2022-03-31-accounts

Company Registration No. RC000834 Charity Commission Reg. Iyo. 1132642 OSCR Registration No. SC040665 CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT (A CotllPAlly Incorporated by Royal Charter} REPORT AND FtNANCIAL STATEMENTS 31 MARCH 2022

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT REPORT AND FINANCIAL STATEMENTS 2022 CONTENTS Page Trustees. Report Statement of Trustees, Responsibilities 13 Independent Auditor'5 Report 14 Consolidited Statement of Financial Aetivities 17 Balance Sheets 18 Consolidated Statement of CAsh Flows 19 Notes to the FinanciAI Statements 20

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT TRUSTEES, REPORT The TnJsiee5 preseni their annual repon and financial 5taiemenis for Ihe year from l April 2021 to 31 March 2022. The Chartered Insiituie for Securiiies & Investmeni I'CISI" or 'ihe Charirj" or "the Institute") is registered as a chariiy in Enkland &. Wales by the Charili, Cotllmi55ion IRebJ15traiioTr No. 11326421 and in Scotland by the Office of Ihe Scottish Chariiie5 Rebjulaior IRebTiStrdlion No. SC0406651. The co¥npany 15 incorporated by Royal Charter IRegTislraiion No. RC0008341 and 15 governed b}. sabd Chartei and its a550ciated Bye Laws. The group results combine the results of the Charii), with Ihe results of the following.. Chartered Institule for Securities & Invesltnent (Service51 Ltd. a wholl) owned UK 5ub5Ldiary, which run5 the Irddins activilies of the In5tilule. Securilies & Invesimeni Insii(uie, a regisiered chariry number 1036566 and a company limited by guarantee, govemed by a tnemorandum and articles of a5sociatioTr. company registration nutllber 2687534. The cornpany 15 dorTnatht and a whollv owned subsidiary olCISI. Chartered Institute for Securities & Investment Ilndial, a brdnch, established in Mumbai and which act5 a5 a liai50n office for the Indian subcontinent. Chartered Instiiule for Securities & Inveslrnent {Singapore) Pie Lid, a wholly owned subsidiary. of Chanered Institute for Securities & Investment (Services) Ltd, esiablished in Singapore. This cornpan), did noi trade during Ihe year. SecurilÉe5 &. Investrnent Inslltule (Chinal, a wholly owned sllbsidiary of Chartered Insiituie for Securities & Investment15eryicesl Ltd, e5thblished in the People's Republic ol-chinffj which runs Ihe consuliinL aciiviiies of ihe Insiiiule in China. Chartered Instiiule for Securiiies & Invesiment ISetvice5) Ltd IDMCC Branch), a branch of Chartered Institule for Securiiies & InYe51meni Iservices) Lid, established in Dubai, UAE M'hich ac15 as a represeniaiive O￿lce. Chanered In51iiule for Securiiies &. Invesimeni (Services) Lid, a legall>' regisiered Sri Lankan branch orrice of ihe UK company of ihe same name. which also provides operaiional support for ihe ¥Tlobal activities of ihe bl dl gl h) Chattered Illslilule for SecurKlie5 &. Invesltllenl {Serviee51 Lid 15 a branch regisiered as a representative office in ihe Philippines. Thi5 Company doe5 tiot trade in it5 0%4n ribhi. Chanered lThsiiiuie for Securiiies and Invesimeni Iservice51 Lid. is regisiered as a wholly owned subsidiary in Ireland. This company did noi trade dunno the )'ear. Chanered InsiiDJie for Securities & Invesimeni Cyprus Lid is registered as a ivholly oivned subsidiary in Cyprus. This cotnpatly did nol Irade during the year. Trustees The following individuals served as Trustees ihroughout the year (except where noted) Chris Allen MCSI Fionnuala Carvill. Chartercd FCSI. Debbie Clarke. Chartered MCSI Michael Colc-Fonla)n MCSI (Chair) Danny Corrisan MCSI Trace>. Davidson, Chartered FCSI Charles Ferrv. Chartcred FCSI Peiros Florides, Chartered FCSI Robert Hughes-Penney. Chartered FCSI Clair Mills Peier Moore& Chartercd FCSI Graham Nicoll. MCSI Claire Perryman, Chartered MCSI Ravikumar Puranam FCSI{I4onl Alan Ramsay FCSIIHon) (Deputy Chair) Amyr Rocha Lim< CFPTM CharteTed Financial Planner Appointed 15 October 20?1 Chartered FCSI Martin Ruskin. Chartered FCSI Nick Swales, DL. Chartered FCSI* Rebecca Taylor. Chanered FCSI Jane Valls ' * denoies a co.opted TN51ee & denoies a Trustee Ihai has served for more than nine years Cornmitl¢e A,I,J A,D,l.J B.F,H.I,J Resigned 22 April 2021 Appoinred 15 October 2021 Resigned 15 Ociober 2021 Resigned 15 Ociober 2021

CHARTERED INSTITUTE FOR SECUIUTIES & INVESTMENT The Tnjsiees. 211 of H.hom are nDiI-execulive, arc elecied bv the members lexcepr for co-opiee5 who ure appDintcd by the Board) at the Annual Genernl Mceling for a ierm of office of three years. None of Ihe Trusiees had any interest in the company or ils subsidiaries. Thi, Triisiee.¥ st?rwL?d ihefollovving ComMItIL?e.i.' Audit Eiisk Committee EdiiDrial Panel Educational Trus1 Examin&tion5 Board Inie&Trrity & Eihics Commiiiee International Commillee Inve51meTht Commiiiee Membership Commillee Nominaiion Commillee Remuneration Committee INVESTMENT POWERS The Insiiiuie's Charter provides Ihe Board wiih the pow'er 10 invest monie5 no( immediately required for it5 purp05ES in or upon such invesiment5. securiiies or property as may be thought fil, subject to such conditions and with such sanction as may for ihe lime being be imposed or required by law. ORCANISATION The Insiiiule's uliimate managemeni group cornprises ihe non-execulive Board of Tru51ees shown above, including up lo ihree Bourd-appointed co-opied Trusree5, which decides upon stratebTiC and PDlicy rnaller5. The executive 51aff are organised inio ihe depanments of qualificaiions. membership & piofe55i0nal d¢veloprnenl. operdlions. international, corporaie governance & support and services (Chartered Insiiiuie for Securiiies & Invesimeni (Services) Lidl. Cliief Executiie Simon Culhane, Chartered FCSI Director of Global Bu5ines5 D¢v¢lopmen¢ Kevin Moore, Cliart¢r¢d FCSI Globgl Dir¢clor of Fin8nc¢ Karen Aslicroft, CA, MCSI Chief Oper8ting Officer Jolin Preston Global Dircclor of Learning Susan Clemen15, ficE CHARITABLE OKIECTIVES The In5111uie's chariiable objeellves are io.. promote for Ihe publ1¢ benefit ihz advancemeni and disseminaiion of knowledge in the field of securilies and invesiments. develop hish ethical siandards for practiiioners in securiiies and investments and 10 promote such standards in Ihe United Kingpdom and over5ea5'. and act as an auihorilaiive body for the putpose of constsliation and iesearch in matteT5 of education or public interest conceminu Invesimeni in 5ecuiilies. A fttll descripilon of Ihe 8ctivllles undertaken by ihe CISI in pursuit of its chariiable objects can be found in the published annual report or online al the CIS1'5 web5iie Iivww.cisi.orgl. REVIEW OF AcfiviTIE5 Set aut below is a 5ummory of ihe Insiiwte's aciivities, classified bv our three charitable objectives. A far more detailed Teview appear51Th QUT Annual Report. a separate documeni Ihai can obiained by applicaiion 10 our Registered Office or can be do￿nIOaded fvom our web site Iivww.cisi.or

