DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
**REGISTERED CHARITY NUMBER: 1131469**
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**(INCORPORATED UNDER ROYAL CHARTER)**
## **REPORT OF THE TRUSTEES AND CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2023**
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023**
||**Page**|
|---|---|
|Report of the Trustees|
1 to 7|
|Report of the Independent Auditors|
8 to 10|
|Consolidated Statement of Financial Activities|
11|
|Consolidated Balance Sheet|
12|
|Company Balance Sheet|
13|
|Consolidated Cash Flow Statement|14|
|Notes to the Cash Flow Statement|15|
|Notes to the Financial Statements|
16 to 25|
|Detailed Notes to the Statement of Financial Activities|
26|
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2023**
The trustees present their report with the financial statements of the charity for the year ended 28 February 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (the FRS102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
The activities of the Institution are legally governed in accordance with:
- its Royal Charter of Incorporation
- the guidelines of the Charity Commission
## **Principal Activities**
- To maintain high standards of practice and professional conduct by all its members for the benefit of the public and for that purpose to implement schemes for enquiring into professional or business conduct and, where necessary, implementing appropriate disciplinary measures.
- To promote or assist in promoting research into civil engineering surveying and to publish the useful results of such research.
- To provide a means of testing the qualifications of candidates for admission for membership of the Institution by examination in the theory and practice of civil engineering surveying and to issue diplomas, certificates and other awards to successful candidates.
- To organise or support the organisation of conferences, seminars, lectures, courses of instructions and other educational events.
- To establish and support regional or local branches having as their objects the furtherance of the objects of the Institution.
- To publish or distribute books, reports, promotional materials, journals, films, videos, tapes and other instructional matter.
- To provide library facilities for the use of members and others.
- To make grants to universities or other educational establishments and to establish scholarships or exhibitions and give prizes in furtherance of the objects of the Institution?
## **Significant activities during the period 1 March 2022 to 28 February 2023**
The operation of the Institution was directly impacted by the COVID pandemic. The Institution adopted new ways of working and held all events virtually. The major activities were:
- Dr Andrew Evans replaced Stephen Slessor as President in March 2022.
- Appointed Simon Hamlyn as the new CEO in September 2022, after the departure of Ann Allen at the end of May 2022.
- Recruited to 3 new staff members.
- Created new roles with a revised structure.
- Launched new website and database.
- A virtual AGM which allowed members from across the world.
- Moved all membership advice online, including one to-one sessions, group workshops and membership webinars.
- Moved all membership reviews online through which over 300 new members successfully went through the review process.
- Successful review of the licence by the Engineering Council to award Chartered Engineer and Incorporated Engineer and saw two more members become registered engineers under the CICES route, taking the total to 34 chartered engineers.
- There are now bimonthly regional chair meetings, including with UK and international chairs.
- Delivery of over 40 webinars
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## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **New members and updated**
A total of 386 new members were admitted during the period (including students).
A total of 111 members successfully upgraded during the period.
Total membership at beginning of period: 4,630 (3,798 fee paying) Total membership at end of period: 4,942 (4,749 fee paying)
## **New approved development schemes and other events**
## **Between March 2022 and February 2023:**
Barhale Canary Wharf Contractors Ltd CD Surveys Ltd China Harbour Engineering Co Dyer and Butler Galliford Try HS2 EKFB Eiffage Kier Ferrovial BAM JV Kier Infrastructure & Overseas Network Rail Omega Geomatics Scottish Water Siteline Survey Solutions Tarmac Warner Surveys
## **STRATEGIC REPORT**
## **Financial Review**
## **Annual Budgeting Policy**
A budget is prepared annually to forecast all items of income and expenditure. Each year it is the intention of the Institution to balance income with expenditure.
## **Reserves policy**
The Trustees aim to retain a level of liquid reserves that provide sufficient working capital to cover the Charity’s Day to day activities together with an amount for contingencies.
For the period 1 March 2022 to 28 February 2023, income exceeded expenditure by £58,388.
As the accounts show, the principal funding streams are from members subscriptions and rental income.
