Registered number: 07333911 Charity numbor: 1143246 & SC045901 THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 *AEZ5CIIXL• OMPANIES 11(YJSE Bishop Fleming
THE WORKFORCE DEVELOPMENT TRUST LIMrrEO {A COMPANY UMITED BY GUARANTEE) CONTENTS Page Reference and Mministrative D•tsils of th? Company. Its TnMtw$ and Advisers FoYgw¢rd ' Trust•o9' Report Trust••s' R•sponsibililies Statement 10 Independent Audltors. R•port on the FiTran¢ial Statements Consolidated Statement of Financial Activities consolidat Balan Sh• 16 Company Balan¢0 Sh••t 17 Consolidat•d Stat•ment of Cash Fl¢)w$ 18 Notes to the Flnanclal Stal•m•nts 19-43
THE WORKFORCE DEVELOPMENT TRUST LIED {A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Trustees J Nvhynan. Chair of Trustees J Rogers, Chf Executive C A Lucas, Finanee Direct A Malhotra. NcvExecub"ve Director D LarOn, Non-Executive Oireclor E Banrman. Non-Executive DiTlor K A Fraser. NcrfFExecutsve Director N L McKenna, Non-Executs"ve Director R Hill. NOn-EX11¥e Director L Wim¥ard. N(TrExe¢utive Director J Abboud. Nt%FExecutive Diredcrf {re$igrd 30 September 20251 S L Munro. Non-Execub"ve Director {reSIg 31 January 2026> J G Reslell. NcTrExecutib D101 Company rngistered numbor 07333911 Charity registered number 1143246 & SC045W1 Regist*r•d ¢>ffi¢• Vertigo Cheese Lane Brist BS2 OJJ Chief executive olficer J Rogers Ind¢pondent auditors Bishop FlemiThJ Audrt ts"mJted Chartered Accountants ststLrtory Auditors 10 Tempk Back Bristol BS16FL Bankws HSBC Bank PLC Cabot Circus 8ristd 8S1 38A Solicitors TLT LLP 1 Redcliff Street 8ri$101 8S16TP Page 1
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COPAPANY LIMITED BY GUARANTEE) FOREWORD FOR THE YEAR ENDED 30 SEPTEMBER 2025 We afe pleased lo wesenl our annual report together yth the au(lited ro11ated financHI statements of the Workforce Development Trust Limrted {"the Group") for the ar ended 30 September 2025. This year, the Group rewted an irKc¥ne of £8.613,110. 1h a deficit of £1,818,431 for the year arKI reserves at the year end of £9,691,8S1. This financi health us to reinvest in enharKing our Ser¥e offerings. We welcomed l-can Qualffications IICQI into the Group during the year. Not onty wtll ICQ contritsts to the Group's financial strength. bul rt wll s4gnificanUy grrJ4¥ the Group's reath and impact. Dvring the year, Ihe Group ha$ aided appr0matety 11)0.000 INJiduals to improve th"r skills and supported 1,034 organisalions operatir¥J in our sect(xs. HKJhlights ir£lude" In Ihe past year, we cdthated 10 Fafs of njrffting the NHS Traiblazers programme. transforming health¢8 apprenticeships. Over that time. ¥ developed and maintained 40 apprenticeship standards that support 25.000 apprentr.ces to slart thrIrneY with Ihe NHS eaeh year and ertable the NHS to invesl over £220m of apprenticeship le luTrJing. Working with input from police forces across the UK. we launched a new Level 5 Dlploma in Professional PolKing Praclice to accredit new recruits wa the Police Constsble Enty Programme aligned to national stsndards to wovide formal reeognitKffi for the frth entry rcArte into WKing. We paTlnered with HaltC Borough co)C11 to fJeate an athlt sttial care Irkf1Ce strategy addTessng a 40% rise in iesbjenls è3ed 65+ over the next deca(le. The plan Supports 1,000+ care profes$ionals th career paths. fair pay and strorw standards. building a skilled. stae workfcrce lo improve care qualty and outcomes for Hatton's 128,S77 resKlent$. We partnered vnth the UK Govemmenfs Cats'rÉt Office lo ¢¢u on the civil ccnts"ryencies suite of National Occupational Slandards {NOSI. Engaging over 30 sectors across all four nations, the revised NOS will set a benchmark for competence. shaping reuuthient, trair¥ng perforniarKe management across public and private sectors. and strengthening the UK'S resillere to fLrture crises. We created a vacancy estimator tod for Netsrk Rail's 6.OLTh)+ sigrtallers- cribcal stsff managing 30,000 daity train movements acTOSS 20.01 miles of trxk. By forecasting five-year recruitment needs for around 500 new sFnallers annually, the tool improves Strategic hir9. 1211$ OVe"me rdiance, and delivers cost savings. Most importantly. rt strengthens operational resilience to keep the rail nehth safe and effiaent. This Work was recentty recognised V•ryth a Naltonal Rail Staff Award nominalicn. We ddivered the 4th armal Inspire Jusbce Award5- celating Operat1 staff who keep criminal justice system running- ease adminislralors. catering managers. healih arKI safety officers, peer support Yjrkers, prison emtyoyinent leads and many more. Often overlooked. these profe$$KJnals play a vital role in delNering safe, effective justiee seNces. This unique awards pr()Jramme covers the whole justice system. recognising impact. eab"n9 vthces. and hilI9h"n9 tr essential contribulion made lo public safety and rehabih"tats"on. Recognising the 40% of the NHS and wider healtare workforce who work trehind the scenes, the Our Heatth Heroes Awards celebrate the wtal contributs.ons of everyone from porters, cleaners and recepli¢)nists to healthcare assist1$ and security staff. These indiwduals are essential to pient care and service delhvery- ensuring sefvices run safely, smoolhty, and wth cCPasSI(. Through this programme, we honour Iheir impact and elevate the voiees of those vK) often go unseen. We are worting in partnership wilh the National Counter Terrorism Security Offe INaCTSOI lo develop Level 3. Ofqual-regulated qUaIrfalIon. With the working tille of the Compelenl Person in the Workplace {CPiW), this qualthcab'on will be surtable for businesses Iwking for NaCTSOndorsed, counler-terrorism specific protective secunty and preparedness training. The quaIrf"oft ts designed lo help organisations Page 2
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARAP4TEEI FOREWORD (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 deson and develop suitable counter terrcftsm protecbve secwty 3rd preparedness plans and mitigalions. With CrattaCkS M UK sectors up 130% this ar. launthd ¢walrfutions lo buld a more cyber- aware workforce. The Le 4 Certificate in Internet Research and 1nvesbgatn trains leamers in ethical, secure online invests"gaticns, vthile the Level 2 Award for Industrial Cyber Security- Threat Awarene55 builds fOundatnal skills to recc8nise and reSpd to irKlustrial threats. Tc¢Pther help organisalions protect essential services and recover from digi di5rupb"¢Jn. We have also made 9¥t progress with our Carbon Reduction Plan, in5ts11iThJ solar panels aThJ LED lights at ¢)ur 8¥isld office and intrc4JLKing and irnpenting our Su5tainatAe Travel Policy. These have led to a 38.81 C02122%1 decrease in wr carbon emissi$. We were proud lo be rrned En(pPnt Assessment Organisation of the Year ISMEI at the prestigious Federatn of Adrdlrrfj Bc•Jies IFABI Qualffication Assessment Excellence Awards 2025. This award celebfates the commitment of our team to delNering an exceptsonal experw)ce at the final stage of an apprentice's joumey. Their de(1icaticm ensures that every awrentbce feels supported and valued as they achieve this imFQrtanl mileslone. Internally v have remaned cornmitted to fostering a unIfd culbxe ac¥oss Group. enabling us to deliver high quality seNces and supm to all the sectOTS in vthich V•È OFerate. RenisIng our strong financial Jsilion. Ihe Trustees have committed to a five•year growth strategy from 2025126 to ireaSe the impact of the excellent Vrk being ddivered across the Group. LookirwJ ahead, I stand do•n as Chair of ts Board * the WKI of Marth 2026. having served for nine years in this role. l am delighted that Natslie Campbell MBE has been apFrtThnted as my successor and I wsh her every success. l extend my sincefe thanks lo my fellow Trustees and the entire Workforce Development Trust team for their support over the past nine years. It has been a privilege to serve. and l am 1r1dent the organisation is well posrtioned to C(linue to make a positsve impact on the lives of many IpIe. Jeremy Newman Chair Page 3
