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2022-06-30-accounts

INTERNATIONAL INSTITUTE OF RISK AND SAFETY MANAGEMENT

REALISING OUR FULL POTENTIAL

Trustees’ Annual Report and Financial Statements For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

Contents Contents
1 Co-Presidents’ introduction 3
2 An overview from our Chief Executive 4
3. Vision and mission 6
4. Trustees’ report – a review of activities 7
5. Financial review 17
6. Plans for the future (The year ahead) 18
7. Risk assessment 18
8. Staff and volunteers 19
9. Delivering public benefit 20
10. Fundraising activities 20
11. Health and safety 20
12. Equality and diversity 21
13. General data protection regulation 21
14. Legal and administrative details 21
Council and trustees 21
Management team 22
15. Structure, governance and management 22
16. Independent auditor’s report 24
17. Reserves policy 28
18. Investment policy 28
19. Accounting policies 31
20. Financial statements 34

  1. Balance sheet as of 30 June 35 22. Statement of cash flows for the year ended 30 June 2022 36

  2. Notes to financial statements 38 2.1 Expenditure analysis 38 2.2 Membership 38 2.3 Professional development 39 2.4 Expenditure on raising funds 39 2.5 Governance cost 39 2.6 Analysis of support costs 40 3. Trustees and employee information 40 4. Intangible fixed assets 41 5. Tangible fixed assets 42 6. Investments 42 7. Subscription in advance 43 8. Pension commitments 43 9. Future financial commitments 43 10. Analysis of funds 44 11. Analysis of net assets 44 12. Limited liability 45 13. Related party transactions 45

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

1. Co-Presidents’ introduction

Co-Presidents Callum Irvine and Ruth Denyer

The 12 months covered in our IIRSM 2021-2022 Annual Report will be remembered for events that were out of our control and yet had such a profound impact on our way of life.

Conflict in Ukraine, the ongoing pandemic, devastating weather events and political upheaval were among a variety of tests to challenge IIRSM’s members – from those of us who have seen direct impacts, through to others who have had to weigh these events from afar as they bring context to business conditions, all of us have needed to engage to some extent.

In January, the World Economic Forum published its annual Global Risks Report, with findings from a survey of nearly 1,000 risk experts and global leaders in business, government and civil society. Released before the outbreak of war in eastern Europe, the report painted a picture that was unsettling to contemplate.

Societal and environmental risks have worsened, with social cohesion and livelihood crises taking the top spots for areas of concern, the report said. Covid-19-related risks identified included debt crises, cyber security failures, digital inequality and a backlash against science.

More than four in five respondents (84%) to the survey expressed negative feelings about the future, saying they were ‘concerned’ or ‘worried’ about the ‘volatile, fractured or increasingly catastrophic’ short-term outlook. In addition, respondents were broadly disappointed with international efforts to mitigate the many and varied global risks.

Against this bleak backdrop, we were reminded of the key role risk management, and it’s professionals, play in business; clarity and context where there is uncertainty. Through sound processes and leadership, our members continue to helps co-workers and Boards understand and respond to risk, responsibly. From the tactical, to the strategic, it’s all important and IIRSM is deeply proud to play a role in supporting our members as they deliver impact in their organisations.

In 2021-2022, our members and others joined online to network and learn. IIRSM’s global network of branches grew thanks to the hard work of staff and volunteers. More businesses became IIRSM partners and the Institute joined forces with like-minded organisations to sign memoranda of understanding. IIRSM developed a portfolio of training courses and collaborated to create a new risk management qualification.

It is through collaboration, in networking, business or education, that we will best enable clarity and sound decision making in the face of risk, and this is where IIRSM comes into its own. We look forward to facing the challenges and opportunities of 2022-2023 alongside you.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

2. An overview from our Chief Executive

The dominant theme for this and all similar organisations, is how we have adapted to the world of online and remote working. The initial feeling of a temporary fix in 2020 has now settled at the new normal.

The Institute has embraced this as a significant new opportunity to more effectively communicate with our members and the wider public across the globe. We have introduced hybrid training courses and our networks and committees have all moved to meet regularly via Zoom, Team or other platforms. I’m pleased to report a substantial increase in our voluntary activities, whilst keeping our Phillip Pearson environmental footprint as low as possible.

A Sustainable IIRSM

During the year we introduced a range of measures to reduce our environmental impact. At the start of the year we removed the annual production and delivery of plastic membership cards. The majority of our networking activity remains online, although we see value in face to face meetings, we will re-introduce these slowly and only for compelling local reasons. The challenge remains to build on our activities and connections so that wherever our members, volunteers and staff are located, the services provided meet the demands of the modern working world and our societal responsibilities.

Learning and Qualifications

We successfully launched our Certificate in Risk Management in collaboration with NEBOSH. We are delighted with the response we’ve had from those who have successfully completed the qualification. We see this as a stepping stone for a series of wider risk qualifications and a cornerstone, along with our Competency Framework and New Routes the Membership, to developing a more future proofed, rounded and employable risk professional. We continue to develop a range of one or two day courses, that again complement the qualification.

Awards

We delivered our Risk Excellence Awards on-line for the second year, and I am grateful to all those organisations that took part, and would like to record my thanks to those who undertook to task of judging the applications. Next year we will look to move to a hybrid ceremony in order to maintain the global audience and also give applicants the opportunity to bring their teams together for a celebration at our venue in London. We have similar plans for our AGM in December 2022, although this will be subject to review closer to the event.

The future needs to be hybrid, with the return of physical events combined with the continuation of online options.

People

The year under review saw a siginificant change in the make up of our staff and board of trustees. We have invested heavily in resources to support new member activity. We welcomed Donna Gordon, Julie Littlejohns and Sabreena Roberts, who all have external roles to support members and create value for them. Whilst our focus is on the development and delivery of education in the field of risk and safety management, we would be remiss if we didn’t support the development of our own staff. Suzan Fikru and Holly Mulvihill-Clark moved to new positions within the Institute and I’m grateful for their contributions.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

In December 2021 we onboarded a significant number of new trustees, following a robust process. We welcomed Karla Gahan, Rosie Russell, Phil Brown, John Nelson and Steve Smith (Treasurer). All have different outlooks and skills that enrich the debates within Council. Significantly we also announced the appointment of our first Co-Presidents in Ruth Denyer and Callum Irvine, who took on the role from Clive Johnson. I’d like to record my own personal thanks to Clive, whose support during two challenging years has been of exceptional value.

Collaboration

We continue to be open to work with other partners and bodies. I’m grateful to our partners at NEBOSH for their support on our joint qualification. As a significant core of our members work within the build environment industries, IIRSM remain active on a range of committees within the Construction Industry Council (CIC), including those that are looking into environmental sustainability and diversity and inclusion within the construction industry.

Thank you

Finally I’d like to take the opportunity to thank all our volunteers across the world, without whom the Institute would not fully function. A special mention to Steve Fowler, who stood down as Chair our Editorial Panel at the end of the review year. Steve’s work supporting David Cameron on our award winning Sentinel magazine has been invaluable. Anne Mallory stood down at the end of her term as a Trustee in December, together with our Treasurer, Mark Thickbroom. Both have provided steadfast support to myself and my team. I’d also like to record my thanks to my former colleague Sophie Williams, who left the Institute in January for a new role. Sophie has been instrumental in the development of our joint qualification and she leaves a lasting legacy.

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3. Vision and mission

As always, our vision and mission shaped our activities throughout the period of this report, July 2021 to June 2022.

VISION

A future where people live and work in a safer, healthier and more sustainable world. To be independent champions of risk and safety management, driving positive change for employee and organisational wellbeing.

MISSION

Transforming decision-making through collective risk management capability.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

4. Trustees’ annual report – a review of activities

Our key strategic aims are to promote the value of the risk management profession, provide valuable opportunities for risk professionals to learn and network, and to foster collaborations with like-minded organisations around the world. These aims are focused on our vision and mission, and this review details how we worked towards achieving them between July 2021 and June 2022.

