Company Number: 01300119 GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantee) FINANCIAL STATEMENTS 31 August 2024
CONTENTS Page CHARITY INFORMATION CHAIRPERSON'S REPOR T BOARD OF GOVERNORS, REPORT STATEMENT OF BOARD OF GOVERNOR'S RESPONSIBILITIES INDEPENDENT AUDITORS, REPORT 9-11 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) 12 STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOWS 14 NOTES TO THE FINANCIAL STATEMENTS 15-25
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) CHARITY INFORMATION For the year ended 31 August 2024 Refefence and Administrative InfoFmation Charty Narne.. Charily Re9iStration Nurnber. Cornpany Registratlon Number. Registered offi and Operational Addr8SS'. Gkjucestershire Engineerin9 Training Limited 273571 01300119 Barnwood Poln( Corinium Avenue. GIoLice5ter, GL4 3HX Board of Govemors Appointrnent date J Brearley C Big9in IrèsKJned 16105120241 T Soulhgate A Powell Iresigr*d 31110r20241 A nder l Hend8r50n S Biggs R Grey J Fatsin9ton H Gardiner Irg¥vJned 12109120241 L Martey M Bailey G Miller 1$Jn9d 14111120231 2911111991 1010212015 01106r2018 0110212019 0110812019 1111012019 05108Q021 18101r2022 owior2022 03110r2022 19109r2023 3010712024 2511112015 Company Secretary R Hill IresvJn8d 19111120241 WThomas 06I09r2021 19111R024 Chtef Executive WThomas 06109r2021 SenlorM•n•gemenl Te8m W Thomas E PheWsiead R Hoyland C Spender l Mustoe L Jones J Weathertey G Milbr D Hernon J Roberts Chief Exe¢ut Officer Learnef Serwces Manager Finance Manager Ac2demic Manager Qualty Manager EPA & Skills man4r Training & Maintenance Manager Centre Manager FO$t of Dean Skills & Development Manager Business Enga9em8nt L88d Bankoys Lloyds Bank PIC 19 Easty2ts Street Glou¢e$tsr GL1 1NU Audltors Hazjds LLP Staverton Court Cheltenh GL51 OUX Solkltors Davies & Partner5 Rowan House Barnwood GIOUtsr GL4 3RT
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarants) CHAIRPERSON'S REPORT For the year ended 31 August 2024 CHAIRPERSON'S REPORT 2023.2024 Academic year 2023 124 ha5 588n GET rebJm to norrnal cperation81 numbers around ¢itsent and dellvery. Following on fvom 202212023 Whe we saw growth in apprenticeship nurnb8rs, HE and ¢ommeroal training Opportunrt$. Currently we have 10 learners who are outof the apprenticeship funding. however we have $uc¢e$$fully supw)rted a futher99thr¢h End Point AssessrnenL GET has developed and adapted significantty in its operational approach to ensure the Apprentices wore trained to support our empk)yerSUc$slan planning. Academic year202312024 has 8n in¢aSed intake of Apprenti81138I, Level 41341, Level 311041 o¢ross our 8armvotrl and Cinderford sites, and a new c4)hort of 39 HE karrS start on HNCID. It hard to believe that we had our Qtsted in$pe¢b'on over a year ago, where we achieved a Good grade bul were very dosB to being rated Outstanding. We have Continued to improve on the fee¢Ybadt provided to ensure we achieve an outstsnding grade al the next inspec'on cycle, this has included updating our business functlOll5, delwery planning a5 well as updating ovr board lo become 8 board of govemors with the locus on the quality of education and Safeguarding. This has been enhanced with our reporbng platfom) called five 5trearns which reports on th8 quality of education, beh8viour & attiltxles, personal development. leadetship & rnanagement which are Undernned by safeguarding and finan¢e. The appointment ofa Training & Maintenance Manager has enabled GETto grow ourcomrnerca£l skills offering, creating more bespoke training pad(age5 to meèt our employer nee(Is around welding& fabrication. ffiachining. electfical safety and electronics to name but a few. We have also seen a steady increase in the delivery ord1¢t NVQS in the workplace to sukport oJrrent Stsff in employment. GET also purchased a vehide to support the centre's at Bamwood Cinderford with our logliCal needs. We d8CKJed to have the van braThdad whith has supported mafkets.ng and we have had several business InteentionS from this. Oursatsllile centra in the Forest of Dean welcomed ourfirstcohort of 11 apprenti8 fortrainiThJ in Sept8rnber 2023. Th8 main aim of the project is lo d our carbon loolprini and to support the young Apprents'ces in the Forest, with the logistica challee of getting into Barnwood. Many are aged between 16-17 and non-drivefs. who are reliant on public tran5POrt which has not been the best. This allows the first years from the FO$t to complete the Level 2 practical ski115 nea[ horne aad attend GET on a day rtlea5e bas in Years 2 and 3. We have 20 arnerS1o1nln9 u$ at the Cinderford stte in S&ptembÈr 2024, some of our employers requested we adapt our delivery methtsJ at short notKe to Include the new kamers attending the acadgrnic delivery at Bamwood to ensure that all their learners pro3ressed at the same speed. This was achieved and the delNery model has now l)een updated to be four day5 at the Cinderford sile and one day in B8mwood. There has most definitely been an improvement in the appnt1hip cohort as we notice signifKaTht challenge5 Wlth previous Intakes to the sthool dosures and CAG'$ Icenlre A55e5Sm8nts Grad8sl which had a ne9ative irnpact on our arners. both acadernically and Socially. The academic qualification has proved a challenge for sornE learnefs, Whe there have been severat learners fail their Math's and Materials units GET has however provided support to ensure most of the learner's progress. Hi9her Education learner5 continue to prr4ress on a positNe trajectory which is great news. There have b88n 89reements to pro¥e addibonal pa support lor learners this ac8demic year at both Level 2 or Level 3 Technical Certificat8 and pra¢bcal ¢elivery. Just 1 leamerfailed one or more rnodules of HNCID. A very big irnprovernent in comparison to the prev8 Academic years, which is thanks to the dedication of the Academic Team and the support of the employer5. AS 81way8. a rewew of the delwery year was undertaken. with taSre$ put in pl to avoid similar issues wth learners failing. have odapt8d th8 ojrriculum d81ivery plan and allocated session$ at the end of the year to support Iho$e *mers who were close to passing. Posits"vely, all tiffleiabled delivery for the pra¢tical delNery was Suc$SfullY cornpted by th8 145t we8k in Juty. Thanks to th• dectication and SUFPOrt of Ihe Staff within the Pra¢ty¢al Delivery Team. all the leamer5 cafi now progress lo the development (Levd 315tag8 ol their Apprenticeship. Financially, as ants'cipated. we have pertotmed extremely well a¢ademi¢ year. wilh sUlUS of £551,757. Recwitment for 2024r2025 has been very positive, with the biggesl intake to dats Level 3 Apprentice$1105 in 8arrswood and 20 in Forest of D8anl and Level 4 Apprenti$(291, a total of 154 Apprent¢ce5 and 54 new HvJher Edu¢8tr'on learrÈ added to the current group5 of HE amer$. Athough tho average numbèr of Stsff has mald the same year on year. we have successfully recruited hvo addrtional Academic Tutors, Instructors. We continue with our success(on planning for staff to ensura w8 have Slrengu) in depth moving foard. GETwon the Training charnpion skilk5 partneraward atthe UKEr@inuty awards in Jyne. this is in recognrtion of the outstanding work done to support and develop the future engineers in the UK. This award also retogni5es our continuous improvement and investment in our Staff and equipmont at the centre.
