2023-03-31-accounts

Company Registration No. RC000834 Ch*rity Colnmission Reg, No. 1132642 OSCR Registratlon No. SC040665 CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT (A Company Ineorporated by Royal Charter) REPORT AND FINANCIAL STATEMENTS 31 MARCH 2023

CHARTERED INSTITUTE FOR SECURITIES & INVESTMEI¥4T REPORT AND FINANCIAL STATEME]Yrs 2023 CONTENTS Page Trustees, Report ststement of Trustees, Responsibilltles 13 Independent Auditorys Report 14 Consolidated Statement of Financial A¢tivitie5 17 Balance Sheets 18 Consolfidated Statement of Cash Flows 19 Notes to the Finanelal Statements 20

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT TRUSTEESI REPORT The Trustees presenL their atmual r¢port alld r]nanci41 stalements for the year from l April 2022 ￿ 31 March 2023. The Chartered Institute for Securities & Investsnent ("CISI" or'he Chariryl,, or'the Institutr") is registered a5 a harity in England & Wales by th¢ Charity Commission (Registration No. 1132642) and in Scod8nd by the Office of the Scott14h chariti￿ R¢gulator (Regi8tration No. SC040665). The company is incorporated by Royal Chartcr (Regislrdtion No. RCOOOR34) and is govemed by said Clwier and its associated Bye tAW4. Th¢ group results ombine th¢ TesulL¥ of th¢ Charity with the results of the followittg: Charterd Insi1￿te for Securities & (Setvicesl Lid. a whollyowned UK subsidiary, which runs the trading activities of the Institute. Sccuritic4 & InvesDnent In8titute. aTegistered charity tjumber 1132642-1 and a company limited by guarantee: governed by a memorandum and articles of a￿O¢latiOtt. company r¢gtstrntion numbcr2687534. The company is dorniant and a wholly oNThed subsidiary of CISI. Chartered Institute for Securities & Inveslment {India), a branth, e$t&blish¢d in Mumbai and which acts a5 a liaison office for the Indian Subcontit￿1. Chartercd Inst1W￿ for Securities & Investmeni (SitigarN)re) Pte Ltd, a wholly owned subsidjary of Chartered In8titute for Securities & Investment (Servic¢8} Ltd. established in SingapoTe. lThis company did not trade during the year. Securities & Investment Instimte (China), 8 wholly owtted subsidiary of Chartered In8titute for SecuTities & Investment (Services) l.td, esxablished in th¢ P¢opl¢'s Republic of China, which the consulting actlVLthes of the Institute in China. Chartered Institute for Securities & Jnvestment (Services) Ltd (DMCC Br8nch), abranch of Chartered Institute for Securities & Investment (Se￿1¢e9) Lid, established in Duba4 UAE which acts a repreYntstive office. Chartered Jnstitute for Securities & Investment (Services) Ltd, A legally registered Sri Lankan branch oftice of the UK company of ihe same nome, whA¢h also provides operational support foT the global a¢tlVLlie5 of the Insti￿te. Chartered InstiDJte for Securitles & Itwestment {Serviceg) Ltd is a branch Tegistered a representative offic¢ in the Philippines. This company does not trade in its own right. Chartered IJL8titutc for Securities & Tnvestment Cyprus Ltd is r¢gi$t¢red as a wholly owned subsidiary in Cypms. This compat]y did not trade during the y¢ar. b) d) g) h) Trustees I'he following individuals served &8 Trnslees throughout the year (except where Dod} Chris Allen MCSI Nandika Buddhipala MCSI Fionnuala CaTviII, FCSI(Han) Debbie ClaTke, Cè￿(ered MCSI Michael Cole-Folltsyth MCSI (Chair) DaT]ny Corrigan MCSI Tracey Davidson. Chart¢red MCSI Petros Florides. Chartered FCSI Robert Hughes-Penney, Chart¢red FCSI Catherine McGuinness Clair Mills Peter M(N)res, Chartered FCSI Grdham Nicoll MCSI Claire Ferryma￿ Chartered MCSI Ravikumar Puranam FCSI(Hon) Alan Rarnsay FCSIOlonl (Depury Chair) AMYT Ro¢ha Lima, CFPTM Charter¢d Financial Planner Charter¢d FCSI Reb￿ca Taylor, Chan¢r¢d FCSI Jane Valls * denolvi a c￿tEd TTusiee denotes a Trustce that has served for mre than nine y¢aT Committee Appointed 29 September 2022 Resigned 29 Sepmber 2022 A,C,H,I B,G,H,I D,H,I D,F Appoin*d 29 September 2022 G,H,I A,H,I G,H,E E.H,I

CHARTERED INSTrruTE FOR SECURITIES & INVESTMENT The Trustees, all of whom are non<xecutive, are elected by the members (except for eo-optees who tre 4)pointed by the Board) at the Amillal Generdl Meeting for a terni of olTiGe of three years. N<me of the Tru%teeA had any commtteial interest in the cojnpw or its subgidiATie8. The Tnutees Se￿ed on ihefollomryng Committeu.. Audit and Risk Committee Editorial Panel Examinalions Board Int¢gTity & Ethi￿ Committee International Committee Inve8tmellt Cojnmittee Membersbip Committee Nominatiotl Comrnittee R¢mvn¢rdtion Committee INVESTMENT POWERS The Instiwie's Charterprovides the Board with the power to invest monies not immediately required for its purposes in or such investsnents, secunties or propety as may be thought fit, subject to such conditions and with such sanction as may for the time being be imposed or required by law. ORGANISATION The Instilutc's ultimate mat]agement group compri8e8 the non-executive Board of TnL8tett Shown above, including up to three Board-appointed co-opted Trnste&s, which decid&8 uwn strntegic and wlicy matters. The executive sthff are organised into the depatknients of learning and qualifications, membership & professional 8tsndards. operation8, global b￿fInesS developmeni, fOryK)rate governance & 4UPPOrt and $erYice8 (Chart¢r¢d 1Th4tstut¢ for S¢cuTities & I￿V￿lment (S￿Ic¢S) Ltd). Chief Exe£utive Simon Culhan¢, Chart¢red FCSI (step￿d domi 2 Septhber 2022) Tracy Vegro, OBE (appoint¢d 5 Septetnber 2022) Dirtttor of Global Business Devtlopmettt Kevin Moore. Chartered FCSI Global Dlrettor of Flnallee Karen Ash¢mf4 CA, MCSI Chlef Operatlng Offlcer John Preston Global Dlrtttor of Ikarnlng Susan Clements, FICE CHARITABLE OBJECTIVES The InSti￿te.5 charitable (tjjwiives are to.. promote for the public benefit the advancement and dI&￿Mination of knowledge in the field of securities and investments,. d¢velop high ethi¢al standariLs forprdctitioners in $￿untieS and investm¢Dts andttTr promot¢ s￿h stsndarth in the Unit¢d Kingdom and OV¢Ts¢a¥' and a¢t as an 8uthoritstiv¢ body for th¢ PUryKTrse of con5ultstion and re¥¢ar¢h in matters of ¢du¢ation or publi iDt¢r¢st con¢ernin¥ inv¢stm¢nt in $￿urit]es. A full description of & activities undertaken by the CISI iti pursuit of its charitable objects ean be found in the published aDllual rq)ort or ODlille at the CISI'S website (www.cisi.or8). REVIEW OF ACTIVITIES Set out bclow 15 a YUllLtnary of the Insiilute's activities, cI￿lfied by its three charitable objectives. A more delailed review appears in our Ann￿al Report, a separate do￿)Ment that call obtained by application to our Regtstered Offfftce or can be downloaded from our web sile (www.cisi.o

CIIARTERED INSTITUTE FOR SECURITIES & INVESTMENT Charlt4ble Objective I: How the CISI promotes for the public bcnefit, the dimemination And advAneemtnt of I￿O￿ledge in the field ofsecurities and iivestment ATTAINING COMPETENCE More than 42,000 examinations were taken in the year, an increase of 18b/o on the previous year. Examitiatiot14 taken outside of the UK contributed l7,6(M) io the total. CISI'S global reach continues to grow. with th¢ number of examinations taken up 4,500 on the previous year. There w&s notsbly Strong growth in th¢ Gulf region. Demand for examinations has remained higb in the UAE with Saudi Arabia seeing risiJ)g demand afier the development of examinaiions, created on behalf of the Saudi Capital Markets Authority. Jn addition, we continue to grow our presence in Africa and Europe. Duritig the year we expanded further the qualiiy and range of digital learning ov¢r fiv¢ ¢-learning suit￿, Ebooks, Revision Expre&s. Profe&sional Refresher, Profe&sional Asse8sm¢nt, Regulatory Assessment. many in a variety of laoguaies iDcluditig Spanish. knbi¢. FrcDoh and Mandarin. We continue to work with the education 8ector internationally? students taking our examinatiots at Cbriyt University and Jain Univttsity in Bangalore and the UniveThity of Johannesburg in South Africa, amongst others. I¥L4INTAINING COMPETENCE Global membership c(*ntioue$ to grow, as we build on our networks, partnerships, and regulatory approvals in new jurisdictions. As 2 result, at 31 March 2023 we had 27,300 fully qualified rn¢mb¢rs and a fvrther 19,000 S￿dent members. last year, we weT¢ ple4s¢d to SUPWlrt the by th¢ UK regulator to the Continuous Professional Developm¢ni (CPD) crit¢ri4 by recomm¢Dding the in¢lu8ion of 'shortbuTsts'_ OT bit¢-sized- knowledge modules and the removal of a minimum learning time. We have now launched a series of micro&modules within our Professional Refr¢sher suite. This year the CISI has cotJtinuLyJ io see growth in th¢ number of Certified Financial PlannerTM holder4, alongside the relaunch of the Wayfinder iwl, and new event8. The inaugural CHANGE ev¢nt last October was just one ¢xao]ple of the CJSI leading events for ihe plam)ing profession to meet. nehvork and pass infomiaiion on careers in planning to ￿duate8. The progrwnme was shortl]st￿ for Diversity Awards at the Profebsional Advisor awards. Th¢ launch of the sell- out Administrator series, available to members and non-members, is just one demonstration of th¢ CISI commitment to upskilling all those working across the planning community. Our examinations are accredited by the UK regulatots Ofqual, Qualifications Wales. and th¢ Nortbem Irish Council for thecuniculum, Examinations and Assessment. CCEA. Weare also accredited in the UK by the Financial Condu¢t Authority (FCA) to provide many thousands of indivÈduals their personal Statement of Professional Sthnding. CISI also holds a UK licet￿ issued by the Us-based Financial Planning Standardg Board (FPSB) to certify Finan¢ial Planners and Financial Plat]ning firms as having attained the Tequire41 competencies for their trade via CFpT41 ceftifi¢ates. During the y￿, the InStim￿ spent £10,742,935 in the pursuance of this charitable objectiye, compared to £12,627,880 in the preceding. yeat. Charitable Objeftive 2: How the CISI %ek8 to develop high cthiial standards for practitioners in seeurAtles

