Training 2000 Limited
Training 2000 Limited
Annual report & financial statements
Year Ended 31[st] July 2025
Company Number 02380675
Registered Charity Number 701770
Training 2000 Limited
Annual report & financial statements
Contents
Legal & Administrative Details ............................................................................................................- 1 - Report of the Trustees (incorporating Strategic Report) .....................................................................- 2 - Independent Auditor’s Report .......................................................................................................... - 11 - Statement of Financial Activities ...................................................................................................... - 15 - Statement of Financial Position........................................................................................................ - 16 - Cashflow Statement ......................................................................................................................... - 17 - Notes to the Financial Statements ................................................................................................... - 18 -
Training 2000 Limited
Legal & Administrative Details
| Trustees: | D Taylor |
|---|---|
| O McCann (Resigned 31 July 2025) | |
| T Webber (Resigned 2 May 2025) | |
| B Jones | |
| M Fernando (Resigned 30 April 2025) | |
| G Charles (from 3 October 2025) | |
| Chief Executive Officer: | C Stott |
| Secretary: | F Winters |
| Registered Office: | Harris Building |
| Corporation Street | |
| Preston | |
| PR1 2HE | |
| Principal Office: | Furthergate Business Park |
| Harwood Street | |
| Blackburn | |
| Lancashire | |
| BB1 3BD | |
| Company Number: | 02380675 |
| Registered Charity Number: | 701770 |
| Banker: | Lloyds Bank PLC |
| PO Box 1000 | |
| Fishergate | |
| Preston | |
| BX1 1LT | |
| Solicitor: | DAC Beachcroft LLP |
| 3 Hardman Street | |
| Manchester | |
| M3 3HF | |
| Auditor: | KPMG LLP |
| 1 St Peters Square | |
| Manchester | |
| M2 3AE |
- 1 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report)
The trustees present their report and the audited financial statements for the year ended 31 July 2025 and confirm they comply with the requirements of the Companies Act 2006, the Charities Act 2011, the trust deed and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Our Aims
Our vision is to be Lancashire’s primary training provider and our mission is to deliver excellence in learning and develop outstanding talent for UK employers . Our aim is to promote and deliver a wide range of learning provision of outstanding quality with excellent progression opportunities for learners of all ages and backgrounds. We aspire, through public and private partnerships, to provide employer led provision in an excellent learning environment, delivered by highly qualified and experienced staff and high levels of support.
The objects of the Company as set out in its Memorandum of Association are to promote and advance high-quality training of persons employed or intending to be employed in industry and commerce, and to extend such training to members of the public generally.
Training 2000 was established nearly 60 years ago as a charity set up by a consortium of Lancashire businesses. On 28 July 2017 the Charity became part of the University of Lancashire group. The organisation remains an independent charity and its Memorandum of Association and aims remain the same with the University as its sole member company.
We have built a large portfolio of clients throughout the UK by creating and delivering high quality training solutions. We deliver training programmes which address existing and emerging needs both on our own premises and at client sites. Working as a business partner we design bespoke training programmes which assist our learners to succeed in their chosen field. Our work-based learning solutions provide an effective and flexible approach which lessens the impact on resources and allows businesses to concentrate on their day-to-day challenges.
Our ethos is to admit learners from all backgrounds; an individual’s economic status, age, gender, ethnicity, race, religion or disability do not form part of our assessment processes. Our organisation is committed to equality of opportunity, safeguarding and promoting the welfare of our learners.
Our Objectives
The trustees are working to a three-year business plan that sets out ambitious targets for growth, focusing on professional and technical training with clear progression pathways to higher education designed to bridge local and national skills gaps. The business plan is underpinned with a strategy to cut costs and drive efficiencies. Our position within the University of Lancashire group gives the Charity the opportunity to align current programmes with degree level programmes and thereby provide greater value for employers and learners, and further work continues in these areas.
Whilst our strategic vision remains unchanged, the business plan is reviewed and refreshed annually to reflect the changing environment in which we operate. The trustees recognise that setting a highperformance culture is critical to success and this is achieved through having a shared vision, values and goals. Annual Corporate Objectives linked to the business plan are agreed each year and all staff are involved in action planning to meet these objectives.
In setting our objectives and planning our activities our trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance.
- 2 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
Strategic Report
Review of Activities and Achievements
The charity demonstrated strong resilience during the COVID-19 pandemic, performing above sector averages. As restrictions eased, the nationally recognised backlog of learners delayed by limited access to training and assessment had a significant impact on income. This legacy challenge was successfully addressed across 2024/25, and the organisation is transitioning to a steady state of business as usual. While above-average staff turnover since 2022/23 caused notable disruption, stability has now been restored across most areas.
Challenges remain, particularly the absence of any general uplift in apprenticeship funding values since the introduction of the Apprenticeship Levy in 2017. During this period, staff, material, and utility costs have risen significantly, pressures that have been further compounded by the recent increase in National Insurance contributions. The Charity remains firmly focused on consolidating improvements and maintaining growth.
The charity was inspected by Ofsted in May 2025 and judged to be a ‘Good’ provider. The Executive and the Board are focusing on further improvements highlighted in the report with a view to improving the position further at the next inspection. In particular this includes reviewing the curriculum for learners on the APP course to make sure that it is ambitious and challenging, setting more precise targets for apprentices so that all apprentices know what they need to do to make rapid progress and improving careers information, advice and guidance so that learners know the full range of opportunities available to them.
The charity’s senior management team have continued to drive cost out of the business through the reduction of waste, continual review of supplier contracts and increased efficiencies. A strong focus on integration with our parent organisation the University of Lancashire has improved the finance processes and resulted in a reduction in staffing resources within our finance team. Entering into jointly procured contracts has reduced costs in a number of areas including HR, Finance and the charity’s Management Information System (MIS). The structure of the business has been revised to create a leaner and more effective management team that offers greater transparency and accountability across all business activities. The structure of the organisation remains under constant review to ensure suitability and value.
We continue to be successful in benchmarking our QHSE management systems with the recognised standards of ISO9001, ISO14001 and ISO45001. Our recertification to the quality standard ISO9001 and ISO14001 is now assured until 2026 and Training 2000 has now successfully migrated its H&S standard OHSAS18001 to the new ISO45001 standard - this is the result of 18 months’ work where the organisation has embedded the required changes in the Health and Safety systems in order to achieve this migration. Moving forward we are confident that the three standards described are an appropriate measure of Training 2000’s commitment to strong Quality, Health, Safety and Environment Management across the company. The Charity’s internal management training programme has also received national recognition winning a Princess Royal Award.