THE WORKFORCE DEVELOPMENT TRUST LIIAITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Tru51ees Fxesent Irir Annual Rep togetherwith Ihe authled financial s¢emenls of Ihe cpanY for the 1 October 2024 to 30 September 2025. The Annual Rem serves the purposes of both a Tru5tees' Rewt and Directors, Report under company law. The TnJstees confirm that the Annual Report and financial slalements of the chantsble company comply with the current statutory requirements, the requirements of the eharrtable companrfs goveming docurnent arKI the provisiC$ of the Statement of RecLynmended Practs"ce ISORPI applicable to charities preparing their accourts in aceordance the Financial ReFKlrting Standard applicable in UK and RebI of Ireland IFRS1021 (effective 1 January 20191 Objectives and a¢tlvltl•s . Polici•s and objectives To support the development and effective use of irkforee skills to prowde services for W1¢ benefit by. but not limited to.. Promoting and advan¢irKJ Nwrkforce education, training skils through the developnenl of frameworks. capabilitses. competences, knoNvledge and qualthcalK)ns Improving the design and implementation of W0fOrCe deveknpment wxtice5 arKI Fdicie5 through re5earGh. analysis and prow5ion of in%ghts and expertise Providing integrated leaming. xcre(lilath)n and digilal solu113 tha¢ increase th8 gffectiven95s of Vvrkfc(¢e skills development, deploJTrent and management Undertaking and assists.ng in the identffication, deg.gn aTrJ recognilion of continuing professional develcymertl for individuals and teams A5 the UK wde Sector Ski115 Councd for He8Wh JustKe, Itensed by the UK Goverrffient, the company holds a unique place in these Sect5. It 15 ¢yJr lo contribute lo the preservaticffl and wolection ol good health in the United Kingd¢Jm by contn"buling to the slrètegic development and improvement of the health sector workforce and advancing the education. training and skills of that workforce for the publ benefit. The company 11 continue to urthrtake ofthis sort to the beffi1 of the public fu foreseeable future. In setting objecb.ves and planning for a¢ts"vities. the Truslees have given due consKleralion lo general guidance published by the Charty Commisskjn relating to pUtlC benefit, including the guKlance'Public benefit.. running charity IPB2}'. b. Strategiès for a¢hievlng obJe¢tlves The c(xnpany'$ overarching strategy eonttnues to be to develcp a self.sustaining business model via the provision of a range of woduds and 5eNces lo the health and juskn.ce sectors that create a tetter skilled aThJ flexible workforce. ¢. A¢tl¥lti•s undwtak•n to achieve obiecliv•s During the ded 30 September 2025 ¢he company has continwl to pursue ils Strategic aims through aclivrties that have irtcluded. Supported over 153,000 indiwduals to improve their skills. Developed and reviewed over 135 quaIffi¢at and framewDrks. Supported more than 9C4) organisations to transfomi approathes to workforce devekyment and implement effective learning strategies and solutior. SuNeyed over 8.OW inth'v*Juas to establish skths and vKffktc(ce neets. Page 4
THE WORKFORCE DEVELOPPIENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Achievements and perfomianc• . R•vi•w of activlt5es All activities are geared tcwards our vigon of organisation$"ImFffj4ryng lives through Better skills and Better jobs delivering Better services." Sloleglc and opefalional an$ are approved by the Executsve Team and wr Board. Performance KPIS against objectives are systematically monitored and reviewed regularty at all levels. Specific projects are also evaluated and assessed for impact. Performanee. financral management and Wanning are combined with robust risk management. The Board and Exetsjbve Team also penCallY assess their own perfomiance. Once again during 2024r25 the Orgardsall has sub51anlialty hieVed rts objectives as set out in the operational plan. b. Factors relevant to achieve objectfves The Board continues to fvncbon effectively arKI curreniiy meets five kn.mes per year wlh a number of strategic develcpment actiV.eS factored in. ft has established robust finance. conlrath"r@. wsml and IT systems and recognises the need to secure the future through a suslainabbe business model. Page 5
THE WORKFQRCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 FlnanGial reviow a. Going ¢on¢wn At 30 September 2025. the Workforce Development Trnt held cash reserves of £4.8m and reserves of £9.7m. The foiecast for the current finwKial Jtar {FY25126) is for cs)erating surplus of £399k beftffe inveslments ma<Je as part of the Group's growth strategy. The cashflow project#$ estimate th Cash reserves will remain been £4.5m and £6.Om over the following twelve mcfflths. 7Mth furlher positive nel ¢ash inflows to follow thereafter. There are inveslmenls planned as part of the Group's groth strategy that 15 currently in develowient. These proposals have been approved by the Group Board. though detailed implementab.on anS a under review. These plans will involve an investment wt of reserves ol tetween £1m. On the basis of the level of exisb.ng reserves and fwast IreaseS to those reseNes overthe next tsvo years. we believe that The Workfsyce l)evelcwient Trust Limited Group is and will eontirNJe to be a going concern for the foreseeable ftrtwe. b. RtseNo$ Dolicv At 30 September 2025. the Workforce Developrnent Trust holds cash reserves of £4.8m and free $eMS of £9.7m. Of the balan Sheet serveS, £4m 1$ set asth lo ensure orderly seitlement of the ¢ompanls ntracted liabil"e5 rf required. A destgnate(I reserve of £0.3m 1$ held for Afc redurKlancy costs. Our reserves policy will enable ¢xganisation to navwJate ¢fficull market C(11110nS over the next 5 year5. ensuring the organisation remai sustsinable into the fore5eebale future arKI is able lo inve51 signficantly for fulure growth. Over the next 3 yeats. v forecast imiestsng £3m from reserves to drive grovAh. ¢. Prlncipal risks and un¢ertainti•s The Workforce Development Trust reccgni5es ils obligakn.on lo identify and review its exposure to risk. 11 has agreed strategy and policy documents in 8¢e and rts risk register is reviewed and monitored by the Goveinance and Audrt Commrttee a regular basis th regular rertS through to the Board. The key risks identified in 2024125 were". Failure lo meet financial plan and a¢hvemen1 of group V•ide finala1 tarw.. CYber-seclty, Delivery ol key tractS. Competibon and reputatn. and Recruthent and retenti of key people. A series of measures lo control. mgate and rninimise the effects of risk are in place, including Oeveloping and maintaining a diverse range of products and sefwces and Ire sources in order to reduce the risk of ovef relk9nce on o single source of income and small number of prod15 avaiLqLSe for s*. The company has tsken QLrt inswance policies to o)ver key risks in respect of." Ernployer liability.. Directors and officers liabilty. Professional indemnity., and Combined l1a.11ty. Page 6
THE WORKFORCE DEVELOPMENT TRUST LIIAITED (A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 d. Financial review Total Group IOrning resources for the yEar amnted to £8.613.110 (2024.. £9.793.442) and total expenditure £10,431,541 12024.. £7,9.187) resullirwJ wi a <lefi¢it of £1.818.431 {2024= surplus £1.824.2551. By far the largest proportion of expenrtU rded to slaffir@ and overhead ¢osts, vthich are predominantly fixed. We continue lo support and ftex our core stsfl through the use of associates and fixed lemi wilracts in order lo meet demand. As at 30 Septemter 2025 oJmulth"¥e reserves amounted to £9.691.851 12024." £11,510,282). Strudure. go¥•rnan and management a. Constltutlon The Workforce Development Trust is a company Limrted by Guarantee (number 07333911) anL1 is a fegi$tere¢a Charity in England (number 11432461 aThJ Scotland Inumber SC0459011. Its goveming document is its Memorandum and Articles ol Assocpkncn Ithich was last updated 9 June 2015 and members ofthe Board of Trustees are also directors of the 1panY in cmjunction tAryth the executive directOf5. The Workforce Development TnJst has three owned tradirvj sthidianes (2024: wholly MIe tradi subsidiaries)-. SFJ Awards Limited ISFJA) - Ttis subsith.ary is an awarding for the JUste Sector.11 operates in the UK and overseas Any profits made by SFJA 11 be donated to the workfo Development Trust under Gift Aid wrangements. People 1st Inlefnakn'onal Limited. This subsidiary provmles strategic services lo the hospitalty, ietsil, travel and aviation seetors from the predecessor bc¢Jy. It operates in tre UK and oversea$. Any profits made by the subsidiary will be donated back lo the Wofkforce Developmwl Trust uThJer Grfl Aid arrangements. - l-can Qualifications kn"mited. This subsidiary wovides tXh xueditation as a UK reguled awarding aSslatIOn, and Apprenticeship ErK1-Pnt Assessment services. It operates in the UK and overseas. Any proffts made by the subsidiary will be donated back to the Workforce Devèlopment Twst under Gift aryangemenls. b. Methods of appointm•nt or election ol Trustees The management of the Group and the wmpany is the fesF¥Jnsiknlity of Ihe Trustees are elected and c opted under the tefms of the Memofandum of Awiatton. Often Trustees are recommended by existsng Truslee$ bul where necessary the Worktorce Oevelopment Trust uses search and selection services and open advertising lo publ•Se a Trustee agreed role descripts'on arKI Ferson specificalicft. Irrespective of the source all Truslees go through a ngorous and transparent apwntmenl pre$S prhw to formal sekction. The People Committee, a subcommiltee of the Board. leads this preSS and makes the fi$Sary recommendations lo the full board. Page 7