CHARTERED INSTITUTE FOR SECUtUTIES & INVESTMENT Charituble Objective I: How th¢ CISI promotes. for the public bcnefit. the disseminAtion and advancement of knowledge in Ihe fiold ofsecurities and investments. ATTAINING COMPETENCE The firsr few moThihs of the financipl year saiv rnany countries, including the UK. 511]] experiencing Covid restriction5. When these were lifted duriDg the spring and summer, a significant release of pent-up dernand for qualifications ivas experienced. The number of examination.s taken rose by 9,150 IJ Ivol to 35.800 against the previous year's total of 26.500, representing a reiurn to pre-p￿deMiC levels. Of those over 13,000 were taken ou15ide the UK, 50/0 more than two >ear5 ago, and iliis was de5Plte significant difficultie5 in India whirh experienced major Covid-relatcd disruption. Once again ihere was sirong> demand in ihe Gulf region, especially from ihe UAE. Demand for exams also comes increasingly from Saudi Arabia where ive will be launching a suite of new exams shortly. These have been in development for three years, creaied on behalf of the Saudi Capital Markets Authority. We continue io grow our pre5erhcc in Africa, and Europc wa5 anDthei bright aiEa, despite ihe UK'S exit from the EU. During the year ive continued lo expand the quality and range of digital learning over five e-learning suite5, Ebooks, Revision Express, Professional Refresher, Professional A55essmenl, Regulatory As5e5smeni, many in a variel) of languaEe5 including Sparhi5h, Arabic. French and Greek. We eontinue 10 work with the education secior iniemaiionally. With studenis iaking our exams at Chris1 Universiry and Jain University in Bangalore and ihe Universiry ofjohannesburg in South Africa. amongsi oihers. MAINTAINING COMPETENCE Last year highlighted a changing trend in how people learn, which ha5 Colltinued to evolve. We were pleLsed to 5UPPOrt the UK Tegulaior sugse5ted chanses lo the continuou5 profes5ioThal development (CPDI ciiteria. by recomrnendiThg the inclusion of short burs15- bile 5izcd- oFknoivledge and the rernoval of a Tnintrnum learning lime. A further TefinerneThi 15 that whi15t waiching, Ihe viewer is also likely lo be mulii lasking, especially in a work environmeni, often using a second oiher device lor screen) lo find further inforniation or possibly respond to an exiernal emuil (business or sociall. We fiTSi saiv a rapid increase in mulii-ra5Ling a5 Ilie pandemic 51arted and evervone maved lo %'ideo calls. with individ￿al5 quickly recognising thai durink tlie le55 exciiinLt moments of a meeiin&. Ihey could be more produciive. To ensure that members are fully engTakied when waichingi CISI TV, or our Professional Refresher5, we have included a shon test at ihe end io check understanding and full credii for learning, in ienns of CPD, is only applied if Ihe te51 is pas5¢d. To increase public acce55, Ihe Instiiuie has again increased lis ouiput on its own dedicaied YouTube channel and created its firsi video adven 'Making of a professional" filmed. in pan, on handheld devices and during a Covid lockdO￿n which gave li a grainy, authentic feel. Over five million people have viewed the 60 second video in Ihis 5ucce55ful and innovative maTketinLp campaibjn. A highlighi of the year wa5 Ihe increase in Ehe number of Certified Financial PlannerlP41 holde￿ alongiside much greater inlere51 in the new pathway5 we developed al the end of last year, Record numbers of neiv enirants Sat the level four and level six Finapcial Planning exams, resulting in a 5tTong pipeline of people preparing lo sit for th¢ level seven CFP case siudy eAan7. Towards ihe end of ihe year, we launched our new Financijl Planning Prof¢5sional Assessrnenl ivhich pro%'ides professionals who haie taken oilier hibh Icvel financial qu&lificJtion5 lat level six or above) lo &cquire the specific top up knowledge they need in prepardlion lo undertake the CFP case study. Our examinaiions aTe accredited by the UK Tegulalor Ofqual. We are also accredited in the UK by the Financial Conduct Authority IFCA) io provide mans, thousands of individuals with Iheir personal Siaiemeni of Professional Standin￿. CISI a150 holds a UK license issued the US.based Financial Planning Siandards Board IFPSBI io certify Financial Planners and Financial Planning fimis as having auained ihe required competencie5 for iheir rrade via CFpThl cenificaies. During) the year, the Insiiiuie spent £12.627.880 in ihe pursuance of (his charitable objective. compared to £9.309,973 in the preceding year.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Chnritablc Objective 2: How the CISI seek5 to develop high ethical 5tAndards for praccitioners ill 5eeuritie5 investments lo promote such 5tandard5 ill the United KingdLTrm and overseas Integrity is on¢ ofthe key pillar5 of professionalism on which Ihe Insliiuie is founded. The Institute seeks to maintuin its reputation &s a ihought leader in ihe field of ethical standards and behaviour within financial services. and our products and service5 airn to promote and reinforce an expeciaiion of professionalism and high standards. The In51itulE'5 integrity case studies and guidance continues to be well received during the year, especially iniemaiiollally, as many countries look lo discover how thcy can change ihc culture of Ihe finance secior and help li Tegain public Iru51. A further 12,500 Integrity Matters tests were completed during the yeaT and we believe ihe In5tiiute coniinues 10 be the only professional body ID the ivorld to require many of those thking capital markei exams. 10 lake and pa55 41 nique integrity ie5t. CISI a150 ha5 a mandaiory policy ensuring Ihai all members complete an appropriaic amount OF conlinuing professional development ICPDI siudy. The minimum is Sei at 35 hours for senior members and ten hour5 ror rnore junior levels. Of this, al least IOU/0 must be in eihics-relaied iopics. Regrettably. noi every member lives up 10 the Instiiuie's expectaiion and during the year 54 distiplinary ra5es were revi¢wtd by our Disciplinary Review Panel and ihree of11105e were 5uificiently 5eriou5 to be heard by the Disciplinary Hearing Panel, an independeni review body made up of CISI and lav members. Ten cases remain under investigation and nine are on hold pending regulatory or legal ouicomes. A furth¢r tliree are currenily under refetTal lo a Disciplinary Panel. R¢gret¢4bly of ihose disciplinary cases reviewed by Ihe Disciplinary Panel. one tnernber wa5 expelled from ihe Ins¢iiul¢,' one member wa5 expelled from the Insiiiuie for a specific period of lime; one membEr received a reprimand and was asked io compleie additional CPD related 10 the CISI Code of Conduci; and for one rnember there was no case 10 answer. The public need5 lo havE confidence in the integrity of ￿e[llberS and ive actively encourage ihe reporting of b¢haviour which falls short of the In51ilule'5 prinriples. In addition to ihe Mernber5hip RebTulaLions. the ode of conducl imposes an oblig&tion on members io alwa>'s aci not only in cornpliance with the rule5, bui olso to 5UPPOrt the underlying values of ihe Instiiute. Expendilure duTing the year in connection with this charitable objective amounted to £1,636,598, cornpaied 10 E1,641,395 in the pieceding year. Chthrituble Objpctive 3: How the CISI Acts as llulhoritJtiv¢ body for the purpose of ronsultalion Hnd research in matlers of edueatloll QT public inlcr¢st concerning investments in srcuritics. Th¢ Review, ovr key publication, continued io be released quLrterly iyith a ivide varicty of comment and featUTes relevani io the invesimeni communiry. In addition, up 10 13 article5 per monih ivere published on The Review Online e¢Jltlon. Theme5 for 5peeial reports in 2021122 tncluded lacklin& financijl crime, how the financial services secior is supponing customers in vulnerable circvmsLince5, and Sustainable Developmeni Goals in responsible fiTrance. Financial Planning Week and World Financial Planning Day in October 2021 were both grelll successES Wlth more rinancial planner5 involved Ihan ever before, showcasing the ways in which financial planners byive good quality udvice. Our metnber5 5upponed rhe public in dei'eloping their understanding Df what real financial planning looks like, a5 well as giving practical help and advice 10 people in most need. We conrinued io be an active member of the Chartered Bodie5 Alliance. This infomial alliance is Composed of three of ihe five FCA accrediied b(Klies. The enhanced cooperation between ihe bodie5. Ivho meei quarterly, has proved helpful in pre5eniing a united and cornmon approach with rnany internctions with reg*ulaiors, especially on susiainability, iyhere during the year, the Allian¢e creaied ils firsi common qualificaiion on Climate Change which Ivas Successfully launched in the summer, in lime for Ihe Global Climaie Change conference in Scotland. COP 26. The exam is distributed by all ihrtt bodies and has seen good global demand. Costs incurred in connection with this charitable objective durinuy the year amounted 10 £3,055,905. compared 10 £3.011.296 in the previous )ear.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT How the CISI provldes Public BEnefit Whilst ihe Insii(uie's primary function is to provide education lor the public, it is conscious thai li has a public service obligation and, a5 well a5 general education, the CISI continued ils comtnilTllErit lo provide wider general acce55, regardless of mEans. During the year. the ClSI= Worked wilh members and firnis in schools and colleges to provide infomialion, mentoring Jnd support for siudents working towards CISI qualificaiions or considerinb? a career in financial services. Has been a ke}. partner in Ilie Clianered Bodv Alliance. a joini iniliaiive with the Chanered Insurance Inslituie and Ihe Chartered Banker Insliiuie, aiming 10 promoie professionalism, knowledge, competence, eihics. and indusiry qualificafions and io make it easier for the public 10 access ihe services of qualified profession&ls. Offered reduced membership arhd exam packages lo full time sludenls and the financially disadvantaged in the UK and abroad. Worked wilh sch¢)ols and college5, runnin& free events 10 prepare teachers Lo teach courses thai will allow siudenrs io sli our exams. Provided free and paid CPD events io boih member5 and non-members io raise awareness of good praciice and ethical dealing within the securiiies and investmeni profession. SpDke at conference5 on topic5 relevant (o the industry and ihe ivider business public. including whigtleblowing. our"Speak Up" campaign, and inle&Trity. Worked wllh O¢her professlonal and charltable bodle5. offerlng our knowledge and expert15e io help advance appropriaie projecis. offered Charity Day5: CISI ernployees can take a charity day Each year lo work for a charity or on a cotnmunity project of their ¢hoice. Provided ihe public wilh delayed, free acces5 to its industry journal. The Trustees hav¢ given due consideration to the Charity CommissioD'5 published guidance on the Public Benefit requiremeni under the Charities Act 2011. FUTURE ACTIVITIES The CISI'5 key obJeclÈves for 20?W23 are.. Glow membership by nEt up lo 20/0 in the UK and l 0% iniernll(ionLIIv Impiove cusiomEr experience through the CISI Mernber App and increasing CISI'S ICS scores for them to be in top quartilE for both Service und complaint5 Continue io develop, promote Jnd pllblish inclusion and diversity initiaiives both internally and externally 4. Devclop our people and culturc through ITainiThg and culture iniiiatives REVIEW OF FINANCIAL POSITION Includins invesimeni gains of £58? 516 (£1,586,081 in 2020121 l. the Insiitui¢ recorded a retained surplus of£293,987 (£1,008,166 in 20201211 from income of £17.03m 1£ lJ.38m in 2020121). Irtcotne increased by £i,647.105 127.250/0}, and operating expenditure increased by £3,357,719 (?4.050h). Expendiiure in ihe curreni year includes a donation of £2.5m its the Chartered Institute for Securitie5 & Investment Future Foundaiion (Future Foundaiionl. Operaiinb? expenditure excluding thi5 donation iThcrea5ed by £857,719 16.14/). The Institute's reserves incre￿ed by £293,9871202012 1 £1,008,166) ro a iolal of £14.954.86512020121.' £14,060.5781 after the Board made a donation of £275.000 12020121.. £250.0001 io th¢ CISI Educational TTUSI. and £? 500.000 12020121.. £Nil) to the Future Foundation, which are legally 5eparnte entities ivith Separate Board of Trnslees. The Instiiuie has Continued 10 maintain IL4 healihy financial position, with free reserves of l 0.8 months, opernting costs, considered bv the Trustees as prudent (see reser¥'es policy below). During the year. funds were applied towards achieving the Insiiiuie's main objeciives through the provision of relevant qualifications, membership, events and leaming resources.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT The Insiituie's wholly owned UK Irading Subsidiary, which undenakes non-chariiable activities, recorded a profit after l&K Jnd di51ribuiions of £45.64712020171.' £64,216). The Insiiluie coniinues io retnain financially independent, deriving funding through fees charged in rel&tion to its charitable activities, such as individual mernber5hip, exam5, and piofe55ional development events. RESERVES POLICY The In511tuie has high operdtional ¥earing in a cyclical indu51ry and therefore requires sutTicient reserves lo draw upon during limes of industry dDwnturn and tc meet Lts eharilable objective5. The reserves polici., together with the approach 10 invesiing reserve5, 15 reviewed and approTred annuall) bj. the Board. A5 part of this review, reserves between a minimum of£10.2rn and a tna¥imum of £11.7rn ha5 been agreed a5 the new policv level ofTeservcs. The Tru51ees have agreed Ihis increase from a minimum oF£8.5m and a m&%imum of £10.5m in the prior year due to an increase in obligations and economic turbulence. The BoariE had postponed ihe release of exi5tiThg reserves in 2020121, considering if appropiiuie to hold reserves above the sukgvesled mLKitnurn level due 10 the siiuation with Covid-19 ￿ ihal lime, In the curreni year, operaiional performanc¢ was stronger ￿laTh expecied de5piie commercial uncertainiies, resulting in a coniribution 10 reserves from operatlll8 activities. Discussions on usingy a proponion of reseryes for broader Stralegic purposes led 10 ihe esiablishmeni ofihe Chartered Inslilute for Securiltes & Investment Fuiure Foundaiion. Havinsw consulted the metnbcr5. the Board Set up this neiv company. whose objetiives are aligTned w'iih the main ¢haTity bul whose focu5 15 to award srdthts and seek panner5hips. advancing financial liierd¢y. Durinb7 the year£2.5m wa5 donated to the Future Foundation from re5erve5. Discussions on using a proportion of reserves for broader siraiegic purposes are continuing Dnd il 15 eipecled that a planned further reduciion ofreserves w'ill occur over a 2-3 year period. Ai the Jear end. Ihe toial frec reserves, defined as iotal net Isseis les5 tangible and intansible fixed asse15, of the Insiiiuie amounied io £14.723.02112010121'. £14,375.721). which represented l 0.8 month5, Worth of the expected running costs for 2022123. The policy of (he Insiiiuie regarding payments 10 suppliers is io mak'e payments no laier ihBn the agreed lenns in relation io ihe goods or service received. Ai Èhe end of the year re5erve5 lolalled £14,954,865120?or21.. £14,660,878). GOING CONCERN The Charity has a strong re%rve position and has 5ufficienl available iesources. as demonstraied by ihe reserve policy above. 11 has adequaie financial Tesource5 and are well placed 10 manage Ihe busines5 risks. Its planning process, including financial projeciion, has iak'en inio consideraiion Ihe current economic clima(e, and its potenliaS ongoing impact on the variou5 sources of income and planned expenditure. The Chariry ha5 taken slep5 10 sncrease long-term resilience and. in the prior year, 5ub-lei 40°/• of The UK olllce ar 20 Ferhchurch Street to one of its Chartered Bodies Alliance pomers, Ihe Charnered Insurance Insriiuie, Ihereby reducing its cost base from March 2021. The Chariry's cash deposiis can easily be drawn down, should working capital be required. The trustees believe that Iliere are no ma¢erial uncertainiies Ihai call inio doubl the Charit>'s ability io continue for the foreseeable future. The ccounis Iiave iherefore been prepared on Ihe basi5 Ihai Ihe Chariiy 15 a going concern. INVESTMENT POLICY The Board has delegated ihe regular revieiv and supeTVi5ion of the investment of SUTplus funds 10 an InvesimeTht Sub- Committee IISCI, comprising 5uilably e¥perienctd members iThcludiThg tw'o trnslees, which 15 iasked with addiessing the mainienance of a 5hort-iemi cash portfolio and a medium to long term capital portfolLO. The Cash Portfolio This consists of deposii accounts of various duraiioft wilh in5titutiDlls the ISC recomrnends, based on a review of credit risk, raies offered and administrative i55ues. There should be a spread of al le&sl five accoun15, and Ihey will be revieived regularly by Ihe 15C. Treasury deposits should only be placed with banks that had received J credii rating