The policy for investments is for any surplus monies to be placed with the UK Treasury to earn maximum interest at no risk to the Charity. This is in accordance with UK Charities legislation guidelines.
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## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Object**
As stated in Article 4 of the Charter:
“The object for which the Institution is established (hereinafter referred to as the “Object”) is to advance the science and art of civil engineering surveying in all aspects of the specialisations of geospatial engineering and commercial management within civil engineering for the benefit of the public, in particular, but not exclusively by upholding and advancing the standards of education, competence, practice and conduct of members of the institution”.
## **History**
The Institution was established in 1969 as the Association of Surveyors in Civil Engineering and was incorporated as a Company Limited by Guarantee (Number 1042664) on 16 February 1972. It changed its name to the Institution of Civil Engineering Surveyors (ICES) on 31 December 1980. The Institution of Civil Engineering Surveyors became a Registered Educational charity and entered on the central register of charities on 14 August 1992, registration number 1013672.
On 2 September 2009, the Institution of Civil Engineering Surveyors was granted a Royal Charter of Incorporation and became a new legal entity known as the Chartered Institution of Civil Engineering Surveyors. An Asset Transfer Agreement was signed on the 3 September 2009 transferring the assets to the Chartered Institution of Civil Engineering Surveyors (hereinafter referred to as the Institution).
The Charity Commission granted charitable status to the Chartered Institution of Civil Engineering Surveyors on 2 September 2009, registration number 1131469.
## **Operational structure**
The organogram on page 7 shows the organisational and decision-making structure of the Institution. The decisions or recommendations made by the various committees are submitted to Council of Management for endorsement or approval compliant with the Charter and Bye-laws. Committees, Panels and Working Groups are comprised of members with specific knowledge and expertise in the relevant area for which they are established. The Institution has a detailed and enforceable Rules of Professional Conduct.
## **The Council of Management (CoM)**
The governance and control of the Institution and its affairs is vested in the CoM in accordance with Article 10.1 of the Charter. CoM meets at least 3 times each year to consider and approve business generated by the Institution’s committees, panels and working groups.
The CoM comprises the President, a Senior Vice President, Vice President and Immediate Past President, nominated in accordance with Bye-laws 35 – 37, and fourteen members either elected by postal ballot of the Institution’s corporate membership or appointed or co-opted by CoM in accordance with Bye-laws 41 and 45 - 47.
All members of CoM are directors and trustees of the Institution. Those who held office during 2022-2023 are shown on page 5.
Members of the Institution give their time to CoM and committees on a voluntary basis. The success of the Institution is dependent upon the efforts of its members supported by professional staff. The Chief Executive Officer (CEO) is responsible to the CoM for all aspects of the day-to-day business operations of the Institution.
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## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **Regions of the Institution**
To provide for members’ requirements the United Kingdom is divided into 8 regions with a region in Ireland and, Hong Kong, Macau, United Arab Emirates, inc. Dubai, North America and Australia.
Each region appoints its own Chair and regional committee members and operates on subventions based on budgeted activities.