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED {By Guaranteo) CHAIRPERSON'S REPORT For the year ended 31 August 2024 We are very mindful of Ihe external pressures around the ecenomy and contlnue to monitor and di$¢uss any implication5 with ourtru5ted employer partners on a regular bas15, this supports Qur regular busines$ plan and strategy review. This also included Ih8 new education f0M7$ èround te¢hni¢al education aryj the cunEnl revw of the apprentice$hip 5tandard5. Part of Ihis strategy is growth ol the HE delNery to support the iJem8nd from learners 8nd employers. W6 have very Centty agreed lo take on the a$0 of unit 2.4 which wlll enable GET to grow the totsl nrnr of HE arnerS to 240 frorn Ihe curTrnt 130 which has been restricted due lo spa. We have ntynd to repay our ¥horfall depc6it defiat5 with all ernployer5 and hav• a payment plan In a(e with of our Customers. This w85 done lo reduce the cornp8ny's liabilities and finantr luture growth", we have agreed wrth employers for thern to stop paying shorttall deposits and in return GET wll ringfence their outstanding refunds as de$i9nated trj offset Ihe Year 1 Apprentir£ship funding deficrt and to finance growth. We have agreed an Inte$t free loan wrth one of our ernployer partners to return the $hortfall deposi15 over a peri¢)J of ten years, The shortfall deposit liability has dced £125,710 year on year. It has been a challeng¢ng yearfoTevery¢)ne, but as a training prtsvK¥er we have made siqnificantstrid8s forward. I wantto thank all the Staff at GET foi the¢r contr.nued hard work. efforts, and commitThRnt$ dvring these extremely busy but Positive tTh85. 1 would also like to thank all our customers and Bo8rd of Govemora for t1r patience, input and ¢ngoin9 SUPWrt Well do 8nd 8 big tharl( you. Rob Grey Chalrpor8on Gloucestershire Engiraeering Trainlng
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarant99) GOVERNOR'S REPORT For the year ended 31 August 2024 ThE Board of Gowrnors presents its pOrt. including the th.CtorS, Report as rw4uired by the Companies Act 2(k)6 an¢ the Trustees anNual report a$ requirecl by the chare$ Aci 2011. and audited finanual ststements for the year ended 31 August 2024. Structure, Governance and Management Governance Document The organisation is a ¢haTrtsb crynpany limited by guarantee. The chaTrtaO Company was establtshed under a Mernorandum of Association which established the objed5 and powers of Ihe Charitae Company and 15 govemed under its Artid8s cfA5soazlh?n. In the event of the Charitabk Company being wound up trustees are required to contribute an amujnt not ext8eding £20. R•¢ruitmènt and Appolnlrnont of Board of Governors The Directors ol the Charitabl8 Company are also charity tfusie85 for the purposes of charty law and under the Company'5 Articles of Associab'on a known as trustees ol the Board of Governor5. Und8r the requiremnts of the Memorandum and Atycle$ of Association membership will aulornatically lerrninate three ye8r5 from the date of adrni5sion to rnembership. M8mbers may then app[Y as provided in article 10121. (Thewording of 10121 is below). 10121 Membership is lo organi5atk)nslcornpanies which are engaged in industy, engineering, rnanufacturing or commerce and who.. al Apply to the charity in the forrn required by the Directors., and bl Are appnved ty the Otrectots. The Board of Governors consists ora Chairperson and Vice Chairpetson, th¢ rnlrnimum numbèr ol Directors shall be 4 and the maxiffluffl shall be 12 and the majority of the Board must be"Induslry Directors". To qualify for appointment as 8 Director a persor5 must.. al be ernpbyed by or be a D5rector of a company or organi$8tion involved in industry, tngintèring manufacturing or COFnmerce', or bl hav8 previously worked In industry, en9ineeiing manulactunng or commerce for a numbèr of years so as to hav8 extensive expèrience of such sectors,. or ¢1 have professional or other relevant skilL8 I'lndependent D1ctOrs.1. Board of Govemors Inductlon and Trainln9 As dI¢t cuslorners and users of the CharItae Company's tratnin9 and development resource, in-coming 'reCtorS are genefally familiar with the operational goals and princie¥ of the Asso¢iation. Those who are not ar? wovided with an appropriate induction. Rl8k Managemont The major risk to whith the Charitable Company is exposed is Ihe etion in Goveinmentfunding. The Board ol Govemors monitor and 8V81uate this and other risks by hokling ular Board meetings. Budgets are prepared and wdatsd to predi possible losses ari%ng from these risks. OrganJ8atlonal 5trueluro Th8 Charitable Company Is dNided Into four departments". Leamer Servi$ Team, Skills Development Team. Practic Delivery Team, and A¢ademic Delivery Team. The day-l&day management of the Charitable C¢)mpany $ts wth the CEO, wilhdelegated responsibilities tothe Senior ManaoementTeam. The LeamerSerwce5. Finan and ITTeam provides support se[Ce5 throughout the oryanisation. The Skills Development Team revtews. intemally quality a$$ures the learner portfolios and prepares the learner for End Point Assessment. with thÈ support of the employer to ensure that the apprenticeship programme is achieved. The PractKal Delivery Team provides off the job training on the workshop whereas th8 Acad8rn Team provide the dassroorn-b8sed elernenls which includes our commercial HE offerin9 and fun¢tional ski115. All tearns are now wotkin9 larclosertogetherwithin the Organisan to rneet the needs of the apprenticeship slaThlard and indivhlual leam8r journal.
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarant981 GOVERNOR'S REPORT For the year ended 31 August 2024 As a Charty we regularfy benchmark our remuneration and benefrts packages against a variety of measures - firsdy we look al the bcal rnartet rates by compèring our $alarie$ 8nd T&Cs against our cornpetrtors, we look al benchMa1n9 against other Group Trairring AssoC0tn$ IGTAI across the UK and use national statistics from public SearCh IKPMG etc.). We aim to make sure we are at 8st compeltwe and are paying the rnarket rates but also need to mak& eur offer attractive without being overty excessive to tha market Position. This actwity is compkted Internally by HR and the CEO and pSented and discu$3ed at Board18V81. Board directofs who hawE a sultable bathground have alsg carried out these feviews as a supporting me2sure. Extomal Stakeholders Gloucestershire Engineering Training Limited 1$ audited by the Deparbnent of Education IDofEI, Education and SkilL% Funding Agency IESFAI. Office for Standards in educab'on Iotstedl and Education Awarding Organisations (Aosl in order to deliver approvefl Apprentirkship Stsndards. Oble¢tlve$ 8nd Str8tegSe$ The Memorandurn and Articks of Association of th8 Chariiablg Company State that the ¢ieras for which the Charitable Company 15 e51ablished are.. to promoie and advance adequate tr8ining of iersons employed or intending to be ernploy8d in industy and commerce. subject to the foregoiro object, to extend $u¢h tsaining to member5 of the publicgerEraNy. The obj8Ctivas a achEwed by the prOv10nS of a trainr& centre, offering both Ihe Skills and Knowledge asFects of the prograMn. and Contracts with each Ernployor. The contracts are funded by the Apprenlic8ship Levy for full Apprentih1pS oron 8 0)MrCial basi5 for Skills training. The have been no major policy change5 duriw theyear. Stratsgic Report Achi8v8ments and PèrfoTmanc• Given the challenges we have faced over the last thirty-six month5, the Tfustees think it is commendab18 the organisab.on and staff thin have 8dapted and grown the business and Dned a satellite cer¢tre within the Forest of Dean. the training year ended on time a high number of first year18amer5 completed their training. 98 out of the 102 recruited passing. The leamers who were not 5ucce5sful were withclrawn fr(m the 8pprenticeship scherne by their employers for failing to meet the behavioural requ1MentS of the apprenticeship programrne. Sorr arners finished slightly earlier and ratumed to Iheir emplDyerf$ piemises ahead of th¢ revased date or were giv8n additional free training to support the Stretch in theirdevelopment. The 1S level 2 appTentice5 are progressin9 well and 13 have ¢ompletsd their end point 855es5ment IEPAI. Acadernic -theA¢adwni¢delivery finished as planned. Wf have¥)$t definitely noticed a dffterence in ab.1e8 of the younger opprentic8s this acadernic year. Far more support session$ have been provhled over Ihe last twelve months. particularty in 8re8s such a$ Mathernatics and materials lor the level 3 apprentic85. Failure rates for the academicy8ar 202>2024 have vnproved signffjicantly. Learr[S who unforbjnately laibd modules wère gNen th6 OPPOrtunrty to peat the training at Ihe 8nd ol thè a¢a(lemic year or tM for a short Feriod in September 2024. The failures were down the leamer5' attitude and engagement or in sryne instances capability or poor reknb"on. Appienticeship success rates at GET did drop as low as 67%. with the national average as low a5 53.4%. this was due to leaver and th8 delay ITr compting EPA, however these are now increasing vary rapidty to the level we are accustomed to. and we have a cornplets.on rate of 89.2%. kills Develo nt Tearn - A volume of work was carried out to keep kamefs pr<8res$ing, the recruitmenl of dedicated staft to support EPA has been very positive. staff have provvJe<l well above and beyond thg requirements of Ihe on.programme traning. We have supported eM0yerS with rn0 en98gement visits and provlded supptrrt for EPA. such as interww ts¢hniques and revng arner EPA submlssion thcuments. There 18 Still a delay in le8mets whts need to complete EPA IEnd Point A5sessrn8ntl, 46 cyrrenuy. The team is worklng hard with the employers lo get the aPpnteShvS ¢impleted and we have recrurted a further member of staff wrthin the tsorn to 8UPPOrt this aThJ support with successiM planning.
