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￿$￿Jn9d 14111120231 2911111991 1010212015 01106r2018 0110212019 0110812019 1111012019 05108Q021 18101r2022 owior2022 03110r2022 19109r2023 3010712024 2511112015 Company Secretary R Hill IresvJn8d 19111120241 WThomas 06I09r2021 19111R024 Chtef Executive WThomas 06109r2021 SenlorM•n•gemenl Te8m W Thomas E PheWsiead R Hoyland C Spender l Mustoe L Jones J Weathertey G Milbr D Hernon J Roberts Chief Exe¢ut￿￿ Officer Learnef Serwces Manager Finance Manager Ac2demic Manager Qualty Manager EPA & Skills man4￿r Training & Maintenance Manager Centre Manager FO￿$t of Dean Skills & Development Manager Business Enga9em8nt L88d Bankoys Lloyds Bank PIC 19 Easty2ts Street Glou¢e$tsr GL1 1NU Audltors Haz￿￿jds LLP Staverton Court Cheltenh GL51 OUX Solkltors Davies & Partner5 Rowan House Barnwood GIOU￿tsr GL4 3RT GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarants*) CHAIRPERSON'S REPORT For the year ended 31 August 2024 CHAIRPERSON'S REPORT 2023.2024 Academic year 2023 124 ha5 588n GET rebJm to norrnal cperation81 numbers around ￿¢￿its￿ent and dellvery. Following on fvom 202212023 Whe￿ we saw growth in apprenticeship nurnb8rs, HE and ¢ommeroal training Opportunrt￿$. 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 Apprenti￿81138I, Level 41341, Level 311041 o¢ross our 8armvotrl and Cinderford sites, and a new c4)hort of 39 HE kar￿rS 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 Under￿nned 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 log￿liCal needs. We d8CKJed to have the van braThdad whith has supported mafkets.ng and we have had several business Inte￿entionS from this. Oursatsllile centra in the Forest of Dean welcomed ourfirstcohort of 11 apprenti￿8 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 challe￿e 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 app￿nt1￿hip 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 prev￿￿8 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 ￿taS￿re$ 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 cornp￿ted 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 sU￿lUS 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 lear￿rÈ added to the current group5 of HE ￿amer$. Athough tho average numbèr of Stsff has ￿mal￿d 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 fo￿ard. 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 n￿rn￿r of HE ￿arnerS to 240 frorn Ihe curTrnt 130 which has been restricted due lo spa￿. We have ￿ntyn￿d 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 ￿d￿ced £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 t￿1r 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 char￿e$ 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 Charita￿e 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 D1￿ctOrs.1. Board of Govemors Inductlon and Trainln9 As dI￿¢t cuslorners and users of the CharIta￿e Company's tratnin9 and development resource, in-coming ￿'reCtorS are genefally familiar with the operational goals and princi￿e¥ 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 Organisa￿n 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 benchMa￿1n9 against other Group Trairring AssoC0t￿n$ 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 p￿Sented 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 $u¢h tsaining to member5 of the publicgerEraNy. The obj8Ctivas a￿ achEwed by the prOv￿10nS of a train*r& centre, offering both Ihe Skills and Knowledge asFects of the prograMn￿. and Contracts with each Ernployor. The contracts are funded by the Apprenlic8ship Levy for full Apprenti￿h1pS oron 8 0)M￿rCial basi5 for Skills training. The￿ have been no major policy change5 duriw theyear. Stratsgic Report Achi8v8ments and PèrfoTmanc• Given the challenges we have faced over the last thirty-six month5, the Tfustees think it is commendab18 the organisab.on and staff ￿thin have 8dapted and grown the business and D￿ned a satellite cer¢tre within the Forest of Dean. the training year ended on time a high number of first year18amer5 completed their training. 98 out of the 102 recruited passing. The leamers who were not 5ucce5sful were withclrawn fr(m the 8pprenticeship scherne by their employers for failing to meet the behavioural requ1￿MentS of the apprenticeship programrne. Sorr arners finished slightly earlier and ratumed to Iheir emplDyerf$ 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￿¥)$t definitely noticed a dffterence in ab.1￿e8 of the younger opprentic8s this acadernic year. Far more support session$ 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 ￿t￿M 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 comp￿ting 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$ing, the recruitmenl of dedicated staft to support EPA has been very positive. staff have provvJevision A provision of £175,00012023.. £175,CKIOI 15 made in ￿SpectO1 