A growing, vibrant global communication

The development of our networks around the world has been a stand-out highlight of 2021-2022. By coming together to network and learn, our members are playing a key role in the advancement of our profession.

New branches launched

In 2021-2022, three new IIRSM Branches were launched: Europe, South East of England and Ireland, which sees the Republic of Ireland and Northern Ireland branches merge into one. The South West of England was in the process of re-launch at time of publication.

The part our volunteers played in setting up these new networks and then hitting the ground running with activities such as virtual networking events is only part of the story. Oman, Kingdom of Saudi Arabia and Egypt represented and led IIRSM at third party in-person events in their part of the world. A huge thank you must go to those Branch committee volunteers who represented IIRSM at all events. It is times such as these that we feel truly grateful for our global community of members.

Emerging risk leaders lead the way

Through three work streams, pillars A, B and C, our international Emerging Risk Leaders’ Network has developed a range of tools to support their own development and that of their peers, and to inspire themselves and each other. These have been shared through our website, social media and the ERLN e-zine, which is distributed twice a year to the wider IIRSM membership.

PILLAR A PILLAR B produced a series of career conducted a risk spotlights that highlight maturity assessment in key themes and lessons in their businesses, using the career paths of senior the sponsor’s – Safe365 risk leaders, to inspire – tool, and reconvened themselves and their own to compare experiences Networks. In addition to and lessons. This session the regular channels, this was captured in a short insightful content has been video for the rest of the distributed to the education Network to engage with networks of some of the and learn from. contributors, who have used them as career guidance support materials, resulting in great interest.

PILLAR C

started identifying what an ideal risk professional of the future would mean, and this became a topic with so much potential and so many ideas that we decided to take a step back and give the project more structure in line with the overall review of the Network’s purpose and activities.

In May/June 2022 we performed a consultation with the Network and collectively agreed a refreshed approach and structure.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

Our themes and objectives for the next 12 months are:

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THOUGHT LEADERSHIP INCLUSIVITY CAREER ACCELERATION
position ourselves as promote diversification, develop a suite of tool
influencers in, and of, in all its forms, in our to support the career
the risk management organisations and the development of
profession wider risk community Network members
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The first work streams have been introduced and briefed and Network members are beginning the first short projects in July 2022. Since launching the consultation and releasing the Pillar outputs in May 2022, engagement with the ERLN LinkedIn group has increased by 126%.

John Boyle , Director of Health, Safety and Environment for Greencore, speaking to Emerging Risk Leaders member Grant Thornton for the Network’s e-zine

Webinars inform on all risk areas

With travel restrictions still affecting many of us, IIRSM, its Branches and its Partners provided learning and network opportunities with webinars each week. Members and non-members were invited to register and attend online sessions that covered an incredible array of topics in risk management. The list includes, but is not exclusive to:

Approximately 2,500 (2021: 780) attended our webinars between July 2021 and June 2022 as IIRSM provided a virtual platform for education and collaboration.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

Partnership with One Percent Safer

Risk and safety professionals who became IIRSM members thanks to a partnership with the charity One Percent Safer were welcomed into the Institute during a virtual celebration in June.

Successful One Percent Safer Bursary applicants were joined online by representatives of the two organisations, IIRSM Branches and Government or industry bodies in their respective localities in an official launch of a ground-breaking initiative to enhance safety standards in five emerging or developing countries. Some 100 risk and safety professionals from across India, Egypt, Ghana, Nigeria and Pakistan are now IIRSM Affiliate members thanks to funding from One Percent Safer, a charity dedicated to cutting workplace fatalities through marginal gains in safety and health. On 15 June 2022, many of them joined the IIRSM team and One Percent Safer representatives for a virtual presentation and welcome to the Institute.

I would like to congratulate our successful members. It’s a great opportunity to improve their skills and talents. On this occasion, I would like to thank One Percent Safer for their funding and leadership in improving safety worldwide.

IIRSM Egypt Branch Chair Kareem Atef , speaking at the One Percent Bursary welcome ceremony

Enhancing value of IIRSM membership

First and foremost, our central, strategic focus continues to be the support we can give to our members at every stage of their career.

New mentoring platform

The objective of the Mentoring scheme is to support members for their development. Last year, we introduced a digital mentoring platform to replace the pre-existing manual process, via a system called PushFar. The benefits of this system are instant matches based on the information provided upon registering, searchable lists of mentors/mentees to connect with, and the ability to control and manage relationships in real-time.

The digital platform is effective and engaging and users can send messages, schedule meetings, track goals, review your experience and provide feedback once the mentoring period is complete, and much more. The platform was positively received, but we noticed usage was low and wanted to ensure they were getting the best experience possible.

New Fellows congratulated

Between July 2021 and June 2022, 33 risk professionals became IIRSM Fellows. IIRSM is indebted to its network of Fellowship Assessors for their meticulous assessment of applications during the course of the year.

IIRSM Fellowship continues to be a popular benefit of IIRSM membership. It is much more than letters after your name. It is recognition from your peers of your strategic insight, risk expertise and business acumen. IIRSM Fellows are changing the way organisations think and approach the management of risk around the world.

In May and June 2022, we received a positive response to a campaign to encourage more Fellows to become Fellowship Assessors.

For me, being a Fellow of IIRSM is about three things - respect, recognition, and responsibility. I demonstrate and receive respect from my peers. I am recognised for my professionalism and expertise and I have a responsibility to give back. I am proud of my achievement and enjoy my relationship with IIRSM and its members.

Karla Gahan , FIIRSM

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

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Newsletters for members

In 2021, a new suite of newsletters were created to regularly engage and inform members.

Each month, IIRSM members receive in their inbox updates, news, diary dates and special offers. The newsletters open and click-through rates (at around 35% and 4% respectively) continue to score above industry standard metrics for non-profits, with content covering all areas of risk.

Survey – we’re listening

In May 2022, we surveyed our members to learn more about their demographics, views and needs. The last survey was in 2019 so this was a key priority for us to ensure we remain relevant and continue to meet the needs of our members.

The survey was open for two weeks and received 540 responses (9%). This level of response shows good engagement, with the global benchmark for such surveys being approximately 10%, and means we can draw meaningful conclusions. Highlights include overall IIRSM members feeling proud of their membership and saying they would recommend us, and wanting more networking opportunities. We will be diving deeply into the analysis produced and using this to inform our actions for the coming year and longer term strategy. In June 2022, we also launched a ‘We’re listening’ campaign, announcing the purpose of the initiative – to ensure members feel heard and that we not only value their feedback but take it seriously enough to act on it. We also shared the first actions we had taken, which were updates made to the mentoring platform.

Each month we will be announcing the latest actions implemented directly as a result of member feedback, and thereby displaying our engagement with the membership and where we are able to be effective, as well as reminding our members of the services and benefits available.

The Sentinel, our membership magazine

Our membership magazine is a key member benefit and the most widely used compared with other services. In 2021-2022 IIRSM, the team at Connect Communications and our editorial panel of IIRSM volunteers together produced a series of publications that informed, inspired and challenged us. The impact of the pandemic, the environment risk issues raised by COP26 and the devastating impact of the Ukraine War were main features that became distributed editorial in their own right, among a wide array of relevant risk management topics covered in this period. This also included topical articles from our partners and supporters.

Advancing risk management education

Providing high-quality opportunities for individuals and organisations to develop competences in risk management is hugely important to IIRSM, and this year we made great progress.

New professional development courses launched

Risk management is essential to the sustainability of any organisation, so this year we enhanced our range of training solutions to help you and your team develop the competences to manage all risks effectively. Delivered in a live online learning environment, these courses are for those working in a specific risk discipline, such as health and safety or environment, or someone with responsibilities for managing a variety of risks in a project, team or across the organisation.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

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Key risk management courses

These courses focus on building transferable risk management skills so are relevant to a range of people with different risk responsibilities. This could include those responsible for managing specific risks, such as health and safety or quality, through to people managing risks in projects or a range of risks within their area of work. Our Key Risk Management courses include:

Spotlight courses

These courses focus on specific risk topics. Our Spotlight courses include:

I really enjoyed the Embedding Staff Wellbeing training delivered by IIRSM. The knowledge gained is invaluable, and will undoubtedly add value to my leadership and management career.

