Company registration number.. 11634699 Charity number.. 1182053 nocn . JOB CARDS NOCN Job Cards IA Company Iimlted by guarantee) Trustee, Report and Consolidated Financial Statements For the year ended 31 Jtjly 2024
NOCN lobcards IA Company limited by Guarantee) Contents Page Refer9nce and Administrative Detalls of the Charity, Its Trustees and Advlsers Trustees, Report 2-10 Independent Auditor's Report on the Financial Statements Statement of Financial Activitles 11-14 15 Statement of Financial Position 16 statement of Cash Flows Notgs to the Financial Statements 18-29
NOCN Job Cards IA Company limited by Guarantee) Reference and Admlnistrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 July 2024 NOCN Job Cards Trustees. and Directors.. Chair Alison Duckles CBE Graham Hasling-Evans David Mosley (Resigned 8 July 20241 Carl Hassell Pau1 Allman Timothy Brownbridge Kay Dickinson Deborah Howarth {Appoinled 8 January 20241 Reference and admlnlstrative details: Charity number.. 1182053 Company number: Registered office.. 11634699 Acero Building 1 Concourse Way Sheaf Street Sheffield, S128J Key Management Personnel: Group Director (Job Cards) Carl Ha5sell Our Advlsers.. Bank National Weslminsler Bank Pl 7 Market Place Derby, DE1 gDS Solicitors Andrew Holland Law Lirnited Suite 2, The Bakery Millenium Business Park Sleelon, Keighley Wesl Yorkshire, BD20 6RB Auditors Armstrong Walson Audit Limited Thornfield Business Park Northallerlon, DL6 2XQ Pag&11
NOCN Job Cards IA Company limited by Guaranteel Trustees, Report For the Year Ended 31 July 2024 The Trustees are pleased lo present Iheii Annual Directors, Report together with the Financial Statements of the charity for the year ending 31 July 2024, which are prepared lo meet the requirements for a directors, report and accounts for Companies Act purposes. The Financial Slalemenls comply with the Charities Act 2011, the Companies Act 2006, the memorandum and Article5 ofAssocialion, and AccoLJnling and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard and applicable in the UK and Republi¢ of Ireland (FRS1021. Page12
NOCN Job Cards IA Company limited by Guarantee) Trustees, Report Icontinuedl For the Year Ended 31 July 2024 Chair's Foreword 2U23124 has seen the Construction Plant Competence Scheme ICPCSI from NOCN GTOUP continue lo progress, benefiting from the ongoing implemen121ion of its determined strategic planning. This action aims to considerably improve financial position in 2024125. We continue to support cenlres, employers, and operatives in enhancing skills and competency, professionalising the plant sector and addressing the gaps in the construction industry skills. Key strategy steps embedded in our operations include.. The launch of a series of industry-leading digital innovations This includes the development of our own version of the Health Safely & Environment IHSE) lest, introducing interactive learning and an invigilaled lesl. We have also transformed and replaced CPCS Card Renewal Testing with a ftjlly online Continuous Professional Development ICPDI solution. Expanding our charitable activities Into the international arena The international market continues to offer rich potential for diversification. We have Continued lo see growth in several of our international partnerships, particularly consolidating our position in the Middle East region. We are now seen as the leading Technical and Vocational Education and Training ITVF_T) Awarding Organisation in Bahrain. We have also started contractual woik with Skills Bahrain for the development of skills lest5, and across the Kingdom of Saudi Arabia we have approved new cenlres. Critlcally maintaining our regulatory approvals and compllance CPCS has gone through significant changes lo ensure that ils card schemes meet the requirements of the Standard Selling Body for the introduction of"New Training Standards.. We have had to change many of the scheme's rules lo ensure compliance and have put together industry working groups to ensure th81 the training standards were adopted and improvements to the schemes are delivered and meet the needs of industry. Strengthening our qua5ity assurance Quality assuran h8S Strengthened during the financial year. CPCS has a new Quality Assurance Manual, new reporting forms, and External Quality Assurance IEQAI is now more effi'cient due lo completing documenlatlDn in real time. Construction Industry Scaffolders Record Scheme ICISRSI smart carding processes continue to be managed by NOCN Group. Volumes have remained comparative lo the previous year. Our c12rity of strategic purpose and progress made on implemenl81ion has underpinned our turnover in the period. This is particularly encouraging as il has been achieved against a challenging economic backdrop for many of our cardholders operating within the construction sector. Looking forward, the Board of Trustees has agreed in principle a merger ol NOCN Job Cards with the parent company of the Group. NOCN, during 2024125 financial year. This will enable a beller integrated service delivery of Job Cards, operations lo our customers whilst maintaining the same quality bul with greater efficiency.11 will also support our charitable objectives by enhancing the training and development opportunities and lifelong learning available lo learners. operatives and card holders. Page13
NOCN Job Cards IA Company limited by Guarantee) Trustees, Report {continuedl For the Year Ended 31 July 2024 I lake this opportunity to thank our staff and management, on behalf of the Board of Trustees, for all their hard work and professionalism throughout the year. Alison Duckles CBE (Chairl 5 December 2024 P8ge14
