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 B￿arleY
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 PhelpsIe￿I
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
GIou￿Ster
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 .** 

**- 2 -** 



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 Fxlrp￿5
ofComp￿18￿and 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 chairpe￿On, 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 r￿uirements. a11 Governors coMp￿te '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 serV￿e$.
Fin8nce and Business Improvernenis teaffl provides SUPPOrt servi￿$ 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 i￿UStry
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 KnO￿edge aspects of the
programme. and contrads Wlth each Employer. The contracts are funded by the Apprents￿$hlp Lewy for lull
Apprenticeships oron a commercial basis for Ski115 training. There have beBn no major policy ¢han9es dunng the year
Stratsgic Report
A¢hievemenls and Performance
Gpien the Challeryes and extemal pressures we have faced over the last few years. the Trustees think it Is commendable
how the organisation and the staff within have ayapled and grown the bUsin￿S 8nd opened a dedicated higher Educabon
facilsty at Bamwood to support HE leamer and Level 4 apprentices
Practical Delive
the training year ended on tim8 Wlth a high nutnber of first year leamers completed their training, 118
out of the 123 recruited passing The learners who were not Suc￿ssfUl were withdrawn from the app￿nti￿$hlp scheme
by their employers for failing to meel the behavioural requiretnents of the apprentitsship programme. Due to the diffe￿nt
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 rap￿lY 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 app￿AlICe$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 F￿ruary, we provided a relorecasi lor the ￿Ma1nder of the year
sulling in the surplus increasing lo £484k. m3inty due to grant fundillg for the AppreTrII￿shlp Growth Fund and Forest ol
Dean council.
We end& 2024.2025 wilh a net surplus of £693k, £209k hoher than the fore￿St 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 ￿t￿re 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 Apprent￿eshipS In
the main. via the Apprenti￿Ship Levy All businesses regardless of size are supported by the app￿nts￿Ship 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 COMrner￿al 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)1￿￿￿1%￿s(
Continue to convert the majority of our Commercial HE on lo Level 4 Apprent￿eship 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 re￿vant 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 P1acti￿1.
Cotnpany law requires the trustees lo p￿pare 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 p￿paring those financial statements. the trustees are ￿qUI￿d to".
select suit3ble accounting policies and then appty consislentty
observe the methods and principles In the ch8rities SORP (Actounting and Reporting by Charities
Recommended Practi￿1.
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 i￿luded 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 I￿lsIatIOn 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 pra￿1￿)
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
cOn￿r￿ for a period of at least twelve months from when the original financial Stslemenls were authorised for issue
Our responsibilit￿5 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, ex￿pt 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 Informat￿0￿ 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 O￿niOn, 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 p￿paratson 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 cOn￿rrn, 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 $0.
Audllor's ￿spOnsIbilitieS for the audii of the financial statements
Our objectives are to obt81n reasonable assuranTr aboutwhether the financial 5tatemenls zs a whole are free from material
rnisslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion Reasonable
assurance Is a hyh level of assuran￿. bul is not a guarantee that an audit Conduct￿ In accordance with ISAS IUKI will
always detect a mzterial misstatement when Il èxists. Misslalements can arise from fraud or error a￿ considered
material If, Individually or in the aggi￿ate. they could reasonably bè expected to Influèncè the economicdeosions of use
t8ken on the basis of these financial slalemenls
Extenl fo which th8 3udil w8S C8pabl8 ofdetecling irregularifves. including fr8ud
Irregulaiilies. Including fraud. are instances of non-ocrfnpliance with laws ano iegulalions. We design Pfocedures In line
with our ￿sponSi￿}I11tieS, outtined above, to detect matenal misstslements in ￿SpeCt of irregularities. including fr8ud The
extent 10 which our procedur85 are capatle of detecting Irregulanties, Including fraud is detsiled below.
We considered the nature of the charitable company s industry 2nd rts control environment 8nd reviewed the charilab
company's documenlatyon of their policies and procedu￿$ ￿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 r￿ulatOry fr8mework that the company operates In and identified the key
aws and regulations that had a d1￿ct 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 d1￿cl 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$tsn￿S 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 p￿pared.
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
Restr￿ed 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. 013￿119
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 CoMpan￿S Act 20(NS and the Charities Act 2011.
Basls of preparation
The presentational currency of the ftnancial statements is PO￿nd 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 liabilit￿S are i￿￿￿11Y 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 con￿rn 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 account￿ng 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 peri￿5 If the revsion affects both cuffent aniy future peri￿3.
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 r￿ard lo
man3gemèni's best esb"rnate of the expected repayment periods of Ihe shortfall deposrts.
The discounting e￿rnent 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 re￿Iv9b1e 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 c￿t 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
Inte￿st-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$es
The cost of operating leases has been charged to the statement ol financial activities on 8 5traight-lin8 basi5 ov81 the term
of the terrn.
Resources Expended
All expendilure is accounted for under the accru31s Concept The Charitable c(￿panY has only one fflain actiwty
provision of training servI￿s. All costs, other than professional fees are allocated lo the main charitable aclivty. WAlhin the
main charitable activaty, Costs are allocated across Practi￿1, Acad8rnic and As5e5smefit costs. These allocat￿n5 are based
on direct apportionment exTrpt for prernises costs. which are allocatsd on approximate floor Spa￿ and usage. Professional
fee5 are all(tated to govemance costs.
Fund structure
Unrestricted In￿rne fvnd5 ate general fun(ts that are aVaila￿e lor use al the TrLLSt￿S di$￿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 subsequen￿Y 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 apprenti￿ShipS
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
A￿lI￿r$, remuneration Inet of VATI
Costs ol exlemal scrutiny
Other financial servi￿$
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, re￿iVed 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
So￿are 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 Apprenti￿ship
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 regul￿d 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
DilapKJat￿nS 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 unseCu￿d 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 $675.000 received to fund the construction 8nd developrnenl of the
Gloucestershire Training Centre, specifically lor the estab115hment of the Gene Haas Cenire forAdvanTrd Manufacturing
Funds are restricted to construction and develq)ment purposes only During the year, £523,653 wa5 iecojnised as
Income, with £286,534 transferred lo un￿$t￿tted 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
cul￿nI 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 def￿ned 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 apprenti￿ship,
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.