Eghosa Fred Idehen , Senior Operations Manager, ABM UK

Certificate in Managing Risk

On 01 March 2022, the NEBOSH IIRSM Certificate in Managing Risk was launched.

Risk management helps protect people, profits and reputations and working with NEBOSH on this has been a fantastic opportunity for us. We’ve been able to combine our expertise in education and risk and work with a partner with a global reach to deliver a globally applicable qualification. Since launch, just under 200 have registered for the qualification (as of 30 June 2022).

Based around the international risk standard, ISO 31000, this qualification provides a comprehensive overview of risk management. Theory is backed up by real life case studies and the opportunity to apply what is being taught, so learners can a wide understanding of organisational risk management and immediately understand how it applies to their own workplace scenarios. Ultimately, this course develops transferable knowledge and skills that can be applied to any job, industry or organisation anywhere in the world.

The NEBOSH IIRSM Certificate in Managing Risk is a well structured, comprehensive and valuable qualification. The course was very enjoyable and included great examples and case studies. It is also great that it has the backing of NEBOSH and IIRSM too!

Claire Guise , Head of Health and Safety, Marie Curie

Course approvals

Our Training Approval scheme went from strength to strength in 2021-2022. Training approval brings the value of IIRSM’s independent brand and educational standards together with the expertise of training providers to form an attractive and competitive partnership for the delivery of quality training.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

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We invited course approvals from all risk-related disciplines including, but not limited to, business continuity, crisis management, emergency planning, environmental management, health and safety, insurance, operational risk, quality management, security and project risk management.

By June 2022, our performance with course approvals far outstripped projections with some 129 courses approved.

Collaborations worldwide

Integral to IIRSM’s delivery of its vision, mission and strategy are the relationships it forges with like-minded organisations around the world.

Building partnerships across industry

The IIRSM Partnerships division has had a very successful financial year from July 2021 to June 2022. Income has increased from £90k in the previous financial year to £120k in this most recent period, which is an increase of over 30% year on year.

There have been notable new business successes across different sectors, industries and countries, as diverse as London Stock Exchange Group (Financial Services), DFDS Seaways ( Logistics/Freight), Enerjisa Uretim (Energy), Cazoo (Motor), Keolis MHI (Transport), St Annes (NFP) and Baines Simmons (Aviation).

We have also had a high retention rate of existing IIRSM Partners (80%+), which has helped contribute to these strong financial results. This is especially satisfying given the depressed financial climate post Brexit and Covid-19, but illustrates where there is real potential for growth within the Institute, and the appetite of businesses to develop their HSE teams in risk management learning and also the professionalism of their teams.

This success can also be attributed partly to the return of face-to-face events in the 4th quarter of the financial year, in which the IIRSM client-facing team have been actively prospecting and promoting the Institute. This has led to new interest in company partnerships with IIRSM.

Professional development is an integral part of the LSEG HSE team strategy and partnering with IIRSM makes sense to us as it brings networking opportunities with a larger, multinational risk and safety management community of professionals.

Keith Scott , Global EHS Director (Interim), London Stock Exchange Group

Strengthening relationships with fellow risk leaders

Abu Dhabi Public Health Center

Abu Dhabi Public Health Center signed a memorandum of understanding (MoU) with IIRSM, seeking to promote joint action in several aspects within the related fields of safety, occupational health, risk management and accident prevention.

The collaboration with the organisation is part of the Center’s strategy to strengthen the strategic partnerships with leading health authorities and organisations within the public health fields.

Center Director General H.E Matar Saeed al-Nuaimi said:

This agreement contributes to strengthening the bonds of cooperation between the two parties through capacity-building and encouraging practitioners to follow best practices in the field of occupational safety and health, and the agreement reflects the Center’s efforts to continue to share experiences and knowledge with its partners to ensure that the foundations of public health continue to be established among members of Abu Dhabi society.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

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Abu Dhabi University

In a bid to expand its professional course offerings in risk management, Abu Dhabi University (ADU) signed an MoU with IIRSM.

As part of the collaboration, ADU students will benefit from new courses and training programs, as well as regular visits from industry leaders, thanks to the combination of ADU’s strong academic framework and IIRSM’s connected network across risk and safety sectors.

The MoU will improve academic cooperation and knowledge exchange between ADU and IIRSM, in addition to providing advanced learning opportunities in risk and safety management for ADU’s student body.

Agreement signed with business leaders in Ghana

In September 2021, a leading body for business leaders in Ghana signed a ground-breaking agreement with IIRSM to drive standards in risk and safety management.

The Institute of Directors - Ghana (IoD-Gh) and then IIRSM President Clive Johnson signed an MoU with six clear aims

In my view, it is the responsibility of directors to ensure the outcome of all business objectives are met. The uncertainty of meeting the outcome of business strategies and objectives is the risks associated with all the processes leading to the outcome. It is therefore important that business risks take centre stage in boardroom discussions.

IoD Ghana Council member and IIRSM Ghana Branch Chair Ing. Ben R. Aniagyei

Award presented in the Kingdom of Saudi Arabia

In November 2021, IIRSM presented an award to His Excellency The Minister of Human Resources and Social Development (HRSD) in recognition of Saudi Arabia’s commitment to improving occupational safety and health.

IIRSM Chief Executive Phillip Pearson presented the engraved plaque to Eng. Ahmed Bin Sulaiman Al-Rajhi on the first day of the Occupational Safety and Health International Conference at Hilton Riyadh Hotel and Residences, in Riyadh.

Leading thought on risk management

In 2021-2022, IIRSM continued to play an important role in public discourse on risk management.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

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Learning the lessons, shaping the future

IIRSM Co-President Callum Irvine led a session at Safety, Health & Wellbeing Live in Manchester, in May, on the future of risk management.

Callum told conference delegates:

We have spoken to a number of people with leading roles in risk management in their organisations recently. And what we found was a consensus on the elevated status of risk management. Risk professionals are being involved at a more strategic level.

The risk register has always been important to leadership teams, but it is now getting more attention. As mentioned, risk management is about resilience now, and boards and leadership teams are becoming more involved.

And risk and safety managers have excelled and shown their value. By bringing clarity where there’s uncertainty. It’s this clarity with risk that helps organisations make decisions about how they can respond.

Callum was joined on stage at Manchester Central by NEBOSH’s Ian Cooke to field questions from the audience about the future of risk management and the new NEBOSH IIRSM Certificate in Managing Risk.

Breaking the bias in our profession

On International Women’s Day, on 8 March 2022, Co-President Ruth Denyer was joined by peers in risk and safety for a virtual conference organised by the global coalition, OneWiSH, of which IIRSM is a member. The title of the event, Break the Bias, was also the theme of IWD this year.

Ruth said:

IWD’s #BreakTheBias campaign invites us to imagine a gender equal world free of bias, stereotypes and discrimination. It’s a sentiment with which few of us would disagree. Morally it’s wrong that anyone is held back in life because of their gender.

Diversity and inclusion in risk is essential in our profession, and is more than simply being fairer. It’s how we get different perspectives, and the wide range of skills and backgrounds we desperately need to drive progress.

Planet Interrupted report published

IIRSM Council member Rosie Russell took to the Safety & Heath Expo stage in London, in May, to launch Planet Interrupted, a IIRSM report on the risk management lessons learned from the Covid-19 pandemic.

IIRSM Co-President Ruth Denyer then joined Rosie to field questions from audience members at the event, held at London ExCel. Rosie told audience members:

It sends a chill down your spine to consider it, but we could have more such outbreaks in the future. Will we, as individuals and organisations, be better prepared next time?