NOCN Job C8rds IA Company limited by Guarantee) Trustees, Report Icontinuedl For the Year Ended 31 July 2024 Our Purpose, Objectives and Activitles The Purpose of the Charlty The purpose and mission statement of the Charity is lo support learners and apprentices to achieve success in life and work and 5UPPOrt communities and organisalions to develop and prosper through the provision and oper2lion of competency card schemes. The Objectives of the Charity The charity's objectives are specifically reslricled lo the advancement of education of operatives working in industry within the United Kingdom and Eire and in other countries which recognise skills and ¢ompÈlency card schemes in one or more ol the following ways,. by facililaling skills and competence card scheme5 which will set standards and develop and lest skills and competencies in order lo increase public confidence in the operatives work,. by promoting participation by operatives in the schemes., by promoting participation by operatives in all forms of education and training in conjunction with anol in addition lo the schemes". by improving the quality and flexibility of education provision available lo operatives., by improving access lo learning opportunities and facililaling progression lo further learning, employment and higher education., by delivering continuing professional developrnenl, training qualifications and assessment qualifications lo operatives", by working with industry lo ensure the schemes and operatives are ready ft)r advancements in new le¢hnologies'. and by ensuring the schemes meet the needs of 811 operatives. Public Benefit The Trustees have complied with their duly in a¢¢ordance with the UK Charities Act 2011 to follow the Charity Commission's guidance on the operation of this public benefit. The Charity started lo advan its objectives for the general public through the purchase of the Construction Plant Competency Scheme ICPCSI from CITB on 161 March 2019 as the first competency card schemes that the Charity will operate. This card scheme ensures that Construction Plant Operators have the right qualifications and experience to operate different classes of plant machinery on construction sites. In September 2019, the Construction Industry Scaffolders Record Scheme ICISRSI signed a contract with NOCN Job Cards lor the charity lo deliver CISRS cards lo the Scaffolding industry. CISRS is one of the oldest most respected cards in the constmclion industry. The wnlract to deliver the CISRS cards fits very well with the NOCN Job Cards, charitable aims. Page15
NOCN Job Cards IA Company limited by Guarantee) Trustees, Report Icontinuedl For the Year Ended 31 July 2024 KeyA¢hievements. Activltle$ & Performance in the year CPCS supports people lo gain employment and develop their careers within the construction plant sector by ensuring operatives meet the standards expected by industry. CPCS then issues operatives with digital SMART cards. The scheme, which is competency based, has different colour cards that indicate the level of skill. CPCS is compliant with the Construction Leadership Council ICLCI requirements for a One-Logo" skilled work force, as such we are audited by Construction Skills Certification Scheme ICSCSI and remain compliant and the only plant card scheme fully compliant with the PSRO Card Scheme Framework. During 2023124 CPCS has gone through significant changes lo ensure that the CPCS card scheme meets the reqkjiremenls of the Standard Setting Body lor the introduction of New Training Standards" as such we have had lo change many of the scheme rules lo ensure compliance. CPCS has strong support from industry. We have put together industry working groups lo ensure that the training standards were adopted, improvements lo the scheme are delivered and meet the needs of the industry. CPCS has been able lo gain the support of the board and ils industry representatives to create and launch an online version of the He811h, Safely and Environment IHS&EI lesl for plant operatives with inleraclive learning and an invigilaled lesl. Job Cards created great on-line learning content that is easy to navigate improves knowledge of the health safely and environmental responsibilities of employers, employeès and conlraclors. We have changed the approach of Renewal Testing in independent locations and have a full on-line offer ol online CPD, which is also inleraclive. Job Cards continues to support cenlres, employers, and operatives in enhancing skills and competence in the plant sector and working on closing the sector's skills gaps. We have also changed the way that operatives renew their Blue Competence card. Operatives no longer have lo book appointments and travel lo lest locations, instead they can book Renewal CPD online, the renewal CPD has a modular approach and covers farnily groupings relevant lo the categories held on the blue card. Operatives can now self-serve and do their renewal fully online. CISRS smart carding processes are managed by Job Cards, volumes have remained comparative lo the previou5 year, however our costs have increased therefore we have recently renegotiated the CISRS Contract for the 2024125 period. P8ge16
NOCN lobcards IA Company limited by Guarantee) Trustees, Report {continuedl For the Year Ended 31 July 2024 Financial Review Card income levels have seen an increase year-on~year. Operating costs We 3D/o higher in 2023124 compared to 2022123 due lo the continued investment in developing the business. This resulted in the ¢harily achieving an operating surplus of £411 k surplus in 2023124 {2023'. £400k surplus). 2023124 £OaO's 3,804 3,393 411 14291 2022123 £OOO's 3,694 13,294 400 13681 Inco Operaliro Costs Operating Idefi¢itl I surplu5 Depieaation, ArrortisalK)n & Irlerest Other revalualior6 Net incoming resource5 after other gains I Ilossesl 1181 32 NOCN Job Cards reserves ended 2023124 at £0.5m. However, this remains outside of ils reserves policy target due lo the need to pay off the inlercompany loan from NOCN to fund the purchase of CPCS and the continued need lo invest in developing the digital offer and quality of operations. This investment is projected lo lead lo improved financial performance In future years. Going Concern In order for the Board to determine the going concern position of Job CaTds, a going concern assessment of its position was developed. The assessment included 2 review of current performance in 2023124 al the point of signing the accounts, stress lesling of budgets and forecast projections under a best and worst case on the Statement of Financial Activities and cash flow position for the period up lo the 31 July 2025. Job Cards is opèotionally and financially viable as a business with continued projected surpluses lo be generaled under the best and worst case scenarios. NOCN also Committed lo continue to extend ils inlercompany loan lo NOCN Job Cards until al least 31 July 2D25. However, as noted in the Chair's Foreword, in light of the Board's decision in principle lo merge into the NOCN charity in 2024125, (seè note 221. the trade and assets of NOCN Job Cards are expected lo be transferred into the parent company of the Group, NOCN, in the financial year 2024125. As a result, Job Cards as a legal enlily will cease trading and hold no assets by the end of 2024125. The financial statements of 2023124 have therefore been prepared on a basis other than going concern. No adjuslmenls were required as a result of preparing the accounts on a basis other than going concern. The services delivered by thè entity will continue lo operate post the merger with NOCN. NOCN Job Cards legal entity will continue to trade as normal until the merger with NOCN lakes place in 2024125. 11 is the intention of the Trustees lo dissolve NOCN Job Cards soon aller. Key Risks in the year The key risks NOCN Job Cards has faced in the year have been.. General economic un¢erlainly impacting the construction sector in particular. which we have been mindful of in our future planning. The risk that the CPCS scheme fails lo adapt successfully lo the new CITB funding arrangemènt such that market share and income is lost lo ils competitors. Through the work carried out in 2023124 we have managed to succes5fLJlly miligale this risk. Failing to invest sufficiently in digilisalion projects or launching new processes and products impacting our ability to deliver lo our stakeholders lo the high stsndard they expect from NOCN Job Cards. P8ge17