The charity’s Business Development Strategy reflects the changes in funding and the requirement to have closer client relationships. As such, the charity has restructured in order to replace its existing Sales Team with Account Managers who are charged with maintaining an ongoing communication with both new and existing clients. This approach served the business well and Training 2000 has continued to grow its portfolio of large employers with organisations including Vision Express, Royal Mail, BAE, Boots, Marks and Spencer, Chubb, the NHS and Rolls Royce accessing both commercial training and Apprenticeship provision. A number of major local businesses have also returned to Training 2000 for their apprentices after a lengthy hiatus.
A key measure of performance is learner achievement rates. The legacy of recent unprecedented events is learners who have been delayed in completing their programmes and, as such, the current achievement rate across all of our Apprenticeship programmes is currently 62.02% for the 2024/25
- 3 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
contract year. National data was not available for 2024/25 at the time of signing; however, national achievement rates were 60.50% in 2023/24.
The quality of our provision and successes of our apprentices continue to be recognised in various awards including winning The Princess Royal Award for our Management Training Programme and, once again, we have been represented by our learners and staff at World Skills events.
Financial Review
The Charity has continued to focus on delivering apprenticeships and traineeships and a streamlining staff management structure and emphasis on costs has led to a considerable reduction in overheads.
There have continued to be significant operational cost savings driven through continuous review of resources and close scrutiny of expenditure and further facilitated by the centralising and harmonisation of certain functions with our parent entity the University of Lancashire. A further donation from the latter of £1,200,000 (2024: £1,350,000) has provided financial security as we implement our sustainability strategy.
Overall, the Charity returned a deficit of £347,766 (2024: deficit £208,234) before actuarial gains on the pension scheme of £184,000 (2024: £159,000) resulting in a net deficit of £163,766 (2024: deficit £60,403).
Going Concern
Net assets as at 31 July 2025 were £1,746,508 (2024: £2,224,537) excluding the pension scheme liability of £139,857 (2024: £454,120). The position of the Charity within the University of Lancashire group provides financial security and sustainability for the future and facilitates the delivery of the Charity’s long-term strategy of delivering higher level skills within the newly reformed Apprenticeship regime. The Charity has obtained a parental guarantee from University of Lancashire to provide financial support for a period of at least 12 months from the approval of the financial statements. As such the trustees believe that the going concern basis of preparation remains appropriate. The Charity has put a strong focus on working with University of Lancashire to maximise mutually beneficial cost savings and growth opportunities going forward.
Reserves Policy
As at the July 2025 year end, the Charity’s total reserves (net of the pension scheme liability of £139,857) were £1,606,651 of which £199,507 were designated. Designated funds relate to capital grants which are released in line with the depreciation of the related assets. Other funds of £1,547,001 were represented primarily by property fixed assets.
The trustees have sought to develop a working capital policy which seeks to optimise reserves to place the Charity in a position to be able to absorb future changes in government funding in the training arena without threatening its financial stability and its ability to deliver its charitable objectives. Due to the high level of uncertainty year on year around learner numbers and therefore income generation, as well as challenges with the reliance on government policy on further education funding, the trustees have determined that the Charity will maintain total reserves equivalent to at least 90 days’ revenue (based on the latest reported total in audited financial statements). This is intended to enable the Charity to continue to operate in the event that no funding was available for at least 90 days.
Total reserves held at 31 July 2025 were 25% of total revenue (2024: 27%). This is equivalent to 92 days (2024: 98 days) and so the Charity was within policy. The Charity’s position within the University of Lancashire group also provides the Charity with financial security and enhances the Charity’s ability to offer higher level apprenticeships in line with the new standards in the future and the trustees continue to aspire to build the reserves of the Charity.
- 4 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
Pension funds
The Board has reviewed its obligations arising from employee pension funds and is satisfied that its liabilities are properly identified, planned and accounted for. The Training 2000 Retirement and Death Benefit Scheme, a defined benefit pension scheme, was closed on 1 November 2006 to new employees and future benefit accrual. The Pension Trustees have secured the agreement of the Charity Board to fund a package of measures to extinguish the pension deficit (note 21) and during a prior year a buy-in transaction was completed with Partnership Life in respect of current pensioners in the scheme. Other measures will be considered in the future to further mitigate the risks associated with the deficit. The Charity also operates and contributes to a defined contribution scheme. With the introduction of AutoEnrolment in February 2014, all new employees are auto-enrolled into the scheme and have the option to increase their own and the Charity’s contributions upon successful completion of their probationary period.
The Future
The trustees recognise the importance of delivering against the 3-year business plan and the objectives set out therein to reach a position of self-sufficiency and future sustainability with its own investment in infrastructure and resources needed to deliver the higher-level skills required by employers now and in the future. The focus for the coming year is to maximise income through educational delivery excellence, customer retention, a fantastic learner experience and investment in business development while continuing to reduce operational costs through ongoing review and integration with University of Lancashire where appropriate. The move to remote delivery for some of our programmes, in response to the COVID-19 pandemic, has proved to have long term benefits for many learners and the business and will therefore continue post pandemic.
Becoming part of the University of Lancashire group has provided stability and investment for the future. Our focus continues to be to deliver high quality, high value training programmes and services that enhance our clients’ ability to succeed. As part of the university structure, we have the breadth of programmes from Level 2 through to Level 6/7 that will enhance the skills and education of our learners and meet the shifting needs of employers. The group will be able to provide a focused service for high level skills for employers and provide a diverse range of academic and vocational programmes for our learners.
The core focus remains to continue to “Build a Sustainable Business”. The government’s Apprenticeship Reform agenda continues to present significant challenges and opportunities regarding programme and associated cashflow management but will also present significant opportunities for us to help our employers in growing their Apprenticeship programmes in line with government and local priorities.
Principal Risks and Uncertainties
The trustees have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial or otherwise. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reassurance that:
-
its assets are safeguarded against unauthorised use or disposition;
-
proper records are maintained, and financial information used within the Charity or for publication is reliable; and the Charity complies with relevant laws and regulations.