“For those responsible for managing risks, we need to face up to the fact that we could face another, more virulent strain of the coronavirus, or another pandemic altogether. This is something we must consider and plan for.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

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IIRSM responds to Global Risks Report

Collaboration is critical to forging a global recovery from the pandemic and to managing the many and varied risks the world faces, IIRSM said in January.

Responding to the release of the Global Risks Report 2022, IIRSM CEO Phillip Pearson said concerns about international failures to mitigate many of the threats to planet and people were disappointing and rapid progress had to be made in 2022, with investment of time and resources in risk management an unquestionable priority.

Published by the World Economic Forum, the Global Risks Report examined the findings of a survey of nearly 1,000 risk experts and global leaders in business, government and civil society.

IIRSM members and the wider risk management profession are making a huge difference to the long-terms prospects of organisations by helping them to identify and then manage the risks. Investment in risk management by organisations must underpin international efforts to create a more sustainable world.

Phillip Pearson , IIRSM Chief Executive

Celebrating achievements worldwide

After a year in which the risk profession has risen to the challenge of an unprecedented set of global events, IIRSM, its members and partners took the time to recognise excellence in risk management.

It was time to say well done. The 2022 Risk Excellence Awards, in March, saw us once again celebrate finalists and winners from across the globe, and IIRSM Co-Presidents, Ruth Denyer and Callum Irvine, opened the virtual ceremony.

The Awards, hosted by former BBC Newsnight producer Sam McAlister, were sponsored by Cardinus Risk Management Ltd (headline sponsor), supporting sponsors Avetta, Sureteam Limited and Yondr Group, and category sponsors Barnett Waddingham, Healthcare RM, The HSE Recruitment Network and Workplace Options.

Winning finalists, and those who were highly commended, were published on our website and promoted after the virtual ceremony via social media and our membership newsletters.

Our winners and highly commended in the nine categories were as follows:

Barry Holt Award – Outstanding Risk Management Practice

Winner – Enerjisa Enerji Uretim A.S, Turkey

Highly Commended – Etihad Aviation Group, UAE

International Risk Initiative of the Year

Winner – V MWare, Ireland

SME Risk Initiative of the Year

Winner – Healthcare RM , UK

John Bennett Award – Exceptional Young Person of the Year

Winner – James Wilson , UK

Highly Commended – Mohit Sharma , India

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

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Mentor of the Year

Winner – Hugh Maxwel l, UK

Highly Commended – John Nelson , UK

Technology Risk Management Risk Initiative of the Year

Winner – Healthcare RM , UK

Highly Commended – Proactive and Howden , UK

Health and Wellbeing Strategy of the Year

Winner – Healthcare RM , UK

Risk Team of the Year

Winner – DFDS Seaways Immingham , UK

IIRSM’s President’s Commendation

Winner – Edward Debrah , Ghana

IIRSM Co-President Ruth Denyer

IIRSM Co-President Callum Irvine

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5. Financial review of the year

Our objective

IIRSM’s primary objective is to provide education, information, and career support to members. The Board of Trustees continued to improve their governance during the year, ensuring IIRSM members receive value and that we adhere to the Charity Commission’s Rules. During the year, we reviewed various policies, procedures and standards to support institutional growth and compliance.

The IIRSM, as a charity delivering public benefit and operating as a membership body supporting its members, requires well managed resources and systems to deliver these objectives. The Finance and General Purposes Committee is a delegated committee of the IIRSM Council with a remit to ensure that this objective is met.

Annual results

The income for the year to 30 June 2022 was £1,223,274 (2021: £1,144,951). Resources expended were £1,189,211 (2021: £1,104,923) resulting in surplus of £34,063 (£2021: £40,028). Based on the previous year, income increased by 7% while costs has increased by 8%.

We lost £73,041 on our investments which is 12% loss from prior year’s portfolio value (2021: 15% increase). The revaluation deficit is in the Statement of Financial Activities (SoFA) and Balance Sheet.

The balance sheet as at 30 June 2022 shows total funds of £454,142 (2021: £493,120) of which £18,492 (2021: £34,968) is designated for tangible and intangible fixed assets. The remaining free reserves at the end of the year were £435,550 (2021: £458,152).

Cash flow management, cost control and 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 charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charitable company’s forecasts and projections and have taken account of the cash balances held due to subscriptions received in advance and the significant investment assets held. Based on this, the Trustees believe that there is no material uncertainty that the charitable company will not continue to be a going concern and have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future.

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6. Plans for the future (The year ahead)

We will improve member value with the launch of our member only Resource Library, mapped to our competency framework.

We will launch a new website to ease member access to core information and services.

We will launch an independent review of IIRSM, its activities and future structure, in order to move away from a traditional 1970s professional body to an organisation that delivers for its membership into the 2030s. Following the review, a revised set of governing documents will be written for confirmation by the members.

7. Risk assessment

The risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems and procedures have been established to manage these risks. The Board of Trustees are satisfied that reasonable steps are being taken to limit the probability and impact of these risks. The senior management team (SMT) regularly review the risk register, especially when considering changes to agreed plans or potential new opportunities. The Finance and General Purposes Committee (FGPC) review the risk register at their quarterly meetings to monitor progress and challenge the SMT on how they are managing and mitigating the predominant risks. Changes in risk items are reported to the Board of Trustees as a standing agenda item at every meeting. The major risks identified are set below:

1. Lack of adequate revenue growth

A failure to generate enough income to fund core projects and to support the implementation of the Institute’s strategy.

Control

A three-year strategy and forecast has been developed with clear objectives. We have prioritised the development of new or rejuvenated products and services to generate sufficient income to support the strategy implementation. The KPIs will be reviewed monthly by the SMT, quarterly by the FGPC and quarterly by the Board of Trustees.

2. Insufficient IT capacity

A lack of investment in IT systems will directly impact on our ability to launch and deliver our three-year strategy. A robust IT system is fundamental to IIRSM’s long-term sustainability.

Control

All hardware and software are upgraded to comply with regulation, and we are reviewing our current CRM system and website to make these informative, user friendly and will also engage our customers more into the Institute’s activities. An IT strategy is being drawn up along with a detailed business requirements document which is being developed to clearly set out the essential requirements needed from our systems.

3. Change management

Covid-19 has seen IIRSM transform to becoming more virtual. This requires more use of IT for meetings, training, conferences, and events. If our staff and customers do not accept this change, then we will not be able to improve our declining revenue or deliver successful member value propositions.

Control

We continued a flexible way of working, introduced agile thinking to allow new tools and techniques and, enhanced our communication with our customers and reviewed the value propositions to our customers.

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4. Cyber risks

The transition to a virtual working and member networking environment will result in additional cyber risks via use of malware (e.g., viruses and ransomware). These could result in data theft and identity fraud. Any data breach would result in reputational damage and possible GDPR fines.

Control

We enhanced our cyber security, updated software, continued regular anti-virus updates, stricter password controls and off-site server back-ups. We have also strengthened our IT security protocols. We are also obtaining cyber essential certificate in the next year.

5. Member retention

Membership retention (and growth) is a key risk that will see us lose revenue.

Control

We have enhanced membership value for example enhanced branch network activities that engage members more in IIRSM’s activities. We have also enhanced risk education to our members and public.

We are launching a resource hub to members that will be easily accessible to them. Members enquiries/ complaints are dealt with promptly and have created new value added propositions; including Free webinars, Emerging Risk Leaders Network and a Mentoring scheme. Unable to recruit appropriately skilled new Council Members.

6. Ageing membership population

IIRSM is unable to attract the appropriate level of younger members and to maintain membership levels as older members retire.

Control

IIRSM is transitioning from being a membership organisation predominately for health and safety practitioners, to a professional body relevant to everyone involved in risk management and becoming an awarding body.

8. Staff and volunteers

Council recognises that building and developing skills, competencies, teamwork, and motivation of employees is key to achieving IIRSM’s charitable aims.

