Company Number N1030477 Charity Registration No. N1102189 TRAINING FOR WOMEN NETWORK LIMITED A COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 TRAINING FOR WOMEN NETWORK LIMITED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 CONTENTS PAGE TRUSTEES, REPORT REPORT OF THE AUDITORS 10 STATEMENT OF FINANCIAL ACTIVITIES 15 STATEMENT OF FINANCIAL POSITION 16 STATEMENT OF CASH FLOWS 17 NOTES TO THE FINANCIAL STATEMENTS 18 TRAINING FOR WOMEN NEfwoRK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 l. Reference and Administratlon Details Name: Training for Women Network Limited (TWN) Reg No: HMRC Charity No.. XO 2044-95 Nl Company No.. N1030477 Nl Charities Commission No.. NIC102189 Address: Ground Floor, Suite 2 Elizabeth House 116-118 Holywood Road Belfast BT41NY Trustee8: Patricia Lewsley-mooney CBE (Chairperson) Kelly Andrews (Vice Chairperson) Dr Margaret Baumann (Secretary) Katherine Mccloskey (Treasurer) Professor John Barry Maureen Maguire Helen Marie (Eileen) Bell CBE (Secretary) Julia Flanagan Rhonda Lusty Dr Marie Braniff {Deceased 2611112022) {Resigned 1410912023) {Appointed 111212022) Chief Executive: Norma Shearer MBE Solicitors: Cleaver Fulton Rankin Bank: First Trust Bank Ltd 33-35 University Road Belfast Auditors: BMK Accounting Limited 43 Lockview Road Belfast BT9 5FJ Page I TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 2. Structure, Governance and Management TWN is governed by Memorandum and Articles of Association, and is a company limited by guarantee with charitable status. TWN is also a charity registered with the Northern Ireland Charities Commission Number NIC 102189. TWN is a membership organisation and as such its trustees are recruited from its membership base. TWN members are invited to stand for election to the Board of Directors at the AGM. At the first meeting following the AGM, there is an induction and training programme to ensure that all members are aware of the roles and responsibilities of their post as members of the Board of Directors. Board members serve for a period of three years, after which they must stand down and apply for re-election. The Board roles and responsibilities are contained in the Board Induction Manual and detail the strategic level of their decision making powers. Operational matters are delegated to the Chief Executive who reports to the Board at meetings held six times per year. 3. Objectives and Actlvltles TWN were called forward for registration by the Charities Commission Northern Ireland and received its charity number and registration in May 2015. The Purpose of the Charity is: l. To advance, promote, develop and co-ordinate provision of adequate, accessible, quality training and pre-vocational training for women in Northern Ireland and beyond to maximise the integration of women in the labour market. 2. To provide a forum I focus for Northern Ireland, representatives of the private, public and voluntary sectors, the trade unions, education and training practitioners and individuals involved in women's training. 3. To promote any or all activities for the benefit of the community which now or hereinafter may be deemed in law to be charitable, and in particular the advancement of all forms of training of women. The public beneflts that flow from the charitable purposes are: a) Women are securing.. Enhanced educational attainment, transferable skills, capabilitie5 and capacities of women and improved potential to secure employment. The empowerment of women to play a full part in their communities and society in general. The beneficiaries are women throughout. These benefits can be evidenced through intemal records kept of the progress and qualifications achieved by the participants, evaluations of the work and impact of the organisation, feedback from beneficiaries and independent evaluations for fijnding bodies. b) Advocacy, promotion and sharing of best practice in training for women. Research into issues impacting on women and development of appropriate flexible innovative training packages to meet the identified need. Page 2 TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 The beneficiaries are women as individuals and through appropriate community and voluntary sector organisations. These benefits are evidenced through publications such as research reports and monitoring returns. c) Increased efficiency and effectiveness of the community and voluntary organisations that receive support, resulting in enhanced outcomes and Servi￿ delivery and, consequently, an improved quality of life for those who benefit from the work of these organisations. The beneficiaries are community and voluntary sector organisations. These benefits can be evidenced through internal monitoring records and feedback and evaluations. No harm arises from these purposes. Incidental benefit may arise from transferable skills training offered to Board members to fulfil their duties. Thls Is what your organisation does.. - The preparation, provision and dissemination of information about the training of women and other disadvantaged groups. The provision of advice and