-
5 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
The Company has a committee of the Board - the Governance and Audit Committee - which reviews financial reporting, internal controls, risk management, fraud, internal and external audit, safeguarding and health and safety issues. There is a Risk Register which has an action plan to deal with the strategic risks to which the Company is exposed, including operational and financial risks. There is also an effective intelligence and communication structure and continuous monitoring of the plan. On completion of the previous actuarial valuation at 31 July 2023 the Pension Trustees secured the agreement of the Charity Board to fund a package of measures to extinguish the pension deficit (note 21), including increased annual funding contributions of £169,675 for the year ended 31 July 2025 increasing at 3% per annum thereafter to 31 July 2028. The Pension Trustees will continue to consider other measures to further mitigate the risks associated with the deficit. ensure that action can be taken swiftly if changes need to be made to delivery and development plans.
During the year the trustees, through the offices of the Governance and Audit Committee, have received reports from the SMT relating to risk and control. The reports have enabled the trustees to satisfy themselves that the Charity’s risk, fraud, safeguarding and health and safety policies are being implemented, that significant weaknesses of control identified are being promptly addressed and on the overall adequacy and effectiveness of the Charity's system of internal control at the year-end.
The Board of trustees considers the principal risks and uncertainties facing the Charity to be as follows:
Reliance on government funding for income
As in previous years the Charity is heavily reliant on government funding through the DfE. In recent years funding has been reduced on a per learner basis and changes in the education system such as Raising the Participation Age (RPA) have put additional pressure on maintaining the numbers of learners seeking apprenticeships at 16-18 years old. With the introduction of the Employer Levy and the new tendering process for non-levy paying employers, this does present opportunities for the future in terms of growing apprenticeships and making them more affordable to deliver. Proposals within the Governments recent white paper on Further Education suggest flexibilities in the use of Employer Levy funding that may also present opportunities to the Charity.
Defined Benefit Pension Scheme Liability
The Training 2000 Retirement and Death Benefit Scheme deficit is valued at £0.14m under FRS102 at 31[st] July 2025, a decrease of £0.31m in the year.
- 6 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
Structure Governance and Management
Governing Document
Training 2000 Limited is a company limited by guarantee, registered in England and Wales. Its governing document is its Articles of Association.
Appointment of Trustees
As set out in the Articles of Association the trustees are appointed by the Company from the sole member. The Trustees comprise the Chair and Vice Chair, who are elected every third year, and up to twelve others. All trustees give of their time freely and no remuneration or expenses was paid to them in the year.
Induction and Training of Trustees
The Company has an induction pack for new trustees with specific emphasis on Company Law and Charity Commission responsibilities. The induction checklist is reviewed regularly and updated as appropriate. Trustees are required to disclose all relevant interests and register them with the Company Secretary and in accordance with the Charity’s policy they must withdraw from decisions where a conflict of interest arises.
Organisation
The Trustees administer the Charity. The Board meets at least three times per annum and there are committees for Remuneration and Governance & Audit. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the Charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the Board, for operational matters including finance and employment. The Chief Executive is responsible for the leadership and management of the Senior Management Team (SMT) and it is their duty to discharge the day to day operations. They meet on a weekly basis.
Related Parties
On 28 July 2017 Training 2000 Limited became part of the larger University of Lancashire Group Structure. The University is also a Charity and some of the Company's activities and operations are carried out through the now subsidiary Company Training 2000 Limited.
Trustees Liability Insurance
During the year the Charity provided third party liability insurance for its trustees.
- 7 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
Attendance at Board Meetings
Trustees' and secretary’s attendance at Board and Committee meetings, in relation to the number of meetings held, that they were eligible to attend during the year ended 31 July 2025 is set out below:
| Board Members | Board Meetings and AGM |
Governance & Audit Committee |
| D Taylor | 4/4 | N/A |
| Bryan Jones | 4/4 | 2/2 |
| Michael Fernando (to 30/4/2025) |
2/4 | N/A |
| T Webber (to 2/5/2025) | 2/4 | N/A |
| O McCann (to 31/7/2025) | 4/4 | 2/2 |
| I Fisher (Co Sec to 30/4/25) | 2/4 | 2/2 |
| Fiona Winters (Co Sec from 1/5/25) |
2/4 | N/A |
The Environment and Corporate Social Responsibility
The Charity recognises the need to develop its business in a sustainable manner. We strive to develop the business to meet the demands of the present without compromising the needs of future generations. The Charity has developed a Corporate Social Responsibility (CSR) report which outlines and documents the environmental, social and economic activities we undertake to ensure that we operate in a safe and sustainable manner. The Charity has maintained the environmental standard ISO14001 since 2008, In March 2025 the business gained re-accreditation for ISO14001, ISO9001 and ISO45001. The feedback we received from the auditor has confirmed that not only have we have we maintained the three ISO certifications that we hold, but that we have also demonstrated our capacity to continually improve This, along with our CSR underlines our commitment to managing our environmental impact.
Employment and Equality and Diversity
The Charity considers that employee involvement is essential to its continuing success and we use a variety of methods to inform, consult and involve employees. We use a range of communication tools which includes bi-monthly all employee briefings, weekly all employee communications, staff newsletters, intranet, employee forum, informal team meetings with the CEO, regular one to ones and team briefings.
During the year (Aug 24 – July 25) the actual number of people employed by the Charity was on average 132 (2024: 142). The annual labour turnover percentage as at the end of July 2025 for the Charity including fixed term contracts and TUPE transfers is 15% (includes 20 employees).
The Charity is committed to achieving equality through diversity and our policies and strategies recognise that all people have the right to their own distinctive and diverse identity. Promoting equal opportunities applies to both our own staff and our learners. The Charity recognises its responsibilities towards disabled persons and does not discriminate against them either in terms of job offers or career prospects.
All new staff members undertake both a departmental and company induction programme where all the Charity policies and procedures are explained. The induction also includes where employees are able to obtain support for their health and wellbeing including highlighting the Employee Assistance Programme which all employees are able to access for a wide range of support including mental health. The employee engagement activities and wellbeing of staff is part of the People Plan to improve the employee experience which includes health and wellbeing. Key members of staff engage with the
- 8 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
induction programme for new staff members which includes detailed presentations, introductions to other staff members, site familiarisation and the quality and safety procedures.