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Structure. gov¢rnan¢e and manag•m•nt (CONTINUED ¢. Organisational structure and d•cisionwmaking pol¢ci•s The management of Ihe conpany and Ihe group is the rewnsibilty of the Trustees Ivkno are elected and co opte(l unJer the terms of the Arb'des ofA$Slation) and the ExecLth've Directors (registered as Directors al Companies House) identified below.. The management of the company arnj Ihe group is the SPonsIbl1ty ofthe Trustees IvhK) are elected and co opted under the terms of the ATrt"cles of AssocHticffl) and the Executive 'TeCtorS Iregstered as 'rectOrS at Companies House} identified bel¢YW". J¢)hn Rogers Chief Executive Christos Lucas Finance Director CarKlace Miller ExetyANe Director- rel]d 31 October 2024 The Executive Directors meel a month arKI have delegated FvHers to act on behalf of the Board accordance vAlh an agreed s¢hwne of delegab"¢)n. The day to day management of SFJ Awds is the re$FIbIty ot. The Group Chief Execubve Fance Director The day to day management of People 1$1 Intem"(xial is the reswnsibilty ot. ' The Group CP4ef ExecLrtive Finance Director The day to day management of People 1st Internalic4wI is the responsiknlity ot The Group Ctief Execthe FinCe Director The 8oard has on establisl*d sub stwciuie. wilh agreed twms of referee, ccfflpnsing." Finance and Perfomiance Management Ccrfnmittee People Committee Governance and Audit Commfftee The company has the follow.ny eSta1lShed cperational ccmmfftees.. Executive Management Team Senior Management Team performan Execub've Committ Heallh and Safety Committee Informaliw Security Management Systems Committee d. Policies adopted forlhe induction and trnining of Trnstees Trustees have continue(J to review govemance arrangements during 2024125. The Trustees continue to work wthin Ihe rety#rements of adopted policies ar¥J prcce¢hJes fcrf the training and induction of Trustees. Page 8
THE WORKFORCE DEVELOPIIENT TRUST LIMITED (A COMPANY UMITED B Y GUARANTEEI TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDEO 30 SEPTEMBER 2025 structure. govemance and management (CONTINUED) e. Pay pollcy for $8nk)r stsff The remuneration of senbjr staff is delemined by Board of Tnjslees on the adwce of the People Committee on an annual tmsis. f. Related party relationships The SfJA, l-can aal1Cation$ Limited. and Pecple 1s1 lntemab.onal Limrt&J provide a range of SeN1 to the seclors and are all wmly owned subsKliarie5 of the workfor Develcoment TrusL Plans foi future perh)ds FLrture Devdopments Developments duriro 2025126 wll irthKIe'. Significant invesbnenl in new produL#s and seThe$ to YKrease our fwtwinl across sectors in which the Group operates The workfor Developmefrt Trust f&es a number of key COubeS arnj c111en9es vthich 11 be &Jdre5sed during the 2025126 0raonal year. Sperificalty, our prime obiethves in 2025r26 be to.. Develop anY start to impMe grovlh strategy Mi k.ne cur Visi Continue lo leveiage the products. services and txands thal operate across the vthr WDT footprint ACkn¥e ttr planne{1 fincial re$S for FY2025f26 Mernbets. liability The Members ol the Company warantee to contribute an 8mtyJrt not exceeth.ng £1 to the assets of the Company in the event of win¢Jing up. Olsclosure of infomwtion to auditors Each of the persons who are Tntstees al the time when tIMs Trustees. Report is approved has confftmed that.. so far as Ihal Tw$lee is aare. Ire is no relevant autht infomiion of vthich the charitable group's auditors are unaware. and that Trustee has taken all the steps thal ou9hl to have been taken as a Trustee In order lo be awa of any relevanl audit infomiab'on and lo establish Ihal the chatifabje group's auditors are awwe of that informati. Approved on behaw of t members of t1 board of Trustees ggned by. J Newman Chair of Trustees Dole.. jqlo31u) P&3e 9
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDEO 30 SEPTEMBER 2025 The Trustees (Wt are also the directThs of tre Company purposes of MpanY lawl are reswnsible for preparing the Trustees, Report and the financial statements in aCcOrdae applicable law and Unrted Kingdom Accwnlin9 Standards (Unrted 'n9th)m Generally knepted Accnting Practice). Company law requires Ihe Trustees to prepare financial Statem1$ for each financial . Under company law, the Tfustee$ must not approve the financial statements unless tlw are satIsd that they give a true and lair view of the stale of affairs of the GrIp and the Company and of their I)ming resources and apkli¢ion of resour¢e$, in¢ludir¥J their income and exFendrture. f that period. In prep9 these finanual statements, the Twstee$ are required to.. select surte accounling FleS and Ihen apptythem conststenty. observe the method5 and prin0eS of the Chanbes SORP IFRS 1021,. make judgments ano acCUntIng estimates that are reawnabFe wudent., stale whether ap•cae UK Accounting Standards IFRS 102) have been folbwed. subject to aw malerl departures disclosed and exOIned in the ffinancial statements.. prepare the financiaj statements on the going cortcern basi5 unless it i8 inapwopriale to presume that the Group will continue in ne$s. The Trustees e $)nSitIe for kwng adequ*e a¢countM)g reoyds thal are Snt to $hThY and explain the Group and the Companls Iransacts'ons and disdose wth reasonable acwracy at any time the financial P05rtion of the Group aThJ the Company and enable them to ensure that the ffinancial statements comply with the Companies Ad 2006. They are also reSponsie for safeguardirvJ the assets of the Group the Company and hence for tsking rea$able steps fry the prevention and detecbon of fraud and clher irregularits"e5. P8ge 10
THE WORKFORCE DEVELOPMENT TRUST LIME0 (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED OPINION We h8ve audited Ihe financial statements of The Workforce Development Trust LIMEt {the'parenl charitable companV} and its subsidwries Ithe'group'l for the year ended 30 September 2025 whth comprise the Consolid81ed Stslemenl of Financial ACtIwt. the Consdidated Balance Sheet, the Company Balanee Sheet, the Consdidated Statement of Cash Flows and the related notes. including a summary of significant accounting policies. The financial rewtiro frameDrk that has been applted in their preparation is applicable law and United ngdom Accounting Standards, induding Finarcial ReF#Yting Slandaid 102 Finanoal Reporbng Standard applicable in the UK and Republ of Ireland, (Unrted Kingdtyn Generalty Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fair ¥w of the stsle of ts Group's and of the parent tharitable wmpanys affars as at 30 September 2025 and of the Group's irming resources and application of resource5, induding its income and expenditure for the year then ended" have teen propedy Pfepared in accordance Uruted KiNlom Generalty Accepted Accounting Pr&lice,' and have been prepared in aceoidaKe with the wuirements ofthe Companies Act 2006. BASIS FOR OPINION We conducted our audit in acoydance vrith Internati(al Standaros on Audth'ng {UKI IISAS {UK)} and applicable law. Our re5ponsibililies urJer those standards are fvrther ¢Jescribed in the Auditrs, respon&bilrties for the audrt of the financial statements section of our report. We are indeFendent of Group in accordance wlh the ethi1 requirements that are relevant to our audit of the financial statements in the United lfjngdom, including the Finanual Reportir¥J Coun¢il's Ethi1 Standard, and we have fulled our crther ethical responsibilities in cordance with these requirements. We tdieve that awjrt evidence we have obtained is sufficient and appropriate lo provide a basis lor our cpinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial ststements. V have concILed Ihat the Tnjstees, use of the goiThJ concem basis of aecounling in the preparab.on of the ffinancial slalements is approprwle. Based on the Irk we have performed. have Tt idenlthed any material uncertainties relating to events or conditions that, individualty or collectivety. may cast signthcant doubt on the Group'5 or the parent charitable companys abilrty to continue as a going CO for a perM>J of al least twelve months from when the financial StatentS are authorised issue. Our responsibilibes and Ihe resFonsibili*es of the Trustees resFed to gng concern are descrited in the relevant sections ol this P)rl Page11