assistance with regard to the training of women and other disadvantaged groups. The organisation and maintenance of a network whereby all bodies, organisations or individuals, either involved in or interested in providing or receiving training for women can liaise and co-operate with each other with regard to the training for women and exchange information and ideas on the training of women and other disadvantaged groups. The holding of activities and events relating to the training of women and other disadvantaged groups. The promotion and development of projects principally in areas where there is an identified need for greater training for women. to facilitate the training of women and other disadvantaged groups. The promotion andlor support of regional initiatives designed to satisfy local needs with regard to the training of women and other disadvantaged groups throughout Northern Ireland and beyond. The estsblishment of links with European and other world ne￿OrkS. The monitoring of European Union funding for women's training and that of other disadvantaged groups. The access to I raising of funding to accomplish the above. The support of any body, organisation or individual having objects altogether or in part similar to those referred above. 4. Achievements and Performance Re ional Infrastructure Su ort Pro ramme for women In rural and disadvanta ed areas. The RISP Consortium is comprised of the following organisations.. Training for Women Ne￿Ork Limited (TVVN) - Project Lead Women's Resource and Development Agency {WRDA) Women's Support Ne￿Ork (WSN) Northern Ireland Rural Women's Ne￿Ork (NIRIIVN) Women's TEC Women's Centre Derry (WCD) Foyle Women's Information Ne￿Ork (FWI N) Page 3 TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 The Consortium is the estsblished link and strategic partner be￿een Government and statutory agencies and women in disadvantaged and rural areas (D&RA) including all groups, centres and organisations delivering essential frontline services, advice and support. The Consortium ensures a continuous two-way flow of information belween Government and the sector. It ensures that Organisationsl￿ntreS and groups are made aware of consultations, government planning and FK)Iicy implementation. In turn the Consortium as￿rtaInS women's views, needs and aspirations. It takes these views forward to influence policy development and future govemment planning. ultimately empowering local women in disadvantaged and rurally isolated communities. TWN oversees the work of the Consortium which conducts research, carries out consultations, develops lines of engagement, bottom up and top down and operates as one point of contact between Government, statutory agencies. local partnerships and women in disadvantaged and rural areas. It continues to provide support, guidance and signposting for strategic development and delivery of services for women in disadvantaged and rural areas and promote the work and services of these specialist 0rganisationsl￿ntreSlgroups. The Consortium will support funding bids to maximise specialist localised delivery for women in disadvantaged and rural areas. It actively works to widen the regional support to those women, groups and organisations operating in isolation in some of the most disadvantaged and rurally isolated areas of Northern Ireland who previously did not have the opportunity to avail of strategic support, guidance and engagement through regional organisations. The Consortium was able to revise its targets in light of the pandemic. In addition, the Department for Communities provided the funding in advan￿ ft)r a previous financial year to ease the financial burden on the partnership. Women in Communit Transformation WICT Pro ramme WIP Partnershi Part of the WICT Programme was an educational trip to the United Nations CSW 65 for 20 women in New York. Due to COVID-19, this was postponed but the group were able to attend CSW 67 in March 2023. This highly suc￿Ssful educational visit, funded by DFC, enabled Nl women to contribute on the world stage, showcasing the WICT Programme, and highlighting its successful delivery and engagement methods in areas of high paramilitarism. DfE- NIESF PASS & Pathwa sPro ects TWN secured the Department of the Economy funding for its Pass Project for £237,560 employability programme for 80 young women and its pathways project which was £263,080 funding for the delivery of employability training initiatives to 117 women up to 31 March 23. These were extremely successful projects, meeting the recruitment targets and exceeding the positive outcomes for participants. DFA- Strate ic Partnershi Development of a psychometric questionnaire Development of the psychometric questionnaire will allow participants to self-assess their needs and Co-design their training pathway to maximise the learning and Project outcomes. The psychometric questionnaire is hosted online and thus can be accessed by any participant regardless of geographical location. As this was developed in the first six months of Year 1, only the 20 pilot group participants have accessed