nd Investment$ to promote $u¢h $talld4rds lth the United Klllgdom and overse#8

Integrity is one of the key pillars of professionalism on whtch the Instityte is founded. The Instithte seeks to maintsin its reputhtion as a thoughi leader in the field of ethical standards and bebaviour within the Financial Services lector, and our products servi¢es aim to promote and r¢infor¢e an expectation of professionalism and high standards.

CHARTERED INSTITUTE FOR SECUIUTIES & INVESTMENT The IDstitute's integrity case studies and guidance continued to be well received dwing the year, especially overse&s, &$ marty countries look to discover how they can change the cultUTe of the finance seclor and help it maintain public InisL Afurth¢F I15OOtht¢8rityMatte￿lCStsWCrcCO1￿plettddU1lng the year. thking the totslnvmber lo teslssince inception to more than 11)O,000. This unique integrity test is a required gateway for those taking capitsl market exams. CISI Iso has a mandatory ￿l1¢Y ensuring that all members complete an appropriate amount of continuing professional development {CPD} study. The minimum ts set at 35 hours for seniormembers and ien hours for more junior levels. Of this. at le&st IOYO must be in eth1cs-rela￿d topics. Regrettably. not ev¢ry rD¢mber lives up to the In5tilute's expectations and during the year 66 disciplinary cases were reviewed by our DiscipliDary Review Panel, trn of those were suftriciently serious to be Teferred to the Disciplinary Hearing Panel. an ind¢p¢thtteview body fftade upof CISI and laymembers. Eight cases remain underinvestigation and twelv¢ ¢ases att on hokl pending regulatory or legal outcomes. A futther three wes have been referred tt) the Di￿1p1]nary PaD¢l to be heard in the next few months. The cases that were heard by the Disciplinary Panel, which included two coses that were referred prior to 2022123, received th¢ following outCOllKS: Reprimand to remain on the member's r¢¢ord for 12 rnonth4 and to retake the Integritymatlers tesl within six months and complete three hour$ of additional CPD. Expulsion from m¢mb¢rship for a period of five years. which would conierniitiously Myth the sanction imwsed by th¢ regulator. li¢primand and suspension of Chartered sthtus for 12 month& Membership su¥p¢nded for one month. The Tnember is also required to retake Inte8rityMatiers WAthiD six months arml ¢omplete three hours of additional CPD. lieprimand to stsy i)ll the Jncmbcr's file for 12 months and to retake Integritymatters. Severe reprirnamd to sttty on file for 12 months. Severe reprimatt￿ and a suspension of membership for 12 tnonths. Also th¢ m¢mb¢T is r¢quir¢d to complete 35 hours of CPD and tttake ]ntegrityMatters. RepriTnand to remain on iheirrecord for 12 months, a suspeDsi¢)n of Cknarter￿ Staths for a period of six months and to retake Integritymallers within 12 months. Severe reprimand and suspension of CIw¢ered stsw8 for 18 months and the member to retske Integritymatlers within six tllonths. Jn three cases it was deemed that no offen¢¢ had b¢¢n ¢ommitted. The public needs. lohaveeonfiden¢e in the integrtty of members artsj we actively encourage th¢ reporting of behaviour which falls short of the InSti￿te'S principles. In addition to the Membership Regulations, the code of conduct imp)ses an obligation oll members to always act not only in Complian￿ with the rul¢4 but 01sQ to support the underlying valuts of the Instithte. Expenditure during the year iti conneciion wlth this charitable objective amounted to £2.432,220, compared tL) £1,636,598 in the preceding year. Chxrltable ObJectlve 3: How the CISI acts as Juthoritstlv¢ bfjdy for the purp05¢ of rollsultatiom and researeh in matters of edu¢ation or publie ittlerest ¢ott¢erDlllg thve8tments In 8ecllrAtle The Review, our key PLthlicalion, continued ￿ be released with a wide vaTiety of ¢ommentary, d¢bat¢ and f¢atur¢ relevant to the investment conllnunity. In addition, up to 13 articles per month were published on The Review On]ine edition. Themes for special reports in 202J23 included resilience in challenging tim¢s. and indI￿- why we have them, the companies behind the￿ and how the new generdlioD of indi¢¢s ID th¢ pa5siv¢ world compares with more traditional ones. Financial Plamiing Week alld World Fxnancial PlaJ]ning Day in OctobeT 2022 were both gr¢a¢ Su￿¢￿9¢S with rn¢)r¢ fuwi¢ial planner5 involvcd than ever before, showcasing the way8 in which financial p18nners give good quality

CHARTERED INSTITUTE FOR SECURfriES & INVESTMENT advice. Our members suppor¢d ihe public in developing theiT understanding of what outstanding fman¢ial planning lookg like, a5 well as &Tiving practi¢al help and advi¢e ¢0 pe¢)ple in most need. We continued to be an active member of the Charttted Bodies Alliance. This inf¢)rnial alliance is composed of three of the five FCA accredited Ex)dies. The enhanced co-op¢ratson between the three bodies, who meet quarterly, ha8 proved helpful in presenting a united and approach with many interdc¢ions with regulators. especially on sustainability. The Allian¢e's firnt common qualification on Climate Change is distributed by all three bodics and has se¢n good global demalld. CosL8 Incu￿ed in connection with this chan"table objective duriDg the year arnouoted to £3,327.285, compared to £3,055,905 in tbe previous year. How thf CISI pro￿￿¢5 Public Benefit Whilst the Institute's primary fimction 18 to PTovide education, it is conscious that it has a public service obligation aud, as well as general ¢ducalioll. the CISI has con1inu￿ its cojnmitsnent ￿ provide widergeneral a¢ce5s, regardless of means. During tb¢ y¢ar. the CISI.. Worked with members and firrns in 5choo15 and coll¢8¢s to provid¢ iDforn]atlo￿ mentoring and SUp￿￿rt foT students worla'ng towards CISI qualificotions or considering a career in f]nan¢ial wvice8. Seyved as a key partner in the Chartered Body Allian¢¢, a joinl initiative with the Charkred Insurance Institute and the Chartered Banker Instimte, aiD]ÈDg to promote professionalism, knowledge, compe￿n¢t. ethies, and industry qualifications and to make it easier for the public to 8￿C%$ the rvi¢e8 of qualified professionals. Offered reduced membErthip and ¢xam p¥kages to fvll time students and the fU￿nciallY disadvantaged in th¢ UK and abroad. Worked with schools and colleges rnnning free events to prepare teachers to teach ¢ourses that will allow stydenLs to sit our exam8. Provided free and paid CPD events to borh members attd non-membets to rai¥¢ awar¢ness of good practice and ethical dealing within the securitieq and invetment profesion. Spoke at conferences on topics ￿l¢Vallt to th¢ industy and the wider busin￿ public. including whistleblowing and integrity. WoTked with other professional and chaTitabl¢ l)odies, off￿la8 our knowledge and experiise to help advance appiopriate projects. Offered Charity Day8.. CISI employee8 can take a ¢haTity day each year (o WO￿ for a charity or on a ¢ommunity project of their choice. Provided the public with delayed, free ￿¢¢$$ io its industy journal aKhive. The TNste&4 have given due coThsideration ¢0 the ChaTity Commission's published guidallce on the Public B¢n¢fil requir¢ment under the Chariti¢s A¢t 2011. FirruRE ACTtVlTIES The CISI'8 k¢y obje¢tiv¢s for 2023124 are: Improv¢ the value of our manber offer with accessible. flexible and per￿n￿liSed qualifications and CPD, through th¢ Le8rning Platforni and other digital first iniiiatives. Evolve our operating model, develop our people and CUl￿re. refiecting a clear ESG strategy to ensure we havo ihc capability and ¢apacity to deliver value for all stakeholders. Inve9t in our digital resource8 to enable a relevant, ¢wtomer focused digital strategy and service offerin8. Ensurc regulatory complianee, adhering to requir¢m¢nts in all our activities. Mainthining engagement regulatots and othLY aw4rding org8TLisations to ¢nsur¢ w¢ ar¢ up to date with changes lo p)licies. 5. Collaborate and contribute to reyeareh and public debat¢ on lopics concerning the financial setvices sector.

