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 LI￿￿ED {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, Ch*f Executive C A Lucas, Finanee Direct A Malhotra. Nc*vExecub"ve Director D Lar￿On, Non-Executive Oireclor E Ban￿rman. Non-Executive DiT￿lor K A Fraser. NcrfFExecutsve Director N L McKenna, Non-Executs"ve Director R Hill. NOn-EX￿￿11¥e Director L Wim¥ard. N(TrExe¢utive Director J Abboud. Nt%FExecutive Diredcrf {re$igr*d 30 September 20251 S L Munro. Non-Execub"ve Director {reSIg￿ 31 January 2026> J G Reslell. NcTrExecutib* D￿￿101 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$101 8S16TP Page 1 THE WORKFORCE DEVELOPMENT TRUST LIMITED (A COPAPANY LIMITED BY GUARANTEE) FOREWORD FOR THE YEAR ENDED 30 SEPTEMBER 2025 We afe pleased lo wesenl our annual report together y￿th the au(lited ￿r￿o11￿ated financHI statements of the Workforce Development Trust Limrted {"the Group") for the ￿ar ended 30 September 2025. This year, the Group rewted an irKc¥ne of £8.613,110. ￿1h a deficit of £1,818,431 for the year arKI reserves at the year end of £9,691,8S1. This financi￿ health us to reinvest in enharKing our Ser¥￿e offerings. We welcomed l-can Qualffications IICQI into the Group during the year. Not onty wtll ICQ contritsts to the Group's financial strength. bul rt wll s4gnificanUy grrJ4¥ the Group's reath and impact. Dvring the year, Ihe Group ha$ aided appr0￿matety 11)0.000 INJi￿duals 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 th￿rI￿rneY 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 f￿rth entry rcArte into WKing. We paTlnered with HaltC￿ Borough co￿)C11 to fJeate an athlt sttial care I￿rkf1￿Ce strategy addTessng a 40% rise in iesbjenls è3ed 65+ over the next deca(le. The plan Supports 1,000+ care profes$ionals ￿th career paths. fair pay and strorw standards. building a skilled. sta￿e workfcrce lo improve care qualty and outcomes for Hatton's 128,S77 resKlent$. 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 resiller￿e to fLrture crises. We created a vacancy estimator tod for Nets￿rk 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 hir￿9. 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- cel*ating Operat￿￿1 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. e￿ab"n9 vthces. and hi￿lI9h￿"n9 tr* essential contribulion made lo public safety and rehabih"tats"on. Recognising the 40% of the NHS and wider healt￿are 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 assist￿1$ and security staff. These indiwduals are essential to p*ient care and service delhvery- ensuring sefvices run safely, smoolhty, and wth cC￿PasSI(￿. Through this programme, we honour Iheir impact and elevate the voiees of those v*K) often go unseen. We are worting in partnership wilh the National Counter Terrorism Security Off￿e INaCTSOI lo develop Level 3. Ofqual-regulated qUaIrf￿alIon. With the working tille of the Compelenl Person in the Workplace {CPiW), this qualthcab'on will be surtable for businesses Iwking for NaCTSO*ndorsed, 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 C￿rattaCkS M UK sectors up 130% this ￿ar. launthd ¢walrfutions lo buld a more cyber- aware workforce. The Le￿ 4 Certificate in Internet Research and 1nvesbgat￿n trains leamers in ethical, secure online invests"gaticns, vthile the Level 2 Award for Industrial Cyber Security- Threat Awarene55 builds fOundat￿nal skills to recc8nise and reSp￿d 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 irnp￿enting our Su5tainatAe Travel Policy. These have led to a 38.81 C02122%1 decrease in wr carbon emissi￿$. We were proud lo be r￿rned En(pP￿nt Assessment Organisation of the Year ISMEI at the prestigious Federat￿n of A￿drdlrrfj 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 unIf￿d culbxe ac¥oss Group. enabling us to deliver high quality seNces and supm to all the sectOTS in vthich V•È OFerate. Re￿nisIng our strong financial Jsilion. Ihe Trustees have committed to a five•year growth strategy from 2025126 to i￿reaSe the impact of the excellent V￿rk 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 I￿pIe. 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 Ir*ir Annual Rep￿ togetherwith Ihe authled financial s¢*emenls of Ihe c￿panY 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 Re￿bI￿ 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 W￿1¢ 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 W0￿fOrCe deveknpment wxtice5 arKI Fdicie5 through re5earGh. analysis and ￿ prow5ion of in%ghts and expertise Providing integrated leaming. xcre(lilath)n and digilal solu11￿3 tha¢ increase th8 gffectiven95s of V*vrkfc(¢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 Sect￿5. 