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2024-09-30-accounts

Registered number: 02629347 Charity number: 1004963

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK (A Company Limited by Guarantee)

DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Patron, President, 1 - 2
Immediate Past President and Vice Presidents and Advisers
Chairman's Statement 3 - 4
Directors' Report 5 - 10
Independent Auditor's Report on the Financial Statements 11 - 14
Statement of Financial Activities 15
Balance Sheet 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 37

(A Company Limited by Guarantee)

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS PATRON, PRESIDENT, IMMEDIATE PAST PRESIDENT AND VICE PRESIDENTS AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Patron, President, HRH The Princess Royal, Patron Immediate Past President and Vice Presidents

L Daniels, OBE, FCILT, President from 1 January 2023 S Gooding, FCILT, President to 31 December 2022

Beverley Bell CBE FCILT Will Whitehorn FCILT Steve Gooding CB FCILT Elizabeth Gilliard Air Vice Marshall Rich Pratley FCILT Jin Sahota FCILT Lord Tony Berkeley FCILT Paul Sainthouse FCILT Air Commodore Damian Alexander CBE FCILT Anna Whitty MBE FCILT

Directors and Trustees

V K Singla, FCILT, Director, Chairman (from 25 May 2023) Paul Le Blond FCILT Steve Cross FCILT Anna-Jane Hunter FCILT Joann Robertson FCILT Dr Sarah Shaw FCILT Vikram Singla FCILT Austin Birks FCILT Alan Jones FCILT Muriel Kemkeng CMILT (appointed July 2024) David Bermingham FCILT Antionette Irvine (appointed July 2024) Jonathan Chadburn FCILT (appointed July 2024) Leigh Anderson (appointed July 2024) Paul Hunter FCILT (appointed July 2024)

Company registered number 02629347 Charity registered number 1004963

Registered office 3 - 4 Earlstrees Court Earlstrees Road Corby Northamptonshire NN17 4AX

Page 1

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS PATRON, PRESIDENT, IMMEDIATE PAST PRESIDENT AND VICE PRESIDENTS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Company secretary A J Weatherill, FCA, FCILT
Chief Executive P Adams (from December 2023)
A J Weatherill, FCA, FCILT (Interim - June 2023 to December 2023)
Independent auditor Forvis Mazars LLP
Chartered Accountants
90 Victoria Street
Bristol
BS1 6DP
Bankers Barclays plc
497 Silbury Boulevard
Milton Keynes
MK9 2LD
Solicitors Stone King LLP
Boundary House
91 Charterhouse Street
London
EC1M 6HRS
Investment managers Investec Wealth and Investment Management Ltd
30 Gresham Street
London
EC2V 7QN

Page 2

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

We have achieved significant milestones over the past year especially we embarked on multi-year modernisation journey spread across three phases. Our commitment to our core values and purpose of professionalising the profession remains unwavering, and we continue to uphold the high standards our profession demands. I am particularly excited by the progress made around competency framework development.

This past year we have focussed on putting in place solid foundations (called brilliant basics) to enable a future of sustainable growth, to deliver our charitable objects at scale and to strengthen the future capability of the profession. Through dialogue and informed by a commissioned piece of market research we have achieved collective agreement (published as a formalised strategy) on how to reach our goals through three areas of delivery aligned to our values:

Collaborate and build strong and beneficial relationships : Enable positive and long lasting mutually beneficial relationships across our community which increase professional fulfillment through effective delivery of value to organisations and individuals.

Shape and deliver professional products and services: Enhance the capability and knowledge of individuals and organisations through a focused suite of professional products and services that are recognised and requested by the profession and add value to members and their careers.

Share insight and amplify impact: Empower and facilitate impact through the provision of thought leadership, technical guidance, knowledge and an effective marketing and communications strategy.

Through continuing work already in progress and with the introduction of new areas of focus, our methods to deliver our strategic aims and goals have been defined through collaboration. Collaboration with the leadership and operational teams across the Institute, as well as through consideration of valuable feedback from our members, communities and market research which underpins our methods of delivery. I look forward to building on this work in 2025.

There have been a few changes in key staff during the year including the appointment of Paul Adams as Chief Executive Officer and a restructure of the senior management team (SMT).