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT A or A4 from Firch or S&P, A l or A2 from Moody's and had not received a Taiin&7 lower Ihan those from any of Iho5e three ogencie5. Deposits up 10 £IOOk can be placed with any bank covered by Ihe Financial Services CompeThsaiion Scheme, itTespective of credit rating. All policie5 have becTh followed successfully. The Medium to Long Term P•rtfolio The ISC and ihe Board discuss the CISI'5 reserve funds on a regulJr basis and between Ihem decide wherh and how much capiial can be invesied for a longer period. These funds then fall wiihiTh the Mediufft ID Long TEryn Portfolio IMLTPI iyhere ihere will be wider investment powers. Fund5 in the MLTP ￿e invesied with a view to achieving & total return in excess of thai achievable on cash deposit over the medium lo long lemi13 to 5 yeaT51. The risk profile of the MLTP is rnedium risk. The ISC appoints qualified fund manag¢rs who then use an appropriate fund frotn their range to provide a suiiable invesiment 501uiiDn. The managers are expecied io Tepon 10 the ISC on a six-tnonthly ba515 to a given benchmark agreed ai Ihe time of appoinrm¢nt. The Global Direcior of Finance & HR a150 monitor5 progress Df thc invesiments on & regular basis. The ML TP iva5 valued ai £9,183.095 on 31 March 2022. Currently the return on cash deposils 15 less than l Yo. SO the growth in the year is vieived as being more than sufficient. The ISC moniiors ihe inV￿lmen￿ and reviews new opportunities on a regular bll5i5,' however, any appointment of manasJer5 requires ihe Board io delegaie authority io ihe ISC Dn a case-by-case basis The Board and the ISC consider styles ofinveslmelll and any ethical or other re5triciions on a regular basi5. The Trustees recogni5e Lhal considerdlion of Environmenlal. Social and Governance IESGI issues is imponani lor ihe potential lo make a positive impact, achieve good long-IErtn returns and reflect ihe value5 of Ihe Charity. As such investment managers are required io demonsirnie a robu51 and 5y5temic approach 10 ESG ivhen investing. CHARITABLE GRAIYTS In 201 O. an independent charity, Ihe Churtered Insriiuie for Securiiies & Invesimenl Educational TrusL was fonned. The CISI is a cotPOTaie Iru51ee of thi5 charity, bui Ihe oiher ITusiees are all independent from ihe rnain Board of the In5tituie. objectives are "to promote for the public benefii the adV￿ceMen1 and dissemination of knowledge in the field of securities and inve51fftenl" Durin8 the year, the Inslitute donaied £275,000 to this charity12020121.. £250,000). In 2022, an independent entity., the Chartered In5tiruie for Securiiie5 & Invesimeni Future Foundation (the Foundaiionl, was formed. Thiee CISI Iru5tees are appointed 10 the board of ihe Foundation, but the other tnEStees lup ¢0 61 are all independeni from ihe main Board of the Institute. Its objectives are io promote financial literacy, both in the UK and iniemalionally. During the year, the Instiiule donaied £2,500,000 io ihis eniit}'12020121.. £Nill. VOLUNTEERS The Institute derives benefit from ihe 5ervires of unpaid volunteers, by virtue of the lime &iiven b} 115 Trustees (other Ihan ihe Chair who is rernuneraied foT iheir 5ervice51 and by practilioners who serve on variou5 COtntniltee5 and pan¢15. No donation5 in kind were received during the year. FU14DRAISING ACTIVITIES The Charity had fundrdi5ing activities Tequiring disclosure under Sl 62A of the Ch&rities A¢¢ 2011 CHARITY GOVERNATr4CE CODE The In51iiuie lakes its governante re5POD5ibilities 5eriou51y and. as a large charity. aiTllS to have a governance framework ihai is fit for purpose. compliant and e￿ICIent. Trusiees and Direcitsr-level siatT hav¢ been Provided with trdsning on their duties and respon5ibiliiies under the Charitv Governance Code and similar pieces of guidance and legi51aLion. New Trusiees are provided wilh information on their Chariry Commission and governmce responsibililies on appoinimenL and all Trus*es are Upd￿ed on relevant Charity Commission changes. During ihe year the Trustee5 have compleied a review of the Inslitute's governance. A5 part of thi5 a fom)al Govemartce Handbook has been compiled and is published on the websiie.

CHARTERED INSTITUTE FOR SECUIUTIES & INVESTMENT RELATIONSHIPS WITH OTHER BODIES In pursuii of its chariiable objeciives, the In5tiiuie provides relevani qualificaiions to ihe securiiies and invesimeni industry. many of which are on the UK Financial Conduci Auihoriry lisi ol appropriate exams. The Insiiiuie is registered with ihe Charit>, Commission for England & Wale5 and wiih the oifice of the Scottish Charity Regulator. li 15 recognised by ofqual as an awarding body for the securities and invesiment industry and is also accredited by Ihe FCA for the issuance of Siaiement5 of Professional Standing 10 retail invesiment adviser5. The Instiiuie is a founder member ofthe Chartered Body Alliante. along with Ihe Chanered Insurance Instiiuie and Chartered Bank'er Insiiiuie. The Alliance is an infomial arrangemeni 10 co-ordinate and co.operaie and does not involve a separate entity or joini veniure. The Chanered Body Alliance believes Ihai by workinbw together the alliance will achieve greater public benefiL continuing io rnise professionalism and trusc across financial services by promoting high siandurds of k'nowledge, skill, iniegriry and behaviour. Irs core objectives we sei oui below. Raising professionalism and irusl across financial services. Promo(ing high standards of Competence, knowledu?e and ethical behaviour. Mak'inu? it easier for the public 10 access ihe services of qualified profe55ional5. Eneoutagin8 individuals in the secior 10 undertake recogni5ed piofe55ional qualification5. Bofjrd The Board of the Chartered Insiiiule for Securities & Investment meets five limes per >ear and comprises all non- execuiive Trustees. The Trustees are typically employed in senior positions iyiihin firms operJiingT ill the 5tcuritie5 industry. They are identified by existing Board members fortheir expertise or nominated by metnb¢r5 Qfthe Institute. Up io 15 Trustees are elecied for a term of three years, either bj. a ballot of the rnesllbership 31 the AGM, or by the Board. IfBoard-appoinlEd. the Tru51ee 15 required lo sland down from the Board at the rhcxt AGM and seek re-election by membership ballol, in accordance with the Charity's Charter and Bye-Laws. Up to a further three Trustee5 Tnjy also be co-opted by the Board 10 serve such period ag the Board decides. On election OT appointm¢ni, Ih¢ new Trustees are given an induclion lo the Irhslilule, its activities and their respon5ibililie5 under chariiy law. Any TtU5tee is subject to rigorous revieiv of their value lo the Board and cornmittees where their reappoinirneni will Te5uII in more than nine year5 served on the Board. One trustee served more tlian nine years and Ms Caryill will not stand for re-e￿eCt10Tr in October ?022. The Board uppoinls the Chair and ihe Chief Execulive. The Chief Executive is noi a Trusiee. Ai lis meeiings. Ihe Board consider5 matters including-. polic). and sirai¢gy; rinanc5al prirottnJ￿(e. including annual budgets- Te5POllse5 10 industry con5ultalion papers. Lnd report5 from ihe s¢anding commiuees. The executive siaff of ihe Insiiruie submits management infomiaiion io the Trusiees io enable them 10 discharge their duiies. The Trusiees may lak'e independefti advice ￿ the Chariry's expense. Chiel Executive In Jaiiuati. 2022. th¥ In51itulv'5 Chirf ExErulivc. Sirnun Culhane, 4Lnnounced he will 51ep doivn in September 2022 after almosi 19 years. service. The Board iniiiated a search process using a specialisi searth rim and. from a wide ranbie of higth-qualit), applicants. have appoinied his suc¢e550r Tracy Vegro. with etreci fTom SepieFnber 2022. We look forward lo introducin¥? Tracy 10 our members. fimis. volun(eers and all CISI stakeholders. Committf CS on(1 DelegHtio The Board has delebJai¢d 50tnE of ils powe15 ID certain cotntnittees and a full li51 of all committees, togeiher ivith IhE names of the serving TNsiees. are shown on pabTes 3 and 4. Those committees lo which ihe Board has delegated powers have specific iemis of reference. ThE Audit and Risk Cornmittee IfDrmerly the Audit ComrnittEe) 55 chairEd by Alan kamsay FCSIIHonl, FCA. The Board has delegaied ihE poweT of appointment and rernoval of oiher rnetnbers of sÈalT to the Chief Executive. The duties delegyaied 10 the CEO tnay be delegated by Ihern lo othEr membeF5 of 51atf a5 they See fit. io

