## **THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
**Charity No: 1043409 (England and Wales) Charity No: SCO38212 (Scotland)**
## **ANNUAL REPORT**
**AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED**
**31 DECEMBER 2023**
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **CONTENTS**
|**Page**|
|---|
|Reference and Administrative Details ____________________________ 1|
|Forward by the Chair of the Trustee Board _______________________ 2|
|Report of the Trustee Board ______________________________________ 4|
|Independent Auditors’ Report ___________________________________ 24|
|Consolidated Statement of Financial Activities _____________________ 28|
|Consolidated Balance Sheet………………………………………………………...29|
|Consolidated Statement of Cash Flows
30|
|Notes to the Financial Statements
34|
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **Registered office**
106-109 Saffron Hill London EC1N 8QS **Telephone:** 0207 831 3110 **E-mail:** admin@ciwem.org **Website:** www.ciwem.org **Registered Charity Number:** 1043409 (England and Wales) SC038212 (Scotland) **Bankers** Barclays Bank Plc Level 27, 1 Churchill Place Canary Wharf London E14 5HP National Westminster Bank PO Box No 159, 332 High Holborn London WC1V 7PS **Auditors** Moore Kingston Smith LLP 9 Appold Street, London EC2A 2AP **Solicitors** Dechert LLP 160 Queen Victoria Street, Moorgate, London EC4V 4QQ
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Forward by the Chair of the Trustee Board**
This is my first year as the Chair of CIWEM and I want to thank all the Trustees for their work and support over these few months, because that support and the energy all Trustees have put into helping me into this role has been exceptional. Every Trustee has been generous with their time, talents and good nature. CIWEM is an amazing organisation with gifted staff and members who work in an industry that is crucial to the health and wellbeing of our nation. It is my view that CIWEM has the capacity to influence and bring about change in the way the UK manages water, flooding, river pollution, disposal of sewage, and protecting our coastline. CIWEM wants to harness the talent and ambition of our Members to influence and, by working with policy makers, regulators, water companies, farmers, voluntary organisations and communities, to bring about change.
Change is desperately needed. In 2023 the UK again experienced strong storms and floods, while drought, wildfires and pollution impacted communities across the world. I attended COP28 in December 2023, where the agreement of the nations signalled the “beginning of the end” of fossil fuel use. Many remain sceptical that world leaders have a genuine commitment to that statement, because transitioning fairly to a green economy is not without challenge, and brings anxiety about stabilising economies and preventing job losses.
Our Earth’s ecosystem is under threat as the impact of carbon emissions is devastating our environment and our safety. In the UK, communities up and down the country are protesting at the amount of sewage being pumped into our rivers and sea; flooding has caused heartache to the people whose homes and businesses have been ruined; we have seen erosion of our coastline, pollution of our rivers, and many feel it’s no longer safe to swim in our seas.
In this context, earlier this year CIWEM published **A Fresh Water Future,** and launched this at the House of Commons, starting our journey of influence, looking to our future government to adopt the solutions outlined in this bold approach to changing water management in the UK. This blueprint, generously funded by the Esmee Fairbairn Foundation, was developed to demonstrate to our political leaders that they must act on water pollution and resilience to recover the health of our rivers and coast. It is a work of collaboration, bringing together the views of 400 water experts and environmental practitioners and stakeholders. 4,500 members of the public were involved and the public enthusiasm, indeed desperation, that change should happen was evident. **A Fresh Water Future** concludes by explaining the ten recommendations for action. Our country’s experts are agreed that the implementation of these recommendations will transform our rivers and seas, and safe drinking water, which underpins the health of our nation, will continue to flow when we turn on our taps. As we head towards a general election CIWEM will continue to share our findings and recommendations widely and will continue to advocate strongly for better water management in the run-up to an election and beyond.
What gives such initiatives their credibility is the knowledge and skills of our members. This transformation will need major investment in green skills and knowledge sharing. Through our membership, learning and development, events, publications and policy activities we look forward to working to drive this essential transition to a green and resilient economy. While our memory of the Covid pandemic is still with us and as a nation we paid tribute to the dedication of our NHS staff, I remembered that every day my home had power and water and I want to take this opportunity to say thank you to all our CIWEM members and those working in the power and water industries for making that happen.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
CIWEM as an organisation emerged from the pandemic in reasonable health, but like all industries the impact of the pandemic now provides CIWEM with new challenges as to how we build our membership as the water industry expands and ensure that our offer to our members is meeting their needs and supporting them to develop their careers. Questions arise as to how we can encourage more people into this sphere of work, and how we can, as the leading experts, support those who work in the water industry, and ensure they understand that CIWEM is there for them, and that we are together important for the future of this amazing planet we live on.
2024 will be a year of examining how we improve our offer and support to our members, and how we can encourage more to join CIWEM to increase our influence for the benefit of all. Local authorities may be given more responsibilities for flood management though new sustainable drainage rules. They have a duty to protect their citizens from raging storms and flooding, and CIWEM wants to bring those skilled staff into our organisation to help us influence local policy makers and all the community organisations who are passionate about their local environment.
We are launching a staff-led Diversity, Equality and Inclusion group to help Trustees create a place for people to work where staff feel they are genuinely valued, and the diversity of our work force is supported and indeed celebrated.
CIWEM Trustees are charged with the responsibility for the good governance of our organisation, which is regulated by the Charity Commission. In 2023, we began an overhaul of our governance arrangements, as we aim to be a beacon of good governance and an employer of choice. 2023 saw the beginning of our review by evaluating our Committee structure and reviewing our scheme of delegation, bringing a more streamlined approach to governance.
CIWEM has recently appointed a new Chief Executive (CEO): Anna Daroy. Anna has worked in both private and public sectors for over 25 years, successfully leading organisations through complex changes across multiple environments. Beginning her career in management consulting with Ernst & Young and IBM, the past 19 years has been spent in Board and C-suite roles for Highways England, Government of Jersey, and more recently global membership not-for-profit and charities as CEO of the Institute of Directors and the British Association for Counselling and Psychotherapy.
An ambitious appointment by CIWEM and the leading candidate from a strong shortlist, Anna brings additional expertise in digital, governance, risk and ESG, and she has a genuine passion for the environment and the challenges we collectively face across the world in managing our limited water supply.
The Executive Team have been charged with much to enable CIWEM to grow and modernise the way we communicate with our membership and work as a team – including finding new headquarters fit for the post-pandemic world. I am grateful for the leadership that Rachael Bliss has given to CIWEM this year and to her enthusiastic work colleagues, the staff of CIWEM.
I wanted to conclude by mentioning the 2023 staff Christmas celebration, which was a day of public service. Staff gave a day of voluntary service to help create a new eco environment in one of London’s woods in Holland Park. I am proud of them for their commitment to CIWEM and their wish to give more to our wider society, and I feel privileged to have been given the opportunity to be the Chair of CIWEM. Annie Shepperd Bho Soffer.
Chair Trustee _Board_
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Report of the Trustee Board**
The Trustee Board have pleasure in presenting their annual report together with the audited financial statements for the year ended 31 December 2023. The report and accounts consolidate the activities of the Institution and its wholly owned subsidiaries CIWEM Services Limited and 106-109 Saffron Hill Management Limited (together referred to as “the group”).
In presenting their report the members of the Trustee Board confirm that they have governed this Institution with regard to the Charity Commission’s guidance on public benefit.
## **Organisation and Governance Arrangements**
CIWEM is constituted and governed by its Royal Charter and Bye-Laws, which were originally granted in 1994 and amended in 2009 and 2021. CIWEM is also a registered charity in England and Wales number 1043409 and in Scotland number SCO38212. The Trustee Board is responsible for setting out the ongoing strategic direction of the Institution and defining its business priorities. It also approves the terms of reference and monitors the work of Committees, Boards, Task Groups and Panels, to which certain operational matters are delegated. The Trustee Board meets at least five times a year to carry out its decision making and strategic responsibilities.
CIWEM also has a network of branches, special-interest groups, common-interest networks and technical panels that are run by volunteers. They work alongside the executive staff helping to deliver the Institution’s charitable objectives, principally through the provision of technical meetings and events for members both nationally and internationally. The Trustee Board monitors the work of the branches and groups at Trustee Board meetings.
A governance review of our committee structure was started this year with the aim of improving the efficiency of decision making across the organisation and better utilising the time of our volunteers. This is all being undertaken with a view to increasing our capacity, and to strive towards a greater impact within the industry.
As CIWEM grows and our working patterns change in the post-pandemic era, we have decided to move offices to help us support our growing team to work together more effectively and to enable us to deliver our ambitious plans.
As we are not a property management organisation, we will not be looking to own a building which would take time and energy to maintain and run. Instead, once our current building is sold, we will be looking for a flexible office and meeting space which is fit for the post pandemic era and enables us to focus on our members and our mission.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Statement of Trustees Responsibilities**
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales and Scotland requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charity and the group and of the income and expenditure of the group for that period. In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business
The Trustee Board are responsible for ensuring that proper accounting records are kept which disclose with reasonable accuracy, at any time, the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 as amended by the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Royal Charter.
They are also responsible for safeguarding the assets of the charity and the group 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 charity and for the financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## Trustees
In 2023 we welcomed three new Trustees to our board: Annie Shepperd who was also appointed as Chair of the Board, Sun Yan Evans and Caroline Gould.
Two Trustees – Lila Thompson and Matthew Jack, and our independent remuneration chair – David Wilkes - resigned during the year. We thank them for their support.
