2023-12-31-accounts

"4 CIHT

The Chartered Institution of Highways & Transportation

Report and financial statements For the year ended 31 December 2023

Registered by Royal Charter: RC000835 Registered Charity: England and Wales (1136896), Scotland (SC040873) and the Republic of Ireland (20103989)

REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 CONTENTS

o	Trustees’ Report for the year ended 31 Dec 2023	1
o	Reference and administrative details	16
o	Independent Auditor's Report	18
o	Consolidated statement of financial activities	22
o	Charity and group balance sheets	23
o	Group Statement of Cash Flows	24
o	Notes to the Financial Statements	25

REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Trustees’ Report for year ended 31[st] December 2023

The Institution is a Registered Charity in England and Wales (1136896), a Registered Charity in Scotland (SCO40873); a registered charitable body in the Republic of Ireland (20103989), and incorporated by Royal Charter. Our central office is located at Britannia Walk near Old Street in London.

The Board of Trustees of the Chartered Institution of Highways & Transportation (CIHT) presents its Annual Report and Financial Statements for the year ended 31 December 2023.

Objectives and Activities

The CIHT was formed on 1 January 2010 following the Grant of a Royal Charter by the Privy Council. (The former Institution of Highways & Transportation was a registered charity and a company limited by guarantee founded in 1930 as the Institution of Highway Engineers). The objects of the Institution are to advance for the public benefit the science and art associated with Highways and Transportation in all their aspects; and to promote education, training, and research and development of the said science and art.

The charitable powers of the Chartered Institution are set out in its Royal Charter and Byelaws dated 30 October 2009. The Institution aims to achieve its objectives by promoting good practice amongst its members, through programmes of meetings, conferences, seminars, and publications, providing routes to Chartered and Incorporated Engineer, Engineering Technician, the SoRSA Certificate of Competency and Chartered Transport Planning Professional; and providing a forum for consultation on all matters affecting Highways and Transportation. The Institution promotes debate in all areas affecting the discipline of Highways and Transportation.

CIHT provides strategic leadership and support to help our members plan, develop, deliver, and maintain sustainable solutions for highways, transport infrastructure, and services that:

• address the challenges of climate change

• support the economy

• help address societal inequalities

• reduce environmental degradation

• improve health and wellbeing

In November 2021, CIHT’s Council signed off a new medium-term strategy ( CIHT Strategy 2022+) which highlights our strategic priorities over the next five to ten years which are to:

• Promote Learning – providing members with the skills, training, and qualifications to be the workforce that our society, the environment, and the economy need.

• Influence the future – working with members, stakeholders, and decision-makers to demonstrate the value of efficient transport infrastructure and services and to help improve all networks so that they are safe, sustainable, effective and able to meet the changing needs of society.

• Promote the value of membership – Recruiting new members and retention of existing members through a reputation for excellence and a range of attractive membership services.

In addition to our priorities, we have three overarching themes; Climate Action ; Professionalism ; and Equality, Diversity and Inclusion (EDI)

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Delivering public benefit

Our charitable objective is ‘to advance for the public benefit the science and art associated with highways and transportation in all their aspects and to promote education, training, and research in and development of the said science and art’. Success for the Institution is defined in terms of developing the knowledge, skills and effectiveness of members of the highways, transportation, and infrastructure profession, and in influencing the development of policy and best practice in the field. Performance is measured in terms of increasing numbers availing themselves of existing provision, and the development of new ways of working to support these aims. In addition, the Institution continues to provide advice and guidance to the industry and stakeholders in accordance with its objectives.

Membership of CIHT is open to applicants who meet the relevant professional criteria. Lower rates are charged for retired members, graduates, part-time students, and associate members whilst special concessions are offered in cases of personal change of circumstance, hardship, or unemployment. Full-time students and apprentices are offered membership free of charge.

The achievements and performance set out in this report provide a more detailed account of CIHT’s contribution to the industry in pursuit of its charitable objectives.

The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. Trustees consider how planned activities will contribute to the aims and objectives that have been set.

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity.

In formulating our corporate strategy, we have adopted a commitment to advance on three key cross-cutting themes that underpin our ambition to deliver public benefit.

• Climate Action – there is an urgent and immediate need to decarbonise our transport systems to tackle the climate crisis and to provide better long-term solutions for a more sustainable world.

• Promoting Professionalism – to give the public the confidence that our members can be held to account for advice and actions. We expect all our members to operate within the CIHT Code of Professional Conduct.

• Equality, Diversity and Inclusion – We are committed to working for equality, diversity, and inclusion in the transportation sector. A sector that truly represents the wider community that we serve enables us to deliver the best solutions to the challenges we face.

Our achievements and performance in addressing these three themes are set out in the next section of the report.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Achievements, and performance highlights for 2023

Key achievements and performance are reported below referencing the three strategic priorities and the three cross cutting themes as set out in the corporate strategy which was signed off in November 2021.

(1) Climate Action

We will: Key Achievements / Initiatives in 2023	We will: Key Achievements / Initiatives in 2023
Become a Net Zero carbon organisation by 2027  CIHT has engaged support from CAFA (Carbon Action for Associations) to support our drive to achieve Net Zero by 2027.
Support our members by providing training on carbon literacy  A Transport Decarbonisation Pathway has been created on ciht.org.uk that provides advice on relevant CPD topics and a one-stop shop for accessing relevant webinars, podcasts, and other materials from the CIHT archive. The pathway continues to be updated bi-monthly as new resources become available.  The e-learning course_An Introduction to Transport Decarbonisation_was made available for free on CIHT Learn for some months in 2023.  A focus group was held with partner network members in April to identify priority areas for further action.  Climate change, decarbonisation, and sustainability have been a continuing theme for regional webinars and events.
Promote initiatives across our sector that decarbonise our transport system and move towards more sustainable forms of transportation	 CIHT was one of the partners in a Future Highways Research Group-led project to establish a Carbon Calculation and Accounting Standard for Local Highways Authorities. In July we secured a grant of £26.5K from the Rees Jeffrey’s Road Fund to create e-learning materials to support the sector to use the standard. These materials will be delivered via CIHT Learn.  CIHT partnered with Transport for Wales, Welsh Government, and other Welsh professional institutions to roll out a series of CPD events to help Welsh professionals respond to the_Wales Roads Review_and the Welsh Government’s new policy direction prioritising modal shift and sustainable transport over capacity expansion_._  A new CIHT policy report ‘_How can we reduce emissions by 60%_in a decade’ was launched in September. Produced in collaboration with the CIHT Partnerships Network, it consists of case studies showing how organisations have delivered significant, quantifiable reductions in emissions associated with transport and transport infrastructure.  Creating best practice case studies in The Work (a resource section in the CIHT members area (MyCIHT) of the website).  Decarbonisation podcast published in July

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REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 TRUSTEES’ REPORT

(2) Promoting professionalism

Introduce a CIHT Equality, Diversity, and Inclusion (EDI) Strategy in 2021 and put a 5 year action plan into progress ~~a~~

 EDI element of Learned Society and Technical Strategy Board (LSTSB) Business Plan reviewed by the EDI Manager  EDI Panel developed ‘Top Ten Priorities’ having revisited the EDI Action Plan to ensure that priorities reflect the needs and aspirations of the institution and wider sector. EDI Action Plan updated to reflect these priorities.  Two courses added to CIHT Learn - the Diversity challenge (60 mins CPD) and Inclusion Essentials (60 mins CPD). ~~a~~