coststhat may be iThcuffed 8¢ cessation ofthe property lease in orderto ￿tUrn the property io the Same stale aswhenthe leasewasentered into. Thisestimate is based on man2gement'$ revi￿ of dilapidation costs incurred similar properb'es. The discounting element 1$ conside￿d irnrnatellal 8nd therefore no adjuStr￿n1 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 rep￿sentfees 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 r￿e1vable 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 Govern￿ftt 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 S￿et al ¢o$t less drf)reaation. Depreciation Oepreaats'on ra cakulated to write off the cost of tangible assets over their estimated useful liwas at the following ratès. Improvements to leasehold property Plant and equiprr*nt mo10rveh￿￿5 Over 10 yeafs 10%-33% of ¢os¢ per annum 20% of cost per annum ¢a$h and cash equivalents Cash is represented by ¢a$h Sn hand and deposits with finanual inst'tutions repayable without penalty on notits of not rnore than 24 hours. Cash equivalents are h￿hty Iiquhd investments that Matu￿ in no mcre than one rnonlh frorn the date of acquis￿.0￿ aTrd Ihat are readily convertibte to know amounts of cash wilh tnsignfficant risk of ¢harrfJe in value. 16 GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 ACCOUNTING POLICIES Icontinuedl Trade debtorn Trade debtors ore ￿OUnts due from customer5 for seNce5 perfO￿¢d in the Drdinary course ofbusiness. Tr*le debtors a￿ recognised initially at the transaction price. They are subsequently MeasU￿d at an￿rtised cost using Ihe effective intere$t method, less provision for impaiment. A provision for the impatrrment of trada debtors Is 851ablished when the￿ is obj'ective 8￿ence that the Chantable Company VAII not be able to collect all amounts due according to the Or￿Inal 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 ￿nprenti￿h1ps 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 i￿ome relatss to seNI￿S provided. During the year government funding in¢ome tot811ing £3,792,67312023- £1,960,095) was r￿1Ved 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 ll￿ber of employ￿5 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 $￿al security costs Pension costs 1.890,970 192,124 87.517 1,7e8,898 181,292 68.492 81,376 Olh8r stsll costs 2,236,655 2,097,998 19 GLOUCESTERSHIRE ENGINEERING TRAINING UMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year erKled 31 August 2024 STAFF COSTS Icontinued) The Charitable Company operates a defined ￿ntrIbUtIOn pension scheme. Contributions are charged to the statement of financial adivrties a5 they become paYa￿e in accordan￿ with the rule5 of the sche￿￿. No contributions were outstanding at th8 end of the current or prior year. Included within the w8g8s and salaries ar8 ex gratia payments lotalling £18,3f112023- £nil}. The key management personnel of the Charitable Company comprise the Board of Governor5 and Senior Managem?nl Team a5 listed on page 1. The Board of Govemors. b&ing the trustees. re￿iVed no remuneration 01 reimbutsernent of expenditure. The total amount of employee beneffts linc1￿ing employer pension Contributio￿$) ￿￿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 Manage￿nI personnel 12 10 The nurnter of key management petsonnel and Olher staff who rec8Ned annual emoluments, oxduding pension contribulitsns and Employeys national insurance, but includir*J 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 Offi￿r$ 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 Septern￿r 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 maGhin*ry vehbcles Total cost At 1 Septefr*er 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 dep￿cIatIon 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 Obligat￿n$ 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 Dilap￿atiOnS proVis￿n 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$ets lo which they relate. During 2021 the Charrt8t￿e Company drew down a loan under the c¢)ronaVir￿ Business Interruption Loan Stheme. The loan is repayable by instalments and incurs interest afte¥ 12 rnonth5 at 2.75%. The loan i8 secured ovef th8 assets olthe Charitabb Ccynpany. Bank loarts are secured by an unlimited debenture In￿rpOrating a fixed aThJ floab'ng charge. 16 SHARE CAPITAL The Chafitabk Company does not have any sharecapit81 as it is limited by guarantee. Each of the trustees is 8 9uarantor to the exlent of £20 in the event of the ch8r1ta￿e Cornpany boiThJ wourKI up whilst they a￿ trustees, or within one year of them ceasing to be trustses in respect of debts and liabilitÈs contracted before they c4a8ed to be a mgmbgr. 18 FUNDS At1 Sgptsmbgr 2023 Income Expenditu Transft boiwegn fvnd$ 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 w0￿1n9 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 addrt￿nal 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