## **Relationship with other professional organisations**
The Institution currently operates with other UK-based construction orientated organisations, many of which also operate worldwide, including:
- The Institution is an active member of the UK Construction Industry Council (CIC)
- The Institution is a full member of the Federation Internationale de Geometres (FIG) an International Federation of Surveyors
- The Institution is active in jointly providing membership and expertise to the Geospatial Engineering Panel and the Management Panel with the Institution of Civil Engineers
- The Institution has a wholly owned trading subsidiary SURCO Limited which operates in accordance with UK Charities legislation
- The Institution is a licensed member of the Engineering Council (EC)
- The Institution is a member of the International Cost Engineering Council (ICEC)
- The Institution is a member of the Professional Engineering Committee (PEC)
- In addition to the foregoing the Institution has close and regular liaison amongst others, including:
- The Royal Institution of Chartered Surveyors (RICS)
- The Chartered Institute of Building (CIOB)
- The Chartered Institute of Arbitrators (CIArb)
- The Survey Association of the United Kingdom (TSA)
- Institution of Incorporated Engineers Sri Lanka (IIESL)
- Hong Kong Institute of Surveyors (HKIS)
- Hong Kong Institute of Commercial Management (HKICM)
- Royal Academy of Engineering (RAEng)
- Chartered Association of Building Engineers (CECA)
- Institute of Workplace and Facilities Management (IW&FM)
- Institution of Civil Engineers (ICE)
- Construction Association of Building Engineers (CABE)
- Survey Liaison Group (SLG)
- BKSURCO
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Registered Company number** RC000832
## **Registered Charity number**
1131469
## **Registered office**
Dominion House Sibson Road Sale Manchester M33 7PP
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DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2023**
**Trustees**
F Baker (stepped down September 2022) J Battersby (stepped down September 2022) C Birchall A Evans P Hallsworth J McCluskey C Murphy (stepped down September 2022) S Slessor P Waterhouse (stepped down September 2022) A Axford P McCarthur A Yarwood A Watson R Hubbard F Fraser B Motsumi A Holmes M MicIlhatton L Ghimire (appointed October 2022) L W Jefferson (appointed October 2022) M V Suchocki (appointed October 2022) B G Tyson (appointed October 2022) R Welsh (appointed October 2022)
## **Chief Executive Officer**
D Smart (Interim) (stepped down September 2022) S Hamlyn (appointed September 2022)
**Hon Secretary** Adam Holmes
**Bankers** The Co-operative Bank
**Auditors**
Murray Smith LLP Chartered Accountants Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
## **Solicitors**
Baker and McKenzie, London Bates Wells and Braithwaite, London Mayer Brown, London Davis Blank Furniss, Manchester
5
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for their annual report, and the preparation of financial statements for each financial year which give a true and fair view of the incoming resources and application of those resources to the charity during the year, and of the state of affairs at the end of the year. In preparing these financial statements, the trustees are required to:
- ensure that suitable accounting policies are established and applied consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether the applicable accounting standards and statement of recommended accounting practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees have overall responsibility for ensuring that the charity has appropriate systems and controls, financial and otherwise. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and for their proper application as required by charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
- the charity is operating efficiently and effectively;
- all assets are safeguarded against unauthorised use or disposition and are properly applied;
- proper records are maintained and financial information used within the charity, or for publication, is reliable; and
- the charity complies with relevant laws and regulations.
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
So far as the trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order that they are conversant with any relevant audit information and to establish that the charity’s auditors are aware of that information.
This report has been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities.
## **AUDITORS**
The auditors, Murray Smith LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
23-11-2023
Approved by order of the board of trustees on …………………. and signed on its behalf by:
……………………………………….
A Holmes – Honorary Secretary
6
Docusign En¥ÈlopÈ ID." OOF92438478347D7-BA24-311C9873CBA6
CHARTERED INSTITUTION OF CIVIL
ENC.INEEI RING SURVEYORS
REPORT OF THE TRUSTEE.
FOR THE YEAR ENDED 28 FEBRUARY 2023
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **Opinion**
We have audited the financial statements of Chartered Institution of Civil Engineering Surveyors (the ‘Parent Charitable Company’) and its subsidiaries (the ‘Group’) for the year ended 28 February 2023 which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the Group’s and of the Parent Charity’s affairs as at 28 February 2023 and of the Group’s incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the group’s and the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information in the Report of the Trustees, but does not include the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of Trustees**
As explained more fully in the Statement of Trustees' Responsibilities, 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.
In preparing the financial statements, the trustees are responsible for assessing the Group’s and the Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees’ either intend to liquidate the Group or the parent Charity or to cease operations, or have no realistic alternative but to do so.
## **Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is determined below.
The audit procedures designed to identify irregularities included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims
- - Enquiry of company staff with responsibilities for compliance matters to identify any instances of noncompliance with laws and regulations
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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, intentional misrepresentations or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report to the Auditors.