THE WORKFORCE DEVELOPMENT TRUST uMrrED (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED (CONTINUED) OTHER INFORMATION The other information e¢)mprises the infomiation induded in the Annual Report other than the financial Statements and our Auijilors. Report thereon. The Trustees are responsible for the other information contained thin Ihe Annual Report. Our opinion on the finanoal statefflents does not c¢)ver the other information and, except to the extent otherwise explicrtly staled in our report, do not express any form of assurance conclusi¢ reon. Our responsibility is to read the other information and, in doiThJ so, consider whether the other information is materially inconsistent wlh the financial stalernents our kTrovAedge obtained in the Crse of the audit, or otherNMse appears to be materially misstated. If xlenb.fy yjch material incon515tencies or apparent malenal misstatemenls, are required to delemiine whether this gtves rise lo a material mrsststement in the financial statements themselves. If, based the vrtyk have perfNme(1, W con¢lude that there is a merial misststement of this other information. V•t are reQred to report that fxL We have nothing lo report in this regard. OPINION ON OTHER mAERs PRESCRIBED BY THE COMPANIES ACT 2006 In opinion, based on Ihe undertaken n the ¢Tse olthe audit.. the information given in the Trustees, Report for financial year for vthith t finanryal ststemenls are prepared is consistent wrth the finarrial statements. the Trustees, Rewt has been prepared in xcOrdae wth appltsble legal requiremenls. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knovAedge and understanding of the charitalAe company and its enV1ment obtained in the course of the audit, we have r#)t identified material misstslements in the Truslees. Report. We have nothing to report in respect of Ihe follcming mattern in relation to lch Compwmes Act 2006 requires us to report to you if, in our Lynn.. the parent Charitable compaw has nol kept ajequate and sufficienl accountiThJ records, or retums adequate for our audrt have not been rerAved from branches not visited by us", or the partI charrtable ccwnpaw finaroal Slatements are not in auyeemerrt the xcounting records and relums.. or certain discbsures of Trustees. remunerab.on specffied by law are rn)t madè," or we h8ve nol ieceived all infom7ati aThJ we require fcrf our aLvJiL RESPONSIBILITIES OF TRUSTEES As explained more fulty in the Trustees. Responwts'hties &atement. Ihe Tnjslees are also the directors of the charrtable company for the purposes of company law) are responsitrAe for the preparation of the financial statemenls and for beiry satisfied that they give a true and fair view. and for such internal control as the Trustees.detemiine is necessary to enable the preparat ol financial stment$ that are free from material misstatement, vtsther due to fraud or error. In preparing the financial ststemenls. the Trustees are pOrtSb for assessing the Group's and the parent ¢harilable companls atx.lty to conts.nue as a going concem. disclosing, as applicable, matters related lo goirvj cern and using the going concern basis of accounting unless Ihe Trustees erther intend to liquidate the Group or the parent charrtle company to cease (werntM)ns. (w have no realistic altemalive lo do so. Page 12
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AuDoRs. REPORT TO THE MEMBERS OF THE WORKFORCE DEVELOPMENT TRUST LIMITED (CONTINUED) AUDITORS. RESPONS181LmES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our obiectives are lo obtain reasonable assurance atrj1 the finawal statemefts as a ole are free from material misstatement. whether due to fraud or error. arKI to issue an Audilor5' Rep(xt that includes our opinion. Reasonable assurarKe is a high levd of assurance, tJt is not a guarantee that an audrt conducted in acecKdance wth ISAS IUKI wll always detect a materk41 rnisslalemenl when rt exists. Misslalements can ariso from fraud or error and are considered rnaterial rf. individually or in the aggregate, they coul(J reasonably be expected to influence the e10M1C dlS1OnS of users taken on the basis of these ncIal statements. Irregularities, inclut1ing fraud. a instan¢es of nOn-rnlance wth lavts and regulati5. We design procedures in line wlh our resw)nwbjl'e$. outlined above. to detect material misslatemenls in resFecl of irregularities, including fraud. extent to which our wocedure5 are eapatle of detects"w irregulrties, irduding fraud is detailed below.. We have considered the nature of Ihe IJustry and sects. rx>ntrc4 environment. and business performance., We have considered the re$S ol eN4uiries wth mJ)a9emenl and Direclrys aboyl their own identification and assessment of the risk of irUlaritIes., For any matters identthed we have obtained and r1ed documenta11 of th8 Companies. pol18$ arKI pre¢edu$ relating lo- identifying, evaluating, arKI cc1np.ng V•ith L8V•S and regulaborn ltheY V•re aware of any instances of non-complkance". deleth.ng and responding to the risk of fraud aThJ vthether Ihey have knowledge of actual. Su$ed or aleged fraud.. and the internal contrds eStals to mitigate risks of frwj or rmin-com qnee wth law5 and regulations. We have COnsered the matters rfiscussed am19 aLKlil engagemenl team including the intemal tax specialists 93rdIng how and vthere ftaud might cccur in the financial statements and potential irKlicator5 of fraud. As a result of Ihese wc£edure5, crn&dered the OPFQrtunities incents.ves that may exist wthin the organisalion for fraud arhd identified the highest area of risk to be in reln to reV8Th reCOgnitn. with particular risk in relati lo year end cut off. In common wth all audits under ISAS (UK) we are rewired to wocedures to respond to the risk of management override. We also obtaId an understanding of thè leg81 aThl regulalffji framevnks that the Company operates in. focusing on provisions of those1•¥s and regulaliffis that had a direct effect on the delwminats.on of material amounts an¢J disc105ures in the financial statements. The key laws ar regulth.ons we considered in this context included the UK Companw Ad and UK tax legislatr"on. In addibon, we considered the Kwovisions of other and wulations th tk) not have a (Jfect effect on the financial statements but coMlarte with which may be ftjndamentsl to companies. ability to operate or avoid o materral penalty. These idLKled data protect regulats"ons. heallh and safety wulations and employment legislation. Our procedures to respid lo risks Kjentffied induded the folbM"ng". Revithwng the financial ststements disclosures and tesliTrJ to supporting documentation to access eompliance with yovisrons of relevant la and regulations described as hawThJ a direct effect on the financial slalements.. Pertorming ana'Cal wocedures lo identrfy unusual or uneXFeed relatishIpS that may indicate ri8ks of material misststemenl due lo tra. Page 13
THE WORKFORCE DEVELOPMENT TRUST UMITED
(A COMPANY UMITED BY GUAIIANTEEI
INDEPENDENT AUDrroRS' REPORT TO THE MEIIBERS OF THE WORKFORCE DEVELOPMENT TRUST
LIMITED (CONTINUED)
Rewewng board ffleetin9 min4rtes and reviewirwJ ¢tyre5F#>idence with HMRC:
En¢uirirvJ of managemenl relation lo actual and potential ckims lts'galtons".
Perfomiing detailed transxion lesiiThJ in 8"0n lo the revenue reCogn.0ft ol revenue, 1th a pts'cul
focus around year end cut olf. •KI
In addSsIng the rk ol fraLKI thrcwh managanM overnide of ujntrols, teslir4 the appropriateness of
journal entnes and otrr adjuslrnents: assessiry vknether the judgemen15 made in accounting estimates •re
indiGètrye of potenli .0$.. evuabng tr busirss rats"one ol significant transa¢tton5 ihal are unusual or
Artside the rffla1 ctyJr5e ol business.
We also commLnCated identified l•hs aNI re9ulabons arKI frwd ri5k$ to all Mbe$ ofthe
engagement learn remained alert to posst1 in(hcator5 of fraud or nonthc¢mpliarte V•iih laws arKI
regulaticns throughout the audit.
Becwse of the inherent limitations of an aLRlii, ihere is a wisk Ihat we not deted ali ularitIes, induding
those leading to a material misstatement in the financial statements tt norKompliance with regulati. This risk
in¢re85es the more that Comlance or re9ulatw ts rwnoved from tr¢ events arKI transactions
reltected in the fin3naal stslemeNs. as WE win be kss IY to bec
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY UMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTMnES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unr•strictd funds 2025 Total tunds 2025 Totsl funds 2024 funds 2025 Note Income from: Donations and legaaes Charitable aclivtties Other trading activities Investments 5,165 5.058,315 4,442,758 287,204 3.333.171 5.082.917 197.022 3,333.171 5,082.917 197.022 Total Income 8,613,110 8,613,110 9.793,442 Expendilure on: Raising funds Charitable activibes 4.660.666 5.985.614 4.660.666 5.985.614 1.151,018 6,818,169 Total expendilure 10,646,2fj0 10,646.280 7,969,187 Net expend5ture before tsxation Taxalic) 12,033,170 214.739 12,033,170) 214.739 1,824,255 12 N•t •xpendlturn aftor taxation Transfer5 bethen funds 11.818.431 5.165 {1.818.431) 1.824,255 20 (5,1651 N•t movom•n¢ in funds {1.813266 {5.1651 11.818.431) 1,624,255 Re¢on¢illatlon of funds: Total funds brought forWd Net movement in fwKIs 11.505,117 {1.813.2661 5.165 11,510.282 15.165) 11,818.4311 9,686,027 1,824.255 Total funds carried fornTard 9.691.851 9,691.851 11,510.282 The notes on pages 19 to 43 fcm ofthese financol statements. Page 15
