Company Number.. 01300119 GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) FINANCIAL STATEMENTS 31 August 2025
CONTENTS Page CHARITY INFORMATION CHAIRPERSON'S REPORT GOVERNORS, REPORT STATEIAENT OF BOARD OF GOVERNOR'S RESPONSIBILITIES INDEPENDENT AUDITORS, REPORT 9-11 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI 12 STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOWS 14 NOTES TO THE FINANGIAL STATEMENTS 15-25
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantee) CHARITY INFORMATION For the year ended 31 August 2025 R8ferenee and Admlnlsiratfve Infomlation Charity Name". Charity RegistralK>n Nutnbèr. Company Registration Number. Règistswd offi and operats.onal Address.. Gbucestsrshire Engineering Trainirvj Limited 273571 01300119 Barnwood Point, Corinium Avenu&. Gloucester, GL4 3HX Board of Governor5 Appointment date J BarleY T Southgalè A Kinder 2911111991 0110612018 0110812019 l Henderson 1111012019 S Biggs R Grey Irssigned 09110120251 J Farrington Iresigned 01107120251 L Marley M Bailey J Quinn 0510812021 1810112022 0311012022 1910912023 3010712024 01102Q025 Z Burke Iresigned 15109120251 P Adamson 0110412025 0110812025 H Gardiner Iresigned 121C6120241 A Powell I$gned 31110120241 0311012022 0110212019 Company Secretary W Thomas 1911112024 Chlef Exècutive W Thornas 0610912021 Leadership T•èm W Thornas E PhelpsIeI R Hoyland C Spender I Ward-mustoe L Jone5 J Weatherley Chief Executive Officer Deputy Head ol Centre and Learner Services Manager Finance fvlanagei Deputy Head ol Centre and Academic Manager Quality Manager EPA antj Skills Manag8r Training and maintenan Manager 8anke Audltors Solie¥tors Lloyds Bank PIC 19 Eastgate Street Gloucester GL1 1NU Hazlewoods LLP Staverton Court Cheltenham GL51 OUX Davies & Partners Rowan House Barnwood GIouSter GL4 3RT
GLO UC ESTERSHI RE EN GI N E ERI N G TRAI N I NG LI MITE D (By G u a ra ntee) CHAI RP E RSON ’S RE PORT For the yea r ended 3 1 Aug ust 202 5
C HAI R PE RSO N ’S R EPO RT 2024-2025
Academ ic yea r 2024-2025 has see n healthy a pp renti ces h i p n um be rs a rou nd recru itm ent and del ive ry . We a lso h ad a stron g yea r on o u r com m ercial trai n i ng offeri ng , fo l lowi ng on from 2023-2024 wh ere we saw g rowth in ap p re nticesh ip n u m bers , H E a nd com me rcial tra i n i ng oppo rtu nities . C urrently we have no learners who are out of the apprenticeship fund i ng and have successfully supported a fu rther 95 th rough End Point Assessme nt. G ET has devel oped a nd adapted its opera tio n a l approach to ens u re the Appren ti ces a re tra i ned to su pport o u r e m ploye r need s wh i lst meeti ng the gove rnme nt req u i rements . Academ ic year 2024-2025 was m ade up of 1 47 App rentices of which 36 Leve l 4 and 1 1 1 Leve l 3 across o u r Ba rnwood an d C inde rford sites , and a n ew coh ort of 37 H E lea rne rs sta rted on H N C/D on a co m mercia l payment bas is.
We have conti n ued to work on the feedback provided from o u r Ofsted i n specti on , th i s has incl uded updati ng ou r bus i ness fu nction s , del ivery / cu rricul um pla n n i n g to i n cl ude fa r more i n p ut from o u r em ploye r pa rtne rs . F ive Strea m s conti n ues to be the m ai n operati ng system we use to m easu re ou r s uccess ; m onth ly u pdates are p rovided by a l l tea m s with i n the bu s iness too su pport ope rati o na l , leade rshi p a nd boa rd m eeti ngs .
The Tra i n i ng an d Mai ntena n ce M an ager h as conti n ued to g row ou r com m ercial ski l ls offe ri ng , creati n g more bespoke tra in ing packages , wo rki ng with m ore em ployers from w ith i n th e cou nty a n d beyo nd . Areas wh ich co nti n ue to be very popu la r a re weld i ng and fabrication , m ach i ni n g , el ectrical safety and electro nics. Th is tra i n i ng h as led to m ore d irect NVQ s be i ng req uested by the em ployer netwo rk to s upport the ir wo rkforce C P D a nd e n h a nce the trai n in g received at G ET. We h ave also had m o re dema n d for ons ite trai n i ng at em pl oyer’s prem ises to su pp ort delegates o n the eq u i pm ent they a re fam i l ia r with dai ly .
O u r satell ite centre i n the Fo rest of Dea n welcomed a coh ort of 1 9 App re ntices fo r tra in i ng i n Septem be r 2024 . Th i s is good g rowth , however with ou r co nti n ued com m un ication and d iscus sion with em ployers it h as becom e clea r that the recru itment of app rentices wi ll be on a cycle of 3 yea rs d ue to most of the em ployers bei ng S M Es. We wi l l conti n ue to review the i nterest and comm itment with i n th e Forest of Dean to e ns u re we operate efficiently to meet dem a nd .
There has bee n a pos itive ch an ge in the beh aviou rs , attitude a nd com m u n ication of o u r apprentices h i p coh o rt, as these decl ined sig n ifica ntly du ri ng and post the pandem i c fo r severa l years . C hal lenges rem ai n with m aths and en g i neeri ng p ri nciples d ue to th e in crease in dem a nd and com plexity of the su bjects . The a cadem ic q u a lification has proved a ch a l le nge for som e learners ; however, G ET has conti n ued to provide add itiona l s u pport sessions to en su re lea rne r’s prog ress. H ighe r Ed u cati on lea rne rs conti n ue to prog ress on a positive traj ectory wh i ch is g reat news . Retention a nd success rates for app rentices h i ps conti n ue to be h ig h at G ET at ove r 2 2% above the nationa l average. As a lways, a review of th e delivery yea r was u nde rtaken , and ou r approach to conti n uous im p rovem e nt is e nha n ced . We have adapted the cu rricu l u m d el ivery pla n a nd a l located sessio ns at th e end of th e yea r to sup port those lea rners who required additional support.
Pos itively , a l l tim eta b led del i very for the practica l a nd academ ic del ivery was s uccessfu l ly com pl eted by the th i rd week of J u ly . Tha n ks to the ded icati on a nd sup port of the Staff across the de l ive ry teams , a l l th e learne rs can now prog ress to the next stage of thei r appre nticesh ip (devel opm e nt stage) i n com pa ny with the sup port and g u ida nce of G ET. Fi n a ncial ly , as a nticipated , we have performed extrem ely wel l th is academ ic yea r, with s u rp l us of £693 , 03 9 . Recru itme nt for 20252026 h as been ve ry positive, with 1 1 1 Level 3 Appre ntices an d 35 Level 4 App rentices resu lti ng i n a total of 1 46 Apprentices . As expected , the Level 4 Appre ntice yea r on yea r i ncrease has resu lted i n a red uction i n H ig her Ed ucatio n year one lea rne rs to 1 8 . Altho ug h the ave rage n u m be r of Staff has rem ai ned largely the sa me year on yea r, we have su ccessfu l ly recruited a Ski lls Tra ini ng I nstructor and 2 Cleaners (inhouse). We con tin ue with ou r s uccess i on p l an n i ng fo r staff to e nsu re we h ave stre ngth in depth m ovi ng fo rward . Staff retenti on is a lways a conce rn d ue to the conti n u i n g i ncrease i n sal aries fo r s kil led eng ineers in i n d ustry.