CHARTERED INSTrrurE FOR sEcuR￿[Es & INVESTMENT REVIEW OF FINANCIAL POSITION Including investrnent loss¢s of £365,334 (gain% of £582,516 in 2021122), the Institute recorded a retained 5urplu5 of £2,146,601 {£293,987 in 2021122) from inwme of £19.Olm {£17.03m in 2021122). Income increased by £1g82,521 (11.64/), and operdtin8 expenditure decreased by £817943 (4.72°h). Th¢Iustityt¢'STe$erv¢s Ill¢reaS￿lbY£2,l4o.6oll2021I22 £293.987)to a total of £17.101,466 (2021122.. £14,954,865) after the Board made a donation of £nil (2021122.. £275,000) to th¢ CISI Edu¢ational Trust. and £Ail (2021122.. £2,51K),000) to the CISI Future Foundation. which are legally 5eparat¢ ¢Trtstie8 with separate Board of Trustees. The Institute has continued to maintain its healthy f]nancial position, with fr¢¢ r￿rVeS of 11.6 mooths, operating C05tb', considered by the Tru￿￿te¢S as prudent15ee re5CTves policy below). During the year, fund5 were applid towards achieving the Institut¢'s main objective6 through the provision of relevant qualification5, mernbership, ev¢nts aDd learning resouKes. Thc In$li￿¢t.8 wholly owied UK trading subsidiary. which urtdertoke$ ￿)n&t￿arItable activitie5. recorded a lo&s atler tsx and distribution8 of £93.854 (2021122.. profit of £45,647). The Instithte continues to Tem8in fJnan¢ially independent, deriving ￿nding through fees charged in relation to its ¢haritAble activities, such as individual membership, exams, and PTofe&8ional development events. RESERVES POLICY The Institute ha$ high operntional g￿l￿g in a cyclical industy and therefore requires sUff￿le￿I Yes¢￿e8 ￿ drdw pon thirittg tinies of indu$ty downturn and to meet its charitable objeclives. The reserv&8 wlicy. together with the 4)proach to investing reserves, is review¢d attd approved at)nu4lly by the Board. A$ part of this review, rese￿& between a minimum of £13.9m and a m&Yimum of £15.4m has been agreed as the new policy level of reserves. The TTUStces have agreed this in¢r¢a8e from a ￿l￿1￿uM of £10.2fft and a ￿￿]mu1D of £l1.7m in the prior year. This is due to a planned reinvestment in the operdtioll8 of th¢ Institute. Arths for investment are membership development, qualifications and learning resources, people and t¢¢]molo8y. The BOardh&d￿t￿nedthe release of existingresetves in 2021122. Considering itappropri￿¢lo holdr¢serves above thesuggesiedm&ximum level due to the economic and political tuA￿lencE atthattirne. In the currentyear. operatiollal Ferforn]an¢e was srronger than expected despitecommercial uncertainiies, Tesultin¥ in acontributionto reserv¢s from op¢rdting ￿tiVIties. Dis¢ussions on using a proportion of reserves for broader slTategi¢ purposes ore continuing and it is expected that a pla0n￿l furtlw reduclioll of reserves will occur over a 3-5-yearperiod. At the year etsd. the tytal free res¢rv¢$, de(￿ed as total nel assets less tangible and inthngible fixed a85ets. of the Ill$ti￿te amowii¢d to £16,828,750 (2021122: £14.723.021). which T¢PT¢Sented 11.6 months, worth of the expected ruulling costs for 2023124. The policy of the Instimte regarding paym¢nts to suppliers is to make paymen¢8 no la￿ than the agreed terns in relation to the giKKls or service r￿cIved. At the end of the year reseThes totslled £17,101,466 (2021122.. £14954.865). GOING CONCERN The CharAty has a sirottg reserve position andhas $uffi¢ient ayailable TesOUfGt& a5 dEmonstrdtrd by the rtserv¢poli¢y above. It bas adequate fmancial resources and is well plab'ed to martage the busiT]ek% tiskb. Its planning Pr￿￿45, including fuJAncial projection, has taken into consideration the current economic ¢litnate, and iLs' potential oDgoiDg impact on the various sour¢¢s of income and planned expenditure. The CharAty's ¢&sh deposits Can e&sily be drawn down, should WOTking capitsl be required. The Tntstees b¢li¢v¢ that ther¢ ar¢ no material uncertaJTJties that call into doubt the Charity's ability to continue for the forcseeable futyre. The accounL$ have therefore been prepared on the b&gis that the Charity is a going conccrn.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT INVESTMENT POLICY The Board has delegated the regular review and sup¢rvision of the inY¢slment of sU￿lUS funds to an Investment Committtt, colnprisitig sultably experienctd member8 including two T￿￿tees, which is tasked with addressing the n￿1n{e￿all¢e of a short-rni ¢ash p)rtfolio and a medium to long tern) capital portfolio. Th¢ C$h Porrfolio A¢Toss the Cash portfolio ther¢ should be a spread of at leasi five institutions with no one instithtion comprising more than 30910 or less than 10 •/0 olthe amount in the portfolio. orholding mote than £2m. Deposits of over £IOOk should Only be placed wilh banks with an investh]ent grade credit rating from Fitch, S&P, or MIK)dy's. Ikposits up io £I￿k can be placed with any bank covered by the Financial Servicts Compensation S¢h¢me. irrespective of credit rdling. All policies have been followed successfully. The Medlum to LoDg Term Portfollo Tbe Invebimeni Committre and the Board diuss th¢ CISI'S re5¢rv¢ funds on a regular basis and beiween them decide when and how much eapital can be inv¢st¢d for a longer period. These funds then fall within the Medium ts) Long Terni Portfolio (MLTP} Wh¢￿ th¢r¢ will be wid¢r investment powers. Fundy in the MLTP are inve5d with a Yiew to achi¢ving a tothl retyrn in excess of thai achievable on eash depoyil over the Medium lo long tenn (5+ years). Th¢ risk profile of the MLTP is mediwn risk. The Investmeni Comtnitk¢ appoinls qualified fund managers who then us¢ an appropriate fund frotn their range to provide a suitable inv¢sLrnent soluttOE]. The rnanagers are ¢xpwt¢d to report to the Investhleni Committee on a six-monthly basis Lo a given benchrnark agreed ai the tim¢ of appointment. The Global Direclor of Finance & HR also monitOTS pro8reys of th¢ investments on a r¢gular basis. The MLTP was valued at £9,662,052 on 31 March 2023. The Investment Committee monitors the investments on a regular basis. however, any appointtneDt of managers requires ihe Board to delegate authoriry to the Investtnent Committee on a casethby4ase basis. The Board and the Investment Comrntttee Co￿8￿d¢r Styl￿ of investment and any ethical or other restrA¢ti0tt8 on a regular basis. 1The Tru8tees recognise that CO￿81d¢r8¢10n of Environmental, S(Kial and Governance (ESG) issue5 is important for the potential to make a FK)silive impact, achieve good Iimg.tern7 re￿rn$ and reflect the values of the Charity. As such inv¢slrnont manag¢rs we required to demonstratc a robust and systemic approach to ESG when itivesting. CHARITABLE CRANTS In 2010, an Indq)￿denl Charity, the Chartered Institute foT Securities & Investtnent Educational Trust, was fornied. The CISI a CoqK)raie I rustee of this charity, but the other Tn￿lee$ ore all independent from the main Board of the Institute. Its objectiYe4 are promot¢ foT th¢ public benefit the advancement and dissemination of knowledge in the field of securities and investment" During the year, the Institutc donated £nil to this charity (2021122.. £275,(K)o). In 2022, an independent entity, the ChartCTed Institute for Securities & Investment FU￿re Foundation (the Foundatioll), was fornied. Three CISI Trnstees are appointed to the board of the Foundation, bui the other Trustees (up to 6) &re all independent from the main Board of ihe Institute. Its objectives are ￿ promote financial lileraw, both iti the 15K attd in*mationally. During the year, the Institute donated £nil io this enlity (2021122: £2,500,000). VOLUTr4TEERS Th¢ In%titute derives iwwfit from tb¢ servi¢e$ of unpaid volunteers, by virtue of the lime given by it8 Tjustees (other than the Chair who is r¢mLm¢rated fotr tb¢ir s¢Ni¢¢s) and by prdctitioners who serve on various coinmittee5 and panels. No donations in kitid were recelved durin8 the year. FUNDIL41SING ACTIVITIES The chatity had no fundtaising activitieb requiring disclo8uR wider S102A of the ClJaTiti¢s Act 2011. CHARrrY GOVERNANCE CODE The Institute iakcs its governanc¢ ff%ponsibilitJes seriously anil a5 a large charity, allns to hav¢ a governance fram¢work that is fjt for purpose, complianl and effJ¢ient. Trustees and Direclor-level stsff have been provid￿ with training on their duties aJMI respon8ibxlitie8 under the Charity Governance Co(k and similar pieces of guidathce and legislation. New I'rustets are provided with inforniatic)n ott their Charity Comrnissior] and governance re5pollsibilities on apw)intment, and all I"ru$tees are updal¢d on rclcvant Charity Commi&4ion ¢haE]gc5.