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER.'07333911 CONSOUDATED BALANCE SHEEr AS AT 30 SEPTEMBER 202S 2025 2024 Note Fixed assets Inlangible assets Tangible a$set$ Investment property Investments 13 2.633.556 1.806.201 484.716 158.025 1.772.216 484,716 437,500 14 15 16 4.924.473 2.852.457 Current assets Debtors Cash al bank and in haThJ 17 2.646.675 4,781.119 2.678.307 7,558,013 7.427.794 10,234,320 Current Ilabllltles Credrtors". amounts falling ¢JJe within year 18 (1660.416) {1,576.4951 Net current assets 4767.378 8.657,825 Total net assets 9,691.851 11,510,282 Charlty funds Restn'cted funds 20 5,165 Designated funds General funds 20 20 300.469 9.391,382 300,469 11,204,648 Total unrestricted funds 20 9.691.851 11.505,117 Totsl funds 9,691,851 11,510.282 The Tru51ees aeknowledge their reSFonsitry"l.es for complying ¥th reqi•reMts of the Acl with respect lo accounting records and preparation of financial stslements. The finaal statements were approved and arthfsised for issue by the Trustees and signed on their behalf by: J Newman Chair of Trustees The'notes on Fqges 19 to 43 form pat of tr*se finanrial ststements. Page 16
THE WORKFORCE DEVELOPAIENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:07333911 COMPANY STATEMENT OF FINANCIAL posmoN FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets Inveslmenl woperty Investments 37.463 1.740.018 484,716 4840.006 147.982 1.764.766 484.716 437.502 14 15 16 7.101203 2,834,966. Current assets Debtors Cash at bank and in hand 17 4.117.675 4.668.981 3.927,938 7.4B7,044 8.786.656 11.414.982 Current Ilabllltles Credrtors.. arnr falling year 18 13,543.9141 {1,372,369) Nol Current assets 5.242.742 10,042,613 Totsl assets l¢ss Current Ilabllttles 12.344,945 12,877,579 Totsl net as¥ts 12.344.945 12,877,579 Charlty funds Restn"cted funds 5,165 Designaled funds General funds 20 20 300.469 12.044.476 300,469 12,571.945 20 12,344,945 12.872,414 Total funds 12.344.945 12.877.579 The Trustees acknowledge thetr reswnsibilrties fw comptyiig vAlh requirements of the Act wth iespect lo aCcolia records and prepafatK)n of financ1 stalemerts. The financial stslements VEre approved and wlhyised for se by the Trustees and signed on their behalf by.. J Newman Chair of Trustees Date.. 191011 ts14 The notes on pages 19 to 43 fomi part oflhese fwncial stemenls. Page 17
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LlhllTED BY GUARANTEEI CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2025 2024 Cash flows from operntin9 a¢tiviti•s Nel cash used in operating acb"vilies 804,522 1725.0921 Cash fl¢)ws from Invastlng acti¥ltOe$ Interest reVed Proceeds from the sale of operations Purchase of Intangle asse15 Purchase of tangible fixed assets Acqusilion of subsNliary 197.022 287,204 839,732 1120,6311 (74,079 126.594) 170.2961 13,681.5481 N•t eash lused invprovided by investin9 activitles {3.581.4161 932.226 Change in cash and ¢a$h equl¥al¢nts in th? ar Cosh and cash equIvanIs at the teginning of the year (2.776.894) 207,134 7.558.013 7,350.879 Cash and cash equivalonts al th• •nd of th¢ y¢ar 4,781.119 7,556.013 The notes on pages 19 to 43 forn part of these financial statements Page 18
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GUARTEEl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2025 GENERAL INFORMATION The WLvkforce Oevelopment Trust Lwnited 1$ a ¢harrtat4e company incorporated in England and W81es. The regislered Offi is Vertigo. Cheese Lane. Bristol. BS2 OJJ. ACCOUNTING POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The finanaal statements have been prepared in accordance wrth the Charrties SORP {FRS 102) - Accounting and Reportmg by Charrties". Ststement of Recommended Practice applicable to charits.es preparing their accounts in a¢dance 7Aryth Financial Reportsng Standard applicable in the UK and Republrc of Ireland IFRS 1021 leffectNe 1 January 2019}, the Financial Rewlirg stdard applicable in the UK and Republic of IrelarKI {FRS 1021 and the Companie5 Act 20(6. The WoTkfoTce Development Trusi Limited meets the definrticm of a publt tenefil enkn.ty under FRS 102. Assets and liaknlib.es are inrtialty recc3nised at hislwral cost or transaction value unless otherwise stated in Ihe relevanl xcounty'rvj polKy. The Consdidaled Statement of Financ1 Actiwb"e5 {SOFAI and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The resutts of the subsidiary consolidated on a line by line basis. The Company has laken agvanlage of Ihe exempti allwd under section 408 of the Companies Act 2006 and has not presented its Stslemwtt of Financial Acvities in these financial slalements. 2.2 COMPANY STATUS The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. 2.3 GOING CONCERN The Trustees assess the use of g)ing concem is appropriate. i.e. whether there are any material uncertainties related to events or Cdit)n$ that may cast significant doubl on the akn.lity of the company to conb.nue as a goiThJ COrern. The Trustees make Ihis assessmenl in respect of a peri(yJ of one year from the date of approval of ts financial sements. The Trustees have assessed Cur tr•thng coThJition$ arKI the finarKial forecasts. and have cOndered amernative scenarios. Under all scenarios reviewed the Group has suffiaent reserves to enable rt to continue as a wng cOnr. For this rea50n it conb'nues to adopt the going concem basis in preparing the financial sL*ements. Page 19
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POUCIES (continued 2A INCOME All income is recognised Ce the QpanY has entiuemenl lo the income, il is probable Ihat the income be e1ved and the amount of income recewable can be measured rdiably. Other irKome is recognised in Ihe penod in wlich it is receivable to the extent the good5 have been prowded or on cofflpletKJn of the serwce. Grants received are nised in the Stalemenl of Financ1 ACtI¥'e5 a5 voluntary income and Clafied as restn.cted or unrestrKled deperKliry the temis attached to them. Income on long temi contracts is recognised in the Statement of Finla1 Athvilies to refiect the prOpOrtK of work carried (yjt up lo the year erHI. wre incorning re5¢JJrees are fNed in advance they aro deferred lo the period to vthich Ihey relate. An analysis of movement on defefred income is included in note 19. Grants are included in the Consolidated Statement of Fin1¢181 ActNib"es on a receivable basis. The balance of income reIVed for 5pecifi¢ purposes but not expended during the period is shown in the rekvant fvnds on the Balanee Sheet. Where income is receive(l in advance of enlitsement of receipt, its recognition is deferred and Iluded in ue(lrtcis as deferred income. Where entitlement occurs before income is recei?d, the income is accrued. 2.5 EXPENDITURE Expenditure is recognised orte trÉre is a legal ty 0)nStrVe obligabon to transfer economic benefft to a third party. it is probable that a transfer of economic beneffts wll be required in settlement and the amount of the oblualion can be measure(I relpbty. Expenditure is ckssified by acts'vity. . Expenditu on drrtae activities is incurred on directly undertaking the activities which further the Group's objectives, as ¥%tll as any associated SUPFKJrt costs. 2.6 BASIS OF CONSOLIDATION The financial ststemenls Consolate the accounts of the Workforce Development Trust Limited and all of its subsidiary undertakings I'$ubsKliaries'l. The company has taken advantage of the exemptt'on contained within section 408 of the Companies Aet 26 not to Fvesent its ovm Income and expKIle account. Tt* incc¥ne and expenditure account for the year dealt wrth in the aeeounls of the company was £532.633 defficit12024'. £1.824.255 $pIuS). 2.7 INTEREST RECEIVABLE Interest on'fvrKls held on deposit is Ind when receiwdble and the arnount can be measured rdiably by the company,. this is normalky upon no7tm of the irrteresl paid or payable by the Bank. Page 20
THE WORKFORCE DEVELOPMENT TRUST UMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNnNG POLICIES (¢ortlnued) 2.8 TAXATION The Company is consdered to pass Ihe tests sel out in Pafagiaph 1 Schedule 6 of the Flnance Act 2010 and trrefore it meets the definition of a charitable company for UK corporation tax purposes. Aceordingly, the Company is potentialty exempt from laxth.on in respect of income or Capital gains received wrthin calegones covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Sects'on 256 Of the Taxation of Chargeable Gains Act 1992. to the extent that such income gains are appld exdusively to charrtable purrnses. 2.9 FOREIGN CURRENCIES Monetary assets and liakn"lrties denominated in forehw curreIe$ are translated into sterling al rates of exchry ruling at the reportiThJ date. Transactions in fOren cwreneies are tr•)slated rto steding at the rate ruling on the date of the trSa¢¢I. Exchange gains and losses are recognised in the Consolidated Statement of Financial Activlties. 