We a re very m i nd ful of th e extern al press u res a ro u nd the eco nom y an d conti n ue to m on itor a nd di scuss a ny i m pl ication s with ou r trusted em p loye r pa rtne rs on a reg u la r bas is , thi s s uppo rts o u r reg u la r busi ness p lan and strategy review. There is a con stant review of app renti cesh i p sta nd ard s an d there is a view i n gove rn ment and externa l stake holde rs that the E PA process needs to be sl icker and m ore cost effe ctive . One of the a im s of ou r strategy is the contin ued g rowth of H ig he r ed u catio n ( H N C a nd H N D ) to s uppo rt the dem and from lea rne rs and e mp l oyers . O u r vision is to i ncrease th e n um ber of H E learners to 240 from the cu rre nt 1 30 wh ich has been restricted d ue to space. We h ave ag reed the lease of a fu rther u n it an d the C E O , with the sup port of the leaders h i p team , has secu red a g ra nt to the va l ue of $756, 000 (£528 , 000 ) to suppo rt G ET with the fitout of the new b u i ld i ng and e nh a nceme nt of the cu rrent prem ises i ncl ud ing a new mezza n i ne .
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GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantee} CHAIRPERSON'S REPORT For the year ended 31 August 2025 As prewousty. we have continued to repay our shortfall deposit defials with several employers and h8v8 a payment plan in place with one of our cu5torners This was done lo reduce the cofflpany's lisbilitses and finan future grovrth.. we have agreed with employers for them to stop paying shorfall deposits and in return GET will ringfence their outstanding refunds as designated lo offset the Year 1 AppientiTrship funding deficit and to finance growth We paid third In5ts1ment of our Interest free loan with on8 of our ernployer partner5 to return the Shortfall deposits over a period of ten years, The shortfall deposil liability has reduced £96.934 ye8r on year. It has been a challenging year for everyone, but as a training provider we have rn8de significant strides forward. I want to thank all the Staff at GET for their continued dedication, tireless comrnilment and professionalism during thes8 exlrefflely busy but positsve times. I would 8Ls0 like to thank all our Custome and 8oard of Governors for their patience, input. 8tKI ongoing support. Well done to all and a big thank you for supportin9 us on ouriourney. A Kinder Chairperson IActing Gloucestershlrg Englnegring Trainlng
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) GOVERNOR'S REPORT For the year ended 31 August 2025 Th8 Board of Govemor5 presents Ils report, including the Directors, Report as reouire(I by the Companies Act 2006, and audited financial statements for year ended 31 August 2025. $tw¢tu, GovÈrnanc8 and Management Governance Document The organisation is a chari18ble company lirnited by guarantee. The Charrtable Comp8ny was estab115hed under MemorandurTr of Association which established the obi8cls and powers of the Charitable Company and is governed under its Articles of A$so¢ialion In the event ol the Chaiiiable Company being wound up trustees are quired to contribute an amount not exceeding £20. Re¢ruitment and Appolntment ol Board of Governors The laVerTh oflhe Charitable CDmp8ny 8re also chanty trustee5 for the purposes ofch8rily law aThldirecJorsforble Fxlrp5 ofComp18and underthe Company's Articles ol Assoaation are known as Irusiees ol the Management &)ard. Under ihe requirements ofthe Mem(Kandum and Artides ol Associatson membership wll automatically terminate three years from the date of admission lo mernbership. Members may then reapply as provided in 3rticle 10121 (The wording of 101211$ below). 10121 Memb&r5hip 15 open to org8nisationslcompanies which 8re engaged in dustrY. engineering. manufacturing or cornmer and who. al Apply lo If¢ charity in the form required by Ihè Governors", and bl Are approved by the Governor5 The Management 8oard consisis of a Chairper50n and Vice chairpeOn, the minimurn number of Governor5 shall be 4 and the m8xirnum shall be 12 and the majority of the Board musl be"Industry (kPBr0'. To qualify for appointment as a Governoi a [SO rnu5t". al be employed by or Le a director ol s company or organisaiion involved in industry, engineering manufacturing or commerce.. or bl have previously work8d in indu51ry. 8ngine8ring, rnanufacturing or comrnerce f(K 8 numbei of years so as to have extensive experience of such sectors., or cl have professional or other relevant ski1151"Independent GovetnLYS"I. Board of Governors Induction and Trztning As direct customers and u5er5 Of the Charitable Company's training and devek)pment resou In-CLYnlng Governors a generally familiar with the opeiabon31 goals 8nd principles of the A550cialion. Those who are not are provided with an appropriate Inductson As part of OFSTED ruirements. a11 Governors coMpte 'Prevent Awareness. training (including the 'Prevent for Governors, workshop) and are tnae aware ol KCSIE Part 1. In addition, Govemors partake in 'The Essential Trustee Training. as per the Charty Cotnmission websité Risk Management The major iisk 10 which Ihe Charitable Cotnpany is exposed Is the ieduction In Goverrimenl funding. The Board ol Governors monitors and evaluates this and Dther risks by holding regular Board meetings. Budgets are prepared gnd updated to predict possible losses arising from thesè risks.
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED IBY Guarantee) GOVERNOR'S REPORT For the year ended 31 August 2025 Organisational Struc¢ure The Charitable Company is diwded into five departments". Learner Serrfices Team, Skills and Development Team. Practical Delivery Team, Academic Delivèry Team and Training and Maintenance Teatn. The day-10-day management of the Charitable Company rests with the CEO, with delegated sponsIbl11*.es lo the Leadership Team. The Learner serVe$. Fin8nce and Business Improvernenis teaffl provides SUPPOrt servi$ throughout the organisalion. The Skills and Development Team carry out progress reviews, Intemal quality assurance of learner portfolios an(1 prepares the learner for End Point Ass85Sm8nl, with the support of the ernploy8r to ensuf8 that lh8 apprenliceship programme is a¢hFeved The Practical Delivery Team provides off the job training on the workshop to m8el the skills requirements of the apprenticeship whereas the A¢ademK Team provides the Training room-based elements which include our commercial HE offenng. and functional skills lo meet the knowlerjge tsquioments. The Training and Maintenance Team deliver cwrnercial Iraining to extemal cu5torners as well a5 5UPPOrting the operational [naIntenan olthe workshop. buildings and equipment. All le8rnS work closely togelhei to rneet the needs of the business. delwei the apprentitsship standard and support the individual leamerjourney As a Charity we regularly benchmark our remuneratyon and benefits packages against 8 variety of mÈ8sures- fitstly we look at the local market rates by comparing our salaries an(J T&Cs against our competitors. we k)ok at b8nchmarking against other Group Training Associations England IGTAEI across the UK and use national statisti¢ from public research IKPMG etc.). We aim to fflake sure we are at leastCOfnpetitlV8 and are paying the market rates bul also need lo make our offer attra¢liv8 Vwithout being overly excessive to the market P051tion. This activity Is cotnpleted Internally by HR Jnd the CEO and presented 8nd discussèd al Boar(S level Very recently governors who have 8 suitable background have also carried out these reviews as a supporting measure. External Stakeholders Glou¢eslershire Engineering Training Limited is audited by the Depathent of Edur2tron IDofEI, EducatsotTr and Skills Funding Agency IESFAI (until 31 March 20251, offi for standards In education Iotstedl and Eclucation Awarding Organisations IAosl in order to deliver approved Apprenticeship Standard5. Objectives and Strategles The Memor8ndurn and Articles of Association of the Chaiitable Cotnpany state that the objects for which the Charitable Company is established are. lo piomote and advance ¥Jequate training ol pers$ employed or intending lo be ernployed in iUStry and eommèieè. subject to the foregoing object, to extend such training to fflernbers of the publiegenerally. The objeGtiV8s are achieved by thé provisions of a trainino centre, offering both the Skills and KnOedge aspects of the programme. and contrads Wlth each Employer. The contracts are funded by the Apprents$hlp Lewy for lull Apprenticeships oron a commercial basis for Ski115 training. There have beBn no major policy ¢han9es dunng the year Stratsgic Report A¢hievemenls and Performance Gpien the Challeryes and extemal pressures we have faced over the last few years. the Trustees think it Is commendable how the organisation and the staff within have ayapled and grown the bUsinS 8nd opened a dedicated higher Educabon facilsty at Bamwood to support HE leamer and Level 4 apprentices Practical Delive the training year ended on tim8 Wlth a high nutnber of first year leamers completed their training, 118 out of the 123 recruited passing The learners who were not SucssfUl were withdrawn from the appnti$hlp scheme by their employers for failing to meel the behavioural requiretnents of the apprentitsship programme. Due to the diffent requirements ol the apprenti$1p standards and the planned leamer joumey. some learners fin15hed slightly early and were able to return to thèir ètnployers earfy. Academic Delive the Academic delivery Iinish8d as planneLI. Vve have most definrtely noticed an improvement in abilities of the younger apprentices this acadernic year There have bèen le5$ SUPPOrt sessions requi. however we have continued to timetable the sessions.