NOCN Job Cards IA Company limited by GuAranteel Trustges, Report Icontlnuedl For the Year Ended 31 July 2024 CITB andloi the PRSO is not effective lor no longer exists or changes) such that the CPCS scheme cannot operate effecbvely or is unfairly penalised vs competitors or the grant scheme ceases. Lower standard competitor schemes take market share from CPCS anol as a result plant safely is lowered and accidenlsldealhs are higher. Resgrves Policy The reserves policy was reviewed and updated in 2023124. The aim of the policy is lo keep Job Cards balance sheet unreslricled ieserves in the range of £1.5m and £2.1 m. Equating lo approximately 6 10 8 months of projected operating expenditure and available cash, which is pooled al a group1evel. These unrestricted reserves, which are freely available for general use, are held lo wilhsland any short-term financial risks and lo support any nel windup costs in the event of closure. As at the end of July 2024, NOCN Job Cards was outside Df this range given the company has only been operational since 2019. The Board approved a business plan and budget for 2024125, which will generate a healthy surplus. However, the Board decided lo merge NOCN Job Cards with the parent company ol the Group, NOCN, in the financial year 2024125 (see note 221. As a result, Job Cards as a legal entity will ase trading and hold no assets by the end 012024125. The services delivered by the enlily will continue lo operate post the merger with NOCN. NOCN Job Cards legal enlily will continue lo trade as normal until the merger lakes pla in 2024125. Powers of Investment The Trustees are aulhorised by the Memorandum ofAssocialion lo invest monies not immediately required for the Charities own purposes in such investments, securitiès or property as they deem fit subject lo any conditions required by law. Future Plans Work has started on our Vision 2030, ensuring that industry can scope Iheii future needs of a plant competence scheme, ensuring that safely, skills, and Gompelence continue lo be improved within a safety critical sector. NOCN Job Cards has set up additional card schemes that will operate the same quality and standards as CPCS for other foolprinls where an improved cards scheme will be of benefit lo the sector. A similar Construction Card Scheme is planned for India and a Card Scheme for the oil and gas sèctor in the Gulf. Merger with NOCN Given the Board's decision to merge into NOCN charity in 2024125, the trade and as5els of NOCN Job Cards will be transferred into the parent Company of the Group, NOCN, in the financial year 2024125. The merger will enable the delivery of Job Cards, operations lo the same quality and greater efficiency. As a result, Job Cards as a legal enlily will ase trading and hold no assets by the end of 2024125 and will be dissolved. The financial slalemenls of 2023124 have therefore been prepared on a basis other than going concern. Page18
NOCN lobcards IA Company lirnited by Guarantee) Trustees. Report Icontinuedl For the Year Ended 31 July 2024 Structure, Governance and Management Governing Document and Structure The organisation is a charitable company limited by guarantee incorporated on 22 October 2018 and was registered in England and Wale5 as a charity on 15 February 2019. The charity started lo operate from 1 March 2019. NOCN Job Cards is consolidated under NOCN, given ils articles give NOCN majority voting right8 on the Board. Appointment of Trusteos As al the end 0131 July 2024 there were 7 Trustees in post al NOCN Job Cards, the same as the previous year, with 1 resignation and 1 new appointment in the year Two of the trustees are Senior Leadership staff of NOCN. Both are remunerated by NOCN. The Board makes any trustee appointment decisions. Any appointments have lo be approved by the NOCN Board. Trustee Induction and Training Wnen new Trustecs join the Board, a formal briefing from the Chair and Group Chief Executive lakes place and they receive an induction pack. Trustees receive formal training on their responsibilities, including their leg81 obligations. Compliance with the Charlty Governance Code The Trustees monitor compliance with the Charity Governance Code, the assessment of which was last updated in Novembei 2024. 11 has been assessed that the Group continues lo be compliant with the Code. Oryanisational Structure The Board of Trustees meets al least quarterly with a full business agenda including a review of the Management Accounts and budget achievement. During the year the Board was supported by one sub-committee.. Group Audit & Risk Committee. The sub<ommillee meets bettveen 3 and 4 times in the year and reports ils activities and recommendations, at the Board meeting immediately following their own meetings. The Board of Trustees delegates the management of the Charity lo the Group Chief Executive who undertakes these responsibilities through an Executive Committee which is comprised of the Chief Executive Officer, Chief Operating Officer and all the Group Directors within NOCN Group, and an Operations Group which is made up of the Executive Committee (except the Chief Executive Officer) plus the Heads ol Departments of the Group entities. Pay pollcy for senior staff Two Trustees received remuneration from NOCN as Executive Directors of NOCN, but did not receive remuneration from NOCN Job Cards. The rest of the Trustees received no remuneration. Details of any Trustee related party transactions are disclosed in the notes lo the accounts. Page19
