Company Registered number: 09361100 Charity Registration Number: 1166082
Strategic report for the year ended 31 December 2024 ......................................................................................... 1 Trustees' report for the year ended 31 December 2024......................................................................................... 9 Independent Auditor's report to the members of Cogent Skills Limited ............................................................. 15 Consolidated Statement of Financial Activities for the year ended 31 December 2024 ..................................... 19 Consolidated income and expenditure account for the year ended 31 December 2024 ...................................... 20 Balance sheets as at 31 December 2024 ............................................................................................................. 21 Consolidated cash flow statement for the year ended 31 December 2024 .......................................................... 22 Notes to the financial statements for the year ended 31 December 2024 ........................................................... 23
Cogent Skills Limited
The trustees, who are also directors of the charitable company, present their strategic report on the Cogent Skills Limited group for the year ended 31 December 2024.
1. Review of business
During 2024, Cogent Skills continued its mission to support employers in the science and technology sector, ensuring they have access to the skills needed for success. To achieve this, we focused on strengthening our industry collaborations, developing market-leading propositions and driving surplus growth across our commercial operations. Recognising that our charitable purpose is delivered through the convening of collaborations, we prioritised this as the main strategic outcome of our work.
Key Successes
Our collaborative initiatives achieved significant milestones. Notably, we successfully supported the launch of the industry backed Nuclear Skills Plan in addition to producing a detailed workforce analysis for the Life Sciences Futures Collaboration, forecasting sector job trends and identifying the need for 70,000 new jobs over the next decade. Other achievements include the development of the Hydrogen Skills Strategy, incorporating innovative frameworks for eight new occupational standards, and delivering impactful careers initiatives for leading UK trade associations. Furthermore, our support for sectors like bulk storage and science manufacturing has enabled refreshed apprenticeship standards and updated national occupational standards.
Driving Early Careers Support
Recognising the need to attract future talent into the sectors we support, 2024 saw the launch of Not Just Lab Coats (NJLC), a careers platform with the aim of promoting science careers to more than half a million young people over the next three years. Significant efforts in delivering the Nuclear Skills Plan, have also enabled students from low-income households to receive sponsorship support. Collaborative partnerships with organisations such as Salters, The Royal Society of Chemistry, CIEC and the British Coatings Federation, further strengthened sector-wide career opportunities.
Expanding SIAS as an Awarding Organisation
SIAS successfully achieved Ofqual recognition, launching its first qualifications and earning the distinction of EPA of the Year. The diversification into qualifications represents a significant milestone for the business and opens up opportunities to expand into new markets as it continues to contribute significantly to the Cogent Skills group and to developing STEM skills in the UK.
Advancing Low Carbon Initiatives
Our work in low carbon sectors has delivered serval standout achievements, including the Hydrogen Skills Strategy, which received Ministerial support and endorsement from the UK Hydrogen Council. Bids secured for clean energy skills research and training development further underline our leadership in hydrogen and broader decarbonisation initiatives. Additionally, we took steps to measure and reduce our own carbon footprint by launching a comprehensive Carbon Reduction Plan.
Accelerating Sustainable Income Growth
To drive growth, we restructured our apprenticeship training division, appointing a new Managing Director. This will enable us to take advantage of a number of new innovative training opportunities, such as being the first provider to offer apprenticeships in battery manufacturing. Furthermore, we improved income generation through a commercial approach to nuclear programme delivery, achieving increased turnover and contribution.
To ensure long-term leadership stability, we appointed David Vineall as Chair, succeeding Joanna Woolf, who is retiring after more than 20-year service to Cogent Skills as both Chair and CEO. David will take up his role as Chair in March 2025 and brings vast industry experience and expertise. We would like to thank Joanna Woolf, whose leadership has been integral to ensure Cogent Skills remains well positioned for future success.
During 2024, we were delighted to achieve recognition as a Times Great Place to Work, in addition to becoming Disability Confident, Menopause Friendly and a receiving a shortlisting for best ED&I strategy at a prestigious national HR awards. This is further recognition of commitment to our people, and testament to the efforts of everyone in the business.
The results on page 19 show a net surplus of £739,000 (2023: £264,000) with total income of £20,468,000 (2023: £13,287,000). Further details are disclosed in the Financial Review on page 7.
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Cogent Skills Limited
Strategic report for the year ended 31 December 2024 (continued)
2. Strategic objectives
Cogent Skills is a sector based, employer led Charity, owned, backed and supported by science industry trade associations. Surplus from our wholly owned subsidiaries is reinvested either directly within that business or through gift aid to the charity to deliver against our charitable purpose.
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Cogent Skills
Apprenticeship Employment Courses &
SIAS NSAN
Training Services Consultancy
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Cogent Skills is a group of companies comprised of Cogent Skills, Cogent SSC, Cogent Skills Services, Cogent Skills Training, NSAN and SIAS.
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Cogent Skills Limited is the Membership Services business unit, the central corporate team and a registered charity governed by its memorandum and articles of association. Cogent SSC Limited is the apprenticeship training division.
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Cogent Skills Services Limited provides specialist employment services and is an approved Flexi-Job Apprenticeship Agency ( FJAA ).
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Cogent Skills Training Limited is the Courses and Consultancy business unit. SIAS Limited is the endpoint assessment and awarding organisation business unit.
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National Skills Academy for Nuclear (NSAN) operates distinctly with its own business plan and Board.
The businesses support each other to benefit our customers, improve financial performance and support our charitable aims.
Our purpose
Our charitable purpose sets out why we exist it is to promote enterprise (or business success) for the science and technology industries we serve by promoting education and training to both those employed and seeking employment in the science and technology industries.
How we achieve this
The Cogent Skills Charity will continue to support employers to work together collectively to achieve skills outcomes and impacts that go beyond what can be achieved individually. Addressing issues where a collective whole industry approach to skills is required.
Our subsidiary businesses will deliver services that support individual companies to address their own specific skills issues, fulfilling our charitable objective and generating surplus to support the charity to enhance its ability to have impact.
What this means
Cogent supports the science sector by fostering collaboration through employer forums, allowing a single voice on critical skills issues. Our expertise is widely recognised, making us a trusted advisor to government on skills within the industry.
We train and equip STEM ambassadors, who actively engage with schools and further education institutions to inspire the next generation. Through initiatives like our Not Just Lab Coats careers website, we promote the science sector as an exciting and rewarding career choice, encouraging more young people to pursue opportunities within the industry.
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Cogent Skills Limited
Strategic report for the year ended 31 December 2024 (continued)
2. Strategic objectives (continued)
Our efforts include maintaining and developing apprenticeship standards tailored to the sector's needs, helping to ensure the availability of diverse pathways into the sector. And by collecting and analysing labour market intelligence (LMI), we provide employers with critical insights into skills gaps and workforce trends. This ensures the science sector benefits first from skills system changes, supported by reliable data and forwardthinking solutions.
Our vison is we are here to ensure science and technology employers have the skills needed for success. We influence for the good of our sector, harnessing the power of collaboration, and provide industry-specific skills services to create a safe, productive and future-ready workforce.
Our Values
WE CARE about our customers, our reputation, and our people, operating with integrity WE WELCOME all and are inclusive. Good things happen when people work for a common goal WE SPEAK OUT on the skills issues that matter to our employers. A strong voice is a catalyst for change. WE are ENTERPRISING delivering services that are continually best in class .
3. Development and performance
Life Sciences
Celebrating ten years in existence, the Science Industry Partnership (SIP) is a membership alliance, offering life sciences employers the opportunity to collaborate on skills with one influential voice to government, ensuring the sector is heard and understood. The SIP played a lead role in developing the 2030 Life Science Skill
In addition to supporting the SIP, Cogent provides strategic support services to the Future Group (a skills advisory group to the Life Sciences Council) and during the year, remained a key collaborator in the Life Science 2035 Skills refresh.
The SIP continues to work to ensure the apprenticeship system accurately reflects the needs of employers, and remains an advocate of higher-level apprenticeships, which are valued highly in life sciences but face an uncertain future. Our Apprenticeship Strategy Group provides employers a platform and an influential voice to help drive the vocational skills agenda.
The SIP Ambassador programme continues to equip science professionals with the skills and resources to inspire the next generation of STEM talent within schools in their own communities. A 2024 milestone saw the one thousandth ambassador trained. The SIP Careers Task Force - a group of early careers professionals - are actively driving the outreach strategy for the sector, in areas including sustainability and ED&I.
With global life sciences employers currently in membership and strong retention levels, the ambition to grow SIP to represent the broader science sector remains.
Nuclear
-zero and energy security ambitions,
so too does the requirement to ensure the sector can suitably access the workforce talent needed for long-term success. Cogent Skills was Skills Delivery Board and the Nuclear Skills Review Group, and to provide Programme Management Office (PMO) services for the National Nuclear Strategic Plan for Skills (Nuclear Skills Plan).
The Government and industry backed Nuclear Skills Plan, Building Skills for the Nation's Nuclear Capability, officially launched at a Westminster reception. Executed by the Nuclear Skills Delivery Group, and based on Nuclear Workforce Assessment and projected growth scenarios, the plan is integral to the goal of filling 40,000 new nuclear jobs by the end of the decade.