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarante¢l GOVERNOR'S REPORT For the year ended 31 August 2025 Failure ratÈ$ at Ihe of a¢ademi¢ year 202&2025 have improved significantly, however there wès a high number of failures during the early part of the academic year. Thanks 10 the dedication and support ofour lulois 3 very high nutnber passed. There were g Small nurnber of leamer5 who needed to retuin to complete some units to succeed. Yet again Ihe fsilures wer8 down to the leame15' atlilude and engagement or in some Instances Capability or poor ietention. Apprenticeship Success rates at GET did drop as low as 67tskn. wlh the national average as low as 53.4YTr. this was due lo leavers and the delay in cotnpleting EPA. however these are now In¢asIng very raplY 10 the level we are accustomed to, and we have a completion rate of 88 4%. ki115 D8velo rn8nt Team A high volume of work was carried out lo keep learners progressing. the recruitment of dedicated Staff lo support EPA continues lo be very positive We have supported employers with more engagsrent visits and provided sjpport for EPA, such as inierview techniques and review1ng learfftr EPA submission chjcuments There does appear tts be big changes ahead and EPA-End point assessment will be kncwn a5 apprentsce5hip a5sesstnellt with more interatlion frorn the training provider5 and employei having ownership ofthe beh8viour31 requirefflenls. Currently we have 25 learners who are late c(xnpleth"ng their appAlICe$hIps due to Ihe EPA requirements, however 19 01 these a atthe final stage of the gateway. HE Trutnb8r5 interesbngly hav8 also seen 8 significant increas8. wth more leamers ft)Ilowing a level 4 apprenticeship routa to complete their HNCID. The commercial training aspe¢l al GET continues to grow in knlh skills training and direct NVQS. We are Cufrenlly updating our offenng to Include rn0 pneumatics. plc and electronics We have beèn able lo show more commitmenl to our chaiiiable objectives this year and have provided 5UPPOrt for Lwo exlemal organisations as well as supportirvJ employing an Individual wrtm academic learniro Iimilalions. Flnancial Review The budget for 2024-2025 predictèd a surplus of £287k In Fruary, we provided a relorecasi lor the Ma1nder of the year sulling in the surplus increasing lo £484k. m3inty due to grant fundillg for the AppreTrIIshlp Growth Fund and Forest ol Dean council. We end& 2024.2025 wilh a net surplus of £693k, £209k hoher than the foreSt mainty due (krE Haas Fourdab"on grant dirg of£524k. offset by the annual a(Lrued Income adjustment for leavers of £213k and Level 4 apprentlQ5hip accrued 1ncome true-up £209k During this fin8n¢i81 year, the shortfall deposit reseNe has increased by a further £26k to £805k th another company agreeing lo transfer their balan Overall. this has resulted in an increase lo res&rv&s of £693k Isè8 notè 161. which support5 GET'S Initiative to build a £12m reserve to cover the first year additional ¢osls. as well as to provide tre financial stability and continuity The 2025-2026 trzining year has 5tsrted very well with 147 leamers Startng their apprentiTrships1111 Level 3 and 36 Leve5 41 st GET in Seplernber 2025 atKS togelherwith the succes585 of this year. we arg expeGting lo end 2025-2026 with a surplus of £348k. Proncipal Funding Sources Thè principal funding sourTr Is primanly ouremployer customer base supported by the DofE funding for ApprenteshipS In the main. via the ApprentiShip Levy All businesses regardless of size are supported by the appntsShip lew4, either via 5°k contribution from the ernployer or ¢o-Investmentapproach. understand the requirernents undei Charity regul8b.ons io disclose our involvement in fundraising. The Chaiity is noi involved in such activities as all monies are generated from cornmerci81 activities an¢ charitable acliwties fLtrnded by Ioc81 ernployers. supported by government fundirp The Ch8ril*ile Company does not have any volunteers GET is very fortun3te io h8ve been id8nlified as 8 centr8 who delivers for the community and support5 over 100 local employers wthin the county and wider. The Gene H885 Foundation. which is based in the USA, iecognises 811 the hail5 work and effort GET puts into supporting engineering and manufacluring by developing future engineèrs and upskilling the WKler workforce. The foundation awarded GET with a grant of £524k to support the opening ol a dedicaled Higher Education 13cilily In Bamwood to support the dernand5 01 the local ernployers and sector We We also able 10 add an additional 7,000 square fool of floor Spa with the Installab"on of a mezzanine to aid in the training of Tnore apprenlitss and COMrneral training
GLOUCESTERSHIRE ENGINEERING TF141NING LIMITED IBY Guarantee) GOVERNOR'S REPORT For the year ended 31 Aijgusl 2025 Investment Policy The Charitable Company does not have an investment portfolio. All funds are held in bank deposit accounts and tnonitored regularly by the Board. ReseThes Pollcy The Trustees reseNes t)olicy is to build and have sufficient funds to cover 6 months, operating costs if apprenticeship fundillg ceases lo exist. Available free SeNe5 have now increased to £1 7rn. whrh Comfortably covers this. We also h8ve designated funds to provide financial 5ecunty to the chafitab organisabon ss set out In note 16. Plans for Future Periods A new 10-year lease has now been sigwd with a 5 year break out option for unf(2.4. with the following agreed as part ol our Str81egy and Busin85s Plan". Increase the numberofApprentices undertakirvj the Level 3 programme I)11%s( Continue to convert the majority of our Commercial HE on lo Level 4 Apprenteship programs. Continuing io grow and improve our commercial offering. which has shown very positive growth. Identify new Incorne opportunitie5 such as delivenng more cotDm&rcial academic coutses such as CAtkComputer aided design and Abrasive wheels Consideration of evening delivery to 5UPPOrt cornmercial training around welding and electrical safety to support a wider audience and 5UPPOrt those in full-time employfflent. Forest of Dean GET sile- We need to revEw the number of learner5 8n(J corntnitm8nts by employèts in the Forest around recruiting apprenti$, to ensure delivery is economically viable in temis of the learner 15taff ratio. Publlc Benefit The trustees confirtn that they have cornplied with the duty set out in seaion 4 olthe Charities Act 2011, to have due regard lo the public benefit guidanc8 published by the Charity Commission. Auditors Hazlewoods LLP have &xpressed theirwillingness to contsnue in offi. Staternent of Di$¢losure to Auditor al so far as the trustees of the Management Board are aware, the is no revant audit Infonrab'on of which the Charitsb18 Company s auditors ar8 unaware. and bl they have taken all steps that they ought to have taken as trustees of the Manag8rnant 8oard In order to make Ih8mS8lves awa of any levant audit Information and to establish that the Charitsble Company's audito are aware of that information. This report has been prepared in accoidance with the special piovi5ion5 of Part 15 of the Companies Aci 2006 lating lo small companies By order of the Board A Kinder Chairperson IActs"rvJl l Hender50n Vi¢e Ch8irperson (Acting) Date.