Generation Logistics - I welcome the ongoing success of Generation Logistics, which exceeded its Year 2 targets. It has made a strong start to its third year, welcoming sponsors and partners. The Year 3 focus remains on 13-24 year olds, with operational support moving across to our Logistic UK partner.

Membership - Individual membership has had a solid year maintaining a level of circa 7,750 Core members, this has demonstrated a significant turnaround in an area, that has experienced long term decline. Corporate Membership has also begun to deliver growth and our approach to working with organisational partners is evolving to further enhance this offering.

Events - Women in Logistics Conference was a highlight of the 2024 events calendar, with 150 attending physically. Hybrid events will be increasingly harnessed in 2025 ensuring best practice is accessible to members, no matter their location.

Professional Qualification and Awarding - The Education and Professional Standards department launched the new Level 3 Practitioner Certificate in Logistics and Supply Chain Operations and Level 5 Professional Certificate in Supply Chain and Operations Management Qualifications with four cohorts now progressing through the qualification courses via The Learning Centre. There is already strong interest from organisations to use these qualifications as part of internal training programmes and pathways as they are aligned to the CILT(UK) Competency Framework. A Level 5 Diploma and a new Level 6 will be available for enrolment in early 2025.

The Awarding Organisation has continued to grow and develop new qualifications. CILT(UK) Learners have taken 7,320 assessments on the TMCPC alone. CILT(UK) continues to lead the industry with CPC certifications. The

Page 3

(A Company Limited by Guarantee)

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024

AO has launched two new qualifications in 2023 (whilst retiring older ones) and more are in development. CILT(AO) continues to accredit other organisation’s specialist qualifications and recently added University accreditation to the portfolio.

The Institute is successfully building its position as the ‘trusted voice for UK logistics, transport and mobility’. Numerous meetings have been held with ministers and government officials, providing an essential balanced perspective to inform government policy making. CILT has made several consultation responses across government, as well as producing stand alone, and highly influential reports on areas of particular interest.

Following the ongoing restructuring of the Marketing and Communications team, there has been a visible improvement in the service to members and colleagues and a positive improvement in our Social Media presence: LinkedIn engagements – 337,895, Facebook engagements 31,777 and Instagram engagements 3,897.

Focus magazine is both physical and online. The e-newsletter has had over 625,091 engagements and the website has had over 74,326 engagements. The Knowledge Centre continues to be a valuable resource and 2,500 members on average access the resources on a quarterly basis.

During 2024 a number of digital improvements have been completed including the upgrade of the CRM system and a review of GDPR processes as well as successfully achieving the Cyber Essentials certification. Work to redesign the website has begun and with the intention to launch in 2025, alongside a new learner management system (LMS).

The governance review has been initiated to ensure the Board and Bye-Laws meet the needs of the Institute.

I would like to recognise and offer my thanks to all the hard work done by our expert and passionate volunteer members, especially during the first date of transition as we modernise. the Board for their continued support for our actions and strategy and to our President and the Vice Presidents for their advice and guidance and especially to the Institute’s Staff who continue to support our members and learners with professionalism, kindness and patience.

Vikram Singla Vikram Singla (Jan 24, 2025 11:02 GMT)

V K Singla, Chairman

Page 4

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Directors (who are also trustees of the Charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of The Chartered Institute of Logistics and Transport in the UK (the Company) for the year ended 30 September 2024. The Directors confirm that the Annual Report and financial statements of the Company comply with the current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable in the UK and Republic of Ireland (FRS 102) (Effective 1 January 2019). The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements. The Directors have also had regard to the Charity Commission's guidance on Public Benefit and believe this can be clearly demonstrated.

Objectives and activities

a. Policies and objectives

The Institute’s aim is to promote, encourage and coordinate the study of the science and art of transport and logistics in all its branches; to initiate, foster and maintain investigation and research into the best means and methods of and appliances for transport and logistics and the problems that are involved and their most satisfactory solution; to extend, increase and disseminate knowledge and exchange information and ideas in regard to all questions connected therewith and to assist and further, in all practicable ways, the development and improvement of transport and logistics in the best interest of the community. These charitable aims will be achieved by pursuing the strategic objectives of the Institute.