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Rernunerntion Polley The Remuneration Committee reviews and approve5 or amends the overnll salaries buduvei Jnd proposed chan&Tes to 5ll13rie5 aThnually, based on recommendations from Ihe Executive. li also reviews ihe remuneration ofall Executive Directors and Chair of Ihe Board, including pension risphts of Execuiives on an individual b￿1$ with Tegard ta their perfonnance reviews and current levels of remuneration and with reference 10 remunerdiion levels in other chariii¢5 of ¢(Fmpardble scale and eomplexity. The Remunerniion Commiiiee also approves (he design and deiennines Ihe larg¢t5 for any perfomiance-relaied pa>, schemes. Trusle¢ Remunertstio All rtU51ee5 givE Iheir lime freels and are not paid for their iTusieeship, with the exception of The Chair. who 15 remunerated foi (heir services, as allowed by ihe Insliiuie's Chaner. Key Ri5k5 The following are ihe key risks assessed as rhe m051 significani for ihe Insliluie.. Data Breaches and Cybercrime - The Chariry ensures that ongoing, 5ub518nlial work is undertaken on it5 5yStem4 colllracis, communitaiions. and staff awareness. Regular staff Irainins is undenaken on inforniBtion security and data protection and simulated 'phishing" exercises are undefflaken several limes per year 10 keep St￿ff alert to evolving (hreat5 and criminal iechniques. Business Continuity and D15aster Recovery- A significani portion of Ihe Chariiy's employees are based in Sri Lankj, Ivhich has experienced increasing eecnomic di￿le￿IlieS in receni monihs. The Charity has aciive coniingency plan5 in place for all locations and there are no critical s>'Sletns located in Sri Lanka. IT Infrastructure - The Charity is very reliant on IT but Tnitigate5 the risk Ihrough ernployinbi expert consuliants, ompl¢ling rigorous resilience le$15 and updating and renewing its kev 50ftware regularly. Durin¥ the year it ha5 ontinued to upgrade opgrating systems and applicalion5. Regulaiory Compliunc¢- The Charity 15 reliaTrr OD Ofqual for ils sla¢u5 as an examination providef. The Charity has in place an ongoing program of irnining, inlemul audit, and rontinuous itnprovemenl has been implemenied. Reputation and Accredited Body status - The Charity relie5 heavily being aceredited 10 set and manage exams and award qualifications accordingly. Thi5 could be pui ai risk by a serious lapse thai damages its reputation. To miiigaie this risk, Ihe Chariry has mjny procedures in place, c105el)' monitored by the Insiituie's Membership Committee, lo assuTe ihe compliance of sy5tcms, Slaff and training partllers including a social media policy. annual reviews of partner5, competence, FCA ac¢redilJtion, plus r¢quiTiDg all staff10 take competence ie51s in the Bribery Aci and dala proteciion law. Internal Control Bnd Risk MullllgernEnt The TnJ51ee5 acknowledge that they uie responsible foi the ¥nainlenancE of an effeciiye sysiem of intemal Control. However, no 5y51ern of inlernal financial control can provide ab501ule a55uianc¢ again51 maicrial misstatement or loss. The Truste25 have con5iderEd the major busine55 risks and control objective5 relevanl lo the Insiiiuic and controls vere fourhd to be appropriale and generdlly 5alisfactory. The Instilule'5 Control objecliwe5 inrludt.. the maintenance olihe indusiry'5 confidence in Ihe Insiitule's relevance, inleyrily and slalus., the identification and evaluation of bu5ine55 risks, thiough rEb?ular risk &sesstllent and reyiew. and the direction of operating and financial strJtegv', the nunuring of high ethical standards, effective cornmunicalions and a 5tTong overall control environment: the safeguarding of the assets of the Insiiiuie and ihe effeciive use of Te50urces,' and the proInolion of detailed financial and opeTalional ronlro15 necessary for ihe production of reliable and up- lo-dale financiul inforrnaliDn.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT In pursuit of the above conirol objectives ihe Institute has in place a number of key internal conirols and processes thai include.. liaising with 115 members and their emplo)'ers io ensure the In5tilute's Continued relevance. fomiallj ideniifying, evalualing and reviewing risks- communicaiints Ihe high siandards ofbehaviour expecied of its employee5 by inclusion ofthe Insiiiule's code of conduci in emplovmeni coniracis and additionally. (hrough fornial objeciive selling and perforniance appraisal schemes, including regularly ideniifying and taking aciion 10 saiisfy iraining needs: creating a secure envirorhtnent to prolect Ihe Charity's a55ets and regularly reviewing fflanagement information to ensure the effective use of resources. seeking legal proleciion for CISI trademarks and domain names by registering them in appropriate jurisdictions., operaiing signing limits io ensure thai the Charity cannot be committed financially withoui proper auilioriry. and producing regular financial reports for Board review which include esiimaies and judgments made by ihe business managers. The In51i(ule'5 Audit and Risk Corntniltee currenily cotnpri5e5 four non-executive Tru5tee5. Its scope includes the as5e55menl of ihe c051 effectiverhes5 of the exlernal Auditor5, CDnsideralion of the financial 5taietnents of the Chartered In5111ule for SccuTltie5 & Invesltnent and thE con5idEialion ofany internal contiol mallers, Ivhich may be brought to ils altenlion. The Bourd has ieviewed the netd lor an ithtetnal audit function and doe5 Thol EOt15ider Ihai such a function is necessary given the size and nature of its operations. however the Audit and Risk Coinmillee monitors iniemal assurance work on an ongoing basis. REGISTERED OFFICE AND PROFESSIONAL ADVISERS Register¢J OfficE 20 Fenchurch 5ireei London EC3M 3BY BAnker5 Bank of Scoiland 600 Gorgie Road Edinburgh EH I13XP Auditors Croive U.K. LLP 55 Ludgate Hill London EC4M 7JW Sollcltors BDB Pitmans LLP For and on behalf of BDB Piimans LLP One Bartholomew Close London EC I A 7BL Crowe U.K. LLP has indicated its willingne55 to b¢ r¢appoinl¢d a5 Statutory auditor. Approv by ihe Board of Trus e5 on 13 July 20?2 and signed on belialf of the Bo&rd by Michael Chair ole-Fon n, MCSI Alan flam￿y. F Deputy Chair Sl(Hon

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Ttwstees. Annual Report and Financial Statements in accordance with applicable law and Uniied Kingdom Genernlly Accepied Accouniing Prnrtice IUnil¢d Kingdom Accounting Standard51. The la￿ applicable io chariiies in England and Wales and in S¢otland requires the Trustees lo prepare financial slalements for each financial year which give a and fair view of the siaie of affairs of the Charity and th¢ gTI)UP and of the incomin￿> resources and applicaiion of resources of the group for that period. In preparing these fInancial slalements. the T￿sle¢S are required to.. seleci suiiable accounting policies and then apply them consistently; observe ihe tneihod5 and principles in the Charities SORP. make judgm¢n15 and ¢5timJies ihat are reasonable and prudeni: slate whether applicable accouniing siandards hake been followed, subject to any material departures disc105ed and explained in Ihe financial staiemenis., prepare Ihe financial 51alements on the soing concern basis unless It is inappropriare io presume thai ihe Charity will continue in business. The Trustee5 are rcspon5ible for k¢¢ping adequaie accounting records Ihai are sufficieni to shom. and explain the Charity's transaciions, disclosc with reasonable accuracy at any lime the financial posiiion of the Charity and enable Ihem (o ensure that the financial slaiemenis comply iviih the Chariiies Aci 201 l. Ihe Charitie5 {AcEounts and Report51 RebJulatior15 2008, the Charitie5 and Trustee Invesimenl (Scotland} Aci 2005. Ihe Charitie5 Accounts (Scotlandl Regulatior15 2006 las am¢ndedl and ihe provisions of the charli￿.$ consiiiuiion. They are a150 responsible for safe&Tuarding the assets of the Charity and the group and hence for iakinu reasonable 51ep5 for thc preiention and detection of fraud and oiher irre&Jularilies. J3