The Trustees who served on the Trustee Board during the financial year are shown (in the positions they held at the year-end and up to the date of this report) and are as follows:
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
Trustees Annie Shepperd (appointed May 2023) (Chair) Bushra Hussain (President) Caroline Gould (appointed January 2023) (CIWEM Services Limited Chair) Hannah Coogan (President Elect) John Curtin (Vice President) Karyn Georges (Honorary Treasurer) Lila Thompson (resigned 07/12/2023) Matthew Jack (resigned 07/12/2023) Nicholas Howden (Professional Standards Committee Chair) Nicola Cunningham Peter Brooks (Financial Audit & Risk Chair) Shaun Nicholson (Nominations Committee Chair) Steve Thompsett Sun Yan Evans (appointed 21 April 2023) Wendy Story
Independent David Wilkes (Remuneration Committee Chair) (resigned 07/12/2023)
The directors of the subsidiaries who served during the financial year and up to the date of this report, are as follows: CIWEM Services Limited –board directors Caroline Gould (Chair) Joanna Cochrane Mike Summersgill Terry Fuller (resigned 7 September 2023)
## Company Secretary
Francesca Brahmbhatt (resigned 4 August 2023)
## 106–109 Saffron Hill Management Limited
Ben Pratt (appointed 16 May 2023) Annie Shepperd (appointed 16 May 2023) Terry Fuller (resigned 7 September 2023)
## Company Secretary
Francesca Brahmbhatt (resigned 4 August 2023)
The Trustee Board is the body responsible for overseeing the Institution’s management and administration and for setting policy. The Board consists of up to 15 Trustees, including the Chair, Honorary Treasurer, the Presidential Team, Trustees and co-opted Board members who are not Trustees.
All Trustees are non-executive members of the Board appointed on merit from an independently facilitated selection process. Further details of Trustee appointment periods, the Trustee appointment process and terms of office can be found in the Institution’s Byelaws.
Trustees are recruited by advertisements in the Institution’s magazine, on the website, alongside with external adverts in the national press. Honorary Officers are appointed from amongst the Trustee Board.
All new Trustees go through an induction process with regular opportunities to update skills.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Management**
2023 was another year of change for CIWEM. For the executives this meant a year for professional development and growth. Eight promotions were achieved, within the Memberships, Learning & Development, Training, Business Enablement, Events and Policy & Content departments, in addition to Rachael Bliss being promoted to the role of interim Managing Director. Three consultants have been appointed to help back fill our operations department and we have welcomed 8 new members of staff across the company.
The Executive Senior Management Team at the end of 2023 comprised:
- Rachael Bliss, Interim Managing Director
- Alastair Chisholm, Director of Policy
- Darren Eckford, Director of Learning and Organisational Development
- Paul Shaffer, Director of Innovation and Delivery
- Sophie Dunajko, Director of Membership and Professional Standards
## **Environmental Performance**
We declared a climate and ecological emergency in 2019 and since then we have been instigating incremental changes in our building which form our scope 1 and 2 emissions. These include further upgrade of lighting to LED and continuation of energy supply certified as 100% renewable which helps us to achieve zero scope 1 and 2 emissions. We have also installed upgraded video conference facilities to enable reduced travel for all building users. Our building is rated as BREEAM Excellent. We are also working to improve our carbon footprint with the help of external consultants for both our main activities and our events. We will publish our 2023 carbon emissions baseline targets as part of our commitment to the Pledge to Net Zero later this year. This will help us reduce our carbon emissions in the long-term and allows us to be more transparent. Hopefully, this journey can also inspire other actors of our industry to disclose their footprints voluntarily, even when not required and increase overall awareness.
Our academic journals are now online only, enabling significant reduction of emissions from printing and shipping of printed journals. The Environment has moved from 10 printed issues a year to 4 as of this year and is replaced with more newsletter and online content.
Our other contributions towards tackling the climate and ecological emergency have come from our work to share knowledge, educate, and influence change. This has been achieved through our events, training, publications and awards and our partnerships with businesses and NGOs, all of which are detailed below.’
## **Organisational growth**
Our institution grew notably in the following ways:
**Membership** – our membership and retention continue an upward trend, with strong growth across all membership grades
**Commercial** – our commercial activities fuel our charitable outreach as well as maintain CIWEM as a going concern. These activities are undertaken by CIWEM’s subsidiary company CIWEM Services Ltd (CSL). During 2023 we continued our investment in our digital transformation, which will drive efficiencies **7** in our processes and increase the value to our members through our digital and content first strategy.
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
**Events** – in 2023 we continued to deliver in-person conferences with both Flood & Coast and the Urban Drainage Group Annual Conference being great successes. Our events grew on the previous year’s success and were noted by attendees as being best in class, firmly establishing our presence in the postcovid events environment.
**Learning and Development -** Overall, in 2023, we delivered professional training to 1,612 (2022: 1526) individual delegates. We are excited to innovate further in 2024, and further diversify our training offering.
## **Risk Management**
As set out in our report last year we undertook a major review during 2023 of the Institution’s risk management system and processes, including training for all teams in developing risk plans. This resulted in developing a new risk register with each team maintaining a register for their activities which is drawn together in an overall risk register for the organisation (‘the corporate risk register’). This is presented to each Trustee Board meeting and discussed as a standing item. The Finance, Audit and Resources Committee has taken on additional responsibilities for risk in the organisation and has been renamed the Finance, Audit and Risk Committee, with the corporate risk register discussed by the Committee in advance of each Trustee Board meeting.
Policies and procedures have been put in place to manage and mitigate the identified risks, which is regularly assessed and updated to ensure their adequacy and effectiveness.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
The principal risks, uncertainties and steps taken to mitigate the likelihood of their occurrence and impact are as follows:
|
impact are as follows:||
|---|---|
|**Risk**|**Key controls and mitigation**|
|Financial position in
an uncertain
economy|Detailed financial planning and in particular cashflow forecasting and
monitoring forecast against actuals. Making activities more profitable,
focussing organisational energy on income generating activities. Sale of the
London Headquarters.|
|Major building
works with
significant cost|Planned preventative maintenance to service all assets annually or as and
when needed.|
|Staff workload,
turnover and
wellbeing|Significant recruitment undertaken to fill gaps and redistribution of
organisational resources moving staff to business-critical activities where
necessary. Staff reminded of the benefits available to them, including
pensions. Work being undertaken on target operating model to ascertain
staffingneeds.|
|Membership
retention|We are building our offer for members, making ourselves the best in class;
improving the systems that enable the membership journey; improving
customer service; undertaking cost reviews of our subscriptions; ensuring that
everything we do funnels people into membership, meaning that the whole
organisation is workingtowards drivingmembershipup.|
|Digital
transformation|We established Board level oversight through the Finance, Audit and Risk
committee and employed specialist advisers to support the project
management of the programme. We also invested in training of in-house
resource|
## **CIWEM Group activities**
CIWEM Charity undertakes core membership services whilst CIWEM operates with 2 active subsidiary companies: CIWEM Services Ltd. (CSL) and Saffron Hill Management Ltd.
CIWEM’s commercial activities which include primary purpose trading activities are undertaken through CIWEM Services Ltd. (CSL) which is a wholly owned subsidiary of CIWEM. CIWEM is a notfor-profit organisation and all surplus generated by CSL are gifted to CIWEM to further our public benefit activities including the support of our members’ professional development. It should be noted that the activities undertaken through CSL provide significant contributions to our public benefit remit as well as funding our other charitable activities though the gifted surplus.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
Our principal revenue streams are:
- Advertising, including job adverts and event sponsorship
- Events
- Publications
- Training, accreditation, and business partnerships
- Venue Hire
106-109 Saffron Hill Management Ltd is the management company responsible for the operations of our property at 106 to 109 Saffron Hill including our responsibilities as freeholder of four privately owned flats on the top two floors of the building.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Department Summaries**
## **CIWEM Membership**
Advancing professionalism and empowering people are core to the CIWEM strategy and central to its overarching goals. Throughout 2023, CIWEM has worked to provide those across the sector with the information, tools, support and networks to develop and grow. Driving professional registration, personal development and knowledge.
Membership engagement remained a priority during the year, these included:
- Early careers professionals – our Early Careers Network continues to grow with the Steering Group providing insight into the needs of those in the first five years of their careers;
- Professional registration support – we continue to review and improve the support provided to individuals seeking registration through our guidance, provision of CPD and mentoring opportunities, and gained further understanding through our Career Survey 2023; and
- Career development – our career journey support has developed with growth of our ‘Why I Became.’ and ‘Careers: This is my story’ programmes, supporting individuals at all stages.
Across the year, application rates for membership remained positive, will the total number of new members (excluding students) 52% higher than the previous year and a 44% increase in application rate across all grades.
We were pleased to professionally register 180 (2022: 140) individuals as engineers, scientists, environmentalists and water and environment managers, and award 215 (2022: 143) individual registrations to our members, including Chartered Engineer (CEng), Chartered Environmentalist (CEnv) and Chartered Scientist (CSci), the intermediary registrations Incorporated Engineer (IEng) and Registered Environmental Practitioner (REnvP) and technical registration with Engineering Technician (EngTech), and the pinnacle of professional registration in the water and environment sector, our own Chartered Water and Environmental Manager (C.WEM) registration.
The continued involvement of our dedicated volunteers underpins many of our membership activities. Our achievements across membership and beyond are a direct result of these volunteers, supporting and mentoring, engaging in peer review and undertaking assessments. Thank you all.
## **Member Subscriptions**
Income from membership subscriptions continues to form a significant part of the Institution’s annual income, funding our activities for the public benefit and dissemination of best practice.
We undertook our annual review of our membership subscriptions, which has led us to increase annual membership subscriptions for the 2024 subscription period in line with forecast inflation for the subscription year.