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Cogent Skills Limited
Strategic report for the year ended 31 December 2024 (continued)
3. Development and performance (continued)
During the year, Cogent Skills developed at scale a PMO function to deliver time critical MOD and DESNZ co-ordination of skills bootcamps successfully completed in March 2024 was the first phase and signalled a shift into an altogether more commercial approach to nuclear programme delivery, contracted until September 2025.
Whilst the scale and complexity of this transition required significant management resource, we recognise the importance of UK nuclear to our national interests, are proud of our record of accomplishments and remain lls in Nuclear.
During 2025 and beyond, the team will proactively seek opportunities to undertake additional projects aligned to our interests, supporting a variety of industry stakeholders with complex skills transformation projects, both in and outside of nuclear.
Standards
As part of our ongoing commitment to work on behalf of employers across the sector, Cogent continues to support industry in the development of apprenticeship standards, ensuring they evolve to reflect changing needs and remain relevant for future entrants. During the course of the Academic year 2023/2024 1,444 apprentices in England enrolled on Cogent facilitated standards (spanning level 2 to level 7).
Ensuring a robust and diverse portfolio of apprenticeship standards, helps to address both immediate and longterm skills needs, enabling the science sector to remain at the forefront of global innovation and competitiveness.
Low Carbon Skills
With hydrogen widely recognised as an important part of our low carbon future, we are committed to supporting skills in this area. The Hydrogen Skills Alliance (HSA), formed in 2023 in partnership with the High Value Manufacturing Catapult and delivered with the National Composites Centre, provides a single powerful voice to government on skills challenges. It represent a vibrant, growing community of employers, educators, trade associations and government representatives, working for the good of the sector.
The Strategic Skills Plan for the UK Hydrogen Economy published by the Hydrogen Skills Alliance (HSA) highlights the scale of the challenges the industry faces in ensuring the right skills are in place to support its continued growth and long-term success.
The Strategy calls for a national Hydrogen Skills Academy to be developed in partnership with employers, in the energy transition.
n economy by 2030 a huge increase from the current 1,600 jobs in areas such as production, transmission, transportation and storage.
Apprenticeship Training Overview
Cogent Skills is a registered apprenticeship-training provider with the Education and Skills Funding Agency (ESFA), offering a number of industry relevant standards, including Science Manufacturing Technician, Process Leader, and Laboratory Technician. These flexible programmes are designed for adoption across various industrial settings, ranging from chemical manufacturing, petrochemicals and pharmaceuticals to research and development roles in sectors such as biotechnology, consumer goods, and food and drink.
Recognising the growing importance of electrification and battery manufacturing zero, Cogent became the first registered training provider for the Battery Manufacturing Technician industries and addressing evolving skills needs of employers.
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Cogent Skills Limited
Strategic report for the year ended 31 December 2024 (continued)
3. Development and performance (continued)
Cogent Skills is Matrix Accredited, signifying the high-quality information, advice, and guidance provided National Apprenticeship Service. These achievements firmly position Cogent as a trusted partner for learners and employers alike, with a forward-looking approach to growth and sector leadership.
The business has seen growth in learner engagement, with more than 140 new learner registrations in 2024 contributing to a robust cohort of active learners. Following a restructure and appointment of a new Managing Director, we remain focused on scaling our apprenticeship training operation, with the aim of it becoming a major contributor to charitable funds by 2027.
Employment services
Cogent Skills is a Flexi-Job Apprenticeship Agency registered by the Department for Education a specialised status that enables it to recruit and employ apprentices and arrange placements with a variety of host businesses in the life science, industrial sciences and nuclear sectors.
Services also include the hosting and placement of undergraduates during their year in industry from four-year degree courses and first jobs in industry for newly qualified graduates. Overall, the tightening of budgets and a high profile site closure in the sector restricted starts, but with around 100 apprentices and graduate placement starts during 2024 managed by Cogent one of only a small number of providers the market for specialist employment services offers a scope for future expansion.
A highlight in 2024 involved the awarding of a contract to deliver the Nuclear Sponsorship Scheme. A high profile industry and government backed skills initiative aimed at broadening the take-up of STEM degrees and promotion of the nuclear sector amongst students from low-income households.
Courses and Consultancy
achieved predominantly through the delivery of highly specialised process safety training and consultancy services. This work continues to position Cogent as a trusted partner for regulatory and behavioural training in high hazard industries.
The business secured a number of new and returning process safety training customers in the year, reflecting the growing demand for tailored, high-quality solutions. Process Safety, competency and our human factors understanding remain our core strength, driving significant revenues and meeting the unique requirements of our clients.
Training is delivered via a network of experienced associates and feedback scores remain consistently high, with 96% of participants expressing satisfaction with the courses delivered.
Further investments were made to expand our course offering in 2024 with the launch of ten new courses, whilst the implementation of new Learning Management Software means our training is modern, efficient and easy to deploy. The creation of a commercial catalogue of short form e-learning aligned to our core delivery remains a viable strategy in 2025 and beyond.
We maintained industry leadership via an active programme of events, focusing on critical topics such as process safety leadership and competence management processes. Cogent also continued to support the work of the Process Safety board, an industry led group responsible for maintaining training standards.
With a robust foundation built in 2024, the business is well-positioned for continued growth targeting new opportunities to expand our portfolio and deliver greater value to our clients.
SIAS
SIAS delivered another year of strong results, reaffirming its position as a leading End-Point Assessment Organisation (EPAO) for the STEM industries, with 2,972 new learner registrations and 1,000 assessments completed. These milestones, along with an expanding portfolio of national contracts and strong collaborative partnerships, were backed up by winning the EPAO of the year at the Federation of Awarding Bodies (FAB) Awards 2024.
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Strategic report for the year ended 31 December 2024 (continued)
3. Development and performance (continued)
Recognising the importance of diversifying its revenue streams and mitigating dependency on End-Point Assessment services, SIAS successfully acquired Ofqual approval as an Awarding Organisation (AO) during the year. This strategic move marked its entry into the regulated qualifications market, targeted at both domestic and international STEM industries.
Initial qualification offerings were successfully launched, receiving positive early reception. This diversification complements existing EPA services and positions SIAS as a competitive new entrant in an established and evolving sector.
Looking ahead to 2025, SIAS aims to further expand, strengthening partnerships with employers and training providers alongside continuing investments in personnel, systems, and infrastructure to support growth ambitions. International markets will continue to be explored further, amplifying SIAS's reputation as a leader in both EPA and AO services within the STEM sector.
Cogent in the devolved administrations
Cogent has been involved in a number of projects in the devolved administrations. Most notably our work in developing and reviewing National Occupational Standards (NOS). Considered the building blocks for qualification development and used to support training and apprenticeships across industry in 2024 our NOS support, covered diverse standards including:
Bioinformatics Bioprocessing Engineering Formulation Health Economists Qualified Person (Medical Products) Regulatory Compliance Life Science Downstream Operational Standards Storage of hydrogen products Hydrogen usage.
Our people
As a purpose-driven organisation, committed to improving skills in the science industries, our team is at the heart of this mission. This commitment has earned us recognition as one of the best places to work in the UK, as featured in the Sunday Times Best Places to Work 2024.
We take pride in cultivating a supportive and inclusive workplace, understanding that the growth and wellbeing of our employees directly contribute to the success of our business. Our latest employee survey highlights this commitment, with 97% of our workforce expressing satisfaction with their roles, 98% showing trust in leadership and management, 95% feeling they have opportunities for growth, and 91% reporting a positive work-life balance.
As advocates for universal development, we provide extensive learning and development opportunities to help our employees grow. Annual away days celebrate our achievements and strengthen our culture, blending corporate training with enjoyable social elements to foster inclusivity, particularly for remote employees. Additionally, quarterly communication days create a family-like atmosphere and are complemented by our engaging employee magazine that celebrates personal milestones and achievements.
We are dedicated to advancing equality, diversity, and inclusion (ED&I) across our organisation. Recognised as an Investor in People and a Disability Confident Employer, we actively support the Good Youth Employment Standards and are working towards the Inclusive Employer standard. Our ED&I board, sponsor, and champions drive positive change, ensuring that inclusion remains a core priority in our ongoing progress.
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Cogent Skills Limited
Strategic report for the year ended 31 December 2024 (continued)
3. Development and performance (continued)
Looking ahead
5-2027 and beyond. It builds on previous success but
represents a slight shift in response to changes in the external environment and key skills trends. A sustainable return ensures delivery of the charitable objectives of the business with the goal of redirecting commercial industries we serve.
The adoption of a balanced scorecard approach balances financial measures with performance measures and objectives related to all other parts of the organisation.
4. Principal risks and uncertainties
The trustees consider the principal risks and uncertainties to be related to financial risk and these are discussed on page 12 in the Trustees report.
5. Financial review
2024 reflected a strong year with all the subsidiaries generating a trading surplus.
The results for the year show a net income of £739,000 (2023: £264,000). Total income increased by 54 per cent to £20,468,000 (2023: £13,287,000) and total expenditure increased by 51 per cent to £19,729,000 (2023: £13,023,000). Income for 2024 included £5,077,000 in relation to project support to the Nuclear Skills Plan. As at 31 December 2024, the unrestricted reserves of the group amounted to £2,735,000 (2023: £1,996,000).