Push for more equality, diversity, and inclusion across the sector ~~a~~

 Regional, National & International (Committee/Group) EDI Officer Role recruitment started in 2023.  Updated EDI Charter launched in June.  EDI Masterclass (part of the CIHT webinar programme) took place in June.  National Inclusion Week webinar during NIW 2023 (25/09-01/10).  Development of Gender Equality Toolkit in Transport e-learning module started.  CIHT is an active member of the Reasonable Adjustments Working Group led by the Engineering Council.  The Transport Planning Professional Standards Committee discussed how to ensure fair and equal access to the qualification at their June meeting. The EDI manager delivered one unconscious bias session at the annual training events for Engineering reviewers and another for TPP reviewers.  The EDI Manager attended the second Adept/Colas-led ‘roundtable on workforce issues: Equality, Diversity & Inclusion and future jobs’.  CIHT is working on accessibility guidance for events.  Communication activities undertaken for EDI-related awareness days/activities including Black History Month, National Inclusion Week, and International Women in Engineering Day. ~~a~~

REPORT AND FINANCIAL STATEMENTS 77 For the year ended 31 December 2023 CIHT TRUSTEES’ REPORT

1) Promote learning

CIHT is the only body to offer the full range of professional transportation qualifications including Chartered Engineer, Incorporated Engineer, Engineering Technician, the Certificate of Competence in Road Safety and, uniquely, Chartered Transport Planning Professional. These qualifications ensure that our members work to high professional standards on behalf of the societies we serve.

We will: Key Achievements / Initiatives in 2023	We will: Key Achievements / Initiatives in 2023
Encourage and support members to achieve recognised professional qualifications  102 applicants for Professional Review (CEng, IEng, or EngTech) and 36 people applied for Transport Planning Professional through CIHT in 2023.  Delivered 23 End Point Assessments for Transport Planning Technician Apprentices.  Completed 422 initial assessments for engineering qualifications and 171 for Transport Planning Professional.  Regular professional qualifications webinars held for both standard and individual routes with the recordings made available on the CIHT website. Experiential Route to CEng has been piloted and to be rolled out in 2024.
Demonstrate and promote the value of qualifications to professionals and employers	 Regular presentations and updates to key stakeholders and at industry events.  Delivery of a webinar series that promotes qualifications and professionalism.  Profiles of successful professional qualifications candidates featured in TP magazine.  Details of apprenticeship schemes across the UK highlighted on the CIHT website and for National Apprenticeship week.  CIHT is contributing to the development of the new Civil Engineering Degree Apprenticeship in Wales and the review of the Civil Engineering Degree Apprenticeship in England.  New Professional Development Framework scoped for launch in 2024.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

We will: Key Achievements / Initiatives in 2023	We will: Key Achievements / Initiatives in 2023
Embed CPD as an essential requirement for our members at all stages of their career  New CPD policy guidance released including the expectation that all members focus some of their CPD on transport decarbonisation.  Members can now plan, undertake and record CPD on CIHT Learn.  Over 910 members are already recording their CPD using this new function on CIHT Learn.  The CPD course on CIHT Learn has been updated and continues to be free for members.  Transportation Decarbonisation Pathway Launched. Key topic raised with stakeholders.
Provide mentoring and professional development opportunities to our members  Provided guidance and online learning for prospective engineering and Transport Planning Professional qualification mentors.  Members now have access to a mentoring module on CIHT Learn.  A survey of mentoring provided by the CIHT nations and regions groups has indicated the level and type of support for mentoring varies by region. Feedback has indicated that more formal support would be welcomed and the Education and Professional Development Strategy Board (EPDSB) will be including this in their 2024 workplan.
Develop and deliver a digital learning platform (CIHT Learn) for our members	 More than 1900 unique CIHT paying members have registered for one or more courses on CIHT Learn.  Continued to regularly add new content and courses onto CIHT Learn (a range of courses on professional and personal development) – 61 courses now available.  Planned programme of new topics and courses to be rolled out throughout 2024.  Ongoing promotion of CIHT Learn in all membership comms.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

2) Influence the future

Raising the profile

CIHT members play key roles in policy and technical developments across highways and transportation. Through working closely with members and influential stakeholders, CIHT shapes the decisions that affect our society, environment, and economy.

We will: Key Achievements / Initiatives in 2023

We will: Key Achievements / Initiatives in 2023

Shape and contribute to transport policy across the UK and internationally

 Represented CIHT in government consultations across the UK through a supporting framework of policy forums in Scotland, Wales and Northern Ireland.  Recognition in several Transport Select Committee inquiries and the national press.  Engagement with the Highways Sector Council.  Developed policy briefings on sustainable transport, walking and wheeling, e-cargo bikes, road safety and sustainable urban drainage (SUDS) for highways.  Hosted roundtables that influence white papers and other outputs on road safety and mobility pricing.  Provided media commentary, spoke at third-party events, presented views and opinion at CIHT events and through Transportation Professional (print and digital).  Published Report: Green and Blue Infrastructure (GBI) – A Transport Sector Perspective and engaged with national bodies on GBI – including the World Road Association, the UK Roads Leadership Group and Local Government Technical Advisors.  CIHT was a key part of the UK presence at the World Road Congress in close collaboration with the Department for Transport and the devolved administrations.  Spoken / presented at a variety of third-party events including round tables, conferences, and webinars.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

We will: Key Achievements / Initiatives in 2023	We will: Key Achievements / Initiatives in 2023
Maintain and develop relationships with national, devolved and regional governments, industry and the public  Key stakeholder engagements with organisations including the Departments for Transport and Levelling-Up, Housing and Communities, National Audit Office, National Highways, regional transport bodies and the devolved administrations.  Additional stakeholder engagements with ADEPT and across the Partnership Network.  Continued ongoing Secretariat support to the UK Roads Leadership Group and World Road Association.  Launch of Bus Centre of Excellence and supporting website / events etc. A project developed with support from the Department for Transport.  Involved and engaged with the Welsh Roads Review including a ministerial meeting.  Released regular media briefings, news analysis and opinion articles.
Encourage research and debate on a long-term vision for sustainable and integrated transport infrastructure Released raft of new policy projects and reports including:  Building carbon reduction into procurement processes  The role of data and artificial intelligence in achieving transport decarbonisation  How can we reduce emissions by 63% in a decade - lessons from the highways sector  Green and blue infrastructure: A transport sector perspective
Identify and share good practice through the exchange of knowledge and information  2023 saw over 120 events delivered by CIHT and more than 10,000 people attended these events.  Moved to a thematic approach to our magazine Transportation Professional.  Ongoing engagement with all parts of UK public and private sector through CIHT Partnership Network activities.  CIHT Awards highlighted the best entries from over 200 submitted entries. Shortlisted entries added to ‘The Work’ section of CIHT website to provide new case studies and project overviews – CIHT’s Nations and Regions highlighted a range of projects.  Engagement with circa 118 organisations in the Partnership Network, representing the private, public, research, and higher education sectors.
Provide thought leadership on key highways and transportation issues	 Development and hosting of a Bus Centre of Excellence in England with the Department for Transport.  Highlighted key issues of climate action, policy developments across UK, and member’s work via regular media briefings and news commentary.  Regular speaker at third-party events.