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## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **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 charitable company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Benson (Senior Statutory Auditor) Murray Smith LLP Chartered Accountants Statutory Auditors Darland House 44 Winnington Hill Northwich Cheshire CW8 1AU
24-11-2023 Date: ………………………
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DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2023**
|
Unrestricted
Note
funds
£
**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
Charitable activities
3
1,024,780
Investment income
2
45,992
**Total**
1,070,772
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
4
(1,031,717)
Governance costs
6
(30,717)
**Total**
(1,062,434)
**OPERATING INCOME**
8,338
Share of the profit in joint ventures
50,050
**NET INCOME/(EXPENDITURE)**
58,388
**RECONCILIATION OF FUNDS**
Total funds brought forward
2,135,508
**TOTAL FUNDS CARRIED FORWARD**
2,193,896|
Restricted
funds
£
-
-
-
-
-
-
-
-
-
10,892
10,892|2023
Total
funds
£
1,024,780
45,992
1,070,772
(1,031,717)
(30,717)
(1,062,434)
8,338
50,050
58,388
2,146,400
2,204,788|2022
Total
funds
as restated
£
1,019,840
60,368
1,080,208
(880,917)
(25,940)
(906,857)
173,351
29,675
203,026
1,943,374
2,146,400|
|---|---|---|---|
The notes form part of these financial statements
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DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **CONSOLIDATED BALANCE SHEET 28 FEBRUARY 2023**
|Notes
**FIXED ASSETS**
Tangible assets
9
Investments
10
**CURRENT ASSETS**
Stock
11
Debtors
12
Regional funds
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
**NET ASSETS**
**FUNDS**
General fund
16
Designated fund
16
Regional fund
16
Institution prize fund
16
Revaluation reserve
16
**TOTAL FUNDS**|
|2023
£
1,017,342
111,958
1,129,300
700
61,426
3,828
1,351,474
1,417,428
(341,940)
1,075,488
2,204,788
(-)
2,204,788
1,930,481
42,000
3,828
7,064
221,415
2,204,788|2022
as restated
£
1,041,172
85,140
1,126,312
700
57,494
3,828
1,276,480
1,338,502
(318,414)
1,020,088
2,146,400
(-)
2,146,400
1,872,093
42,000
3,828
7,064
221,415
2,146,400|
|---|---|---|---|
||
|||
||
|||
These financial statements have been prepared in accordance with the provision applicable to charitable companies subject to the small companies regime.
23-11-2023
The financial statements were approved by the Board of Directors on ……………………….. and were signed on its behalf by:
Dr Andrew Evans President
The notes form part of these financial statements
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DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **COMPANY BALANCE SHEET 28 FEBRUARY 2023**
|Notes
**FIXED ASSETS**
Tangible assets
9
**CURRENT ASSETS**
Stock
11
Debtors
12
Regional funds
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
**NET ASSETS**
**FUNDS**
General fund
16
Designated fund
16
Regional fund
16
Institution prize fund
16
Revaluation reserve
16
**TOTAL FUNDS**|2023
£
1,015,469
200
38,795
3,828
1,320,712
1,363,535
(323,446)
1,040,089
2,055,558
(-)
2,055,558
1,781,251
42,000
3,828
7,064
221,415
2,055,558|2022
as restated
£
1,038,676
200
106,891
3,828
1,220,876
1,331,795
(309,063)|
|---|---|---|
|||
1,022,732
2,061,408
(-)
2,061,408
1,787,101
42,000
3,828
7,064
221,415
2,061,408|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
23-11-2023
The financial statements were approved by the Board of Directors on …………… and were signed on its behalf by:
Dr Andrew Evans President
The notes form part of these financial statements
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DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2023**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
**Cash flows from financing activities**
New loans in year
Loan repayments
Net cash (used in)/provided bv financing 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**|2023
£
70,267
-
70,267
-
4,727
4,727
-
-
-
74,994
1,276,480
1,351,474|2022
as restated
£
192,898
-
192,898
(14,106)
1,630
(12,476)
-
-
-
180,422
1,096,058
1,276,480|
|---|---|---|
The notes form part of these financial statements
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DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period (as per the**
**Consolidated Statement of Financial Activities)**
**Adjustments for:**
Joint venture profit
Depreciation charges
Interest received
Interest paid
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operations**
|2023
£
58,388
(26,818)
23,830
(4,727)
-
-
(3,932)
23,526
70,267
|2022
as restated
£
203,026
(12,670)
20,978
(1,630)
-
-
(17,677)
871
192,898|
|---|---|---|
**2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank
**Total**|At 1.3.22
£
1,276,480
1,276,480
1,276,480|Cash flow
£
74,994
74,994
74,994|At 28.2.23
£
1,351,474|
|---|---|---|---|
||||1,351,474|
||||1,351,474|
The notes form part of these financial statements
15
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **1. ACCOUNTING POLICIES**
The financial statements of the charitable group, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)” and the Charities Act 2011. The financial statements have been prepared under the historical cost convention and the principal accounting policies are set out below.