Pay and Remuneration of Key Management Personnel
Remuneration of the Chief Executive Officer is agreed by the Board, Senior Management Team remuneration is agreed by the CEO.
Health, Safety and Environment
The Board ensures its legal responsibilities for Health, Safety and Environment are met. They require the CEO and senior management team to keep them regularly appraised on the status of all HSE matters.
The Board and CEO, along with the Senior Management Team on site are committed to a strong HSE management system that delivers continual improvement.
During the past year the charity has reviewed and updated its HSE policies and ensured staff are trained on all relevant HSE matters enabling them to operate the business with the objective of providing a healthy, safe and sustainable workplace for all staff and learners.
In addition to regular governance reports from the company HSE Manager throughout the year, the Board, CEO and Senior Management Team receive the Annual Health Safety and Environment Management review detailing HSE performance, accident / incident analysis and legal compliance.
The Charity has a zero RIDDOR target and seeks to minimise the incidence of minor accidents. Through strong Health and Safety management the Charity has seen a steady reduction in minor accidents since 2013. RIDDOR accidents have reduced to a point where the operational areas of the business have sustained just one RIDDOR incident over the last 7 years.
The Charity benchmarks HSE to 2 international standards:
The charity certified to the new international standard in Health and Safety management, ISO45001 in 2021 following a successful transition from the now withdrawn British Standard in Health and Safety, BSOHSAS18001, previously held since 2015.
Since 2009 the charity has continually improved its Environmental performance validating this through certification to the environmental standard ISO14001.
Benchmarking the charity against these standards with annual external auditing ensures the company HSE management systems are robust and continually improving.
Statement of Disclosure to Auditor
So far as the trustees are aware, there is no relevant audit information of which the charitable company's auditor is unaware. Additionally, the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
- 9 -
Training 2000 Limited
Report of the Trustees (incorporating Strategic Report) continued
Statement of Trustees' Responsibilities in respect of the Trustees' Annual Report and the financial statements
The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;
-
assess the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
-
use the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Report of the Trustees was approved on 19 January 2026
D Taylor Chair of the Trustees
- 10 -
Training 2000 Limited
Independent Auditor’s Report to the Members and Trustees of Training 2000 Limited
Opinion
We have audited the financial statements of Training 2000 Limited (“the charitable company”) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Cashflow Statement, and related notes, including the accounting policies in note 1.
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company’s affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charitable company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Going concern
The trustees have prepared the financial statements on the going concern basis as they do not intend to liquidate the charitable company or to cease its operations, and as they have concluded that the charitable company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the trustees’ conclusions, we considered the inherent risks to the charitable company’s business model and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period.
Our conclusions based on this work:
-
we consider that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate;
-
we have not identified, and concur with the trustees’ assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for the going concern period.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charitable company will continue in operation.
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.
- 11 -
Training 2000 Limited
Independent Auditor’s Report to the Members and Trustees of Training 2000 Limited (continued)
Our risk assessment procedures included:
-
Enquiring of the Board of Trustees, the Group Audit Committee and Company Secretary as to the charitable company’s high-level policies and procedures to prevent and detect fraud, as well as whether they have knowledge of any actual, suspected or alleged fraud.
-
Reading Board of Trustees and Group audit committee minutes.
-
Using analytical procedures to identify any unusual or unexpected relationships.
We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not rebut the significant risk of fraudulent revenue recognition due to the historic performance of the entity potentially creating an incentive to misstate revenue.
We did not identify any additional fraud risks.
We performed procedures including:
-
Identifying journal entries and other adjustments to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by senior finance management, journals posted to revenue that were considered outside of the normal course of business, journals posted to seldom used accounts and journals posted by infrequent users.
-
Sample testing of charitable activities income to determine whether it has been recorded accurately and in the correct period.
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the trustees (as required by auditing standards) and discussed with the trustees the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
The charitable company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities and companies legislation). We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Whilst the charitable company is subject to many other laws and regulations, we did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws.
- 12 -
Training 2000 Limited
Independent Auditor’s Report to the Members and Trustees of Training 2000 Limited (continued)
Other information
The trustees are responsible for the other information, which comprises Report of the Trustees (incorporating Strategic Report). Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
-
we have not identified material misstatements in the other information;
-
in our opinion the information given in the Report of the Trustees (incorporating Strategic Report), which constitutes the strategic report and the trustees’ report for the financial year, is consistent with the financial statements; and
-
in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report to you if, in our opinion:
-
the charitable company has not kept adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
Trustees’ responsibilities
As explained more fully in their statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.
- 13 -
Training 2000 Limited
Independent Auditor’s Report to the Members and Trustees of Training 2000 Limited (continued)
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Debra Chamberlain (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants 1 St Peter’s Square Manchester M2 3AE
19 January 2026
- 14 -
Training 2000 Limited
Statement of Financial Activities Year Ended 31[st] July 2025
| Unrestricted Funds |
Restricted Funds |
Total Funds 2025 |
Unrestricted Funds |
Restricted Funds |
Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Funds | ||||||||||
| 2024 | ||||||||||
| Notes | £ | £ | £ | £ | £ | £ | ||||
| Income: | ||||||||||
| Donations and legacies 3 |
1,200,000 | - | 1,200,000 | 1,350,000 | - | 1,350,000 | ||||
| Charitable activities 4 |
5,079,257 | - | 5,079,257 | 4,987,264 | - | 4,987,264 | ||||
| Other trading activities 5 |
99,128 | - | 99,128 | 138,469 | 132,367 | 270,836 | ||||
| Total Income | 6,378,385 | - | 6,378,385 | 6,475,733 | 132,367 | 6,608,100 | ||||
| Expenditure on Charitable Activities: | ||||||||||
| Provision of training 6 |
(3,524,643) | (65,303) | (3,589,946) | (3,563,309) | (67,064) | (3,630,373) | ||||
| Other Charitable Expenditure 6 |
(3,026,965) | - | (3,026,965) | (3,075,648) | - | (3,075,648) | ||||
| Other Expenditure 6 |
(109,240) | - | (109,240) | (110,313) | - | (110,313) | ||||
| Total Resources Expended 6,7 |
(6,660,848) | (65,303) | (6,726,151) | (6,749,270) | (67,064) | (6,816,334) | ||||
| Net income/(expenditure) for the year | (282,463) | (65,303) | (347,766) | (273,538) | 65,303 | (208,234) | ||||
| Profit/(loss) on sale of tangible fixed assets 12 |
- | - | - | (11,168) | - | (11,168) | ||||
| Actuarial gain on pension scheme 21 |
184,000 | - | 184,000 | 159,000 | - | 159,000 | ||||
| Net Movement of Funds in Year Reconciliation of funds: Total funds brought forward |
(98,463) | (65,303) | (163,766) | (125,706) | 65,303 | (60,403) | ||||
| 1,705,114 | 65,303 | 1,770,417 | 1,830,819 | - | 1,830,819 | |||||
| Total Funds Carried Forward | 1,606,651 | - | 1,606,651 | 1,705,114 | 65,303 | 1,770,417 |
The statement of financial activities includes all gains and losses recognised in the year. The accompanying notes form an integral part of these financial statements.