Membership is the principal source of funding for the Institute through members’ subscriptions. Activity includes the provision of a members’ magazine, Focus, delivery of local events through the National and regional structure and a number of bespoke benefits. Learning and development includes provision of qualifications, training and development programmes, as well as access to the CILT Knowledge Centre, which provides one of the largest specialist and most comprehensive sources of logistics, supply chain and transport information in the world. A broad spread of national and regional events including the presentation of Annual Awards, the Logistics Research Network Conference, the Women in Logistics Conference and professional interest seminars delivered through the Institute’s network of professional forums, provide opportunity for the debate of current issues and policies.

b. Public Benefit

Supply chain operations, logistics and transport touch all areas of life. By pursuing its primary aims and objectives, the Institute helps ensure that the existence of an environment which enables encouragement and support for:

c. Post pandemic impact

The Institute has continued to hold the majority of its events online or in a hybrid format as well as in person events.

Page 5

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

Strategic report

Achievements and performance

a. Key performance indicators

Company Charitable Funds increased by £509k (2023: decreased £643k) from £3,419k to £3,928k. Income generated from charitable activities increased by £138k (2023: increased by £6k) to £4,304k from £4,166k. Unrestricted income increased by 4% to £4,471 from £4,302

Expenditure on charitable activities decreased by 1% to £5,311k from £5,382k. Unrestricted expenditure decreased by 5% to £4,412k from £4,612k.

b. Business review

The awareness of the logistics, transport and supply chain professions has continued to have a high profile. The Institute continues to work closely across Government Departments to increase awareness of where we can provide advice and insights and the Generation Logistics Programme is a key element of these activities which continued into “year 2”.

In addition, we continue to support access to qualifications and training for those seeking to enter the profession, through our restricted funds, Novus Trust and Aspire Careers Foundation, which continues to make positive progress supporting individuals through directly funded and gifted courses awarded worldwide.

c. Investment policy and performance

The Institute’s investment powers are not restricted by its Memorandum or Articles of Association. The Board chooses to engage a firm of investment managers. Investec Wealth and Investment have been engaged since September 2011. The Board has granted discretionary investment powers to its investment managers with the agreed investment strategy being to provide an appropriate level of income whilst maintaining the capital value of the portfolio. Changes in the value of the investment portfolio are set out in Note 16 to the accounts.

Financial review

a. Going concern

After making appropriate enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

On 30 September 2024 the Company held the Free Reserves of £2,323k (2023: £1,972k), being unrestricted funds of £2,479k (2023: £2,186k) less tangible and intangible assets of £156k (2023: £214k). The current target is that free reserves as expressed as number of months of general fund costs (the “solvency ratio”) should be within the range of three to six months. This target solvency ratio range was reduced from the 2023 year-end target range of six to nine months. The Charity includes invested funds in calculating free reserves as they are readily realisable.

The year-end solvency ratio of free reserves equates to 6.2 months (2023 – 4.7 months) gross unrestricted forecast fund expenditure and whilst outside of the target, the Directors consider this to be an adequate level for

Page 6

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

the continuing operations of the Charity.

c. Principal risks and uncertainties

Reviews of the Institute’s current and planned activities is undertaken on an ongoing basis. This includes identifying, assessing and managing the significant risks to which it might be exposed. Risk management is reviewed and monitored by the Audit, Finance and Risk Committee and in addition the Board considers reports from the Audit, Finance and Risk Committee and reviews the appropriateness of the risk management, strategy and processes. The Directors recognise the importance of risk management and the need to regularly review risk management strategy and processes.

The principal areas of risk to the Institute have been identified as those relating to access to financial resources to fund investment in education and systems, educational governance, safeguarding its reputation, the delivery of value to members through its products and services and ensuring cyber and data security is resilient and well managed.

Structure, governance and management

a. Constitution

The Chartered Institute of Logistics and Transport in the UK (The Institute) is a Company limited by guarantee and a registered Charity governed by its Memorandum, Articles of Association and Bye-laws. The Institute has two wholly owned subsidiaries PTRC Education and Research Services Ltd (PTRC), which was acquired on 18 December 2008 and whose activities are now managed through The Institute and CILT (UK) Services Ltd, which has never traded and remains dormant.