## **Consolidated Financial Statements**
The consolidated financial statements include the results of the Chartered Institution of Civil Engineering Surveyors, and its subsidiary undertaking SURCO Limited. A profit and loss account for the holding company has not been presented as permitted by the Charities Act 2011.
## **Associates and Joint Ventures**
An entity is treated as an associated undertaking where the group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. An entity is treated as a joint venture where the group is party to a contractual agreement with one or more parties from outside the group to undertake an economic activity that is subject to joint control.
In the consolidated accounts, interests in associated undertakings and joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor’s share of the profit or loss, other comprehensive income and equity of the associate, or joint venture. The consolidated statement of comprehensive income includes the group’s share of the results. Any share of losses are only recognised to the extent that they do not reduce the investment balance below zero as the group has no obligations to make payments on behalf of the associate or joint venture, and any share of subsequent profits shall be accounted for once the unrecognised profits are equal to the unrecognised losses. In the consolidated balance sheet, the interests in associated undertakings and joint ventures are shown as the group’s share of the identifiable net assets, including any unamortised premium paid on acquisition. Any unrealised profits and losses from transactions between the Group and the associate or joint venture are eliminated to the extent of the Group’s interest in the associate or joint venture.
## **Incoming Resources**
Incoming Resources represent the total amount receivable by the company for goods supplied and services provided during the particular accounting period, excluding VAT and trade discounts.
Membership income is recognised in the year for which the fees are paid, with any paid in advance of the relevant year reported within deferred income.
## **Resources Expended**
All resources expended are recognised on an accruals basis.
## **Tangible Fixed Assets and Depreciation**
Depreciation is calculated to write down the cost of tangible assets by equal annual instalments over their expected useful lives. The rates generally applicable are:
Freehold properties (excluding land) 2.5% Fixtures and fittings 20% - 25% Website 20%
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
16
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of the business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
## **Employee benefits**
## **(a) Wages and salaries and annual leave**
Liabilities for wages and salaries and annual leave are recognised and are measured as the amount unpaid at the reporting date at current pay rates in respect of employees' services up to that date. They are expected to be settled within one year.
## **(b) Pensions**
The group makes contributions to employees' pension schemes. The amount charged to the profit and loss account in respect of pension costs and the post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
## **Leased Assets**
Payments made under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
## **Risk Exposure**
The Trustees regularly review the risks to which the charity is exposed and systems have been established to mitigate these risks.
## **Reserves Policy**
A general reserves fund is maintained as a minimum six months contingency cover against the possible threat of current rental income ceasing and poor cash flow emanating from late or unpaid subscriptions.
## **2. INVESTMENT INCOME**
|Rents received
Interest received
|2023
£
41,265
4,727
45,992
|2022
as restated
£
58,738
1,630
60,368|
|---|---|---|
17
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
|**3.**
**INCOME FROM CHARITABLE ACTIVITIES**
Subscriptions
Sales of publications
Advertising
Miscellaneous income
**4.**
**CHARITABLE ACTIVITIES COSTS**
Expenditure on the advancement of the
science and art of Civil Engineering Surveying
Advertising and training
Personnel (note 8)
Administration
Premises
Miscellaneous
Depreciation
**5.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation – owned assets
Auditors’ remuneration – audit services
Auditors’ remuneration – accounting services
**6.**
**GOVERNANCE COSTS**
Committee and officials’ expenses
Legal and professional fees|2023
£
957,704
379
64,401
2,296
1,024,780
2023
£
144,214
55,872
596,035
110,461
64,353
36,952
23,830
1,031,717
2023
£
23,830
7,720
3,160
11,870
18,847
30,717|
2022
as restated
£
927,133
1,517
83,486
7,704
1,019,840
202
as restated
£
117,318
50,909
540,656
73,715
57,013
20,328
20,978
880,917
2022
as restated
£
20,977
7,012
2,620
12,099
13,841
25,940|
|---|---|---|
|||
as
as
|
||
||
## **7. TRUSTEES’ REMUNERATION AND BENEFITS**
There were no trustees’ remuneration or other benefits for the year ended 28 February 2023 nor for the year ended 28 February 2022.