CHARTERED INSTrrirrE FOR SECUR￿lEs & tNVESTMENT RELATIONSHIPS wrrH OTHER BODIES ID purbuit of its. ¢hwytable objectives. the I￿StitUte provides relevant qualifications io the seeurities investment industy. llwiy of which are on the UK Financial Conduct Authority list of appropriate qualifications. The Institute is r¢gist¢red with the ChaTityCommi&sion foTEngland & Wales and wkth the O(fiee of the Seottish Charity Regulator. It is T¢coKnised by Ofqual, (Slalifications Waley and CCEA as 2n awarding body for ihe seeuriiies and investmeni dusty and is also ¥creditedby the FCA forthe issuance of Sts￿ments of Professional Statlding to retsil inveslmeni adviser¥. The Inytittite is a founder member of the cl￿tered Body Alliance, along with the Charkred Insurance Lnstitute and Charttred Banker Insiitute. The Alliance is an infornjal arrangement to Co-ordinate and Co-operate and does not involve a Separa￿ elltity or joint venture. The Chartered Body Alliance believes that by worfcillg together the alliarKe will acbieve greater public ben¢lit. conlinuing to rais¢ pTofessionalism and tmst across fllwiciai seryi¢es by promoling high standards of knowledge, skilL intwity and b¢haviour. Its c¢y¢ objectives ar¢ set out below. Raising professionalism and trust acTOSS ruw￿1￿] 5ervi¢es. 2. Promoting high standards of ¢omp¢ten¢e, knowledge and ethi￿ behaviour. Making it eosier for the publi¢ to a￿e$S th¢ seryices of qualified prof¢ssional8. 4. Encouraging individua15 in the Se￿Or to undertake Te¢ogni$ed profwitsnal qualifJ¢ations. BoArO The Board of the Clwred Instimte for Se¢uritie8 & Investment meets five times per year and con)prises all non- ex#iiiiv¢ Trnst¢e$. The Trustees 8r¢ typi¢ally employed in senior positions within firnjs operating in the securities industry. They are identifi¢d by ¢XESting BoaTd members fortheir expertise ornominatedby members of the Institslle. Up to 15 Tnjstees are el￿tea for a tenn of thTee years. either by a ballot of the membership at the AGM, or by the Board. IfBoard-app0]nte￿ the TNstee isttouired down fro]n theBoardat thenextAGM and seek re-election by membership balloi in accordance the Charity's Charter and Bye-Laws. Up to a further three TTWStees may also be co-opted by the Boanl to setve such period as ihe Board decid￿. On election orappointmenL 1heneWTn￿tees are given an induction to the Inslitsbte. its actJ"viiies and their responsibilities under chaTity law. Any Trustee is subject to rigoTOUS review of their value lo the Board and ¢on)mitte¢s where their reapwinlment will result in more than nine years served on the Board. The Board appoints the Cbair the Chief Exe¢utive. TILe Chi¢f Executive is not a Truste¢. Ai it$ meetin￿. the Board considers matters including: policy and slrdtegy" people and cuItt￿¢ financial perfonnance, including anttual budgets. iespons¢s 10 iudustry ¢onsultation ￿pers. and reports from the standing ¢onunitt¢¢s. The ¢xecutiv¢ staff of the Institute management infonnation to the Trustees to eTJable thett) to discharge their duties. Th¢ Tntstees Jnay take illdepelldent advice at the ChaTity's expense. Chlef Executlve Tracy Vegro was appoinled Chief Executive with eftfeci from September 2022. followtng a Board initiated sear¢b process using a specialist search fTh. Herpredecessor, Silnon Cull￿]¢,had aJJnouaced in Jalluary 2022 Jhathe would strp down in sep￿mber 2022 af￿ aknost 19 years. service. Commlttees and Delegatlon The Board has delegated some of its powers to ceriain cOn￿ltIe¢S and a full list of all ¢on)mittees. together with the names of the serving Tn￿te¢s, are shown on pages 3 and 4. Those Committees to which the Board has delegat powers have specifi¢ teJiDS of refere￿¢. The Avdit and Risk Collllll1t￿ {foTm¢rly th¢ Audit Committ¢el is dwir¢d by Alan Ramsay FCSI(Hon). FCA. The Board has d¢legad th¢ power of appointffl¢Dt and removal of other members of staff to the Chief EYe￿IlV¢. Th¢ duties delegated to th¢ CEO may be del¢gatd by them to other tnembers of staff a5 they see fit. Jo

CHARTERED INSTITUTE FOR SECURTfIES & INVESTMENT Remuneration Pollcy The Remuneration Committee reviews alld approves or amends the overall salari¢y budgel and prop¢)8ed changes to salaries annually, based on reconunendatiotjs frojn the Executive. It also reviewy the remuneration of all Executive Directors and Chair of the Board, including pension rights of Ex¢culiv¢¥ on an individual basis with regard to their perfornlante reviews and current levelg of rernunerHtioD and with referen¢e to remunerdtion levels in other charities of comparable scale and complexity. Th¢ R¢mun¢ration Committee also approves the design and determine8 the rgets for any perforniance-related pay ￿h¢￿¢s. Trustee RemuDeratlon All Truyte¢s ¥ive their tim¢ fr¢¢ly and are nol paid for their trusteeship, with th¢ ex¢eptioJ of th¢ Chair, who is r¢rnun¢rai¢d for their s¢ryic¢s, as allowed by the Institule's Charter. K¢y Ri$k% The following are the key risks assessed ￿ the most significallt for the Institute.. Economic Uncertainty- CISI is conscious of limiting exp)wre to economic 2nd political events tlJrou8h diversity of prothict mix and a geographical spread of revenues. The Trustees are infonned thTOU8h monthly rq)orting to enable prompt action if needed. Data Breaches and Cybercrim¢- CISI ensures that ongoing, Substantial work is undertaken on Ats systems, conLrdc14 communications. ￿)d staff awarene$4. RegulaT Staff training is undert8k¢n on inforniation wurity and dats proteGtiOD and simulated '))hishin8" exerci4¢s aT¢ vnd¢naken severnl times per ycar to keep staff alert to evolving threats al eriminal techniques. Business Continuity and Disaster Recovery- Many of the IllstitiJte'8 employetts are based in Sri Lan￿ which h&% experienced significant economic difficulties in recent months. We have active contingency plans in place for all I￿atiOnS and there are no critical systems located in Sri Lanka. IT Infrastrncture- The Institute is very relitint on IT but mitigates the risk through employing expert con5ultant4 ¢ompletitlE ri8orous resilience testy and updating and renewing its key software regularly. t)uring the year it has continu¢d to ￿pgrade <)perdting systems and applications. Regulatory Compliance- CISI 18 reliant on Ofqual for its 8tatus &% an examination provider. Th¢ Charity has in place an ongoing progrnmme of training. internal audit. &nd ¢ontinuou$ improvement. Reputstion and Accr&Jited Body ststus- The Institute relie8 heavily on beirtg 8¢CTeditcd to set and Manage exams and award qualifications accordingly. Thi8 could be put ai risk by a serious lapse that damages its r¢putation. To mitigate this risL the Charity has many procedures in pl&ce. closely monitored by the Institute's Membership Committee, to a$$uTe the compliance of Sy8￿M8 staff and training partne[¥ including a wcial rnedia policy, annual reviews of partners, competence, FCA accredithtion, plu8 requiring all staff to take eomp¢tence t¢st8 in the Bribery Act and data protection law. Internal Control alld Risk Mallagement The Trustees acknowledge that they are responsible for the maintenanee of an effectiv¢ system of internal control. However, no system of iniernal fllhancial control can provide absolute &8surance against material misstatement or loss. TheTrusttts have considered the majorbusiness risks and controlobjectives Televant toth¢ Instityte and controls were found to be appropriate and geymlly satisfactory. The Instilut¢'$ control obj￿tiveS iuclude.. the maintenance of the Inth￿tty'S confidence in the Institute's relevance, integtyty and status,. the ideniification and evaluation of business risks, through regular risk assessment and rcview, and the direction of operating and financial strategy, the nurturittg of high ethical slandards, effective COTnmunicatiODS and a strong overa]I control envirooment. • the safeguatdingy ofthe assets of the Institut¢ and th¢ ¢ffe£tiv¢ use of resources., and the promotion of detailed fIn￿CIal and operational controls necessary for the production of reliable and up- to-datc finallcial illfornwtion.