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) GOVERNOR'S REPORT For the year ended 31 August 2024 HE nwnb8rs interestingly have a150 seen a si9nificanl Inca$. wrfh more arnerS following a L8vel 4 apprenticeship route to complete their HNCID. The cA)mmercral training aspect at GET continues to grow in both skills Irainlng and dirtct NVQS, and the appoinknent of a skills and maintenance manager has Supported this ¢tr.U19r0wlh. We have bE£n able lo show more mMitment to ¢)ur ch8rilab18 obj?ctives this year and have proe support lor two external organis8tions as well a6 SUPPOrtlng employing an indmdual with aGqdemi¢ leamiryj limitats"ons. Financlal Review The budget for 2023-2024 predicted a surplus of £324k. 6 monlhs into the year, we provided a rel0CaSt for ts rernaindor of Ihe year and rne a srnall adjustrnent to end the year with a bLKJgeted Surplus of £299k. We ended 2023-2024 with a net Surplus unreskncted funds of £552k, £252k h3r th8n Ihe foretsst Malli due to the annual accrued inr(Kne adjustrnenl for leavers of £18&( and additional cotnmercial sal85 income. During this financial year, the shortfall deposit reservo has increased by a further£50k lo £780k wlth a further cornpankes signing contracts to transfer balarw. Overall. Ihi5 has $vIted in an increa581o reserves of £602k (see note 161 which supports GETS initiative to build a £1.2m reserve to cover the year 1 additional cost5, as well as to provide future financial stability & continuity. The 2024-2025 training year has start•d vèry well with 154 learners starting their appnbshlps(123 Lw¢l 3 & 31 Level 41 at GET in September 2024 and. troether wilh the successes of this year, we are expecting to end 2U24-2025 witt) a surplus of £287k. Prlncipal Fundlng Sources The prirrtipalfunding sourc8 i5 prirnarily ourernpby8r¢u$tomer base supported by the Education and Skill Funding Agency funding for Apprenticeships in the rnain via the ApprenlicÈship Levy All busine55e5 regardle55 015¥ze are 5UPPOrted by the apprenticeship levy. either via 5% conlribub'on from the employer or ¢o-investmentapproach. We un¢Jer51and the requirements under Charity regulations to disclose our involvement in fundraislng. The Chaftty Is not involved in such activities as all monies are generated frorn Commercial activities and charitable activities funded by local employers, 5UPPOrted by government funding. The CharitaUe Company does not have any volyntetsrs Investment Policy The Charitable Company does not have an investment portfolio. All funds are held in bank deposit a¢coun¢s and rnonltod regulady by the Board. Reserve8 Poll¢y The total funds of the Company were £2,02CI(12023.. £1,4fgkl. The designated funds of £780k12023". £730kl will be ud io support the future statrllity and growth of the Cotnpany. The Trustees rèseNes policy i8 to buikl and have wfficient fun¢Js lo cover 3 to 8 months, operatin9 costs rf aPpntis1xp rundin9 ceased lo exist. At 31 August 2024. the lolal unrestricte(* reserv8, excluding dèsignated fvnds was £1.240k12023.' £689kl with fLKed assets valu8d 8t £263k 12023.. £292kl resulting in re reseNe5 of £977k 12023. £397kl, which is cornfortably within this range. We also have desynated fur$ to finan what were the Shortfall deposits from ernployer5 and provide financ11 security to thè charitable an1s0t10n. Plans for Future Por40d$ A new 10-year lease has been agreed with a 5 year break out optk?n for unit 2.4, with the following agreed as part of our Strategy and Busin6s5 Plan.. Increasethe nUmber0fApprenti undertaksng the Level 3progranMne t 140 Convert the majority ol our Comrnercial HE on to Level 4 ApprentIhIpprogr5. We are 51141 considering an increase to the number of learners in academi¢ se$$ians frorn 12-16. Continu8 to gr¢w and improve our corDrnerc4al offèring, which has shown very positsve growth in 2022123 Identify new Income opportunities such as delivering more ¢ommèrcial a¢ademtc courses such as CAO-Cornpuier aided design, Abrasive wheels. ConsKleration to evening delivery lo support comrnefaal Iraining around weldiro and eCcal safety Forest of Dean GET sile now operational, and we are 18 months into our 10-year le8se and presendy have 19 Year 1 Level 3 8pprenti$ Public Benefit Th8 truslees confim) thatth8y have PIled wth Ihe duty setoul in seCtn 4 ofthe Charikn'e5 Act 2011, to havedue regard to th8 pu1¢ benefrt guidance published by the Charty Commission.
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED {By Guarantee) GOVERNOR'S REPORT For the year ended 31 August 2024 Auditors H8zlewd$ LLP have expressed their willingness to continue in tsffe. Ststsrnent of Di$¢losuro to Audltor 31 50 far as the tru$tees of the Managernent Board are aware. the is no revant audf£ infomiatlon of ¥thich the Charitable Company's auditor5 alè unawa. and bl they have tsken all steps that they cght to have taken as trustees of the Manag8rnent Board in order to mak? themseFves aware of any relevant audit infomatw)n arKI to establish that the charitab Company's audrtors are 8war8 of that infomi8boft. Thi$ report has bfen pr8par8d In accordan with Ihe spec¢al provisions of Part 15 of the C¢)mpanies Ad 2006 re181ing to small companies. y order oftho Boatd R Grey Chairper50n A nder Vico Chairperson D8te'.