- 15 -
Training 2000 Limited
Statement of Financial Position Year Ended 31[st] July 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Fixed Assets | ||||
| Tangible assets | 12 | 2,083,452 | 2,215,662 | |
| Total Fixed Assets | 2,083,452 | 2,215,662 | ||
| Current Assets | ||||
| Debtors | 13 | 817,022 | 789,732 | |
| Cash at bank & in hand | 14 | 1,171 | 272,363 | |
| 818,193 | 1,062,094 | |||
| Creditors | ||||
| Amounts falling due within one year | 15 | (1,155,137) | (1,053,219) | |
| Net Current (Liabilities)/Assets | (336,944) | 8,875 | ||
| Total Assets Less Current Liabilities | 1,746,508 | 2,224,537 | ||
| Creditors: Amounts falling due after more than one year | - | - | ||
| Net Assets before Pension Scheme Liability | 1,746,508 | 2,224,537 | ||
| Pension Scheme Liability | 22 | (139,857) | (454,120) | |
| Net Assets after Pension Scheme Liability | 1,606,651 | 1,770,417 | ||
| The Reserves of the Charity | ||||
| Unrestricted funds: | ||||
| Designated | 20 | 199,507 | 282,968 | |
| Other | 19 | 1,547,001 | 1,876,266 | |
| Unrestricted Funds excluding Pension Liability | 1,746,508 | 2,159,234 | ||
| Pension Scheme Liability | 21 | (139,857) | (454,120) | |
| Total Unrestricted Funds | 1,606,651 | 1,705,114 | ||
| Restricted funds | - | 65,303 | ||
| Total Reserves | 1,606,651 | 1,770,417 |
The accompanying notes form an integral part of these financial statements.
Approved by the Board and authorised for issue on 19 January 2026
D Taylor Chair Company Registration Number: 02380675
- 16 -
Training 2000 Limited
Cashflow Statement For the Year Ended 31[st] July 2025
| Cash used in operating activities Net expenditure for the year Adjustments for: (Increase)/decrease in debtors Increase/(decrease) in creditors Depreciation Difference between pension contributions and current service cost Interest payable Net cash (used in)/from operating activities Cash flows from investing activities Sale of fixed assets Net cash from/(used in) investing activities Cash flows used in financing activities Interest paid Net cash used in financing activities Increase/(decrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year Cash and cash equivalents Cash in hand Bank overdraft |
2025 £ (347,766) (27,291) (29,583) 132,210 (130,263) 8,113 (394,580) - - (8,113) (8,113) (402,693) 272,363 (130,330) 1,171 (131,501) (130,330) |
2024 £ (208,234) 331,248 (78,279) 156,943 (115,333) 13,324 99,669 113,000 113,000 (13,324) (13,324) 199,345 73,017 272,363 272,363 - 272,363 |
|---|---|---|
The accompanying notes form an integral part of these financial statements.
- 17 -
Training 2000 Limited
Notes to the Financial Statements For the Year Ended 31[st] July 2025
1. Accounting Policies
The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
a. General Information
Training 2000 Limited is a company incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities is the delivery of a range of training programmes. The company is a private company limited by guarantee.
b. Basis of Accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Companies Act 2006.
Training 2000 Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. At 31 July 2025 the Charity’s total net assets (excluding the pension scheme deficit of £139,857) were £1,746,508. Net current liabilities were £336,944.
The trustees have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of severe but plausible downsides, the company will have sufficient funds, through funding from its ultimate parent, the University of Lancashire, to meet its liabilities as they fall due for that period.
The University of Lancashire has indicated its intention to continue to make available such funds as are needed by the company for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the trustees acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the trustees are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Further details relating to going concern have been included in the trustees report.
The financial statements are prepared in sterling, which is the functional currency of the entity.
c. Incoming Resources
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from charitable activities, which includes income received under contract where entitlement to grant funding is subject to specific performance conditions, is recognised as earned as the related services are provided and it is probable that the income will be received and the amount can be measured reliably and is
- 18 -
Training 2000 Limited
Notes (continued)
not deferred. Income from training represents the provision of services excluding VAT, arising solely in the UK. Income is recognised on a receivable basis.
Income received in advance of activities or provision of other specified service it is deferred until the criteria for income recognition are met.
d. Interest Receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
e. Fund Accounting
Restricted funds are set up to account for situations where the provider has stated that the income must be used for a specific purpose.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
Unrestricted funds are the balance of funds and are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity.
f. Resources Expended
Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other payments are recognised when a constructive obligation arises that results in the payment being unavoidable.
Charitable activities include expenditure associated with the provision of training and include both the direct and support costs relating to these activities.