Cogent Skills Limited made a surplus of £634,000 (2023: £873,000). This includes Gift Aid of £704,000 (2023: £1,230,000). Gift aid in the prior year included £750,000 received from Cogent SSC Limited following the deregistration from OSCR of Cogent SSC Limited as a charitable organisation in 2023.
Cogent SSC Limited retained profit of £4,000 (2023: deficit of £747,000) after gift aid distribution of £nil (2023: £750,000). Income was higher at £1,513,000 (2023: £1,089,000). The Gift Aid paid in 2023 was in relation to Cogent SSC deregistering as a charitable organisation from OSCR.
Cogent Skills Services Limited (CSS) retained profit of £5,000 (2023: £6,000) after gift aid distribution of £57,000 (2023: £32,000).
Cogent Skills Training Limited (CST) retained profit of £76,000 (2023: £38,000).
NSAN, the nuclear academy, retained profit of £5,000 (2023: £88,000) after gift aid distribution of £251,000 (2023: £nil) on income of £2,267,000 (2023: £1,684,000).
The Science Industry Assessment Service Limited (SIAS) retained profit of £16,000 (2023: £6,000) after gift aid distribution of £396,000 (2023: £448,000). SIAS had a strong performance from an expanding product portfolio.
The balance sheet remains robust with key movement in debtors and creditors. Debtors increased due to the increased project work in Nuclear and timings of year end payments with some key customers in Cogent Skills Services Limited. Trade Creditors increased due to the increased project work in Nuclear. Deferred income remained high primarily due to project income being received in 2024 and the associated expenditure to be incurred in 2025.
financial statements. These policies are consistent with the accounting policies applied in previous years.
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Cogent Skills Limited
Strategic report for the year ended 31 December 2024 (continued)
5. Financial Review (continued)
Reserves policy
As at 31 December 2024, the unrestricted reserves of the group amounted to £2,735,000 (2023: £1,996,000) and the unrestricted reserves of the charity amounted to £1,816,000 (2023: £1,182,000). The target level of the unrestricted reserves of the charity is £3,500,000 representing a minimum six months operating costs of the charity and ensuring that sufficient funds are available to sustain the group.
The total unrestricted reserves of the charity include designated reserves of £251,000 (2023: £nil). The designated reserves are to enable the introduction of a social value fund to provide bursaries to those working in or entering the nuclear sector. The reserves policy is reviewed annually.
Cogent aim to make surpluses over time to help preserve the viability of the charity and provide confidence to those providing funding that the charity is prudently controlled. At present, the trustees conclude that they have sufficient reserves to continue the activities of the charity at the current level. Taking into account the future activities and the current economic environment the trustees expect to reach the targeted level of reserves within five years.
Going concern
Trading and cashflow forecasts have been prepared through until December 2027 which take account of the current environment and possible future developments. Cash is managed on a group level and the cash balances and available facilities, along with forecast results, are sufficient to remove any concerns over liquidity and the going concern basis of preparation of the accounts.
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.
Income generation
and
project funding from government and other agencies. The principal funding sources were funding from the ESFA, external grant income and subscription income from employers.
Expenditure
The main expenditure for the charitable group continues to be remuneration costs amounting to 30 per cent (2023: 36%) of total expenditure.
Monthly management reports are produced, providing information on the key performance indicators of the business. These are reviewed at monthly team meetings and a assessment and mitigation of risks and determines the future direction and activities required to meet targets. The KPIs on which the Group focuses are:
Net surplus Cash balances Income streams
Approved by the board of trustees and signed on its behalf by:
D Vineall Trustee
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2024
Cogent Skills Limited
T
The trustees present their report and the audited consolidated financial statements for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice 2[nd] edition applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
1. Reference and administrative details
The charity, Cogent Skills Limited is registered with Companies House with Company registration number 09361100 and charity registration number 1166082 with the Charity Commission for England and Wales.
The directors of the charitable company are its trustees for the purpose of charity law. The trustees and officers serving during the year and up to the date of signing the financial statements were:
Chairman
D Vineall appointed 25 February 2025 Trustees J Fosh K Gorge S Elliott N Gardiner K Woods-Ruddick C Reed E Collins J Howe E De Jong S Harris K Mingay S Ferns M Lay appointed 1April 2025 Other trustees who served during the financial year: J Woolf resigned 24 March 2025
Principal Office First Floor, 720 Mandarin Court Lakeside Drive Centre Park Warrington WA1 1GG
Registered Office Summit House 4-5 Mitchell Street Edinburgh EH6 7BD
Chartered Accountants & Statutory Auditors RSM UK Audit LLP 14th Floor 20 Chapel Street Liverpool L3 9AG
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Cogent Skills Limited
Trustees' report for the year ended 31 December 2024 (continued)
1. Reference and administrative details (continued)
Solicitors
GLP Solicitors 4[th] Floor 8 Haymarket Street Bury BL9 0AR
Bankers
Bank of Scotland 31 High Street Montrose DD10 8LT
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Cogent Skills Limited
Trustees' report for the year ended 31 December 2024 (continued)
2. Structure, governance and management
Governing document
Cogent Skills Limited (Cogent) is a company limited by guarantee with charitable status, registered with the Charity Commission for England and Wales. Cogent is governed by its Memorandum and Articles of Association, dated December 2016, to allow for its current governance arrangements. There are currently 7 members (2023: 7), each of whom agrees to contribute £10 in the event of the charity winding up.
Governance
The board and executive are committed to executing business in a transparent, fair and ethical way. We have embraced the Code of Good Governance for Charities and use this to ensure compliance, accountability and continuous improvement as well as the ethical standards set out in the 7 Nolan Principles.
Activities
Cogent Skills Limited is on the register of charities in England and Wales with a number of charitable objectives around the educational, training and development needs of employers and employees in the sciencebased industries.
Cogent Skills plan to promote and organise co-operation between employers, employees, schools, providers, local authorities and other skills partners around training and education.
Cogent Skills is sector-based working with companies from across the science industries embracing life sciences, industrial sciences and nuclear. Cogent Skills has particular expertise in STEM and industry regulation with respect to skills and competence.
to build a pipeline of young people with the capability, drive and ambition to build a globally competitive science-based industry in the UK; and
to support the development of the existing workforce to acquire the skills needed to adopt new technologies and innovate new products and services.
The Cogent Group comprises Cogent Skills Limited, Cogent SSC Limited, Cogent Skills Services Limited (CSS), Cogent Skills Training Limited (CST), Science Industry Assessment Service Limited (SIAS) and National Skills Academy for Nuclear Limited (NSAN).
As a whole, these businesses work together to support the science industries, championing vocational education and training to improve the skills of the workforce and to promote the development of industry, commerce and enterprise of all forms primarily for the benefit of the science-based industries. t, membership organisation for the sourcing and provision of skills solutions.
The approach is evidence-based and employer-led, with the ambition to boost sector innovation, growth, and competitiveness through skills. Cogent Group solutions are adopted by every size of organisation, from SMEs through to global companies.
Appointment of trustees
As set out in the Articles of Association, the trustees are appointed by the members through the nominations committee. The nominations committee is made up of up to five trustees. It considers the requirement for specialist skills and appropriate representation when recommending trustees to the board. Each owner member of Cogent has the right to nominate trustees to the board such that each owner member will have no more than one representative trustee.
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Trustees' report for the year ended 31 December 2024 (continued)
2. Structure, governance and management (continued)
Training and induction for trustees
To ensure that all trustees are aware of their responsibilities on appointment, all board members receive a board induction pack that outlines their roles and responsibilities, including their legal obligations under charity and company law. Further training is available if required. The effectiveness of the board is reviewed using the code of good governance for charities as a standard. A survey of the board against the standard provides input data and a benchmark for assessment of continuous improvement. The survey is conducted at least every two years, or as directed by the nominations committee.
Organisation
The Board of Trustees administers the charity. The Board meets quarterly and there are sub-committees covering nominations, finance and audit and remunerations, which meet as and when required. A Chief Executive Officer is appointed by the Board to manage the day to day operations of the charity. To facilitate effective operations, the Chief Executive Officer has delegated authority, within the terms of delegation approved by the trustees, for operational matters including finance and employment.
Key management personnel remuneration policy
Benchmarking exercises are conducted throughout the year for key personnel which involves reviewing other organisations within similar industries and within the charities and public sectors. The executive directors review the remuneration of key personnel and the remunerations committee reviews the remuneration of the executive directors. The remunerations committee also reviews bonus payments and the annual cost of living change for board approval.
Internal control
The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The trustees review the strategic plan and annual budget and approve the same. They consider the financial results on a regular basis including variances from budgets. The audit committee meets at least twice a year under its terms of reference.
Related parties
The charity has five wholly-owned subsidiaries Cogent SSC Limited, National Skills Academy for Nuclear Limited (NSAN), Cogent Skills Training Limited (CST), Cogent Skills Services Limited (CSS) and Science Industry Assessment Service Limited (SIAS).
Public benefit requirement
The charity trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission.
Financial risk management
l risk:
Price risk: The charity negotiates income into its business plans and budgets. Incremental increases to salaries are communicated to staff during the formal annual review of salaries. Prices of materials and services purchased are subject to contract with suppliers, based on current market prices.