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 be￿ffi1 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 pUt￿lC 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 penC￿￿allY 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 Trn￿t 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 maJ of al least twelve months from when the financial Stat￿entS are authorised issue. Our responsibilibes and Ihe resFonsibili*es of the Trustees resFed to g￿ng 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 C￿rse 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 m*erial misststement of this other information. V•t are reQ￿red to report that fxL We have nothing lo report in this regard. OPINION ON OTHER mA￿ERs 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 xcOrda￿e 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 enV1￿ment 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 Lyn￿n.. 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 pa￿rtI 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 st*ment$ 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 c￿ern and using the going concern basis of accounting unless Ihe Trustees erther intend to liquidate the Group or the parent charrt*le 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 AuD￿oRs. 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 atr￿j1 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, t*Jt 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 e￿10M1C d￿lS1OnS of users taken on the basis of these ￿￿ncIal statements. Irregularities, inclut1ing fraud. a￿ instan¢es of nOn-￿rn￿lance wth lavts and regulati￿5. 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 irregul*rties, irduding fraud is detailed below.. We have considered the nature of Ihe I￿Justry 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 ir￿UlaritIes., For any matters identthed we have obtained and r￿1￿￿ed documenta11￿ of th8 Companies. pol￿18$ arKI pre¢edu￿$ relating lo- identifying, evaluating, arKI cc1np￿.ng V•ith L8V•S and regulaborn *l￿theY 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 eSta￿ls￿ to mitigate risks of frwj or rmin-com ￿￿qnee wth law5 and regulations. We have COns￿ered the matters rfiscussed am1￿9 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 rel*￿n to reV8Th￿ reCOgnit￿n. 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 obtaI￿d 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 coM￿larte 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 resp￿id 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 uneXFe￿ed relati￿shIpS 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 transx*ion* lesiiThJ in ￿8￿"0n lo the revenue reCogn￿.0ft ol revenue, ￿1th a p*ts'cul focus around year end cut olf. •KI In add￿SsIng the r*k ol fraLKI thrcwh managan*M overnide of ujntrols, teslir4 the appropriateness of journal entnes and otr*r adjuslrnents: assessiry vknether the judgemen15 made in accounting estimates •re indiGètrye of potenli* ￿.0$.. ev*uabng tr￿ busir*ss rats"on*e ol significant transa¢tton5 ihal are unusual or Artside the r￿ffla1 ctyJr5e ol business. We also commLnCated identified l•hs aNI re9ulabons arKI frwd ri5k$ to all M￿be￿$ 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 Com￿lance or re9ulatw ts rwnoved from tr¢ events arKI transactions reltected in the fin3naal stslemeNs. as WE win be kss I￿Y to becr w audit wo￿. lor t1￿5 repxL or for the opinions we have formed. Davld Butler FCA DChA {SeThior Statulory Audltorl for and on I￿alf of Btshop Fleming Audit Limit¢d Chartered Accountants Statutory Audi¢rys 10 Temple 6a¢k Brist BS1 6FL Date.. 30 March 2026 Page 14 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•strict*d 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 forW￿d 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•reM￿ts of the Acl with respect lo accounting records and preparation of financial stslements. The fina￿￿al 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.. arn￿r￿ 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 aCco￿li￿a records and prepafatK)n of financ￿1 stalemerts. The financial stslements V*Ere approved and wlhyised for ￿s￿e 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 st*emenls. 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 re￿Ved Proceeds from the sale of operations Purchase of Intangl￿e 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 equIva￿nIs 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 GUAR￿TEEl 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 st￿dard 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 recc*3nised at hislwral cost or transaction value unless otherwise stated in Ihe relevanl xcounty'rvj polKy. The Consdidaled Statement of Financ￿1 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 Ac*vities 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 C￿dit￿)n$ that may cast significant doubl on the akn.lity of the company to conb.nue as a goiThJ COr￿ern. The Trustees make Ihis assessmenl in respect of a peri(yJ of one year from the date of approval of ts financial s￿ements. The Trustees have assessed ￿ Cur￿ tr•thng coThJition$ arKI the finarKial forecasts. and have cOn￿dered amernative scenarios. Under all scenarios reviewed the Group has suffiaent reserves to enable rt to continue as a wng cOn￿r￿. 