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) STATEMENT OF BOARD OF GOVERNOR'S RESPONSIBILITIES OF GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED For the year erKled 31 August 2024 The Board of Governor8 are sponsible for preparing a twstees. 8nnual report and financial statements in accor(lance with applicable law and unit Kingdom Ar£ountlng Standard5 Iunited Kingdorn GenerallyAc¢eptedAccourting Practice). Company law rUIreS the truste8S to prepare finanoal slatemen15 for each financial ye8r. Under company law the Trustees must not approve the financial statements unless thoy are Salisfied that they gNe a true and fair ¥W of Ihe charitable wmpany and of the incoming resource8 and application of resouree5, including the incorne and expenditure, of the charitable company for ¢hat period. In p¥epariThJ those fi'nancial statements, the tru51ee5 are rwuir&l to.. select suitabk accounbng pdioes and then appty thern consistently obseNE the methods and principles in the charities SORP {ADntin9 an(J Reportlng by Charitles RecomffÈnded Practic81. make judgeFnents and estirnatss that ar¢ reastsnabk and pwdent. prepare the financial stalernents on the 90ing concem ba5rs un18ss 1115 inappropriat8 to presume that the charitab company will continue in bustrSS. statement of The 808rd of Govemors are responsible for keeping adequate a¢¢ounting records th81 are sufficrènl to show and explain the charitable Company's transactions and disclose with reasonable accuraty at any time the financial p051tion of the charrtable tompany and enable them to ensure that the financial statements ¢omply with the Companie5 Act 2006 They are also Fe5ponsible for safeguarrting the assets of the charitable company and hen for tsking reasonable steps for Ihe prevention and detection of fraud aTvJ other Irregularit5. The trustees are SpoNsIble for the maintenance and integrity of the corporale and financi81 information included on the charitable MpanY'S website. Legislation in the United Kingdom governing the preparation and dissemination of financial st8lements and other inforrnation induded in 8nnual reports may differ from18gislation in 0th8rlurisdtloTh5.
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarantee) INOEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF GLOUCESTERSHIRE ENGINEERING TPAINING LIMITED For the year ended 31 August 2024 Opinion We have audited the financial ststements of Gloucestershire Engineering Training Limited Ithe 'charitable company'l for the y8arended 31 August 2024 which comprL8e the ststementof ftnancial a¢twilies. balancesheet, 5tattrment ofcash ftow$ and the related note5 to the financial statements. incI1ng a $ummary of $rgnificant accounting polities. The finanual reporting ftamewotk that has been appled in theirpreparalion 1$ applicable law and United Kingdom Accounting Standafds, including Finanoal Reporting Standard 102.. The Financial Reporting Stsnd8 applicable in th8 UK8nd Repuulc of Irelan Iunited lQngdorn Generally Accepted Acwuntsng pract&1. In our opinion. the financi81 ststements.. give a tNe and fair view of the state of the ehsritable companys affatrs as at 31 August 2024 and of its incorning ¥esources and appliCatn of resource5, Including rt$ income and expenditure. for the year then ended. hav8 been proporly prepared in 8t¢ordan wth United Kingdom Generally Accepted Accounts'TrJ Practice,. and have been prepared in 8ccor¢Jance wilh the requirements of the Companies Act 2006. 8a818 for oplnlon We conducled our audit in acFdaTrce with International StaThJards on Audthng IUKI IISAS IUKII and applir2ble18w. Our responsibllitses under those standard5 are bJrth8r descri in the Audito<5 respon$ibilitie$ for the audit of the finanual statements section of our report. W8 are independent of the charitabk company in accordance with the ethical requirements that are r£Vant to ouraLk4it of the financial Statements in the UK. Includirg the FRC'S Ethic81 Standard, and we have fuifilkd ourotherethical resporTr5ililib"es in accordan with tFese requifewnts. Web8li8vethatlhe art?¥ence we h8ve obtairEd 15 suffieient and appropftate to provide a basis for our opinion. Conclu51on$ fOting to 90ing ¢on¢¢rn In audits.ng the financial statements. we have Conclded that the Tru5tees' use of the going concem basis of a(uuntsng in the preparation of the financial statements appmprrdte. Based on the work we have perfoed. we have not identified any materi81 uncertsinties relating to events or tonditions tha( individually or collectsvety, rnay ¢•$t Significant doubl on the charitsb company'5 ability to ¢ontinue a$ a going ¢orKern for a perio¢J of at leasttwelve months trom when Ihe original financial statement5 were authorised for issue. Our respons)ilttk?s and the re8ponsibtlitses of Ihe trustees With respect to going conrn are described in the rvant Sections of thi8 report. Other Inforrnatt¢)n The trustee5 are Sponsible for the other lnlom18t)n. The o¢her infolmaton compase5 the information included in the annual Port other Ihan the finarFci81 statements and our auditorf5 report th0. Our opinion on Ihe finanaal 51alements does not cover the other infomiation aThJ. excepi to thè extont othe1$e explkrfy $tsted in our repori we do not express any lom of assurance condusion thereon. In connectvjn wilh our audit of the financial statements, our responsibility to read the oth8r infomAtion and. In doing so, consider whether the other infOrma"0n is materially inconsistent with th8 financial statements. or our knowledge i)btained in the auditor otherwise appeats to be materially misstated. Ifwe id8ntfy such rnatf al inconsisten¢ie$ or apparentmaterial misstatements. we a qUId to determin8 Wther there is a rnat¢rial misstatement in the financial staternents or a material mi$$tstement of Ihe olher infomiation. If, based on the work we have perfomied, we lUde Ihat there is 8 material mi8Stat8ment of thi5 Other information, we are 910 to report that fact. We have nothing to report this Tr9ard. Opinion5 on other mattern pre$¢rfbed by the Companies Act 2006 In oui oplnion. based on the work undertaken in the ttrse ol the audil.. Ihe tnformation given in the Trustees, Report, whith includes tt)e Directors, Report prepared for the purposes of ¢ompary law lor Ihe finanaal year forwhich the finandal statements are prepared is con51Stentwith the finanaal ststements, and Ihe Director5. Report irKluded within the Tiustee$' Report has t*n prepared in accordance with applicable legal reqU1Ments.
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarantè•) INDEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED For the year ended 31 August 2024 Matters on which we ore r¢quir¢d to report by exception In the light of the knowkdge and understanding of the charitabl8 cornpany and its enwronment obtained in the course of the audit, we have not identified material misstatements in the D1CtorS Report included in Ihe Trustees, Report. We have nothing to POrt in respect of the folbwiro matters In relation to which the Companie5 Ac¢ 20(6 requires u$ to T8POrt to you il, In our opinion.. adequate acwunting records he not been kept or returns adwuato for our audit ha¥8 not received from branches not visited by us., the finanaal $taternents are not in agreernenl with the accounting records and retums", Certain disclosu$ of Iru51ees' remuneration specified by law are not matye., or we have not CeNed all the infornation and explanal'ons ne$sary forthe purposes ol our audit. R•sp¢n$lbllities of Tru$t¢es The Trustee5 are responsible for the other infomab"on. As explained more fijlly in the Board of Govemgrfs Responsibilities ststement set out on page 8 the Trustees Iwho are abo the Director5 of the company for th8 purposes of company lawl are responsibte for the preparation of the financial statements and for being satisfied that they give a tr and fair view, and for $uth lnlerllal contrd as Ihe Trustees detemine 1$ necossary 10 ènable the preparalioTr of finanaal stat8men15 that ar8 fr8e from material rnisstatement, whether due to fraud or error. In