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Independent Auditor'5 Report to the Trustees ofchartered Institute for Securities and Investment Opinion We Iiave audiied the firbancial siaiemen15 orchanered Insiituie for Securilies and Investment for lh¢ year ended 31 March 2022 which comprise Ihe consolidaied siaiemeni of flnancial activities, consolidated and charitv balance sheeL ¢onsolidaied 51aiEmcnl of C￿hfl0W and no(es lo the financial statements, including a summary of significant accouniinb policies. The fitbancial rEPOrting framework that ha5 been applied in their pr¢paration is applicable law and Uniied Kingdom Accounting Siandard5, includin& Financial Reporting Standard 102 The Financial Reporling Standard applicable in the UK and Republic of Ireland (United Kingdom Genernlly Accepted Accounting Pra¢licel. In our opinion the financial 5talements.' give a t￿t and fail view of the slate of the group'5 and the parent charity's affaiTS ￿ a(31 March 2022 and of the group'5 income ond Expenditure, for the 31 March 2022 then eThded., have been properly prepared in accordance with United Kingdorn Generally Accepted Accountin￿ Practice: and have been prepared in ac¢ordaTrre wilh Ilie requiTemenls orth¢ Charities Act 201 l and the Chariiies and Trustee Invesimenl (Scoilandl Act 2005 and Regulations 6 and 8 of the Charitie5 Accounts IScoiSandl RegulatlOll5 2006 lamendedl. Basis for opinion W¢ conduc¢¢d our audit in accordance wilh International Sthndards on Audilsns IUKI (ISA5 (UKI) and applicable law. Our responsibiliiies under those Standards are funher described in ihe Audilor'5 responsibiliiies for the audil or Ihe fiTrancial 51&tement5 5¢ciion of our Teport. We are independenl of ihe group in accordance with the ethical r¢quiremenis ihai are relevani to our audii of ihe finjncial 51aiements in ihe UK. including the fRC's Ethical Standard, and ive have fulfilled our other erhical responsibiliiies in accordance with these requirements. We believe Ihat the audii evidence ive have obtained 15 sufficieni and appropriaie to provide a basi5 for our opinion. Conclusions rel8ting to going tDncern In auditing the financial siatemen(s, i%'e have concluded that Ihe iruslees use of the going concern bosis ofaccounting in the preparation of Ihe financial slaternenis is appropriaie. Based on the WDTk ive have ￿[rO￿￿ed, we have not identified any material vncenairsiies relaiing to evenis or conditions thai, individually or collectively, rnay cast significant doubt on Ihe charity's or Ihe group's abiliry, io continue as a gJoinb¥ ronr¢rn for 4 p¢rii)d of ai Ic4St twelve rnonihs from ivhen Ihe financial siaiements ore auihorised for issue. Our responsibilities and Ihe responsibilities of the Irustees will) re5peci to going concem att described in th¢ relevant sections of this report. Other iThform4tiDn The trustees are responsible for the other inlomi&iion contained within the annual report. The odier infonnalion comprises ihe infoTmalion included in ihe annual Teport, oiher Ihan the financial statements and our auditor's repon IhereoD. Our opinion on the financial slaletnen15 does nol cover Ihe other inforniaiion and, except io ihe exieni oihenvise expliciily Staled itl our report. we do not expre55 any form of assurance conclusion Ihereon. Our responsibility is to read (he other inforniation and. in doing so. consider wheiher Ihe other infcrmalion 15 maierially inconsisient with the financial stalem¢nts or our knowledge obtained in (he audii or oiherwi5¢ appears io be maierially missiaied. If we identify such material in¢onsisi¢ncies or apparent material missialernent5, we are required 10 deiemine whether this ￿y1VeS rise lo a material misslatement in ihe financial 5lalefften15 Ihern5elve5. If. based on ihe work we have perfomied, Ive tonclude thai ih¢re 15 a moterial missialement of ihis oiher information, we are required 10 Teport that fact. We have no¢hing to report in thi5 regard. M4tlers on which we are required lo report by exception We have nothing to report in respect of the followin&Tr matiers in relaiion 10 which Ihe Charities (Accounts and R¢portsl Regulalion5 2008 and the Ch&rilies Accounts IScotland} Regulations )006 requires us io report to j'ou if. in our opinion.. the inforniaiion gpiven in the financial slaÈemetLIs 15 incon51StenL in an). material respeci wiih ihe trnsiee5' report,. 14

CHARTERED INSTITUTE FOR SECUIUTIES & INVESTMENT or S￿￿1Clent and proper ac¢ounling records have not been kept by ihe parent charity; or the financial siaiements are not in agreemenl Wlth the accounting records and returns- or we have not received all the information and explanaiion5 we require for our audit. Responsibilities of trust¢¢s As explained more fullv in the tnJsiee5' re5ponsibiliiies slaiemenr sei oui on pabie 13, the trustees are respgn5ible for Ihe preparation of the financiJl statemen15 and for being sarisficd thai they ¥ive a true and fair view, and for such internal control Is ihe tnjstees determine is neEe5Sary to enable Ihe Preparaiion of financ¥a5 statements Ihal are free from maierial missiaiemcnt. wh¢ther due to fraud or erroT. In preparing the financial statements, IhE tru51ees are responsible for a55essing the gTOUP and the parent charity'5 ability to continue ￿ a going concern. di5cID5inu as applicable, matter5 related io going concern and using Ihc ¥oing concern basis of accouniing unless Ihe Iru51ees eiiher intend lo liquidate the Eharity or to cease operations, or have no realisiir alternative bui io do so. Auditor'5 respon5ibilitit5 for thc audit ol the financiol statements WE have beerh appoinied as audiior under seciion ofthe Charities Aci ?0 I I, and section 44( I Xcl of the Chariiie5 and Tru51ee Investment (Scoilandl Aci ?005 and repon in accordance with the Acls Rnd relevant regulaiions made or having effect thereunder. Our objec¢ives are io obtain reasonable assurance about ivheih¢r the financial staiemcn15 a5 a ivhole are free from aierial mi551aiement, wheiher due io fra￿d or error. and to Issue an auditor's report that iDEludES our opinion, Reasonable as5uiance 15 a high level of assurnThce. but is not a guarantee IhtLt an audit ¢onducied in accordance iviih ISAS (UK) will alivays detect a malerial missiaiemeni ￿hen it exisL8. Missiaiements can arise from fraud or error and are considered material if, individuallj or in Ihe agbTregale. Ihey could Tea50nabl}' be e.Ipecied io influence ihe econoinic d¢cisioThs of u5eTS taken on ihe basi5 uf Ihe5e financial 51atetnent5. Details of the extent to ivhicli ilie audii was considered capable of deieriing irregularities, includinb fraud and non- compliance wilh laws and regpulalivn5 are sei out below. A further de5ftiption of our re5pon5ibilili¢s for the audit of ihe financial siaiemen15 15 located on the Financial Reporlinbj Council'5 website al: wH.￿.frE.0 res onsibiliiies. This description forms part ofour audiior's report. Extent ¢0 whith the Audit wa5 C0115idered Capable of detecting irregulthritlC5, including fraud ]￿egularItieS. including fraud. ate Tnsiances of non-compliance with laws and rcbTulations. We identified Dnd as5e55ed Ihe risks of maierial missiatemetbt ofthe financial slaleinenis froin irre￿5￿larII1¢S, Ivhether due lo fraud or erTor, and discussed these beiween our audit ieam tnember5. We then designed and perfvmied audil procedures responsive lo Ih05e risk5, including obiaininb7 audil e￿Ider￿Ce suificient and appropriaie ID provide a basi5 for our opinion. We obtained an under51andins of the legTal and resTulalory frdtnework5 l¥lthiD which ilie charity and group operates, focusing on those law5 and r¢gulations ihar havc a direct Effect on the determination of material amounts and disclosures in the finaJhcial statements. The laws and r¢¥ulalion5 con5hdered in thi5 coniexl %vere the Chariiies Aci 201 l and The Charities and Tru51ee Inveslmenl IScoiland} AEI 2005 iogeiher willi the Chariiies SORP IFRS 1021. We assessed the requiTed compliance iviih Ihese law5 and iegulalion5 a5 part of our audii procedures on the related rinanctal staiemenl iletns. In addiiion, we considered provisions of oiher laivs and rebTulalion5 ihat do not havc a direct effeci on Ihe financial siatemenis bui compliance iviih M,hich might be fundamenial 10 Ihe charity'5 and the group's ability to opernle or io avoid a material penalty. We a150 considered the opportuniiies and incentive5 that fflay exist iyiiliin ihe charity and Ihe group for fraud. The laws and regulations we considered in this CDnlexl lor the UK operdtions iyere. General Data Protection Regulaiion IGDPR), Health and safety le&>islalion, T&xalion le8151alion. Employmeni legislaiion and regulaiory Iramework for awarding qualificatlOn5. Auditing siandard5 limit the required audii pr￿edureS lo sdenlify non-cornpliance with iliese laiY5 and regulations io enquiry of the Trustees and oiher managjemeni and inspection of regulaiorv and legal correspondence, if any. We identifled the gre41est risk of material impact on the financial slalements from irregpulaiilies, including fraud. lo be within the ove￿Ide of controls by managemeni. Our audil procedures io respond lo these risk5 included enquirÉe5 of managernenl aboui their own ideniificaiion and asse55Tnent of Ihe risks of irregularities. detailed lesiing of journa15 (including the use of daia analyiics), reviewing atcountingy es¢imales for biases. reviewin&? regulatory Correspondence 15

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT willi the Charity. CoTnmissioD. Companies House, HMRC, ICO and O￿Val, and readiThg minuie5 of meeting5 of ihose harged iviih gov¢mJncc. Owing 10 ihe inherent limiiaiions of an audit, Ihere is an unavoidable risk ihat we may not have deiecied some material mi5siaiements in Ehe financial staiements, even ihough we have properly planned and performed our audit in accordance with auditing Standards. For exwnple, the further removed non.compliance with laws and Tegulation5 (irregularities) is from the events and transactions reflected in ihe financial siatetnen15. the le55 liLely the inherently limiied procedures required by auditing siandards would ideniify it. In addiiion, as with any audit. there remained a higher risk of non-deieciion of irregularities, as ihese may involve collusion, forgery. intentional omissions, Misrepresen￿110￿$, or the override of iniemal conirols. We are noi responsible for preventing non-¢ompli&nce and cannoi be expecied to detect non.compliance wilh all laws and regulations. Usc ol our report This report ts made solely to the charity's trnstees. as a body, in accordance with Pan 4 of the Charities (Accounts and Reponsl Rcgulaiions 2008 and Regulation l O of ihe Chariiie5 Accollnis (Scoiland) Regulations 2006. Our audii Work has been undenaken so Ihai we might siaie 10 the chariry's mjsiees ihose mallers are required 10 slate 10 them in an audiior's repon and for no other purpose. To the fullesi extent petttlilled by law. we do noi accepi or assume responsibiliiy 10 ans'one oiher than ihe chariry, and the charity's iThsiee5 as a body, for our audil work, foi this report. or for The opinions we havr forffted. Crow¢ U.K. LLP Siaturory Audiior Lonilon Date: 1 August 2022 cr￿￿e U k LLP Is cliviblr fvr a￿￿?1nirt-rtl US thidiluf ufthe chuxil) bj virtllK ttf its cliEibility ftsr [4)￿l￿¢m(￿l )$ avdiior of o ¢prnpw>)' untkr S¢¢lion 1212 CompJni¥s Aci 20U6. 16

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YeAr ended 31 Nlarcb 2022 Unrestricted runds 2022 Unrestricted fund5 2021 Note INCOME FROM: Charirable activities= Membership subscriptions Mernbership eth(ry fees Qualificaiion5 and developmenr Publicaiions and conferences Invesimenr income Other income 5,211,673 68,052 7,708,847 2,842.469 144,554 1,056.259 4,920,146 5B,095 5,724,198 2,320,312 167,320 194.678 TOTAL INCOME 17,031,854 13,384,749 EXPENDITURE ON: Charitable aclivilies Dis5eminaiion &. advancemeni of knowledbje Ethics Consuliaiion & research 12,627,880 1,6J6,598 3,055,905 9,i09,973 1,641,395 3,011.296 TOTAL EXPENDITURE 17.320,383 13.962,664 Nel investment LFains 582,516 1,586,081 NET INCOME AND MOVEMENT IN FUNDS 293,987 1,008,166 VNRESTRICTED FUNDS AS AT I APRIL 2021 & 2020 14.660,878 11.652.712 UNRESTRICTED FUNDS AS AT 31 MARCH 2022 & 2021 14.954,865 14,660,878 The notes on pa(pes 20 10 31 fom part of these financial 51alemen¢5.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT BALANCE SHEETS As at 31 March 2022 Nolc GROUP CHARITY 2022 2021 2022 2021 FIXED ASSETS Tangible asseis Intangible a55ets Investments 231.844 285,157 231,844 285,157 10,979.884 10,183,095 10.468,252 10.979,884 10.283.095 10,568,252 CURRENT ASSETS Siock Debtors.. amounis falling due after one year Debtors.. arnounts falling due within one year 5,369 4.713 ,369 4,713 10 63,851 63,851 10 3,286.538 2,939.832 3,280.538 2,939,832 Cash al bank and in hand 8,521,976 1,816,883 ,892.163 1.900.559 8,519.794 1 1,814,701 8,890,062 1.898,458 CREDITORS: amounts falling due wiihin one year Provi5Lon5 for liabilitie5 17,327,694) 16,940,394} 17,738,495) {7,285,628) 17 NET CURRENT ASSETS 4,489,189 4,960,165 4,076,206 4,612,830 Amounis falling due after mole than one year 1746,052) (767,5J91 (746,0521 1767,5391 TOTAL NET ASSETS 14,954,865 14,660,878 14,441,882 14,413,543 REPRESENTED BY.. Unrestricied income fund 14,954.865 14,660.878 14,441,88? 14.413.543 These fin cial slaiemenis were approved and authorised lor issue by the Board of TTUStee5 on 13 July ?022 half f the Board of rusiees.. Signed on i¢hJel C Chair le-Fonl . MCSI Alan Ramsa Depvly Chair A, FCSI{14on) 18

