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 Do*d}
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 Sep*mber 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 inve*tment profe*sion.
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 di*uss 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 inve5*d 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 Clw*red 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¢lega*d 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 & subsis*nce
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
Cb*rity
Group
Ch*rity
Balance at marketvalue as at 31 Mareh
2022
Additions
Reinvested income
Unreali*ed (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
B*lanee 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
Ch*rfty
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 f*llimg 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