2.10 INTANGIBLE ASSETS Devdopment costs are pitalIsed wthin intangible assets they can be idenlifted with specific product or project ar.pated to Yo¢1 futu benefits, and are am¢ytised on the straight line basis over the anticipated lrfe of the benefits arisiThJ from coMeted product or project. Deferred research development Costs are mie4d arnjally. and where fuiure benefrts are deemed lo have OSed or to be in doubt, the balanee of any related research and developmeN is written off lo the Statement of Financi Ath"VTlies. Goodwill represents the difference betpen the amounts paid in on the cost of a business ombinats.on and the acquirerfs interest in the fair value of the Group's share of its identffiable assets and liabilibes of the acquiree at the date of acquisition. Subsequent lo initsl reC9n.0n, g¢)odwill bs measured at cosl les$ a¢¢umulated arnortisatn and accumulated impairment losses. Goodwll is amortised on a straight line basis over a peritsa of 10 years. 2.11 TANGIBLE FIXED ASSETS AND DEPRECIATION A capilalised fixed asset is prorerty. such as I buikng5 andlor equipment with a cost or value equal lo ¢y greater than £5,000 al the date of acquisitvJn and has an expected useful life in excess ol one year. Cawtalised fixed assets are acquired for the use in normal operations and are not under normd Cifcumstsnces acquired for res. 1 fixed assets are entered into the financial ledger for inventory ano finawal reporb'ng pur1$. Assets costifwj less than £5.c are accounted for in the financial year of purchase and are therefore not capitalised. Costs to keep as ffixed asset in its nomial operating condibon that do not extend the original useful life of the asset will nol be capitalised. These costs are expenses as repairs and maintenance during the year in which are irthrred. A revie4V for impaiment of a fixed assel is Carried txrt rf events or changes in circumstances indicate that the Carrying value of any fixed asset may not be recoverable. Shortfalls beeen the carrying value of fixed assets and thwr recoveratAe amounts are recognised as impairments. Impaimenl losses are recognised in the Statement of Finala1 klmties. Page 21
THE WORKFORCE DEVELOPMENT TRUST UMITED (A COMPANY LIMffED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS F.OR THE YEAR ENDEO 30 SEPTEM8ER 2025 ACCOUNTING POUCIES <tinued) 2.11 TANGIBLE FIXED A&SS AND DEPRECIATION ICONTINUEDI Twwible fixed assets are carried at cost, net of depreciats.on and any provisKJn for impaiment. Depreciation 1$ provided at rates Caknlated lo wrrte off the Cost of fixed a5sels, less their estimated redUal vaue. over their expectsd useful Ir¥es on ts followTrJ bases". Freehc4d propety Short-term leasehold improvernent wrKks Fixtures and fftb"NJs Office equipment straight line over 50 years straight line over 5 years. or life of lease rl shcrter - straight line over S years straight line over 4-5 years 2.12 INVESTMENTS Fixed asset invesknents are a fwm of financia instrument and are inrttalty recognised at Iheif transaction cost and subsequently measured at fair value at Ihe Balance Sheet date. unless the value cannot be measured reliably in vknictt case rt is measured al cost less impairment. Investment gains and losses, whether realisetj or unrealtsed, are combined aThJ presented as 'GainsllLossesl on investments, in the Consolidated Statement of Financial AcS. IrNestments in subsidiaries are valued at cost prOvL%1 for impainnent. Inveslments held as fixed assets are s)¥ * cost less wovision for impaimient. 2.13 DEBTORS Trade and debtcrfs are recognised at the setuement after any trade discount offered. Prepayrnents are vaued at the amwnt prepaid of any trade discounts due. 2.14 CASH AT BANK AND IN HANO Cash al bank and in hand wKludes cash and slKrt-term highty liquid in¥estrnents with a th)rt maturity of three months LY less from the dale of aCquItKIn or openiru of the deposlt or similar account. 2.15 LIABILITIES AND PROVISIOMS Liabihts'es a recognised vknen Ihere is an c4)ligalion at the Balance Sheet date as a resum of a past event, it is probable that a transfer of e¢on¢)mic benefft ryI be required in setffjement, and the amount of thè setuement be esiimated reliably. abilth'es are recognised al the amount that the Company antpaleS ft will pay lo settle the debt or the amount il has reeeived as advanced payments for the goods or services il musl provide. Provisions a measured at the best estimate of the amounts required to setue the oblNJation. Where the effect of time value of mY is material. the provision is based on the present value of those amounts, discounted at the pr&tax discount late that reflects the risks specific to the liability. The unwirKling of the discount is recognised in the Consdidated stateme of Finala1 Acbvitses as a finance cosl. Page 22
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITEO BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 ACCOUNTING POUCIES (¢ontinu•dl 2.16 FINANCIAL INSTRUMENTS The Grp only has finanaal assets and financial liabilities of a kind that qualify as basic financial instrumertts. Basic financial instruments are initially recognised at Irartsaction value and subsequently MeaSud at th"r settlement value wfjth the exception of bank loans vhich are subsequently measured al amwb.sed cost usir#J t effective interest methc<l. 2.17 OPERATING LEASES Rentsls paid ulr opefatiThJ leases are charged to the Consc4idated Stement of Financral Activities on a strwghl line basis over the lease term. 2.18 PENSIONS The Group operates a defined con1riblrtn wnsion scheme and the pension Charge represents Ihe amounts payable by Ihe Group to the furKI in respecl of the year. The company operates a tjefined benefits pension sclwne. The scheme is a multi-em 0YeT scheme where it is mt p)sgble. in the rmIal course of evenls. lo idenlify on a conwstent and reasonable basis, the share of unde.n9 assets and lialilitses belonging to individual participab'ng ernployers. Therefore. as required ty FRS102, the company accounts for this scheme as if it was a defined contribution scheme. The am¢)unt charged to the Statement of Financial Activities represents conth"buttons payable to the scheme in resFÉct of the accounts.ng penod. 2.19 FUND ACCOUNTING Gener81 funds are unre5trKted funds ¥thich are available for LSe at the discretion of the Tfustees in furtfier of the general obJ'e¢tive$ of the Group and which have not been designated for other purp)se$. Degnated fttnd5 comprise unstn"CIed frJrKls that have been set aside by the Trustees for particular purp)ses. The •m and use of each desonated fiJrKI ts set out in the notes to the financial stslements. Restricted fvnds are funds *wch are lo be used in accordarKe with $pe¢ific restrictions imposed by donors or whi¢h have been raised by Ihe Group for particular Wrposes. The costs of raising and administering such funds are tharged against the specfft fund. The amn aThJ use of restri9 fund is sei out in the notes lo the fina1 statements. Inveslment irle. gains and losse5 are allcKate(I lo appropite fvnd. Page 23
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT The preparation of the fina101 slalements requir8s management to make judgements, estimates and assumptsons Ihat affect the amounts reported for assets and liabilitses as at the balance sheet dale and the amounts reported for revenues and exFenses during the r. Hovever, the nature of estimation means the actual outcome5 could drffer from those estimates. Estimate5 arKI judgements are continually eval arKI are based on histor1 experiwKe arKI other factors. including expectatiorts of future events that are bdieved to b? reasonable under the circumstsnces. Critical accounlry estimates arKI asSLPt5'. Accwed and deferred ine¢)me from bng term tttraCts.. Long lerrn contrael balances are ¥alLd based on the stage of eomFAets"on of the contract al the year end by ference to the costs irKurred lo year end a1 total expected costs of the contract. Where a contract is expected lo be h)ss making. ts bal is written th)wn to Ihe expected reVerable amounl ot the year eTrJ. Operating lease commrtments" The company has entered into commeroal propwty leases as a lessee for Ihe use of property and equipmenl. The classification of such SeS as operating or finae lease requires the ccynpany to determine. based on an evaluation of Ihe terms and conditions of the arrangements, whether it retains or acquires the significant risks and fewards of ownership of these assets and accordiThJly %thether the lease retymres an asset and Ikqt¥"lty to be rec(yJnised the Statement of Finala1 Posth"¢Jn. Crrtic areas of judgmerrt: Gc4)dwill.' Goodwll is carried at cost less accumulated amortisaticffl and impaimient vthich requires estimation as lo the econom life of goodw11. The tru5tee5 are required to test goodwll for impairment annually. This requires the use of certain estimates and assumpb.orts including esb"males ol futu cash fls)ws and determinati¢M of t1iscount rates. Investments in sU.dIar1eS'. Investments are carried al cost less ary mpaimerts. This requires estimation of the carrying value of the investments as to vthether an IMrment has oe¢urred at thè balance sheet date. carng value of unlisted investment.. Unlisted investments in the share caprtal of an unconnectefj eompary are stated at cost les5 provision for impaiment. The Can9 value is assessed for impaimient for each rep)rting date with reference to the publiely aVaile infomiatic¥) lab"r4 10 tr firwKial perf0mlare. outlo( and going concem status of the inveslee. Page 24