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended 31 March 2022 Note 2022 ?021 Cash flow5 frorn opernting ictlVLtie5 Net cash lused iny provided by operaiin¥ activities 13 (241,881) 1,876,595 Cash flows and Investing activitle5 Dividend5, inieresl and renis fro¥n invesltnen15 Purchase ofian¥ible fixed assets Purchase of inve5tmenis. ai cosi Cash trdn5fer lo inv¢5tmepts Net eash luse(l in) invesling activities 144,554 158,587) 1128.846) 185.427) 1128,306) 167.320 1240,952} 1131,2921 {204,9241 Change in cash and cash cquivalents in the reporting period Cash and cash equivalenls al the beginning of the reporting peTiod 1370,187) 1,671,671 ,89? 163 7,220.492 Cash ￿5h equiwglents at ihe end of the repDrling period 8.521.976 8,89? 163 Cash in hand 3,424,876 5.097.100 .521.976 5.380.163 3,512,000 8,892,163 Notice deposiis ToiAI c05h and cash equii'Blent5 19

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Nole5 lo the financial statements year ended 31 March 2022 CHARITY INFORMATION The Chancred In51iiure for Securiiies & Investment I'CISI") is regi5¢ered as a chariry in England & Wale5 by the Charity Commission IRe&Tisiraiion No. I13?64?l and ID S¢otland by ihe Office of ihe Scottish Charities Regulaior IRegisrraiion No. SC040665). The cornpany ivas incorporaied by Royal Charter IRegistrJtion No. RC0008i41 and is kjovetned by said Charter it5 associated Bye Laws and domiciled in the UK and is a public benefii eniiiy. The addrE5S of the Tegi51Ered o￿lCe 15 20 Fenchurch Sireei. London. IC3M 3BY. ACCOUNTINC POLICIES Basis of preparHtio The accounts (financial 51alefftenlsl have been prepared in Jccordance th'iih ihe Chariiies SORP IFRS1021 applicable its charitie5 preparing thEir accounis in 4hccordance iviih FRS102 ihe Financial Reporting Standard applicable in ihe UK and Republic of Ireland and Ihe Chariiies Act 201 l and the CharilL¢S and Trustee Investmenl1Scoilandl Act 2005 and the Charities Accounts IS¢oilandl Regulaiions 2006 and UK G¢nerally Accepied Accovniin¥ Praclice a5 it applie5 from l January 2015. The Charteied Inslltule for Securitie5 & Invesimeni I'CISI") meets the definilton of a public benefir enrity urhder FRS ID2. Asseis and liabiliiies are initially retOgTni5ed at hislorical c05t or transaction Yalue unless otherwise stated in Ihe relevant accouniing polic>. noielsl. Basis ofcon501idsLtion The group financial siatem¢nis Consolidaie the financial siaietnen15 of Chartered Insiitule for S¢rurilie5 & Inve5trnent and ils subsidiarie5, as reported in noie 9. up 10 31 March 202? on a line-by-line basis. Oiher than Chartered Inslilute for Securities & Inve51menis IService5) Limii¢d, all internaiional branches. liaison o￿lce5 and 5ubsidiaries' resulis are included in ihe Chariiy's results. The net movement in funds of the Charity for the year ivas an increase of £293,98712021'. £1.008,1661. The Charitv has taken advanta&ie of Ihe exemptions in FRS 102 from the r¢quirements io preseni a Charity only Cash Floiv Siatemcnt and cenain disc105ures about the CharitN's financial in5tNments. Coing Concern The mislees have a reasonable expeciaiion ihai th¢ charity and group has adequate resouices to continue its aclÈwilies for Ihe foreseeable future. Accordingly. they continue Lo adopt the goin& concern ba515 in preparing the financial siaiemenis as outlined in the Siaiemenl of Trustee5 Responsibiliiies on pabje 13. The Trus(ee5 have reviewed forecasts for a period be>ond 12 month5 from th¢ date of signing ihe accounts. These have been prepared b}, managemeni and the 2sstsmplion5 have been stre55 iesied. The TTuslees are sali5fied Ihat processes are in placc io identify, report and remedy any 5UStain¢d1055es, and ihere are significant re5erve5 and available cash for ihe Institute to utilise if required. The Tnjsiees will continue io review this p051tion regularly_ Forelgn Currency Translation Trdnsaclions in foreign currencies are recorded at Ih¢ r&te of elchange ruling ai the dale of the trdn5action. Monetary asseL5 and liabiliiies are shown in the balance 5he¢t at the rale of exchan&TL nJlin¥ at ihe balance 5heei dale. Gains and losses on exchange are included in ihe Staiement of Financial Activities in the expendiiure of ihe charitable activiiies having been allocaied amongst (he other support ¢05rs shown in nore 4 in Ihe noies 10 the f5llancial statements. The ￿nctiOnal currency of The Chgff ered Insiituie for Securities & Investmeni and it5 subsidiaries 15 onsidered to be pounds sieilinbj because Ihai 15 the curyenc}' of the primary economic ertvironmeni in which the Charitylgroup operates. The con501idated financirLI staiements are also presented in pound5 51erling. ?0