Support costs comprise the costs incurred by the company which are not direct costs of providing training but are incurred by the company in order to fulfil its charitable activities and have been allocated to activity cost categories on a basis that reflects levels of activity and usage. The bases on which support costs have been allocated are set out in note 6.
g. Fixed Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of Tangible Fixed Assets over their estimated useful lives. The rates used on a straight line method are:
| Leasehold Property | 2% | per annum |
|---|---|---|
| Property Improvements | 10% | per annum |
| Temporary Buildings | 10 - 20% | per annum |
| Plant & Machinery | 10 - 33% | per annum |
| Advanced Plant & Machinery | 5% | per annum |
| Motor Vehicles | 25% | per annum |
| Fixtures & Fittings | 10 - 20% | per annum |
| Computer Equipment | 20 - 100% | per annum |
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable.
h. Government Grants
Furlough and Provider Relief Grants are recognised as income as received. Grants received towards the purchase of fixed assets are credited to the Statement of Financial Activities in full in the year of receipt as restricted funds. When the grant is spent it is transferred to designated funds and it is then transferred to unrestricted funds over the estimated useful life of the asset concerned. Whilst this treatment is not in
- 19 -
Training 2000 Limited
Notes (continued)
accordance with FRS102 Charity SORP, the Charity Commission has advised that this treatment is the most appropriate for charities.
i. Assets held for sale
Assets held for sale are measured at the lower of the carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and gains or losses on subsequent re-measurements are included in the statement of financial activities.
j. Stock
Stock is valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.
k. Pension Costs
Contributions payable to the Charity defined benefit pension scheme are assessed in accordance with actuarial advice and based on the most recent valuation of the scheme. These costs are accounted for in accordance with FRS102 Charity SORP.
Contributions payable to the Charity defined contribution pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
l. Operating Lease Rentals
The costs of operating leases are charged to the Statement of Financial Activities as they accrue.
m. Irrecoverable VAT
The majority of the Charity's turnover is exempt from VAT. However, some activities are subject to VAT and give rise to a small amount of VAT recovery. Any irrecoverable VAT is written off in the Statement of Financial Activities.
n. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All financial assets that are individually significant are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2. Critical estimates and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
- 20 -
Training 2000 Limited
Notes (continued)
Significant judgements
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
-
Determination of whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
-
Determination of whether leases entered into by the company as lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
-
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
-
Determination of recoverability of trade debtors. A specific provision is made against certain debts where in the opinion of the trustees the debt is not fully recoverable.
3. Donations and Legacies
| . Donations and Legacies | ||
|---|---|---|
| Donation from University of Lancashire Other Donations . Incoming Resources from Charitable Activities Engineering and Automotive Training Professional, Health & Construction Services Traineeships Other |
2025 £ 1,200,000 - 1,200,000 2025 £ 3,115,171 1,611,785 318,128 34,173 5,079,257 |
2024 £ 1,350,000 - 1,350,000 |
| 2024 £ 2,974,776 1,650,137 362,175 175 4,987,264 |
4. Incoming Resources from Charitable Activities
- 21 -
Training 2000 Limited
Notes (continued)
5. Other Trading Activities
| Catering Income Other . Charitable Activities - Resources Expended Employment Costs Depreciation Course Costs Establishment Costs General Overheads Sundry Direct costs Ops & Central Recruitment Human Resources Health & Safety Information Technology Facilities & Security Finance Marketing Business Assurance Support Services Support costs Total Direct & Support Costs |
2025 £ 56,199 42,929 99,128 2025 £ 2,747,430 85,135 744,442 298,980 37,590 386,282 4,299,859 388,627 149,309 40,110 148,822 444,069 7,775 478,528 502,525 266,527 2,426,292 **6,726,151 ** |
2024 £ 60,662 210,174 270,836 2024 £ |
||
|---|---|---|---|---|
| 2,911,510 101,681 770,225 234,858 36,561 370,679 |
||||
| 4,425,515 328,378 136,267 44,040 128,828 359,331 215,642 440,668 478,897 258,768 |
||||
| 2,390,819 | ||||
| 6,816,334 |
6. Charitable Activities - Resources Expended
Included within Support Costs are depreciation charges of £45,553 (2024: £55,262)
7. Net Income/(Expenditure) for the Year
Net income/(expenditure) is stated after charging:
| Depreciation Auditor’s Remuneration - for the audit of the Charity’s annual accounts |
2025 £ 132,210 52,500 |
2024 £ |
|---|---|---|
| 156,943 35,100 |
- 22 -
Training 2000 Limited
Notes (continued)
8. Staff Costs
The average number of persons employed by the Charity during the period was as follows:
| Charitable Activities Support |
2025 Number 85 47 132 |
2024 Number |
|---|---|---|
| 92 50 |
||
| 142 |
| Staff costs comprise: Wages & Salaries Social Security Costs Other Pension Costs Agency Staff Costs Redundancy Costs Benefits in Kind |
Direct Employees £ 2,394,197 244,707 89,958 7,870 - 2,736,732 10,698 2,747,430 |
Support Employees £ 1,563,801 153,784 67,158 - 17,326 1,802,069 4,743 1,806,812 |
2025 £ 3,957,998 398,491 157,116 7,870 17,326 4,538,801 15,441 4,554,242 |
2024 £ |
|---|---|---|---|---|
| 4,036,503 371,848 184,870 36,214 - |
||||
| 4,629,435 16,918 |
||||
| 4,646,353 |
The number of employees whose emoluments exceeded the rate of £60,000 per annum was as follows:
£80,001 - £90,000
| 1 1 |
1 |
|---|---|
| 1 |
These employees are members of the company’s group personal pension scheme. Total contributions in the year in respect of these employees were £11,500 (2024: £11,500).
The key management personnel of the Charity comprise the trustees and the Chief Executive Officer. The total employee remuneration and benefits of the key management personnel was £111,454 (2024: £110,947).
9. Interest and Other Finance Costs
| Bank Interest & Charges Net Charge on Pension Scheme |
2025 £ 8,113 39,000 47,113 |
2024 £ |
|---|---|---|
| 13,324 49,000 |
||
| 62,324 |
- 23 -
Training 2000 Limited Notes (continued)
10. Taxation
As the Company is a registered charity, no provision has been made for taxation on the net income for the period.