NOCN Job Cards IA Company limited by Guaranteel Trustees, Report Icontinuedl For the Year Ended 31 July 2024 Risk Managernent The Group operates a risk management policy and strategy. The aims of the policy and strategy are lo.. consider best practice in designing a risk management framework., encourage well-tnanaged taking of risk lo delivèr business objectives., provide staff with policies and procedures necessary to manage risk., embed risk management in the day-lo-day conduct of business., identify and priorilise risk using the risk management technology., regulaily monitor risk al Group Chief Executive and Director Level., and achieve continuous improvement in risk management. During the year the Group Audit & Risk Committee has routinely considered the Strategic Risk Register and examined specific areas of risk al the request of the Board and has overseen a review of the register's formal and risks. The Strategic Risks are also reported lo the Board on a quarterly basis. The Strategic Risk Register is also reviewed on a monthly basi3 by the Executive Committee. Trustees, responsibilltles in relation to the financial statements The Charity's Trustees (who are also the directors of NOCN Job Cards for the purposes of comp8ny lawl are responsible for preparing the Trustees, Annual Report and Financial Slalemenlg in accordance with applicable law and regulations. Company law requires the Trustees lo prepare Financial Statements for each financial year. Under that law the Trustees have elected to prepare the group and charity financial slalemenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Aecounling Standards and applicable lawl. Under company law the trustees musl not approve the linancial slalements unless they are satisfied that they give a true and lair view of the stale of affairs of the group and charity and of the incoming resources and application of resources. inclLJding the income and expenditure, of the group for that period. In preparing the Financial Slatemenls, the Trustees are required lo.. select suitable accounting policies an(J then apply them consislently,. m8ke judgements and accounting eslimales that are reasonable and prudent., state whether applicable UKAccounling Standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls., and prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The Trustees are responsible lor keeping adequate accounting records that are suffi'cient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and lo enable them to ensu that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Alison Duckles CBE (Chairl 5 December 2024 Pagel 10
NOCN Job Cards IA Company limited by Guarantee) Independent Audltor's Report to the Members of NOCN Job Card5 Opinion We have audited the fi'nancial statements of NOCN Job Cards (the 'charilable company'l for the year ended 31 July 2024 which comprise the Slalemenl of Financial Aclivilies, Ihe Statement of Financial Position, the Statement of Cash Flows and notes lo the financial stalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view ol the stste of the charitable company's affairs as al 31 July 2024 and applicaliDn of resources, including ils 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 oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and appSicable law. Ouf responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our repoTI. We are independent of the charitable company in accordance with the èthical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olheT ethical responsibilities in accordance with these requirements. We believe that the audit evidenco we have obtainèd is sufficient and appropriate to provide a basis for our opinion. Emphasls of mattèr- flnancial statements prepared on a basis other than going concern We draw attention lo the accounting policies on page 18, which indicates that the directors intend to dissolve the charitable company following the legal Iransler of propety and trade to NOCN following the meryer and do not consider it appropriate lo adopt the going concern basis of accounting in prep8ring the financial slalemenls. Accordingly, the financial statements have been prepared on a basis other than going concèrn. Other informatlon The other informatlDn comprises the information included in the trustees annual report, other than the fin8ncial statements and our auditor's report Ihereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomalion and, except to the exlenl otherwise explicitly slated in our report, we do not express any lorrn of assurancè conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other information is matèrially inconsislenl with the financial slalements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise to 8 material misslalemenl in the financial slalemenls themseeS. If, based on the work we have performed, we conclude that there is a material misslatemenl of this other information, we are required lo report that fact. We have nothing to port in this regard. PaEel 11
NOCN Job Cards IA Company lirnited by Guarantee) Independent Audltor's Report leontinuedl to the Members of NOCN Job Cards Opinion 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 Iruslees, report lincorporaling the directors, report) for the financial year for which the financial slalemenls are prepared is consistent with the financial slatemenls." and the directors, report has been prepared in accordance with applicable leg81 iequiremenls. Matters on which we are requlred to report by gxceptlon In the light of the knowledge and understanding of the Charitable Company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Trustees, Report. We have nothing lo report in respect of the following mallers in relation lo which the Companies Act 2006 requires us lo port lo you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us", or the financial slalemenls are not in agreement with the accounting records and returns",or certain disclosures of directors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responslblllties of Trustees As explained more fully in the Iruslees, re8pon5ibililies slalemenl sel out on page 10, the Iruslees Iwho are also the directors of the charitable company for the purposes of company lawl 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 lo enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the ITuslees are responsible for assessing the charitable ompany's ability lo continue as a going concern. disclosing. as applicable, malleis related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations. or have no realistic allernalive bul lo do so. Auditors. responsibilities for the audit of the financlal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an auditoi's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will ahvays delecl a material misslalemenl when it exists. Misslalemenls can arise from fmud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo inlluence the economic decisions of users tsken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misslatemenls in respect of irregularities, including fraud. Page112