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REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2023 TRUSTEES’ REPORT

We will: Key Achievements / Initiatives in 2023  Release of regular views and thought leadership through blogs and other content releases.  CIHT Technical Champions are now established and contribute to our outputs. ~~—_~~ 3) Promote the value of membership Recruiting new members and retaining existing members through a reputation for excellence and a range of attractive membership services.

attractive membership services.
	2022 2023
Paying members	10,442 10,467
No of apprentices in membership	449 512
% of all new members identify as female	26% 23.1%
% of UK new members that identify as ethnical minorities	23%	24%

We will: Key Achievements / Initiatives in 2023 Help shape a long-term  Implemented our membership retention and recruitment strategy. Ninety-one vision for the profession per cent of existing members have retained their membership, with over 960 that will equip it to attract, new members joining CIHT in 2023. retain, and develop diverse talent  Held our Emerging Professional and Apprentice summit at Aston University, Birmingham with over 150 attendees.  Working with partners including Tomorrow’s Engineers, Engineering UK, and STEM Ambassadors to promote the positive image of the profession Over 11,000 hours of STEM ambassador activity has been undertaken.  Draft employment trends report reviewed, and recommendations drafted.  Facilitated myth-busting webinars regarding membership of a professional body for prospective non-members.  Membership benefit of the month campaign launched.  Carried out a review of student data resulting in an email campaign to encourage non-engaged students to become members. Provide equitable services  Implementation of updated Regional Working Arrangements (RWA) that and support to members promote consistent levels of support across the UK irrespective of member wherever they are located location.  We have increased support for CIHT International Groups.  Memorandum of Understanding signed with Engineers New Zealand. Build on our provision of  Have delivered our mixed programme of events (over 120) embracing face to international, national, and face, hybrid and online webinars. ~~_~~

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

We will: Key Achievements / Initiatives in 2023	We will: Key Achievements / Initiatives in 2023
regional high quality, accessible events, seminars and networking opportunities  Further enhanced CIHT Connect (our online discussion forum) to offer a supplementary channel for online networking across the membership.  Membership Survey 2022 results with topic suggestions provided to each region with action plan.
Launch a comprehensive membership strategy to achieve sustainable growth across all grades, diversify our membership profile and meet the future needs of the sector  The membership strategy has been implemented via a supporting action plan throughout the year. This has included various campaigns in recruitment and retention. External activity has seen CIHT provide membership surgeries/outreach activities at a variety of companies, trade events and open days.  Value of membership included in all member comms.  The introduction of a new marketing platform has allowed more targeted content.
Have a membership and governance structure and composition that is more representative of the society we serve and suitable for a modern professional body	 Instigated and facilitated the inclusion of more members from a wider range of backgrounds in formal governance structures and working committees.  Updated role descriptions for regional/national roles  Created a specific EDI role on all regional/national committees  Promotion of opportunities to get involved at all levels  New volunteer strategy produced.

Future plans

The key foundations that will support the delivery of the three strategic aims and three underpinning themes set out in CIHT Strategy 2022+ are set out below.

Regions, nations, and technical groups

CIHT regions, nations, and technical groups will be at the heart of delivering our strategy. They support members individually, provide local services and engage with governments and regional bodies on strategic issues.

International focus

We have members across the globe and will continue to deliver on our international strategy. We will collaborate with our international counterparts on shared agendas.

Member Services

We will continue to extend our offer to members by investing in digitally enabled platforms, including CIHT Learn, our digital learning platform so that they can receive more personalised support services. This will also help us achieve our aim of cutting carbon emissions. We will enhance accessibility to our services and ensure members have plenty of opportunities to network digitally or in person.

Diversification of income base

We will continue to diversify our financial resources to ensure we are not overly reliant on membership subscriptions. We will do this by developing our training offering, events and additional services. We will regularly review our investment portfolio to optimise returns and provide a sustainable income base.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Research, technical and policy

We will continue to develop and deliver quality thought leadership through research, technical and policy pieces to advance the art and science of highways and transportation and build our influence and impact.

Governance

We will continue to strengthen succession planning across CIHT by encouraging more members to become actively involved in governance. We will review the skills, knowledge and competencies needed to be a progressive professional body and evolve our structures to remain relevant in a changing world.

Volunteering

We will be clear on what opportunities are available to members to become more actively involved and what they can expect from us through our volunteer strategy. We will provide training and support for volunteers so that they feel valued and able to contribute to the delivery of our work.

Business planning

We will continue with a three-year business planning cycle to enable the delivery of our strategy, including the prioritisation of actions, strong financial reporting, effective monitoring of performance and alignment of resources to ambition.

Equality, Diversity and Inclusion Strategy

We will build on our achievements to date to drive the EDI agenda more consistently and with greater pace within the membership and across the sector.

Climate Action

We will continue to develop our leadership role and support to members through training, influencing and evidence-based research in response to the UK government’s objective of a Net Zero carbon emissions economy by 2050 (2045 in Scotland). We aim to become a net zero organisation by 2027.

Structure, governance, and management

The Institution is a Registered Charity in England and Wales (1136896), a Registered Charity in Scotland (SCO40873) and incorporated by Royal Charter. In June 2017, the Institution was also approved as a registered charitable body in the Republic of Ireland (20103989). With the grant of Royal Charter by HM the Queen at the end of 2009 the Royal Charter and Byelaws became CIHT’s governing documents. CIHT’s members (individually and via the regions) elect the Council of the Institution, and the Council in turn appoints the Board of Trustees. The Board of Trustees is responsible for directing the affairs of the charity and ensuring it is solvent, well run and delivering the charitable outcomes for which it has been set up. It is the policy of the Institution to give a full briefing and guidance to new Trustees on their duties and responsibilities, and to ensure that they have a strong understanding of the issues and risks facing the Institution in achieving its objectives. All Trustees are given induction training each year and access to other training on an ongoing basis. The Board of Trustees has four strategic Boards reporting to it as follows;

• The Appian Trading Board

• The Education and Professional Development Strategy Board

• The Membership and Member Services Strategy Board

• The Learned Society and Technical Strategy Board

The Audit Committee met with CIHT’s External Auditors twice a year to review the Audit Plan and to receive the Audit of the Annual Accounts and the Management Letter and reports back to the Board of Trustees on the findings and management response.

All profits of the trading subsidiary, Appian Trading Limited, are transferred to the charity through Gift Aid to ensure that funds for the Institution’s activities are used efficiently.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Good Governance Code

Since the Charity Governance Code was launched on 13 July 2017, CIHT has utilised the Code as a framework to support the development of better practice. Trustees acknowledge that the charity is best placed to fulfill its vision, mission, and strategic goals if it has effective governance in place. To date, the charity's Board has established a solid foundation in governance in which all its members are clear about their legal responsibilities as Trustees.

In conducting operations, CIHT seeks to operate in line with the seven principles and recommended practice set out in the Charity Governance Code. CIHT already has several of the Code’s measures in place. These include:

• Trustees’ review of CIHT’s charitable purpose and reflect on changes to the external environment at annual planning days and when we conduct business planning.

• The impact of CIHT’s activities against KPIs are reported at each Board meeting.

• Development of a 5-year strategic plan based on CIHT’s agreed values with three strategic aims which are subject to annual review in terms of evaluating our performance and progress in terms of delivery.

• Declarations of interest are collected annually.

• Conflicts of interest are a standard item on the agenda for all Board meetings.

• There is an agreed scheme of delegated authority recorded in CIHT’s Standing Orders and Financial Regulations.

• An annual skills audit for all Trustees is used to identify requirements for Board development and inform the process of new appointments to the Board.

Trustee remuneration and pay policy for senior staff

The key management personnel of the charity comprises the non-executive Board of Trustees and the Senior Management Team. The Board of Trustees has ultimate responsibility for directing the affairs of the charity and ensuring it is solvent, well-run, and delivering the charitable outcomes for which it has been set up. Dayto-day operational management of activities is delegated to senior management of the charity.