preparin9 the finantial stat8rn8nts, the Trustees are SPonsIb for assessing th& Charitable CÉmpany's ability to continue a5 8 going concem, disclosing, as applicable. mallers related to going COnM and using the going conr basis ol accountiThg unle8s the Trustees either intend to liquidate the company or to cease operation$, or have no realslic altemats.vè but io do so. Auditor'$ re5POn5ibilitles for the atsdlt of the financial statemenls Our objecbves areto obtain reasonab assurance about whetherthe fiDancial statements as a whole a freefrom materkl misstatement. whether due io fraud or error, and lo issue an auditorf5 report that indude5 our opinion. Reasonable assurance is a high level of assurance, bul not a guarantee that an audit CodUCted in accordance with ISA5 lu will aayS detecl a material mis5tatetnent when it exists. Misstalefnent$ can arise from fra1 or eryor and are considered material If, indNidually or in the aggregate, they could reasOnaY be exFected lo tnfluence the ewnomi¢deci$ions of users taken on th8 basis of these financial ststements. Extent to whth th8 au¢t Was cap8bl& ofdelsding irrwularitios, fraud Irregularibes, including fraud, are instan$ of non-compliance with laws and gUlatiOns. We design procedures in line th our responsibilitses, outlned atove, to detect rnaterial m43ststements in respect ¢1 irregularitie5, including fmud. The extent towhich our PFocedure5 are capable of dètecting irregularities, Indudlng fraud ts detailed bolow. We cOnSered Ihe natu of the charitable Cornpany's industry and its control environment and vWd the ¢haritsble Company's docurnentstvn of their policies and procedu5 relating to fraud and Complia with laws aThd regulation¥. We also ellquirad of rn8na9ement about thelr own wJentifKation and asses5rnent of the risks of irregularities We obtsined an undersianding of th¢ legal and regulatory framewortl Ihat the company operate8 in and klentified the kèy laws and regulations that had a direct effect on Ihe detennination of material amounts and di5cFosus in the financial stslemenls, including th8 UK CompanYè5 Act, UK Charibes Acl, Charity SORP. Independent Training Providers Handbook and tax legislation. and, those that do not have a direct effect on the finanoal ststements but compth'ante which may be fundamental to the (aritable Company's ability to OP8rale or lo avoid a material penatty. We discussed among the audlt engagement tearn regarding the opportunities and InntiveS that may exist within the organrsation for f¥8ud and how and where fraud might occur in the finanaal statement$. In common Mth all audits under ISA5 IUKI. we 8re also required to perforrn speafic procedures to tespond to the risk of management override. ITh *ressing the risk of fraud through management overfide of controls, we $te<S thè appropriatsness ofjournal entrie5 and other adju5tments', assessed whether the jLKJgments made in accounting estimates are indicative ol a potential bia5', evaluated the business rationale of any Significant transaclK)n$ that are unusual or OLtsid8 th8 norrnal course of IsIness. In addition to the above, our procedure5 to respond to the risks identrIed induded the lollowing. re¥wIng financial statement disclosures by teslir¥J to supporting dOCuntst10n to asses8 CP1k8nce with PfOVISiOll5 of relev8nt laws an¢ regulations descnbed as having a direct effect on the financial statements., perfo1n9 analyts.cal prolUS to IdBntify any unusual or unexpected relationships that may Indicate risks of matenal rnisstaternents due lo fraud.. enquiring of management concernir actual and potential litigation and dams and instanc8s ol TroTh-Cnlance with laws arKJ re9ulalion5", and adirg minute5 of rneetings of those charged with govemance. 10
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantso) INDEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED For the year ended 31 August 2024 (Xjr audit prgcedur8s were de5ignEd to respond to risks of Material rnK55tatement in the finanryal statements, recognisiNJ that the risk of not detectiry a rnaterial misststement du¢ tg fraud 15 higher than the risk of not detecting one r85u1kn.ng from error, as fraud may invofve deliberate ncealment by. forexample, forgery. miSpreSents.QnsorthroUgh collusion. The are inherent lirnitations in the audrt pro¢edure$ performed and the further removed non-cornp1ian with L4ws a regulations is from the events transactions r&fl8ctsd in th8 finanual statefftnts. the le$s liketywe ar8 to bècome awa A fvrther deseripbon of our responsibile3 for 8udit of the financial ststements is locatsd on the Financial Reportin9 Counols website at ww.fr¢.org.uklauditorsre5pon5ibilib"es This des¢rption fomis part ol our audito¢s report Use ofour Trport This reKX)rt is made sobly to charty's members. as a bcx#y, in accordance with Chapter 3 of Part 16 of the Compank85 Act 2006 Our audit work has been undertaken so that we rnvJh¢ state to the charity's memtrRrs those matters we are required to stste to them in an auditor'5 report and for no other purpose. To the fullest extent pemitted by law, we do Mt 8rxApt or assume r85wsibility to anyone other than th¢ ¢harity's m8rnber5 as a body, for our audit work, lor this report, or for the opinions we have forrned. Feli¢ity Sang (Senior Statutory Auditor) For and on behaK of". Hazlewoods LLP Chartered A¢¢ountsnts and Statutory Auditors Staverton Court Cheltenham GL51 OUX D8te.. !? .1 ! t.i.f
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT} For the year ended 31 August 2024 Total Funds UnfostTiCtd funds Déstgnated fund¥ 2024 2023 (As restaledl Income from charitabl• activittes P¥actical Delivery - Acmi¢ 1.430,745 1.510,741 851,187 1.430.745 1,510,741 851,187 50,117 1.115.320 1,113,005 745,140 25,921 Skill development advi$or8 - Olher income 50,117 3.792,673 50,117 3,842,790 2,999.386 Inveslment iocome Interest receivable 12.225 12.225 8.379 Total income 3,804,898 50,117 3.855,015 3,007,765 Expenditure on ¢harltsble activiti85 Practical Dèlivery - Academic 1.392,947 1.189,479 670,717 1,392,947 1.189,479 670,717 1,199,305 1,061,787 633,154 Skill development advi50r5 Total exp8ndltur¥ 3,253,143 3,253,143 2,894.246 Net surplu8 for thg yoar 551,755 50.117 601,872 113,519 Fund balance5 brought forward at beginnino olyeaf 688,740 729,782 1,418.522 1,305,003 Fund balawKe carried forward at end of year 1,240,495 779,899 2.020,394 1.418,522 The Stat8rnent of Financial A¢tivitie$ includes all gain$ and k)s$es the year therefore a statement of re¢roni$ed 9ain$ and losse5 has not been prepared. l incorne and expenditure 1$ derived from continuin9 a¢twilie$. 12-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantee) STATEMENT OF FINANCIAL POSITION For the year ended 31 August 2024 Totsl Fund$ Nots 2024 2023 FSXED ASSETS Intangible assets Tangible assets 10 5,467 257,755 7.Cfj7 284.7 11 263,222 291.823 CURRENT ASSETS Debtors 12 2.5,034 489.969 2,196.770 610.638 Cash at bank and in hand 3,155.023 2.807,408 CREDITORS due within one year 13 1578.1161 1740.7861 NET CURRENT ASSETS 2,576,907 2,(ffi.642 TOTAL ASss LESS CURRENT UABILITIES 2,840,129 2,358.465 CREDITORS after rnore than onè year 13 1819,7351 1939,9431 NET ASSETS 2.020.394 1.418.522 TRUSTEES. FUNDS unM1ClO0 fund8 Retsined surplLts Desnated funds 16 16 1.240.495 779.899 688,740 729,782 2.020.394 1,418.522 These financial $tslements are prepared in accordance wth the Special provisions of Part 1S of the c¢ynpaTr$ Act 2C relating to $mall companres arbs in accordanco with the Financial Repo.9 Standard 102. proved by the Board and authoJised for issue on . 2tr25. R Grey Ch A Kinder- Vice Chairperson Company number. 01300119 13-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarante•} STATEMENT OF CASH FLOWS For the year ended 31 August 2024 Nots 2024 2023 Cash flows from operating actfjvlties Net rnovernent in funds Adjustments to cash flow from non4ash items.. Depr8aation and amorknsalion Los5 on disposal of fixed 8ssets Finance incom8 Flnance and h¥re PUhase costs 601,872 113.519 83,774 73,764 1931 18,3791 4.1 112.2251 3.306 676,727 182,917 Working Capital adjusbnellts.. In¢rease in debtors Decrease in creditors 1468.4401 247.815 1164,3551 69 674 Net ¢a5h flow from operatlng actlvitles 139.S281 151,1121 Cash fli)ws from Investing a¢tivtties Inleresl received Awursitions olfixed assets 12.225 8,379 149 326 10,11 t ¢ash flow5 from invg8ting a¢Wvttte¥ 142.9481 1140.9471 Ca$h flow5 from financlng actlvitles Hire pyrchase interest L08n interest Movements in fInaTh aSe9 Repayment of k)ans 11,7271 11,5791 19,8671 11.8841 12.2221 110,7641 25.000 Not eAsh flows from finan¢lng a¢V[e$ 138,1731 139.8701 N81 movement In ca$h and ¢a$h oqufvalents 1120,8491 1231.929} cash and cash equivalents at 1 September 610,638 842.S67 Cash and cash equlvalgnts at 31 Au9USt 489.989 610.638 Analysi8 of changeg lrt nel d¢tst Other nonrfash changes At31 August 2024 September 2023 Cash flow8 Ca$h and ¢ash equivalents C3sh 610,638 1120,6491 489.989 BorrowFngs Due within 1 year Due after more than 1 year 125,0001 147.9171 25,000 125.0001 25,000 125,0001 122.9171 Totsl net dèbt 537,721 195,6491 442.072 14-