this for Testing purposes, with the rollout of this questionnaire to the remaining 60 participants occurring in Year 2. The background of the pilot group participants who have utilised the psychometric questionnaire in Year 1 is made up of 5 CNR women from Donegal, 5 CNR women from Lurgan, 5 PUL women from DerrylLondonderry and 5 PUL women from East Belfast. Page 4 TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 Development of leaming modules, digital learning envlronment and onllno platform Accredited training modules were developed in the first nine months of Year 1, encompassing the following" Conflict Transformation (core), Personal Effectiveness in Communication. Traditions and Cultures of Northern Irelandllreland, Promoting Equality and Valuing Diversity. Courageous Communities, and Leadership for a Shared Future. During this time, a DLEIOnline Platform was also developed to disseminate all learning, coursework, and assessments that would be undertaken. As these were developed in most of Year 1 (as planned), only the 20 pilot group participants have accessed this for testing purposes with the rollout of this training and platform to the remaining 60 participants in Year 2. The background of the pilot group participants who have utilised the psychometric questionnaire in Year 1 is made up of 5 CNR women from Donegal. 5 CNR women from Lurgan, 5 PUL women from DerrylLondonderry and 5 PUL women from East Belfast. Piloting of training modules to a pilot group of participants The last three months of Year 1 saw the Project pilot out the training created to a pilot group of 20 women so that training could be refined from theoretical to practical in line with good practice and quality improvement pro￿sses. This piloting is due to finish in the first two months of Year 2, with the remaining 60 participants fully engaging in all project activities in Year 2. While it is anticipated that not every participant will undertake all six modules (due to the psychometric questionnaire and calculation matrix of assigned modules), all six modules were tested and undertaken by this pilot group to ensure quality assurance to all modules. The background of the pilot group participants who have utilised the psychometric questionnaire in Year 1 is made up of 5 CNR women from Donegal, 5 CNR women from Lurgan, 5 PUL women from DerrylLondonderry and 5 PUL women from East Belfast. TAMPON TAX FUND The Improve Project aimed to improve the lives of vulnerable, disadvantaged, and underrepresented women and girls in areas of multiple deprivation across Northem Ireland through education and skills programmes to improve their capacities and create a sense of safety and belonging. The project was administered through a grant aid process with five open calls from March 2022 to January 2023 and the overall programme ending on 31st March 2023. A total of 26 projects were supported, and almost 1,000 women throughout the provin￿ benefited from various training, education and upskilling programmes. There was a plethora of qualiflcationsl￿rtlfiCat1QnS gained, ranging from SIA Door Supervision to Cricket Coaching. In addits.on to these, women gained soft skills, with 800A reporting that they felt the project had helped them gain confidence and increase their overall well-being, positive self-image. skills including transferablelsoft skills in teamwork, communication, planning and organising, problem-solving and decision making, confidence, personal awareness, creativity, interpersonal skills, adaptsbility, leadership, and time management. Over 70 % of women felt that the project had helped them to increase their economic position and helped them to engage in job-searching activities. Review of the Im act of Brexit The PEACE Plus programme has been agreed upon, and its multi-annual project open calls are in progress. ESF funding has been partially replaced by Levelling up, whose final allocation is being held up due to no executive being in place. A funding diversification strategy has been implemented to source additional non-EU funding streams to support the charity's work in the future. Page 5 TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 S. Financlal Revlew The results for the year are set out on pages 15 to 24. The charitable company returned net income for the year of £10,725 (2022 - £4,412). The surplus includes £4,461 on unrestricted funds and £6.264 relating to restricted funds. At 31 March 2023, the total funds of the charity amounted to £162,941 (2022 - £152,216) comprising restricted funds of £63,003 {2022 - £56,739) and unrestricted funds of £99,938 (2022 - £95,477). Restricted reserves are used for the purposes intended as per conditions of funding for each fund. TVVN 's restricted reserves relate to the timing differential of receipt of funding and expenditure. The reserves should balance at zero when the programmes are fully completed. TWN unrestricted reserves are used for items in keeping with the organisation's charitable aims and objectives. Reserves Polic TWN maintains a prudent level of reseNes to enable the organisation to manage