The Board of Trustees comprises a group of 13 elected members drawn from the CIHT Council. They do not receive any remuneration for volunteering their time and expertise. Details of Trustees’ expenses and related party transactions are disclosed in Note 4 and Note 17, respectively.

A Staff Pay and Remuneration Panel has delegated authority from the Trustees to set pay and benefit levels for all staff members including the CEO and Directors. The Panel comprises the Chair, President, Vice President, Immediate Past President, and Hon. Treasurer, and is advised by the CEO.

Staff pay is reviewed annually considering national salary data information from ONS, current inflation rates, London average fare increases, the economic situation in the industry which the Institution serves, and the current finances of the Institution. Every four years the Institution benchmarks against pay levels in other charities of a similar size. This exercise was completed in 2023 which has subsequently informed pay review decisions put into effect from Jan 2024 post review by the Pay & Remuneration Panel

Investment holdings

As set out in the CIHT Investment policy, the objective of our investment holdings is to maximise returns within reasonable and prudent levels of risk.

In 2022, a decision was taken to consolidate all our CCLA investment holdings into the CCLA Ethical Investment Fund. This is a managed fund with specific restrictions (e.g. no investments in any organisation that derives more than a specified % of its turnover from fossil fuels, etc.)

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Over the year ended 31 Dec 2023, we have seen a 13.3% (circa £173k) increase in the unrealised saleable value of CIHT investments. This compares to a 3.9% annual increase in the CPI over the same period. In the first three months of 2024, we have seen further positive returns (i.e. up £38k or +2.6% in Q1 of 2024.).

Reserves policy

CIHT maintains reserves to enable the Institution to fulfill its objectives and to implement the Corporate Plan as well as ensuring the provision of liquid resources representing four months’ operating expenditure estimated as £1,172k based on the 2024 budget. In addition, contingencies may arise due to the long-term nature of the Institution’s activities which may need funding out of reserves in the event of unforeseen circumstances.

As of 31 December 2023, free reserves (which includes designated funds and is defined as Current Assets plus Investments less Current Liabilities and less Restricted Funds) stood at £2,505k (2022: £2,049k). Excluding designated funds (set aside for specific purposes and outlined in Note 14 of the financial statements), net free reserves totaled £1,738k (2022: £1,686k). In line with CIHT’s reserve policy, £1,172k of this sum must be held as a minimum contingency reserve sum representing four months of operating costs.

Going Concern

The Board of Trustees has carefully reviewed the financial position of the CIHT group, including financial projections for 2024 and 2025, and are satisfied that there are sufficient funds at the date of signature of the financial statements to manage any foreseeable downturn in the UK and global economy. The Board having reflected on the level of liquid reserves held also considers that there is a reasonable expectation that CIHT has adequate resources to continue in operational existence for the foreseeable future and for these reasons the Board of Trustees continues to adopt the going concern basis in preparing financial statements.

Use of voluntary assistance

The Institution relies upon the support of many members contributing their own time in the operation of its activities both within the nations, regions, and groups and at Britannia Walk. It is not possible to quantify in financial terms the benefits derived, but all such voluntary assistance is gratefully acknowledged. As indicated below, the ongoing engagement of volunteers is perceived as a medium risk faced by the Institution.

Fundraising

Fundraising is not a material source of raising income for the Institution and we do not engage in the use of third parties. There has been no non-compliance with the Fundraising code and no concerns, or complaints received.

Funds held for third parties

Under a secretariat support arrangement, CIHT hold funds on behalf of the Highways Sector Council who do not have a banking account. As at 31 December 2023, the balance held on behalf of the Highways Sector Council was £85k. This balance is included in within ‘other creditors’ within accounts Note 13.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Statement on Risk Assessment

Overall responsibility for risk management rests with the Board of Trustees who manage the process through formal reviews at board meetings and via the Audit Committee. Day to day responsibility is delegated to the Senior Management Team who identify and evaluate risks that relate to their areas and manage the mitigation plans accordingly.

CIHT maintains a Strategic Risk and Assurance Register which seeks to group together key risks over five areas. On an annual basis, the Audit Committee conducts a comprehensive review of the register to ensure any new emerging risks are properly reflected and that appropriate mitigations are in place or key actions are set out to address areas of perceived risk exposure. The results of the review are presented to the Board of Trustees. The Audit Committee continue to oversee delivery of key actions and take account of the trending status in each. A summary dashboard with commentary is fed back to each Trustee meeting for their consideration.

Strategic Risk Areas	Net Assurance score	What this risk area covers Key mitigations	What this risk area covers Key mitigations
Strategy and Impact	Low Risk	How we plan and deliver the strategy and the impact that it makes on our charitable objectives. Corporate strategy / Business planning and performance management framework. Oversight by Trustees, strategic Boards and Council.
Financial sustainability	Low Risk	To address external environment (for example the impacts from Covid 19, inflation, cost of living crisis and global economic uncertainty). Financial, Membership and income diversification strategies. Financial Regulations and policies. Financial management practice and budget management. Reserves. Investment Policy.
Governance	Low Risk	Ensuring organisation is well run and efficiently that problems are identified earlier and addressed appropriately; preservation of reputation and integrity; achieving charitable objects New governance arrangements. Oversight by Board of Trustees and Council. Comprehensive suite of policies and procedures. Risk management process. External audit review. Business continuity planning.
People (staff and volunteers)	Medium Risk	Acting as a responsible employer and to manage our use of resources effectively.	Human Resource (HR) Framework supported by external HR provider. Staff and Remuneration Panel. Annual staff survey. Regional Panel and committees. Regional Action Plans. Monitoring engagement and supporting volunteers. EDI Strategy.

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REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 TRUSTEES’ REPORT

Strategic Risk Areas	Net Assurance score	What this risk area covers Key mitigations	What this risk area covers Key mitigations
Statutory and regulatory compliance	Low Risk	Encompassing broad range of statutory and regulatory requirements.	Policies and procedures (Data protection, Safeguarding, etc). Annual Health and Safety review. Use of professional advisors as appropriate. Compliance checklist is overseen by Audit Committee. Reporting to the Charities Commission and other regulators (eg Engineering Council)

Statement of Trustees’ responsibilities

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

The laws applicable to charities in England, Wales and Scotland require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the Royal Charter and Byelaws, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed on behalf of the Trustees

Gordon Baker Chair of the Board of Trustees

Date: 15 May 2024

15

REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 REFERENCE AND ADMINISTRATIVE DETAILS

Name and Registered Office of the Institution

The Chartered Institution of Highways & Transportation 119 Britannia Walk London N1 7JE

Charity Registration in England and Wales No: 1136896 Charity Registration in Scotland No : SCO40873 Charity Registration in Republic of Ireland No: 20103989

Members of the Board of Trustees 2023

The members of the Board of Trustees, who were Trustees of the charity until 21 June 2023, are shown below.

G Baker (Chair of the Board) N Johnstone (President) K McShane (Vice President) S Hindshaw (Hon Treasurer) D Sims D Skelley R Llewellyn P Molyneux K Evans M Solanki O Reed L Nightingale D Kitchener

The members of the Board of Trustees, who were Trustees of the charity from 21 June 2023, are shown below.