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financiAI st￿teMellts year ended 31 March 2022 (Continued) Mcmbcrship Subscriptions The membership subscripiion year runs from l April 10 31 March. Subscripiions received from members are included in the financial siaiemenis in full for the year to w,hich Ihey relaie. Sums received prior to ihe year End in Te5pect cf the fotthcornin8 5ub5criplion year ale Irealed a5 5ubscriplion5 received in advance in the balance sheet and taken lo incotne in the new. subscTlPtion year. Enlry fee5 are taken lo income a5 they arc received. Examinlltion Entry Fee5 The qualific3tion regi5trdtioTh f¢¢ attrdcts one year's fr¢¢ 5tud¢ni membership and as 5urh thi5 inrome is recogni5ed over the yeai. Examination fees are recognised only when ihe exam is taken. Training S¢rvices lrtcorn Income fTom ¢OUTses and training service5 are accounied for on on #¢cruols basis. Investment Incom¢ Income from bank deposils 15 accounted for on an accrullls ba515. Allocation of Expenditurc All expenditure is accounled for on an accruals basis and has been li51ed under Iieadin&ps ihat a&uirebyaie all Ihe costs relaied 10 iliai aciivi¢y. Where costs cannot be direcily aiiTibuied tliey have been allocaied io aciivitie5 on a basi5 CVn515lYnl willi the use of Ilie rv5uuires. Direcl CLISts, includints directly altribulable salaries. are allocated on an aciual basis lo the key s1rdle&￿lC areas of Jclivii}'. Oiher salaries are allocated between expense lieadingis on the basis of lime spent, and other costs are alloealed in proportion to direct tosts relaiinuT lo each charitable 3tllVI¢y. Fund5 All funds currently belonging to the Charity are unrestricted. Unrestricied funds are funds which are available for use at ihe discretion of the Trustees in furtherdnce of Ihe generdl objcclive5 of the Chariiy and which ha%'e noi been designated for oiher purposes. Tangible Fixeil A55ets Tangible fixed as5eis are staled kl cost les5 depreciation. An asset Is capiialised when lis oriuiinal cost is in excess of £2,500. Depreciation 15 provided at rates calculated to write offihe c05t or rixed asseis over the estimated u5eFul lives of the a55eis. The rate5 of depreciation used in the vear are as folloivs.. Computer equipmeni and ielephoThes Straight line. o%'er three J'ears Fixture5 and fittings Straight line. over four years Leasehold irnprovemenis Straight line, over five years Inlllngible A55et5 Intangibl¢ a55¢15 arE tn¢a5urrd at ￿￿51 IE55 arruTnulalEd amort15ation and any arEumula¢rd irnpairFn¢nt 1055es. Amornisulion is ¢harged 50 as 10 allocaie the cost of iniangibles less Iheir residual valuc5 over their e51imaled useful lives using ihe sraight-line method. Intangible asseis are amonised over ihe lollowing Useful economic Iiv¢5'. Goodlvill amortisaiion IIFP) Siraight line. over five years Fin9ncig1 Instruments Inve5tmen15, includtng bond5 held as part of an investment portfolio are held at fair v&lue as quoted on the market ai the balance sheet dale, Ivith gains and losses being recognised iviihin income and expenditur¢. Inve5tm¢nt5 in Subsidiary undenakings are held at cost less irnpairmenl. The Charity. has financial as5¢ts &nd fiDJncial liabiliii¢s of a kind that qu&lify as basic fin￿¢la1 instrnmenls. Basie finanoial ins¢rum¢nts are iDhtially r¢cogni5ed ai transaction value and subsequently Me￿uled at the presenl value of future cash flows ljmort15ed cost). Financial as%ts held at amonised cost comprise cash al bank and in hand, short term cash deposits and the group's debtors excluding prepayments. Financial liabilitie5 held al afflort15ed COJt comprise the group's short and long-term creditors excluding deferred income and iax&iion payJble. No discotsniinL has been applied lo these financial instruments on the ba51S (hat ihe periods over which atnounts w'lll be settled are such thai any discounÈinbT would bt imfftalerial.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial statements year ended 31 March 2022 (Continued) Investment in Subsidiary UndertAking The invesiment in subsidiary undenaking is siaied ai eost less provision for any imp&iment. Casli at bank and in hand Included in c￿h al bank and in hand are all cu￿ent account balances in ihe UK and abroad. all peiiy cash and foreign curtency accounts plus all treasury inve5tmenis on one year'5 noiice or les5. Sto¢ks Slocks of workbooks and publicity items are valued al ihe loiver of cosi and selling price less costs 10 comple(e and sell. Leases Operating lease renials are charged to the slalemeTht of financial acliviiies in equal annual amounts over the lease iemi. Pension Cos15 The Charity offers a defined contribution pension scheme in the UK and other appropriate arrangetnen15 overseas. In the Uk the Chariry contributes fixed percenwge raies Df salary lo an emplovees, personal pension 5chetne and has no further liability for the scheme, which is adtninisleied on behulf of Ihe Chartered Insiituie for Securities &. lllve5trnenl'5 employees by an independent manager. The Instiiuie's pension policy fuifils Ihe requirements of the Etnployrnent Equality (Age) Regularions Aci 2006. There are two levels of cortliibuiion. dependent upon the length of Service ofeach emplojee. Provtsions Provisions are recognised w'hen the Company has a present legal or constructive oblibwalion ri5in8 as a result of a pasi event, il is probable iliat an outflow of economic benefits will be required 10 settle the obli8alion and a reliable estimate Can be made. Provisions are rne￿ured al the present value of the expenditure expected io be required 10 5Cttlc ilie obligation using a rnl¢ thai reflects current rtlaiket a55es5ments of the lime value ofmoney and ihe risks specific 10 the obligation. Tlie increuse in the provision due io the pa55a¥e of litne 15 recosnised as an interest expense. Tgx81ion The Institute is registered as a charity and therefore benefi15 from exempiioTh from corporation tax on certain 50uice5 of income. 50 loDg as the income is applied for chariiable purposes. Criticzl accountlng Judgernents and key sources of c5timation uneertthinty In the application ofihe Charity's accouniing policies. Iviih are described in rboie ? Tru51ee5 are required to rnakE judgefftents, eslitnales. and assumpiions aboui the carrying values of assets and liabiliti¢5 Ihal are not readily apparent from other sourcc5. The estimaies and underlyin&i assump(ions are based on historical e.¥perience and other factors thai are considered 10 be rtlevani. Actual results differ from these estimuies. These eslifflate5 and underlying as5uInptiDns are reviewed on an on.goin& basis. Revisions lo accountin esiimale5 are recognized in the peri(xi in which the estimate is revised if the revision atTects only thaÈ period or in ihe period of the revision and future period5 if Ihe revision 3ffecis the cuttent and fijlure periods. The key Sources of eslimaiion uncenainiy thai have a significant etfecl on ihe amounis reco&Tniscd in ihe rinan¢iJl 51aiemenis are described in the accounting policies and are summarised below.. Dilapldaiions provision The Charity has provided for it5 Po￿lbIe liability in relation to ils Seasehold property which has been ¢stifftai¢d based on standard CQSl5 bTeDsrdphically adjusted and 15 in¢luded in accnals. The Chariiy has revieived the ongoing value of its invesimeni in IFP and, being saiisfied Ihai the melnbership income is sub51antial and ccnlinuing. see no rea50n lo provide for any impaimieni in (he investment. R¢dund4ncyfTerminAtion Pmymtnts Redundancy and iemilnaiion payments are acEounled for In the period in which rhey are agreed.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financi#l Statements year ended 31 March 2022 {Continued) INFORMATION REGARDING TRUSTEES AND EMPLOYEES None of rhe Trustees who served during the year received any emoluments from the Chariry in the current or prior year, wilh the exception of the Chair. The Charity's Royal Charter provides for ihe Chair to be remuneraied for Iheir 5ervice5 and emolumenis ioiallin&i £44,299 {2021.' £42.5781 were paid io the holder or thai post during the year. The ernoluments includin& payment in lieu of pension, of the highesi paid employee, Ihe Chief Executive, were £382,Jg6. Durinb Ihe year. six Trustees were reirnbursed by the In5tiiuie for travel and subsistence expenses InCu￿ed for £ 1.1 11 (2021.. no Trustees were reimburscdl. Staff costs during the )ear Group Chyrliy 2021 2022 2021 2022 Wages and salaries Social security costs Pension costs 6.823,494 643.759 438,2D7 6.484.486 653,842 439,208 6.821.094 643,759 4i8.207 6.482,086 653,842 439,208 7,905,460 7.577.536 7,903,060 7,575,136 During the year, IheTe were Tedundancy or iem)inaiion payments made which atnounled lo £2,250120?1.. £64,831 l. There ivere no such paymen¢s ouisiaTrding ai ¢h¢ year-end1207 I: £nill. Of these payments. £2,250 related io redundancy12021.. £64,831 l and £nil io ieTmination120? l.. £nill The emolurnents linclllding I￿able benefits in kind, pavm¢nis in lieu of pension. and bonu5e5 but excluding pension contribulionsl of persons employed by ihe gyroup a5 at the vear.end that exceeded £60,aOO were a5 follows- 2022 2021 No £60,001 . £70,000 £70,001- £80,000 £80,001- £90,ODO £90,001- £ 100,000 £ioo,001 £1 10,000 £110,001 £120,000 £120,001 £130,000 £130.001 £140,000 £150.001 £160,000 £180,001 £190,000 £200.OQI - £210,000 £360.001- £370,000 £390.001- £400.otM) The key management personnel of the Chariry comprised the Tru51ees, the Chief Execuiive, Ihe Global Director of Finance, the Chief Operating Officer, Ihe Director of Global Business Developrnent and the Global DireciorofLeaming. ThE tolLI emplo)'ee benefits of the key management personnel were £1,306,701 (2021-. £1,172,096).

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial statement5 year ended 31 March 2022 (Continued) The average number ofpeT50ns employed by (he group in the yLar (including leTm oontrdcl posts) w85 as rollows= 2022 No 2021 ND Dissemination & advancemcnl of knoivledge Ethics Con5uliation & research Govemance 34 24 34 189 174 2022 2021 Operalions Qualificaiion5 & developmellt (including intcrnational) Man&gemeni and administrniive support Business Development Mernbership, professional developmeni and marketin& 29 29 30 30 12 20 20 112 22 106 Oversea5 staff 83 62 189 EXPENDITURE Expenditurc include5 the following= 2022 Group 2021 Group Deprcciaiion and amortisaiion of assets Rentals under LTrperalins leases Auditors, remuneraiion for audit work Auditors, remuneraiion for other Services Foreign curreThcy105ses 388,608 1.150,607 32,000 19,768 41.194 il,500 13,055 45,739

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial statements year ended 31 March 2022 (Continued) ANALYSIS OF EXPENDITURE Amort151tiou Stuff Costs & Depreci&tio Other Dir¢cl Other Support Totsl 2021-21 TolAI 2020-21 GROUP Charllable ACtivitie5: Dissemination advaTrcemeni of knowledge Eihics Con5uli&tion & research 5.279.055 91,232 4,678,636 2,578,957 12,627,880 9,309.973 1,164.499 1.863,196 5,861 14.807 300,562 759,339 165,676 418,563 1,636,598 3.055.905 1.641.395 3,011,296 Tollll 8,306,750 111,900 5,73S,537 3,163,196 17,320,383 13.962,664 Other direcl costs comprise the non-siaff costs a550ciated iviih the delivery of the different charitable llclivities whilst the oiher sUPPOrt costs comprise the overall e51ablishmeni and office costs of the Charity, which are &llocaied across the charitable aciiviiies Included within chari12blc aciiviiies are goi'ernance costs which arnouni to £150,604 120?1.. £131,776). Governance costs comprise board and commillee expenses, audit and legal fees and costs relating 10 ihe provision of company 5ecrelariul and corporaie registration services. Staff Cosis include all staff relaied cosis including insurances, payroll costs, recruitment expenses and payrnents to long-iem foreign consulfanis. Analy515 of Other Support CDSts: Dissemin•tion Con5ultiti¢Jn & re5egrch Tot&1 2021-21 Adi'fjncement of knowledge Ethics Totlll 2020-7 1 Pr¢tni5¢5 Printin¥. p051age & 5talionery Marketing travel & subsistence Irrecoverdble VAT Communications & IT Equiprnenl hirc Other Governance 1.054.456 15,382 28.109 334.946 534.772 47.459 525,177 38.657 67.740 988 1,806 21,517 34.355 3,049 33,738 2,484 1,293,333 18,866 34,477 410,824 655,920 58,210 644.151 47.415 1,321,518 22,861 8,617 544,039 594,133 62,894 506,220 32.669 2.496 4.562 54.361 86,793 7.704 85,236 6.274 Total 2.578,957 165.676 418,563 3,163,196 3,092.951

CHARTERED INSTITUTE FOR SECUIUTIES & INVESTMELYT Notes to the financial 5tatemcnt5 year ended 31 March 2022 (Continued) INVESTMENT INCOME 2022 2021 UK bank interest receivable Dividends receivable 15,708 128,846 36.028 131.292 144,554 167,320 OTHER INCOME The figure of oiher income in ihe Siaiemeni of Financial Activities includes income relating to the i55uanc¢ of Statements of Professional Standing of £185,41012021'. £127,798). Also included in other income is income under non-cancellable commercial property leases of £506,35912021-. £Nill. TAXATION The Chanered 1Tr5(iivie for Securities & Invesiment is a charity and enjoys certain exemptions from t&x accordin¥ 10 Part I I Corporation Tax Aci 201 O. Accordingly, no liability to UK Corporation Tu arises on The subsidiary Eotnpany, the Chartered Institute lor Securitie5 & Investtnent {Servic¢sl Ltd, has no liability for Ihe financial year. The Sin¥rapore subsidiary is subject lo Iixal taxation requirernenLS. There is rho liabilii). because of accumulaied lax losses. FIXED ASSETS TANGIBLE ASSETS Computer equipment Fixtures fittlllgs Leasehold iMprov¢m¢nts Tolal Group artd Charil). Cost A5 at 31 Marcli 2021 Addiiion5 Di5P05als As ai 31 March 2022 220,562 63.871 141,529 1.407,218 15,2841 1.769.309 58,587 284,433 141,529 1,401,934 1.827.896 Deprecintion As at 31 March 2021 Char¥e foi the year Depreciation on di5P05als A5 ac i l March 2022 139,604 52,161 118.670 18,105 1,225,878 41,634 ,484,152 191,765 1)6,775 1 ?67.512 1.596,052 Nei book value 31 Marrh 2022 92,668 4,754 134.422 231,844 Nei booK- value 31 March 2021 80,958 22,859 181.340 285,157 ?6