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the yèar ended 31 August 2024 GENERAL INFORMATION The company i% a private charilab Corrpany limited by guaranteè, r•gister&d in En9land and Wales. The address ol its registered office is.. Barnwood Point Corinium Avenue Gloucester GL4 3HX ACCOUNTING POLICIES ststement of eomplian¢e The finaniyal statements have been prepared in accordance wrth Unts.ng and RerKrtng by CharitEs". Statsment of Recommended Practice appIlb1&tO charits8s preparing theira¢counts in accordanr th the Financial Reporbng Stsndard applicable in the UK Republic of Ireland IFRS 1021 (Charities SORP IFRS10211, the Finanaal Repothn9 Standard applicable In Ihe UK and Republic of Ireland IFRS 1021, the Companw Act 2006 8nd the CharitES Acl 2011. Basls of preparation The presentational CrnCY of the finanrAal statements is Pound SterfiNJ, bny he fvnct&)nal currency of the prinary enomiC environment in which the Charrtable Company operate5. Monetary amounts in these financial stateniS are rounded to th& nearest Pound. Gloucestershi Engineering Training Lthited meets the definilion of a public tyerfft entity under FRS 102. Assets and liabilities are initially reco9nised at historKal cost or transaction valuè unbss otherwise $tatsd tn the relevant accounting polity notelsl. Going Con¢tm The tru5tee$ a$sess whether the use ofgoing conr is appropriate. i.e. whether Ihereare any materfal uncettsintks lated to events or conditions that rnay cast a svjnthcant doubt on the ability of the charitab Company to continue as a goir concern. The tru5tees' make this assessment in respect of a period of ai kast one year from the date of approval of the r5nan¢ial statements. In rnaking this assessment Ihe truste85 reVW forecasts PTepareL1 and consider Ihe p0sOn of the Charitable Company at the date of $igning the financ481 siatemBnts. On re¥. the tr4JStees' have Concl thal it 15 appmpriate to continue to adopt the goiro concem bastr3 In weparing the fina181 ststements. Fomiat ofAccounts The Cornp8ny Ks a registsred charity and is not. thoTèftsre, a profil-making organisation. In Ihe opinion of Board of Governor5, relerenGes reqUId by the cpanIeS Act 2006 to profrts are mtsleadino in the context of Ihe Charitabla Cornp8ny's actmties and have therefore been 5ubstitul8d by the tetm surplu$ where apprOprte. The Ch8rit8ble Company ha5 no costs which a dI¢Y attributable to Sales and Is therefore uft8bk to adopt any of the statement of financtzl 8Ctivilies lomwts psCrItsed by the Compank8s Act 20C Critical ac¢ountln9 luduements and key #ovrces of estlmatlon unc¢rtalftty In the apIcation ofthe charitab Company's ac¢ountin9 polie$, the Trustee5 8Te rUired to makejUdgeTrt$. estimates and assumpts'ons about the carrying wnounts tsl assets and liabilitBs Ihat are not roadily apparent fr other sources. The estimates 8nd associated assuTnption$ ore tyased on historical eXpernCe and other facto Ihat are considwed to b8 re18vant Aetsjal results may tr*$e estirnate5. The e51irnate5 anLI unllerlying assumptions are reviewed cn an ongoing basB. Revrsions to accounh'ng estimates aro r•cognlsed in the period in which Ihe estirnat6 is revised rf¢he revi8ion affects only that period, or in the penod of the revision and futu periods if the revision affects both current an(1 fvture p8rK)ds. Nojudgwrents have been ¢d8llt¥Tre(I by management in preparing th&s8 ffnancial statsments. 15-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarant801 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 ACCOUNTING POUCIES Icontinuedl Key SourrS of esbmation uncertainty have been identffjied by management in preparing thege financiat statements as follow5.' ShortFall deposits The Charitable Company pOrt shortfall deposits of £1,032,46812023.' £1,159.1781 on the balance sheet aged wth règard to managem8nt's bast estimats of expected repayrnent periods of the shortfall deposrb. The discounting element is (xmsidered immaterial and thelOre no adjustment has been made. DiFapidation pry>vision A provision of £175,00012023.. £175,CKIOI 15 made in SpectO1 coststhat may be iThcuffed 8¢ cessation ofthe property lease in orderto tUrn the property io the Same stale aswhenthe leasewasentered into. Thisestimate is based on man2gement'$ revi of dilapidation costs incurred similar properb'es. The discounting element 1$ consided irnrnatellal 8nd therefore no adjuStrn1 has bsèn mad8. Accrued Sn¢ome Accrued in¢(Yne of £2,512,33512023 £1.945,7481 is reco9nised in respecl of funding due to be received, as the Charitable Company provides learnertraining. based on historical achievement rates of apprenti. Sncornlng Rèsour¢•$ IncoTning resources repsentfees receivabk for training servi$ provided by the Charrtabb Company during the y88r and is re¢ogni5ed On charity ha$ enlitleFrEnt to the income, it is probable that the incorna will b8 received and th8 arnount of the incorne re1vable can be fflea5ured reliably. Grant$ 1¥able are reco9nised under the accrual rnodel. They are held tn Creditors as deferred income until such time as Ihe Charitsbte Cotnpany be reasonably certain that thè funds can be tsken as revenue. ratherth8n being repaicl to the Governftt or passed on to sponsoring companies. Govemmgnt9rants Government grants 8re COgnised based on th8 accru81 model and a measured at th8 fair value of the asset received or ¢eivab18. Grants are ¢las$ified as relating eith&r to revenue or to assets. Grants latIng to revenue are rtCogni5 in income over the p8fk)d In which the lated costs are recogni8ed Grants lating lo a5set5 are recogni5ed ov8rthe exp8cted useful life of the a55et. Where part of a grant relats.ng to an asset is deferred. il is recognised as deferred inc(xne. Intsnglble Flxed Assets Sothvare development cos15 are recognBed at fair value at the au4Ui51tion date and have a finits useful life and are carr at cost less accurnulaled arnorti5ation and any arx7Jmulated impaim)ent105ses. Amorti5ation Afftortisation is calculated to write off the cost of intangible 8&8ets. less any estimated residual value, over their useful life as follows. Soth¥a development Costs 21M of c051 per annum Tangibl Flx¢d A$$¢ts Tangible fixed assets are stated in the balance Set al ¢o$t less drf)reaation. Depreciation Oepreaats'on ra cakulated to write off the cost of tangible assets over their estimated useful liwas at the following ratès. Improvements to leasehold property Plant and equiprrnt mo10rveh5 Over 10 yeafs 10%-33% of ¢os¢ per annum 20% of cost per annum ¢a$h and cash equivalents Cash is represented by ¢a$h Sn hand and deposits with finanual inst'tutions repayable without penalty on notits of not rnore than 24 hours. Cash equivalents are hhty Iiquhd investments that Matu in no mcre than one rnonlh frorn the date of acquis.0 aTrd Ihat are readily convertibte to know amounts of cash wilh tnsignfficant risk of ¢harrfJe in value. 16