G Baker (Chair of the Board) K McShane (President) G Lyons (Vice President) S Hindshaw (Hon Treasurer) N Johnstone K Evans R Llewellyn K Carpenter P Molyneux K Lynch M Solanki A Clewes D Kitchener

Chief Executive and Secretary

Sue Percy

Auditor

Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane London EC1Y 0TG

16

REPORT AND FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023 REFERENCE AND ADMINISTRATIVE DETAILS

Solicitors

Withers Old Bailey London EC4M 7EG

Bankers

Virgin Money London Customer Banking Centre 15th Floor, The Leadenhall Building 122 Leadenhall Street London EC3V 4AB

Investment Managers

CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET

17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF "4 CIHT THE CHARTERED INSTITUTION OF HIGHWAYS & TRANSPORTATION

Opinion

We have audited the financial statements of The Chartered Institution of Highways and Transportation (the ‘parent charity’) for the year ended 31 December 2023 which comprise the consolidated statement of financial activities, the group and parent charity balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• Give a true and fair view of the state of the group and parent charity’s affairs as at 31 December 2023 and of the group’s incoming resources and application of resources, for the year then ended

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice

• Have been prepared in accordance with the requirements of the Charities Act 2011 and of the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as 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.

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 Chartered Institution of Highways and Transportation'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.

18

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF "4 CIHT THE CHARTERED INSTITUTION OF HIGHWAYS & TRANSPORTATION (CONTINUED)

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 (as amended) require us to report to you if, in our opinion:

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

• Sufficient and proper accounting records have not been kept; 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 statement of trustees’ responsibilities set out in the trustees’ annual report, 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

19

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF "4 CIHT THE CHARTERED INSTITUTION OF HIGHWAYS & TRANSPORTATION (CONTINUED)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management and the audit committee, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.

20

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF "4 CIHT THE CHARTERED INSTITUTION OF HIGHWAYS & TRANSPORTATION (CONTINUED)

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charity’s trustees as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the parent 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 parent charity and the parent charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG Date:

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

21

THE CHARTERED INSTITUTION OF HIGHWAYS & TRANSPORTATION "4 CIHT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) For the year ended 31 December 2023

			Unrestricted	Restricted	Restricted		Total		Total
			Funds		Funds		Funds		Funds
									Reclassified*
			2023		2023		2023		2022
	Note		£		£		£		£
Income
Donations and legacies			-		-		-		4,958
Income from Charitable activities:
Promote Learning			85,583		-		85,583		70,589
Promote membership Value			2,092,345		24,205		2,116,550		1,891,616
Influencing the Future			208,595		444,230		652,825		214,345
			2,386,523		468,435		2,854,958		2,176,550
Other trading activities			847,008		-		847,008		680,132
Investment income receivable			12,008		-		12,008		4,829
Total income			3,245,539		468,435		3,713,974		2,866,469
Expenditure
Expenditure on Charitable activities:
Promote Learning			379,996		7,649		387,645		294,718
Promote membership Value			1,483,406		21,776		1,505,182		1,731,151
Influencing the Future			601,023		283,252		884,275		361,751
			2,464,425		312,677		2,777,102		2,387,620
Expenditure on raising funds:
Trading & collecting subscriptions			722,170		-		722,170		579,150
Total expenditure	3		3,186,595		312,677		3,499,272		2,966,770
Net income / (expenditure) before gains / (losses) on investments			58,944		155,758		214,702		(100,301)
Net gains / (losses) on investments	9		173,301		-		173,301		(135,439)
Net income / (expenditure) / Net movement in funds			232,245		155,758		388,003		(235,740)
Transfers between funds			56,000		(56,000)		-		-
Net movement in funds			288,245		99,758		388,003		(235,740)
Reconciliation of funds
Total funds brought forward			4,224,167		129,538		4,353,705		4,589,445
Total funds carried forward	14	**£ **	4,512,412	**£ **	229,296	**£ **	4,741,708	_£ _	4,353,705

* For more details see Note 2

All of the above results are derived from continuing activities.

The annexed notes form part of these financial statements

22

THE CHARTERED INSTITUTION OF HIGHWAYS & TRANSPORTATION "4 CIHT BALANCE SHEETS As at 31 December 2023

			Group		Group		Charity		Charity
			2023		2022		2023		2022
	Note		£		£		£		£
Fixed assets
Intangible assets	7		127,919		265,742		127,919		265,742
Tangible assets	8		1,879,602		1,909,154		1,879,602		1,909,154
Investments	9		1,472,723		1,299,422		1,472,823		1,299,522
			3,480,244		3,474,318		3,480,344		3,474,418
Current assets
Debtors	12		248,827		248,901		975,655		697,796
Cash at bank and in hand			1,670,937		1,129,741		448,718		329,659
			1,919,764		1,378,642		1,424,373		1,027,455
Creditors: amounts falling due within one year	13		(658,300)		(499,255)		(538,886)		(377,559)
Net current assets			1,261,464		879,387		885,487		649,896
NET ASSETS		**£ **	4,741,708	_£ _	4,353,705	**£ **	4,365,831	_£ _	4,124,314
Funds
Unrestricted funds:
General funds			3,618,005		3,594,916		3,242,128		3,365,525
Designated funds			894,407		629,251		894,407		629,251
Total unrestricted funds:			4,512,412		4,224,167		4,136,535		3,994,776
Restricted funds			229,296		129,538		229,296		129,538
TOTAL FUNDS	14	**£ **	4,741,708	_£ _	4,353,705	**£ **	4,365,831	_£ _	4,124,314

The financial statements have been prepared in accordance with section 415A of the Companies Act 2006 relating to small companies. They were approved, and authorised for issue, by the Trustees on 15 May 2024 and signed on their behalf by:-

Gordon Baker Chair of the Board of Trustees

Simon Hindshaw Honorary Treasurer

The annexed notes form part of these financial statements

23

THE CHARTERED INSTITUTION OF HIGHWAYS & TRANSPORTATION "4 CIHT GROUP STATEMENT OF CASH FLOWS For the year ended 31 December 2023

	2023	2023	2022
	£	£	£	£
Cash flows from operating activities:
Net income / (expenditure) for the year
(as per the statement of financial activities)	388,003		(235,740)
Adjustments for:
Depreciation charges	59,247		63,300
Amortisation charges	137,823		172,580
Dividends and interest from investments	(12,008)		(4,829)
Decrease / (increase) in debtors	74		(20,596)
Increase in creditors	159,045		165,090
Net cash provided by
operating activities		732,184		139,805
Cash flows from investing activities:
Dividends and interest from investments	12,008		4,829
Purchase of tangible fixed assets	(29,695)		(9,495)
Purchase of intangible assets	-		(61,379)
(Gains) / losses on investments	(173,301)		135,439
Net cash (used in) / provided by
investing activities		(190,988)		69,394
Change in cash and cash equivalents
in the year		541,196		209,199
Cash and cash equivalents at the
beginning of the year		1,129,741		920,542
Cash and cash equivalents at the end of the year	**£ **	1,670,937	_£ _	1,129,741

The annexed notes form part of these financial statements

24

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

1. ACCOUNTING POLICIES

1.1 STATUTORY INFORMATION

The Chartered Institution of Highways and Transportation is a charitable company limited by royal charter in England and Wales. The registered office address and principal place of business is 119 Britannia Walk, London N1 7JE.

1.2 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

These financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity and its subsidiary are a public benefit group for the purposes of FRS 102 and therefore have also prepared the financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity and group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charity and group’s forecasts and projections. After making enquiries the Trustees have concluded that there is a reasonable expectation that the charity and group have adequate resources to continue in operational existence for the foreseeable future. The charity and group therefore continue to adopt the going concern basis in preparing the financial statements.

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Appian Trading Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two entities are disclosed in the notes to the financial statements.