11. Transfers Between Funds
During the current year £83,461 (2024: £101,060) was transferred from designated funds to other unrestricted funds in respect of the amortisation of capital grants
12. Tangible Assets
| Plant & Machinery Motor Vehicles Fixtures & Fittings £ £ £ Cost at 1 August 2024 1,128,893 15,000 225,270 Additions - - - Disposals - - - Cost at 31 July 2025 1,128,893 15,000 225,270 Depreciation at 1 August 2024 746,992 15,000 222,281 Depreciation charge 35,067 - 1,928 Disposals - - - Depreciation at 31 July 2025 782,059 15,000 224,209 Net Book value – 31 July 2025 346,834 - 1,061 Net Book value – 31 July 2024 381,901 - 2,989 Net Book Value of Freehold Property as at 31 July 2025 Net Book Value of Long Leasehold Property as at 31 July 2025 Net Book Value of Property as at 31 July 2025 |
New Technology Equipment £ 223,203 - - 223,203 223,203 - - 223,203 - - |
Land & Buildings £ 6,771,460 - - 6,771,460 4,940,688 95,215 - 5,035,903 1,735,557 1,830,772 - 1,735,557 1,735,557 |
Total £ |
|---|---|---|---|
| 8,363,826 - - |
|||
| 8,363,826 6,148,164 132,210 - |
|||
| 6,280,374 | |||
| 2,083,452 | |||
| 2,215,662 | |||
- 24 -
Training 2000 Limited
Notes (continued)
| 13. Debtors Debtors from Training Fees Less: Reserve for Doubtful Debts Prepayments & Accrued Income Other Debtors Group Debtors 14. Cash at Bank & in Hand Bank Deposit Accounts Cash in Hand 15. Creditors: Amounts falling due within one year Trade Creditors Other Taxes & Social Security Deferred Income Accruals Other Creditors Group Creditors Bank Overdraft Annual Leave Accrual |
2025 £ 789,952 (155,179) 634,773 136,657 41,037 4,555 817,022 2025 £ - 1,171 1,171 2025 £ 53,449 128,859 157,062 204,549 214,769 173,788 131,501 91,160 1,155,137 |
2024 £ |
|---|---|---|
| 765,100 (242,165) |
||
| 522,935 107,311 113,682 45,804 |
||
| 789,732 | ||
| 2024 £ |
||
| 270,896 1,467 |
||
| 272,363 | ||
| 2024 £ 93,200 159,642 99,840 225,787 200,272 181,980 - 92,497 1,053,219 |
- 25 -
Training 2000 Limited
Notes (continued)
16. Deferred income
Deferred income comprises funding received for activities which straddle the year end.
| Balance as at 1 August Amount released to incoming resources Amount deferred in year Balance as at 31 July |
2025 £ 99,840 (119,761) 176,983 157,062 |
2024 £ |
|---|---|---|
| 178,627 (193,333) 114,546 |
||
| 99,840 |
17. Agency Arrangements
The Charity distributes bursary funds to learners as an agent for the Education and Skills Funding Agency (DfE). In the current financial year the Charity received £30,148 (2024: £26,354) and disbursed £18,931 (2024: £17,270) from the funds. An amount of £127,175 (2024: £115,959) is included in other creditors relating to undistributed funds potentially repayable to the DfE.
18. Financial Instruments
| 2025 £ Financial assets that are debt instruments measured at amortised cost: Cash at Bank and in Hand 1,171 Trade Debtors (less provision) 634,773 Total Financial Assets 635,944 Financial liabilities that are debt instruments measured at amortised cost Trade Creditors 53,449 Accruals 204,549 Bank Overdraft 131,501 Total Financial Liabilities 389,499 |
2024 £ 272,363 522,935 795,297 93,200 225,787 - 318,987 |
|---|---|
- 26 -
Training 2000 Limited
Notes (continued)
19. Reserves
| At 1st August 2023 Net incoming resources before transfers Actuarial gain on pension Less pension adjustments Transfer in respect of grant amortisation (note 20) At 31st July 2024 Net incoming resources before transfers Actuarial gain on pension Less pension adjustments Transfer in respect of grant amortisation (note 20) At 31st July 2025 |
Designated Funds £ 384,028 - - - (101,060) 282,968 - - - (83,461) **199,507 ** |
Unrestricted Funds £ 2,175,244 (284,706) 159,000 (274,334) 101,060 1,876,266 (282,463) 184,000 (314,263) 83,461 **1,547,001 ** |
Restricted Funds |
|---|---|---|---|
| £ | |||
| - 65,303 - - - |
|||
| 65,303 | |||
| (65,303) - - - |
|||
| - |
Grants towards the purchase of fixed assets are transferred to designated funds when the asset is purchased. The grants are released in line with depreciation of the assets. Bursary funding received from the Education and Skills Funding Agency has been accounted for under an agency arrangement – see note 17 for further details
Other restricted funds represent funds that the company may use for any purpose so long as it meets the aims and objectives of the company as outlined in the governing document.
20. Designated Funds
| 20. Designated Funds | ||
|---|---|---|
| At 1st August Transfer in respect of grant amortisation on previous capital grants At 31st July |
2025 £ 282,968 (83,461) 199,507 |
2024 £ |
| 384,028 (101,060) |
||
| 282,968 |
Grants towards the purchase of fixed assets are transferred to designated funds when the asset is purchased. The grants are released in line with the depreciation of the assets.
- 27 -
Training 2000 Limited
Notes (continued)
21. Pension Arrangements
The Charity currently operates the following pension schemes:
The Training 2000 Limited Retirement and Death Benefit Scheme ("the Main Scheme") - a defined benefit scheme which has been closed to new members and continuing contributions.
A Group Personal Pension Plan which is a defined contribution scheme.
The Training 2000 Limited Retirement and Death Benefit Scheme
The following calculations as at 31 July 2025 have been provided by the actuaries, First Actuarial LLP, using the projected unit actuarial cost method.