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED IBY Guarantee) STATEMENT OF BOARD OF GOVERNOR'S RESPONSIBILITIES OF GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED For the year ended 31 August 2025 The Board ol Governors are sponsible for preparing a trustees, annual port and financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting P1acti1. Cotnpany law requires the trustees lo ppare financial statement5 for each financial year. Under company law the Trustees must nol approve the financial statements Un$$ they are salisfierJ that they give a true and fair v*w of the charitable company and of the incoming resour$ and application ol resour$, including the incorne and expenditure, ol the charitable company for that period. sn pparing those financial statements. the trustees are qUId to". select suit3ble accounting policies and then appty consislentty observe the methods and principles In the ch8rities SORP (Actounting and Reporting by Charities Recommended Practi1. make judgefflents and 85titn3t8S that are ie350nable and prud8nt. pr8paf8 the financial statements on the going concern basi5 unless It is inappropriate to pr8surn8 that the charitable company will continue in business. Staternent ol The Board ol Govemors ale fftspon5iblè for keeping adequsie accounting records that are sufficient to show and explain the chanlable cotnpany's transactions and d15close wth re8soriable accuracy at 8ny time the financial p051tion of the charitable company and en3ble Ihern to ensure that the financial stalefflents comply w1th the Companies Act 2006. They are also responsible for safeguarding the assets of the charilable company and heTh for taking reasonable steps for the prevention and detection ol fraud and other irregularities. Th8 Irusle8s are responsible for the maintenance and iniegrity of the corporate and financial inforrnation iluded on the charitsble company's website. Legislation in the United Kingdom governing the p paotk)n and disseminab'on of finana81 statements and other Information included in annual reports may differ frotn IlsIatIOn In otheriurisdiclion5.
INDEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED For the year ended 31 August 2025 Opinion We have audited Ihe financkil ststements of Gloucestershire Engineering Training Lirnrt&l Ilhe 'charitable company'l for the year ended 31 August 2025 which comprise the statementoffinanaal activities, balance sheet, Statement ofcash flows and the related notes lo the financial staternen15, including a sutnmary of significant accounting polioes. The financial reporting fvamewotk that ha5 been applied in theirpreparalion Is applicable lawand Unite(S Kingdorn Accounting Standards, including Financ1al Reporting Standard 102. The Finanrygl Reporting Slandard applicable in the UK and Republicof Ireland (United Kingdom Generally A¢pIed Accounting pra1) In our opinion. the financial statetnents" give 8 true aThY fair view of the state of the charitable company's affairs as at 31 August 2025 and of its Incoming resour$ and application of SourCes, in¢ludiry Ils Income and expenditure, for the year then ended. have been property prepared in accordan with United Kingdom Generally Accepted Accounting praCts., and have been prepared In accordance with the requirement5 of the Companies Act 2006. Basis for opinio We conducted our audit in accordan wth Intemational Standards on Auditing IUKI IISAS IUKII and applicable Our responsibilrties under those standards are further described in the Auditor's responsibilities for the audit of the finanaal statements s&cbon of our r8POrt W8 8re Independent of th8 charitable company In accordan(E with the ethical requirements that are relevant lo our audit ofthe financi81 statements in the UK, including the FRC'S Ethical St3ndaid, and we have fulh'lled our other ethical responsibilities in a¢cordan with these requirements. We believe that the auditewdence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to gotng concern In auditing the financial statements. we have con¢luded that the Trustees, use ol the going cern basis of arLountin9 in Ihe prepsration ol the finanoal statements is appropriate. Based on the work we have perforrned, we h8ve not hI8ntified any rnat8rial uncertaintie5 relating to event5 or concfitions that, Individually or collectively. may cast significant doubt on the charitable company's ability to contsnug as 8 going cOnr for a period of at least twelve months from when the original financial Stslemenls were authorised for issue Our responsibilit5 and the responsibilities pf the trustees with respect to going concern zre described In the rtlevant sectsons of this reporl Other information The Iruslees are responsible for tre oth8r inform8tion The other information cotnprisés the Information 1ncluded in thè annual report other than the financial statement5 and our 8uditDr's report thereon. Our opinion on the financial slalefflents oes not cover the other information and, expt to the extent otherwise expliciyy stated in our report. wg (Jo not expie5S any form of assurance conclusion thereon. In connection with our audit of the financi81 stalernents. our reswnsibilty 15 to ad the other Informat0 an¢J, in doiro so, consider whether the other information is materially inconsistent with th8 financial 5talefflents, 01 our knowledge obtained in the aucfitor othewise appears to be matenally misstated Ifwe Identifysuch material in¢onsislenci8s or apparentmaterial tniSSlatements, we are iequired to determine whether there Is a material misstalemenl in the financi81 statements or a materi81 missiatetnent of the othei information. If. based on the worf( we have perfoimed, we conclude that there a m8teri81 rnisstalement of this other Information. we are wuired to report that fact. Vve have nothing to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our OniOn, based on the work undertaken in the course of the audit the infomation given in the Governors, Report, which includes the Diiector5' Report prepared lor the purp05e5 of company law for the financial year for which the fin8rEcial slatemenls are prepared 15 consistent with the financial statements., and the Directors, Report illduded within the Govèrnors, Report has been prepaFd in accordance with applicable legal requirernents
INDEPENDENT AUDITORS REPORTTO THE BOARD OF GOVERNORS OF GLOUCESTERSHIRE ENGINEERING TPAINING LIMITED Foi the year ended 31 August 2025 Matters on which we are iequired to report by exception In the light of the knowledge and understanding of the c[1table company and its environrnenl obtained in the course of the audit, we have not identified material misstatements in Ihe Directors Report Included In the Governors. F¢eport. We have nothing to report in respect of the following matters In relats.on to which the Companies Act 2006 requi$ us to report to you If, in our opinion.. adequate accouniing records have not been kept or returns adeouate for our audii have not been 1ve(l frorn branches not visited by us, the finJntsal slat8menls are not M agra8rn$nlwilh thè accounting racords and rebjrns., rtain disclosures of Iruslees, remuneration specified bylaw are not made.. or we h8ve nol received all the Information and explanations ne$sary lor the purposes of our 8udil RÈspon$ibilitlÈ$ of Trustees The Trustees are ie5ponsible for the othei information As explaingd tnore ftjlly In the Board of Govemor's Responsibilitses statement set out on page 8 the Trustees (who are also the Director5 of the company for the purposes of company lawl are responsible lor the preparation ol the financial statements and for being s8lisfied ihal they give a true and fair view, and for such Internal control as the Tiustees detemine Is ne$sary lo enable the pparatson ol financial statements that are f& from material mi5Statement. wheihei due lo fraud or error. In preparing the financial slalernenls, the Trustees are responsible for