Credit risk: Credit risk on amounts owed to the charity by its customers is low, as the majority of debtors are the government, large established employers and government funded providers.
Liquidity risk: The charity has no long term borrowing. The charity will make use of its overdraft facility if required.
Interest rate cash flow risk: bankers.
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Trustees' report for the year ended 31 December 2024 (continued)
3. Plans for future periods
5-27, including a focus on providing a surplus to the charity while ensuring investment in the core infrastructure for growth.
We will seek to leverage existing capacity and expertise in our Nuclear team to secure alternative income streams through projects and research initiatives. Efforts will intensify to capitalise on the additional commercial resources within the Business Units by promoting cross-business collaboration. This approach aims to attract more collaborative members and unlock new opportunities. To strengthen relationships and foster a deeper understanding of our customers, a revised CRM system will be implemented alongside a key account management strategy to enable a more integrated approach to customer management across the group.
Finally, our commercial business units will continue to proactively seek out new opportunities to drive growth and expand their influence in the market.
4. Statement of disclosure of information to auditors
Strategic work is undertaken within the parent company Cogent Skills Limited and is largely delivered through an intention to grow the main offers and services delivered through the business units and subsidiary companies with the aim of contributing a surplus to the charity to subsidise the costs of the strategic activity.
4. Statement of disclosure of information to auditors
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there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the group
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individually undertaken, have each taken all the steps necessary as a director in order to make aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of Section 418(1) of the Companies Act 2006.
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Trustees' report for the year ended 31 December 2024 (continued)
5. Trustees' indemnities
As permitted by the Articles of Association, the Trustees have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006.The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Trustees' and Officers' liability insurance in respect of itself and its Trustees.
6.
The trustees (who are also directors of Cogent Skills Limited for the purposes of company law) are responsible United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare group and charitable company financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the charitable company and of the incoming resources of the group and the charitable company for that period.
In preparing each of the group and charitable company financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the financial position of the group and the charitable 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 group and the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information and dissemination of financial statements may differ from legislation in other jurisdictions.
7. Independent Auditor
The auditor, RSM UK Audit LLP, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditor in the absence of an AGM.
The Report of the Trustees and the Strategic Report were approved by the Board of Trustees on .
On behalf of the Board
D Vineall Trustee
14
Cogent Skills Limited
Opinion
2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and Company Balance Sheets, and the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their
Accounting Practice).
In our opinion the financial statements:
-
31 December 2024
-
income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial al 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 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 cond
statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees 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 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.
15
Cogent Skills Limited
(continued)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report, which includes the Directors' Report, and the Strategic Report prepared for the purposes of company law for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent charitable company and their Report or the Strategic Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.
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 e 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.
The extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.
16
Cogent Skills Limited
Independent auditor s report to the members of Cogent Skills Limited (continued)
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:
-
obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the group and parent charitable company operate in and how the group and parent charitable company are complying with the legal and regulatory frameworks;
-
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
-
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, tax legislation.
We performed audit procedures to detect non-compliances which may have a material impact on the financial new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from internal/external advisors.
The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to Register of End Point Assessment Organisations, OFQUAL, Flexi-jobs Apprenticeship Agencies guidelines, Register of Accredited Training Providers, Education Skills Funding Agency (ESFA) regulations and funding guidance, Ofsted requirements and the Apprenticeship Training Agency Framework. Compliance with these requirements is required to remain on certain HM Government registers. We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these law and regulations and inspected correspondence with regulatory authorities.
The group audit engagement team identified the risk of management override of controls and the completeness and cut-off of income transactions as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. The audit team also performed testing over the cut-off and completeness of income, including reviewing transactions around the year end to ensure included in the correct period, and tracing bank receipts through to income.
A further description of our responsibilities for the audit of the financial statements is provided on the http://www.frc.org.uk/auditorsresponsibilities. This description forms
17
Cogent Skills Limited
Independent auditor s report to the members of Cogent Skills Limited (continued)
Use of our report
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone our audit work, for this report, or for the opinions we have formed.
Laura Inglesby FCA (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants 14th Floor 20 Chapel Street Liverpool L3 9AG
Date:
18
Cogent Skills Limited
| 2024 | 2023 | ||
|---|---|---|---|
| Note | |||
| Income and endowments from: | |||
| Charitable activities | 3 | 20,392 | 13,243 |
| Investment income | 4 | 76 | 44 |
| Total income | 20,468 | 13,287 | |
| Expenditure on: | |||
| Charitable activities | 5 | 19,729 | 13,023 |
| Total expenditure | 5 | 19,729 | 13,023 |
| Net income | 739 | 264 | |
| Fund balances brought forward at 1 January | 1,996 | 1,732 | |
| Fund balances carried forward at 31 December | 2,735 | 1,996 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The trustees consider all the fund balances as being unrestricted.
19
Cogent Skills Limited
| 2024 | 2023 | ||
|---|---|---|---|
| Continuing operations | Note | ||
| Income | |||
| Charitable income | 3 | 20,392 | 13,243 |
| Total income | 20,392 | 13,243 | |
| Expenditure | |||
| Charitable expenditure | 5 | 19,727 | 13,012 |
| Total expenditure | 19,727 | 13,012 | |
| Surplus for the financial year before interest and taxation | 665 | 231 | |
| Interest receivable | 4 | 76 | 44 |
| Surplus for the financial year before taxation | 741 | 275 | |
| Taxation on Surplus | 2 | (2) | (11) |
| Surplus for the financial year | 739 | 264 |
The consolidated income and expenditure account is derived from the Consolidated Statement of Financial Activities.
20
Cogent Skills Limited
| Group | Company | ||||
|---|---|---|---|---|---|
| Note | 2024 | 2023 | 2024 | 2023 | |
| Fixed assets | |||||
| Intangible assets | 9 | 91 | 36 | 62 | 20 |
| Tangible assets | 10 | 92 | 86 | 41 | 46 |
| Investments | 11 | - | - | 140 | 140 |
| Total fixed assets | 183 | 122 | 243 | 206 | |
| Current assets | |||||
| Debtors | 12 | 4,636 | 3,454 | 1,905 | 846 |
| Investments - money market deposits | 23 | 1,100 | 750 | - | - |
| Cash at bank and in hand | 1,796 | 1,916 | 1,448 | 1,214 | |
| Total current assets | 7,532 | 6,120 | 3,353 | 2,060 | |
| Creditors:amounts falling due | 13 | (4,948) | (4,234) | (1,755) | (1,075) |
| within one year | |||||
| Net current assets | 2,584 | 1,886 | 1,598 | 985 | |
| Total assets less current liabilities | 2,767 | 2,008 | 1,841 | 1,191 | |
| Provisions | 14 | (32) | (12) | (25) | (9) |
| Net assets | 2,735 | 1,996 | 1,816 | 1,182 | |
| The funds of the Charity | |||||
| Unrestricted Funds | 2,484 | 1,996 | 1,565 | 1,182 | |
| Designated Reserves | 251 | - | 251 | - | |
| Unrestricted income funds | 18 | 2,735 | 1,996 | 1,816 | 1,182 |
| Total charity funds | 19 | 2,735 | 1,996 | 1,816 | 1,182 |
The movement in the net funds of the group attributable to the parent charitable company was £634,000 (2023: £873,000). The residual net movement of £105,000 surplus (2023: £609,000 deficit) is attributable to subsidiary undertakings.
The financial statements on pages 19 to 44 were approved by the Board of Trustees and were signed on its behalf by:
D Vineall Trustee Date: Company Registered Number 09361100 Charity Registration Number 1166082
21
Cogent Skills Limited
| Note | 2024 | 2024 | 2023 | 2023 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Cash generated from operations | 21 | 291 | 390 | ||
| Taxation | (11) | - | |||
| Net cash inflow from operating activities | 280 | 390 | |||
| Investing activities | |||||
| Interest received | 76 | 44 | |||
| Purchase of intangible fixed assets | (74) | (25) | |||
| Purchase of tangible fixed assets | (52) | (25) | |||
| Gross money market deposits | 23 | (2,550) | (2,150) | ||
| Gross money market maturities | 23 | 2,200 | 1,900 | ||
| Net cash (outflow) from investing activities | |||||
| (400) | (256) | ||||
| Financing activities | |||||
| Repayment of long term debt | - | (180) | |||
| Net cash(outflow)from financingactivities | - | (180) | |||
| Net (decrease) in cash and cash equivalents | (120) | (46) | |||
| Cash and cash equivalents at the beginning of | 1,916 | 1,962 | |||
| theyear | |||||
| Cash and cash equivalents at the end of the | 23 | 1,796 | 1,916 | ||
| year |
22
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024
1 Principal accounting policies
The financial statements have been prepared under the historic cost convention, on a going concern and accruals basis, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities and preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Cogent Skills Limited (incorporated in England and Wales) meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements, is set out below.
The financial statements are presented in sterling (£) and the functional currency is sterling (£), rounded to the .
General Information
The Charity is a registered charity and is incorporated in England. The address of its registered office is First Floor, 720 Mandarin Court, Lakeside Drive, Centre Park, Warrington, Cheshire, United Kingdom, WA1 1GG.