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT In pursuit olthe above ¢ontrol obje¢tives ¢be has in pl¥e a number of key intemal controls and processes that include.. jiaismg with its members and their employers to ensure th¢ Jllststu*'s r¢Ievw￿¢. formally identifylng, evaluating and reviewing risks. cornr(IUDieatitig the high standards of behaviour expected of its employees by i￿]￿s1on of the In$titute's ￿de of conduct in employment contracts and additiOn￿lY, through fornial objeclive setting and perforniance appralsal sehemes, including regularly identifying and taking aclion to satisfy training needs" ¢reatiDg a wure eDvirot]nieiitto protect the Charity'5 a55Ct$ and regularly reVie￿Irtg managunent inforn)ation to ensure th¢ ¢ffective use of resources. seeking legal prote¢(ion for CISI tyad¢rnaTks and dornain names by resi5tcrin8 thern ID appropriate jurisdictions. operating signing limits to ensur¢ that th¢ Charity CaDnoi be cornrnilled financially without proper authority, and producing regular financia] reports for Board revi¢w wkn'ch include estitnates aud judgtnents ll￿de by the busines5 manager& The Institute's Audit and Risk Cottu)Jittee ¢WTen¢ly ¢omprises five nO￿￿ecUtIve Trustees. Its scope in¢h2des the assessmet)l of th¢ cost effectiveness of the external Auditors, Consideration of the financial ststements of the Chartered Institut¢ for Stturities & Investtllent and the c(msideratioll of any internal control matte￿, which may be brought to ILS attention. The Board has ￿vIeWed the need for an internal audit ￿nction and does not eollsider that such a fiJn¢tion is necessary given the size and nature of its oper&li(ms. however the Audit and Risk Committee Mo￿ltOrs internal assurance work on an ongoing bèsis. REGISTERED OFFICE AND PROFESSIONAL ADVISERS Registered Offiee 20 Frnchurch Stred London EC3M 3BY Bankers Bank of Scotland 6(K) Gorgie Road Edinburgh EH I13XP Audltoys Crowe U.K. LLP 55 Ludgat¢ Hill London EC4M 7JW Solleltors BDB Pitmans LLP For and on behalf of BDB Pitmans LLP One Bartholomew Close LoAMJon ECIA 7BL U.K. LLP indi¢at¢d its willingness to Teappointed as statutory auditor. Approv by the Board of Tru51ees on I l July 2023 and si8￿d on khalf of the Board by Mic Chair I ColtrFon csi Alan Ramsay. FCA, Dtputy Chair Sl(Hom) J2

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT STATEMENT OF TRUSTEES? RESPONSIBILfTIES The Trustees are Teswnsible for preparing the frustees. Annual ReJKTrrt and Financial Statements in a￿￿rdance with applicable law and United Kingdom Genernlly Accepted Accounting Practice (United Kingdom Accounting Standards). The law appls¢able to charities iti England and Wal¢s and in Scotland requires the TNstees to prepare financial stsiemenis for each r]nancial year which givc a true and fair view of th¢ state of affairs of the Charity and the group and of the incoming resources and application of resources of the group foT that period. In preparing these fjnancial statements, the Truste&% are requiTed to.. s¢le¢t suitable accounting policies and then apply them COllbiStently' obsetve the methods. and principleb in the Chariti¢& SORP; rnake jud¥menLs and estimates that are reasonable and PTudent' $tate whether applicable ac¢ounting 8Lindard% have been followed, subjeci to any material departures di￿10$ea and explained in the fjnancial sthtements. prepare the financial sthtem¢ntS OD the 8oinbY concern ba515 unl¢￿ it is inapprowiate to presume the Charity will continue in busin¢55. The Trnstees are responsible for keoing adryuate accountins records that ar¢ suffi¢ient ty show and explain the Charity's transaclions. dI￿10$e with reasonable accurncy at any time the fJD4n¢ial position of the Cbarity and eJJable them lo ensurethai the financial stste￿cnts comply with the Cbariti¢5 A¢t 2011, th¢Charities {Accounts and Reports) Regulations 2008. the Charities and Trustee Inve5thient Iswtlalld) A¢t 2005, the Charities Accounts (Scotland) Regulations 2006 {&% amended} and the provisions of the Charity's ￿nStItUtion. They are also responsible for safeguarding the wets of the Charity and the group aTLd h¢n¢¢ for taking reasonable Steps for ihe prevention and dctection of fraud and other irregularities. 13

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT

Independent Auditor’s Report to the Trustees of Chartered Institute for Securities and Investment

Opinion

We have audited the financial statements of Chartered Institute for Securities and Investment for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, consolidated and charity balance sheet, consolidated statement of cashflow 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 the parent charity’s affairs as at 31 March 2023 and of the group’s income and expenditure, for the 31 March 2023 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 Charities Act 2011 and the Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's or the group’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 contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report;

14

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT

or

• sufficient and proper accounting records have not been kept by the parent charity; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 13, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and 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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section of the Charities Act 2011, and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

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 auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 2005 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were; General Data Protection Regulation (GDPR), Health and safety legislation, Taxation legislation, Employment legislation and regulatory framework for awarding qualifications.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, detailed testing of journals (including the use of data analytics), reviewing accounting estimates for biases, reviewing regulatory correspondence

15

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT

with the Charity Commission, Companies House, HMRC, ICO and OfQual, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

………………………….

Crowe U.K. LLP

Statutory Auditor London

Date: 21 August 2023

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

16

CHARTERED INSTITUTE FOR SECURJTIES & INVESTMENT CONSOLIDATED STATEMENT OF FIIYANCIAL ACTIVITJES Year ended 31 March 2023 Ullrestric¢ed f￿￿￿5 2023 Unrestrieted funds 2022 Iyote INCOME FROM: Charitable ￿tIVities.. Membership subscriptions Membetship enty fees Qualifications and deVeloP￿ent Publications and conferences Investment income Other income 5,583,933 76,383 9.184,878 3,085.264 240J93 843J24 5.211.673 68,052 7,708,847 2,842,469 144.554 1,056,259 TOTAL INCOME 19,014,375 17.031,854 EXPENDITURE ON: Charitsble activities Disseminalion & advancement of knowledge Ethics Consultation & research 10,742,935 2.432,220 3.327285 12,627,880 1,636,598 3,055,905 TOTAL EXPENDITURE 16,502,440 17.320,383 Net investment {1058es) / gains {365,334) 582516 NET ￿¥cOmE A￿D MOVEMENT IN FUNDS 2.146,601 293,987 UNRESTRICTED FUNDS AS AT I APIUL 2022 & 2021 14,954,865 14,6fA),878 UNRESTIUCTED FUNDS AS AT 31 MARCH 21123 & 2022 17,101.466 14.954.865 The notss on pagcs 20 to 31 fonn part of these fmancial statements. 17

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT BALANCE SHEETS As at 31 Marth 2023 Note GROUP CHARITY 2023 2022 2023 2022 FIXED ASSETS Tangibk assets Intsngible assets Inv&stsnents 272.716 231,844 272,716 231.844 10.662,052 10.934.768 10,979,884 11211.728 10,762,052 11.034.768 11,079,884 IlJll,728 CURRENT ASSETS Stock Debtors.. amounts falling due after one year Debtor8: amount8 falling du¢ within on¢ y¢ar SJ80 8,369 5.580 8.369 10 10 4,188,875 3.286.538 4,188,875 3.286,538 C&8h at ba￿k a]Ki in hand 9,948.839 14,134,294 8.521.976 11.816,883 9.946,839 14,141.293 8,519.794 11,814,701 CREDITOKS: amounts falling due within ¢)ne year Provisiotss for liabilities {7.479.792) (7J27,694) (7,864.579) (7,718,495) 17 KT CURRENT ASSETS 6,663,502 4,489,189 6,276,714 4,096,206 Amounts falllng due after more than one year (496,8￿} (746,052) {496,804) (746,052) TOTAL NET ASSETS 17,101.406 14,954,865 16,814,678 14,661,882 REPRESENTED BY: u[￿¢￿triCted fund 17,101.466 14.954,865 16,814.678 14,661,882 a￿la1 stat¢ments w¢r¢ approved and autlK)ris¢d for issue by th¢ BoèTd of Trustces on I l July 2023 behalf of the Bo OrTn￿tees'. Signed o li¢lJael Cbair Cole•Fon , MCSI , FCSI(Hon) Deputy Chair 18

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended 31 March 2023 Note 21123 2022 Casb floTrvs Irom operatin% a(tivilies Net cash provided by / {￿sed in) operating wtivities 13 1.380,390 (241,881) C&sb floivs and investing ¥4ctivities Dividends. interest and rents from investments. Pur¢h&se of thngible fixed &ssets Purchase of investments, at cost Cash transfer from l (to) investments Net e8sh provAded by l {u5¢d Jnl Investhig aedvltles 240,593 {146,618) {132,929) 85.427 46.473 144.554 (58.587) (128.846) (85,427) (128.3061 Change ill cash and cash equivalenL8 in the rqx&rting ￿riod C&sh and c&sh equivalents ai the beginning ofthe rew)rting Perii)d .426,863 (370,1871 8,521.976 8.892.163 CAsh And cash equiv*lent5 at the end of th¢ reporting periwl 9,948.839 8,521,976 Cash in hand 4.202,262 5,746.577 9,948,839 3,424,876 5,097,100 8,521,976 Noti¢¢ d¢po$i¢s Total easb and easb equlv•l¢nts 19