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 ACCOUNTING POLICIES Icontinuedl Trade debtorn Trade debtors ore OUnts due from customer5 for seNce5 perfO¢d in the Drdinary course ofbusiness. Tr*le debtors a recognised initially at the transaction price. They are subsequently MeasUd at anrtised cost using Ihe effective intere$t method, less provision for impaiment. A provision for the impatrrment of trada debtors Is 851ablished when the is obj'ective 8ence that the Chantable Company VAII not be able to collect all amounts due according to the OrInal tern 0ftr receivables. Trade cred4tors Trade cre(lilors a oblyjalons to pay forgoods orsenrices that have been acquiTed in the ¢ydinary course of bu5ine5s from 5uppliets. Accounts payable are Classif as current liabilities if the charity ¢Joes not have an unconditional righ¢ al the end of the reporting period, to defer setuement of the creditor for at least efve months after the reporting date. If there is an unconditional nght to defer setuement for at ast erve months after the date, they a presenied as n<urrent liabiliues. Trade Creditors are recognised In'allY at the transaction price and subsequendy rne85ured al 8rn0rtised CA)sl using effective interest method. Borrowlngs Interest-bearimg borrowings a inili8lly recorded al fair valLE. n8t of transaction Costs. Interest-bearing borrowiros ar8 subsequenlty carried at amortssed Oydl. with Ihe differen betsveen the procoeds, net of transaction costs. and the arnount due on demptIon being recogni5ed as a charge to the Statsment of Financial Adwity over the perityj ol the rèlevant bottoftg. Interest expense 15 recognised on the basis ol the effe¢bve interest rnethcd and is include(I wrthin Other Costs. Borrowin9s a ckssrfied a$ current liabilitie$ uThless th8 charItsb Company has an unconditional right to defer 58tt1ernent olthe liability for at least twefve rnth5 8fte¥ the rtporting date. Operatlng Léas88 The cost of operating lease$ ha$ been charged to the Statemenl of finanaal actwrties on a strai9ht-bne basis overthe tenn of the tefm. Hire Pur¢h•se Assets acquired ynder hire purchase have been recorded in the balance sheet as tsngible fixed a55ets at their equivalent capital value. The corresponding liability has been included under¢reditors due wItn orsfter one year. The interesterneDt charged to Ihe statern8nt olfinanoal 8ThJ represents a constant proportK)n of the balance of capital repayments outstanding. R•sour¢•$ Expended All expendituge is 8¢¢ount8d for under the accrua15 COnpt. The Charitable Company has only one matt) aclwty.. Ihe prowsion of training services. 1 costs, other than professional fees are allocated to the main charitstle actiwty Wrthin the main charitable activity, Costs afe allocaled across Practi&ql. Academic and Asse5sfflenl $ts. These allocgbons are based on dired apporknonment exceptfor premises costs, whi¢h are albcated on approximate floor Spa and usage. PTofe5$ional f8e5 are allocated to govemance fmts. Fund stIu¢Te Unrestricled Inco frJnd5 are general funds that are 8vaAable for use 8t the TnJstee5 discretion in furtherantt of the objectwes of the charity. Penslon5 Contributions payabk on behalf of employees to the d$frned contribuuon penston scherne charged tts tha staent of financial activitie$ as they become payab in accordance with Ihe ru$ ol the scheme. Flnan¢ial Instruments The Charitsble Conyany onty ha5 financial a$5ets and financial liabilities of a kind thatqualfy as basicfinanual instruments. Basi¢financial instruments ar8 initially fycognised attransaclion value and 5ubsequenly measured attheirsetllementvalue. Recla85ification of eomparallv• amounts Prior year income In relaty'on to th8 writ8-offs of shortfall deposits have teen reclassified to Inco Irorn tharitable activit18S as other In¢(Nne. a$ they are considered to be in the usual course of business. The redas5ifKation has had no impact on the wmparalive resuts for the y¢ar or brought forward capital and reserves for the current year. 17-
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarant8•) NOTES TO THE FINANCIAL STATEMENTS For the year entjed 31 August 2024 INCOME Sklll development Other In¢¢4m¢ advisors 2024 Pra¢tieal D*llvory Aeademlc Totsl Govemment funded ¥>prentih1ps 1,222.643 1,056.201 3,083,290 Commer081 course$ 208,102 454,540 46.741 709,383 Other tncome 50,117 50,117 1.430,745 1,510,741 851,787 50,117 3,842.790 Skill devèlopment Other Incorne advisors IAS r85tatedl 2023 Practlcal Delivery Academlc Total Govemment lund8d apprgnttceships 1,041.002 740,559 880.939 2.462,500 Cornrnerckgl eourses 74,075 372,114 64.024 510,213 Othèr irKOrne 243 332 177 25,921 26,673 1.115.320 1.113,005 745,140 25.921 2.999,386 All iome relatss to seNIS provided. During the year government funding in¢ome tot811ing £3,792,67312023- £1,960,095) was r1Ved from the Edu¢thn and Skill Funding Agency under the agreed training framework. EXPENDITURE ON CHARITABLE ACTIVITIES Pra¢ti¢al D¢llv•ry Academic Sklll development advisors 2024 Total 2023 Total Staff costs Building e05ts Motor and travgl tkprecialion and amorbsatic Business $upport Costs Governance costs Equipment costs olher costs 622,711 194,3f4 1,640 37,507 456,$19 14,581 48,109 17,466 635.253 109,765 44 18,562 399,542 12,758 2,728 10,827 414.753 14,876 3.007 1,672,717 318,955 4.691 56.069 1,084.470 34.630 51.334 30.278 1,575,477 254,175 4,530 37,3e8 934.861 35.946 36,349 15.540 228,309 7,291 496 1,985 2024 1,392,947 1.189,479 670,717 3,253.143 2023 1.199,305 1.061,767 633,154 2.894,246 18-
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guaranteel NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS The Charitable Company kJentifies the support and goverrFanc8 lundions and the costs which relate to thern. These ¢05ts are then allocated b&een the practlC81 delivery, academic and skill developrrent advisors departments by the llber of employ5 in the depafknent. Buslne$8 Support Governance 2024 Total 2023 Totsl Staff $ts Building costs Ngn recl8irnabk input VAT Motor and trav Depretsation and amorbsation Disposal of ftyed assets Equipment costs Other $63.938 52,453 108.660 10,547 27.705 563,938 52,453 108,660 10,547 27,705 522,521 37,353 98,657 3,277 36.396 1931 10.063 262.633 8,492 312.675 8,492 347.305 34,630 2024 1,084,470 34.630 1.119,100 2023 934.861 970,807 AUOITORS, REMUNERATION 2024 2023 Auditor5, remun&ration (net ofVATI Costs rjf external scrlttiny ¢)ther finarrial $eThice$ 10.0(X) 3.178 11,000 2,455 13,178 13,455 STAFF COSTS 2024 2023 Wages and salaries $al security costs Pension costs 1.890,970 192,124 87.517 1,7e8,898 181,292 68.492 81,376 Olh8r stsll costs 2,236,655 2,097,998 19
GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year erKled 31 August 2024 STAFF COSTS Icontinued) The Charitable Company operates a defined ntrIbUtIOn pension scheme. Contributions are charged to the statement of financial adivrties a5 they become paYae in accordan with the rule5 of the sche. No contributions were outstanding at th8 end of the current or prior year. Included within the w8g8s and salaries ar8 ex gratia payments lotalling £18,3f112023- £nil}. The key management personnel of the Charitable Company comprise the Board of Governor5 and Senior Managem?nl Team a5 listed on page 1. The Board of Govemors. b&ing the trustees. reiVed no remuneration 01 reimbutsernent of expenditure. The total amount of employee beneffts linc1ing employer pension Contributio$) 1VE by the Senior Management Team for their seNices to the Company was £619,83812023- £529.4891. Key managemont per50nn81 2024 2023 The number ol kay ManagenI personnel 12 10 The nurnter of key management petsonnel and Olher staff who rec8Ned annual emoluments, oxduding pension contribulitsns and Employeys national insurance, but includirJ benefits in kind. in the folltrwing ranges was". 2024 2023 £1C(),CO1 to £110,000 p.a £110,CKJ1 to £120,000 p.a. £120,1 to £130,000 p.a. The av8rage number ofeffyloyees was." 2024 2023 Senior Management Board IAnd CEO HR and Financtl Business Support Workshop IPracti(l delivery) VRQ (Academic team) Revk8w Offir$ 14 16 14 16 51 50 TAXATION As a registered charity the Charrtable Cornpany has no liabilty in respect of taxation.