## **Trustees’ expenses**
There were no trustees’ expenses paid for the year ended 28 February 2023 nor for the year ended 28 February 2022.
18
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **8. STAFF COSTS**
|Staff costs during the period were as follows:|2023|
2022|
|---|---|---|
|||as restated|
||£|
£|
|Wages and salaries|531,320|
454,051|
|Social security costs|44,946|
44,321|
|Other pension costs|19,770|42,284|
||596,035|540,656|
|The average number of employees during the year was as follows:|||
||2023|
2022|
|Administration|12|
10|
|The number of employees whose employee benefits (excluding employer|pension costs)|exceeded £60,000|
|was:|||
||2023|
2022|
|£70,001 - £80,000|1|
2|
|£100,001 - £110,000|0|
1|
||1|
3|
The key management personnel of the group comprise those of the Charity and the key management personnel of its wholly owed subsidiary SURCO Limited which includes two directors whose employee benefits totalled £169,981 (2022: £199,045).
## **9. TANGIBLE FIXED ASSETS**
## **GROUP**
|**COST**
At 1 March 2022
Additions in the year
At 28 February 2023
**DEPRECIATION**
At 1 March 2022
Provided in the year
At 28 February 2023
**NET BOOK VALUE**
28 February 2023
28 February 2022|Freehold
land and
buildings
£
1,250,000
-
1,250,000
243,754
18,753
262,507
987,493
1,006,246|Fixtures
and
fittings
£
214,462
-
214,462
209,165
2,187
211,352
3,110
5,297|Website
£
56,576
-
56,576
26,947
2,890
29,837
26,739
29,629|Total
£
1,521,038
-
1,521,038
479,866
23,830
503,696
1,017,342
1,041,172|
|---|---|---|---|---|
19
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **9. TANGIBLE FIXED ASSETS - continued**
## **INSTITUTION**
|**COST**
At 1 March 2022
Additions in the year
At 28 February 2023
**DEPRECIATION**
At 1 March 2022
Provided in the year
At 28 February 2023
**NET BOOK VALUE**
28 February 2023
28 February 2022|Freehold
land and
buildings
£
1,250,000
-
1,250,000
243,754
18,753
262,507
987,493
1,006,246|Fixtures
and
fittings
Website
£
£
184,246
56,576
-
-
184,246
56,576
181,445
26,947
1,564
2,890
183,009
29,837
1,237
26,739
2,801
29,629|Total
£
1,490,822
-
1,490,822|Total
£
1,490,822
-
1,490,822|
|---|---|---|---|---|
||||
452,146
23,207
475,353
1,015,469|
452,146
23,207
475,353|
||||||
||||
1,038,676||
All tangible fixed assets were used for charitable purposes.
Freehold land and buildings were valued on an open market basis on 14 September 2009 by Stevens Scanlan LLP, Chartered Surveyors. The Trustees are of the opinion that the market value has not changed since this date.