NOCNJob Cards IA Comp8ny limited by Guarantee) Independent Auditor's Report (continued} to the Members of NOCN Job Cards Our approach lo identifying and assessing the risks of material misslatemenl in respect of irregularities, including fraud and non-compliance with laws and regulations, wa5 as follows.. we identified the laws and regulations applicable lo the charitable company through discussions with directors and other managèment, and from our commercial knowledge and experience of the industry. They key laws and regulations we identified were Charities Act 2011, Companies Act 2006, Ernploymenl legislation and Ofqu81 regulations., we assessed the exlenl of compliance with the laws and regulations identified above through making enquiries of management and obtaining compliance certificates,. and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibility of the entity's financial statements lo material misslalemenl, including obtaining an understanding of how fraud might occur. by.. making enquiries ol rnanagemenl as lo where Ihey considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place lo miligale risks of fraud and non-compliance with laws and regLJlalions. To address the risk of fraud through management bias and override ol controls, we.. performed analytical prOdureS lo identify any unusual or unexpected relationships., te51ed journal entries lo identify unusual Iransaclions., and assessed whelherjudgements and assumptions made in determining the accounting eslimales were indicative of polenlial bias. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included. bul were not limited to.. agreeing financial statement disclosures to underlying supporting documenlalion.. and enquiiing of management as lo actual and potential litigation and claims. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a materi81 misslalement in the financial slalements or non-compliance with regulation. This risk increases the more that comp5ian¢e with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be les5 likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org. uklaudilorsresponsibililies. This desoription forms parl of our Auditors, report. Pagel 13
NOCN lob Cards IA Company limited by Guarantee) Independent Auditor's Report Icontinued) to the Members of NOCN Job Cards Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those mallers we are required lo stale lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Simon Turner (Senior Stalulory Auditor) for and on behalf of Armstrong Watson Audlt Limited Chartered Accountants Statutory Auditors Norlhallerton Dale.. 5 December 2024 Page | 14
NOCN lob Cards IA Company limited by Guarantee) statement of Financlal Activitie5 lincorporating income and expenditure accountl For the Year Ended 31 July 2024 2024 Unrestricted Funds 2024 Total Funds 2023 Total Funds Note Incomlng resourc8s Charitable actnnt1es Total Sncoming resources 3,804,383 3,804,383 3.804,383 3,804,383 3,694,428 3,694,428 Resources 8xpended Charitable aCtIlIeS Total resources expended 3,822.322 3,822,322 3,822,322 3,822,322 3,662.466 3,662,466 Net mvemenl In fund8 before other alnsl losse81 117.9391 31.982 117.9391 Other recognlsed galns I Ilossesl Net movemenl In funds Reconclllation of funds 117.9391 11T,9391 31,962 Total funds brought forward 468,689 468,689 436,727 Total funds carried lorward 14 450,750 450,750 468,689 The Slalement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 10 28 form part of these financial statements. Pagel 15
NOCN Job Cards IA Company limited by Guarantee) ststement of Financial Position As at 31 July 2024 2024 2023 Unrestricted Unreslricled Funds Funds Notes Fixed assets 1ntar1b1e assets Tangible assets Total fixed assets 1,813,482 16,465 1,829.947 1,992,758 20.977 2,013.735 Current assots Debtors Cash al bank and in hand Total currènt assets 10 17 484,403 322,013 806.416 589,711 250,926 840,637 Current liabilities Creditors.. Amounts falli due within one year Net eurrent assets I Iliabilitiesl 11 12,185,613 1,379,1971 1377,184) 463,453 Total assets less current liabilities Creditors.. Amounts falling due after rmre than one year Total net assets 450,750 2,477,188 12,008,499) 468,689 12 450,750 Represented by: General funds Total funds 14 450,750 4SO,750 468,689 468,689 The notes on pages 18 10 28 form part of these financial slalemenls. The Financial Slalements have been prepared in accordance with the provisions applicable lo entities subject lo the small companies regime. The financial slalements were approved by the Trustees and aulhorised for issue on 5 December 2024 and were signed on ils behalf by.. Alison Duckles CBE ICh8irl P2gel 16
NOCN Job Cards IA Company limited by Guarantee) Statement of Cash Flows For the Year Ended 31 July 2024 2024 2023 Cash flows from operatin actlvilies Nel cash provided b operaliro activities 316.178 889,929 Cash f lows from invpsting activities Purchase of intangible fixed assets Payments made respect Df CPCS deferred conSeratIon Net cash used in inveslill activities 1245,0911 1177,3551 1750,0001 1927,3551 245,091 Changes in cash and cash equivalents in the year Cash and cash equivaknls al the beginning of the Cash and cash equivalents al the end of the year 71,087 250,926 322.013 137,426) 288,353 250,926 ear Reconciliation of net movement in f unds before other galns I Ilossesl to net cash flow from I lused inl operating activities Net movement in funds in the period as per the statemènt of financial activities Ad-ustments for.. Depreaalion charges Amorlisation charges Decrease I Ilncreasel in stock Decreasè I lincreasel in debtors Decrease l increase in creditors Net cash rovided b erating activities 17,9391 31,962 4,512 424.367 4,586 363,206 3,485 169,261) 555,951 889,929 76,131 170,893 316,178 The notes on pages 18 10 28 form part of these financial slatemenls. Page | 17