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT ]Yotes to the fmaneial statements year ended 31 Mareh 2023 CIIARITY INFORMATION The Chartered In5tityte for Securiti¢s & Inv¢5tmCDt ("CISF? is re8iStered as a charity in England & Wales by the Chariry Conullission Oi¢gistrdtion No. 1132642) and in Scotland by the Office of the ScottÈ%h Charities Regulator {Re8istrdtion No. SC040665). The company was incorporated by Royal Charter (R¢gistration No. RC000834) and is governed by said Charter and its associated Bye Laws and domiciled in the UK and is a public I￿nefIt entity. Thc of the registered olyice is 20 Fenchureh Streel London. EC3M 3BY. ACCOUNTING POLICIFS Basi5 of prep4r¥tion The accounls Ifinancial stat¢m¢nts) hav¢ b¢en pr¢paTed in accordance with the Charities SORP (FRS102) applicabk to ¢hariliespr¢paring their ac¢ounts in aceordance with FRS102 the Finaticial Reporting Standard applicable in th¢ UK and Republi¢ of Ireland and the Ch8ritie8 Act 2011 and the Chariiies and Trustee Inv¢skn¢nt {S¢otland) Act 2005 attd the ChaTYties Accounis (S¢oi18nd) Regulations 2006 and UK Getterally A¢wted A¢¢ounting Practice a8 it applies from l January 2015. The Chartered In8titute for se￿n￿¢s & I￿¢sIM¢nt ("CISI") meets the definition of a public benefit etitity ullder FRS 102. Assets and liabilities are initially recognised at historical c08t ortransaction value unles5 otherwi6e stated in the relevant accounting policy noiels). Basls of Consolldadon The group fjnaueial statements consolidate the fmancial staiements of Chartered Institute for Securities & tnvestment al￿ its subsidiaries. as reported in note 9, up to 31 March 2023 on a lintrby-line basis. Other than Ch&rterd Institute for Securities & Investments (Services) Limited, all international branches, liai80n offices and subsidiaTies' results are included in the ChaTity's r¢sults. Th¢ n¢t mov¢m¢nt in fvnds of th¢ Charity for the year ￿ an increase of £2,146,601 (2022.. £293,987). The Charity has raken advantsge of the ¢x¢mptions in FRS 102 from th¢ T¢qUiT¢m¢nL¥ to pr¢wit a Ch8rity only Cash Flow Statement and certain disclosures aix)u¢ the Charity's fman¢ial itL¥trum¢Dts. Golng Concern The TNsteeshave a reasonable expectsiion that the chaTity and group h&y adequale r¢si)urc¢y lo ¢¢)ntinue ils ¢uvities forthe foreseeable future. Accordingly, they continue lo adopt the going wncern b￿15 ]nprep￿Ing the fillanc￿l statements. as outlined in the Statement of Troslees Responsibilittey on page 13. The TnLsle¢s have reviewed forecasts. for a period beyond 12 months from the date of signing th¢ a￿m￿ts. These have been prepared by management and the a¥sumptions have been slress tested. Th¢ T￿Sle£S are satisfied that pro¢e&ses aTe in pla¢¢ lo identify, reFth and remedy any sustained losse5, alld there are significant reserves and available ¢th for the Instityte to utilise if required. The Trustees will contitiue to review this position Tegularly. Forelgn C¥rren¢y Translatio Trawctions in foreign currencies aTe record￿ at the rate of exchattge rnling at the datr of the tra￿Sa￿lon. Monetary assets and liabilities are shown in the balance sheet at the rate of exchange rnling at the balance S1￿ct date. Gains and losses on exehange are included in the Ststement of Financial Activities in the cxpenditure of the charitable a¢tivitÈes having been allocated amomgstthe other suptKJrt costs shown in note 4 in tbe wte$ to th¢ fmaneial statements. The fijnctional ¢urrency of The Chartered Inqtimte for Securities & I￿vestment and its 8ubsidiari&8 is ¢onsidered kn be pounds strrling because that is the cumcy of the primary econ¢)mic environment in which th¢ Charitylgroup operates. The consolidated fmancial statements are also pre8ented in sterling. 20

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial ststements year ended 31 March 2023 (Conlinued) Membersbip Sulkserlptlon3 The mernbership sub5¢riPtion yeartwis from l April to 31 March. Subscriptions receivd from mernbers are inclu(kd in the fman¢ial statements in fiQl for the year to which they relate. Surns received prior to the year end in respect of the fortbcoming subscriplion year are treated a5 subscriptions re¢eiv¢d in advance in the balance sheet and thken to income An the new sub8criplion year. Enty fw are taken to income as they are recelved Examination Entry Fee5 qualification registration fee attsxets one year's free studeni mernbership and as such this income 1$ r¢cogntsed over the year. Examination fee8 recogtiised only kn the exxm 14 taken. Trainlng Servlees Ineome I￿o￿e from couts¢s and training 8erYices are accounted for on ￿ a¢crn￿S basi& Inveytment 1￿come tncome frow bank d¢EK)sitS 18 accounted for on an accnwls basis. Autstxtlon of Expendltur¢ All expenditure is accounted foT on an accruals basis and has been listed under headings thai aggregate all the costs Telat¢d to that activity. Where co8￿ cannot be th'rectly attributed ihey hav¢ all¢xated to activiti¢s on & ba8is consistent with the uqe of the resources. Direct cost4 inelllding directly attTibutsble salaries. pre all(Kated on an actyaj baqis to rhe key strategic areds of activity. Other salaries allocated between expeJLse headin&$ on the basis of time spent, and other costs are all(¢ated in proportion to direci 0St8 r¢lating to ¢￿h charitsblc activity. Funds All funds GUTr¢ntly belonging to the Charity are unrestricled. Unrestricted fvnds are fund$ whi¢b are availabl¢ for use ai the discretion of the Twsrees in furtherance of the generdl objectives of the Charity and which hav¢ Doi been d¢s3gnat¢d for otherpurposes. T*￿t￿b]e Fixed Assets Tangibl¢ fLxed ass¢ts are sthied at ¢ost less depreciation. An Asset is capitslised when its origiEthI cost 18 i)) ¢x¢ess of £2,500. Depr¢¢iation is provid¢d at rates ¢alculaied to write off the cost of fixed assets over ttke estim2ted us¢ful liv¢s of the ￿Sets. Th¢ rates ofdepreciatioll used in the year are as follows.. Comput¢r equipm¢nt and t¢l¢phon¢s Straight line, over three years Fix￿r¢S and fittiu8$ Straight line, over fouT years t￿8¢￿01d improv¢ments Straight line, over five ye4rs lit&ngible Assets InlanbFible assets. ale measured at cost less ae¢umul4t¢d amortisation and afjy accumulated impainneni losses. Amortisation is cbarged so as io allo¢ate the ¢o$t of intongibl¢$ l¢ss their residual valu&4 over their estimared use￿1 lives usjng the thigbt-line method. Intan8ibl¢ as8eis are a￿ortIsed over the following useful economic lives: Goodwill amortisation (IFP) Straight line, over five years Fin4n¢ial Instruments Inveslments, iwluding EK)nds held &s part of an investment Wprtfolio are held at fair valu¢ as quoted on the rnarkel at the balance sheet date, with gains and losses being recognibed witbin in¢om¢ and expendilure. Inveslments in Subsidiary undertakings aTe held at cost less impairnient. The Charity ha8 finallGial assets and fmBncial liabilities of a kind that qualify as basic financial insttiunents. Basic financial instrumellts are initially recognised at transaction valu¢ and subsequently measured at the present value of future cash flows {a￿OrtiSed cosl). Financial assets held at amorfised ¢o$t comprise cash at bank and in hand, short term cash deposits tbe group's debtors excluding prepayments. Finatlcial liabiliiies held at amortised ¢o$t comprise the group's short and long-term creditors excluding deferred income and Lixation payable. No discounting has been applied io these fmancial instruments on the basis that thc pericds over which amounts will be settled are such that any discountin8 would be inM￿t¢r1al. 21

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Note5 to the fJDancial statement$ year ended 31 Ma￿h 2023 (Continued) Investment ID Subsldiary UMdertaklDg Th¢ investtnent in Subsidiary u]knkrtaking is stsied at co81 less provision for any impairnL C•$h #t bank a￿d Rn band Included in cash at bank and in hand are all current account balances in the UK and abroad. all pety casb and foreign cUrre￿Y ￿COUnts plus all treasury inveStm￿ts on one yeaT'S nolAce or le Stoeks Stocks of workbooks and publicity items are valued at the lower of cost and seMiDg price costs to omplEte and sell. Operaiing lease rentals are charged to th¢ ststem¢Dt of financial activitie8 in equal annual amounts over the lease temi. Pension Costs The Charity offers a defmed contribution pension 8cheme in the UK and other appropriate arrnrtgements overseas. In the UK the Charity contributes fixed percentsge rates of salary to an employees, personal pension schem¢ and has no furth¢r liability fi>T the Scheme, which is administered on behalf of the Chertewj Instityt¢ for S¢curiti¢s& Inv¢sttnent'8 employecs by an independent manager. The InstiDJte's pensionpolicy fulfils the requirements of th¢ Ernployment Equality (Age) Regulations Acl 2006. There are levels of ntribution, d¢pendent wn th¢ length of seTvice of each employee. Provlslons Provi%iong are reeognised when the Compally has apresent legal orcollstrnctiye obligation rising as a result of a p&gt evenL it is pmbable thai an outllow of econon)ic benefirs will be required to settle the obligation and arcliable estimate canbemade. Provisions are Jneasured at thepresentvalueofthe expenditure expect￿1 to be required to settle the obligation using a rate thai reflects cwrent markei assessments of the time Value of money and the rigks specific to the obligation. The increase in th¢ PTovision thie to th¢ passage of tiw¢ is Taxatlon The Instiwie is registeredas acharity and th¢refor¢ b¢n¢fits from ¢x¢mptioD from corEwdtioD tax on ￿taIn sources of income. so long as the income is applied for charitabl¢ purpo¥¢s. Cri¢i¢81 Krountiug judgem¢Dts ttnd key Mur¢es of e5￿MatIon uneertalnty In th¢ application of th¢ Charity's aw)unting policies, with are de5Ctibed in 2, Trnslees are requiTed t make judgem¢llt5, ¢Stimat¢s. and wumptiorjs about the C&Trying value5 of assetts. and liabililies thal are not readily apparent from oth¢r sources. The e5tirnates and un(knIyill8 a&%uniptions are based on historical ¢xperi¢n¢¢ and other f￿torS that are considered to be rElevaDt. Actual results may differ fron) these estimates. These estirnate5 and underlying assumptio￿$ are reviewed on an on-going basis. Revisions to accounling cstimateis arc recognized in the period in which the estimate is ￿l$ed if the revision aff￿ts only that period or in thc period of the revision and future periods if the revision affects the cwrent arKJ ￿t￿re periods. The key soU￿eS of esti2nation unCer￿ty that have a signifiwit effvxt on th¢ amowits rxognised in th¢ fu￿￿la1 slalements are described in the accounting policies and are summaTised b¢lovr. Dilapidatiolls provisio The Charity has provided for its possible liabilfftty in relation to its leasehold property wbich has be estimated b&sed on standard costs 8￿)￿raphiCallY *JjusttyJ and is included in a¢¢n￿ls. Thecljarity has reviewed the ongoing value of its investment in IFP and, being satisfied tbat the membership income is substantial and continuing, see no reason io provide for any impairnient An the investmenL Redwjdanty￿trnthIX￿•ll Payments Redundancy and terniination payments accounted for in the period in which they are agreed. 22