If land and buildings had not been revalued, they would have been included at the following historical cost:
|Cost
Aggregate depreciation
|2023
£
1,088,585
210,000|2022
£
1,088,585
200,000|
|---|---|---|
|||
|
## **10. INVESTMENTS**
## **Investments in subsidiary**
At 28 February 2023 the charity owned 100% of the Ordinary share capital of its subsidiary SURCO Limited. Details regarding the subsidiary are as follows:
**Country of Registration** England and Wales **Nature of Business** Publications, advertising, training and conferences **Registered office** Same as parent company
20
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **10. INVESTMENTS - continued**
The results of the subsidiary, which are included in the Consolidated Statement of Financial Activities and Consolidated Balance Sheet, are as follows:
|Consolidated Balance Sheet, are as follows:|||
|---|---|---|
||2023|2022|
||£|£|
|Capital and reserves|(280,922)|(214,624)|
|Profit/(loss) for the financial year after tax|(66,298)|(19,360)|
## **Investments in joint venture**
The subsidiary Surco Limited, owns 50% of the ordinary share capital of BK Surco Limited which is registered in Hong Kong. Its registered office is Suite 1901-2, 19[th] Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong and its principal activity is conducting seminars on construction management.
The group’s share of profit and assets is set out below.
|At 1 March
Share of profit
Dividends received
At 28 February
|2023
£
85,140
50,050
(23,232)
111,958|
a
|2022
s restated
£
72,470
29,675
(17,005)|
|---|---|---|---|
||||
85,140|
## **11. STOCKS**
|
Consumable stores|**GROUP**
2023
2022
as restated
£
£
700
700|**INSTITUTION**
2023
2022
as restated
£
£
200
200|
|---|---|---|
## **12. DEBTORS: AMOUNTS DALLING DUE WITHIN ONE YEAR**
|
Trade debtors
Amounts due from subsidiary
Other debtors
Prepayments|**GROUP**
2023
2022
as restated
£
£
24,611
27,418
-
-
15,991
4,097
20,824
25,979
61,426
57,494|**INSTITUTION**
2023
2022
as restated
£
£
3,813
2,152
-
76,332
15,991
4,097
18,991
24,310
38,795
106,891|**INSTITUTION**
2023
2022
as restated
£
£
3,813
2,152
-
76,332
15,991
4,097
18,991
24,310
38,795
106,891|
|---|---|---|---|
||||
106,891|
21
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **13. CREDITORS: AMOUNTS DALLING DUE WITHIN ONE YEAR**
|
Trade creditors
Social security and other taxation
Other creditors and accruals|**GROUP**
2023
2022
as restated
£
£
30,446
35,452
15,275
12,594
296,219
270,368
341,940
318,414|**INSTITUTION**
2023
2022
as restated
£
£
23,756
34,650
8,500
8,403
291,190
266,010
323,446
309,063|**INSTITUTION**
2023
2022
as restated
£
£
23,756
34,650
8,500
8,403
291,190
266,010
323,446
309,063|
|---|---|---|---|
||||
309,063|
## **14. LEASING AGREEMENTS**
Minimum lease payments under non-cancellable operating leases fall due as follows:
|
Within one year
Between one and five years
In more than five years|**GROUP**
2023
2022
as restated
£
£
6,562
7,186
23,672
17,964
6,915
-
37,149
25,150|**INSTITUTION**
2023
2022
as restated
£
£
6,562
7,186
23,672
17,964
6,915
-
37,149
25,150|**INSTITUTION**
2023
2022
as restated
£
£
6,562
7,186
23,672
17,964
6,915
-
37,149
25,150|
|---|---|---|---|
||||25,150|
## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **GROUP**
|Unrestricted
Restricted
funds
funds
£
Non-current assets
1,129,300
-
Current assets
1,406,536
10,892
Current liabilities
(341,940)
-
Creditors due after more than one year
-
-
2,193,896
10,892|2023
2022
as restated
Total
Total
funds
funds
£
£
1,129,300
1,126,312
1,417,428 1,338,502
(341,940) (318,414)
- -
2,204,788 2,146,400|
|---|---|
22
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **16. MOVEMENT IN FUNDS**
## **GROUP**
|**Comparatives for movement in funds**
**Unrestricted funds**
General fund
Designated fund
**Restricted funds**
Regional fund
Institution prize fund
**Revaluation reserve**
Land and buildings