assessing the Charitable Company's ability lo continue as a goiThJ cOnrrn, disdDsing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Tru51ees either intend lo liquidate the company or 10 cease oper¥lions. or have no realisti¢ alternative but to do $0. Audllor's spOnsIbilitieS for the audii of the financial statements Our objectives are to obt81n reasonable assuranTr aboutwhether the financial 5tatemenls zs a whole are free from material rnisslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion Reasonable assurance Is a hyh level of assuran. bul is not a guarantee that an audit Conduct In accordance with ISAS IUKI will always detect a mzterial misstatement when Il èxists. Misslalements can arise from fraud or error a considered material If, Individually or in the aggiate. they could reasonably bè expected to Influèncè the economicdeosions of use t8ken on the basis of these financial slalemenls Extenl fo which th8 3udil w8S C8pabl8 ofdetecling irregularifves. including fr8ud Irregulaiilies. Including fraud. are instances of non-ocrfnpliance with laws ano iegulalions. We design Pfocedures In line with our sponSi}I11tieS, outtined above, to detect matenal misstslements in SpeCt of irregularities. including fr8ud The extent 10 which our procedur85 are capatle of detecting Irregulanties, Including fraud is detsiled below. We considered the nature of the charitable company s industry 2nd rts control environment 8nd reviewed the charilab company's documenlatyon of their policies and procedu$ lating to fraud and compliance wth laws anL1 regulats'ons We 3150 enquired ol m?nagemenl about their own identification and a5se55tnent ol the risk5 01 Irregularities. We obtained 8n underst8nding of the legal and rulatOry fr8mework that the company operates In and identified the key aws and regulations that had a d1ct effect on the detetminatjon of material atnounis and disclosu$ in the financial siatement5, Includillg the UK Companies Act, UK Charities Act. Chaiity SORP. Independent Training Prowders Handbook and lax legislation, and. those that do not have 8 direct effect on the financial slatern8nts but complianTr with which may fund8rnentsl to the charitable Company's ability to operate or to avoid 8 material penalty. We discussed among the audit engagemeni team regarding the opportunities and lncents.ves that may e$( within the organisation lor fraud and how and where fiaud tnight occur in Ihe financi31 slatemeTrt5. In comrnon with all audits under ISAS IUKI, we are also required to perform srecific procedures lo respond lo the risk of management oveffide In addiessing the nsk of fraud through management override of controls. we tested the appropnateness of ioumal entnes and olher adjusttnents". assessed whether the judgments made In accounting estimates are indicative ol a Potential bias.- and Evalua18d the business iatiotEsle ol any svJnificani transactions Ihat are unusual outside the nomial course of business ln Bddition to above, our procedu$ to Spond 10 the risks Identifed Included the followng.. revieuring fin3ncial slalefflent disclosures by teslillg lo supporting documenlaliort lo assess complianTr with provisions of ielevant laws and iegulations descnbed as having a d1cl effect on the financial stalemenls., performing 8nalylical procedures to Identify any unu5U81 or unexpected rèlationships that may Indicate risks ol material misslatemenls due lo fraud., enouinng of managefnent contsming actual atKJ poientisl Iitigatitsn and claims and in$tsnS ol non-compliance with laws and iegulations", and readiro minutes of meetings of those charged with governar 10-
INDEPENDENT AUDITORS REPORT TO THE BOARD OF GOVERNORS OF GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED For the year ended 31 August 2025 Our audit procedures were designed to respond to risks of rnaterial misstatement In the fnancial statements, recognising thal the risk of not detecting a rnat8rial misstatement due lo fr8ud 15 h¥Jher than the rEk of not detecting ori8 tssulling from error, as fraud may involve deliberate concealrnent by, forex8mple, forgery, misr8presentations or through collusion. There are Inherent limitations in t audit pro¢edure5 performed and the further removed non-comp118nce Kryth laws and regulatlOn5 is from the events and transactlOn5 ieflected In the financial statements, the less likely we are lo bec(Kne aware A further description ol our responsibilities for the audit of the financial statements is located on the Financial Repothng Council's website al". WAW.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is m8de solely to the charity's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work h8s been undertaken so that we rnighl state to the charity's members those matter5 we a required to state to them In an auditor's report and lor ao other purpose. To the fullest extent pemiitted by law. we do not accept Of assume resporisibility to anyorEe other than the chaFIty's member5 as a body, for our audit wo. for this report, or for the opinions we have fomied. Felicity Sang (Senioi Slatulory Audilorl For and on behalf of. Hazlewoods LLP Chartered Accounianls and Statutory Auditofs St8verton Court Cheltenham GL51 OUX Dale..
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guaranteel STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI For the year ended 31 August 2025 Total Funds Note n¥trICted funds Oesignated funds Restricted funds 2025 2024 Incorne from charitable activities Practical Delivery - Academic Skill development advisors Other income 1.272.590 1.355.947 1.272.590 1,355.947 1,430.745 1,510.741 783,258 783,258 695.395 851.187 50.117 29,179 25,563 640,653 3.440,974 25,563 640.653 4,107,190 3,842.790 Investment income Interest receivable 8.935 8,935 12.225 Total incorne 3,449.909 25.563 640.653 4.116.125 3,855.015 Expenditur• tsn charitable aetivities Praclical Delivery - Academic Skill development adv1s015 1,587,387 1,165.099 1,587.387 1.165.099 1,392 947 1, 189.47g 670.600 670,600 670,717 Total expenditure 3.423.086 3,423.086 3,253.143 Net Surplus for the year 26,823 25.563 640.653 693,039 601.872 Transfer betrveen funds 393.534 1393,5341 N¢t movement in funds 420,357 25,563 247.119 693,039 601.872 Fund balances brought fonward 8t beginning of year 1.240,495 779.899 2.020.394 1,418.522 Fund balan¢e carried fornard at end of year 1,660.852 805.462 247.119 2,713,433 2,020.394 The St3teFnent of Financial Actiwilies includes all gains and losses in year therefore a statement of recoJnised gains and losses has not been ppared. All income and 8xpendItU is denved from Gontinuing aGtivilie5. 12
GLOUCESTERSHIRE ENGINEERING TFi4INING LIMITED {By Guarantee) STATEMENT OF FINANCIAL POSITION For the year ended 31 August 2025 Total Funds Note 202S 2024 FIXED ASSETS Intangible assets Tangibl8 assets 10 13.867 835.900 5,467 257,755 849,787 283,222 CLIRRENT ASSETS Debtors 12 2,8.958 377.211 2,685,034 489,989 Cash at bank and in hand 3,214,189 3.155,023 CREDITORS due within one year 13 1634.1011 1578,1161 NET CURRENT ASSETS 2,580.068 2,576,907 TOTAL ASSETS LESS CURRENT LIABILITIES 3,429,835 2.840.129 CREDITORS due after more than one year 13 1716,4021 1819,7351 NET ASSETS 2,713.433 2,020,394 TRUSTEES, FUNDS Unrestricted fur¢ds Retained surplus Oesignated funds 16 16 1,660.852 805,462 1.240.495 779,899 2.466.314 247,119 2,020,394 Restred fund5 16 2,713,433 2,020.394 These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with the Financial Reporting Standard 102. Iq Jctl) Approved by the Board and authorised for issue on 2026. A Kinder- Ch31rpèrson (Acting) Company number. 013119 l Henderson- Wice Chairperson (Acting) 13