We continue to make our membership accessible with provisions in place for those that might see fees as a barrier to membership. With hardship rates for those experiencing financial hardship which includes taking a career break, for maternity and paternity leave or unemployment and supporting those from Low Income Countries with fee grades at 50% of the High-Income Country fees. 11
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Bi-Annual CIWEM Member Career Survey**
When we set our current five-year strategy, we placed the use of data and knowledge as an underpinning foundation to deliver independent and creative engagement. The bi-annual CIWEM career survey is a core element of our ongoing programme of work to understand our members and their work in the water and environment profession, including the changing challenges and barriers they face. This is done with the aim to build our knowledge base to inform our work, tailor our priorities and best support individuals and organisations in the sector.
As our data becomes more accurate and comprehensive, we are making better, evidence informed changes to our products, services and programmes to make them more inclusive and representative, taking care to not overburden individuals.
Building on the quality and quantity of our data is a vital part of achieving our vision: a world in which professionalism and excellence build connections to inspire widespread, impactful water and environmental change. With each of these internal data reports, we build on our own knowledge and take a step towards a safer, more sustainable world.
## _CIWEM Member Career Survey 2023_
Across all individual grades professional credibility stands out as the key driver in individual decision making in joining a professional institution. This directly demonstrates the core value of CIWEM membership and registration as a Chartered Water and Environmental Manger (C.WEM) and the importance of promoting our professional standards. This closely links to the second and third ranking reasons in the ‘very important’ category of professional requirement and career advancement, again showing the value the sector attributes to membership of CIWEM.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Diversity and Inclusion (D&I)**
Some of our highlights of this year include the amazing turn out that we had for Pride in London, organised in collaboration with our WEM Pride network. The event was attended by both staff and members alike representing a wide range of the industry, creating a sense of community and visibility for CIWEM. We also focused on raising awareness surrounding neurodiversity. Several staff and CIWEM members shared their experiences with neurodiversity, which we published on our website, shared in a particularly successful episode of our Planet Possible podcast and in an edition of the Environment magazine. This was not the only edition of the magazine that we used to raise awareness over the course of the year. We ran special editions on ‘Sheroes’ focusing on the achievements of women within the sector, and we ran a youth takeover special, organised by our early career professionals.
During our annual Flood and Coast conference there were several talks ranging from neurodiversity to queer experiences, which were also open to all attendees and received excellent feedback.
The second half of the year saw a slight change in our approach to D&I with establishment of a staff group to lead on this. This will help us to internalise our values and utilise the staff’s passion to drive change. This includes a review of our internal policies and procedures as well as looking externally to our members and the industry as a whole. We organised several internal workshops led by staff to share their knowledge and experience to grow the team’s understanding to maximise our impact externally.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Branches**
In 2023 CIWEM’s branches and groups delivered a varied programme of 88 (2022: 82) events, covering a wide range of topics relevant to the water and environmental management sector. These events provided 165 (2022: 122) hours of accessible CPD.
CIWEM branch and group event formats vary depending on their purpose, these include 39 virtual events, which were mainly technical webinars and panel discussions; 46 in-person activities, which included membership and Chartership workshops, conferences, study days, site visits and networking socials; as well as 3 hybrid events.
Although there were fewer webinars hosted by our branches and groups than in 2022, the overall number of registrations and attendance significantly increased by 62% and 32% respectively. Online branch and group events are more accessible and webinar recordings published on our YouTube channel create a library of learning materials for our members, the sector and public. This also showcases CIWEM, our branches and groups and our members’ commitment to sharing good practice and overcoming challenges.
Over the year, our volunteers on the branch and group committees have not only volunteered their own time but have also sourced sponsorship, both financial and contributions in kind. These contributions help keep activities free, or more accessible to our members and those working in the sector. For instance: the sponsorship of the Northern Ireland branch programme by over 20 companies; and the contributions in kind support of our competitions, Glyn Ellis Prize Early Careers, Dr Jenkins and New Members’ Papers Competition; as well as venue provision for the series of membership and Chartership workshops held in the South West.
2023 has seen an increase in partnership working between the branches and groups across the Institution and with other external organisations. A notable example is the Northern Ireland branch’s collaboration with our Urban Drainage Group to deliver a one-day conference on managing storm overflows and reducing pollution. Other partnership working has been explored with our Business Partners and Accreditation Team to deliver joint events.
Branches also worked with our Presidential Team around COP28. The Central Southern, South Eastern and Northern Ireland branches developed a series of climate emergency adaption and resilience virtual events in the run up to COP28, which was attended by the CIWEM President.
These contributions underline why branches and groups remain the lifeblood of CIWEM. During 2024 and beyond we will continue to explore what we can do to better enable and support them. CIWEM want to celebrate and thank those branch and group committees for the support and passion they provided in 2023 and we are excited for what can be accomplished together in 2024.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Policy and Technical**
2023 saw the public awareness of water challenges increase further, fuelled by media and political coverage and manoeuvring. A debate that had already become highly polarised verged on toxic with little public discussion of solutions.
A Fresh Water Future – an independent review of water sector performance and governance and a cocreated expert, stakeholder and public vision for future water management in the UK – aimed to fill that void, pre-general election.
_CIWEM Director of Policy Alastair Chisholm launches A Fresh Water Future at the House of Commons_
Playing to CIWEM’s collaborative strengths, we facilitated a cross-sector, multidisciplinary discussion of priorities across the autumn, putting forward a ten-point plan for the next government and launching it in Parliament in January 2024. We’ve also supported complementary thought leadership initiatives such as the Sustainable Solution for Water and Nature and continue to broaden our audiences and raise our profile as a broker of collaborative solutions to complex water and environmental challenges.
Through 2023 we mobilised Be Flood Ready – CIWEM’s Community of Practice for Property Flood Resilience (PFR). Collaboratively funded by public and private sector organisations, the website and related activities will actively support those interested in PFR from Spring 2024 and is funded to continue to 2026.
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**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
We used our skills in enabling collaboration and project management to support the exploration of opportunities and challenges for the management of sewage sludge and bioresources for the water and environmental sector. This is an increasingly complex policy area and will continue to be a focus for 2024.
With our partner, The Rivers Trust, we mobilised projects funded by a grant from the Foundation for Water Research of £500,000. These projects advocate and support better integrated water management outcomes. Our particular focus is on sharing good practice and encouraging effective partnership working across the sector – something we all know is essential to deliver good outcomes but which is often difficult to do effectively in practice.
We continue to support improved approaches to surface water management and the delivery of multifunctional sustainable drainage. In 2023 we completed and shared a review of the challenges and opportunities around surface water management for risk management authorities (RMAs). We continue to explore what we can do to support RMAs to improve collaboration, capacity and skills and where we can advocate for improved allocation of funding.
Our dissemination and communication role in Enabling Water Smart Communities – a collaborative project between four water and sewerage companies, two universities and the housing sector was quiet whilst the work went through its discovery phase, but we will be breaking cover with findings as we progress through 2024.
Finally, we worked to build the evidence-base behind the impact of highway runoff on watercourses in an independently funded collaborative project with Stormwater Shepherds. We will be launching the findings in Spring 2024.
As ever, all our work is supported by the networks of experts and practitioners that exist in our specialist panels, groups and branches which bring hundreds if not thousands of members together to debate and workshop solutions and share knowledge. This expertise then feeds into our extensive events and webinar programme and our content and publications.
We increased the frequency of production of our Planet Possible podcast which continues to regularly top the earth sciences podcast charts and attract guests of the highest profile. And as we move through 2024 we will be embracing more digital and creative content delivery methods, building up our content team so we can tell more and more people about the importance of our profession and the crucial solutions it can, and must deliver.
## **Professional Standards Committee**
The Professional Standards Committee (PSC) is a Standing Committee reporting to the Trustee Board. Its key role is to ensure best practice is followed in CIWEM’s membership policy as set out in its Royal Charter and to uphold the terms of our external registration licenses. It is assisted by an Engineering Subcommittee, a Business and Science Subcommittee, an Accreditation Board, and a Qualifications Panel, all of which report to the PSC.
## **Qualifications Panel**
The Qualifications Panel was established to fulfil CIWEM's obligation under the Engineering Council's Registration Code of Practice to maintain a panel of competent registrants to assess applicants for registration who do not possess the Council's exemplifying qualifications. The Panel reports to the Professional Standards Committee. Typically, the applicants considered by the Panel hold an overseas degree or a degree in a subject other than engineering.
16
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **CIWEM Services Ltd activities**
The focus for our events in 2023 was primarily on delivering our revenue generating events and networking activities, thereby engaging thousands of CIWEM members, non-members, stakeholders and partners.
In 2023, CIWEM Events produced and delivered a wide range of commercial in-person and online events, including: Flood & Coast Conference and Exhibition, which incorporated the Urban Drainage Group (UDG) Spring Conference; the UDG Annual Conference and Exhibition; the UDG Virtual Training Day. In addition, we supported CIWEM’s Rivers and Coastal Group in delivering an in-person study day. The events team also supported Branches and the broader CIWEM team in the delivery of Branch events, CIWEM Annual General Meeting, and CIWEM Presidential Induction.
The CIWEM UDG events programme included a two-day virtual training with a number of practical sessions on SuDS, the Spring Conference (part of Flood & Coast), and an in-person Annual Conference and Exhibition held in Birmingham. The UDG Annual Conference featured a packed programme of CPDaccredited panel sessions, technical paper presentations, panel discussions and workshops, addressing some of the hot topics of concern to water companies, regulators and other stakeholders. The UDG Annual Conference featured many opportunities for delegates to meet with organisations working on adaptation, resilience, and net zero in urban drainage management.
Our ambition in 2023 was to increase the number of companies that attend, exhibit at, and support Flood & Coast and UDG events. In order for us to achieve this we work closely with Syon as our event sales support. With guidance from CIWEM, Syon helped to increase total 2023 events profits by increasing their overall contribution by 40% year on year from 2022.