There have been no changes in the Institute's aims and charitable objectives since the last annual report. The Institute's constitution does not permit the distribution of surpluses.

b. Methods of appointment or election of Directors

The management of the Company is the responsibility of the Directors who are either elected, ex-officio or co-opted under the terms of the Memorandum, Articles of Association and Bye-laws.

c. Organisational structure and decision-making policies

The present governance structure was revised during 2020 and implemented during 2021 in line with Charity Commission best practice. The structure enhanced the Institute’s capability for its Directors to focus on strategy, the management of risk and delivery of charitable objects while providing for robust governance. Changes in the bye-laws were made at the May 2024 Board meeting, following a consultation process with the membership. A group has been formed by the Board to commission a follow up independent governance review using professional advice.

The Governance Structure is headed by a Board of Trustees & Directors supported by a Membership Representative Group (MRG) and Board Committees which include the Audit, Finance and Risk Committee and the Remuneration & Awards Committee. The Board comprises elected members, the Audit, Finance and Risk Committee Chairman, the MRG Chairman, and up to six additional members co-opted by the Board to cover any skills gaps and to ensure the provision of a balanced and well-resourced Board.

Page 7

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

A number of committees are directly accountable to the CILT (UK) Board. These include:

Operational Committees include:

The Board met seven times during the financial year. Members of the Board serve without remuneration and are Trustees as well as Directors: they hold no shares in the Institute and no financial liability in respect of these appointments should it cease trading.

Directors and Officers of the Institute are appointed for a period which is determined by the Bye Laws: this is generally for a term of up to four years after which they may seek re-election and each may usually serve no more than two consecutive terms in the same office.

Day to day management of the Institute is undertaken by the executive staff under the direction of the Chief Executive.

Institute Board Committees meet regularly as required and have a direct reporting line to the Board.

d. Policies adopted for the induction and training of Directors

The Institute’s Bye-laws set out the process for the appointment of directors as well as their terms of office. Board appointments of elected members are for four years, and Directors can serve up to 2 terms. The terms are on a rotating basis. Ordinarily every two years the Institute invites applications from its Members for the available places which are assessed through the Nominations Committee as part of a qualified election process. If there are more suitable candidates that vacancies, specified information provided by applicants is presented to the Institute's voting Members to allow assessment and selection of preferred candidates to provide a broad representation of skills and experience required to direct the business of the Institute. In addition, the Board may co-opt up to a further 8 members for a renewable period of up to 12 months for their skill and knowledge.

Members seeking election to the Board are provided with information outlining the responsibilities and duties of directors. Newly appointed directors attend a formal induction outlining the duties and responsibilities of a director and trustee. This is supplemented by copies of appropriate Charities Commission and advisory publications and copies of the Institute’s governing documents.

Page 8

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

e. Financial risk management

The Directors have assessed the major risks to which the Company are exposed, in particular those related to the operations and finances of the Company and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

Future developments

The Institute is engaged in a project to digitise it’s membership offering via a combination of new website, Learner Management System (LMS) and Digital Asset Management System (DAMS). This will transform the members experience of the benefits of CILT, particularly it will enable management of their CPD and career progression integral to the accredited membership approach.

The Institute is intent on continuing to raise awareness of the full potential and value of sustainable logistics, transport and supply chain operations transport and to further the raising of professional standards, delivery of relevant qualifications and training, the development and sharing of best practice, the enabling of professional networks and associated services to facilitate the broadest development of knowledge and expertise in its field.

Our objectives are to deliver essential continuing professional development and value to all members by supporting and enabling:

The Directors are conscious of the need to ensure that the Institute continues to deliver tangible public benefit. Given the current profile of the profession within Government, organisations and society the Directors recognise that there is a clear opportunity to support the growth and influence of the Institute, its members and their activities. Raising the profile, voice and standards of the profession will enable future skills to be developed and recognised as well as attracting, developing and retaining the talent necessary to meet the challenges of the future.

Accounts

The Company’s constitution does not permit the distribution of profit. The annual accounts show an increase for the year in Total Funds of £509k (2023: decrease £643k).