Reduced disclosures
In accordance with FRS 102, the group has taken advantage of the exemptions from the following disclosure requirement in the individual financial statements of Cogent Skills Limited:
-
Presentation of a Statement of Cash Flows and related notes and
-
disclosures.
-
Carrying
-
amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches; and details of hedges and hedging fair value changes recognised in profit or loss and in other comprehensive income.
Consolidation
The Statement of Financial Activities (SOFA) and balance sheet consolidate the financial statements of the charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All Intra-group transactions are eliminated on consolidation. The accounting policies are uniform throughout the group with the exception of the capitalisation policy detailed on page 25.
As permitted by section 408(3) of the Companies Act 2006, the parent company's individual income and expenditure account has not been included in these financial statements as a primary financial statement. The parent company's result for the financial year was £634,000 (2023: £873,000).
Going concern
Trading and cashflow forecasts have been prepared through until December 2027 which take account of the current environment and possible future developments. Cash is managed on a group level and the cash balances and available facilities, along with forecast results, are sufficient to remove any concerns over liquidity and the going concern basis of preparation of the accounts.
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.
Company status
The company is a company limited by guarantee with charitable status.
23
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
1 Principal accounting policies (continued)
Fund accounting
All funds are classed as unrestricted funds. Designated reserves are unrestricted funds that have been set aside by the Trustees for specific future purposes. While these funds remain unrestricted and under the control of the ctives. During the year, the Trustees established a designated reserve of £251k to enable the introduction of a social value fund to provide bursaries to those working in or entering the nuclear sector . All other reserves are available for use at the discretion of the members in furtherance of the general objectives of the company and which have not been designated for other purposes.
Incoming resources
All incoming resources are included in the SOFA when the company is legally entitled to the income, the amount is probable and the amount can be quantified with reasonable accuracy. Income includes grants receivable, investment income, membership fees and other commercial income which represents the invoiced value of goods and services supplied.
Income from donations and grants is included in incoming resources when these are receivable, except as follows:
-
When donors specify that donations and grants given to the charity or its subsidiary undertakings must be used in future accounting periods, the income is deferred until those periods.
-
When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until pre-conditions for use have been met.
Deferred income
Income is deferred where funds are received in advance and the contract has only been partly completed at the balance sheet date. Income is released on a systematic basis in line with costs incurred.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
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.
Cost of charitable activities comprises those costs incurred by the charity in the delivery of its aims and objectives. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and board meeting expenditure.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly whereas support costs are apportioned on a per capita basis.
Irrecoverable VAT
All expenditure is classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of expenditure for which it was incurred.
Investments
Investments in subsidiary undertakings are included at cost except where provision is made against an identified impairment.
24
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
1 Principal accounting policies (continued)
Intangible fixed assets
Intangible fixed assets are stated at cost less accumulated amortisation. The cost of intangible fixed assets is their purchase cost or transfer value, together with any incidental expenses of acquisition. Amortisation is calculated so as to write off the cost of intangible fixed assets, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned, as follows:
Software 3-4 years
The expected useful lives of the assets are reassessed periodically in the light of experience. Capital grants are deferred and released in line with the amortisation policy for the grant funded assets purchased.
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. The cost of tangible fixed assets is their purchase cost or transfer value, together with any incidental expenses of acquisition. Depreciation is calculated so as to write off the cost of tangible fixed assets, less their estimated residual values, on a straight line basis over the expected useful economic lives of the assets concerned, as follows:
| Plant and machinery | 3-8 years |
|---|---|
| Grant funded assets | 3-8 years |
| Fixtures and fittings | 3-8 years |
| Computer equipment | 3-4 years |
The expected useful lives of the assets are reassessed periodically in the light of experience. Capital grants are deferred and released in line with the depreciation policy for the grant funded assets purchased.
Cogent Skills Limited operates a policy where items with a value below £500 are not capitalised whereas the consolidated subsidiary undertakings operate to a policy of where there is no minimum capitalisation value.
Impairment
The company reviews tangible fixed assets and investments for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recovered. If the carrying amounts are not expected to be recovered by discounted future cash flows, the assets are impaired and an impairment loss recorded in the SOFA.
Cash held on behalf of third parties
Cash is held on behalf of third parties where the charity is legally bound to pay this cash to a third party and has no responsibility for its ultimate application. In these circumstances the transaction is legally a transfer of resources from the principal to the specified third party and the principal retains legal responsibility for ensuring the charitable application of the funds. The group is simply acting as an intermediary and therefore does not recognise these funds on the balance sheet.
Money market deposit
Money market funds are term deposits of 12 months or less with well known UK banking institutions with high credit ratings.
Leases
All leases are operating leases and are charged to the SOFA / income and expenditure account on a straight line basis over the lease term.
Taxation
The charity has been granted charitable status by the HMRC and therefore is not liable for corporation tax. The
The tax expense represents the sum of the current tax expense and deferred tax expense.
25
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
1 Principal accounting policies (continued)
Current tax assets are recognised when tax paid exceeds the tax payable. Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements.
Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is recognised on income or expenses from subsidiaries, associates, branches and interests in jointly controlled entities, that will be assessed to or allowed for tax in a future period except where the Company is able to control the reversal of the timing difference and it is probable that the timing difference will not reverse in the foreseeable future.
Current and deferred tax, other than the tax effects of distributions to owners, is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.
The tax expense or income effects of distributions to owners are recognised in profit or loss.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.
Employee benefits
The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined benefit and defined contribution pension plans.
Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
Multi-employer pension plan
Cogent SSC Limited participated in the ITB Pension Scheme, a multi-employer pension plan defined benefit scheme. The company is not legally responsible for the plan and does not have sufficient information to use defined benefit accounting. Where the plan is in deficit and where the entities have agreed with the plan to participate in a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the contributions payable under the agreement that relate to the deficit. Payments made to the Plan are offset against this creditor. Where there is a change in the value of the contributions to be paid to the Plan as a result of the deficit funding arrangement the change is recognised in the Statement of Financial Activities in the period in which the agreement is signed by both parties. The unwinding of the discount is recognised as a finance cost. Further pension details can be found in note 17 to the financial statements.
From 1 April 2017 the remaining employees who participated in the defined benefit scheme were transferred into the defined contribution scheme for future service benefits. From 1 August 2022 Cogent SSC Limited employees participate in a separate defined contribution scheme outside of the ITB scheme.
26
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
1 Principal accounting policies (continued)
During 2022 Cogent SSC Limited entered into a flexible apportionment arrangement with the ITB Pension Scheme where the parent company Cogent Skills Limited took over responsibility for all the liabilities in relation to the defined benefit scheme.
Defined contribution pension plan
Cogent Skills Limited, Cogent Skills Services Limited, Cogent Skills Training Limited and Science Industry Assessment Services Limited all participate in the defined contribution scheme of the ITB. The cost recognised in the SOFA is equal to the contributions payable for the year. The assets of the plan are held separately from the company in independently administered funds.
National Skills Academy for Nuclear Limited participate in a separate defined contribution pension scheme. The cost recognised in the SOFA is equal to the contributions payable for the year. The assets of the plan are held separately from the company in independently administered funds.
Financial instruments
instruments.
Recognition and measurement of financial instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Classification of financial instruments
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities at amortised cost
Trade, group and other debtors
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument and subsequently measured at amortised cost using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs.
A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract.
Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.
Trade creditors, group and other creditors
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.
27
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
1 Principal accounting policies (continued)
Trade creditors, group and other creditors (continued)
Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.
Agency Arrangements
The Charity can act as an agent in receiving funds that ultimately come from the ESFA in relation to apprenticeship incentives. These payments and subsequent disbursements are excluded from the statement of financial activities as the charity does not have control over the charitable application of the funds.
Bank overdrafts
Bank overdrafts are presented within creditors: amounts falling due within one year.
Derecognition of financial assets and liabilities
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions
The group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Trustees consider that there are no material sources of estimation uncertainty.
Critical areas of judgement
Debtor provision
A provision for bad and doubtful debts is established when there is objective evidence that the amounts due will not be collected in line with the usual fee collections.
Contract Income Recognition
Income from contracts is recognised in the Statement of Financial Activities to the extent that the Charity has provided the goods or services under the contract.
Contract income is recognised when:
-
There is entitlement to the income through the delivery of specified performance obligations;
-
It is probable that the income will be received; and
-
The amount of income can be measured reliably.
Where income relates to performance over a period of time (e.g. project milestones or time-based services), it is recognised on a proportionate basis as the work is performed. Any income received in advance of performance is deferred and shown as deferred income in the balance sheet.
Expenditure incurred in delivering contract obligations is recognised in line with the income recognition policy to ensure proper matching of income and related costs.
28
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
2 Commercial trading operations and investments in trading subsidiaries
The charity has five wholly owned trading subsidiaries Cogent SSC Limited, National Skills Academy for Nuclear Limited , Cogent Skills Services Limited and Science Industry Assessment Service Limited ( SIAS ) which are incorporated in the UK.