IIRSM employees are responsible for providing an effective and efficient service to members and ensuring that Committees and Panels can function successfully. Staffing has been stable during the year. The average number of full or part time staff employed by the Institute in the year was 1O(2021-10). We continue to invest in training and development to strengthen the capabilities of employees and enable them to achieve their full potential. IIRSM’s policy for remuneration of Key Management Personnel is covered in note 3 to financial statements.

IIRSM members, affiliates and students are encouraged to become involved in the activities of the Institute and there are over 1,425 (2021: 1,200) unpaid volunteers on Committees, Sub-Committees, Panels and working groups. The Institute is not only grateful for their input but also to their employers who support their participation by providing time and financial support for their attendance. IIRSM is also thankful to all those that have provided office space and utilities for meetings. The in-kind value of these resources cannot be reasonably quantified and measured and is not therefore recognised in the statement of financial activities.

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9. Delivering public benefit

The Board of Trustees has considered the guidance published by the Charity Commission and concluded that the Charity’s core activities satisfactorily address the principles of identifiable public benefit and demonstrates that the charity has fulfilled the public benefit requirement under Section 17 of the Charities Act 2011.

As an educational charity, public benefit is at the heart of the Institute’s strategy and is integral to all our activities. We deliver this by:

The activities described in the reports on pages 7 - 16 illustrate how IIRSM acts solely in the furtherance of its charitable objects.

10. Fundraising activities

IIRSM has a cost of raising funds in the financial statements in relation to generating income mainly from current and new members. The charity does not utilise external professional fundraisers or commercial participators to carry out fundraising activity and does not engage in face-to-face or telephone fundraising. We aim to build and maintain solid partnerships with our supporters and members and do not undertake activities to raise funds from those that could be classified as “vulnerable people”. Any approach to fundraising would take account of the Code of Fundraising Practice issued by the Fundraising Regulator. IIRSM has received no complaints about its fundraising activities either during the financial year or subsequently.

11. Health and safety

The activities carried out by the Institute are mainly office based however, it is recognised that employees and volunteers do travel and homework on occasions. These risks receive regular assessment and review in line with the general policy statement of health and safety objectives included in the employee handbook. Organisational and operational risks are regularly re-evaluated by management within a documented system which includes a wider range of risk areas such as security and the environment. Staff members have and continue to receive appropriate health and safety training on the issues relevant to their obligations as employees and duty holders.

We have developed a Safety Management System manual during the year and the manual includes the Institute’s risk policy, Health and Safety policy, Environment policy, Travel policy, Driving at Work policy, Risk policy etc.

These policies are audited annually.

Health, safety and risk assessment was undertaken in March 2022 by one of our fellow members. A full report was produced and there were no any major concerns about health, safety and risk in the office.

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12. Equality and diversity

The Institute is committed to providing equal opportunities to job applicants, staff, students, and volunteers regardless of sex, sexual orientation, marital status, age, race, ethnic origin, religion or belief or disability.

The Institute seeks to conduct all its activities in compliance with this principle and in full adherence to all applicable laws prohibiting discrimination in employment or service provision and develop and maintain a diverse workforce of staff and volunteers at all levels within the Institute.

13. General data protection regulation

We are committed to protecting our members’ personal information and take data protection very seriously. We keep our members’ personal data securely and do not disclose data to third parties for commercial use.

We reviewed our systems and procedures to ensure compliance with the GDPR enforced on 25th May 2018. Our updated Terms and Conditions and Privacy Policy are available on our website www.iirsm.org.

We are pleased to inform that we have had no any material data breaches during the reporting period. We have also addressed all member and non-member personal data requests and have honored all consents such as opt-in and opt-out of our marketing initiatives.

14. Legal and administrative details

Council and Trustees

Ms Ruth Denyer MIIRSM (2019), Co-President

Mr Callum Irvine MIIRSM (2018), Co-President

Mr Marc Phillip Brown , FIIRSM (2021) appointed in December 2021

Ms Stephanie Camm MIIRSM (2020)

Mr Matthew Cox FIIRSM (2018)

Ms Karla Gahan FIIRSM (2021) appointed in December 2021

Mr Andy Hawkes SIIRSM, ACII (2013)

Mr Clive Johnson MIIRSM, (2014) Immediate Past President

Ms Anne Mallory FIIRSM , CFIOSH (2015), retired December 2021

Mr John Nelson FIIRSM (2021) appointed in December 2021 Mrs Rosie Russell FIIRSM (2021) appointed in December 2021

Mr Stephen Smith ACMA (2021) appointed in December 2021 Mr Mark Thickbroom BA (Hons), MBA, MIIRSM, FCCA (2018), retired December 2021 (Year of appointment to Council shown in brackets).

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Management Team

Phillip Pearson , Chief Executive

Damodar Acharya Director of Finance and Operations

Dina Khalidi Director of Partnership and Engagement

Registered Office:

5th Floor, 20 Old Bailey, London EC4M 7AN 020 8741 9100 | 020 8741 1349 www.iirsm.org

Bankers:

Barclays, 1 Churchill Place, London E14 5HP, CAF Bank Ltd 25 Kings Hill, Avenue Kings Hill, West Malling, Kent ME19 4JQ

Investments:

St James Place Wealth Management 23 Kingsway, York House, London, WC2B 6UJ

Auditors:

Moore Kingston Smith LLP 9 Appold Street, London EC2A 2AP Solicitors: Stone King LLP Broad Quay House, Bristol BS1 4DJ

15. Structure, goverance and management

Statement of Trustees’ responsibilities

The Board of Trustees also known as Council present their statutory report with the financial statements of IIRSM for the year ended 30 June 2022.

The report has been prepared in accordance with Part 8 of Charities Act 2011.

The report is also a Directors’ Report required by 415 of the Companies Act 2006. All the Trustees are also Directors of the charitable company.

The annual accounts have been prepared in accordance with the accounting policies set out on pages 36-38 of the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, applicable laws, the special provisions of part 15 of the Companies Act 2006 relating to small companies and with the Statement of Recommended Practice on “Accounting and Reporting by Charities” (FRS 102) (effective 01 January 2015) including update Bulletin 2.

Governance and administration

The governing document of the charitable company is the Memorandum and Articles of Association.

The charitable company is administered by a Board of Trustees, members of which constitute Directors for the purposes of company legislation and Trustees for the purposes of Charity legislation. New Trustees can be appointed by Council between Annual General Meetings (AGM), although these must be confirmed by the membership at the next AGM. The desired profile of members is reviewed periodically by the Board of Trustees and appropriate appointments are made to ensure a balanced board. No external bodies have the power to appoint Trustees, and Council is ultimately responsible for the charitable company. The names of Trustees who served during the year are included on page 22.

A special resolution was passed in August 2018 by a majority of members of the Institute to amend the Memorandum and Articles of Association. These continue to be reviewed annually.

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Good governance and leadership is essential for the success of the Institute and Council is committed to following the principles and recommended practice in the Charity Governance Code (as recommended by the Charity Commission) https://www.charitygovernancecode.org/en. These principles are organisational purpose, leadership, integrity, diversity, openness and accountability, board effectiveness, decision-making, risk and control.

Appointment of Trustees

The Trustees are elected at the Annual General Meeting. Each Trustee is appointed for a term of three years and may be reappointed for a further two terms before retiring from office. Trustees need not be members of the Institute but are elected by the membership at large. Council may also co-opt Trustees with specialist skill sets for a limited period.

Trustees’ responsibilities

(In relation to these financial statements) The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Trustees to prepare financial statements for each financial year. These give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence must take reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor information

So far as the Trustees are aware:

Induction and training of Trustees

A formal induction process is provided for all new Trustees. The programme includes:

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Organisation

Trustees are responsible for matters related to the policy and strategy. The Trustees may delegate any of their powers to sub-committees. Sub-committees have been established to cover Audit, Finance & General Purposes, Membership & Branches, Technical and Education & Training. A Chief Executive is appointed by Council to manage day to day operations of IIRSM.