NOCN lob Cards IA Company limited by Guarantee) Notes to the Financial Statements For thg Year Ended 31 July 2024 Accounting Policles The following accounting policies have been applied consislenlly in dealing with items, which are considered material in relakn'on lo the Charity's Financial Slalemenls. Charltable company informatlon NOCN Job Cards is a charitable company, limited by guarantee and incorporated in England and Wales under the Companies Act 2006. The address of the registered offi'ce is given on the 'Relerence and Adminislralive Details of the Charity, ils Trustees 2nd Adviseis, pages and the nature of the charitable company's operations and ils principal activities are sel out in the Trustees, report. Basis of preparatlon The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommencjed Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. NOCN Job cards meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or Irans8ction value unless otherwise slated in the relevant awounling policy notes. The preparation of Financial Statements requires the use of certain critical aceounling estimates. 11 also requires management lo exercise judgement in applying the companies accounting policies. The presenlalional and function81 CLJrrency of these financial statements is GBP values are rounded to the nearest pound. The following principal accounting policies have been applied.. Preparation of the accounts on other than a going concern basis In order for the Board lo determine the going concern position of NOCN Job Cards, a going Concern assessment of its position was developed. The assessment included a review of current performance in 2024125 al the point of signing the accounts, stress lesling of budgets and forecast projections under a best and worst case on the statement of financial activities and cashflow position for the period up to the 31 July 2025. However, NOCN Job Caids continues lo be reliant on NOCN lo remain a going concern. NOCN has also undertaken a going concein assessment and has committed lo continue lo fund NOCN Job Cards until al least 31 July 2025 and the NOCN B08rd has provided a leller of support lo NOCN Job Cards Board lo this effect. NOCN Job Cards is operationally viable as a business under thè best and worst case scenario5. However. in light of the merger of NOCN and ils subsidiary, NOCN Job Cards Inole 221, the trade and assets of the subsidiary will be transferred into the parent company of the Group, NOCN, in the financial year 2024125. As a result, the inlercompany debt has been recognised as a short term liability and thus the balance sheet shows a nel current asset deficit of £1.4m as al the end of 2023124. Job Cards will cease trading 8nd hold no assets by the end of 2024125 and the legal enlily will be dissolved. As a result the Board have adopted other than a going concern basis of accounting and the Financial Statements have been drawn up on that basis. Page | 18
NOCN Job Cards IA Company limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 July 2024 Incoming Resources All income is recognised once the charity has entitlement lo the income, il is probable that the income will be received. and the amount of income receivable can be measured reliably. Income from charitable activities is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Incomè is classed as unreslricled unless there is a conlraclual requirement for it lo be spent on a particular purpose and returned if unspent, in which case il may be regarded as reslricled. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of loans from banks which are subsequently measured al amortised cost using the effectDie interest method. Resources Expended Expenditure is recognised once there is a legal or conslruclivè obligation to transfer economic benefit lo a third party, il is probable that a transfer of economic bènelils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each aclivily. Difftcl costs allribulable ID a single activity are allocated directly lo that aclivily. Sharèd costs which contribute lo more than one activity and support costs which are not allribulable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of appropriate cost drivers depending on the nature of thè activities the staff are involved in. The cost drivers include lime spent, proportion of enlily income level as a percentage of Group income level. and entity FTES as a percentage of Group total FTE5. Depreciation charges are allocated on the portion of the assets use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any 8ssocialed support costs. All expenditure is inclusive of irrecoverable VAT. Judgements In Applying Accounting Policies and Key Sources of Estimation Uncertainty The preparation of Financial Statements in compliance with FRS 102 requires the use of certain critical accounting eslimales. The items in the Financial Slalemenls where these judgements and eslimale5 have been made include.. Pgge | 19
NOCN Job Cards IA Company limited by Guarantee) Notès to the Financial Statements For the Year Ended 31 July 2024 Tangible Fixgd Assets and Depreciation Tangible assets are included al cost less accumulated depreciation. Depreciation is charged so as lo write off the cost or valuation of assets over their estimated useful economic lives, using the slraighl line method as follows.. Computer equipment rates varying from 20.10 to 33.3 1 per annum Fixtures and fittings 100/0 per annum All tangible fixed assets costing over £1,000 are capilalised on acquisition and are included in the balance sheet at cost. The eslimaled useful economie lives and depreciation method are reviewed al each year end. Intangible Fixed Assets and Amortlsation Intangible assets are measured al cost less accumulated amortisation and any accumulated impairment losses. Purchased goodwill is recognised al the cost of acquisition less the on-balance sheet assets purchased. Software development costs are recognised as an intangible asset when all of the following criteria are demonslraled.. The technical feasibility of completing the sofiware so that it will be available for use or sale. The intention lo complete the software and use or sell it. The ability lo use the sofiware or lo sell it. How the software will generate probable future economic benefits. The availability of adequate technical, financial and other resources lo complete the development and lo use or sell the software. The ability to measure reliably the expenditure allribulable to the software during ils development. Amortisation is charged so as lo allocate the cost of intangibles less their residual values over their eslimaled useful lives, using the slraight-line method. The intangible assets are amortised over the following useful economic lives". Sofhvare development costs Goodwill 5 years 10 years If there is an indication that there has been a significant change in amorlisation rale or residu81 value of an asset. the amortisalion of that asset is revised prospectively lo reflect the new expeclalions. If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up lo the fair value of non-monelary assets acquired is recognised in the SOFA Islalemenl of financial acliviliesl in the periods in which the non-monelary assets are covered. Any excess exceeding the lair value of non-monelary assets acquired is recognised in the stslèment of financial activities in the periods expected lo be benefited. Page | 20