Income and expenditure accounts for the year ended 31 December 2024
----- Start of picture text -----
Cogent Cogent NSAN CST CSS SIAS Inter Total
Skills SSC Co 2024
Limited Limited Elim
----- End of picture text -----
| Income | 6,399 | 1,513 | 2,267 | 1,364 | 5,711 | 3,393 | (255) | 20,392 |
| Expenditure | (6,518) | (1,508) | (2,039) | (1,288) | (5,648) | (2,981) | 255 | (19,727) |
| Surplus/(deficit) for | ||||||||
| the financial year | ||||||||
| before interest and | ||||||||
| taxation | (119) | 5 | 228 | 76 | 63 | 412 | - | 665 |
| Interest receivable | 49 | - | 27 | - | - | - | - | 76 |
| Surplus for the | ||||||||
| financial year before | (70) | 5 | 255 | 76 | 63 | 412 | - | 741 |
| taxation | ||||||||
| Taxation on Surplus | - | (1) | - | - | (1) | - | - | (2) |
| Surplus for the | ||||||||
| financial year after | (70) | 4 | 255 | 76 | 62 | 412 | - | 739 |
| taxation | ||||||||
| Gift Aid | 704 | - | (251) | - | (57) | (396) | - | - |
| Surplus for the | ||||||||
| financial year | 634 | 4 | 4 | 76 | 5 | 16 | - | 739 |
- This figure includes £1,291m recharges to subsidiary companies which have been invoiced and net off the corresponding expenditure within this line.
| Taxation on Surplus | 2024 | 2023 |
|---|---|---|
| Current tax: | ||
| UK corporation tax on Surplus for the year | 2 | 11 |
| Deferred tax: | ||
| Origination and reversal of timing differences | - | - |
| Taxation on Surplus | 2 | 11 |
29
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
2 Commercial trading operations and investments in trading subsidiaries (continued)
Income and expenditure accounts for the year ended 31 December 2023
----- Start of picture text -----
Cogent Cogent NSAN CST CSS SIAS Inter Total
Skills SSC Co 2023
Limited Limited Elim
----- End of picture text -----
| Income | 2,534 | 1,089 | 1,684 | 1,209 | 5,391 | 2,633 | (1,297) | 13,243 |
| Expenditure | (1,686) | (1,836) | (1,605) | (1,171) | (5,384) | (2,627) | 1,297 | (13,012) |
| Surplus/(deficit) for | ||||||||
| the financial year | ||||||||
| before interest and | ||||||||
| taxation and after gift | 848 | (747) | 79 | 38 | 7 | 6 | - | 231 |
| aid | ||||||||
| Interest receivable | 25 | - | 19 | - | - | - | - | 44 |
| Surplus/(deficit) for | ||||||||
| the financial year | 873 | (747) | 98 | 38 | 7 | 6 | - | 275 |
| before taxation | ||||||||
| Taxation on | - | - | (10) | - | (1) | - | - | (11) |
| Surplus/(deficit) | ||||||||
| Surplus/(deficit) for | ||||||||
| the financial year | 873 | (747) | 88 | 38 | 6 | 6 | - | 264 |
30
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
2 Commercial trading operations and investments in trading subsidiaries (continued)
The Charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.
The tax assessed for the year is different to the standard effective rate of corporation tax in the UK for the year ended 31 December 2024 of 25% (2023: 25%). The differences are explained below:
| Cogent | NSAN | CST | CSS | SIAS | Total | Total | |
|---|---|---|---|---|---|---|---|
| SSC | 2024 | 2023 | |||||
| Limited | |||||||
| Surplus for the financial | |||||||
| year before taxation | 5 | 4 | 76 | 6 | 16 | 107 | (598) |
| Surplus for the financial | |||||||
| year at standard tax rate in | |||||||
| the UK of 25% (2023: | |||||||
| 25%) | 1 | 1 | 19 | 2 | 4 | 27 | (149) |
| Effects of: | |||||||
| Losses (utilised) | - | - | (19) | - | - | (19) | (14) |
| Losses not utilised | - | - | - | - | - | - | 187 |
| Expenses (deductible)/ not | - | (1) | - | (1) | (4) | (6) | (13) |
| deductible for tax purposes | |||||||
| Current tax for the year | 1 | - | - | 1 | - | 2 | 11 |
Factors affecting future tax charges
The rate of UK corporation tax increased to 25% from April 2023.
The assets and liabilities of the subsidiaries at 31 December 2024 were:
| Cogent | ||||||
|---|---|---|---|---|---|---|
| SSC | ||||||
| Limited | NSAN | CST | CSS | SIAS | Total | |
| Fixed assets | 6 | 7 | 9 | 3 | 55 | 80 |
| Current assets | 234 | 1,892 | 433 | 1,578 | 821 | 4,958 |
| Creditors: amounts falling due within one year | (177) | (1,199) | (423) | (1,508) | (666) | (3,973) |
| Creditors: amounts falling after more than one year | - | - | (7) | - | - | (7) |
| Net assets | 63 | 700 | 12 | 73 | 210 | 1,058 |
31
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
2 Commercial trading operations and investments in trading subsidiaries (continued)
The assets and liabilities of the subsidiaries at 31 December 2023 were:
| Cogent | ||||||
|---|---|---|---|---|---|---|
| SSC | ||||||
| Limited | NSAN | CST | CSS | SIAS | Total | |
| 0 | ||||||
| Fixed assets | 9 | 7 | 10 | 3 | 27 | 56 |
| Current assets | 163 | 1,871 | 390 | 1,073 | 662 | 4,159 |
| Creditors: amounts falling due within one year | (113) | (1,182) | (460) | (1,008) | (495) | (3,258) |
| Creditors: amounts falling after more than one year | - | - | (4) | - | - | (4) |
| Net assets/(liabilities) | 59 | 696 | (64) | 68 | 194 | 953 |
3 Charitable income
| Charitable income | ||
|---|---|---|
| 2024 | 2023 | |
| Project income | 5,688 | 483 |
| Membership fees | 1,310 | 1,403 |
| End assessments | 3,836 | 2,869 |
| Course & consultancy sales | 1,364 | 1,209 |
| ATA fee income |
1,056 | 1,007 |
| ATA recharge of employment costs |
4,553 | 4,133 |
| Apprenticeship delivery | 1,513 | 1,089 |
| Other income | 1,072 | 1,050 |
| 20,392 | 13,243 |
4 Investment income
| 2024 | 2023 | |
|---|---|---|
| Bank deposit income | 76 | 44 |
32
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
5 Analysis of expenditure
| Research, policy, Occupational standards and engaging with employers Governance costs Cogent SSC National Skills Academy for Nuclear Limited Cogent Skills Training Limited Cogent Skills Services Limited Science Industry Assessment Service Limited Intercompany Elimination Total 2024 Cost directly allocated to activities Salaries and other staff costs 1,691 - 921 746 - 4,553 - - 7,911 Specific projects 4,445 - 485 654 554 35 929 (255) 6,847 Other costs - - 81 - - - - - 81 6,136 - 1,487 1,400 554 4,588 929 (255) 14,839 Support costs Salaries and other staff costs 13 - - 351 538 717 1,151 679 3,449 Marketing and communications 47 - 10 30 9 27 99 - 222 Premises costs 50 - 11 11 32 18 24 - 146 Other costs 251 21 1 498 155 356 1,174 (1,383) 1,073 361 21 22 890 734 1,118 2,448 (704) 4,890 |
Research, policy, Occupational standards and engaging with employers Governance costs Cogent SSC National Skills Academy for Nuclear Limited Cogent Skills Training Limited Cogent Skills Services Limited Science Industry Assessment Service Limited Intercompany Elimination Total 2024 Cost directly allocated to activities Salaries and other staff costs 1,691 - 921 746 - 4,553 - - 7,911 Specific projects 4,445 - 485 654 554 35 929 (255) 6,847 Other costs - - 81 - - - - - 81 6,136 - 1,487 1,400 554 4,588 929 (255) 14,839 Support costs Salaries and other staff costs 13 - - 351 538 717 1,151 679 3,449 Marketing and communications 47 - 10 30 9 27 99 - 222 Premises costs 50 - 11 11 32 18 24 - 146 Other costs 251 21 1 498 155 356 1,174 (1,383) 1,073 361 21 22 890 734 1,118 2,448 (704) 4,890 |
Research, policy, Occupational standards and engaging with employers Governance costs Cogent SSC National Skills Academy for Nuclear Limited Cogent Skills Training Limited Cogent Skills Services Limited Science Industry Assessment Service Limited Intercompany Elimination Total 2024 Cost directly allocated to activities Salaries and other staff costs 1,691 - 921 746 - 4,553 - - 7,911 Specific projects 4,445 - 485 654 554 35 929 (255) 6,847 Other costs - - 81 - - - - - 81 6,136 - 1,487 1,400 554 4,588 929 (255) 14,839 Support costs Salaries and other staff costs 13 - - 351 538 717 1,151 679 3,449 Marketing and communications 47 - 10 30 9 27 99 - 222 Premises costs 50 - 11 11 32 18 24 - 146 Other costs 251 21 1 498 155 356 1,174 (1,383) 1,073 361 21 22 890 734 1,118 2,448 (704) 4,890 |
|---|---|---|
| Total expenditure 6,497 21 1,509 2,290 1,288 5,706 3,377 |
(959) | 19,729 |
The support costs have been allocated on a per capita basis.
Other costs in the table above include a taxation charge of £2,000 (2023: £11,000) which is disclosed separately for the purpose of the consolidated income and expenditure account on page 20.