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial statement5 year ended 31 March 2022 (Continued) INVESTMENTS 2021 2021 Group Charity Group Charity Bolan¢e ai market valu¢ as at 31 March 2021 Additior15 Reinvested incorne 9,183,095 9,283,095 7,465,723 7.565,7?3 128.846 582,516 128,846 582.516 131.292 1.586.080 131.292 1,586.080 Unrealised &Tain Disposals Balance al market value a5 at 31 March 2022 Long Temi Deposii Accounf Toial lThveslmenls 9,894,457 9,994,457 9,183,095 9,283.095 1.085,427 10,979,884 1,085,427 11,079,884 1,000.000 10,18i,095 1,000.000 10,283,095 The Group InV￿lment balance represent5 22,OJ5 units in CCLA'S COIF Chariiies Inveslmeni Fund l?021- 22.035 uniisl, 3,406,281 unirs in Sardsin's Alpha CIF for Endowmenis12021.. 3.314.141 units), and 603,802 units in Sarnsin'5 Income and Reserves Fund 1202 1.. 585,102 units), All ul market Y&lue (combined orisinol ost.. £0,514,993;1?021.. £6,643,839). The Charity includes the investment in CISIIServicesl Lid, as reported in note 9. INTANGIBLE FIXED ASSETS 2022 2021 Balance ai 31 March 2021 Proceeds received Amorti5atiDn during the year Balunce AS At 31 March 2022 13.344 Ili,3441 Inian&Tible fixed asse15 repre5eni ihc purchase of the membership and inlelleclual property of the Institute or Financial Planners in Novembcr 2015. The amortisaiion on this invesltnenl is charged to the charitable activiiies of the Company in proportion lo iheir relaiive size. SUBSIDIARY COMPANIES On l March 1994, the Chllrity's predecessor e51abli5hed a wholl}'.owThed Subsidiary company, Securiiies & Investrnent Institute IService51 Ltd, noiv knomn as Chanercd Insiiiuie for Securities & Invesimeni (Services) Lid. The subsidiary compan> is regislercd in England and Wales. The purpose of Chartered Institute for Securities & Investment 15ervices1 Lid is io cary on the trdding activities of the Chartered Insiituie for Securities & Investment, which COTnprises bespok'e training courses and non4hariiable aciiviiies tarried out on behalf of the Chartered Instiiule for Secvriiie5 & Investment. Subsidiary opention5 were also incorpor21ed Singapore13 April 20061, in India18 JUS} 20061, in the People's Republic of China {20 August ?007). The companie5 in India Jnd Dubai are liai50n otTices whirh represeni and promoie Ihe inieresis of Chanered Insiituie for Securities & Invesiment. Chartered Insiiluie for Securiiies &, Invesiment (Singapore) PTE Lid began tradin8 during the year to 31 March 2007 but does nor cU￿entlY trade and Securiiies & Investment Insiilute (Chinal received it5 wofE Iwholly oivned foreign enierprise} licence in Januarj. 2008, but does not currently trade. In January 201 l an office was registered in Sri Lanka. This company act5 a5 liai50n offlce, in the same way as the ones in India and Dubai, und doe5 not irade in ils 0￿￿ righi.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Note5 to the flnancial statement5 year ended 31 March 2022 (Continued) In December 2014. a wholly owned representative office wa5 T¢gistered ITh Hong Kong. Thi5 ¢ompany does noi trdde in its own right. In January 2016, a representative office was registered in the Philippines. This company does noi trade in its oH'n right. In January 2018. a ivholly owned subsidiary was esiablished in the Republic of Ireland. Thi5 company did not trade during the year. In lune 2018, a wholly owned subsidiary was e518blished in Cyprus. This company did not trade during the year. There are also the following ivholly-oivned dorn)anl companies in ihe ¥roup'. Institute of Wealth Nlanagemenl Lid Securilies &. Inve%iment Instiiute The Compliance Insiiiule The Financial Planning Association Limiied Financijl Planning (CISII Limited FPSB IUKI Limiied All compaThits were incorpordled in England and Wales. No details of the incomelexpenditure and asse￿lIabilitIeS of ihe ov¢15ea5 subsidiaries are included in the rigures beloib. iyhich Telale io the UK service5 company (Chartered Insiiiulc for Secuiiiics & Itlvestment (Services) Lidl. Any income and funding costs of ihe overseas subsidiarie5 are reflected in the Charity and the gTOUP figures. Invc5tmen¢ in Sub5idiar)' Challered Insiitute for Securities & Investments Iservices) Ltd. Cost al 31 March 2021 and 31 March 2022 100000 For the year ended 31 March 2022, the 5ub5idiary'5 profit and Ios5 account showed: 2022 2021 Income Expenses Profit for the vear before glft aid and i&Kaiion 191,167 116,7821 174,385 ?00,418 175,3561 125.062 Gifi aid paymcnls Profit for tlie year 1128,7381 45.647 (60,8471 64,215 lis balance sheet showed: Curreni asseis CurTeni liabilities Funds 412,983 347.336 412,983 347,336

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to th¢ financial statements year ended 31 March 2022 (Continued) 10. DEBTORS 2022 2021 Group Charity Group Charity Trdde debior5 Other debiDr5 Prepayments and accrued ineome 2.325,569 301.508 659,461 3.286.538 2,325,569 301.508 659,461 3.286.538 2,054,036 249,148 636,648 2.939,832 2,D54.OJ6 249,148 636,648 2.939,832 Debtor5 due in more than one year comprises prepaid rent on our Sri Lank8 offjcc of £Nil12021.' £63.8511. CREDITORS Arnounts falllng due wlthlTh one jellr 2022 1021 Group Chjrily Group Charit) Subscriptions received in adv&n¢e Trade crediiors Other tLxes and social security Other ¢reditors Accruals and deferred income 2,703,493 5,?44 405,992 62,561 4,150,404 2.703,493 5,244 405,992 62,561 4,150,404 410,801 2.426.427 34,558 339,918 72,450 4,067,041 2,426,427 34,558 339,918 72,450 4,067,041 345,234 Amounts owed to subsidiary undertaking 7,327,694 7.73 8,495 6,940,394 7,285,6?8 Amoun15 fg11ing due after more than one y￿r 2021 2021 Group Chirit Group Charit Accruals and deferred income 746,052 746,052 767,5i9 767,539 Amounls due over one year related lo deferred bonu5es1£315,3171 arhd lo Ihe apportionineni ofihe renl-free period on ihe premises ai 20 Fenchurch Sireei IE430.7351.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial statements year ended 31 March 2022 (Continued) Income received in advance during ihe year can be summarised as followg.. Balancc broughl rorwArd Al l April 20?] B#lan¢e eArried forward #t 31 MLrEh 2022 Reeeived during tht yeAr Income reeognised during ycar Memb￿Ship 5ub5¢rip(ions lincluding received from siudent51 QualifiEatlOll5 & developtnent Publicaiions & conferences Other income 2.447.431 1.398,189 245,381 5,489.005 7,802,727 2,744,117 549,900 16,585,749 2,724.763 1,492,069 147.029 5.211,673 7,708,847 2.842,469 549,900 16,312,889 4.091,001 4,363,861 12. OPERATING LEASES Fuiure tninimum operating lease payments are as follows- 2022 Land And 2021 Land and Building5 Building5 Within one vear Between one and five years Over 5 years .212,788 3.499,343 1.161,607 4,i35.874 26.222 During the year the Charity speni a iolal or£1.151,01212021.' £1,150,607) on operdling lease commiltnenls. The total fulure minimum lease income under non-cancellable Eotnmercial PToperty 12a5es 15 as follows-. 2022 Lind and 2021 Land and Buildings Ellilding5 Within one year Between one and five years Ov¢T 5 years 402.203 ,167,755 402.203 1.569.957 13. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 20Z2 2021 Nel income for ihe reporting period (as per the Siaiemeni of Financial Activities) Adjusifflents for.. Nei investment Igainsl Dividends, Inieresi and rents from invesimenls Depreciation and arnonisation Ilncreasell Decrease in stocks Ilncrea5ell Decrease iTh debiors Increase in creditors 293,987 1.008,166 1582,516 1144.5541 1,586,081) {167.32Q) 388.608 3,025 1,257,405 970,791 (1,6561 1282,8551 365,813 Nei cash {usedl/ provided by opcrnting aciivili¢5 1?41,8811 1,876,595 3U

CHARTERED INSTITUTE FOR SECURITIES & JNVESTMENT Notes to the financial statements year ended 31 March 2022 (Continued) 14. JOINT VENTURE Chartered Instiiute for Securities &. Inve51meni had a 50/0 holding ill Investing In lThtegTity Limited, Ivhich WÈS incorporated in England and Wale5 and was dissolved on 29 Seplember 2020. The loial cost of this investtnent was £5,000 with 5.000 shares issued ai £ l each. That company's principal activity was the promotion of integrity in bu5ines5 pfdctices by the granting of a charter mark to approved organi5ations. The company's result for the }'ear a surplus before gift Jid of £Nil12021: £Nill. 15. RELATED PARTY TRANSACTIONS There have been no relared party Iran5aciions that require disclosure other Ihan transactions wilh ihe subsidiar), company. Chartered Instiiute for Securities & Invesimeni (Services) Limiied. as Set oui below.. In 202 li22 the Charity charged CISI Services Limited for salary cosis as th¢ costs of Staff are borne by Chartered Instiluie for Securities & In￿'eStment and are recharbjed 10 the coinpany monthly based on an estimate of activity. This amounts to £2,652 in the year1202o121.. £2,652). CISI Service5 made a donaiion under gift aid during the year of £128.738120?0121'. £60.847}. Ai the year end the Chariry owed CISI Services Limited £410.80112020121.' £345,234). During the year, Ihe Charity paid expen5e5 on behalf of its over￿a5 O￿l¢C5 toralling £1.124.42712020121'. £1,071,0?3}. At the year end th¢ Charitv was oived £1,407,18112020121.. £1,407,181 I by Chanered Instiiuie ror Securities and Investment (Singapore) ￿e. Lid. During the year, Ihe Chanered Ins¢iiuie for Securiiies &. Investment Future Foundation wa5 established. This Ivill be fully independeni o( the Charli> once li has a fully-fledxed TnJ51ee Board, willi a focus to aivard grdnts and seek. paffnerships. advancing financial lyteracv. The Future Foundation Board is'ill have nine Trustee5, of hich ihe Charit), can appoint up 10 three Trustees. During the }ear £2.5m wa5 donated to the Future Foundaiion. 16. FINANCIAL INSTRUMENTS Group 2022 Charity 202 2021 2021 C#rri'lng amount of financiul 1sselslliobllltles Financial asseis thai are measured at amortised cost Fifjancial liabili11¢5 that aTe mcasurcd al amonised c051 Financial a55els tnea5ured al fair value through ihe Siatemeni of Financial Acliviti¢s 12.329,967 12,194.768 12,329,967 12.194,768 13.276.980) 13.238,2991 (3,276,980) {3,23 8.299) 9,894.457 9.183.095 9,894,457 9.183,095 31