NOCN Job Carcjs IA Company limited by Guarantee) Notes to the Financial Statement$ For the Year Ended 31 July 2024 Stocks Stocks are slated al the lower of cost and nel realisable value being the eslimaled selling price less costs lo complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Al each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced lo its selling price less costs lo complete and sell. The impairment loss is recognised immediately in the Statement of Financial Aclivilies, Taxation The charity is considered to pass the lesls sel out in Paragraph 1 Schedule 6 01 the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity Is polentia11y exempt from laxalion in respect of Income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax AGI 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purposes. Penslons For NOCN Job Cards, the pension costs charged in the Financial Statements represent the ¢onlributions payable by the Charity during the year. Fund Accounting Restricted funds are to bè used for specifi'c purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs. Unrestricted funds comprise those funds, which the Trustees are free lo use in acttordan with the objects of the Charity. Designated funds are unreslricled funds, which have been allocated for specific purposes by the Trustees. Critical accounting estirnates and areas of judgemènt Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonab5e under the circumstances. Critical accounting eslimale3 and assumptions,. The charity makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that h2ve a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are discussed below. Goodwill useful economic life and amortlsation The key judgements and sources of estimation uncertainty relate lo the identified useful econornic life attributable lo the goodwill on acquisition ol the trade and assets of CPCS which has been capilaSised to the Statement of the Financial Position. Page | 21
NOCN Job Cards IA Company limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 July 2024 Notes to the Accounts 1. Incomlng resources from charltable activities Unrestricted fLtnd$ 2024 Total funds 2024 Total funds 2023 Competency sctrEme activitie8 3,804,383 3,804,383 3,694.428 Income from charitable activities primarily comprises theory and practical lesl fees, card upgrades and extensions fees. and HS&E tests in respect of the Construction Plant Competence Scheme ICPCSI and Construction Industry Scaffolders Record Scheme ICISRSI. All income from charitable 8cb'vities in the prior period was unreslricled. 2. Analysis of resource expended on charitable activities summary by fund type Unrestricted funds 2024 Total funds 2024 Total funds 2023 Competency scheme activities 3,822,322 3,822,322 3,662,466 All resource expended from charitable activities in the prior period was unreslricled. 3. Analysls of resource by activity Activltles undertaken dlrectly Support costs 2024 Competency scheme acl1111eS 2,670,891 1,151,631 3,822,322 Aclimties undertaken diiectly Support ¢05ts 2023 Competency Schen acb"Mties 2.470,706 1.191.760 3.662.466 4. Analysis of support costs Unrèstricted funds 2024 Total funds 2024 Total funds 2023 staff costs Depreciation and arnorlisation Group rechaige for support Governance costs Total 139,802 428.879 575,450 7.500 1.151,631 139,802 428.879 575,450 7,500 1 151,631 134,024 367.792 683.887 6.057 1,191,760 Governance costs are made up of audit and accountancy fees. inlelle¢lual properly rights costs, and legal and professional fees. Page | 22
NOCN Job Cards IA Company limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 July 2024 The Group recharge for support is made up of Job Cards, share of the Group's overheads, such as facilities and IT inlraslructure ¢DSts, these costs are allocated across the group enlilies using appropriate drivers tailored to the costs of each function. 5. Employee numbers and costs 2024 2023 Staff Wages and salaries Sockgl security costs Pension cost5 Total 1,259,316 117,547 93,6Q7 1.470,470 1,280,663 126,382 94,450 1,501,495 The average number ol persons employed by the charity during the year was as follows.. 2024 Number 35 2023 Number 35 Empbyees Two employees received remuneration amounting to more than £60,000 in the period12023'. 2). 6. Trustee remuneration and expenses No remuneration or expenses were claimed by the Iruslees in the last 2 financial years. 7. Audit remunpration 2024 2023 External athrt Tolal 7,500 7.500 6.750 6.750 Page | 23
NOCN lob Cards IA Comp8ny limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 July 2024 8. Intangible fixed assets (Current Yearl Software development Goodwill rotal Cost I valuatlon At beginning of year Addilh)ns Disposals At end of 422,878 245,091 3,289,659 3,712,S37 245,091 ear 667,969 3.289,6S9 3,957,628 Depreclatlon At be9innin9 of year Charge for the year Disposals At ènd of 136.479 95.402 1,583,300 328,965 1,719,779 424,387 ear 231,881 1,912,265 2,144,146 Not book value at 31 Jul 2024 436,088 1,377,394 1,813,482 Net book value al 31 Jul 2023 286.399 1,706,359 1,992,758 Intangible fixed assets (Prlor Yearl Software development Goodwill Total Cost I valualK)n Al beginning ol year Addition5 D15posals At end of 245,523 177,355 3,289,659 3,535,182 177,355 ear 422,878 3.289,659 3,712,537 Depreciation At beginrmw of year Charge for IIE year Disposals At erKI of 81.587 54,892 1,274,987 308,313 1,356.574 363,205 ear 136,479 1,583.300 1.719,779 Nel book value at 31 Juty 2023 286.399 1.7(,359 1,992,758 Nel book value at 31 Ju 2022 163,936 2,014,672 2,178,608 Page | 24