Statement of Directors' responsibilities

The Directors (who are also the Trustees of the Company for the purposes of Company law) are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year. Under Company law the Directors 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 Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Directors are required to:

Page 9

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 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.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

Auditor

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable Company’s website.

Approved by order of the members of the board of Directors on 24 January 2025 and signed on their behalf by:

Vikram Singla Vikram Singla (Jan 24, 2025 11:02 GMT)

V K Singla Director

Muriel Kemkeng (Jan 24, 2025 12:06 GMT+1)

M Kemkeng Director

Page 10

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

Opinion

We have audited the financial statements of The Chartered Institute of Logistics and Transport in the UK (the ‘Charity’) for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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 “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

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 charity'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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the

Page 11

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the directors’ responsibilities statement set out on page 9, the directors (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, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis

Page 12

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

of accounting unless the directors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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.

Based on our understanding of the charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements, employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as: tax legislation, pension legislation, the Companies Act 2006 and the Charities Act 2011.

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, income recognition (which we pinpointed to the cut off assertion, and significant one-off or unusual transactions.

Page 13

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’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 charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Nicola Wakefield (Jan 30, 2025 08:47 GMT)

Nikola Wakefield (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor Address: 90 Victoria Street, Bristol, BS1 6DP

Date:

30/01/25

Page 14

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 37 form part of these financial statements.

Page 15

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

BALANCE SHEET FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Investments
16
Current assets
Debtors
17
Cash at bank and in hand
24
Current liabilities
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Non - Current liabilities
19
(Bounce Back Loan)
Total net assets
Charity funds
Endowment funds
20
Restricted funds
20
Unrestricted funds
20
Total funds		 645
1,116		 2024
£000
136
20
2,978



602
959
 2023
£000
193
21
2,653

2,867




579

3,446
(27)

3,419
868
365
2,186

3,419
3,134





812
1,761
(949)		 1,561
(982)








3,946
(18)
3,928

963
486
2,479
3,928

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Directors on 24 January 2025 and signed on their behalf by:

Vikram Singla Vikram Singla (Jan 24, 2025 11:02 GMT)

V K Singla Director

Muriel Kemkeng (Jan 24, 2025 12:06 GMT+1)

M Kemkeng Director

The notes on pages 18 to 37 form part of these financial statements.

Page 16

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
2024
£000
Cash flows from operating activities
Net cash provided by/(used in) operating activities23
102

Cash flows from investing activities
Dividends, interests, and rents from investments
82
Purchase of intangible assets
(4)
Purchase of tangible fixed assets
(12)
Proceeds from sale of investments
1,193
Purchase of investments
(1,205)
Net cash provided by/(used in) investing activities

54

Change in cash and cash equivalents in the year
156
Cash and cash equivalents at the beginning of the year
959
Cash and cash equivalents at the end of the year

1,116
The notes on pages 18 to 37 form part of these financial statements.		 Note
2024
£000
Cash flows from operating activities
Net cash provided by/(used in) operating activities23
102

Cash flows from investing activities
Dividends, interests, and rents from investments
82
Purchase of intangible assets
(4)
Purchase of tangible fixed assets
(12)
Proceeds from sale of investments
1,193
Purchase of investments
(1,205)
Net cash provided by/(used in) investing activities

54

Change in cash and cash equivalents in the year
156
Cash and cash equivalents at the beginning of the year
959
Cash and cash equivalents at the end of the year

1,116
The notes on pages 18 to 37 form part of these financial statements.		 2023
£000

(818)


59


(4)

346

(526)


(125)


(943)
1,902

959
82
(4)
(12)
1,193
(1,205)
54
156
959
1,116

Page 17

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. General information

The Institute is a charitable Company limited by guarantee in England & Wales, registered number 02629347 and Charity number 1004963. Its registered office is 3 - 4 Earlstrees Court, Earlstrees Road, Corby, Northamptonshire, NN17 4AX.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Chartered Institute of Logistics and Transport in the UK 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.