The diversity of our events programme in 2023 was a tribute to the breadth of interest and expertise within the CIWEM membership. CIWEM events will continue to bring leading experts, thinkers, and decision-makers together to debate the biggest environmental challenges of the day in engaging and interactive formats.
## **Flood and Coast**
A 31% increase on 2022 saw 1,930 attendees, from 10 different nations, 82 speakers, 81 exhibitors, in 2023 as Flood and Coast really spread its wings and flew in its second year back from the virtual world. Strategic partners, The Environment Agency (Day 1), The Rivers Trust with CIWEM Rivers and Coastal Group (Day 2) and Association of SuDS Authorities with CIWEM Urban Drainage Group (Day 3) meant curated programs, expanded audience and a greater focus on integrated water management. It was fantastic to see so many familiar faces, people and companies whilst welcoming many new friends and members of the flood family.
Notable progress on many fronts in 2023 has set the event up for further diversification and accessibility in 2024. The early careers and education zone being an area of growth and change that will feature more heavily in 2024 and the introduction of a sustainability partner in 2023 will further enhance our efforts for 2024.
17
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
As part of the initial phase of the CIWEM rebrand, first initiated in September 2023, Flood & Coast will be part of the new look of CIWEM that Flood & Coast newsletter subscribers, social media followers and event attendees can see during event promotions and collateral in 2024.
A huge thank you to all of our partners, sponsors, exhibitors and attendees for their continued support, we look forward to welcoming you back in 2024 under the theme of innovation and skills.
_The ‘Showcase Report’ produced by Syon Media_
## **Learning and Development**
2023 has seen CIWEM Learning and Development (L&D) further enhance their reputation within the water and environment sector. The ability to create bespoke content at pace alongside the sector’s leading professionals is a unique selling point for the institution. Add to that the imminent launch of Professional Registers for Property Flood Resilience and Water Quality firmly puts CIWEM L&D on the map.
A highlight for the team was the delivery of the Urban Drainage Group spring training day. 2 half days of training delivered to 276 delegates across 17 different live learning hubs across the UK with many more joining online from the comfort of their own home. A pioneering approach utilising multiple digital tools to create interactions between those joining live and virtually. We are exciting to further evolve this in 2024. Another project to be proud of are the Free Property Flood Resilience (PFR) road shows we delivered across the UK in collaboration with the Environment Agency, delivering competency, consistency and confidence to those commissioning and working with PFR installations.
18
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
The introduction of our managed professional development schemes mean that we can now offer a service to SME’s that gives them access to coordinated employee development aligned with the professional membership and chartership. A fantastic tool for valuing and retaining top talent in the sector.
We also invigorated our internal training offering for CIWEM creating the first in a range of collaboration training courses fostering greater trust and feedback skills within the CIWEM team.
## **Accreditations & Partnerships**
CIWEM’s accreditation and partnerships programme works with approximately 50 parties from around the world who are committed to our mission – this includes universities, consultancies, water companies, agencies, contractors, associations, suppliers and more. Their financial support is vital, but when we work closely with our organisational partnerships to achieve common goals, we can open up even more opportunities.
The team created a custom database to help track the individual relationships CIWEM has with our external partners – including Business Partners and organisations working together with us towards accreditation of their Professional Development Schemes, CPD activities, and university courses. This tracker supported the team in creating consistency within and between relationships, it helped us to identify opportunities for proactive outreach and initiatives, and so allowed us to drive more forward momentum across all relationships.
We are constantly working with and listening to our external partners to reflect their feedback in our practices. We jointly set priorities and actions, and where our team isn’t the best fit to deliver solutions, we connect them with other departments within CIWEM to our mutual benefit.
Our partnerships and accreditation programme are supported by a board of passionate chartered members who help us safeguard professional standards by assessing each application and by monitoring existing accreditations each year. We thank them for their continued support and invite others to volunteer to do the same as we continue to grow and develop our partnerships programme.
One-off highlights of the year include:
- The Planet Possible podcast receiving a highly commended recognition at the 2023 Memcom Excellence awards
- Delivering the first virtual Careers Fair, where partner organisations presented routes forward into the industry to current students
- Running the first Early Careers & Education Zone at Flood & Coast
- A number of in-person visits with Business Partners, refreshing the relationships
19
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Publications**
## **The Environment magazine**
The Environment magazine is CIWEM’s flagship content vehicle, setting the sector standard in quality and breadth of its editorial. Switching to a quarterly printed edition in 2024, this version is complimented by a digital newsletter around a topical monthly focus for each edition. Upon completion of the new CRM, the print magazine will be digitised exclusively for members, as CIWEM moves towards a more sustainable delivery method in line with member sentiment and our partner’s values.
Further benefits of going digital:
- Increases commercial opportunities for partners and suppliers due to its trackability and
- shareability
- Offers another marketing tool to promote public CIWEM events and training via banners
- Broadens readership to the whole sector as the primary lead generation tool for marketing
- CIWEM to the wider world
- As many Partner’s sustainability policies prevent contributions to print, digital aligns to
- their needs and creates significant editorial opportunities. Our existing Service Level Agreements stipulate editorial opportunities within our higher premium packages, so we must adjust accordingly to meet those
- Allows more dynamic and richer and more engaging content possibilities
- New briefing process helps boost website content longevity, categorisation, and
- relevancy.
Editorial is guided by the core themes of Protecting Our Planet, Water For All, Adapting Our Built Environment and People of WEM, ensuring the content covers all core areas enshrined in CIWEM’s values, expertise, and wider network of influence, as well as simplifying the number of topics we cover into broader themes. The benefit of this is to begin to build out ‘content clusters’ in future, when considering Search Engine Optimisation and ‘content hubs’ within any website redesign, a crucial component of a targeted, segmented content delivery approach.
20
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Journals**
The Water and Environment Journal received over 500 submissions in 2023 from more than 60 countries, spanning innovations and solutions focused on enhancing water management best practice. 829 pages of peer reviewed content were published across four issues, all freely available to CIWEM members online.
The Journal of Flood Risk Management has continued to grow in popularity as an international platform for knowledge sharing in all areas related to flood risk, seeing a 53% increase in submissions during 2023. The journal now has an impact factor of 4.1 and annual article downloads in excess of 390,000. The journal launched nine special issues in 2023, including “flood risk in coastal zones and tropical islands” and an issue linked to the 9th International Conference of Flood Management.
**Impact Factor Definition:** The "official" new definition is - a measure of the frequency with which the “average article” in a journal has been cited in a particular year or period. The annual impact factor is a ratio between citations and recent citable items published. Thus, the impact factor of a journal is calculated by dividing the number of current year citations to the source items published in that journal during the previous two years.
The top 20% of Environmental Science journals score 3.84 or higher, so a ranking of 4 is strong.
During 2023 the journals were supported by 81 editorial board members across 23 countries. Thanks go to our board members for their commitment and support, to ensure that CIWEM’s journals continue to share best practice science with our members, the professional sector, and the public.
21
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
## **Financial Overview**
## **Income and Expenditure Summary**
- Group income for the year totalled £4.51m (£3.30m in 2022).
- Group expenditure in the year totalled £4.22m (£3.81m 2022), after incurring an impairment charge on the Charity’s freehold property at Saffron Hill (for further details, see the ‘Saffron Hill’ section below). Excluding the effect of the impairment Group expenditure was £3.94m (£3.29m in 2022)
- The mix of income has changed quite significantly this year with just under 40% of total income coming from membership subscriptions compared to 50% in 2022 despite membership subscriptions growing by 6%.
- The change in the mix of income was driven by a significant increase in conferences and events which were up by 37% from 2022, an increase in income from education and training course of 59% compared to 2022 and grant income of £804k compared to £49k in 2022.
- Grant income consisted of £0.50m from Foundation for Water Research, further details of which are given earlier in this report, along with two further grants one from Esmée Fairbairn Foundation and the other from Rees Jeffreys Road Fund details of which are given in note 16 to the annual accounts.
## **Balance Sheet**
- CIWEM’s group balance sheet shows total net assets of £1.34m at the end of 2023 (£1.06m at the end of 2022).
- At the year end, the total funds held within the group were £1.34m, compared to £1.06m at the end of 2022, with unrestricted funds at the year-end of £0.95m compared to £0.98m at the end of 2022. The main reason for the reduction in unrestricted funds is a result of the impairment charge on the property of £0.29m incurred in 2023.
## **Saffron Hill**
The Trustees are required to consider if there is any indication that the Saffron Hill property has been impaired at each balance sheet date. The building was formally valued by external and professional valuers as of 31 December 2023 with a valuation of £3.0m, which reflects current market conditions, compared with a valuation of £3.35m at the year-end 2022. An adjustment has been made to the carrying value of the property in the 2023 accounts to reflect this valuation. (see Note 9).
## **Reserves Policy**
The Trustee Board is satisfied that the banking facilities negotiated in 2019 secured on the freehold of the building, and the fabric of the building itself, provide for appropriate reserves in the immediate term. However, this investment of reserves in the building has resulted in negative free reserves in the years since the property was originally purchased. Free reserves are calculated as the general fund at the year end, less the book value of fixed assets, plus the outstanding creditors at the year-end used to fund those fixed assets. As a result, the Trustee Board set out a five-year plan to build free reserves which will reduce CIWEM’s dependency on bank support.
22
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023**
## **REPORT OF THE TRUSTEE BOARD**
Our current financial arrangements will be due for renewal in the 3rd quarter of this year, and our bankers have confirmed that they are willing to renew the loan and overdraft facility on our existing terms, for a period of twelve months pending the sale of the building.
The plan adopts a hierarchy for the allocation of our year end surplus with the objective being to contribute to all three of the following but in a proportion that reflects the priority of our aims and our financial performance.