16. Independent Auditor’s Report

Opinion

We have audited the financial statements of International Institute of Risk and Safety Management (‘the company’) for the year ended 30 June 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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:

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 charitable company 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 charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 23, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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In preparing the financial statements, the Trustees are responsible for assessing the charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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.

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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 charitable company.

Our approach was as follows:

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 charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Luke Holt (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Statutory Auditor Devonshire House 9 Appold Street, London EC2A 2AP

Date: 20 December 2022

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17. Reserves policy

Reserves

The IIRSM’s reserves have been ring fenced by the Board of Trustees for furthering the objectives of the Institute, information technology development, promotions, networking and as an operating contingency. The reserves policy is based upon financing operations for a 6-month period. This is calculated as an operating cost of £283,047 and covered by existing unamortised income remaining in the Balance Sheet (page 35) as subscription in advance (deferred income). Trustees agreed to maintain further minimum free reserves that are not committed for any operating cost which is either 15% of unamortised income or 15% of six months operating costs whichever is higher to cover shortfall in revenue.

The current reserves are £454,142 (2021: £493,120). This is apportioned to a number of reserves, which s for the purposes of funding our operational costs if our income unexpectedly declines, and a number of specific reserves (e.g., strategic investments). The allocation of funds to the specific reserves below is agreed by the Trustees.

2022 2021
Total Reserves 454,142 493,120
of which;
i. Designated reserves 18,492 34,968
ii. Volatility of Fixed Assets valuation 40,000 20,000
iii. Designated reserves (ring fenced for branches) 12,618 47,618
iv. Minimum required free reserves
(15% of subscription in advance) (Page 35 note 7)		 73,934 76,488
Net free reserves available for investment 309,098 314,046

Designated reserves in i. were those that are invested in tangible and intangible fixed assets (Note 12).

18. Investment policy

We would anticipate investing in Environmental, Social and Governance (ESG) funds that enables our long-term capital growth. This should be one of the positive outcomes as the world recovers from the Covid-19 pandemic. There is also likely to be a greater acceptance by the broader population that they need to pay more into the system to address some of the issues that have been highlighted by recent events. The UN Principles for Responsible Investments (UN PRI), the world’s leading proponent of responsible investment also works to understand the investment implications of environmental, social and governance (ESG) factors and to support its international network of investor signatories in incorporating these factors into their investment and ownership decisions.

IIRSM’s investment is split into two separate investments.

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After massive central bank and government fiscal spending in 2021, the narrative changed from transitory inflation to widespread and deeply embedded inflation in Q1 2022. Together with the war in Ukraine, covid shutdowns in China and the resulting supply bottlenecks, financial markets suffered large corrective declines.

It has been the worst period for a typical 60/40 (equity/fixed income) portfolio for decades as inflation fears and concerns over higher interest rates negatively affected both equity and fixed income funds.

From an equity standpoint, some of our equity funds (mainly growth funds) have recently struggled relative to the market. This is because the main thing keeping equity indices somewhat stable are energy stocks (energy has outperformed technology by approximately 40% YTD), caused almost entirely by the Russia/ Ukraine crisis. Whilst it is frustrating, it is understandable that our managers have lagged in this environment given they are long term fundamental investors. Over a 10 year horizon, we believe fossil fuels are more likely to be a smaller part of the economy and probably more regulated. However, in an environment where the oil price shoots up dramatically, those longer-term views can look offside, but we don’t think now is the time for reactive decision making and it is not consistent with our ESG investment bias.

20% Fixed Income Weighting - bonds, have a clear tangible value based on actual cash flows. If a bond falls in value but doesn’t default, the underlying cash flows stay the same, so investors will make their money back if they remain invested – if the price goes down, the expected return of the bond goes up by an equal amount. They are defensive as there is a low risk of permanent loss of capital.

We see the threat of inflation to bonds, but following the Q1 moves, a lot is now “in the price”, especially given rapid rate rises will mostly be balanced against the recessionary forces created by surging oil prices, energy, and food prices. Indeed, consensus is already looking past “peak inflation” and onto potential rate cuts in 18 months.

In summary, we believe that financial markets will remain volatile for the next 2-3 years and that having a diversified portfolio managed by active managers remains the best solution to take advantage of the expected volatility.

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PRI performance over the last 15 years

Our Investment Policy focuses on both capital preservation (i.e. safeguarding against inflation) and capital appreciation. The policy is in line with our Trustees risk appetite. We opted for a market-based investment as the bank interest earned was lower than the current low rate of inflation. This has resulted in the erosion of the monetary value which needed to be addressed given the size of the cash balance.

Our investment is managed by St James Place, a leading investment management company. We invested £453,250 in December 2019 and the value of our investment has increased to £523,142 (2021: £496,193) with an addition of another £100,000 during the year.

Donations

No charitable or political donations were made.

Auditors

A resolution to re-appoint Moore Kingston Smith as auditor will be proposed at the Annual General Meeting to be held on 06 December 2022.

Small companies regime

This report has been prepared in accordance with special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved on behalf of the Board of Trustees of IIRSM.

Ruth Denyer MIIRSM

Co-President

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19. Accounting policies

1.1 Company information

The Charitable Company is registered and domiciled in England and Wales (Charity registration number 1107666 and Company Limited by Guarantee registration number 5310696). The registered office is at 5th Floor, 20 Old Bailey, London EC3M 7AN.

1.2 Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), published on 16 July 2014. The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its 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), the Companies Act 2006 and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

1.3 Exemption from group accounts

The financial statements present information about the charity as an individual undertaking and not about its group. The charity has a wholly owned subsidiary IIRSM Solutions Limited which is dormant and has been since incorporation, consequently it is not considered necessary to prepare group accounts.

1.4 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 charitable company to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charitable company’s forecasts and projections and have taken account of pressures on membership and trading income in light of the impact of COVID-19. After making enquiries the Trustees believe that there is no material uncertainty that the charitable company will not continue to be a going concern and have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future.

1.5 Subscription and other income from members

Subscription income received that relates to a subsequent financial accounting period is carried forward as deferred income.

1.6 Income from research and advice

Incomes from research and advice contracts are recognised after the service has been delivered to the contractors and after they are satisfied with the work.

1.7 Income from education and training

Income from training approval is accounted for in the year to which it applies. Income received that elates to a subsequent financial accounting period is carried forward as a credit in the balance sheet and shown as deferred income.

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1.8 Investment income

Income is accounted for in the year to which it applies. Income received that relates to a subsequent financial accounting period is carried forward as a credit in the balance sheet and shown as deferred income.

1.9 Expenditure

Expenditure is charged to the Statement of Financial Activities on the accruals basis. Expenditure

is allocated directly to the expenditure headings as far as practically possible to reflect the activities of the Charity.

Charitable expenditure consists of all expenditure relating to the activities carried out to achieve the objectives. Governance costs (which are included in support costs) represent those costs incurred for organisational administration and compliance with constitutional and statutory requirements.

Support costs are allocated based on the proportion of income generated from each charitable activity, excluding other income and investment income.

1.10 Inventory

Stock inventories are valued at the lower of cost of purchase or net realisable value.

1.11 Intangible fixed assets and amortisation

Intangible fixed assets comprise website, computer systems development and qualification development cost. Amortisation is provided on intangible fixed assets depending upon an assessment of the likely useful life of the assets as agreed by Finance and General Purposes Committee at the time of purchase.

All intangible assets meeting the revenue-generating requirements are capitalised. The useful life of these assets are assessed annually.

Website Development Straight line over 5 years Database Development Straight line over 5 years Qualification Development Straight line over 5 years

1.12 Tangible fixed assets and depreciation

Tangible Fixed Assets are stated at cost and only those with an aggregate cost of more than £500 are capitalised. Depreciation is provided to write off the cost of the Fixed Assets over their estimated useful lives at the following annual rates:

Computer hardware Straight line over 3 years Office Fixtures and Fittings Straight line over 3 to 5 years Exhibition Stand Straight line over 3 years

The annual depreciation charge for Computer hardware, Office Fixture and Fittings and Exhibition Stands is sensitive to change in useful economic life and residual values of assets. These are reassessed annually as approved by the Finance and General Purposes Committee.