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantee) STATEMENT OF CASH FLOWS For the year ended 31 August 2025 Note 2025 2024 Cash flows from operating a¢tivities Net movetnent in funds Adiusttnenls to cash flow trom non-cash items.. Depreciation and amortisalion Finance income Finance and hire purchase costs 693.039 801,872 81,831 18,9351 7.065 83,774 (12,2251 3,306 773,000 676,727 Working capital adjustrnenls.. Inuease in debtors Decrease in ci8ditois 1171.9241 139,111 1468,4401 247,815 Ngt ¢a$h flow from operating activities 461,965 139,S281 Cash flows frnm investing activities Intèiesl recèived Acqui5ilions of fixed assets 8,935 668,376 12.225 55,173 10,11 Net cash flow5 used in investing activities 1659,4411 142,9481 Cash flows from financing activities Hire purchase interest Loan interest Moverrenls in finance leas@s Repayment ol loans Loan drawdown (1,7271 11.5791 (9.8671 125.0001 17.CE51 133,2371 125.000 Net cash flow$ from I lused in) finan¢ing activities 84,698 138,1731 Net movement in cash and cash equivalents 1112,7781 1120,6491 Cash and ¢a5h equivalents at I September 489,989 610,638 Cash and cash equivalents at 31 August 377,211 489,989 Analysis of ehanges in net debt Atl September 2024 Other non-cash changes At31 August 2025 Cash flows Cash and cash equivalents Cash 489,989 1112,7781 377,211 Borrowings Due within 1 year Due after mole than 1 year 125,000} {22.9171 119,2651 172,4981 144,265} 195,415) Total net debt 442.072 1204.5411 237.531 14
GLOUCESTERSHIRE ENGINEERING TIiAINING LIMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 GENERAL INFORMATION Th& company is a private Chantable Company liffiited by guarantee. registered in England and Wales The atjdress ol its registered Offi is". Barnwood Point Corinium Avenue GloucestEr GL4 3HX ACCOUNTING POLICIES Statement of compliance The financial statements hav8 been prepared in accoidaTrc8 with Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities pr8paring th8ir accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS10211. the Financial Reporting Standard applicable in the UK 8nd Republic of Iie13nd IFRS 1021. the CoMpanS Act 20(NS and the Charities Act 2011. Basls of preparation The presentational currency of the ftnancial statements is POnd Slerfing, being the functional currency of Ihe pnmary economic enviiontnenl in which tha Charitable Company operates. Monetary amounts in these financial stal&m8nts are rounded to the nearest Pound. Gloucestershi ETrJineering Training Limited meets the definition of 8 public benefit entity under FRS 102. Assets and liabilitS are i11Y recognised at hstorical cost or transaction value unless otherwise sta18d in the relevant accounb'rKJ policy notelsl. Going Concern The Iruslees assess whether the LE8 ofgoing concèrri is appropriate. i.e. whelber there are any materi81 uncertainti&s related to events or conditions that m8y ca518 signifi.cant doubt on the ability of the charitab Company lo continue as 8 gopro concern. The trustees. make this assessment in respect of 3 perK)d of at least ontt year frotn the date of approval of the financial 5tatefflenlS. In making this assessment the trustees review forecasts prepared and consider Ihe posthon of the charitab Company at the date of signing the financial slatarenls. Ofj review, the trustees, have conclude£J that It is apFKopriate to continue to adopt the going conrn basis in preparing the fin8ncial 5talement5. Forniat of Accounts The Company is a registered th8rity and is not, thèrefore, a profit-making organisation. In the opinion of the Board of Governor5, ferenCeS rtquired by the Compan$ Act 2006 to profits are misleading in the context ol the Charitable Cotnpany's aetimties and have therefore teen substy'tuted by the teFm surplu5 where appropriate. The Charitable Cornpany has no costs which are directly attributable to sales and is therefor8 unable lo adopt any of statement ol financial a¢tivityes formals prescribed by the CompanEs Act 2006 Critical ac¢ountSng judgements and key sources of estlmation uneèrtainty In the application ofthe Chantable Company's accountng policies. the Trustees are requ1red to make judgernents, estimates and as5urnptions about the carrying 3fflounis of assets and liabilities that are not readily apparent from other sourc8s. The eslirnales and a5SOClated assutnptions ère based on historical experience and oth8r factors Ihal are considered to b& relevant Actual result5 may differ from thEse esth"mates. The estimates and underlying assumptions are reviewed ofj all ongoing basis. Revisions to accounting estimates a recognised in the period in which the estimate is revised if the revision affect5 only thal penod. or In the period olthe revision 8nd future peri5 If the revsion affects both cuffent aniy future peri3. No judgernents have i)een identified by managernent in preparing these fin£ncpal staternents. 15
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED IBY Guarantee) NOTES TO THE FINANCIAL STATEMENTS Foi the year ended 31 August 2025 ACCOUNTING POUCIES lcontlnuedl Key source5 of estima140n unc8rtainty have been identified by m8nagemenl in preparing these financial slaiemenis a5 follows". Shortfall deposits The Charitable Cornpafiy report Shortfall deposits of £759.57412024. £1,032.4681 on the balan sheet aged wth rard lo man3gemèni's best esb"rnate of the expected repayment periods of Ihe shortfall deposrts. The discounting ernent is considered imrnaterial and therefore no adjustment has been made. Dilapidation provision A provision of £175.00012024. £175,)0) is made in respect of costs that may be incurred at Ss8110 ofthe property lease in orderlo relurll ttte property lo the same state as when the lease was entered Into. This estimate Is based on managetnenl's review ol dilaptttation costs Incur on similar properties The discounting okmèril 15 considered irnrnat81ial and therefor8 no adjuslment has been rnade. Accrued income Accrued income of £2,383,17212024" £2.512.33511s recognised in respect of funding due to be received, as the Chantable Company provide5 leamer training, tAS8d on historical achievefflenl rates of apprentices. Incoming Resour¢e$ Incoming resources Present fees recerjable foi trailling services provided by the Charilable Cornpany during the year and is recognised once Ihe charity h8s enlitlefflent lo the InccMNe. It is probable that the income will be received and the amount of the income reIv9b1e can be measured reliably. Grants receivable S recognis8d undei th8 accru31 tnodel. They alè held in creditors as deleiied Income until such lime as the Chaiitable Cornp8ny can be reasonably certain th81 the funds can be taken as revenve. rather than being repaid lo ttte Government or passed on lo sponsoring companies. Government grants Government giants are recognised based on the accrual model and are measured at the fair valve of the asset re¢Ve4 or receivable. Grants are classified as relating either lo venue or to assets Grants relating lo revenue are recogrtised In income overthe period In which the related costs are recognised. Gr3nts relalng to assets are iecogn15ed over the expected useful life of the asset. Where part of a grant relating to an asset Is deferred. It 1$ recognised as deferred in¢Thme Intsngible Fixed Assets Sofiwaie d&veloptnent costs are recognised at f2ir value at the acquisib'on dale and have a finite useful life and arè carried at cost less accufflulated amortisation and any accumulaw Impairrnent losses. Amortisation Amortisatson is calculated to write off the cost of Intangible a5sels, less 8ny esbmated resklual value. over their useful life as follows. S0fv2 development costs ofcost per annum Tan9ible Fixed Assets Tangible fix8d ass8ts are stated in the balance sheet at cost less depreciation Depreciation Depreciabon Is calculated to write off the c05t of tarvJible 85sets over their e5tirnated usefu1 lives at the following rate5". Improvements to leasehol(J property Plant and equipment Motor vehicles Over 10 years 10¥0-33Yo of cost per ¥nnum 20¥0 of cost per annum Cash and cash equivalents Cash Is represented by cash In hand and deposits with financial institutions repayable wilhoul penalty on Th)11 of not more than 24 hours Cash equivalents are highly liquid Investments Ihat mature in no MOE than one month from the date ol acquisition and thai are readily Convertib 10 know amounts of cash with Insignificant nsk of change in value. 16