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 . INCOME FROM DONATIONS ANO LEGACIES Restrict funds 2025 Total funds 2025 Total funds 2024 Grants 5.165 INCOME FROM CHARITABLE ACTIVITIES Unrestri¢ted funds 2025 Total funds 2025 Totsl funds 2024 Education and training 3,333.171 3.333.171 5.058,315 TOTAL 2024 5,058.315 5,058,315 INCOME FROM OTHER TRADING ACTMTIES Income from fundralslng ev•nts Unrestrict•d funds 2025 Total funds 2025 Total funds 2024 Completion Consult Registratins 1.WJ3,990 543,701 1.088.163 1.547.063 1.903,990 543.701 1.088.163 1.$47.063 1,943,829 995,575 1.189.353 314,001 5,082,917 S082.917 4,442,758 TOTAL 2024 4.442,758 4.442,758 Page 25
THE WORKFORCE DEVELOPMENT TRUST LIMtfED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2025 INVESTMEKf INCOME Unrestricted funds 2025 Total funds 2025 Total funds 2024 Investment inwie Irrterest receivable 192,552 4,470 192.552 4470 287,204 TOTAL 2025 197,022 197,022 287.204 TOTAL 2024 287.204 287.204 ANALYSIS OF EXPENDITURE BY ACTIVITIES Act•vities undertaken dire¢tly 2025 Support costs 2025 Total nds 2025 Total funds 2024 Educalion arKI training 3,735,674 2,249,940 5.985.614 6,818.169 TOTAL 2024 4,594,721 2,223,448 6,818,169 Pe 26
ThE Y40RKFORCE DEVELOPMENT TrUST LIMITED IA COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 AMALYSIS OF EXPENDITURE BY ACTMTIES (CONTINUED) AMALYSIS OF DIRECT COSTS Edu¢ati¢)n and Training 2025 Total fund$ 2025 Total funds 2024 Staff eosts Deprecialifj) Consultsncy Bad debt provision Travel arKI subsistence Sub5criplions Apprenticeships VAT adjustments Difference en foreiw exchange 3,106,994 146,410 273.686 19.045 82,171 23,305 83.701 339 23 3.106,994 146,410 273,686 19.045 82.171 23.305 83,701 339 23 3,275,583 173,972 912,988 12,665 88,507 36,938 95,740 11,346) 1326) 3.735.674 3.735.674 4.594,721 TOTAL 2024 4.594.721 4.594,721 Page 27
THE WORKFORCE DEVELOPMENT TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 202S ANALYSIS OF EXPENDITURE BY ACTMTIES {CONTINUED} ANALYSIS OF SUPPORT COSTS Edu¢ation and Trainlng 2025 Totsl funds 2025 Total funds 2024 Staff costs InswarKe Bank charges OffirE costs Staff recruilment Agency and other staff costs Professional fees Premises Costs Computer costs Travel and subsistence AdVe'sIng and promots.on Governance costs 940,612 73.465 6,779 18.525 51,384 112.147 63,848 146.553 589.318 37,544 172,393 37.372 940,612 73,465 931,551 75,919 9.380 28,007 60,283 116,507 11.787 132.984 642,824 23.S45 166.422 24,239 18.525 51.384 112,147 146.553 589.318 37,544 172,393 37.372 2,249.940 2.249,940 2.223,448 TOTAL 2024 2,223.448 2,223.448 NET INCOMING RESOURCESIIRESOURCES EXPENDED> This is ststed after charging.. 2025 2024 Deprecialion of tsngible fixed assets 104.182 94.529 AmortisalI of inkngible fixed assets AUdrts remuneration 208,947 31,150 11)0,655 26,020 20,750 Oper*J'ry lease rentals Page 28
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 SEPTEMBER 2025 10. STAFF COSTS Group 2025 Group 2024 Company 2025 Company 2024 Wages and saries So¢i81 security costs contributi to defined Contributi pensi sthemes 5.208.902 607.619 5,268.527 577,681 3.459.503 403.916 3,601,459 404,422 277,907 322,366 186,587 220,754 6.094.428 6,168.574 4.050.006 4.226,635 The average number of Fersons wnploypd by the Crjnpary dUrj the year vms as folws." Group 2025 No. Group 2024 Operational Staff 96 103 The number of ernoYeeS those ernFdoe teneffts lexdLKling employer pension costs) exceeded £60.000 was.. Group 2025 No. Group .2024 No. In the band £60,1]01- £70.000 In the band £70.001- £80.000 In the band £80.001 - £9),000 In the baNJ £90.001- £100.000 In the baThd £100.001- £110.CrfYJ In the band £110.001- £120.C(MJ In the band £180.001- £190.Crf)O Totsl lem11rtiOn panents amw)ted to £340.843 in the year {2024.. £101.500). The key management personnel comprise the Trustees aThJ the Sènior Management Team. The total amount of employee teneffts lindudw empl¢wr pens contn"bub"ons) received by key management personnel their services was £712.11812024'. £635,581). 11. TRUSTEES, REMUNERATION AND EXPENSES In line with the provision in the governing dment of the charty" the post of Chair ts a femunerated position", *)d the Chief Executive only relVeS remuneration in pect of seNces provide(l undertaking the role of Chief Executive. ffinance and learning swwces and consullancy, arnj rn)t in respect of Services as a Trustee. Other Trustees have received payments from the charity in respect of their rc4es as Trustees, these Trustees wll recwve reMUWat unb"I their Cufrent term of office comes lo an end. The value of Trustees remuneration. incIling emplo$ penSn Costs, for the year was as follows,. J Newman (Chairl £27.177 {2024. £29.6731 and J Rogers (Ctrief Exeeutivel £183.372 (2024.. £222.3121. Page29
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12. TAXATION 2025 2024 CORPORATION TAX Current tax on net expenditure for the ar 1214,7391 TAXATION ON NET EXPENDITURE 1214.7391 The tsx assessed Ihe year is higher Ihan12024- lower than) the standard rate of corporabon Lix in the UK of 25% (2024- 25%). The differences are explained bdow. 2025 2024 Nel expeThJture before tsx 12.033.170) 1.824,255 Nel exFendrture muth"pld by tr slandard r*e of cOrp10n lax in the UK of 25%12024- 25%) EFFECTS OF: 1508.2931 456,C64 Expnses not dedLKty"tAe for tsx purF Income not taxable Adjustments lo tax charge n respect of per5 Movement in deferred tsx Tr)1 recognised 378,515 1214,739) 129.778 1449,611) 16,533) TOTAL TAX CHARGE FOR THE YEAR 1214.739) There are no factws ¢Slered1[Y to affect future tax charges. Page 30
THE WORKFORCE DEVELOPMENT TRUST LIMtrED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 13. INTANGIBLE ASSETS GROUP Develop. ment Goodwill Total COST Al 1 October 2024 Additions Trans 777.IS4 4.556 423,691 2.732.730 152,8081 1.200.845 2.737.286 {52,8081 AI 30 September 2025 781.710 3,103.613 3.885.323 AMORTISATION At 1 October 2024 Charge for the year 681.980 62.267 360.840 146,680 I.IM2.820 208,947 At 30 September 2025 744.247 507,520 1.251,767 NET BOOK VALUE At 30 September 2025 37.463 2,596.093 2,633,556 At 30 September 2024 95.174 62.851 158.025 Page 31
THE WORKFORCE DEVELOPMENT TRUST LIMITED IA COMPANY LIMITED BY GuARaTEE) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 13. INTANGIBLE ASSETS {CONTINUED) COMPANY Oovelo mant Goodwlll Total COST At 1 October 2024 Additions Transfers 759,394 4.556 52.808 812,202 4,SS6 152,8081 (52.808) At 30 September 2025 763.950 763.950 AMQRTISATH)N At 1 October 2024 Charge Ihe year 664.220 62.267 664,220 62.267 At 30 September 2025 726.487 726,487 NET BOOK VALUE At 30 September 2025 37.463 37,463 AI 30 Sepknber 2024 95.174 52,808 147.982 The transfer of goodwill lo investments related to the kgal costs irwed during the acquisition of l-can Qualfficalions ts"mrted. Page 32
THE WORKFORCE DEVELOPMENT TRUST LIAlED {A COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 14. TANGIBLE FIXED ASSETS GROUP Short-temi Frtthold leasehold Flxtur•s property prop•rty frttings equipment Total COST OR VALUATION Al 1 October 2024 A(Jdrti¢Ms 1,680244 120.057 180.726 10.648 526.587 127.519 2.507.614 138.167 At 30 September 2025 1.680.244 120.057 191.374 654.106 2,645,781 DEPRECIATION Al 1 October 2024 Charge for the year 59.856 19.762 120,057 462.543 50,337 735.398 104.182 34,083 At 30 September 2025 79.618 120,057 127.025 512.880 839.S80 NET BOOK VALUE AI 30 September 2025 1,600.626 64.349 141.'226 1,806.201 AI 30 September 2024 1.620,388 87,784 64,044 1.772.216
THE WORKFORCE DEVELOPMENT TRUST LIMThED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEhlBER 2025 14. TANGIBLE FIXED ASSEfs (CONTINUED) COMPANY Short-t¢mi Frn•hold leasehold Flx¢ure$ and property prowty ffttlngs Office equipment Total COST OR VALUATION At 1 October 2024 Addition5 1.680.244 120.057 180.726 526,587 59,648 2.$07,614 59,648 At 30 Septernber 2025 1,680.244 120.057 180.726 586,235 2.567.262 DEPRECIATION Al 1 October 2024 Charge for the year 59.856 19.762 120,057 92.942 27.997 462.543 44,087 735.398 91,846 AI 30 September 2025 79.618 120.057 120.939 506.630 827.244 NET BOOK VALUE At 30 September 2025 1.61x1.626 $9,787 79,605 1.740.018 At 30 Sep¢ember 2024 1.620.388 87.784 64.044 1,772.216 Page 34
THE WORKFORCE OEVELOPMENT TRUST LIMITED {A COMPANY UMITEO BY GVARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3Q SEPTEMBER 2025 15. INVESTMENT PROPERTY GROUPAND COMPANY Freehold Inv¥$tment pr¢)p•rty VALUATION At 1 October 2024 484,716 AI 30 September 2025 484,716 16. FIXED ASSET INVESTMENTS Unlisted IeStMents At 1 Octcthr 2024 Amounls wmtten oft 437,500 1437,500) NET BOOK VALUE AT 30 SEPTEMBER 2025 AT 30 SEPTEMBER 2024 437.500 Shares in group Unlisted undertakings investments Total COMPANY COST OR VALUATION At 1 October 2024 Additions Amounts Wren *)ff Transfws intra groL 437,500 437,502 4.787,196 {437,500) 52,808 4.787.196 1437.5001 52,808 AT 30 SEPTEMBER 2025 4.840,006 4.840,006 NEf Bl)OK VALUE AT 30 SEPTEMBER 2025 4.840.006 4840.006 AT 30 SEPTEMBER 2024 437.500 437,502 Page 35