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial Statements year ended 31 Mareh 2023 (Continued) INFORThL4TION REGARDING TRUSTEES AND EMPLOYELS N¢)ne of the TTUSte¢y who s¢rv¢d duTing the year received ally emoluments fiY>m the Charity in the CUTrent or prior year, with the exception of the Chair, The C]wity's Royal Cl￿ter provid¢s for the Cbair to be r¢munuHl¢d foT iheir s¢rvi¢es and emoluments totalling £44.490 (2022: £44299) wer¢paid to the holder of that post during the year. During* the year. nine Trust¢es were r¢1mbUrs￿ by the Instityte for trdvel and subsistence expen9es Incurred foi £7,509 (2022= £1.11 I). stsff Costs durlllg tk¢ y¢4r Group Charlty 2022 2023 21122 2023 Wages and salaries Social Security costs Pension ¢o$ts 7.520.886 756,130 465,087 6.823,494 643,759 438.207 7,518,486 756,lJO 465.087 6.821.094 643,759 438,207 8,742.103 7,905.460 8,739,703 7,903,060 During the year, there were r¢th￿dancY or lermination paytn¢nts made which amounted to £nil {2022: £2,250). There were no such pay￿en(S outstsnding at tbe ye4r-¢nd (2022: £nil). Of these payments, £DiI related to redundancy (2022.. £2.250) and £nil to ten￿]n￿lOn (2022.. £Dil) The emoluments {in¢ludin8 ￿able benefjts in kind, payments in lieu of pension. andbonwes but excluding pension contrlbutionsl of persons employed by the group as at th¢ ye4r-¢nd that exceeded £60,000 were as follows: 2023 L¥0 14 2(122 £60.WI - £70,(M)O £70.IM)1- £80,￿0 £80.(K>I - £90,000 £90,(K)i _ £ioo.o(x) £IOO,001- £1 10,O(x) £110,001- £120,000 £120.001- £130,000 £140,001- £150.000 £IY),001- £160.(M)O £160,001- £170,000 £180,001- £190.01)0 £200,001- £210,0 £210,001- £220,0 £240,001- £250,0th) £390,001- £400,000 The key management personnel of the Charity comprised the Tn]stees, tbe Chief Kxecutive, the Global Director of Finance, the Chief Operating Officer, the Director of Global Business Developm¢nt and the Global DiTector of Leaming. The totsl employeebet)efits ofthe key manag¢m¢nt personnel w￿¢ £1.352.085 (2022.. £IJOO,701). 23

CHARTERED ll¥STITUTE FOR SECURITIES & INVESTMENT Note$ to the financlal statements year ended 31 March 2023 (Continued) Th¢ avernge number of perso￿ employed by the group in the year (including lerni c¢)ntract posL8) was as follows: 2023 No 122 34 37 2(122 No 119 34 33 DI￿￿11nation & adVa￿ement of knowl¢dg¢ Etbi¢s CoDsultation & research Goven)an¢e 197 189 2023 r40 29 30 io 16 23 108 2022 Op¢Trtions Qualifftcations & development {including intenMtional) Management and adminigtraiive support Busine&s Development Membership, ryofessional development and rna￿1]￿g 29 29 17 22 106 Overseas staff 89 197 83 189 EXPENDITURE Expenditure includes the following: 2023 Grnup 2022 Group D¢preciation and amortisation of assets Rentsls under operating leases Auditors, remunerntion foraudit work Auditojb. remunerntion forother servtees Foreign cunency losses 105,746 1,144,551 37.2(Kl 5,350 23,868 111,900 1,151,012 31.500 13,055 45,739 24

CHARTERED INSTITUTE FOR SECURfriES & INVESTMENT Notes to the financial statements year ended 31 March 2023 (Continued) ANALYSIS OF EXPENDITURE Amortivdtion Staff Costs & Depreciation Other Dirwt Olher Support TotAI 2022-23 Total 2(121-22 GROUP Charitsble a¢tiviti¢s: Disseinination & advanc¢m¢nt of knowl¢dg¢ Ethicg Consultation & research 5,919.418 71.475 2,226.391 2,525,651 10,742,935 12,627,880 1,648.447 1,798,304 11.614 22,657 361.766 705,732 410,393 2.432,220 1,636.598 800,592 3J27,285 3,055.905 Total 9,366,169 105,746 3,293,889 3,736,636 16,502,440 17,320.383 Other direct costs cornprise th¢ llQD-Staff ¢osts ass(Kial¢d with the delivery of the differenl ¢barithble activities whi15t the other support Cgsts ¢omprise the overall establishment and o￿l¢e cosls of the ChaTity, which are allocated ￿rO$S the charitsbl¢ a¢tsvities. Included within charitable activities are gov¢rnall￿ w5ts which amount to £248,743 (2022.. £150,604). Governance costs comprise board and committ¢¢ ¢XP¢DS¢S, audii aod legal fees and ¢osts relating to the prov15ion of company secretarial aDd wrporat¢ registration 8ervi¢es. Staff costs include all staff r¢lated costs including insurdnc¢s, payroll cos14 recrnitmenl eXpeltse￿ and payments to long-terni forei8ll consultsnts. Analy￿ of Other Support Coyts: Dissemination Ethics Consultatio & researeh Total 202>23 Total 2021-22 dvancement of knowledge PJrmis& Printing, postage & stationery Marketing travel & subsisnce Irrecov¢rabl¢ VAT Communications & tr Equipment hire Other Governance 888.474 13,768 32.633 281.881 440,299 48,387 780,594 39,615 144.368 2,237 5,303 45,803 71,544 7,862 126.839 6,437 281,632 4,364 10,344 &9,352 139,568 15,338 247,436 12,558 1.314,474 20,369 48,280 417,036 651,411 71,587 1,154,869 58.610 1.293,333 18,866 34,477 410,824 655,920 58,210 644,151 47,415 Total 2,525.651 410.393 8Th),592 3,736,636 3,163,196 25

CHARTERED INSTITUTE FOR SECURITIES & ￿vEsTmENT otes to the flnanclal statements year ended 31 March 2023 (CoDtinued) L¥vEsrMENT INCOME 2023 2022 UK bank inierest receivable DiYid¢nds r¢c¢ivablc 107.664 132.929 15.708 128,846 240.593 144,554 OTHER INCOME The figure of other income in the Stat¢m¢n¢ of Financial Activitie5 includes income relating to the issuance 0£ Sthten)ellls of Professional Standing of £193,274 (2022.- £185,410). Also included in other income is income under non-canceuabie ¢omm¢rcial priyety lease5 of £537.960 (2022.. £506.359). TAXATION The Ctwtettd Institute for Securities & Investment 18 a charity and enjoys certain exempti(ms from t&K accordins to Part I I Corporation Tax Act 2010. A￿O￿dingty. no liability to UK CoryKTrration Tax arises on its activities. The subsidiary company. th¢ Chartered 1Th8tityte for S￿urItics & Investhient (Setvices) Ltd, has no t&x liability for the flnancial yw. The Singapore subsidiary is subject to local t&xation requirements. There is no liability because of ar￿MUlat￿ tsx lo*w. FIXED ASSETS TANGIBLE ASSETS Computer equlpment Fixtures and fittlngs Leayhold improvements Total Group and Charity Cost As at 31 March 2022 Additions Dispgsals As at 31 March 2023 284,433 130,468 141,529 16,150 1,401,934 1,827,896 146,618 414,901 157.679 1,401.934 1,974,514 Deprecitttion As Ht 31 March 2022 Charge for the year Depreciation on diswsals As at 31 March 2023 191,765 65,266 136.775 3,663 1267J12 36.817 1.596,052 105,746 257,031 E40.438 1,304,329 1,701,798 N¢t b(￿k value 31 March 2023 157.870 17.241 97,605 272,716 Net book Yalue 31 March 2022 92.668 4,754 134,422 231.844 26