1. Build our free reserves
2. Enhance our charitable activities
3. Pay-off loan capital above the contracted obligations.
This hierarchy will be reviewed at least annually and in the event of a significant change such as business risk or external economics.
## **Going concern**
The Trustee Board having carefully reviewed the financial position of the Institution, including the financial projections for 2024 and 2025, are satisfied that there are sufficient funds at the date of signature of the financial statements to manage any downturn in the UK and global economy. The trustee board having reflected on the level of liquid reserves held also considers that there is a reasonable expectation that the Institution has adequate resources to continue in operational existence for the foreseeable future and for these reasons the Trustee Board continues to adopt the going concern basis in preparing the financial statements.
The report of the trustees, including the message from the Chair and the Reference and Administrative details set out on the pages above, was approved by the Trustees on 19 June 2024 and is signed on their behalf as below.
> Report of the Trustees signed by: fan Safer Kage Annie Shepperd (Chair) Karyn Georges (Honorary Treasurer) Date: 19/06/2024 Date: 19/06/2024
23
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **INDEPENDENT AUDITOR’S REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE CHARTERED INSTITUTION OF WATER AND ENVIRONMNETAL MANAGMENT**
## **Opinion**
We have audited the financial statements of The Chartered Institution of Water and Environmental Management (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise Group Statement of Financial Activities, the Group and Parent Charity Balance Sheets and the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 December 2023 and of the group’s and parent charity’s incoming resources and application of resources, including its 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 Charities and Trustee Investment (Scotland) Act 2005 (as amended), regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the 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 statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
24
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **INDEPENDENT AUDITOR’S REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
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 there is 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.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Charities Act 2011 require us to report to you if, in our opinion:
- the parent charity has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charity’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements;
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees 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.
In preparing the financial statements, the trustees are responsible for assessing the group and parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, and Section 151 of the Charities Act 2011 and report to you in accordance with regulations made under those Acts.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
25
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **INDEPENDENT AUDITOR’S REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group and parent charity’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group and parent charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or parent charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks 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 to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.
26
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
## **INDEPENDENT AUDITOR’S REPORT**
## **FOR THE YEAR ENDED 31 DECEMBER 2023**
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Charities and Trustee Investment (Scotland) Act 2005 (as amended), regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended),, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
- We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, and in respect of the consolidated financial statements, in accordance with section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and the charity’s trustees, as a body for our audit work, for this report, or for the opinion we have formed.
## **Andrew Stickland (Senior Statutory Auditor)**
For and on behalf of Moore Kingston Smith LLP, Statutory Auditor
Moore Kingston Smith LLP, Statutory Auditor
9 Appold Street London EC2A 2AP
Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006
27
## **THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023**
|||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|---|
||**Note**|**Funds**|**Funds**|**2023**|**2022**|
|||**£**|**£**|**£**|**£**|
|**INCOME**||||||
|DONATIONS AND LEGACIES|3|-|500,000|500,000|-|
|INCOME FROM CHARITABLE ACTIVITIES:||||||
|Membership subscription and fees||1,772,923|-|1,772,923|1,672,772|
|Conferences and events||978,482|87,181|1,065,663|775,119|
|Education and training courses||425,849|-|425,849|267,344|
|Policy and partnerships||158,657|216,810|375,467|215,932|
|OTHER TRADING ACTIVITIES||||||
|Investment income|4|3,278|-|3,278|35|
|Books and publications||140,879|-|140,879|177,209|
|Lettings||175,062|-|175,062|172,290|
|OTHER INCOME||47,092|-|47,092|16,764|
|**TOTAL INCOME**
**EXPENDITURE**
EXPENDITURE ON RAISING FUNDS:
Lettings
EXPENDITURE ON CHARITABLE ACTIVITIES:
Membership services
Conferences and events
Education and training
Policy and partnerships
Donations, prizes and awards
Grants
**TOTAL EXPENDITURE**
**TOTAL FUNDS BROUGHT FORWARD**
**TOTAL FUNDS CARRIED FORWARD**
**NET (EXPENDITURE) / INCOME**
**& MOVEMENT IN FUNDS**
IMPAIRMENT
OF FREEHOLD PROPERTY|9
**5**
**16**
**16**|**3,702,222**
187,506
1,235,456
1,007,135
308,220
628,212
78,578
-
285,443
**3,730,550**
**(28,328)**
**980,065**
**951,737**|**803,991**
-
-
22,802
-
202,047
8,219
260,844
-
**493,912**
**310,079**
**80,226**
**390,305**|**4,506,213**
187,506
1,235,456
1,029,937
308,220
830,259
86,797
260,844
285,443
**4,224,462**
**281,751**
**1,060,291**
**1,342,042**|**3,297,465**
188,802
1,045,904
1,053,861
257,225
640,024
106,971
-
515,334
**3,808,121**
**(510,656)**
**1,570,947**
**1,060,291**|
Note 19 - shows the Charity Statement of Financial Activities
28
The notes on the following pages form part of these financial statements
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT**
**CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31ST DECEMBER 2023**
|**Group**
**Group**
**Charity**
**Charity**
**Note**
**2023**
#
**2022**
**2023**
#
**2022**
**£**
**£**
**£**
**£**
ee|**Group**
**Group**
**Charity**
**Charity**
**Note**
**2023**
#
**2022**
**2023**
#
**2022**
**£**
**£**
**£**
**£**
ee|**Group**
**Group**
**Charity**
**Charity**
**Note**
**2023**
#
**2022**
**2023**
#
**2022**
**£**
**£**
**£**
**£**
ee|**Group**
**Group**
**Charity**
**Charity**
**Note**
**2023**
#
**2022**
**2023**
#
**2022**
**£**
**£**
**£**
**£**
ee|**Group**
**Group**
**Charity**
**Charity**
**Note**
**2023**
#
**2022**
**2023**
#
**2022**
**£**
**£**
**£**
**£**
ee|**Group**
**Group**
**Charity**
**Charity**
**Note**
**2023**
#
**2022**
**2023**
#
**2022**
**£**
**£**
**£**
**£**
ee|
|---|---|---|---|---|---|
|**Fixed Assets**||||||
|Tangible assets|9|3,027,153|3,383,358|3,027,153|3,383,358|
|Intangible assets|10|250,363|134,025|250,363|109,025|
|Investments|11|-|-|100|100|
|**Total Fixed Assets**
**Current Assets**
Debtors
Cash at bank and in hand
**Total Current Assets**
**Creditors:**Amounts falling
due within one year
**Net Current (Liabilities)**
**Creditors:**Amounts falling
due after more than one year
**Net Assets**
**Funds**
Restricted funds
Unrestricted funds:
General
**Total Funds**|12
13
14
16|**3,277,516**
456,457
528,975
**985,432**
2,920,906
**(1,935,474)**
-
**1,342,042**
390,305
951,737
**1,342,042**|**3,517,383**
448,854
121,729
**570,583**
1,374,552
**(803,969)**
1,653,123
**1,060,291**
80,226
980,065
**1,060,291**|**3,277,616**
258,817
360,088
**618,905**
2,822,473
**(2,203,568)**
-
**1,074,048**
390,305
683,743
**1,074,048**|**3,492,483**
293,048
69,800
**362,848**
1,203,966
**(841,118)**
1,653,123
**998,242**
80,226
918,016
**998,242**|
These Accounts were approved and authorised for issue by Trustee Board on 19 June 2024 and signed on its behalf by:
## **Annie Shepperd OBE**
Chair
## **Karyn Georges**
Treasurer
29
The notes on the following pages form part of these financial statements
## **THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT CONSOLIDATED AND CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023**
||**Group**|**Group**|**Charity**|**Charity**|
|---|---|---|---|---|
||**2023**
#|**2022**|**2023**
#|**2022**|
||**£**|**£**|**£**|**£**|
|**Cash flows from operating activities:**|||||
|Net income / (expenditure) for the year|281,751|(510,656)|75,806|(500,303)|
|Adjustments for:|||||
|Depreciation and amortisation charges|106,451|121,788|81,451|96,788|
|Impairment charge|285,443|515,334|285,443|515,334|
|Interest|(3,278)|(35)|(3,278)|(35)|
|Loss on disposal of fixed assets|-|1,831|-|1,831|
|(Increase) / decrease in debtors|(7,603)|(91,313)|34,231|(136,638)|
|Increase in creditors|37,776|44,021|109,929|106,585|
|Purchase of tangible fixed assets
Repayments of borrowing
**Represented by**
Cash at bank and in hand
Bank overdraft
**Change in cash and cash**
**equivalents in the year**
**Cash and cash equivalents at the**
**end of the year**
Cash and cash equivalents at the
beginning of the year
**Net cash (used in)**
**financing activities**
**Net cash (used in)**
**investing activities**
**Net cash provided by**
**operating activities**
Interest
Purchase of intangible fixed assets
**Cash flows from investing activities:**
**Cash flows from financing activities:**|**700,540**
3,278
(10,689)
(141,338)
**(148,749)**
(56,012)
**(56,012)**
**495,779**
5,252
**501,031**
528,975
(27,944)
**501,031**|**80,970**
35
(22,302)
(89,738)
**(112,005)**
(72,085)
**(72,085)**
**(103,120)**
108,372
**5,252**
121,729
(116,477)
**5,252**|**583,582**
3,278
(10,689)
(141,338)
**(148,749)**
(56,012)
**(56,012)**
**378,821**
(46,677)
**332,144**
360,088
(27,944)
**332,144**|**83,562**
35
(22,302)
(89,738)
**(112,005)**
(72,085)
**(72,085)**
**(100,528)**
53,851
**(46,677)**
69,800
(116,477)
**(46,677)**|
30
The notes on the following pages form part of these financial statements
## **Analysis of changes in net debt**
||**Brought**||**Carried**|
|---|---|---|---|
||**forward**||**forward**|
||**1/1/2023**|**Cash flows**|**31/12/2023**|
||**£**|**£**|**£**|
|Cash at bank and in hand|121,729|407,246|528,975|
|Bank overdraft|(116,477)|88,533|(27,944)|
|Loans falling due within one year|(66,154)|(1,597,111)|(1,663,265)|
|Loans falling due after more than one year|(1,653,123)|1,653,123|-|
|**Total (net debt)**|**(1,714,025)**|**551,791**|**(1,162,234)**|
31
The notes on the following pages form part of these financial statements
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **1. Accounting Policies**
## **Basis of accounting**
These financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity and its subsidiary are a public benefit group for the purposes of FRS 102 and therefore have also prepared the financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The presentational currency used is British pound sterling, and balances are rounded to the nearest £1.