The Directors have assessed whether the provided going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast doubt on the ability of the Company to continue as a going concern. The Directors make this assessment in respect of a period of at least one year from the date of approval of the report and financial statements and have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Company's ability to continue as a going concern. The directors have disclosed this on page 6.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the Company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Company, or the Company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 18

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on the basis consistent with the use of resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the Company. Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the Company's educational operations, including support costs and costs relating to the governance of the Company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Intangible assets and amortisation

Intangible assets costing £1k or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Amortisation is provided on the following bases: Trademarks - Over 4 years Computer software - Over 10 years Assets under construction - Asset will be amortised once commissioned for operational use

Page 19

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1k or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method unless otherwise stated.

Depreciation is provided on the following bases:

Fixtures and Fittings - 15% reducing balance Hardware - Over two to ten years

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Page 20

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The Charity operates a defined contribution pension scheme, and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Directors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from Sponsorship

Sponsorship Restricted
funds
2024
£000
1,032		 Total
funds
2024
£000

1,032		 Total
funds
2023
£000

290

Page 21

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. Income from charitable activities

Membership
Learning and Development
Events, Forums and
Communication
Total 2023		 Unrestricted
funds
2024
£000
1,929
2,090
285
 Restricted
funds
2024
£000

-

-

-
 Endowment
funds
2024
£000

-

-

-		 Total
funds
2024
£000

1,929

2,090

285		 Total
funds
2023
£000

1,948

1,817

401


4,166
4,304 - - 4,304


4,166		 -
-		 4,166

Page 22

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. Investment income

Income from local listed investments
Investment Income – bank interest
Total 2023		 Unrestricted
funds
2024
£000
61
-		 Endowment
funds
2024
£000

21

-		 Total
funds
2024
£000

82
-
 Total
funds
2023
£000

59

-
61
21
82
59
45
14
59

6. Other income

Investment management costs
Investment management fees
Total 2023		 Unrestricted
funds
2024
£000
12		 Unrestricted
funds
2024
£000
12		 Unrestricted
funds
2024
£000
106		 Total
funds
2024
£000

106		 Total
funds
2023
£000
81
Total
funds
2023
£000

16
Endowment
funds
2024
£000
4		 Total
funds
2024
£000

16
12
4
16

7. Investment management costs

Page 23

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. Analysis of grants

Grants, Membership
Grants, Learning and Development
Total 2023		 Grants to
Institutions
2024
£000
-
911		 Grants to
Individuals
2024
£000

-

-		 Total
funds
2024
£000

-

911
 Total
funds
2023
£000

4

766

770
911
-		 911
766
4
770

9. Analysis of expenditure on charitable activities

Summary by fund type

Membership
Learning and Development
Events, Forums and
Communication
Total 2023		 Unrestricted
funds
2024
£000
1,807
2,134
459		 Restricted
funds
2024
£000

-

911

-		 Endowment
funds
2024
£000

-
-

-		 Total
funds
2024
£000

1,807

3,045

459
 Total
funds
2023
£000

1,931

2,826

625

5,382
4,400
911
-		 5,311


4,612
766
4
5,382

Page 24

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

10. Analysis of expenditure by activities

Membership
Learning and Development
Events, Forums and
Communication
Total 2023
11.
Auditor's remuneration		 Activities
undertaken
directly
2024
£000
299
499
235		 Grant
funding of
activities
2024
£000

-

911

-		 Support
costs
2024
£000

1,508

1,635
224		 Total
funds
2024
£000

1,807

3,045

459
 Total
funds
2023
£000

1,931

2,826

625

5,382
1,033
911
3,367
5,311


1,133
770
3,479
5,382

Fees payable to the Company's auditor for the audit of the Company's
annual accounts
Staff costs
Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 2024
£000
17		 2023
£000
16
2023
£000
1,961
192
202
2,355
2024
£000
1,962
188
163
2,313

12. Staff costs

During the year redundancy costs amounting to £38k were incurred, 2023 Nil

Page 25

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

The average number of persons employed by the Company during the year was as follows:

Charitable activities
Support		 2024
No.
46
7
 2023
No.