financial risks and deliver on its commitments. The objective is that TWN would be able to carry out its work, to have the time to adjust its strategy to meet ch8nging circumstances. The reserves policy is set to ensure that there is no disruption to services at short notice due to lack of funds, an unforeseen reduction in income or increase in expenditure, ensuring that reserves are no higher than, nor held for longer than necessary. This gives time in the event of a drop in funding to seek alternative funds, restructure and cut costs. It is the organisations policy to retain a level of free reserves, which should be sufficient to meet the core running costs for a minimum of three and a maximum of six months. The charity will monitor compliance with this policy on a regular basis and the board will review its appropriateness annually. Prlnci al Risks and Uncertainties Risk Policy and Internal Control Framework The Training for Women Network Ltd has established a comprehensive risk management process which seeks to ensure that the organisation manages and mitigates risks in line with the agreed risk appetite. The Management Committee have delegated the review of The Risk Register to the Governance, Audit and Finance Subgroup who regularly review the key strategic and operational risks facing the organisation. The trustees confirm that effective controls and reporting systems are in place to assess the risks and mitigations. The principle risks and uncertainties facing the Training for Women Ne￿Ork are.. Financial The principle financial challenges are income generation. Training for women Ne￿Ork is reliant on securing funding from Government and other grant making organisations. The trustees are acutely aware of the significant challenges that lie ahead. The fundraising environment remains challenging and short term funding continues to make planning difficult. The immediate challenge is to secure funding that will sustain projects and posts into the future. The charity will also work to reduce and control costs to ensure our services are provided on the most economically advantageous term5. Page 6 TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 Management and Operational Delivéry Tvlm have governance structures, policies and prO￿dureS in place to ensure appropriate decision making and accountability. As the external environment increasingly changes, the senior Management Team and Management Committee have structured oversight of operations to be responsive and regularly review risks. The TWN staff team are crucial to its success and prioritise continuing staff development and regular performan￿ management building a strong team for delivery of programmes. The personal security of TK+VN's staff and beneficiaries are its highest priority and the organisation has comprehensive policies to appropriately manage this risk from data protection, to Health and Safety, Safeguarding for children and adults at risk and customer care. System security TWN strive to ensure that it operates secure systems complaint with data protection legislation. The organisation password protects and firewalls all its systems with access to data limited to those who have a need to know for the purpose of fulfilling their duties. Data is backed up on a dailylweeklylmonthly basis which ensures that in the event of systems failure or a data breach the systems can be locked and recovered with minimal risk of data loss. Compliance, Regulation and Legal Significant reputational damage Could be caused to TIAIN due to non-compliance with the laws, regulations or codes of Practi￿ in which the charity operates. TWN implements well established policies and procedures that adheres to best practice ensuring compliance with current standards of best practice and performs an annual review to ensure they continue to meet the legislative framework and are fit for purpose. External Risks TVVN monitors the extemal environment in order to anticipate political, social or economic threats, and has robust procedures to develop plans to mitigate potential negative impacts on the charity's activities or reputstion. TWN are confident in the continued need for its services and the effective approach taken to building successful partnerships to help deliver high quality training provision on a regional basis that meet the needs of our beneficiaries. TWN will continue to build on relationships with Government Departments to ensure funding is provided to continue to support training and development for women in rural and disadvantsged areas across Northern Ireland. 6. Plans for future periods TWN has secured the following future funding.. Department for Communities- Regional Infrastructure Support Programme for disadvantaged and rural women. DFA Strategic Partnership DFA- Unsung Heros Belfast City Council- Community Building Grant. Page 7 TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TrUSTEES YEAR ENDED 31 MARCH 2023 7. Future tralnlng and development Diversity and transgender awareness training ILM suite of training from levels 3 to 7 in Leadership and Management on a commercial basis. TQUK Level 3 Award in Education and Trainlng. TQUK level 3 Meditation TQUK Level 3 Mentoring TQUK Level 5 TEFL 8. Future Events Quarterly Networking Evenings AGM Newsletters and ezines. 