GLOUCESTERSHIRE ENGINEERING TKAINING LIMITED {By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 ACGOUNTING POUCIES lcontinuedl Tradg debtors Trade debtors are arnounts due from cuslorners for services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently Measu O at arnortised ct the eff8ctive int8r8st method, le55 provi5i0n for Impairment. A prov15ion for the impairtnenl of trade debtors is established when there 15 obj8ctive evidence that th8 Ch8ntable Company will not bè able to collect all amounts due 8ccordiro to the original terms of the receivables Trade creditor5 Trade creditors are oblwations to pay for goods or seNices thai have Leen acquired in the ordinary course ol business from suppliers Accounts payable are classified as current liabilities if the charity does not have an unconditional right. al the end of the reporting period. lo defer settlement of the creditor for at le8St hvelve rnonths after the ieporting dat8. If Ihere is an unconditional right to defer setuement for at ast e1ve months after tre reporting d8te. they 8re presented a5 non-current Trad& creditors are recognised initi8lly 8t the transaction price and subsequently tne85ured at amortised cost Ing the effective interesl method. Borrowings Intest-bearlng borrowings are init1811y recorded at fair value. net of transaction costs. Inte$1-bearing borrowings are subsequently ¢arried at amortised cost. with the difference between the proceed5, nel of transaction costs, and the atnount due on demptIOn being recogn1sed as a charge to the Slalement of Financial knlivrty over the penod of Ihe ielevant borrowing. Inte$t expense is recognised on the basis of the effective interest method and 15 Included within Other Costs. 8orrowing5 are classthed as current liabilities unless Charitable Company has an unconditional right to defer settlement of the liability for at18ast twelve monfhs aftèr tha reporting date. Operating L•a$es The cost of operating leases has been charged to the statement ol financial activities on 8 5traight-lin8 basi5 ov81 the term of the terrn. Resources Expended All expendilure is accounted for under the accru31s Concept The Charitable c(panY has only one fflain actiwty provision of training servIs. All costs, other than professional fees are allocated lo the main charitable aclivty. WAlhin the main charitable activaty, Costs are allocated across Practi1, Acad8rnic and As5e5smefit costs. These allocatn5 are based on direct apportionment exTrpt for prernises costs. which are allocatsd on approximate floor Spa and usage. Professional fee5 are all(tated to govemance costs. Fund structure Unrestricted Inrne fvnd5 ate general fun(ts that are aVailae lor use al the TrLLStS di$et10n in furtheran of the objectives of Ihe chanty Pensions Contributions payable on b&hall ol 8mploy8Es to the defined conlributsDn pension scherre are charged lo the slalement of financial activiti8s as they b8cofflè payable in accoidanee with the iules ol the scheme. Finanelal Instruments The Charitable Company only has financial assets and financial li8bilities of a kind tttatqualify as basic financial instrurnents. Basic financial Instruments are initially COgnised al trans8ct.on valu8 8nd subsequenY measured attheir seltlemenlvalue. 17
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED18y Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 INCOME 2025 Pra¢tt¢al Delivery Academic development advi$or8 Other Income Total Govemmenl funded apprenticeships 1.009.452 1.016,(3 721.058 2,746.573 Commer¢ial ¢outses 283.138 339,884 62.2NJ 685.222 Giant income 655,653 655,653 Other in¢ome 39,742 39.742 1.272,590 1.355,947 783,258 695,395 4, 107,190 Sklll development advlso 2024 Practical Delivery Academic Other Income Total Govgmrnent lunded apprentiShipS 1,222,643 1,056,201 804.446 3,083.290 CotnmeFcial courses 208, 102 454,540 46.741 709,383 Other Income 50,117 50.117 1,430,745 1,510.741 851.187 50,117 3.842.790 The income from charitable actiwDes was £4,107,19012024". £3,842,790) ol which £3,451,537 was unreslricled 12024. £3,842.7901 And £640.653 iestncted12024." £Nill. DuiiTrg the year governrnent lunding incorne lolalling £2,746.57312024- £3.792,6731 was received frotn th8 Edu(xtv)n and Skill Funding Agency and Departmertt for Education under Ihe agreed training framework EXPENDITURE ON CHARITABLE ACTIVITIES Practical Delivery Academic 2025 Totsl 2024 Total development advlsors Staff costs Building costs Motor and irav Depreciatson and amortisalion Business support costs Govem8nTr costs Equipment costs other costs 719.825 188.103 1,505 41.604 557.314 14,824 54,826 9,386 621,167 122,279 223 11,271 381,320 10,142 2.889 15,808 409,869 14,417 3,413 1.750.861 324.799 5.141 52.875 1, 173.293 31.208 57.937 26,972 1,672,717 318.955 4.691 56,069 1,084.470 34,630 51,334 30,278 234,659 6,242 222 1,778 2025 1.587.387 1.165,099 670.600 3,423.086 2024 1.392,947 1, 189,479 6T0.717 3,253,143 18
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 ALJgust 2025 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS The Charitable Company id8ntifi8s Ihe support and govemance functions and th8 Costs which relate to them Thesè costs are then allo¢ated belween the practic81 d81ivery, academic and skill davolopmènt advisors departsnents by the number of etllployees In the department. Business Support Governance 2025 Totsl 2024 Total staff costs Building cos15 Non red8irnab input VAT Motor and travel Depieciabon and amortisation Disposal of fixed assets Equipfflenl costs OU)er costs 640,014 40,290 180.235 22,987 28,956 640.014 40.290 180,235 22.987 28,956 563,g38 52,453 108.660 10,547 27.7( 8,073 252.738 8.073 283,946 8.492 347,305 31.208 2025 1,173,293 31,208 1,204,501 2024 1.084,470 34,630 1.119,100 AUDITORS. REMUNERATION 2025 2024 AlIr$, remuneration Inet of VATI Costs ol exlemal scrutiny Other financial servi$ 10,300 4,507 10,0 3.178 14,807 13,178 STAFF COSTS 2025 Z024 Wages and salari85 Social secunty costs Pension costs 1,997,505 228. 125 86.370 78.875 1,8£,970 192.124 87,517 Othèr Stsff costs 2,390.875 2.236.655 19-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED {By Guarant&el NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 STAFF COSTS Icontinuèdl Th8 Charitable Company operates a defined contribution pension scherne. Contributions are charged lo the statement or financial activities as they become payable in accordan the rules ol the scheme. No contributions were outstanding al the end ol the curpnt or prior year. Included within tha wages and salari85 8re ex gratia payrnents tot811ing Enil12024 £18.3111. The key management personnel of the Charitable Company comprise the Board of Governors and Senior Management Team as Iisled on page 1. The Board of Governors. being the trustees, reiVed no iemuneration 01 ieimbursemenl of expenditure. The lot81 amount of employee benefits Iinduding employer pension contributions and employers, nab'onal insurance) received by the Senior Management Team for Iheir services lo the Cornpany was £671,09312024- £892.6421. Kty management personnel 2025 2024 The number of key management personnel 10 12 The nurnbei of key m8nagemenl personnel 2nd other staff who received annual emoluments. excluding employer pension contributyons and employer's nabonal 1nsurance, but Including benefits in kind, in the following ranges was." 2025 2024 £60.001 10 £70,001 p.a £120,001 10 £130,000 p a. £140,001 to £150.000 p a. The average number of employees was. 2025 2024 Senior Management Bo8id (And CEO HR and Finance) Business Support Workshop (Practical delivery) VRQ IA¢ademi¢ leaml Review Officers 19 13 14 16 54 51 TAXATION As a gIStered chsnty Ihg Charitablè Company has no liability in rèspèct of taxation.