50

6

56
53

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £60,001 - £70,000 2 2
In the band £70,001 - £80,000 4 2
In the band £80,001 - £90,000 1 1
In the band £110,001 - £120,000 1 1

The key management personnel of the Charity comprise that the board of directors, the Chief Executive, Director of Finance and Company Secretary, Director of Public Policy and Communications, Head of Assessment - Head of Awarding Services, Director of Education, Training & Qualifications, Director of Sales and Marketing. The employee benefits, including employers' pension contributions, amounted to £644k (2023: £687k).

13. Directors' remuneration and expenses

During the year, no Directors received any remuneration or other benefits (2023 - £NIL)

During the year ended 30 September 2024, 3 Directors incurred travel expenses of £1k in total for all Directors (2023: £1k to 2 Directors in respect of travel) .

Page 26

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. Intangible Assets

Trademarks Computer
Software		 Educational
Development		 Assets Under
Construction		 Total
£000
314
4
-
-
318
121
61
-
182
136
193
£000 £000 £000 £000
Cost
At 1 October 2023 12 177 116 9
Additions - - - 4
Disposals - - - -
Transferred to Designated
Fund		 - - -
At 30 September 2024 12 177 116 13
Amortisation
At 1 October 2023 12 59 50 -
Charge for the year - 36 25 -
Disposals - - - -
At 30 September 2024 12 95 75 -
Net book value
At 30 September 2024 0 82 41 13
At 30 September 2023 0 118 66 9

Page 27

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. Tangible Assets

Fixtures and
Fittings		 Office
Equipment		 Computer
Equipment		 Total
£000 £000 £000 £000
Cost
At 1 October 2023 35 - 134 169
- - - -
Additions - - 12 12
Disposals - - - -
At 30 September 2024 35 - 146 181
Amortisation
At 1 October 2023 28 - 120 148
Charge for the year 2 - 11 13
Disposals - - - -
At 30 September 2024 30 - 131 161
Net book value
At 30 September 2024 5 - 15 20
At 30 September 2023 7 - 14 21

Page 28

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

16. Fixed Assets Investments

Company
Cost or valuation
At 1 October 2023
Additions
Disposals
Revaluations
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023
17.
Debtors
Due within one year
Trade debtors
Amounts owed by Company undertakings
Prepayments and accrued income		 Listed
investments
£000
2,653
1,205
(1,193)
313

2,978
2,978

2,653
2024
2023
£000
£000
460
393
-
-
185
209
645
602
645

Page 29

(A Company Limited by Guarantee)

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2024
£000
275
54
53
567		 2023
£000

256

47

42

637

982
949

Deferred income in 2024 of £52k (2023: £114k) relates to fees received in advance for corporate packages.

19. Financial instruments

Financial assets
Financial assets that are debt instruments
measured at amortised cost
Financial liabilities
Financial liabilities measured at amortised
cost
Bank loan less than 1 year
Bank loan greater than 1 year		 2024
£000
1,630		 2023
£000

1,352
2023
£000

(640)
(10)
(27)

2024
£000
(664)
(10)
(18)

Financial assets that are debt instruments measured at amortised cost comprise cash at bank, and trade debtors.

Page 30

(A Company Limited by Guarantee)

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals, and bank loans.

A Government “Bounce Back Loan” of £50k was taken out in May-2021. This is repayable in equal capital instalments over 5 years, commencing May 2022. Interest is charged at 2.5%.

20. Statement of funds

Page 31

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Designated funds brought forward relate to two funds for the development and delivery of Education and IT projects which will assist in the development of CILT programmes into the future.

Restricted funds

Aspire Fund: Maintained to provide grants to assist individuals in their development in the logistics industry. Novus Fund: An initiative to develop and deliver a program to allow logistics professionals to earn a relevant BSc degree.

HLCP fund manages the course evaluation, course upgrades, and scholarships for the Humanitarian Logistics professional qualification.

Generation Logistics Fund is an initiative to find and engage the next generation of logistics talent. Endowment funds

The endowment fund, named The Institute of Logistics and Transport Education and Endowment Fund, is to "advance education in the field of logistics and transport by the provision of scholarships and prizes, lectures, libraries and such other educational facilities as shall be considered appropriate by the directors". The fund, which includes a separate Branch for the Library, was established to give the Institute more flexibility in the use of the resources available from endowments, both past and present, while continuing to respect the wishes of past donors. The fund is managed by the Institute's Remuneration and Awards Committee, which in turn is advised on awards and prizes by a specialist sub-committee. The Institute is the Trustee of the fund. The endowment fund includes an expendable element of £85k (2023 £76k) and a capital element of £445k

Page 32

(A Company Limited by Guarantee)

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

(2023 £402k).