9. Funds held on behalf of others TVVN does not hold funds on behalf of others. 10. Trustees, responsibilities statement The trustees (who are also the directors of Training for Women Ne￿Ork Limited for the purposes of company law), are responsible for preparing the Trustees, Report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial ststements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resour￿$ and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (FRS102); make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements" prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8 TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 11. Auditor Each of the persons who is a trustee at the date of approval of this report confimis that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordan￿ with section 487 of the Companies Act 2006. 12. Small company provisions This report has been prepared in accordan￿ with the provision5 applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 14 December 2023 and signed on behalf of the board of trustees by.. Pa ewsl Chairperson -moo eyc Katherine Mccloskey Treasurer Page 9 CHARTERED ACCOUNTANTS & REGISTERED AUDITORS Training for Women Network Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Training for Women Natwork Limited Year ended 31 March 2023 Oplnlon We have audited the financial statements of Training for Women Ne￿Ork Llmited (the 'charitable company,) for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expenditure account), the statement of financial position, the statement of cash flows, and the related notes, incSudlng a summary of signifi'cant accounting policles. The financial reporting framework that has been applied in their preparation is appllcable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a true and fair view of the state of the charitable company's affalrs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Genera51y Accepted Accounting Practice., have been prepared in accordance wlth the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described In the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethic81 requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial ststements, we have concluded that the trustees, use of the going concern basis of accounting in the preparatlon of the financial ststements is appropriate, Based on the work we have performed, we have not identified any material uncertaintles relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to contlnue as a going concem for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responslbilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. BMK Accountlng Llmlled (Company No. N1&32272) 43 Lockvlew Road Belfast BT9 SFJ Tel.. 028 9038 1755 Emoll.. 1nfo@bmkca.com www.bmkca.com -Page 10- Director. Bdan McK88 FCA. Training for Women Network Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Training for Women Network Limited (Contlnued) Year ended 31 MarGh 2023 Other informatlon The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustee is responsible ft)r the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion the￿On. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the directors, report has been prepared in accordance with applicable leg81 requirements. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees. remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare 8 Strategic report, -Page 11- Training for Women Network Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Training for Woman Network Limited (continued) Year ended 31 March 2023 Responsibilities of the trustse As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Extent to which the audlt was consldered capable of detecting irregularities, including fraud We identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of opinion. In identifying and assessing potential risks of material misstatement in respect of irregularities. including fraud and non-compllan￿S with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business perforrnan￿, including the company's remuneration policies ft)r directors, bonus levels and performance targets, if any., Results of our enquiries of management about their own identification and assessment of the risks of irregularities., Any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: Identifying, evaluating and complying with laws and regulations and whether they are aware of any instance of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and -Page 12- Training for Women Network Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Training for Women Network Limitsd {contlnued) Year ended 31 March 2023 Extent to which the audit was considered capable of detecting irragularities, Includlng fraud (continued The internal control established to mitigate risks of fraud or non-compliance with laws and