33
Cogent Skills Limited
Notes to the financial statements
for the year ended 31 December 2024 (continued)
5 Analysis of expenditure (continued)
The comparative numbers for 2023 are:
| Research, policy, Occupational standards and engaging with employers Governance costs Cogent SSC National Skills Academy for Nuclear Limited Cogent Skills Training Limited Cogent Skills Services Limited Science Industry Assessment Service Limited Intercompany Elimination Total 2023 Cost directly allocated to activities Salaries and other staff costs 1,021 - 562 640 - 4,134 - - 6,357 Specific projects 368 - 372 412 502 169 710 (67) 2,466 Other costs 39 - 141 - - - - - 180 1,428 - 1,075 1,052 502 4,303 710 (67) 9,003 Support costs Salaries and other staff costs 3 - - 315 502 747 823 689 3,079 Marketing and communications 58 - - 13 9 28 56 - 164 Premises costs 45 - 11 11 30 17 22 - 136 Other costs 134 18 750 224 128 290 1,016 (1,919) 641 240 18 761 563 669 1,082 1,917 (1,230) 4,020 |
Research, policy, Occupational standards and engaging with employers Governance costs Cogent SSC National Skills Academy for Nuclear Limited Cogent Skills Training Limited Cogent Skills Services Limited Science Industry Assessment Service Limited Intercompany Elimination Total 2023 Cost directly allocated to activities Salaries and other staff costs 1,021 - 562 640 - 4,134 - - 6,357 Specific projects 368 - 372 412 502 169 710 (67) 2,466 Other costs 39 - 141 - - - - - 180 1,428 - 1,075 1,052 502 4,303 710 (67) 9,003 Support costs Salaries and other staff costs 3 - - 315 502 747 823 689 3,079 Marketing and communications 58 - - 13 9 28 56 - 164 Premises costs 45 - 11 11 30 17 22 - 136 Other costs 134 18 750 224 128 290 1,016 (1,919) 641 240 18 761 563 669 1,082 1,917 (1,230) 4,020 |
Research, policy, Occupational standards and engaging with employers Governance costs Cogent SSC National Skills Academy for Nuclear Limited Cogent Skills Training Limited Cogent Skills Services Limited Science Industry Assessment Service Limited Intercompany Elimination Total 2023 Cost directly allocated to activities Salaries and other staff costs 1,021 - 562 640 - 4,134 - - 6,357 Specific projects 368 - 372 412 502 169 710 (67) 2,466 Other costs 39 - 141 - - - - - 180 1,428 - 1,075 1,052 502 4,303 710 (67) 9,003 Support costs Salaries and other staff costs 3 - - 315 502 747 823 689 3,079 Marketing and communications 58 - - 13 9 28 56 - 164 Premises costs 45 - 11 11 30 17 22 - 136 Other costs 134 18 750 224 128 290 1,016 (1,919) 641 240 18 761 563 669 1,082 1,917 (1,230) 4,020 |
|---|---|---|
| Total expenditure 1,668 18 1,836 1,615 1,171 5,385 2,627 |
(1,297) | 13,023 |
The support costs have been allocated on a per capita basis.
34
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
6 Net income
| 2024 | 2023 | ||
|---|---|---|---|
| Net income is stated after charging: | |||
| Amortisation of intangible fixed assets | owned |
19 | 11 |
| Depreciation of tangible fixed assets |
owned | 46 | 41 |
| 55 | 48 | ||
| : other services | - | - | |
| Operating lease rentals other |
64 | 64 |
7
Two trustees (2023: two), J Fosh and K Gorge, received aggregate emoluments of £303,495 (2023: £269,473) including pension contributions of £25,703 (2023: £13,304) during the year for their services as employees, in accordance with the articles of the charity. No trustees (2023: nil) have received reimbursement (2023: £nil) for travel and subsistence expenses. Professional indemnity insurance, which cost the charity £3,528 (2023: £3,269) is in place with a limit of £2 million.
Remuneration disclosed above include the following amounts paid to the highest paid director:
| 2024 | 2023 | |
|---|---|---|
| Remuneration for qualifying services | 150 | 147 |
| Pension contributions | 19 | 8 |
8 Employee information
The monthly average number of persons employed by the group (including directors) during the year is analysed below:
| Group | Company | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Number | Number | Number | Number | |
| Administration | 105 | 88 | 30 | 23 |
35
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
8 Employee information (continued)
| Employee information | (continued) | |||
|---|---|---|---|---|
| Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| Employee costs in relation to the | above employees | |||
| Wages and salaries | 5,059 | 3,995 | 1,636 | 1,191 |
| Social security costs | 497 | 391 | 159 | 114 |
| Other pension costs | 364 | 296 | 92 | 61 |
| 5,920 | 4,682 | 1,887 | 1,366 |
The number of employees whose employee benefits (excluding employer pension costs and employer national insurance contributions) exceeded £60,000 was:
| 2024 | 2023 | |
|---|---|---|
| Salaries and benefits | Number | Number |
| £60,000 - £70,000 | 7 | 6 |
| £70,001 - £80,000 | 2 | 3 |
| £80,001 - £90,000 | 2 | - |
| £90,001 - £100,000 | - | 1 |
| £100,001 - £110,000 | - | 2 |
| £110,001 - £120,000 | 2 | - |
| £120,001 - £130,000 | 1 | - |
| £130,000 + | 1 | 1 |
The number of higher paid employees accruing retirement benefits was 15 (2023: 13).
Remuneration of key management personnel
management personnel of the group for the year was £1,035,357 (2023: £867,927). Key management personnel comprise of the executive directors and the senior management team.
36
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
| 9 Intangible assets |
||
|---|---|---|
| Group | Computer | Total |
| software | ||
| Cost | ||
| At 1 January 2024 | 516 | 516 |
| Additions | 74 | 74 |
| Disposals | - | - |
| At 31 December 2024 | 590 | 590 |
| Accumulated depreciation | ||
| At 1 January 2024 | 480 | 480 |
| Charge for year | 19 | 19 |
| Disposals | - | - |
| At 31 December 2024 | 499 | 499 |
| Net book value | ||
| At 31 December 2024 | 91 | 91 |
| At 31 December 2023 | 36 | 36 |
| Company | Computer | Total |
| software | ||
| Cost | ||
| At 1 January 2024 | 32 | 32 |
| Additions | 54 | 54 |
| Disposals | - | - |
| At 31 December 2024 | 86 | 86 |
| Accumulated depreciation | ||
| At 1 January 2024 | 12 | 12 |
| Charge for year | 12 | 12 |
| Disposals | - | - |
| At 31 December 2024 | 24 | 24 |
| Net book value | ||
| At 31 December 2024 | 62 | 62 |
| At 31 December 2023 | 20 | 20 |
37
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
| 10 Tangible assets | |||
|---|---|---|---|
| Group | Fixtures and | Computer | Total |
| fittings | equipment | ||
| Cost | |||
| At 1 January 2024 | 127 | 252 | 379 |
| Additions | 16 | 36 | 52 |
| Disposals | - | (5) | (5) |
| At 31 December 2024 | 143 | 283 | 426 |
| Accumulated depreciation | |||
| At 1 January 2024 | 86 | 207 | 293 |
| Charge for year | 15 | 31 | 46 |
| Disposals | - | (5) | (5) |
| At 31 December 2024 | 101 | 233 | 334 |
| Net book value | |||
| At 31 December 2024 | 42 | 50 | 92 |
| At 31 December 2023 | 41 | 45 | 86 |
| Company | Fixtures and | Computer | Total |
| fittings | equipment | ||
| Cost | |||
| At 1 January 2024 | 47 | 37 | 84 |
| Additions | - | 15 | 15 |
| Disposals | - | - | - |
| At 31 December 2024 | 47 | 52 | 99 |
| Accumulated depreciation | |||
| At 1 January 2024 | 17 | 21 | 38 |
| Charge for year | 10 | 10 | 20 |
| Disposals | - | - | - |
| At 31 December 2024 | 27 | 31 | 58 |
| Net book value | |||
| At 31 December 2024 | 20 | 21 | 41 |
| At 31 December 2023 | 30 | 16 | 46 |
38
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
11 Interests in subsidiary undertakings
Details of subsidiary undertakings held by Cogent Skills Limited at £nil carrying value apart from SIAS, of which the company has an investment in the share capital of £140,000, are as follows:
| Name of company, company registration | Description of | Proportion of | Principal |
|---|---|---|---|
| number and address of incorporation and | shares held | nominal value | activity |
| operation | of issued shares | ||
| Cogent SSC Limited (SC129351) | |||
| Summit House, 4-5 Mitchell Street, Edinburgh, Scotland, EH6 7BD |
Ordinary | 100%* | Education and training |
| National Skills Academy for Nuclear Limited | |||
| (06423637) The Base, Dallam Lane, Warrington, | Ordinary | 100%* | Education and |
| England, WA2 7NG | training | ||
| Cogent Skills Training Limited (06430341) | |||
| First Floor, 720 Mandarin Court, Lakeside Drive, Centre Park, Warrington, Cheshire, England, WA1 1GG |
Ordinary | 100%* | Education and training |
| Cogent Skills Services Limited (07806185) | |||
| First Floor, 720 Mandarin Court, Lakeside Drive, Centre Park, Warrington, Cheshire, England, WA1 |
Ordinary | 100%* | Promotion of Technical |
| 1GG | Apprenticeships | ||
| Science Industry Assessment Service Limited | |||
| (09396974) First Floor, 720 Mandarin Court, Lakeside Drive, Centre Park, Warrington, |
Ordinary | 100% | Administration services |
| Cheshire, England, WA1 1GG |
- These subsidiary undertakings are limited by guarantee and the company is the sole subscriber.