The library fund includes an expendable element of £35k (2023 £28k) and a capital element of £398k (2023 £363k).

21. Summary of funds

Page 33

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

22. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Bounce back loan
Total		 Unrestricted
funds
2024
£000
20
136
2,015
1,275
(949)
(18)
Restricted
funds
2024
£000

-

-

-

486

-

-
 Endowment
funds
2024
£000

-

-

963

-

-

-
 Total
funds
2024
£000

20

136

2,978

1,761

(949)

(18)

3,928
2,479
486		 963

Page 34

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Analysis of net assets between funds - prior year

Tangible fixed assets Intangible fixed assets Fixed asset investments Current assets Creditors due within one year Bounce back loan Total

Unrestricted
funds
2023
Restricted
funds
2023
Endowment
funds
2023
Total
funds
2023
£000
£000
£000
£000		 Unrestricted
funds
2023
Restricted
funds
2023
Endowment
funds
2023
Total
funds
2023
£000
£000
£000
£000		 Unrestricted
funds
2023
Restricted
funds
2023
Endowment
funds
2023
Total
funds
2023
£000
£000
£000
£000
21
-
-		 21
193
-
-		 193
1,785
-
868		 2,653
1,196
365
-		 1,561
(982)
-
-		 (982)
(27)
-
-		 (27)
2,186
365
868		 3,419

23. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Losses on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities		 2024
£000

509
12
61
(312)
(82)
-
(43)
(43)
 2023
£000

(643)

20

62

(24)

(59)
-

(56)

(118)
(818)
102

Page 35

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

24. Analysis of cash and cash equivalents

Cash at bank and in hand
Total cash and cash equivalents		 2024
£000
1,116
 2023
£000

959
959
1,116

25. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £163k (2023: £202k).

26. Operating lease commitments

At 30 September 2024 the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£000
79
257
 2023
£000

73

91
164
336

27. Related party transactions

The Institute is the UK "National Council" of the Chartered Institute of Logistics and Transport (CILT). CILT is the body which holds the Royal Charter and has worldwide membership of approximately 30,000 professionals connected with logistics and transport industries.

In common with other Councils of CILT the Institute paid an annual fee based on a combination of membership numbers and income of £62k (2023: £59k).

Page 36

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT IN THE UK

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

During the year the Institute provided CILT with Business Services for which they were paid £62k (2023: £74k).

During the year the Institute provided CILT with Educational Licences for which they were paid nil (2023: Nil).

Page 37

CILT UK accounts 2024 09 30 Final

Final Audit Report

2025-01-30

Created: 2025-01-24 By: Anna Mizerska (anna.mizerska@ciltuk.org.uk) Status: Signed Transaction ID: CBJCHBCAABAA152hGHdlMy8POczBfQfYsaxfR3i9B7KM

"CILT UK accounts 2024 09 30 Final" History

2025-01-24 - 10:54:38 AM GMT- IP address: 86.31.90.221

Document emailed to Vikram Singla (vikram.singla@ciltuk.org.uk) for signature

2025-01-24 - 10:54:45 AM GMT

2025-01-24 - 10:54:52 AM GMT- IP address: 20.90.138.244

Signature Date: 2025-01-24 - 11:02:54 AM GMT - Time Source: server- IP address: 141.143.213.45

Document emailed to Muriel Kemkeng (muriel.kemkeng@ciltuk.org.uk) for signature 2025-01-24 - 11:02:56 AM GMT

Signature Date: 2025-01-24 - 11:06:02 AM GMT - Time Source: server- IP address: 196.77.20.12

Document emailed to Nicola Wakefield (nicola.wakefield@mazars.co.uk) for signature 2025-01-24 - 11:06:04 AM GMT

Agreement completed.

2025-01-30 - 8:47:26 AM GMT