The financial statements are presented in pounds sterling as this is the functional currency of the group. The accounts of non-sterling branches are translated into sterling. Income and expenditure items are translated at appropriate average rates and monetary assets and liabilities at the rates at the balance sheet date. The currency gains and losses are taken to the unrestricted funds.

1.3 INCOME

Income is included in full in the statement of financial activities when receivable unless it relates to a specific future period, in which case it is deferred.

Income from government and other grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

25

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

1.4 EXPENDITURE

Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.

Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned based on an estimate of staff time, of the amount attributable to each activity.

Support costs relate to premises costs which are allocated on floor area basis; other costs are allocated in proportion to income. Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

Branches / regions are accounted for on the accruals basis, other than branches which are treated as affiliates for accounting purposes which are not consolidated.

Monetary assets and liabilities and transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

1.5 TANGIBLE FIXED ASSETS AND DEPRECIATION

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Building core 50 years Long leasehold land not depreciated Leasehold improvements 25 years Office equipment and furniture 5 years Computer equipment 3 years

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

1.6 INTANGIBLE FIXED ASSETS AND AMORTISATION

Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The amortisation rates in use are as follows:

Database and website 5 years Development learning platform 5 years

1.7 FUND ACCOUNTING

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of management and support costs.

Unrestricted funds are donations and other income received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

1.8 INVESTMENTS

Fixed asset investments are stated at market value, where market value represents the mid-market value on the last trading day before the year end. Gains and losses arising on investment assets, whether realised or unrealised, accrue to the fund for which the investments are held.

26

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

1.9 STOCKS

Stocks are stated at the lower of cost and net realisable value. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation.

1.10 CREDITORS AND PROVISIONS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.11 PENSIONS

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable under the scheme by the charitable company to the fund. The charitable company has no liability under the scheme other than for the payment of those contributions.

1.12 FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102.

The year end carrying value of financial assets and financial liabilities, measured at amortised cost, was as follows:

	Group	Group	Charity	Charity
	2023	2022	2023	2022
	£	£	£	£
Financial assets measured at fair value	1,472,723	1,299,422	1,472,823	1,299,522
Financial assets measured at amortised cost	122,077	136,041	848,905	584,936
Financial liabilities measured at amortised cost	478,020	312,805	372,931	225,350

The year end carrying value of financial assets that are equity instruments, measured at cost less impairment and relating to the charity only were £100 (2022: £100). This balance relates to the investment in the subsidiary company, Appian Trading Limited.

1.13 ACCOUNTING JUDGEMENTS AND ESTIMATES

The key judgements and estimates used in the preparation of these financial statements are as follows:

• The depreciation rate of tangible fixed assets and amortisation rate of intangible assets (as detailed above)

• Support costs are apportioned to direct activities based on the direct staff costs allocated to those activities

There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

27

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

2. PRIOR YEAR RECLASSIFICATION

In a presentational change, the headings under which income and expenditure is classified has been changed in the 2023 financial statements. The update is to better align the activities as disclosed in the financial statements with the wider charitable and strategic objectives of the charity and group. The 2022 comparatives in these financial statements have been reclassified on the same basis accordingly. This reclassification impacts the split of prior year comparatives in the Statement of Financial Activities, Note 3 ('Expenditure') and Note 18 ('Statement of Financial Activities - Prior Year').

The reclassification is presentational only. The 2022 balance sheet is not affected and there have been no adjustments to the total income, total expenditure or net moment in funds in 2022.

3. EXPENDITURE

CURRENT YEAR

CURRENT YEAR
		Staff		Direct		Support
		costs		costs		costs		2023		2022
									Reclassified*
		£		£		£		£		£
Promote Learning		188,796		17,086		181,763		387,645		294,718
Promote membership Value		449,471		622,982		432,729		1,505,182		1,731,151
Influencing the Future		319,224		257,717		307,334		884,275		361,751
		957,491		897,785		921,826		2,777,102		2,387,620
Raising funds		203,159		323,419		195,592		722,170		579,150
Support costs (see Note 5)		454,534		662,884		(1,117,418)		-		-
	**£ **	1,615,184	**£ **	1,884,088	£	Nil £	**£ **	3,499,272	_£ _	2,966,770

PRIOR YEAR (reclassified)*

PRIOR YEAR (reclassified)*
		Staff		Direct		Support
		costs		costs		costs		2022
	Reclassified*		Reclassified*		Reclassified*		Reclassified*
		£		£		£		£
Promote Learning		152,702		3,068		138,948		294,718
Promote membership Value		566,984		648,251		515,916		1,731,151
Influencing the Future		133,266		107,222		121,263		361,751
		852,952		758,541		776,127		2,387,620
Raising funds		185,102		225,618		168,430		579,150
Support costs (see Note 6)		444,763		499,794		(944,557)		-
	_£ _	1,482,817	_£ _	1,483,953	£	Nil £	_£ _	2,966,770

* For more details see Note 2

28

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

4. NET INCOME / (EXPENDITURE) FOR THE YEAR

This is stated after charging:

NET INCOME / (EXPENDITURE) FOR THE YEAR This is stated after charging:
	2023	2022
	£	£
Depreciation	59,247	63,300
Amortisation	137,823	172,580
Trustees' expenses	6,976	5,470
Auditor remuneration (excluding VAT):
Audit - current year	14,700	13,250

The Trustees received no remuneration in the year.

Trustees' expenses represent the costs of travel and subsistence for 10 trustees (2022: 7).

5. DIRECT SUPPORT COSTS

DIRECT SUPPORT COSTS
		2023		2022
		£		£
Governance costs:
Audit fee		14,700		13,250
Legal & professional		56,619		8,357
Trustee, Council and committee meetings		44,748		27,607
		116,067		49,214
Other support costs:
Telephone, power, cleaning, rates		61,835		46,949
Building maintenance		62,229		28,564
Insurance		9,158		8,789
Printing, postage & stationery		9,568		8,783
Computer & internet		138,886		128,356
Travel		19,800		-
Subscriptions		10,337		10,271
Irrecoverable VAT, payroll processing & bank charges		79,951		69,020
Depreciation		59,247		63,300
Accountancy		57,840		54,020
PR & marketing		37,966		32,528
	**£ **	662,884	_£ _	499,794

29

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

6. STAFF COSTS

Staff costs were as follows:

STAFF COSTS Staff costs were as follows:
		2023		2022
		£		£
Salaries and wages		1,339,728		1,244,061
Social security costs		152,816		137,384
Pension contributions		77,999		74,604
Other staff costs, recruitment and training		44,641		26,768
	**£ **	1,615,184	_£ _	1,482,817

The key management personnel of the charity comprise the Chief Executive Officer and senior management team. The total employee benefits of the key management personnel of the charity, inclusive of employer pensions and employer National Insurance contributions, were £387,399 (2022: £408,208).