GLOUCESTERSHIRE ENGINEERING TFiAINING LIMITED {By Guarantsg) NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 August 2024 10 INTANGIBLE FIXED ASSETS Software development costs Cost At 1 Septernr 2023 and at 31 August 2024 8.OCKJ D8prnciation At 1 September 2023 Charge for year 933 1.6(KJ At 31 August 2024 2,533 N•t book value At 31 August 2024 5,467 At 31 August 2023 7,067 11 TANGIBLE FIXED ASSETS Loasfrhold Plant and Motor irnprovements maGhinry vehbcles Total cost At 1 Septefrer 2023 Additions 663.663 785,293 1.He.956 26,749 24.742 24,762 $5.173 Disposals At 31 Augu512024 667,325 787,300 24.762 1,479,387 Depreclatoon At 1 Septernbsr 2023 Charge for year Dispos8 604,051 560,149 1.184,200 62,174 16,303 63,808 At 31 Augu512024 620.534 599.215 2.C63 1,221,632 Net l>ook valuo At 31 August 2024 46,971 188,085 22,699 2S7.755 At 31 Au9USt 2023 59,612 225,144 284,756 Includ¢d within plant and machinery a assets held under hire purchase lease$ wilh a r*l book valu8 of £Nil12023 - £10,233). The depcIatIon charged on these assets in the year was £8.38212023- £8,382). 21
GLOUCESTERSHIRE ENGINEERING TRAINING LIPIIITED (By GuaranteÈl NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 AugLtsI 2024 12 DEBTORS 2024 2023 Trade debtors 80.534 2,583,834 666 149.261 2,046,667 Prepayments 2nd accrued Inco other debtors 2,665,034 2,196.770 Included wth aitrued Inco is £1,186.55212023- £791,870) due in rnore than one year. 13 REDITORS Note 2024 2023 Du• wlthin one year Loans and borr¢)wings Net Obligatn$ under finance lease and hire purchase contracts Trade creditors Taxation and 50oal security Accrual8 and deferred income Other crojitors 14 25.000 25.IM)O 9,867 58.731 45,461 159.555 442.152 14 39,291 47,971 55.204 410,850 578,116 740.766 Due after one year Loans and boffowngs DilapatiOnS proVisn Other credito 14 22,917 47,917 175.000 175.000 621.818 717.026 819,735 939.943 14 LOANS AND BORROWINGS 2024 2Q23 Du* within one year Bank ban5 25,CXX) 25,tM]o 25,C¥X) 34,887
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) NOTES TO THE FINANCIAL STA TEMENTS FOT the year ended 31 AugLtst 2024 14 LOANS ANO BORROMNGS Icontinuedl 2024 2023 Oue after one year Bank loans 22.917 47.917 Net c&ligation5 Under finance #Se and hire purchase tontracts 22,917 47.917 Hi¥e purchase liabilrties are secured over the 2s$ets lo which they relate. During 2021 the Charrt8te Company drew down a loan under the c¢)ronaVir Business Interruption Loan Stheme. The loan is repayable by instalments and incurs interest afte¥ 12 rnonth5 at 2.75%. The loan i8 secured ovef th8 assets olthe Charitabb Ccynpany. Bank loarts are secured by an unlimited debenture InrpOrating a fixed aThJ floab'ng charge. 16 SHARE CAPITAL The Chafitabk Company does not have any sharecapit81 as it is limited by guarantee. Each of the trustees is 8 9uarantor to the exlent of £20 in the event of the ch8r1tae Cornpany boiThJ wourKI up whilst they a trustees, or within one year of them ceasing to be trustses in respect of debts and liabilitÈs contracted before they c4a8ed to be a mgmbgr. 18 FUNDS At1 Sgptsmbgr 2023 Income Expenditu Transft boiwegn fvnd$ At31 August 2024 Unrestricted fun¢ts Retained surplus - Designated funds e88,740 729.782 3.804,898 50,117 13,253,143) 1,240,495 779,899 1,418.522 3,855.015 13,253,1431 2,020.394 Retained surplus relates to net suwuses accumulated by the Charitable Cornpany and aro retained to provide w01n9 capit81. Iyeswnated funds consist of trainrng support lunds that We previousty li%led under the other credttors which, after ? change in the shortfall deposit process in 2022. have now been ringfenced by GET to support the fvture stability and growth of the Charitabk Company. Ov8r th8 Pfocoedin9 years this value 1$ planned to incr8as8 to £1.2rn lo cover th8 addrtnal costs of training. 23-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 17 ANALYSIS OF NET ASSETS BETWÈEN FLINDS Fund b8lance8 at 31 Augu$l 2024 are representetl by". Retalned Surplus Deslgnatsd funds Total Fund$ Fixed 8ssets Current asseis Current liabilities Non<urrent liabilitses 263.222 2,375.124 1578,1161 1819,7351 263,222 3,155,023 1578.1161 1819,7351 779,899 Total neta$sets 1,240.495 779,899 2,020,394 Comparatwe intomalion in respect of the precedin9 period is as follows.. Retained surplu6 Designated lunds Total Funds Fo(ed assets Current assets Current liabilities Non-currenl liability-es 291,e23 2.077.626 {740,7661 {939,9431 291.823 2.807,4108 1740.7661 1939.9431 729.782 Total net o$$ets 688,740 729,782 1,418.522 18 OTHER FINANCIAL COMMITMENTS As al 31 August 2024 the following annual commitments were held under non.tsncellab agreements.. 2024 Land and buildings Other Totsl Expiry date.. Within one year Betsen 0 and fi've years Over 5 year5 215.085 526,872 120.(X)O 7.284 222.369 526,872 120.(NJO 861,957 7,284 869,241 2023 Land and buildings Other Ttstsi Expiry date.. thin orÉ year Belween hvo and five years tJver 5 years 214,198 711.957 150,fXiO 9,435 7,285 273.ff33 719.242 150.(X)O 1.076,155 16,720 1.092,875 24-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 OTHER FINANCL4L COMMITMENTS ICONTINUEOI The arnount ol non<ancellable land and twildings operating leas8 p8yments end otr lease payments reco9nBed as an 6xpense dunn9 the year was £214,19812023- £184.1981 and £9.43512023- £10,568) respectively. 19 DEFINED PENSION CONTRIBUTION SCHEME The Charitable C4)mpany 0rateS a defined contribution pEnsion scheme. The pension cost charge for the year repsents Contributions payable by the chaiitab Cornpany to the scheme and amounted to £87,51712023- £68,492). RELATED PARTIES Several m8rnbers of the 8oard of Govemors are employed by companies that use Ggf for Iheir apprenticeship. h¥Jherlfurthere(lu¢ation ancl skills training. All transactions involving theso npanIeS are conducted in accordance with the ¢harity'$ finan¢ial regulations and procedures which SUPPDrts the dtstance qUIr[ ¢0 avokl any conflicts ofinterest. No related party tr8n8action5 took plats in the period of accounts. 25-