1.13 Foreign currency transactions

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

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1.14 Basic financial instruments

Cash and cash equivalents include cash at bank and in hand and short term deposits with a maturity date of three months or less. Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year, and not subject to a market rate of interest are, measured at the present value of the expected future receipts or payment discounted at the market rate of interest. Fixed Assets investments are basic financial instruments and are accounted for at their market value.

1.15 Employee benefits

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee through, for example, redundancy, or to provide termination benefits.

1.16 Pension contributions

The charitable company make contributions to each eligible employees’ pension fund. Contributions are charged to the Statement of Financial Activities as and when they become due.

1.17 Designated and unrestricted funds

The cost of tangible and intangible assets are designated funds. All other funds are unrestricted funds that can be utilised to achieve the Institute’s objectives.

1.18 Critical accounting estimates & areas of judgement

Intangible fixed assets comprise website, computer systems development and qualification development cost. Amortisation is provided on intangible fixed assets depending upon an assessment of the likely useful life of the assets at the time of purchase. All intangible assets meeting the revenue-generating requirements are capitalised. The annual depreciation charge for Computer hardware, Office Fixture and Fittings and Exhibition Stands is sensitive to change in useful economic life and residual values of assets. These are reassessed annually as approved by as approved by Finance and General Purpose Committee.

1.19 Fixed asset investments

Investments are stated at fair value at the balance sheet date. The SOFA includes net gains and losses on revaluation and disposals throughout the year.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

20. Financial statements

Including an Income and Expenditure account

Statement of financial activities for the year ended 30 June 2022

Income and expenditure
Note
Income from charitable activities
Membership
Professional Development
Trading activities
Income from Events
Income from publication
Grants
Other income
Investment Income
Total income
Expenditure
Expenditure on Raising Funds
2.4
Charitable activities
Membership
2.2
Professional Development
2.3
Total Expenditure
Net (loss)/gain on Investment
Net (loss)/gain
Fund balance at 1 July
Balance carried forward at 30 June being
net movements in Funds		 2022
2021
£
£
1,089,670
1,031,175
115,079
54,228
13,638
49,890
620
1,164
-
1,609
4,106
6,180
161
705
1,223,274
1,144,951
(205,185)
(182,513)
(813,698)
(785,222)
(170,328)
(137,188)
(1,189,211)
(1,104,923)
(73,041)
66,595
(38,978)
106,623
493,120
386,497
454,142
493,120

The Statement of Financial Activities includes all gains and losses recognised in the current and preceding year. All activities are derived from continuing operations. The notes on pages 39 - 49 form part of financial statements.

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

21. Balance sheet as 30 June 2022

Notes
Fixed Assets
Intangible fixed assets
4
Tangible fixed assets
5
Investments
6
Current Assets
Prepayments
Other Debtors
Fixed deposit
Cash at bank and in hand
Current Liabilities
Trade Creditors
Other Creditors
`Tax and social security
Accruals
Subscriptions in advance
7
Net Current Liabilities
Net Assets
Reconciliation of Funds
Unrestricted Funds
10
Designated funds
11
Total funds		 2022
2022
2021
2021
£
£
£
£
13,074
27,976
5,518
6,992
523,142
496,193
541,734
531,161
27,254
30,957
119,237
56,649
100,000
100,000
356,245
507,616
602,736
695,222
41,378
41,873
21,129
-
15,399
20,436
119,530
161,034
492,892
509,920
690,328
733,263
(87,592)
(38,041)
454,142
493,120
435,550
458,152
18,592
34,968
454,142
493,120

The accounts were approved by the Board of Trustees and authorised for issue on 0 6 December 202 2 and signed on their behalf.

Ruth Denyer MIIRSM Co-President of Council

Stephen Smith ACMA Honorary Treasurer of Council

Company Limited by Guarantee number: 05310696

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

22. Statement of cash flows for the year ended 30 June 2022

Note
Cash flows from operating activities
Cash (used in)/generated from operations
See below
Net cash (outflow)/inflow from operating activities
Cash Flow from Investing ActivitiesPurchase of
property, plant and equipment and Intangibles
Disposal
Addition
Disposal loss
Investment Income
Invested in Fixed term Deposit
Net cash (used in)/generated from Investment activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the reporting
period
Cash and cash equivalents consist of:
Cash at bank
At 01 July 2021
607,616
Analysis of net cash		 2022
2021
£
£
(44,844)
163,012
(44,844)
163,012
(6,698)
(3,745)
67,039
351,821
(166,472)
(349,054)
(557)
(2,767)
161
705
-
100,000)
(106,527)
96,960
(151,371)
259,972
607,616
347,644
456,245
607,616
456,245
607,616
Cash flow
(151,371)
At 30 June 2022
456,245

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

Reconciliation of net (outgoing)/incoming resources to net cash inflow from operating activities

Net (outgoing)/incoming Resources for Year
Depreciation
Amortisation
Investment Losses/(gains)
Investment income
Decrease in prepayments
Increase/ in other debtors
Increase in Trade creditors, tax and social security
Increase/(Decrease) in accruals
Decrease in deferred income
Net Cash (outflow)/Inflow from Operating Activities		 2022
2021
£
£
(38,978)
106,623
4,421
3,514
18,652
24,243
73,041
(66,595)
(161)
(705)
3,703
9,526
(62,589)
(15,693)
15,598
29,063
(41,504)
38,154
(17,027)
34,882
(44,844)
163,012

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| REALISING OUR FULL POTENTIAL

23. Notes to financial statements

2.1 Expenditure analysis

2022
2.1 Activity or Programme
Expenditure on raising funds
(2.4)
Charitable activities
Membership
(2.2)
Professional Development
(2.3)		 Activities
Apportioned
TOTAL
undertaken directly
cost
2022
£
£
£
183,341
21,844
205,185
400,085
413,613
813,698
148,484
21,844
170,328
731,910
457,301
1,189,211

Direct staff costs for raising funds have been charged under ‘Activities undertaken directly’.

2021

2.1 Activity or Programme
Expenditure on raising funds
(2.4)
Charitable activities
Membership
(2.2)
Professional Development
(2.3)		 Activities
Apportioned
TOTAL
undertaken directly
cost
2022
£
£
£
161,635
20,878
182,513
407,433
377,789
785,222
116,315
20,873
137,188
685,383
419,540
1,104,923

2.2 Membership

Membership costs include any costs incurred to serve membership.

2022 2021
£ £
Magazine print and mailing 150,738 136,920
Membership stationery 11,298 11,657
Helplines 8,492 17,169
Partnership costs 6,026 5,905
Branch Network cost 7,875 -
Direct staff costs 215,656 235,782
Support cost and wages apportioned 413,613 377,789
813,698 785,222
Trustees’ Annual Report and Financial Statements For the year ended 30 June

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

2.3 Professional development
Direct staff cost
Support cost and apportioned wages
2.4 Expenditure on raising funds
Promotion and awareness raising
Publication
Staff cost
Support cost and apportioned
2.5 Governance cost
Legal & Professional fees
Audit and Accountancy Fees
Institutional Membership
Other Governance Costs		 2022
2021
£
£
148,484
116,315
21,844
20,873
170,328
137,188
2022
2021
£
£
78,659
43,803
10,301
1,578
94,381
116,253
21,844
20,879
205,185
182,513
2022
2021
£
£
-
2,450
10,470
9,350
4,000
3,900
14,615
6,913
29,085
22,613

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

2.6 Analysis of support costs

2.6 Analysis of support costs
2022 2021
£ £
Other Staff Costs 32,282 15,760
Premises Costs 83,697 80,907
Communication Costs 35,541 33,806
Business Travel 14,672 741
Website & IT services 89,070 78,304
Health, Safety and Environment 3,180 27
Bank Charges 17,065 13,951
Sundry Expenses (Inc VAT Adjustments) 9,254 5,117
Amortisation 18,652 24,243
Depreciation 4,421 3,514
Partnership Cost 6,026 5,906
Events and Exhibitions 11,592 5,600
Governance Costs (2.5) 29,085 22,613
Staff cost apportioned 120,379 140,556
474,916 431,045