## **Going concern**
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity and Group to continue as a going concern. To make this assessment as to whether the use of the going concern basis is appropriate the Trustees have carefully reviewed the following information:
- the budget for 2024 compared to the actual activity for the first three months of the year:
- revised forecasts for 2024 based on the actual results for the first three months and changes that have
- already been implemented or are likely to be implemented during the forecast period;
- projections for 2025 based on the latest forecast figures for 2024;
- projected cashflow for 2024 and 2025;
- various scenarios with different percentage increases in income and costs and the impact these changes
- would have on the projections;
- the impact of selling the building including the impact the timing has on the cashflow projections.
These forecasts indicate that the Institution continues to be able to operate within the arranged overdraft facility with its bankers. As with all overdraft facilities, it is subject to annual review and can be cancelled at any time. The next annual review is in September 2024 and the bank have confirmed they are willing to renew this facility on the current terms for a period of twelve months from renewal.
Based on all the information available to the Trustees they have concluded that there is a reasonable expectation the Charity and Group will has adequate resources to settle its debts as they fall due and therefore continue to adopt the going concern basis in preparing these financial statements.
## **Consolidated financial statements**
The group financial statements consolidate the financial statements of the charity and its wholly-owned subsidiary undertakings, CIWEM Services Limited and 106-109 Saffron Hill Management Limited.
## **Branches and groups**
The financial transactions of all UK branches and groups and the two non sterling branches of Hong Kong and the Republic of Ireland have been included within the main CIWEM accounts.
32
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **1. Accounting Policies (continued)**
## **Income**
Subscription income represents total subscriptions received from members for the year. Subscription receipts relating to the following year are treated as deferred income. No accrual is made for subscriptions in arrears.
Conference & event income is recognised within the year held. Any conference and event receipts relating to the following year are treated as deferred income. Attendance and sponsorship is the main source of income, which is either invoiced in advance or payable as an entrance fee.
Income from government or other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable the income will be received and the amount can be reliably measured.
All other income is included in the Statement of Financial Activities when the Charity is entitled to the income, the receipt is probable, and the amount can be measured reliably.
## **Expenditure**
Expenditure is charged to the Statement of Financial Activities on an accruals basis, net of recoverable VAT. All costs have been charged where possible directly to the relevant activity. Where costs cannot be directly attributed to particular activities, property costs have been allocated between expense headings on the basis of floor area, and other costs have been allocated on the basis of time spent.
Grants payable are recognised when the grant has been approved and the recipient has been informed that it has been awarded.
## **Tangible fixed assets and depreciation**
Tangible fixed assets are included in the balance sheet at original cost less accumulated depreciation. Cost includes capitalised interest and other finance costs where appropriate. Depreciation is provided on a straight line basis calculated to write down the cost of all tangible assets to their estimated residual values over the number of years of expected use. Leased assets are written off over the period of the lease. Assets are depreciated at the following rates:
|g rates:||
|---|---|
|Freehold Land|Not depreciated|
|Freehold buildings|60 years|
|Fitting out costs|20 years|
|Furniture and fittings|5 years|
|Office equipment|5 years|
|Computer equipment|3 years|
All single purchases of less than £1,000 (excl. VAT) are written off in the year of purchase unless forming part of a more comprehensive scheme or capital project.
## **Intangible fixed assets and amortisation**
Intangible fixed assets are included in the balance sheet at original cost less accumulated amortisation. Amortisation is provided on a straight line basis calculated to write down the cost of all intangible assets to their estimated residual values over the number of years of expected use. Assets are depreciated at the following rates:
Computer systems 3 years Flood & Coast event 4 years
33
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **1. Accounting Policies (continued)**
## **Impairment of fixed assets**
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is an indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Assets that have previously been impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have deceased.
## **Taxation**
Under the provisions of Section 466-497 of the 2010 Corporation Taxes Act and section 256 (1) of the Taxation of Capital Gains Act 1992 , the Institution qualifies for exemption from liability to taxation on charitable income and gains.
## **Pensions**
Contributions are made to individual personal pension plans which are defined contribution schemes.
The pension costs charged to the Statement of Financial Activities in the year are those actually paid or due to be paid into the pension plans.
## **Translation of overseas currencies to sterling**
The financial statements are presented in pounds sterling as this is the functional currency of the organisation. The accounts of non sterling branches are translated into sterling. Income and expenditure items are translated at appropriate average rates and monetary assets and liabilities at the rates at the balance sheet date. The currency gains and losses are taken to the unrestricted funds.
## **Operating leases**
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
## **Unrestricted and restricted funds**
Unrestricted funds are expendable at the discretion of Trustee Board and in furtherance of the Institution’s charitable objectives.
The restricted funds held by the Group relate to the income and expenditure of FWR grant, Pollution from Highways Outfalls, Fresh Water Future and CIWEM branches.
34
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **1. Accounting Policies (continued)**
## **Financial instruments**
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
With the exceptions of balances to/from HMRC, prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 12 and 13 for the debtor and creditor notes.
The year end carrying value of financial assets and financial liabilities, measured at amortised cost, was as
||**Group**||**Charity**||
|---|---|---|---|---|
||**2023**|**2022**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Financial assets|323,947|341,323|186,708|234,818|
|Financial liabilities|292,012|1,892,629|201,931|141,892|
The year end carrying value of financial assets that are equity instruments, measured at cost less impairment and relating to the Charity only were £100 (2022: £100). This balance relates to the investment in the subsidiary company, CIWEM Services Limited.
## **Accounting judgements and estimates**
- The key judgements and estimates used in the preparation of these Financial Statements are as follows:
- - The depreciation rate of tangible fixed assets and amortisation rate of intangible fixed assets (detailed above)
- - The impairment of the freehold property detailed in Note 9
- - The provision for bad debts included at the year end
- - Support costs are apportioned to direct activities based on the direct staff costs allocated to those activities (see Note 5)
There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
35
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **2. Subsidiary Undertakings**
CIWEM has a wholly-owned trading subsidiary undertaking, CIWEM Services Limited, a company incorporated and registered in England and Wales (registered no 03166701). The principal activities of this company are conferences, events and publications. All its profits are paid to the charity by gift aid. The charity owns the entire issued share capital of 100 ordinary shares of £1 each.
CIWEM controls a second trading subsidiary undertaking, 106-109 Saffron Hill Management Limited (SHML), a company limited by guarantee and incorporated and registered in England and Wales (registered no 08822614). SHML own the leasehold rights of the four privately owned residential flats on the top two floors of 106-109 Saffron Hill. The charity has charged 106-109 Saffron Hill Management Limited for the running and maintenance costs of the flats and these costs have been recharged to the flat owners.
A summary of the results of the subsidiaries is shown below:
## **CIWEM Services Limited**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Profit and Loss Account**|||
|Turnover|1,860,625|1,499,235|
|Cost of sales|1,276,190|1,247,902|
|**Gross profit**
**Profit on ordinary activities**
Administration expenses|**584,435**
316,441
**267,994**|**251,333**
189,284
**62,049**|
|**Changes in equity:**|||
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Total equity brought forward|62,149|72,502|
|Total comprehensive income for the year|267,994|62,049|
|Gift aid distribution to parent charity|(62,049)|(72,402)|
|**Total equity carried forward**|**268,094**|**62,149**|
||**2023**|**2022**|
||**£**|**£**|
|**Balance Sheet**|||
|Intangible fixed assets|-|25,000|
|Current assets|418,096|207,735|
|Creditors: amounts falling due within one year|(150,002)|(174,887)|
|**Total assets less current liabilities**
Retained profit and loss account
**Shareholders' funds**
Called up share capital|**268,094**
100
267,994
**268,094**|**57,848**
100
62,049
**62,149**|
36
## **THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **2. Subsidiary Undertakings (continued)**
## **106 - 109 Saffron Hill Management**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|**Profit and Loss Account**|||
|Turnover|21,634|16,764|
|Cost of sales|(21,634)|(16,764)|
|**Gross profit**
Interest
**Retained profit and loss account**|**-**
-
**-**|**-**
-
**-**|
||**2023**|**2022**|
||**£**|**£**|
|**Balance Sheet**|||
|Current assets|13,567|19,978|
|Cash at bank and in hand|55,183|24,694|
|Creditors: amounts falling due within one year|||
|Amounts owed to group undertakings|(68,750)|(31,141)|
|Other creditors|-|(13,531)|
|**Total assets less current liabilities**|**-**|**-**|
## **3. Donations and Legacies**
||**Unrestricted**|**Restricted**|**Total**|**Total**||
|---|---|---|---|---|---|
||**Funds**|**Funds**|**2023**|**2022**||
||**£**|**£**|**£**|**£**||
|FWR grant (see Note16)|-|500,000|500,000||-|
|**Total Donations and legacies**|**-**|**500,000**|**500,000**||**-**|
## **4. Investment Income**
|||**2023**|**2022**||
|---|---|---|---|---|
|||**£**|**£**||
|Bank|interest receivable|3,278||35|
|**Total**|**Investment Income**|**3,278**||**35**|
37
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **5. Expenditure**
## **Current year**
||**Key**|**Activities**||||
|---|---|---|---|---|---|
||**management**|**undertaken**|||**Total**|
||**/ Staff costs**|**directly**|**Support costs**|**Impairment**|**2023**|
||**£**|**£**|**£**|**£**|**£**|
|Lettings|52,549|1,874|133,083|-|187,506|
|Membership services|517,205|185,771|532,480|-|1,235,456|
|Conferences and events|138,572|540,425|350,940|-|1,029,937|
|Education and training|217,756|90,464|-|-|308,220|
|Policy and partnerships|274,711|272,724|282,824|-|830,259|
|Prizes, awards,||||||
|& scholarships|34,218|52,579|-|-|86,797|
|Grants|-|260,844|-|-|260,844|
|Support costs|459,732|839,595|(1,299,327)|-|-|
|Impairment of||||||
|freehold property|-|-|-|285,443|285,443|
||**1,694,743**|**2,244,276**|**-**|**285,443**|**4,224,462**|
Grants in the year includes £250,000 paid to The Rivers Trust. See Note 16 for further detail.