NOCN lob Cards IA Company limited by GLJaranteel Notes to the Financial Statements For the Year Ended 31 July 2024 9. Tangible fixed assets (Current Yearl omputer equlpment Offic• equipment Flxtures and fitting5 Total Cost I valuation At beginning of year Additions D15posals At end of 22,346 15,009 17,034 54,389 ear 22,346 15,009 17,034 54,389 Depreclatlon At beginning of year Chaige for Ihe year Disposa55 At end of 21,037 1,309 5,754 1,51)0 6,621 1.703 33,412 4,512 ear 22,346 7,254 8,324 37,924 Net book value at 31 July 2024 7,755 8.710 16,465 Nel book value 8t 31 Ju 2023 10.413 20,977 Tanglble flxed assets (Prlor Yearl Computer equipwEnt Offe equipment Fixtures and Total Cost I vdualion At beginniro ol year AddilioTrs Disp0581s Al end ol year 22,346 15.cog 17.034 54.389 22,346 15,009 17.034 54,389 Depretialion M beglnrHng ol year Charge lor the year Disposals At end ol 19,655 1,382 4.253 1.501 4.917 1,704 28,825 4,587 ear 21,037 5,754 6,621 33,412 Net book valve at 31 ju 2023 1,309 9,255 10.413 20,977 Net book value at 31 2022 2,691 10,756 12.117 25,564 10. Debtors 2024 2023 Trade debtors Prepayments and accrued income Total 440.738 43,665 484,403 468,466 121,245 589,711 Trade debtors are slated nel of bad debt provisions of £10,40212023.' £Nill Page | 25
NOCN Job Cards IA Company limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 July 2024 11. Creditors - amounts falling due within one year 2024 2023 Trade creditors Accruals Taxes arKI social securily Amount5 owing lo group undertakir)gS Total 76,112 130,179 55,688 224,378 2,500 94,618 377,184 1,979,322 2,185,613 Amounts owed lo group undertakings ale interest free. 12. Creditors - amounts falling due after more than one year There are no creditors over more than one year due lo the potential merger with NOCN which is expected to take place within 24125. 13. Analysis of net assets between funds Analysls of Net Assets between Funds- Current Year Unrestricted fLEnds 2024 Total funds 2024 Intangible fixed assets Tangible fixed assets Current assets Current liab11rties due in less than one year LiabilitEs due after more than year Net Assets 1,81 3,482 16,465 806,416 12,185,613) 1,813,482 16,465 6(,416 12.185.613) 450,75Q 450,750 Analysis of NetAssets between Funds- Prior Year uni8slricled funds 2023 Total fwds 2023 Intaryible frAed assets Taryible fixed assets CLKrenl assets Cuirenl liabilities In IBSS than year Liabilities due alter rnore than one year Net Assets 1,992,758 20,977 840,637 1377,1841 2 008,499 468,689 1,992,758 20,977 840.637 1377, 184} 12,008,499) 468,689 Page | 26
NOCN lob Cards IA Company limited by Guaranteel Notes to the Financial Statements For the Year Ended 31 July 2024 14. Statement of Funds statement of funds - current year At 31 July 2023 Incoming re$ource$ Outgoing resources Galns I losses At 31 July 2024 GerEral ILM)ds Total unrestricted funds 468,689 468,689 3.804,383 3,804.383 3,822.322 13,822,322 450.750 450,750 Statement of funds - prior year At 31 July 2022 Incomlng resources Outgoing resources Gains 105SÈS At 31 July 2023 General fu5 Total unrestricted funds 436,728 436,728 3.694.428 3.694.428 3,662,467 13,662.4671 468,689 468,689 15. Financial Commitments Al 31 July 2024, the Group had commitments under nOn-¢anlIable operating leases as follows.. 2024 2023 Bulldlngs.. Within on8 yèar Between two and live years Equlpment.. Wilhin one y8ar Between two and five 40,205 43,619 40,205 83,934 6.718 7,836 6,727 ears 16. Related Party Transactlons During the year the Company was recharged expenditure of £575,450 {2023'. £683,887) from ils parent company in relation lo support costs. Other transactions with related parties were as follows.. 2024 2024 2023 2023 Amount due IOrne l from I (lol at (Costs) the ye8r end Amount due Income I from I Itol at ICo3t8I the year end BAM Nutlall, Construction Irmltry Scaffolders Record Scheme Amelia Rem¢ 87,857 1397.1811 11.4401 4,292 133,4081 108,639 {303,290} 1270} 16,757 135,3381 All related party transactions are undertaken under normal commercial terms. 1Transaclions with BAM Nullall represent learner regislralion, certification fees and CPCS cards. Timothy Brownbridge is an Academy Manager al BAM Nullall. 2Tran8aclions with Construction Industry Scaffolders Record Scheme in relation to the Card processing Income. 3Transaclions with Amelia Renny relate to e-learning devèlopment. Amelia Renny is related lo Simon Renny who is a Group Director of NOCN. Page | 27
NOCN Job Cards IA Company limited by GuaraNteel Notes to the Financial Statements For the Year Ended 31 July 2024 17. Analysis of cash and cash equivalents 2024 2023 Cash at bank Total 322,013 322,013 250.926 250.926 18. Opgrating surplu51ldeficitl to Net movement In funds after other gainslllossesl reconclllatlon A reconciliation of the operating Surplus I Ideficill to the Net movement in funds after other gains I {lossesl in the Slalemenl of Financial Activity is a follows.. 19. Analysis of Net Debt At 1 August 2023 Movement In year At 31 July 2024 Cash al bank and in hand 250,926 71,087 322,013 20. Penslon Commitments The ch8rily c>perales a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £93,60712023.' £94,4501. Contributions of £Nil12023.' £Nill were payable lo the fund at the reporting date. 21,Controlling Party The immediate parent and ultimate controlling parent of the company is NOCN, 8 Company registered in England and Wales, with registered address Acero Building, 1 Concourse Way, Sheaf Street, Sheffield, United Kingdom. S12BJ. NOCN is the sole member of NOCN Job Cards and so for Companies Act purposes NOCN Job Cards is a wholly owned subsidiary of NOCN. Therefore, the Board considers NOCN lo be the controlling party The smallest and largest group in which the company's results are consolidated Is that headed by NOCN. The consolidated accounts of this company are available lo the public and may be obtained from the company's r4islered address, as sel out above. No olheT group accounts include the results of the company. 22. Post Balance Sheet Event- Merger with NOCN Subject lo securing all regulatory approvals and subject lo terms the Board ol Trustees has decided in principle lo merge NOCN Job Cards with Ihe charit2ble parent company of the Group, NOCN, in the financial year 2024125. As a rèsult, Job Cards is expected lo cease trading and hold no assets by the end of 2024125. The financial slalements of 2023124 have therefore been prepared on a basis other than going concern. In making the going conrn assessment, management has confirmed the existence of continued future contracts and operating cash inflows. There is no indication that the change of ownership of these assets as part of the proposed merger would impact this assessment. As such there has been no change made lo the useful economic life or related carrying value of these assets. Page | 28
NOCN Job Cards IA Company limited by Guarantee) NOCN Job Cards will continue to trade as normal until the merger, and the card schemes the entity manages will continue to operate in NOCN thereafter. 11 is the intention of the Trustees lo dissolve NOCN Job Cards soon after. Page | 29