3.Trustees and employee information

a) Trustee information

No remuneration was paid to the Trustees during the year was nil (2020:£ nil). Expenses in respect of travelling to meetings were reimbursed during the year to one (2020:0) Trustees amounting to £nill (2021: £120).

b) Employee information

The average number of staff employed by the Charity was:
Wages and salaries
Social security
Pension costs
Employee costs during the year were:		 2022
2023
10
10
£
£
443,204
484,960
51,239
39,024
56,697
59,486
551,140
583,470
Salary Band 2022 2021
60,000-70,000 2 2
70,001-80,000 - -
80,001-90,000 1 1
Trustees’ Annual Report and Financial Statements For the year ended 30 June 2

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

The total remuneration for key management personnel amounted to £315,910 (including salaries and employee benefits) (2021: £358,355). Key management personnel are defined as persons having authority and responsibility for planning, directing and controlling the activities of the charitable company whom the Board of Trustees have delegated significant authority or responsibility in the day-to-day running of the charitable company’s affairs. Key management personnel are shown on page 22. Total redundancy and termination payments during the year was £none (2021: £26,298) were recognised as an expense and did not give rise to a funding requirement.

c) Remuneration policy

IIRSM is committed to ensuring that we pay our staff fairly and in a way which ensures we attract and retain the right skills to have the greatest impact in delivering our charitable objectives. In accordance with the Charities SORP, the Companies Act 2006, and the Charities Act 2011, IIRSM discloses the following:

IIRSM staff pay and benefits are benchmarked against similar organisations and are reviewed annually. The Finance and General Purposes Committee review pay and benefits and recommend to the IIRSM Council’s Officer Group for approval. These are incorporated in the annual budgets and approved by the Board of Trustees.

4. Intangible fixed assets

4. Intangible fixed assets
1 July 2021
Additions during the year
Disposal
At 30 June 2022
Amortisation
1 July 2021
Charge for the year
Disposal
At 30 June 2022
Net Book Value
At 30 June 2022
At 30 June 2021		 Computer
Software
Website
Development
Qualifications
Total
£
£
£
£
22,028
56,930
69,434
148,392
-
-
3,750
3,750
(11,679)
(43,270)
-
(54,949)
10,349
13,660
73,184
97,193
15,913
48,356
56,146
120,415
2,070
2732
13,850
18,652
(11,679)
(43,270)
-
(54,949)
6,304
7,818
69,996
84,118
4,045
5,842
3,188
13,075
6,115
8,574
13,286
27,975

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

5. Tangible fixed assets

1 July 2022
Additions during the year
At 30 June 2021
Depreciation
1 July 2021
Charge for the year
At 30 June 2022
Net Book Value
At 30 June 2022
At 30 June 2021		 Computer
Hardware
Office
F & F
Total
£
£
£
12,184
774
12,958
2,948
2,948
15,133
774
15,907
5,817
150
5,965
4,266
155
4,421
10,083
305
10,388
5,050
469
5,519
6,373
620
6,993

6. Investments

2022 2021
£ £
Investments brought forward
496,193		 429,598
Disposal proceed (67,039) (351,820)
Additions 166,472 349,055
Net investment (loss)/gain (72,484) 69,360
Market value at 30 June 523,142 496,193
Cost at 30 June 496,193 429,598
£ £
Equities (UK) 158,439 349,051
Equities (Overseas) 364,703 147,142
Total Investments held 523,142 496,193
The Trustees consider the investments in equities and cash to be material to IIRSM.
Investments in individual entities held at 30 June 2022 which are over 10% of portfolio by market value are:
Cost Market value
£ £
St James Place Bespoke 300,214 269,302
Cost Market value
£ £
SJP Rowan Dartington 261,592 253,840
Trustees’ Annual Report and Financial Statements For the year ended 30 Jun

42

Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

7. Subscription in advance

Deferred subscription at 1 July
Released during the year
Deferred in year
Carried forward at 30 June		 2022
2021
£
£
509,920
475,037
(509,920)
(475,037)
492,892
509,920
492,892
509,920

Membership subscriptions, Corporate Partnership and Training Approval income received that relates to a subsequent financial accounting period is carried forward as deferred income. The income in advance balance of £492,892 included a balance of £35,230 (2021:£509,920) related to three year Training Approval fee and relate to the period starting 1st August 2021.

8. Pension commitments

There were no creditors in respect of pension contributions to the company auto enrollment pension scheme. The total pension costs for the year are £59,486 (2020: £49,397).

9. Future financial commitments

At 30th June 2022, the Institute has annual commitments under an operating leases as set out below: Land and Buildings:

Lease expiring:
Within 1 year
Between 2 and 5 years
Total
Rent paid during the year
Others:
Lease expiring: Within 1 year
Between 2 and 5 years
Total
Amounts paid during the year		 76,800
76,800
-
83,200
76,800
160,000
76,800
76,800
2022
2021
£
£
3,133
9,400
-
2,350
3,133
11,750
9,400
9,400

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Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

10. Analysis of funds

2022
General reserves at 01.07.2021
Addition in assets
Operating surplus of the year
Transfers in Designated Funds
Net loss on Investments
Total Funds at 30 June		 General Funds
Designated Funds
TOTAL
£
£
£
461,897
34,968
493,120
(6,698)
6,698
34,063
-
34,063
23,073
(23,073)
-
(73,041)
-
(73,041)
435,549
18,593
454,142

General funds are free reserves that can be used as and when Trustees of the Charitable Company decide. Designated funds are those that are invested in intangible and tangible fixed assets.

2021
General reserves at 01.07.2020
Addition in assets
Operating surplus of the year
Transfers in Designated Funds
Net gain on Investments
Total Funds at 30 June
11. Analysis of net assets
2022
Investments
Fixed Assets
Net Current Liabilities
Total Net Assets at 30.06.2022
Total Net Assets at 30.06.2021
2021
Investments
Fixed Assets
Net Current Liabilities
Total Net Assets at 30.06.2021
Total Net Assets at 30.06.2020		 General Funds
Designated Funds
TOTAL
£
£
£
327,517
58,980
386,497
(3,745)
3,745
40,028
-
40,028
27,757
(27,757)
-
66,595
-
66,595
458,152
34,968
493,120
General Funds
Designated Funds
TOTAL
£
£
£
523,142
-
523,142
-
18,592
18,592
(87,592)
-
(87,592)
435,550
18,592
454,142
458,152
34,968
493,120
General Funds
Designated Funds
TOTAL
£
£
£
496,193
-
496,193
-
34,968
34,968
(38,041)
-
(38,041)
458,152
34,968
493,120
327,517
58,980
386,497

11. Analysis of net assets

44

Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022

| REALISING OUR FULL POTENTIAL

12. Limited liability

The liability of each Trustee is limited. Every member of the company undertakes to contribute a sum not exceeding £1 to the assets of the Charity if it is wound up.

13. Related party transactions

During the year expenditure of £500 (2021: £500) was incurred for on line courses in respect of Cardinus Risk Management Limited, of which Andrew Hawkes is a Director. As a sponsor of IIRSM, Cardinus also paid £9,000 (2021: £9,165) for twelve months. Any money that belongs to the next financial year, has been deferred and will remain on the balance sheet.

As a Corporate Supporter of IIRSM, ITV Plc paid £3,257 (2021:£1,596) of which Ruth Denyer is an Executive Director.

As a Corporate Supporter of IIRSM, Derwent London Plc paid £995 (2021: £1,055) of which Clive Johnson is an Executive Director.

During the year 10 (2021: 7) Trustees paid to be members of IIRSM. These membership subscriptions totalled £897 (2021: £1,121) and were made on an arms length basis at the open market value.

45

Trustees’ Annual Report and Financial Statements | For the year ended 30 June 2022