## **Prior year**
||**Key**|**Activities**||||
|---|---|---|---|---|---|
||**management**|**undertaken**||**Reversal of**|**Total**|
||**/ Staff costs**|**directly**|**Support costs**|**impairment**|**2022**|
||**£**|**£**|**£**|**£**|**£**|
|Lettings|70,075|11,708|107,019|-|188,802|
|Membership services|394,903|175,651|475,350|-|1,045,904|
|Conferences and events|235,521|458,652|359,688|-|1,053,861|
|Education and training|161,880|95,345|-|-|257,225|
|Policy and partnerships|227,946|137,697|274,381|-|640,024|
|Prizes, awards,||||||
|& scholarships|29,420|77,551|-|-|106,971|
|Support costs|447,610|768,828|(1,216,438)|-|-|
|Impairment of||||||
|freehold property|-|-|-|515,334|515,334|
||**1,567,355**|**1,725,432**|**-**|**515,334**|**3,808,121**|
Expenditure includes:
||**Total**|**Total**|
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Operating lease payments (excluding VAT)|3,983|4,104|
|Interest costs|111,374|59,716|
|Depreciation|81,451|96,788|
|(Loss) /gain on foreign exchange|(3,311)|4,768|
38
## **THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **6. Direct Support Costs**
||**Total**
**2023**
**£**|**Total**
**2022**
**£**|
|---|---|---|
|Governance costs
Auditors' remuneration:
For Audit: Current year
Non-audit fees
Trustee Board costs
AGM/EGM costs
Legal and professional fees
Other support costs:
Management costs (including outsourced accounting)
Human Resources
Legal, professional & bank / finance costs
Premises
Office Services
ICT|29,450
5,004
3,785
413
117
38,769
87,562
47,948
192,668
331,215
23,988
117,445|27,350
4,975
5,116
392
91|
|||37,924
119,515
52,527
134,427
286,452
17,688
120,295|
||**839,595**|**768,828**|
4139
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **7. Employees and Key Management Personnel**
The key management personnel of the Charity comprise the trustees, the Chief Executive Officer and Senior Management team. The total amounts paid for salaries, fees and expenses in respect of the key management personnel of the Charity, inclusive of employer pensions and employer National Insurance contributions, were £442,598 (2022 - £421,592).
The average monthly number of employees during the period was 32 (2022 - 30). Staff costs during the period consisted of:
||**Total**|**Total**|
|---|---|---|
||**2023**|**2022**|
||**£**|**£**|
|Salaries|1,374,823|1,281,544|
|Temporary agency staff|46,464|3,879|
|Social security costs|151,180|161,393|
|Pension and life assurance costs|112,477|107,071|
|Recruitment costs|9,799|13,468|
||**1,694,743**|**1,567,355**|
The number of employees earning £60,000 in the year or more (exclusive of employer pensions and employer National Insurance contributions) was:
|||**Total**||**Total**||
|---|---|---|---|---|---|
|||**2023**||**2022**||
|||**Number**||**Number**||
|£60,000-|£70,000||3||3|
|£70,000-|£80,000||2||1|
|£80,000-|£90,000||1||-|
|£120,000|- £130,000||-||1|
The pension payments for staff earning £60,000 or more in the year amounted to £53,281 (2022 - £46,802). These contributions were paid into defined contribution schemes.
## **8. Trustees**
The members of the Trustee Board received no remuneration in relation to fulfilling their role as Trustees (2022: £Nil). Expenses for travel and subsistence reimbursed to 7 Trustees amounted to £3,434 (2022: £1,413 reimbursed to 2 Trustees).
40
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **9. Tangible Fixed Assets - Group and Charity**
||**Furniture and**|**Office**|**Freehold**|**Computer**||
|---|---|---|---|---|---|
||**Fittings**|**Equipment**|**Property**|**Equipment**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|**Cost**||||||
|At 1st January 2023|10,228|51,133|6,273,773|106,410|6,441,544|
|Additions|-|-|-|10,689|10,689|
|**At 31st December 2023**
**Depreciation**
At 1st January 2023
Charge in year
Impairment of freehold
property (see below)
**At 31st December 2023**
**Net Book Value**
**At 31st December 2023**
**At 31st December 2022**|**10,228**
10,228
-
-
**10,228**
**-**
**-**|**51,133**
49,315
1,818
-
**51,133**
**-**
**1,818**|**6,273,773**
2,923,773
64,557
285,443
**3,273,773**
**3,000,000**
**3,350,000**|**117,099**
74,870
15,076
-
**89,946**
**27,153**
**31,540**|**6,452,233**
3,058,186
81,451
285,443
**3,425,080**
**3,027,153**
**3,383,358**|
A valuation of the freehold property at 106-109 Saffron Hill EC1N 8QS was carried out by Fletcher King Chartered Surveyors of 19-20 Great Pulteney Street W1F 9NF. This valuation was as of 3 January 2024 and represents an impairment on the depreciated cost previously included in the financial statements. An impairment loss of £285,443 has subsequently been reflected in the year to 31 December 2023.
41
## **THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **10. Intangible Fixed Assets - Group**
||**Computer**|**Flood & Coast**||
|---|---|---|---|
||**Systems**|**Event**|**Total**|
||**(Charity)**|**(CSL)**|**(Group)**|
||**£**|**£**|**£**|
|**Cost**||||
|At 1st January 2023|441,934|100,000|541,934|
|Additions|141,338|-|141,338|
|**Amortisation**
At 1st January 2023
Charge in year
**Net Book Value**
**At 31st December 2023**
**At 31st December 2023**
**At 31st December 2023**
**At 31st December 2022**|**583,272**
332,909
-
**332,909**
**250,363**
**109,025**|**100,000**
75,000
25,000
**100,000**
**-**
**25,000**|**683,272**
407,909
25,000
**432,909**
**250,363**
**134,025**|
Computer systems cost carried forward includes £250,363 relating to CRM development. This was not amortised in the year because the CRM was not in use before the year end.
## **11. Fixed Asset Investments**
||||**Group**||||**Charity**|||
|---|---|---|---|---|---|---|---|---|---|
||**2023**|||**2022**||**2023**||**2022**||
||**£**|||**£**||**£**||**£**||
|Investments held in subsidiary||||||||||
|CIWEM Services Limited (Note 2)||-|||-||100||100|
|**Total investments**||**-**|||**-**||**100**||**100**|
## **12. Debtors**
||**Group**||**Charity**||
|---|---|---|---|---|
||**2023**|**2022**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Trade debtors|172,548|255,376|53,700|134,648|
|Other debtors|151,399|85,947|64,258|64,728|
|Prepayments|123,475|107,531|63,074|58,230|
|Amounts owed from|||||
|subsidiary undertakings|-|-|68,750|35,442|
|VAT recoverable|9,035|-|9,035|-|
||**456,457**|**448,854**|**258,817**|**293,048**|
Trade debtors above are net of provisions made against specific bad debts within the subsidiaries totalling £31,830 (2022: £17,647).