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED18y Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 10 INTANGIBLE FIXED ASSETS Soare development costs C05t At 1 September 2024 Additions 8.000 10,OW At 31 August 2025 18,00) Depreciation At 1 September 2024 Charge for year 2.533 1.600 At 31 August 2025 4.133 Net book value At 31 August 2025 13,867 At 31 August 2024 5,467 11 TANGIBLE FIXEDASSETS Leasehold Plant and Motor improvements machlnery vehicles Totsl Cost At 1 Septsmber 2024 Additions 667,325 787,3(h) 24.762 1,479.387 390,630 267.746 18.493 658,376 Oisposals At 31 August 2025 1,057.955 1,036,553 24.762 2.119,270 DeprecFation At 1 September 2024 Ch8rg8 for year DisposaLs 620,354 14,032 599,215 61,247 18493 2.063 1,221.632 4,952 80.231 18,493 At 31 August 2025 634,386 641.969 7,015 1.283.370 Net book value At 31 August 2025 423.569 394,584 17.747 835,9 At 31 August 2024 46.971 188.085 22.699 257,755 Wthin legsehold irnprovemènts aThJ plant and machinery, assets amounting to £372,339 and £151,962 12024 £nill spectively relate lo the newly built training centre These èssels have not b*n depreciated as the centrewill only become operational in the 2025126 aca¢emic year. 21
GLOUCESTERSHIRE ENGINEERING TFIAINING LIMITED (By Guarantee} NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 ALJgust 2025 11 TANGIBLE FIXED ASSETS IcontSnued Includ8d within plant and machinery are assets with a carrying value of £122.45312024purchased using Apprentiship Growth Pilot funding. Ljnder the funding terms. legal tille lo these assets currenyy $1$ with the Department for Education and will transfer lo the charity after Yea from purchase. The charity has full use and control ol the asseb during this penod and is reguld not to dispose ol them before title passes On this ba51S, the trustees consider It 8ppropri8te to recognise the assets on the balsnce sheet. 12 DEBTORS 2025 2024 Trade deblors 101,743 2.731,674 3,541 80.534 2,583.834 666 Prepayments and a(rrued income Other debtors 2.836,958 2,665.034 Includecl with accrued income is £1, 168,07012024- £1,186.5521 du8 in more Ih8n orÉ year. 13 CREDITORS Not• 2025 2024 Due wf(hin one year Loans and borrowings Trade creditors 14 44,265 134,803 58,758 84,888 313.587 25.000 39.291 47.971 55.204 410.650 Taxation 2nd social security Accruals and Llttferred incom6 Other creditors 634,101 578.116 Due after one year Loans ancl borrowings DilapKJatnS provtsion other creditors 14 95,415 175,000 445,987 22,917 175.CQO 621.818 716,402 819.735 14 LOANSAND BORROWINGS 2025 2024 Due within one year 8ank loans 44.265 25.OCO 44,265 25.0
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED IBY Guarant¢el NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 14 LOANS AND BORROWINGS Icontlnuedl 2Q25 2024 Duè after one year Bank loans 95,415 22.917 95.415 22,917 During 2021 the Charitable Company drew down a loan under the Coronaviru5 8usines$ Inlerruplion Loan Scheme. The loan is repayable by instalments and incurs int8rest after 12 rnonth5 at 2.75QA. The108n is secured over Ihe ass8ts of th8 Ch8rit3ble Cornpany. Bank loans are secured by an unlimited debenture Incotporating a fixed and floating Charge. On 1 January 2025. the Charitable Company entered into an unseCud loan agreement to finance the fitout ol a newly leased property. The loan accrues interest 31 a fixed rate o110Q/o per annum an# is repayabl8 by instalrnents over the tefrn of the agreernent. The loan Is scheduled lo be fully repaid by 1 January 2030. 15 SHARE CAPITAL The Charitable Company does nol have any shar8 capital 8S rt 15 Iirnited by guarantee. Each oflhe trustees is a guarantor to the extent of £20 in the event ol the Charitable CTrnp8ny being wound up whilst they are trustees, or within year of them ceasing to b& trustees In respect ofdebts and liabilities contracted before they ceased io bE a metnber. 16 FUNDS At1 S8Ptèmber 2024 In¢ome Expenditure Trdnsfers b*e0n funds At31 Aknyust 2025 Unrestrlcted funds Retained surplus Designated lurwJs 1.240,495 779.899 3,449,909 25,563 13,423.0861 393.534 1.660,852 805,462 Restri¢ted funds Gene Ha8s Foundation Appi8nliceship Growth Pilot 523.653 117,LKKI 1276,5341 1117,0001 247,119 2,020,394 4,116.125 13.423,0861 2,713,433 Unre$tritted funds Relaine(f surplus relates to nel surpluses ac¢urnul8t8d by the Charitabl& Company and are retained to prowd8 working capitsl Designated funds consist oftrainitvJ support funds that were weviously listed under other creditors which. after a change in the shortfall deposit process in 2022. have now been ringfenced by GET to support the future stability and growth of the Charitable Company. Over the coming years. this value is planned to increase to £12rtTr to cover the additional costs of trainitWJ. 23-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 16 FUNDS Icontinuedl Restricted funds Gene Haas Foundation Restricted incorne relates to a grant of $675.000 received to fund the construction 8nd developrnenl of the Gloucestershire Training Centre, specifically lor the estab115hment of the Gene Haas Cenire forAdvanTrd Manufacturing Funds are restricted to construction and develq)ment purposes only During the year, £523,653 wa5 iecojnised as Income, with £286,534 transferred lo un$ttted funds for related expenditure. Al the year end, £247,119 rernained ss accrued Stheted Incoffle Apprenticeship Growttt Pilot The Charitable Company received £117.000 under the Apprenticeship Growth Pilol to support capital investrnent for delivering high-quality apprenticeships In growih sectors The funds were fully spent on capital items. with no expenditure through the Statemenlof Financial Aclivilies., therefore. a transfer from unreslricled funds was rnade to bring the reslri¢ted rund balants lo £NIl. 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS Fund balan at 31 August 2025 a represenied by.. Retsined surplus Designated funds Restricted funds Total Funds Fixed assets culnI asse15 849,767 2,161.588 1634,1011 1716.4021 849.767 3.214,169 1634,1011 1716.402) 805.462 247.119 Non-currenl liabilities Total net assets 1,660,852 805,462 247.119 2,713,433 Comparative information in respect of Ihe preTrding period is as follows. Retained surplus Designated fund3 Restrictsd fund8 Total Funds Fixe(J assets Current assets 263,222 2.375,124 1578, 1161 1819,7351 263,222 3,155,023 1578,1161 1819,37S 779.889 Non-current li8bililies Total net a$sgts 1.240,495 779,889 2,020,394 24-
GLOUCESTERSHIRE ENGINEERING TRAINING LIMITED (By Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2025 18 OTHER FINANCIAL COMMITMENTS As at 31 August 2025 the following annual cotnmitments were hekl under mn-cancellable agreements.. 2025 Land and buildin9S Other Total Expiry date.. Within on8 year Betrween two aThJ five years Over 5 years 289,051 588.890 362.910 6,426 4.938 295.477 593,828 362.910 1,240,851 11,364 1,252.215 2024 Land and bulldlngs Other Total Expiry date". Within one year Bet¢4een Nvo and five years Over 5 years 215.085 526,872 120,(K)O 7,284 222,369 526,872 120,000 861.957 7.284 869.241 The amount of non-caficèl1ab land and buildings opersling less& payments and other lease payments recognised as an exp8nse during th8 year was £247.19212024- £214.1981 and £10,49812024- £9.4351 respectively. 19 DEFINED PENSION CONTRIBUTION SCHEME The Charitable Company operaies a defned contribution pension scheme. The pension cost charge for Ihe year represents contributions payable by the Charitable Company to the scheme and arnounted to £86.37012024- £87.5171 RELATED PARTIES Sevéral metnbers of the Board of Govemors are employed by companies that use GET for their apprentiship, higherlfurther education and skills training. All transactions Involwng these cotnpanies are conducted in accordance with the charity's financial regulations and procedures which supports the dislance required to avoid any conflicts of interest.