12 Debtors
| 12 Debtors | ||||
|---|---|---|---|---|
| Group | Company | |||
| 2024 | 2023 | 2024 | 2023 | |
| Trade debtors | 3,971 | 2,859 | 973 | 402 |
| Amounts owed by group undertakings | - | - | 613 | 99 |
| Other debtors | 18 | 17 | 183 | 17 |
| Prepayments and accrued income | 647 | 578 | 136 | 328 |
| 4,636 | 3,454 | 1,905 | 846 |
Amounts owed by group undertakings are interest free and payable on demand.
39
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
13 Creditors: amounts falling due within one year
| Group | Company | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Trade creditors | 864 | 468 | 466 | 76 |
| Taxation and social security | 523 | 748 | 67 | 93 |
| Accruals | 723 | 877 | 275 | 202 |
| Deferred income | 2,174 | 1,954 | 947 | 703 |
| Invoice discounting facility | 644 | - | - | - |
| Other creditors | 20 | 187 | - | - |
| 4,948 | 4,234 | 1,755 | 1,074 |
CSS uses an Invoice discounting facility with Close Brothers. The liability is secured on the trade debtors of CSS. This facility is with recourse and bears interest at a variable rate.
Deferred income comprises contract income received in advance of contract outputs delivered.
| Group | Company | |
|---|---|---|
| Balance as at 1 January 2024 | 1,954 | 703 |
| Amount released from previous years | (1,954) | (703) |
| Incoming resources deferred in year | 2,174 | 947 |
| Balance as at 31 December 2024 | 2,174 | 947 |
The group balance above includes £2,174,000 (2023: £1,954,000) of amounts falling due within one year and £nil (2023: £nil) of amounts falling due after more than one year.
40
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
14 Provisions
| 4 Provisions | ||||
|---|---|---|---|---|
| Group | Company | |||
| Dilapidations | 2024 | 2023 | 2024 | 2023 |
| Opening Balance | 12 | - | 9 | - |
| Additional provision in year | 20 | 12 | 16 | 9 |
| Closing Balance | 32 | 12 | 25 | 9 |
A provision is recognised for estimated dilapidation costs relating to leasehold properties. The company is contractually required to make good any damage or restore the properties to their original condition at the end of the lease term. The provision
by reference to lease terms and historical experience.
The outflow of economic benefits is expected to occur upon lease expiry, which is anticipated to be between 2027 and 2030.
15
0 per member (7 members) (2023: 7 members).
16 Commitments
At 31 December 2024 the group had total commitments under non-cancellable operating leases expiring as follows:
| 2024 | 2023 | 2024 | 2023 | |
|---|---|---|---|---|
| Land and | Land and | Other | Other | |
| buildings | buildings | |||
| Within one year | 66 | 64 | - | - |
| Within two to five years | 78 | 145 | - | - |
| 144 | 209 | - | - |
| Company | 2024 | 2023 | 2024 | 2023 |
|---|---|---|---|---|
| Land and | Land and | Other | Other | |
| buildings | buildings | |||
| Within one year | 39 | 37 | - | - |
| Within two to five years | 50 | 89 | - | - |
| 89 | 126 | - | - |
41
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
17 Pensions
Cogent SSC Limited participates in the ITB Pension Scheme, a multi-employer pension plan defined benefit scheme. The employers share the actuarial risks associated with all employees and former employees. The company is not legally responsible for the plan and does not have sufficient information to use defined benefit accounting.
From 1 April 2017 the remaining employees who participated in the defined benefit scheme were transferred into the defined contribution scheme for future service benefits. From 1 August 2021 Cogent SSC Limited employees participate in a separate defined contribution scheme outside of the ITB scheme.
During 2021 Cogent SSC Limited entered into a flexible apportionment arrangement with the ITB Pension Scheme where the parent company Cogent Skills Limited took over responsibility for all the liabilities in relation to the defined benefit scheme.
The latest triennial review of the scheme was at 31 March 2022. The fund has insured the majority of pensioner liabilities through a number of buy-in policies. The buyfunding position significantly since the 2016 valuation.
At the review date, the actuarial value of the assets of the scheme was £543.9 million and the value of liabilities was £519.1 million, leaving a surplus of £24.8 million representing a funding level of 105% (2019 104%). The next formal actuarial valuation is due at 31 March 2025. The solvency position is equivalent to a funding level of 95% (2019:87%).
The ITB Trustees are planning to begin the formal process of winding-up the Open Fund DB Section in November 2025, with the buy-out of the DB Section planned for the end of May 2026 and the wind-up of the Open Fund planned for the end of 2026.
The total pension cost for the group was £364,000 (2023: £296,000). This includes £18,000 (2023: £16,000) outstanding contribution at the balance sheet date. The contributions rate payable by the group was up to 8.35%.
CS, CSS, CST, SIAS and NSAN operate defined contribution pension schemes.
18 Unrestricted income funds
| Income for | Expenditure | Transfer | |||
|---|---|---|---|---|---|
| At 1 | the | for the | of | At 31 | |
| January | financial | financial | Reserves | December | |
| 2024 | year | year | 2024 | ||
| Group | |||||
| Unrestricted Funds | 1,996 | 20,468 | (19,729) | (251) | 2,484 |
| Designated Reserves | - | - | - | 251 | 251 |
| Total Funds | 1,996 | 20,468 | (19,729) | - | 2,735 |
| Company | |||||
| Unrestricted Funds | 1,182 | 7,152 | (6,518) | (251) | 1,565 |
| Designated Reserves | - | - | - | 251 | 251 |
| Total Funds | 1,182 | 7,152 | (6,518) | - | 1,816 |
All funds are classed as unrestricted funds with £251k classed as designated reserves to enable the introduction of a social value fund to provide bursaries to those working in or entering the nuclear sector . The designated reserves are expected to be utilised by end of 2026.
42
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
19 Reconciliation of movements
| Group | Company | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Surplus for the year | 739 | 264 | 1,182 | 873 |
| 1,996 | 1,732 | 634 | 309 | |
| 2,735 | 1,996 | 1,816 | 1,182 |
20 Related party transactions
Transactions between the charity and its related parties (subsidiaries) are disclosed below:
| 2024 | 2023 | |
|---|---|---|
| £'000 | £'000 | |
| Opening charity debtor | 99 | 243 |
| Recharged to subsidiaries | 1,291 | 1,212 |
| Paid by subsidiaries | (1,364) | (2,535) |
| Invoiced by subsidiaries | (117) | (51) |
| Gift Aid from subsidiaries | 704 | 1,230 |
| Closing charity debtor | 613 | 99 |
21 Reconciliation of Net income to net cash generated from operations
| Group | 2024 | 2023 | |
|---|---|---|---|
| Note | |||
| Net income | 739 | 264 | |
| Taxation | 2 | 11 | |
| Investment income | 5 | (76) | (44) |
| Depreciation and amortisation | 65 | 52 | |
| Increase in debtors | (1,182) | (1,227) | |
| Increase in creditors | 723 | 1,334 | |
| Increase in provisions | 20 | - | |
| Cashgenerated from operations | 291 | 390 |
43
Cogent Skills Limited
Notes to the financial statements for the year ended 31 December 2024 (continued)
22 Analysis of net cash and cash equivalents
| At 1 | At 31 | ||
|---|---|---|---|
| January | December | ||
| 2024 | Cash flow | 2024 | |
| Group | |||
| Cash at bank and in hand | 1,916 | (120) | 1,796 |
| 1,916 | (120) | 1,796 |
23 Analysis of net funds/(debt)
| At 1 | At 31 | ||
|---|---|---|---|
| January | December | ||
| 2024 | Cash flow | 2024 | |
| Group | |||
| Cash at bank and in hand | 1,916 | (120) | 1,796 |
| Money market deposits | 750 | 350 | 1,100 |
| 2,666 | 230 | 2,896 | |
| Borrowings | |||
| Loans falling due within one year | - | - | - |
| Loans falling due after more than one year | - | - | - |
| Total | 2,666 | 230 | 2,896 |
Money market funds are term deposits of between 3 and 12 months with well-known UK banking institutions with high credit ratings. These investments are classified as current asset investments rather than cash and cash equivalents because they are not available on demand and have maturities exceeding three months from the date of acquisition. As such, they do not meet the definition of cash equivalents under FRS 102 Section 7.
24 Controlling party
The charity has 7 (2023: 7) members representing the science based industries covering industrial sciences (including petroleum refining and distribution, chemical manufacturing, and polymers), life sciences (including pharmaceuticals and medical technologies) and nuclear. The trustees do not consider there to be a controlling party on the basis that each of the members has equal voting rights. Cogent Skills Limited is the only company to consolidate these results
44