at I st April 2024 1.077,62 I 322,863 883.207 40,518 2,324,209 Charge for year Eliminated on disposal 83,991 2,857 60,444 10,384 157,676 As at 31 st March 2025 1,161,612 325,720 943,651 50,902 2,481,885 Net book value 2025 3,806.668 19,994 251,587 58,134 4,136,383 Net book value 2024 2,604,207 22,851 288,062 32,528 2,947,648 10. INVESTMENTS 2025 2024 COST OR VALUATION A5 at I st April 2024 1,066,868 1.002,958 Additions Fair value movements (26,065) 63,910 As at 31 st March 2025 1,040,803 1,066,868 IMPAIRMENT As al 1st April 2024 and 31 st March 2025 CARRYING AMOUNT As at 31st March 2025 1,040,803 1,066,868 As at 31 st March 2024 1,066,868 1,002,958 I I. CASH AT BANK 2025 2024 Danske Bank - Current Accounts Danske Bank - Investment Accounts 1,756,003 1,976,466 2,133,386 2,158.546 3,889,389 4,135,012 Page 20 WORKFORCE TRAINING SERVICES LIMI ITED NO'I'ES'I'O I'HL FIYI ANCI.4L STATE￿1 IENTS roR'I-HE YEAR LNDED 31SI' IllARCH 202 12. DEBTORS.. A￿lo￿TNTs F.4LLlING DIIE IVITHIN ONE YEAR 2025 2024 Trade debtors Grants receivable OiheT debtors Prepayments 18.532 418.293 32.432 6.063 204,211 34,306 21.126 415,354 475,320 13. CREDITORS: ATrIOUNTS FALLING DLIE WITHIN ONE YEAR 2025 2024 Trade crediiois Biisiness ¢redi¢ card Social security ¢05ts and otlier taxes Defetted iiicome Sundry ciedilors and aCCTued expEn5e5 21,545 937 48,001 5,000 19,154 31.847 2.252 40.490 3.291 94,637 77,880 14. CREDITORS: ATr1 IOIINTS FALLING DUE AFTER ITrIORE THAN ONE YEAR 2025 2024 Bank loans Deferred incon)e IS. ANALYSIS OF NET ASSETS BETIVEEYI FIINDS Tangible Debtors aiid Iiive5tments Prepayments Cash al Bank aiid in Hand Creditors nd Accruals Transfers b¢Nv¢en Funds Assets 2025 2024 Uiiresiricted Funds 4.136.383 1.040.803 419,854 3,889,389 194,6371 9.391,792 8,551,468 Reslrieted Funds Total Funds 4.136.383 1040.803 419,854 3.889,389 194.6371 9,391,792 8.551,468 16. RECONCILIATION OF OPEIUTING PROFIT TO NI ET CASH FLOIV FROM OPERATING ACTIVITIES FROfvI OPEIL4TING ACTIVITIES 2025 2024 Operating Surplllsl{D¢fJ¢itl for th¢ y¢ar Depreciation Movement in debtors Movement iii creditors IGainllLoss oil it)vestments IProfiiyLoss on disposal of Fix¢d Assets Prior year adjiislmenl 840,324 157,676 59,966 16,757 26,065 799.974 146.321 193.290 15.8681 (63,9101 15,580 Nct ¢.'Ish inflowlloutfloiY} fi'om operating i¢tLVltlf5 1.100.788 1,085J87 WORKFORCE TRAINI INC SERVICES LlIllITID NOTFS TO THF, fiiNANCI.41. STATFIllF4NI TS FOR THE YEIIR ENDED 31ST fv12lRCH 2025 17. IWIOVENI IENI T IIY FUNDS Net Illovetnent in Funds 2n25 Opening Balance TrAnsfers bettveen Fuiid5 Prior ye4r Adjustment Income Expenditure 2025 2024 Unre5tricl¢d Funds 8,5i1,468 4,936,522 {4,096,1981 840,324 9.391.792 8,551.468 Reslri¢t¢d Funds 8,SSI,468 4,936,522 4,096,198 840,324 9,391,792 8,551,468 Pase 22 WORKFORCE TRAINING SERVICES LIMITED NOTES TO THE FINANCIAL STATEI MENTS FOR THE YEAR EI NDED 31ST MARCH 2025 18. UNRESTRICTED INCOME FUINDS 2025 2024 Balance at 1st April 2024 8,551,468 7,735,914 Incoming resources for the year Resources expended for tlie year Prioi. year adjustment Transfer between funds 4,936,522 (4,096,198) 4,569,620 (3,769,646) 15,580 Balance at 3 1st March 2025 9,391,792 8,551,468 19, RESTRICTED INCOME FUNDS 2025 2024 Balance at 1st April 2024 Incoming resources for the year Resources expended for the year Transfer between funds Balance at 31 st March 2025 20. DESIGNATED FUNDS Designated funds are unrestricted funds set aside by the trustees out of unrestricted funds for specific fiiture purposes. The trustees have agreed to designate funds totalling £1.5 Million in order to assist with the future capital obligations of the organisation. 21, LEGAL STATUS Workforce Training Services Limited is a Company Limited by Guarantee. Each member has agreed to contribute £1 in the event of a compulsory winding up. Workforce Training Services Limited is registered with The Charity Commission for Northern Ireland, Charity Number 101872. Date of registration 18th September 2015. Workforce Training Services Limited is a recognised Charity within the definition of Section 360(3) Income and Corporation Taxes Act 1970 by the Commissioners of the HM Revenue & Customs. 22. PRIOR YEI AR ADJUSTMENT The prior year adjustment relates to adjustments made regarding earlier financial years accruals. Page 23