The number of employees whose emoluments amounted to over £60,000 in the year (exclusive of employer pensions and employer National Insurance contributions) was as follows:

	2023	2022
	No.	No.
£60,000 - £69,999	1	-
£70,000 - £79,999	-	3
£80,000 - £89,999	2	-
£110,000 - £119,999	-	1
£120,000 - £129,999	1	-
The average headcount during the year was as follows:
	30.8	29.5

7. INTANGIBLE ASSETS - CHARITY AND GROUP

	Development	Database
	learning platform	and website	Total
	£	£	£
Cost
At 1 January 2023	191,879	730,154	922,033
Additions	-	-	-
At 31 December 2023	191,879	730,154	922,033
Amortisation
At 1 January 2023	25,584	630,707	656,291
Charge for the year	38,376	99,447	137,823
At 31 December 2023	63,960	730,154	794,114
Net book value
At 31 December 2023	127,919	-	127,919
At 31 December 2022	166,295	99,447	265,742

30

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

8. TANGIBLE FIXED ASSETS - CHARITY AND GROUP

			Long		Office		Computer
			leasehold	equipment &		equipment &
			property		furniture		software		Total
			£		£		£		£
	Cost
	At 1 January 2023		2,564,585		15,640		75,902		2,656,127
	Additions		-		21,229		8,466		29,695
	Disposals		-		-		(3,243)		(3,243)
	At 31 December 2023		2,564,585		36,869		81,125		2,682,579
	Depreciation
	At 1 January 2023		663,824		15,056		68,093		746,973
	Charge for the year		47,134		4,646		7,467		59,247
	On disposals		-		-		(3,243)		(3,243)
	At 31 December 2023		710,958		19,702		72,317		802,977
	Net book value
	At 31 December 2023	**£ **	1,853,627	**£ **	17,167	**£ **	8,808	**£ **	1,879,602
	At 31 December 2022	_£ _	1,900,761	_£ _	584	_£ _	7,809	_£ _	1,909,154
9.	INVESTMENTS
			Group		Group		Charity		Charity
			2023		2022		2023		2022
			£		£		£		£
	Market Value
	At 1 January		1,299,422		1,434,861		1,299,522		1,434,961
	Additions at cost		-		1,120,847		-		1,120,847
	Disposal proceeds		-		(1,120,847)		-		(1,120,847)
	Net gains / (losses)		173,301		(135,439)		173,301		(135,439)
	At 31 December	**£ **	1,472,723	_£ _	1,299,422	**£ **	1,472,823	_£ _	1,299,522
	Historic cost at the year end	**£ **	1,293,847	_£ _	1,293,847	**£ **	1,293,947	_£ _	1,293,947
	Investments comprise:
			Group		Group		Charity		Charity
			2023		2022		2023		2022
			£		£		£		£
	CCLA COIF Charities Ethical Investment Fund		1,472,723		1,299,422		1,472,723		1,299,422
	Investment in subsidiary undertaking		-		-		100		100
		**£ **	1,472,723	_£ _	1,299,422	**£ **	1,472,823	_£ _	1,299,522

31

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

10. SUBSIDIARY UNDERTAKING

The charity owns the whole of the issued ordinary share capital of Appian Trading Limited, a company registered in England. The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are gift aided to the charity. A summary of the results of the subsidiary is shown below:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |£|£| |Turnover|849,918|643,071| |Cost of sales|(480,509)|(420,148)| |Surplus for the period|£|369,409|£|222,923| |Changes in equity:| |2023|2022| |£|£| |Total equity brought forward|229,391|48,047| |Total comprehensive income for the year|369,409|222,923| |Gift aid distribution to parent charity|(222,923)|(41,579)| |£|375,877|£|229,391| |The aggregate of the assets, liabilities and funds was:| |2023|2022| |£|£| |Debtors|50,605|109,692| |Cash at bank and in hand|1,222,219|800,082| |Creditors|(896,847)|(680,283)| |Capital and reserves at the year end| |£|375,977|£|229,491| |(including £100 share capital)|

----- End of picture text -----

The subsidiary results for the year include the following transactions with the parent charity:

Recharge of staff costs from the parent charity to the subsidiary undertaking

£ 203,159 £ 185,102

11. PARENT CHARITY

The parent charity's gross income and the results for the year are disclosed as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |£|£| |Total income|£|3,086,979|£|2,264,977| |Net movement in funds|£|241,517|£ (417,084)|

----- End of picture text -----

32

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

12. DEBTORS

DEBTORS
		Group		Group		Charity		Charity
		2023		2022		2023		2022
		£		£		£		£
Trade debtors		48,089		42,602		46,040		8,179
Prepayments		126,750		112,860		126,750		112,860
Other debtors		53,408		73,970		4,962		26,351
Taxation receivable (VAT)		20,580		19,469		20,470		-
Due from subsidiary inc Gift Aid		-		-		777,433		550,406
	**£ **	248,827	_£ _	248,901	**£ **	975,655	_£ _	697,796

13. CREDITORS:

AMOUNTS FALLING DUE WITHIN ONE YEAR

		Group		Group		Charity		Charity
		2023		2022		2023		2022
		£		£		£		£
Trade creditors		244,395		167,417		139,306		72,081
Taxes and social security		41,678		37,669		41,678		45,850
Pension costs creditor		12,530		1,723		12,530		1,723
Other creditors		113,719		70,358		113,719		70,358
Deferred income		180,280		186,450		165,955		152,209
Accruals		65,698		35,638		65,698		35,338
	**£ **	658,300	_£ _	499,255	**£ **	538,886	_£ _	377,559
		Group		Group		Charity		Charity
		2023		2022		2023		2022
Deferred income		£		£		£		£
Balance at 1 January		186,450		151,852		152,209		127,759
Amount released from previous years		(186,450)		(151,852)		(152,209)		(127,759)
Amount deferred in the year:
Member subscriptions		140,533		123,319		140,533		123,319
Secretariat fees		24,472		25,492		24,472		25,492
Partnership income		11,864		9,416		-		-
Other income (including events)		3,411		28,223		950		3,398
Balance at 31 December	**£ **	180,280	_£ _	186,450	**£ **	165,955	_£ _	152,209

33

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

14. STATEMENT OF FUNDS - CURRENT YEAR

		Brought			Transfers	Carried
		forward	Income	Expenditure	and gains	forward
		£	£	£	£	£
	Restricted funds:
1.	CIHT Foundation Fund	62,428	-	(7,649)	-	54,779
2.	Hong Kong Branch Fund	45,824	24,205	(21,776)	-	48,253
3.	Motorway Archive Trust	696	-	-	-	696
4.	YP Transport Visions Group	20,590	10,400	(22,797)	-	8,193
5.	Bus Centre Of Excellence	-	433,830	(260,455)	(56,000)	117,375
	Total restricted funds	129,538	468,435	(312,677)	(56,000)	229,296

1. The CIHT Foundation Fund has been set up as a separate restricted fund to receive charitable donations from collections and other appeals to distribute to activities and projects that advance the art and science of highways and transportation.

2. The Hong Kong branch funds are controlled locally by the CIHT branch in that territory and are regarded as restricted to use in Hong Kong.

3. The Motorway Archive Trust fund is used to maintain its archives related to the development of UK wide motorways.

4. A grant from Rees Jefferies to support young professionals in the transport sector address approaches to exploring the future challenges and opportunities facing the sector and its professionals on a cross-sector and cross-institution basis.

5. A grant provided by the Department of Transport to enable CIHT to set up and administer the Bus Centre of excellence. The £56,000 transfer out of the fund to the general refund reflects the agreed contribution towards overhead costs.

			Brought								Carried
			forward		Income	Expenditure			Transfers		forward
			£		£		£		£		£
	Designated funds:
1.	IT Development		40,414		-		-		500,000		540,414
2.	Refurbishment		20,000		-		-		-		20,000
3.	Research		75,049		-		(37,902)		-		37,147
4.	Diversification of Income		124,901		-		(59,088)		20,000		85,813
5.	Climate change		53,929		-		(31)		-		53,898
6.	Diversity & Inclusion		29,216		-		-		-		29,216
7.	HR Development		20,000		-		-		(20,000)		-
	Total revenue funds		363,509		-		(97,021)		500,000		766,488
	Capital funds
8.	Database and website		99,447		-		(99,447)		-		-
9.	Digital Learning Platform		166,295		-		(38,376)		-		127,919
	Total designated funds	**£ **	629,251	£	Nil £	£	(234,844) £	**£ **	500,000	**£ **	894,407

The Trustees approved the transfers between designated and general funds during the year as detailed above.