Principal actuarial assumptions used by the actuary were as follows:
| 2025 % Rate of inflation 3.0 Rate of increase in pensions 2.4 Discount rate 5.8 Mortality rates for current and future pensioners 115% of S3PA CMI Model 2023 with a long-term improvement rate of 1.25%pa The amounts recognised in the balance sheet are as follows: 2025 £ Present value of funded obligations (4,919,000) Fair value of plan assets 4,779,000 Net pension deficit (140,000) nalysis of amounts charged to the Statement of Financial Activities Other finance costs: Expected return on pension scheme assets (237,000) Interest on pension scheme liabilities 256,000 Net cost 19,000 Total charge to resources expended in Statement of Financial Activities 19,000 |
2024 % |
|---|---|
| 3.1 3.1 5.0 115% of S3PA CMI Model 2023 with a long-term improvement rate of 1.25%pa 2024 £ |
|
| (5,270,000) 4,816,000 |
|
| (454,000) (230,000) 263,000 |
|
| 33,000 | |
| 33,000 |
Analysis of amounts charged to the Statement of Financial Activities
- 28 -
Training 2000 Limited
Notes (continued)
21. Pension Arrangements continued
Analysis of the actuarial gains and losses shown in the Statement of Financial Activities:
| Actuarial gains/(losses) on assets Actuarial gains on liabilities Actuarial gain recognised Changes in the fair value of the defined benefit obligation are as follows: Opening defined benefit obligation Interest on pension scheme liabilities Actuarial losses/(gains) Benefits/transfers paid Closing defined benefit obligation Changes in the fair value of plan assets are as follows: Opening fair value of plan assets Interest income on plan assets Actuarial gains/(losses) Employer contributions Expenses Paid Benefits/transfers paid Closing fair value of plan assets |
2025 £ (130,000) 314,000 184,000 5,270,000 256,000 (314,000) (293,000) 4,919,000 4,816,000 237,000 (130,000) 169,000 (20,000) (293,000) 4,779,000 |
2024 £ 145,000 14,000 159,000 5,302,000 263,000 (14,000) (281,000) |
|
|---|---|---|---|
| 5,270,000 | |||
| 4,574,000 230,000 145,000 164,000 (16,000) (281,000) 4,816,000 |
- 29 -
Training 2000 Limited
Notes (continued)
21. Pension Arrangements continued
The split of assets between investment categories is as follows:
| follows: | |||||
|---|---|---|---|---|---|
| Equities and other assets Cash / Liquidity Annuities / annuity policies Amounts for current and previous years: 2025 £ Defined benefit obligation (4,919,000) Plan assets 4,779,000 (140,000) |
2025 £ 2,702,000 250,000 1,828,000 4,780,000 2024 £ (5,270,000) 4,816,000 (454,000) |
2025 % 56.5 5.3 38.2 100 2023 £ (5,302,000) 4,574,000 (728,000) |
2024 2024 £ % 2,659,000 55.2 206,000 4.3 1,951,000 40.5 4,816,000 100 2022 2021 £ £ (6,475,000) (8,234,000) 5,139,000 6,019,000 (1,336,000) (2,215,000) |
||
| (8,234,000) 6,019,000 |
|||||
| (2,215,000) |
The cumulative amount of actuarial losses recognised since 1 August 2005 are £648,000.
Scheme assets as at 31 July 2025 have been valued at bid price.
Following the closure of the scheme on 1 November 2006 the only future contributions are recovery plan payments made by the employer towards past service costs. Following the conclusion of the scheme actuarial valuation as at 31 July 2023 the trustees agreed to increase deficit funding contributions going forward, with contributions set at £169,675 for the year ended 31 July 2025 and increasing at 3% per annum thereafter (2024: £164,733).
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others regarding the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed Virgin Media Limited’s appeal against aspects of that decision. On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill which would allow affected pension schemes to retrospectively obtain written actuarial confirmation that historical benefit changes met the necessary standards. The Company and the trustees of the Training 2000 Limited Retirement and Death Benefit Scheme have considered the implications of these developments. The defined benefit obligation continues to be calculated based on the benefits currently administered, and in light of the proposed legislative changes, the directors do not expect any additional liabilities to arise as a result of the Virgin Media case.
The Group Personal Pension Plan
In addition to the above the Charity contributes to a Group Personal Pension Plan on behalf of employees. The total pension cost for the Charity in respect of this plan was £157,116 (2024: £184,870). Included in other creditors as at 31 July 2025 is an amount of £26,313 (2024: £29,711) in relation to the pension payments for July 2025.
- 30 -
Training 2000 Limited
Notes (continued)
22. Analysis of Net Assets Between Funds
| Funds at 31 July 2025 are represented as follows: Tangible assets Debtors Cash at bank and in hand Creditors falling due within one year Pension Scheme Liability Funds at 31 July 2024 were represented as follows: Tangible assets Debtors Cash at bank and in hand Creditors falling due within one year Pension Scheme Liability |
Designated Funds £ 199,507 - - - - 199,507 Designated Funds £ 282,968 - - - - 282,968 |
Other Unrestricted Funds £ 1,883,945 817,022 1,171 (1,155,137) (139,857) 1,407,144 Other Unrestricted Funds £ 1,867,391 789,732 272,363 (1,053,219) (454,120) 1,422,145 |
Restricted Funds £ - - - - - - Restricted Funds £ 65,303 - - - - 65,303 |
|---|---|---|---|
23. Financial Commitments
The Charity had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
| Payments due Less than one year Between two and five years Over five years |
2025 £ 80,734 266,402 5,141,569 5,488,705 |
2024 £ 96,524 221,215 4,072,398 4,390,138 |
|---|---|---|
- 31 -
Training 2000 Limited
Notes (continued)
24. Analysis of Changes in Net Debt
| 24. Analysis of Changes in Net Debt | |||
|---|---|---|---|
| Cash at bank and in hand Total |
At 1 Aug 2024 £ 272,363 272,363 |
Cash flow £ (402,693) (402,693) |
At 31 July 2025 £ |
| (130,330) | |||
| (130,330) |
25. Related Party Transactions
In accordance with section 33.1a of FRS102, “Related Party Disclosures”, the Company is exempt from disclosing details of arrangements with other companies in the University of Lancashire group.
Due to the nature of the Company’s operations and the composition of the Board, being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the Board may have an interest. Any transactions involving organisations in which a member of the Board may have an interest are conducted at arms-length. No transactions were identified which were required to be disclosed.
No Board member has received any remuneration/waived payments/expense payments from the company during the year in their capacity as a Board member. (2024 - none).
26. Ultimate parent company and parent undertaking of larger group of which the company is a member
With effect from 28 July 2017 the company has been a subsidiary undertaking of the University of Lancashire Higher Education Corporation incorporated in England and Wales. The ultimate parent company is the University of Lancashire Higher Education Corporation, incorporated in England and Wales.
The largest and smallest group in which the results of the company are consolidated is that headed by the University of Lancashire Higher Education Corporation. The consolidated accounts of this company may be obtained from:
University Chief Finance Officer University of Lancashire Harris Building Preston PR1 2HE
The University of Lancashire Higher Education Corporation is an exempt charity under the terms of the Charities Act 2011.
- 32 -