**TOTAL FUNDS**
At 1.3.21
£
**Unrestricted funds**
General fund
1,597,123
Designated fund
42,000
**Restricted funds**
Regional fund
3,828
Institution prize fund
7,064
**Revaluation reserve**
Land and buildings
221,415
**TOTAL FUNDS**
1,871,430|At 1.3.22
£
1,872,093
42,000
3,828
7,064
221,415
2,146,400
Prior year
adjustment
£
71,944
-
-
-
-
71,944|Incoming
resources
£
1,120,822
-
-
-
-
1,120,822
Incoming
resources
£
1,109,883
-
-
-
-
1,109,883|Resources
expended
£
(1,062,434)
-
-
-
-
(1,062,434)
Resources
expended
£
(906,857)
-
-
-
-
(906,857)|At 28.2.23
£
1,930,481
42,000
3,828
7,064
221,415|
|---|---|---|---|---|
|||||
2,204,788|
|||||
At 28.2.22
£
1,872,093
42,000
3,828
7,064
221,415
2,146,400|
23
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **16. MOVEMENT IN FUNDS - continued**
**A current year 12 months and prior year 12 months combined position is as follows:**
|**Unrestricted funds**
General fund
Designated fund
**Restricted funds**
Regional fund
Institution prize fund
**Revaluation reserve**
Land and buildings
**TOTAL FUNDS**|Prior year
At 1.3.21 adjustment
£
£
1,597,123
71,944
42,000
-
3,828
-
7,064
-
221,415
-
1,871,430
71,944|Incoming
resources
£
2,230,705
-
-
-
-
2,230,705|Resources
expended
At 28.2.23
£
£
(1,969,291)
1,930,481
-
42,000
-
3,828
-
7,064
-
221,415
(1,969,291)
2,204,788|
|---|---|---|---|
## **Total fund analysis by company:**
|Chartered Institution of Civil Engineering Surveyors
SURCO Limited
**TOTAL FUNDS**|2023
£
2,485,712
(280,924)
2,204,788|2022
as restated
£
2,361,026
(214,626)|
|---|---|---|
|||
2,146,400|
## **17. CONTINGENT LIABILITIES**
The group had no contingent liabilities as at 28 February 2023.
## **18. CAPITAL COMMITMENTS**
The group had no capital commitments as at 28 February 2023.
## **19. RELATED PARTY TRANSACTIONS**
There were no related party transactions for the year ended 28 February 2023.
## **20. RESTRICTED FUNDS**
The Regional Fund was established in 1978. Funds are donated annually by the charitable company to regional committees throughout the UK and overseas. The capital and income are used to provide lectures and co-ordinate local activities which further the charitable company’s objectives. The Fund is invested in short-term deposits.
The Prize Fund was established in 1981 to award prizes to outstanding students studying on Institution accredited academic courses. The Fund is invested in short-term deposits.
24
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 FEBRUARY 2023**
## **21. PRIOR YEAR ADJUSTMENT**
The group has restated the prior year’s figures to account for a 50% investment in a joint venture entity BK Surco Limited. The adjustment increases the prior year surplus by £12,670.
25
DocuSign Envelope ID: 00F92438-4783-47D7-BA24-311C9873CBA6
## **CHARTERED INSTITUTION OF CIVIL ENGINEERING SURVEYORS**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2023**
|**Administration**
Postage
Printing, stationery and advertising
Telephone and email costs
Computer and photocopier costs
**Premises**
Rates and Water
Insurance
Electricity, gas and service charges
Repairs and decoration
Cleaning
**Miscellaneous**
Bank and credit card
Bad debts
Cleaning
**Committee and officials’ expenses**
Council of Management
Officials’ expenses
Education, Training and Membership Committee
Finance and GP Committee
Commercial Management Practices Committee
Annual General Meeting
**Professional**
Accountancy and taxation
Audit fees
Legal fees and company requirements
|2023
£
7,822
2,224
15,160
85,255
110,461
14,800
8,444
12,928
18,965
9,216
64,353
20,019
10,000
6,933
36,952
2,703
3,643
9
70
376
5,069
11,870
3,160
7,720
7,967
18,847
|2022
£
10,291
929
12,025
50,470
73,715
13,794
8,826
11,552
12,193
10,648
57,013
19,676
-
652
20,328
4,559
3,814
-
-
-
3,726
12,099
2,620
7,012
4,209
13,841|
|---|---|---|
This page does not form part of the statutory financial statements
26