34

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

14. STATEMENT OF FUNDS - CURRENT YEAR (CONTINUED)

Purposes of designated funds

1. IT Development . To cover ongoing future development of IT platform and website.

2. Refurbishment. To fund the renovation and replacement of facilities and equipment for Space 119 to ensure that we are able to retain and develop lettings income.

3. Research . A fund to build capacity to research emerging issues in transportation infrastructure, fund specific projects in the policy and technical areas and to conduct research directly related to the Institution.

4. Diversification of Income . A fund to enable the research and development of commercial activities that might be undertaken by the Institution as a means of diversifying sources of revenue e.g. development of sponsorship strategy, new digital learning platform, new products, etc.

5. Climate Change . Enabling activities that will enable us to address objectives set out in the CIHT Climate change pledge.

6. Diversity & Inclusion. To provide funding to support progression of our developmental work in this area. 7. HR Development. Enabling investment in development and appraisal of staff and supporting change management activities .

7. Database and website . A transfer has been made into the fund to represent the amount spent in the year on the database and website. The year end balance on the fund equates to the book value of intangible assets.

8. Digital Learning Platform - A transfer has been made into the fund to represent the amount spent in the year on set up and development of CIHT learn. The year end balance on the fund equates to the book value of intangible assets.

SUMMARY OF FUNDS IN THE YEAR

		Brought						Transfers		Carried
		forward		Income	Expenditure			and gains		forward
		1 January							31 December	31 December
		2023								2023
		£		£		£		£		£
Total general funds		3,594,916		3,245,539		(2,951,751)		(270,699)		3,618,005
Designated funds		629,251		-		(234,844)		500,000		894,407
Total unrestricted funds		4,224,167		3,245,539		(3,186,595)		229,301		4,512,412
Restricted funds		129,538		468,435		(312,677)		(56,000)		229,296
Total funds	**£ **	4,353,705	**£ **	3,713,974	£	(3,499,272) £	**£ **	173,301	**£ **	4,741,708

35

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

15. STATEMENT OF FUNDS - PRIOR YEAR

		Brought		Income	Expenditure	Expenditure		Transfers		Carried
		forward								forward
		£		£		£		£		£
Restricted funds:
CIHT Foundation Fund		57,470		4,958		-		-		62,428
Hong Kong Branch Fund		37,950		10,343		(2,469)		-		45,824
Motorway Archive Trust		696		-		-		-		696
YP Transports Vision Group		9,473		14,202		(3,085)		-		20,590
DfT Visibility		27,389		-		(27,389)		-		-
DfT Manual for Streets 3		85,989		-		(85,989)		-		-
Total restricted funds		218,967		29,503		(118,932)		-		129,538
		Brought								Carried
		forward		Income	Expenditure			Transfers		forward
		£		£		£		£		£
Designated funds:
IT Development		34,414		-		-		6,000		40,414
Refurbishment		15,000		-		-		5,000		20,000
Research		85,074		-		(25)		(10,000)		75,049
Diversification of Income		32,780		-		(1,500)		93,621		124,901
Climate change		39,180		-		(30,251)		45,000		53,929
Diversity & Inclusion		16,732		-		(1,516)		14,000		29,216
HR Development		15,000		-		-		5,000		20,000
Total revenue funds		238,180		-		(33,292)		158,621		363,509
Capital funds
Database and website		246,443		-		(146,996)		-		99,447
Digital Learning Platform		130,500		-		(25,584)		61,379		166,295
Total designated funds	_£ _	615,123	£	Nil £	£	(205,872) £	_£ _	220,000	_£ _	629,251
SUMMARY OF FUNDS IN THE PRIOR YEAR	SUMMARY OF FUNDS IN THE PRIOR YEAR
		Brought						Transfers		Carried
		forward		Income	Expenditure			and gains		forward
		1 January							31 December	31 December
		2022								2022
		£		£		£		£		£
Total general funds		3,755,355		2,836,966		(2,641,966)		(355,439)		3,594,916
Designated funds		615,123		-		(205,872)		220,000		629,251
Total unrestricted funds		4,370,478		2,836,966		(2,847,838)		(135,439)		4,224,167
Restricted funds		218,967		29,503		(118,932)		-		129,538
Total funds	_£ _	4,589,445	_£ _	2,866,469	£	(2,966,770) £	£	(135,439) £	_£ _	4,353,705

36

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

16. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

CURRENT YEAR	Designated	Designated		General		Restricted
		funds		funds		funds	Total funds
		£		£		£		£
Tangible fixed assets		-		1,879,602		-		1,879,602
Intangible fixed assets		127,919		-		-		127,919
Investments		-		1,472,723		-		1,472,723
Net current assets		766,488		265,680		229,296		1,261,464
	**£ **	894,407	**£ **	3,618,005	**£ **	229,296	**£ **	4,741,708
PRIOR YEAR		Designated		General		Restricted
		funds		funds		funds		Total funds
		£		£		£		£
Tangible fixed assets		-		1,909,154		-		1,909,154
Intangible fixed assets		265,742		-		-		265,742
Investments		-		1,299,422		-		1,299,422
Net current assets		363,509		386,340		129,538		879,387
	_£ _	629,251	_£ _	3,594,916	_£ _	129,538	_£ _	4,353,705

17. RELATED PARTY DISCLOSURES

The members of the Trustee Board received no remuneration in relation to fulfilling their role as Trustees. Expenses for travel and subsistence reimbursed to 10 Trustees amounted to £6,976 (2022: 7 Trustees reimbursed a total of £5,470).

Most of the Trustees are also members of or employed by other organisations which may undertake transactions with CIHT and Appian in the normal course of business. All such transactions are on an arm’s length basis.

37

NOTES TO THE FINANCIAL STATEMENTS "4 CIHT For the year ended 31 December 2023

18. STATEMENT OF FINANCIAL ACTIVITIES - PRIOR YEAR

	Unrestricted	Unrestricted		Restricted		Total
		Funds		Funds		Funds
	Reclassified*		Reclassified*		Reclassified*
		2022		2022		2022
		£		£		£
Income
Donations and legacies		-		4,958		4,958
Income from Charitable activities:
Promote Learning		70,589		-		70,589
Promote membership Value		1,881,273		10,343		1,891,616
Influencing the Future		200,143		14,202		214,345
		2,152,005		24,545		2,176,550
Other trading activities		680,132		-		680,132
Investment income receivable		4,829		-		4,829
Total income		2,836,966		29,503		2,866,469
Expenditure
Expenditure on Charitable activities:
Promote Learning		294,718		-		294,718
Promote membership Value		1,728,682		2,469		1,731,151
Influencing the Future		245,288		116,463		361,751
		2,268,688		118,932		2,387,620
Expenditure on raising funds:
Trading & collecting subscriptions		579,150		-		579,150
Total expenditure		2,847,838		118,932		2,966,770
Net (expenditure) before (losses) on investments		(10,872)		(89,429)		(100,301)
Net (losses) on investments		(135,439)		-		(135,439)
Net (expenditure) / Net movement in funds		(146,311)		(89,429)		(235,740)
Net movement in funds		(146,311)		(89,429)		(235,740)
Reconciliation of funds
Total funds brought forward		4,370,478		218,967		4,589,445
Total funds carried forward	_£ _	4,224,167	_£ _	129,538	_£ _	4,353,705

* For more details see Note 2

38