TRAINING FOR WOMEN NETWORK LIMITED REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2023 Management and Operational Delivéry Tvlm have governance structures, policies and prOdureS 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 NeOrk 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 conrn 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 NeOrk 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 theOn. 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-compllanS 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-