regulations, The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISASIUK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amoLints and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. Audlt responses to rlsks identified Our procedures to respond to the risks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. Enquiring of management concerning actual and potential litigation and claims. Perfomiing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to traud; Reading minutes of meetings of those charged with govemance,. and In addre55ing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments., assessing whether the judgements made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the nomal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, international omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. -Page 13- Training for Women Network Limited Company Limited by Guarantee Independent Auditor's Report to the Members of Training for Women Network Limitsd (continu Year ended 31 March 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional ￿ptiCIsM throughout the audit We also: Identify and assess the risks of material misstatement of the financial ststements, whether due to fraud or error, design and perform audit prO￿dureS responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting ests'mates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation We communicate with those charged with governan￿ regarding, among other matters, the planned scope and ts'ming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, f r our audit work, for this report, or for the opinions we have formed. Brian McKee (Senior Statutory Auditor) For and on behalf of BMK Accounting Limlted Chartered Accountsnts & Statutory Auditor 43 Lockview Road Stranmillis Balfast BT9 5FJ 15 December 2023 -Page 14- TRAINING FOR WOMEN NETWORK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 MARCH 2023 2023 UNRESTRICTED FUNDS 2023 RESTRICTED FUNDS 2023 TOTAL ND 2022 TOTAL ND NOTE INCOME FROM: Ch8rlt8ble activities 15 1,253.022 1.253,037 1.123,598 other Income 4,731 4,731 22,070 TOTAL INCOME 1,263,022 1,257,768 1,145,668 EXPENDITURE Charitable actlvities 285 1.246,758 1,247,043 1,141.256 TOTAL EXPENDITURE 286 1,246,758 1,247,043 1.141.256 NET INCOME FOR THE YEARI NET MOVEMENT IN FUNDS 4.461 6.264 10,726 4,412 Fund balance8 at 1 Aprll 2022 16 95,477 56,739 152,216 147,804 Fund balances at 31 March 2023 16 99.938 63,003 162,941 152,216 The Statement of Finan¢lal Acllvlli88 includes all gains and losse$ Rcognlsed In the year. All incoming resources and resources expended derive from contlnuing activitie8. The slalemenl of financial activltles also complies with the reqU1￿ments for an Income 8nd expenditure account under Ihe Companles Act 2006. The noles on page$ 18 10 24 form part of Ih8se financial Statements. Page 15 TRAINING FOR WOMEN NETWORK LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 Notes 2023 FIXED ASSETS Tangible assets Investments 4,6TI 15,573 10 4.678 15.574 CURRENT ASSETS Debtors Cash at bank 11 149,123 201,835 180,366 146,611 350,958 326.977 CREDITORS - amounls falling due within one year 12 1192,6951 1W,3351 NET CURRENT ASSET8 158,263 136,642 TOTAL ASSETS LESS CURRENT LIABILITIES 162,941 152.216 CREDITORS- amounts falling due after more than one year NET ASSETS 162,941 152.216 THE FUNDS OF THE CHARITY Restricted Income fund8 General 16 63,003 56,739 UnrestrlGted In¢om8 funds General 16 99,938 95,477 TOTAL FUNDS 162.941 152.216 These finandal statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Board of Trustees on 14 December 2023 and signed on Iheir behalf by:_ a Lewsle Chairperson ooney BE herine Dlrector ¢Closkey Company Registration No. N1030477 The notes on pa90$ 1810 24 form part of these financial statements. Page 16 TRAINING FOR WOMEN NEfwoRK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENEIED 31 MARCH 2023 2023 2023 2022 22 Cash flows from operatlng aGtivities Cash generated operatlons 18 55,224 199,7521 Investlng actlvltles Purchase of tangible fixed assets 112,204 Net used In Investlng actlvltl88 112,204) Net used In flnanclng aGtlvities Net increase in cash and cash gqulvalgnts 55,224 1111,956) Cash and cash equivalents al beginning of year 146,611 258,567 Cash and ca8h equlyalgnts at bgginning of year 201,835 146,611 The notes on pages 1810 24 form p8rt of these finanaal slatemenls. Page 17 TRAINING FOR WOMEN NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS ENDED 31 ￿RCH 2023 1. GENERAL INFORMATION Tralning forWom8n Nets￿rk Lirniied is a ¢ompany l1rn1t￿ by gu8rantee and is a registered charity in Northern Ir81and. Th8 8ddr8SS of the registered office is EliZab￿h House. Ground FIcrt)r, Suite 2, 116-118 Howrod Road, 8eWast, 8T4 INY. 2. STATEIAENT OF COMPLIANCE These financ4al statern￿ts have been prepared in accordants with the Companies Ad 2006 and'Accounlng and Reporting by Charities.. Staiement of Recommended Practice appli¢able to charits.es preparing their accounts in accordancewith FinanThal ReportiThJ Standard appI￿able in the UK and Republic of Ireland IFRS 1021 leffectwe 1 January 20191" The chadty Is a Pull￿ aenefil Enb'ty as