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 16. FIXED ASSET INVESTMENTS (CONTINUED) The transfer of go(thll lo investments rdated lo the *al costs incurre(1 during the acquisition of l-can Qualfficalions Limited. On 31 Marth 2025, the Trust acquired 100% shareholding in l-can Qualifications Limited. 17. DEBTORS Group 2025 Group 2024 Company 2025 Company 2024 DUE WITHIN ONE YEAR 1.208.204 998,958 402,657 2.356,886 901,417 456,715 327.811 2,033.376 1,052.557 514.194 Other deblofs Prepayrnents and acced irKome 901,561 536.910 1,053.502 623.847 2.646.675 2,676,307 4.117,675 3.927.938 18. CREDITORS: AMOUNTS FALLING DUE MTHIN ONE YEAR Group 2024 Comp•ny 2025 Company 2024 2025 Trade cxedilors Amourrts 0Ed lo group undertakings Other tsxatw and S(1 security Other cY¢dilor$ Accruals arKI deferred income 244209 223,549 142.002 1.143.707 234.169 1,249.689 774.347 110.810 297 266,898 . 97,961 896,403 268.765 1.249,689 897,753 266.898 97,961 988.087 2.660,416 1.576.495 3,543,914 1,372,369 Group 2025 GrfA¥) 2024 Company 2025 Company 2024 Deferred i1me at 1 October 2024 Resources deferred durirffj the ar Amounts released from previous periods 676,579 1.315,492 676.579 {1.315,492) 636.351 1.183,212 636,351 11.183,212) 676.579 676.579 636,351 636,351 Al the balance Sheet date the group VAS hclthng funts rewved in advanee for projects spanning Ihe year end. Income has tn induded in the SOFA to represent the stage of cOMet10n of these projects and the excess has be deferred as apprwiate. Page 36
ThE WORKFORCE OEVELOPMENT TRUST UMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 19. BUSINESS COMBINATIONS On 31103r2025, the Company acquired 100% contrdliry interest of issued share pital of l-can Qualfficatsons Lwnited for total ConsideratK of £4,840.004. The useful lrfe of gootr•ill ColSed Ihe l)usiness coMkn'naft is 10 years. The amounts recc#3nised in resperl of the Identifb assets and liabilth.es acq¥Jired are sel in the le below. Book value Fair value FIXED ASSETS Tangible 45,833 45,833 45.833 45,833 CURRENT ASSETS 397.298 2.339.721 397,298 2.339,721 Cash at bk arKI in haThJ TOTAL ASSETS CREDITORS 2.782.852 2,782,852 Due wthin one year {675.5781 (675.5781 TOTAL IDENTIFIABLE NET ASSETS 2.107,274 2,107,274 Goodwil 2,732.730 TOTAL PURCHASE CONSIDERATION 4.840.OIM The results of In Qualrf¢cab"s Limiled since acquisib'on are a5 folkMs.' Current period sin a¢qui$itlon Revenue 1.208.363 Profit for ts peritsl sw)ce acquith" 583.678 Page 37
THE WORKFORCE DEVELOPMENT TRUST UMITED (A COMPANY LIMITED BY GUARANTEEI MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 20. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance It 30 Tran$fers Sopl¢mber inlo 2025 Balance at 1 October 2024 Incom ExndItuT? UNRESTRICTEO FUNDS DESIGNATED FUNDS Future s¢aff li*'lilres 31)0.469 300,469 GENERAL FUNDS General Funds- all funds 11.204. .613.110 (10.431.541) 5.165 9.391.382 TOTAL UNRESTRICTED FUNDS 11.505.117 8.613.110 (10.431.541 5.165 9.691.851 RESTRICTED FUNOS Solar Panel Grant 5.165 (5.165) TOTAL OF FUNDS 11.510.282 8.613.110 110.431.5411 9,691.851 Page 38
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) P40TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 20. STATEMENT OF FVMDS {CONTINUED} STATEMENT OF FVNDS- PRIOR YEAR Balance at 30 Transfers September inloul 2024 Balanee at 1 October 2023 Income Expenditure UNRESTRICTEO FUNDS DESIGNATED FUNDS FuttKe staff liabiliknes 667,OCK) 1366.5311 300,469 GENERAL FUNDS General Funds 9.019.027 12.090.535 110.271.445) 366.531 11,204.648 TOTAL UNRESTRICTED FUNDS 9.686.027 12.09).535 {10.271.445) 11,505.117 RESTRICTED FUNDS Solar Panel Grant 5,165 5.165 TOTAL OF FUNDS 9.686.027 12.095.7LKt (10.271.445) 11,510,282 DESIGNATED FUNDS This fund has built up prior lo arKI on transition to covef wlenbèl future staff liabilrts.es arising from the TUPE of staff from Skims for Health. Follwng staff Ch5 since 2013. a stgnificant proportion of this fvnd was released to leave a balance reflective of the rrent estimate of potential fvlure staff liabilities in relalion to those iTrJiVidLlS. RESTRICTED FUNDS This fund related to grant receNed for the inslallats'on of sdar panel. During the r, the fvnd was used to pay for the installation of the 501ar panel. Pa9e 39
THE WORKFORCE OEVELOPMENT TRUST LIPAITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Vnr•strkted fvnds 2025 Total funds 2025 Tangitle fixed assets Intangible fixed assets Investment property Current assets Creditors due within one year 1.806,201 1.806.201 2.633.556 2.633.556 484,716 484.716 7,427,794 7,427,794 12.660,416) {2.660.4161 TOTAL 9,691,851 9,691,851 ANALYSIS OF NET ASSEfs BETWEEN FUNDS- PRIOR YEAR Unrestricted funds 2024 Restrited funds 2024 Total funds 2024 Tangle fixed assets Intangible fixed assets Fixed asset investments Inveslmenl propety Current assets . Creditors due wthin one ye 1,767.051 158,025 437,$00 484,716 10.234,320 {1.576.495) 5.165 1,772.216 158.025 437,500 484,716 10,234,320 {1,576,495) TOTAL 11.505,117 5.165 11,510,282 Page 40
THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM8ER 2025 RECONCIUATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTNITIES Group 2025 Group 2024 el incomelexpenditure for the year las per Statement of Financial Activibesl (1.818.431) 1,824,255 ADJUSTMENTS FOR: Depreciation charges Amcrtisation charges Impairment of investments Dividends. inlerests and rents from inveslments Profit from the sale of operations Decrease in debtors 104.182 208.947 437.$00 (197,0221 94.$29 133.697 1287,204) {2,302,258) 118,940 1307.051) 426.930 1.642.416 In¢8$ellde¢Ieasel in ryedit NET CASH PROVIDED BYIIUSED INI OPERATING ACTMTIES 804.522 1725.092) ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2025 Group 2024 Cash in hand 4.781,119 7.558.013 TOTAL CASH AND CASH EQUIVALENTS 4.781.119 7,558,013 24. ANALYSIS OF CHANGES IN NET DEBT At30 Septgmber 2Q25 O¢tobgr 2024 Cash flow$ Cash al bank and in hand 7.558.013 12,776.894} 4,781.119 7.558,013 11776.8941 4,781.119 Page 41
THE WORKFORCE DEVELOPPAENT TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 PENSION COMMffMENTS The companYs ernoYeeS beltXV to three prrncipal pension schemes. The NHS pension scheme for eligible staff which is a defined benefrt scheme. Staff are offered a defined contribLth'ons scheme administered by the NatM)nal EmplOent Savings TrusL An Aviva pensw scheme was brought in durmg Ihe year ended 30 S8Ptwnber 2015 M transfer JSSC. NHS Scheme Only NHS employees TUPE'd over from the Univer5ty Howta15 Bristol NHS Trust belong to the NHS scheme. is a mUttemoYer defined benefrt pension stheme: As the company is unable to identify its share of the assels and liabilib.es of the scheme ¢)n a consi8lenl and reliable basis. the seheme is treated ty the Company as rf li were a defiwl lfrIttiOn scheme. in accordance vthh secb.on 28 01 FRS 102. Ttr wsion cost charge represents contribub"on5 wgyable by Ihe company to the scheme and anounled to £30,464 {2024." £52.0771. Contributions totalling £9.398 {2024". £8.242} were payable lo the scheme at the balance sheet dale and are iluded in creditors. Defined Contribution Schemes The assets of these schemes are held separately from of the cornpany independentty administered funds. The pension cost charge represents contrityjb.ons payatAe by the company to the funds amounted to £269.049, funds 12024.. £258,886, funds). Contributions totalling £77,792 12024.. £38,926) were payable to the funds at the balartt sheet date and are inthdèd in credrtors. OPERATING LEASE COMMffMENTS At 30 September 2025 tr Group arKI the Company had commitments to make fulure minimum lease payments urHler non-cancelable operabry leases as folh)ws'. Group 2025 Group 2024 Company 2025 Company 2024 Notloter than 1 year 15.562 22.500 15,562 RELATED PARTY TRANSACTIONS The Workforce Development Tnt Limited is daiming the exempti under FRS 102 Section 33 not to disclose tran5actiMs llY 0ed 5ubsidtaries. Page 42
THE WORKFORCE DEVELOPMENT TRUST LIMITED {A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 28. PRINCIPAL SUBSIDIARES The fo1th9 *re subsidiary WKlertakings of the COMpY.. Nam•s Company numb8r Equlty shareholding Basls of ¢ontrol SFJ Awards Limited People 1st Intemalional Limited 14an Quahficalions Limited 06926458 11332207 08559484 100% 100% 100% Fully owned and controlled Fully owned and ¢trOlled Fuly owned and ccffltrolled The financial results of the subsidiaries for the year were.. Namos IKome Expenditure PrOf{LO$S lor the y•ar Net a$$etsllnet liabilities) SFJ Avrards Limited PeOe 1st International Limrted l-can Qua1fficalior Limiled 3.084.967 789.587 1.208,363 (3.249.303) 11.138.113) (431.107} 1164.336) 1164.335) 1348.526) 11.715.826) 583,678 1.256,242 Page 43