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 Q￿panY 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 Financ￿1 ACtI¥￿'e5 a5 voluntary income and Cla￿fied as restn.cted or unrestrKled deperKliry the temis attached to them. Income on long temi contracts is recognised in the Statement of Fin￿la1 Athvilies to refiect the prOpOrtK￿ of work carried (yjt up lo the year erHI. w￿re incorning re5¢JJrees are f￿Ned 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 Fin￿1¢181 ActNib"es on a receivable basis. The balance of income re￿IVed 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 I￿luded 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)nStr￿￿Ve 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 d￿rrta￿e 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 Consol￿ate 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 2￿6 not to Fvesent its ovm Income and exp￿KIl￿￿e 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 no￿￿7t￿m 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 tr*refore 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 appl*d exdusively to charrtable purrnses. 2.9 FOREIGN CURRENCIES Monetary assets and liakn"lrties denominated in forehw curre￿Ie$ are translated into sterling al rates of exchry ruling at the reportiThJ date. Transactions in fOre￿n cwreneies are tr•)slated rto steding at the rate ruling on the date of the tr￿Sa¢¢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 coM￿eted product or project. Deferred research development Costs are mie4*d 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 bet*pen 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 arnortisat￿n 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￿ buik*ng5 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 be￿een the carrying value of fixed assets and thwr recoveratAe amounts are recognised as impairments. Impaimenl losses are recognised in the Statement of Fina￿la1 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&S￿S 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 re￿dUal 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 Ac￿￿S. 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 aCquI￿tKIn 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 ant￿paleS 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 m￿Y 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 Fina￿la1 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 Gr￿p 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 MeaSu￿d at th￿"r settlement value wfjth the exception of bank loans v*hich are subsequently measured al amwb.sed cost usir#J t￿ effective interest methc This is ststed after charging.. 2025 2024 Deprecialion of tsngible fixed assets 104.182 94.529 AmortisalI￿ of inkngible fixed assets AUdrt￿s 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 s*aries 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 dUr￿￿j the year vms as fol￿ws." Group 2025 No. Group 2024 Operational Staff 96 103 The number of ern￿oYeeS *those ernFdo￿e 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 lem11r￿tiOn pa￿nents 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 d￿￿ment of the charty" the post of Chair ts a femunerated position", *)d the Chief Executive only r￿elVeS 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. incI￿ling emplo￿$ penS￿n 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"pl*d by tr* slandard r*e of cOrp￿10n 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 per￿5 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 ¢￿S￿lered1￿[￿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 GuARa￿TEE) 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 LIAl￿ED {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 I￿eStMents 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 Wr￿en *)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 acc￿ed 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 0￿Ed 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 i1￿me 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 t￿n induded in the SOFA to represent the stage of cOM￿et10n 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 ￿Co￿lSed ￿ Ihe l)usiness coMkn'na￿ft is 10 years. The amounts recc#3nised in resperl of the Identif￿b￿ 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 b￿k 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 I￿n 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 Ex￿ndItuT? 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 Ch￿5 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 iTrJiVidL￿lS. 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 Tangl￿e 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 ern￿oYeeS 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 EmplO￿￿ent 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 mUtt￿em￿oYer 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 ￿lfrIt￿tiOn 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 i￿luded 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 Tn￿t Limited is daiming the exempti￿ under FRS 102 Section 33 not to disclose tran5actiMs ￿llY 0￿￿ed 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 fo1th￿￿9 *re subsidiary WKlertakings of the COMp￿Y.. 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 PeO￿e 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