42
## **THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **13. Creditors: Amounts falling due within one year**
||**Group**||**Charity**||
|---|---|---|---|---|
||**2023**|**2022**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Trade creditors|150,923|108,021|102,005|58,696|
|Taxation and social security|66,255|87,691|47,103|64,452|
|Other creditors|22,329|18,775|12,329|10,775|
|Accruals|118,760|112,710|87,597|72,421|
|Deferred income|871,430|864,724|830,661|814,991|
|Amounts due to|||||
|subsidiary undertakings|-|-|51,569|-|
|Bank overdraft|27,944|116,477|27,944|116,477|
|Bank loan|1,663,265|66,154|1,663,265|66,154|
||**2,920,906**|**1,374,552**|**2,822,473**|**1,203,966**|
The bank overdraft facility and the Bank loan are both secured on the Saffron Hill property. The interest charged on the overdraft facility is Bank of England Base Rate plus 3% fixed for five years from September 2019. This facility can be cancelled by the bank at any time. The interest rate charged on the Bank Loan is Bank of England Base Rate plus 1.95% fixed for five years from September 2019. As the Trustees have made the decision to sell the Saffron Hill property and as the facility secured on this property was due for repayment in September, it was reclassified as Creditors: Amounts falling due within one year. Subsequent to the year end the bank have confirmed that they will renew the existing facility for a period of twelve months, until the following September, and the proceeds from the sale will be used to repay the facility.
||**Group**||**Charity**||
|---|---|---|---|---|
||**2023**|**2022**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|**Deferred income:**|||||
|Balance brought forward|864,724|844,337|814,991|726,084|
|Amount released to income|(864,724)|(844,337)|(814,991)|(726,084)|
|Amount deferred in the year:|||||
|Membership receipts|787,668|724,091|787,668|724,091|
|Project income|42,993|90,900|42,993|90,900|
|Invoices relating to events|-|7,259|-|-|
|Business partnerships|26,990|27,873|-|-|
|Invoices relating to room rentals|13,779|14,601|-|-|
|**Balance carried forward**|**871,430**|**864,724**|**830,661**|**814,991**|
43
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **14. Creditors: Amounts falling due after one year**
||||**Group**|||**Charity**||
|---|---|---|---|---|---|---|---|
|||**2023**||**2022**|**2023**||**2022**|
|||**£**||**£**|**£**||**£**|
|Bank loan (see Note|13)||-|1,653,123||-|1,653,123|
||||**-**|**1,653,123**||**-**|**1,653,123**|
|Payments of accruals and the bank loan are as follows:||||||
|---|---|---|---|---|---|
||**Group**|||**Charity**||
|**2023**||**2022**|**2023**||**2022**|
|**£**||**£**|**£**||**£**|
|One to Two Years|-|66,154||-|66,154|
|Two to Five Years|-|1,586,969||-|1,586,969|
||**-**|**1,653,123**||**-**|**1,653,123**|
## **15. Operating Lease Commitments**
At the reporting end date the company had the following future minimum lease payments under noncancellable operating leases (all for equipment) which fall due as follows:
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Less than one year|3,596|3,596|
|Two - five years|599|4,195|
44
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **16. Movement on Funds**
## **Group current year**
||**£**
**Balance at**
**31/12/2022**|**Income**
**£**|**£**
**Expenditure**|**Balance at**
**31/12/2023**
**£**|
|---|---|---|---|---|
|**Restricted funds**
FWR grant
Branch funds
Pollution from Highways Outfalls
Fresh Water Future
**Unrestricted funds**
General charitable funds|-
80,226
-
-
80,226
980,065|500,000
87,181
25,060
191,750
803,991
3,702,222|(267,500)
(41,865)
(7,340)
(177,207)
(493,912)
(3,730,550)|232,500
125,542
17,720
14,543|
|||||390,305
951,737|
|**Total funds**|**1,060,291**|**4,506,213**|**(4,224,462)**|**1,342,042**|
## **Purposes of restricted funds:**
The Foundation for Water Research provided CIWEM a £500,000 grant to deliver better water management outcomes. A Fund Committee approves the allocation of funds and awarded £250,000 in the year to The Rivers Trust (TRT), who CIWEM are working collaboratively to deliver a number of projects. TRT are spending that grant on activities to monitor, report, promote and advocate improvements to river health. The balance on the fund is being used by CIWEM to support partnership working and integrated water management in around homes and small businesses. That work begun to be mobilised towards the end of 2023, with £17,500 being spent before the year end.
The restricted branch funds relate to the income and expenditure of CIWEM branches.
The Pollution from Highways Outfalls fund relates to a grant received from Rees Jeffreys Road Fund towards research and a report, Highway Runoff and Water Quality to be published in summer 2024.
The Fresh Water Future fund relates to a grant received from 'Esmée Fairbairn Foundation towards the A Fresh Water Future report and engagement programme.
45
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **16. Movement on Funds (continued)**
## **Group prior year**
||**£**
**Balance at**
**31/12/2021**|**Income**
**£**|**£**
**Expenditure**|**£**
**Balance at**
**31/12/2022**|
|---|---|---|---|---|
|**Restricted funds**
Branch funds
Storm overflows project
**Unrestricted funds**
General charitable funds|66,720
12,935
79,655
1,491,292|49,416
-
49,416
3,248,049|(35,910)
(12,935)
(48,845)
(3,759,276)|80,226
-
80,226
980,065|
|**Total funds**|**1,570,947**|**3,297,465**|**(3,808,121)**|**1,060,291**|
Group restricted income in the prior year consisted of branch conference and event income of £49,416 (included within charitable activities). Restricted expenditure consisted of branch conference and event expenditure of £30,609 (included within charitable activities), expenditure of £12,935 relating to the Storm overflows project (included in 'Policy and partnerships' within charitable activities) and donations, prizes and awards expenditure of £5,301 (included within charitable activities).
The restricted Storm overflows project related to funding from Esmée Fairbairn Foundation in 2021. The grant was restricted towards producing and disseminating a report which addressed the problems of raw sewage pollution from Combined Sewer Overflows.
## **Charity current year**
||**Balance at**
**31/12/2022**
**£**|**Income**
**£**|**£**
**Expenditure**|**Balance at**
**31/12/2023**
**£**|
|---|---|---|---|---|
|**Restricted funds**
FWR grant
Branch funds
Pollution from Highways Outfalls
Fresh Water Future
**Unrestricted funds**
General charitable funds|-
80,226
-
-
80,226
918,016|500,000
87,181
25,060
191,750
803,991
2,124,202|(267,500)
(41,865)
(7,340)
(177,207)
(493,912)
(2,358,475)|232,500
125,542
17,720
14,543
390,305
683,743|
|**Total funds**|**998,242**|**2,928,193**|**(2,852,387)**|**1,074,048**|
46
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **16. Movement on Funds (continued)**
## **Charity prior year**
||**Balance at**
**31/12/2021**
**£**|**Income**
**£**|**£**
**Expenditure**|**Balance at**
**31/12/2022**
**£**|
|---|---|---|---|---|
|**Restricted funds**
Branch funds
Storm overflows project
**Unrestricted funds**
General charitable funds|66,720
12,935
79,655
1,418,890|49,416
-
49,416
2,046,444|(35,910)
(12,935)
(48,845)
(2,547,318)|80,226
-|
|||||80,226
918,016|
|**Total funds**|**1,498,545**|**2,095,860**|**(2,596,163)**|**998,242**|
Charity restricted income in the prior year consisted of branch conference and event income of £49,416 (included within charitable activities). Restricted expenditure consisted of branch conference and event expenditure of £30,609 (included within charitable activities) expenditure of £12,935 relating to the Storm overflows project (included in 'Policy and partnerships' within charitable activities) and donations, prizes and awards expenditure of £5,301 (included within charitable activities).
## **17. Analysis of Group Net Assets between Funds**
## **Current year**
|||**Net Current**|**Creditors due**||
|---|---|---|---|---|
|||**Assets**|**after more**||
||**Fixed Assets**|**/(Liabilities)**|**than 1 year**|**Total**|
||**£**|**£**|**£**|**£**|
|Restricted funds|-|390,305|-|390,305|
|Unrestricted funds|3,277,516|(2,325,779)|-|951,737|
|**Total funds**|**3,277,516**|**(1,935,474)**|**-**|**1,342,042**|
## **Prior year**
|||**Net Current**|**Creditors due**||
|---|---|---|---|---|
|||**Assets**|**after more**||
||**Fixed Assets**|**/(Liabilities)**|**than 1 year**|**Total**|
||**£**|**£**|**£**|**£**|
|Restricted funds|-|80,226|-|80,226|
|Unrestricted funds|3,517,383|(884,195)|(1,653,123)|980,065|
|**Total funds**|**3,517,383**|**(803,969)**|**(1,653,123)**|**1,060,291**|
## **18. Related Party Transactions**
Most of the trustees are also members of or employed by other organisations which may undertake transactions with CIWEM and CSL in the normal course of business and all such transactions are on an arm’s length basis.
47
**THE CHARTERED INSTITUTION OF WATER AND ENVIRONMENTAL MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023**
## **19. Charity Statement of Financial Activities**
The below Charity Statement of Financial Activities relates to the activities of the Charity only and so excludes the activities of subsidiary undertakings.
||**Unrestricted**|**Restricted**|**Total**|**Total**|
|---|---|---|---|---|
||**Funds**|**Funds**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|**INCOME**|||||
|DONATIONS AND LEGACIES|62,049|500,000|562,049|72,402|
|INCOME FROM CHARITABLE ACTIVITIES:|||||
|Membership subscription and fees|1,772,923|-|1,772,923|1,672,772|
|Conferences and events|80,203|87,181|167,384|117,955|
|Policy and partnerships|158,657|216,810|375,467|215,932|
|OTHER TRADING ACTIVITIES|||||
|Investment income|3,278|-|3,278|35|
|OTHER INCOME|47,092|-|47,092|16,764|
|**TOTAL INCOME**
**EXPENDITURE**
EXPENDITURE ON RAISING FUNDS:
Other trading activities
EXPENDITURE ON CHARITABLE ACTIVITIES:
Membership services
Conferences and events
Policy and partnerships
Donations, prizes and awards
Grants
IMPAIRMENT
OF FREEHOLD PROPERTY
**TOTAL EXPENDITURE**
**NET (EXPENDITURE) / INCOME**
**& MOVEMENT IN FUNDS**
**TOTAL FUNDS BROUGHT FORWARD**
**TOTAL FUNDS CARRIED FORWARD**|**2,124,202**
167,582
1,198,660
-
628,212
78,578
-
285,443
**2,358,475**
**(234,273)**
**918,016**
**683,743**|**803,991**
-
-
22,802
202,047
8,219
260,844
-
**493,912**
**310,079**
**80,226**
**390,305**|**2,928,193**
167,582
1,198,660
22,802
830,259
86,797
260,844
285,443
**2,852,387**
**75,806**
**998,242**
**1,074,048**|**2,095,860**
277,423
1,025,802
30,609
640,024
106,971
-
515,334
**2,596,163**
**(500,303)**
**1,498,545**
**998,242**|
48