CHARTERED INSTJTUTE FOR SECURrriES & INVESTMENT Notes to the financial Statements year ended 31 March 2023 (Continued) INVESTMEiwrs 2023 2022 Group Cbrity Group Chrity Balance at marketvalue as at 31 Mareh 2022 Additions Reinvested income Unrealied (lo%%) I gain Disposals BalattGe at rnarket valu¢ ￿ at 31 Mar¢h 2023 Long Terni Dep￿811 Aecourtt Tolal Inve8tmenis 9.894.457 9,994,457 9.183,095 9.283.095 132,929 (365,334) 132.929 1365,334) 128.846 582.516 128,846 582,516 9,662.052 9,762,052 9,894,457 9,994,457 I,000.(M)O 10,661052 I,o(Ki.000 10,762.052 1,085,427 10,979,884 1,085,427 11,079,884 The Group investmeni balance represents 22,035 Lmit& in CCLA'S COIF Charities Investment Fund (2022.. 22,035 uniis.), 3.406.282 units in Sarasin's Al￿a CIF forEDdown¢nts (2022.. 3,406,282 units), and 603.802 uni15 in Samin's Income and ReseTves Fund (2022.. 603,802 units), all at tnarket value (combitted olyginal cost- £6J82,064 . (2022. £6,514,993). The Charity includes the investment in CISI(S¢rvic¢s) Ltd, ￿ reported in note 9. II¥TANGIBLE FIXED ASSETS 2023 2022 Balance at 31 March 2022 Proceed% received Amortisatiot] during th¢ y¢ar Blanee as #t 31 March 2011 ]ntangible fLxed assets rEpTe8ellt the purchase of the m¢mb¢rship and intell¢ctyal property of the Instiw* of Fina￿1￿1 Planners in Novclllkn 2015. This intangible fLxed asset is slill in use but fully ￿T￿tten dowL SiJBSIDIARY COMPANIES On l March 1994, the Charity's predec&ssor estsbliyhed a wholly-owned subsidiary cotw)any. Securitics & Investment Insti￿te (Services) Ltd, now known as Chartered Institute for Securities & Investment{Services) L￿. The subsidiary company is registered itt England and Wales. The PUTK)q£ of Chanered Institute for Securities & Inveslment (Services) Ltd is to carty on the trading activiti&8 olthe Chartered Institute for Securities & InvesthienL which comprises bespoke training cours¢s and n(m-ch4ritable acuvities carried out on behalf of the Chartered Instithte for Se¢urities & Investment. Subsidiary operationq were also incoo)orated in Singapore (3 April 2006), in India (8 July 2006). in the People'g Republic of China (20 August 2007)- The companies in India and Dubai are liaison offi¢¢s which r¢present and promote the interests of Ch8rt¢r¢d Inqtityts for Securities & Invesunent. Chartered 1Th8tityte for Se¢uriti¢s & Jnvestuwit ISingapoT¢) PTE Ltd b¢gan trading during the year to 31 March 21M)7 but does not ¢UlY￿tIy tr&le and Se¢uriti¢s & Investment Institute (China) received its WOFE (wholly owned foreign eNerpris¢) b"¢¢nc¢ in January 2(M)8, but does not currently trdde. In January 2011 an office was registered in Sri Ianka. This ¢ompatty a¢ts &5 liai50n orri¢e. in the yame way as the ones in India and Dubai, and does not trade in its own rigbt. 27

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the financial statements year ended 31 March 2023 (Continued) In January 2016. 4representative office w&8 registered in the Philippines. This compatty does not trade in its own right. In June 2018. 8 wholly owned subsidiary was estsblished in Cyprus. This company did not tr&de during the There are a150 the followitjg whollyvowned dormanl compaDies in the group: ItLstitsJle of Wealth Management Ltd Securities & Investment Insti￿te The Complian¢e In8(ituÈe The Financial Planning Association Limited Financial PlaTJning (CISL) Limited FPSB (UK) Limited All companies were in¢ooorated in Ettglatjd and Wales. No detsils of the inco]nelexpenditur¢ and assetslliabilities of the overseas subsidi&Ties are included in the figures below wbi¢h Telate to the UK setvices company (Chartered Inst1th￿ for Securities & Investm¢nt {Services) L￿). Any in¢om¢ and fjjnding eosts of the overseas subsidiaries are T¢flected in the Chavity ond the group figure& lllvestment In Sllbsldlary Charter¢d In￿1￿14 foT S￿Unties & Investments (Seryices) Ltd. Cos¢ ai 31 March 2022 and 31 March 2023 For the year ended 31 Ma￿h 2023, the subsidiary's profit and loss account sJK*wed.. 2023 2022 Jocom¢ Expenses Profit for the year before gift aid and taxation 200,640 (111.668) 88,972 191,167 {16,782) 174,385 Gifi aid payments (Losg) I Profit for the year (182,826) (93.854) (128,738) 45,647 Tts balance $he¢t show¢d.. CurrEnt assets Current liabilities Funds 299,128 412.983 20,0(XI 392,983 299,128 28

CHARTERED INSTITUTE FOR SECURITIES & INVESTIWENT Flotes to the fmaneial statemenls year ended 31 March 2023 (Continued) DEBTOILS 2023 2022 Group Chrfty Group Cbarity Trade debtOTS Other deb￿r5 Prepayments aod accrued income 3,171,845 203,332 813.698 4,188,875 3,171,845 203.332 813,698 4,188,875 2,325,569 301,508 659,461 3286,538 2.325.569 301,50R 659,461 3,286,538 li. CREDfToRS Anhount8 falllng due wlthlD one year 2023 21122 G￿ts￿p Charity Group Cknarlty Subscriptions received in advance TTade Creditors Other taxes and social security Other creditors A¢cTuals and deferred income 2,633.139 119,920 532,464 44.852 4.149.417 2,633,139 119,920 532,464 44.852 4,149.417 297,128 2,703,493 5,244 405,992 62,561 4.150.404 2,703,493 5244 405,992 62,561 4.150.4( 410,801 Amounls owed to subsidiary undertaking 7,479,792 7,479,792 7,327,694 7,738,495 Amounts fllimg due aftsr more than one year 2023 2022 Group Ch*rlty Group Charity Accruals and deferred in¢om¢ 496,804 496,804 746,052 746,052 Amounts due ov¢r on¢ yearr¢lat¢d to deferred Eonwse5 (£209,647) and to the apportlonment of the r¢n¢-fr￿ ￿lod on the premises at 20 Fenchu￿h Street {£287.157). Inconje re¢eiv¢d in advance during the year ¢an be summarised as follows: BAI#D¢e ellrried forward at 31 Marth 2023 brought forward at April 2022 Reeelved durlng the year recognised during year Membership swbscriptions (including received from s¢ud¢nt8) Qualifi¢ations & development Publirations & CODferences Other income 2,724.763 1,492.069 147.029 5,526259 9.170,207 3.086,382 843,324 4,363.861 18.626,172 2,667.089 1,477.398 148,147 5,583,933 9,184,878 3,085264 843.324 18,697,399 4,292.634 29

CHARTERED INSTITUTE FOR SECUIUTIES & INVESTMENT Notes to the financial Statements year ended 31 March 2023 {Continued) 12. OPERATING LEASES Futur¢ millimum operating lease paymenrs are as follows: 21123 L￿d and 2022 Land and BulJdthg$ Bulldln8$ Within one y¢ar Between one and five years Over 5 years 1,092,733 2,146,262 1,212,788 3,499,343 During the year the Charity spent a total of £1,152.909 (2022.. £1.I51,012) on op¢rdting lea¥¢ ¢ommitm¢n¢s. The total future minimum le&se in¢om¢ un(kr nOn-¢an￿llabl¢ propEty le￿S is a5 follows.. 2023 Land and 2022 Land and Build5ngs Buljdlngs WAthin olle year BetsVe￿ one and five years Over 5 yeas 402,203 765,552 402.203 1,167,755 13. RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2D23 2022 Net income for the Teporting peTiod per the Stst¢m¢nt of Finan¢ial Activities) Adjust￿¢￿¢¥ foT: Net I￿eStsnert1 losses / (gaiL8) Divid¢thds, tnt¢r¢st and rents from investments Depreciation and amortisation D¢¢r¢as¢ l {In¢re&%¢) stocks. Uncrease) in debwrs IDecrea5¢) I Incr￿¢ in u¢ditors 2,146,601 293,987 365,334 (240,593) 105,746 2,789 (902,337) (97.130) (582,516) {144,554) 111.9(K) (3,656) (282,855) 365.813 Net c&sh provided l (u*d) by operatin8 ACtivAties 1.380J90 (241,881 RELATED PARTY TRANSACTIONS Th¢r¢ hav¢ been no related party Ir8tt8a¢tioniTr that require disclosure other thaD tra1￿ctiOnS with the bsidiary company. Chartered Insti￿te foi Securities & Investmenl (Services) Limited, as set Ouf below: In 2022123 th¢ Charity oharged CISI Services Limited for salary costs as the costs of stsff are bome by Chart¢r¢d Institu1¢ for Securities & Inve51TneTht and arc recharged to the company monthly based on an ¢stimat¢ of ¥tivity. This atnounts to £2.652 in the year (2021122.. £2,652}. CISI SeJvi¢es made a donation under ¥ift aid during the year of £182.826 (2021122.. £128,738). At the year end the Charity owed CISI Services LimÈt¢d £384.787 (2021122.. £410.801). tkning the year. the Charity paid expenses on behalf of its ov¢rs¢as oifi¢es totalliDg £1 J60,975 (2021122.. £l,L24,427). At the yearend the Charity ow¢d £1,407.181 {2021122.. £1.407,181} by Chartcred Institute for Securities and Inveslment (Singapore) Pte. LtsL 30

CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT Notes to the fman¢ial statements year ended 31 March 2023 (Continued) Is. FI]YANCL4L INSTRUMEN'rs Group 21123 Charlty 2023 2022 2022 CarriTrDg of flnallelal

S5et5Aiabllltles

Financial aysets. that ar¢ me45ur¢d at anwrtised cost Flnancial liabilities that are rne&8ured at ajnortised cost FinaJ]cial &%sets M&￿ur¢d ai fair value through the Statement of Financial Activiti¢$ 14,155.795 11,966,647 14,155,795 11,966,647 (3,018.439) {3,276,980) {3.018,439) (3,276,980) 9,662,052 9,894,457 9,662,052 9,894,4J7 31