Registered number:
(A company limited by guarantee)
For the year ended
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Company Information
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Contents
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Strategic Report
For the year ended 31 August 2024
The Company (Gen II) was established in 2000 and specialises in the Engineering, Nuclear, and Manufacturing sectors. In May 2017, Gen II joined The City & Guilds Group.
Gen II currently operates from 5 training centres across Cumbria and employs circa 147 employees (115 in October 2024 following the Sellafield relate Tupe), the majority of which are direct delivery staff. Through targeted development of commercial training, Gen II continues to grow its geographic and product portfolio. Gen II has developed many higher-level programmes to meet the needs of industry including the suite of nuclear related technology foundation degrees. The quality of teaching and learning is paramount, resulting in Gen II’s excellent success rates, typically 20% above the national average. Collaborative working is a fundamental part of Gen II’s ethos. The company worked intensively on trailblazer projects for the development of new apprentice frameworks as well as continued working with our academic partners to develop a suite of industry driven degree level programmes. Gen II currently works with over 200 local and national clients delivering a broad range of programmes from Level 2 study programmes to Level 6 degree apprenticeships. Many of these programmes have been developed specifically for employers or in response to Government initiatives. In developing programmes for local, national and international clients, Gen II proactively seeks out delivery partners, thus enhancing its own capability. In all aspects of developing programmes, Gen II responds to the needs to the client in delivering to time, quality and cost. Gen II has approximately 1,300 Apprentices in learning, with 300 higher education students and deliver approximately 10,000 delegate days of short course training per annum.
Gen II has faced a difficult trading year associated with increasing costs, challenging new learner starts, and stagnant ESFA and contracted apprenticeship reimbursement. This has led to in year revenue challenges. Gen II has successfully reduced its cost based throughout the trading period, making significant staff cost savings.
During the year, Gen II have introduced a range of interventions to turn the business around;
∙Embedded its new management team and governing body, providing direction, oversight, and challege;
∙Successfully gained a 'Good' inspection grading at its most recent inspection, including 'Good' in every sub-category. This is a testament to the company's quality improvement journey;
∙Secured Sellafield direct award for apprenticeships and maintained our short course and graduate contracts;
∙Secured circa. £600k in grant funding to support HTQ and LSIG developments
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Strategic Report (continued)
For the year ended 31 August 2024
Gen II’s high-level priorities going into FY24 are to;
∙Deliver high quality training that meets the needs of learners and employers;
∙Maintain a strong reputation in the community;
∙Be financially sustainable;
∙Focus on the manufacturing and non-STEM markets and short course growth;
∙Underpinned by a highly skilled and engaged workforce
Gen II will continue to review its curriculum offer based on employer demand and performance. The business will look to expand its offer outside of Cumbria, with a specific focus on Health and Safety and Clean Energy Training (including Nuclear). Gen II is in the process of bidding for a number of large contracts that, if successful, will create significant financial upside for the business.
Additionally, Gen II will continue to look for cost saving opportunities in its existing operations to ensure that operating costs remain efficient for the business. Initial reports suggest the headcount reduction programme in FY23 and further reductions in FY24 are having the desired impact, but this will continue to be monitored. Gen II will continue to work with a range of stakeholders and partners, including: the ESFA, the Nuclear Decommissioning Authority, Sellafield Ltd, the Cumbria Chamber of Commerce, ECITB, and the National College for Nuclear. Overall Gen II, with City and Guilds' support, is putting into place both the team and the resources necessary to continue the tunaround in FY25, and is well placed to face the future challenges of the market. Financial KPIs 2023 2024 Gross Margin 44.5% 44.6%
EBITDA (£1,936,246) (£725,310)
Current Ratio 1.38 0.81
This report was approved by the board and signed on its behalf.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Directors' Report
For the year ended 31 August 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £1,754,363 (2023 -loss £1,907,439).
During the year, a distribution of £nil (2023: £nil) was made to the Parent. The directors do not recommend payment of a final distribution.
The directors who served during the year were:
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Directors' Report (continued)
For the year ended 31 August 2024
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Independent auditors' report to the members of Gen II Engineering & Technology Training Limited
We have audited the financial statements of Gen II Engineering & Technology Training Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Independent auditors' report to the members of Gen II Engineering & Technology Training Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Independent auditors' report to the members of Gen II Engineering & Technology Training Limited (continued)
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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate the risks related to fraud on non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-Bribery and Corruption.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Independent auditors' report to the members of Gen II Engineering & Technology Training Limited (continued)
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Independent auditors' report to the members of Gen II Engineering & Technology Training Limited (continued)
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Statement of Comprehensive Income
For the year ended 31 August 2024
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Registered number: 03804696
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 26 form part of these financial statements.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Statement of Changes in Equity
For the year ended 31 August 2024
Statement of Changes in Equity
For the year ended 31 August 2023
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
Gen II Engineering & Technology Training Limited is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Centre for Advanced Manufacturing & Nuclear Skills, Blackwood Road, Lillyhall Industrial Estate, Workington, Cumbria, CA14 4JJ. The registered number is 03804696.
This principal activity of the company is the provision of short courses, apprenticeships, and education qualifications.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of The City & Guilds of London Institute as at 31 August 2024 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
The Directors review the company’s financial plans and its principal financial risks on an ongoing basis. They are satisfied that Gen II Engineering & Technology Training Limited has sufficient resources to continue operating for the foreseeable future and the statutory accounts have been prepared in the knowledge that the entity is a financially viable organisation.
In forming this opinion, it is noted that the company has shown significant improvement financially in FY24 compared to the prior year, as it continues its progress towards rightsizing the business for sustainable growth. In H2 of FY24, headcount has reduced significantly through a combination of natural attrition and redundancies, including a significant reduction in our senior leadership team, to ensure that Gen II can run a sustainable business model for the foreseeable future. Commitment to the long-term strategy of Gen II is supported by the recent agreement of a 27 month contract with Sellafield, which will extend our longstanding relationship out to the end of FY26. Gen II play an integral role in the wider C&G Group growth strategy set out in the latest detailed 5 year plan, showing our plans to grow a sustainable apprenticeship-led model, underpinned by innovative and efficiently run programmes of learning. For the reasons set out above, the Directors are of the opinion that it remains appropriate to continue to prepare the financial statements on a going concern basis.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets's carying amount and the present value of estimated cash flows. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The directors believe that judgements, estimate and assumptions do not have a significant risk of causing a material difference to the carrying amount of the assets and liabilities within the next financial year.
The whole of the turnover is attributable to provision of short courses, apprenticeships, and education qualifications.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
Page 19
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
Page 20
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
There were no factors that may affect future tax charges.
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
Page 22
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
Page 23
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
Page 24
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
Profit and loss account
Page 25
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Gen II Engineering & Technology Training Limited
(A company limited by guarantee)
Notes to the Financial Statements
For the year ended 31 August 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £338,873 (2023: £351,544). Contributions totalling £nil (2023: £56,341) were payable to the fund at the balance sheet date.
The ultimate parent company is The City and Guilds of London Institute, a company registered in England, company number RC000117. There is no overall controlling party of The City and Guilds of London Institute. City and Guilds is the parent company for the largest group of which group accounts are prepared.
Gen II Engineering & Technology Training Limited is exempt from the obligation to deliver consolidated accounts as its results and balances are included within the consolidated accounts of its parent. Copies of the accounts of The City and Guilds of London Institute can be obtained from the Registrar of Companies.
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