Reglstered Charlty No. 1139712 THE CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT EDUCATIONAL TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020
THE CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT EDUCATIONAL TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 202 CONTENTS Page Admlnistrative Infonllatlon Trnstses. Report St*tement of Trnstees? Responslbllltles Independent Examlners Report Statement of Flnanelal Aetlvllks Balance Sheet Statement of Cash Flows io Notes to the Flnanelal Statements Page I
THE CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT EDUCATIONAL TRUST ADMINISTRATIVE INFORMATION SECRETARY: Jim Winr CHARrrY NUMBER: 1139712 PRINCIPAL ADDRESS: ?0 Fenchurch Stre ECJM JBY BANKERS: Bank of Scoijand 38 St Andrew Squate INDEPENDENT ExAMER. Tina Alliwn FCCA CtDwe U.L LLP 55 Ludg Hdl EC4M 7JW Poge ?
THE CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT EDUCATIONAL TRUST TRUSTEES, REPORT The Tne£S presertt their r4 and financial staiernents foT the yeor ended 31 December 20. The financial stsiements have been prepared in acc(thce with the accounling p)licie5 set oul in the note5 to the accounts and comply with thecharity's gOVtmin8d(xumenL theChIll¢S A¢1 2011 a1 Accounting and Reporting by Chariues.. Stathemt of Reeommended Practice applicable ¢0 clwiiie5 preparing their accounts in accordance with the Financial Re¥orting Startdard applicable in the UK and Republic of Ireland published on 16 July 2014. STRUCTUR4 GOVERNANCE & MANACEMENT Con5tltutioD & Objects The Chartered Instiwte for Securities & Inyestsneni Ethall0Nti1 Trtl is ¢1]IUla as an unincoryorated rhurity by a Declaration of Trt dad 12 Odober 2010. with the obiecl of promotsng for th¢ publi¢ btnefii the advancemait and dissemination of l(nowiedge in the field of5¢qlI1¢s inv¢slment. The Trjsi is registered with the Charity CLMnmiwO reBistsatth ttumber 1139712. Trustees The followins individu#L4 all served as Trwes thwwglKWt the[[1 unle55 otherwise 51ated. FrAnk Moxon, Chartered FCSI (Hon) Paul Cox Andrew Porter. ChArtered FCSI James Sullivan Miehoel Coulon Susan Trav¢r5, Ch4rt¢¥ed FCSI Susan Wright. Chart¢T¢d MCSI lapInted July 20?JJ) Chartered ILstitule for 5¢curitie5 & Inv¢&1menL Tepre%nted by. Nick Swales. DL, Chartered FCSI The Tnjsiees me¢1 as necessary, bui at It once a yur. lo Thew and coThtrol the Trust's affai New Trustees are appointed by the T Boar REVIEW OF FINANCIAL POSITION Durittg the year, donatiotLS rteeived kntslled £IMI.(KK1 12019: £2(M),(Krf)) of which £150,CN)O came from The Chanered InstiDJie for Securities & Investhitht. A total of lll? 156 WLS spent during the yeaT. Balances carried roThvord at 31 December 2020 amounted to £l_1)6.879. The Tnlees continued to develop plan5 for the use of fimds and a straiegy pAperh¥s been pmdure The following 15 4 ofthe key xtivitie5 that 0k place during 202tr. Sponsored ¢r4chiug all41 leAruinE P•5t The Trusl conlin[d to supwrt one fidbtime and one pan.thne Te*hiDg Aod Le•ming Sp¢¢ialisL both based at the CISI offices. The roles support pfirther schools aThJ universili¢s in thtirdelivery of CISI quaSifi¢alion5 through leaching session& revision by tsaining schwlt¢aclh¢r5 8Dd yDiva5ity kctyr¢r5 to deliver CISI progrnmmes nd through managin8 schoul aThJ university r¢lation3hip& Poge 3
THE CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT EDUCATIONAL TRUST Sp0Tr50red Ttachlng P05t The Trnsi continued io spoLqor a ieaehing post Ai caldets in Liverpool. The walifieatititis currently beirtg delivered is the CISI Level 2 FundarnertthLs of Financial Service& The sthdenL% hAve benefited from strong links with loc indw. including careers insight days and work experience. Students iti the second year of the Liverpool Education Prngramme hav¢ beern panieÉpatin8 in TnLS1 fimmied employability workshops rlItted by The T4leni Foundry. Edwcallonal Trnst AwArds The Tn1 continued to the Educational T Awath celebraitng high academic stsndards amongst pos(graduate and undergraduate students swdying CISI accrediied couffAs at parer universilies across the UK. During 2020 students compded for an opportunity lo with the Tt and receive an addiiional award. The winning top underBr8duate and postgrwluate swdents recetved an additional award and were invited to the CISI Annual Awards Ceremony. A iotsl of £16.644 was awarded io students who were nominated by their universiiies. CISI Global Award5 CISE in*rnaiional o(fices Worked with their local universiiies to aitract nominations for the Global Tntst Awards. Students From different countries were in competiiion with exh other prothKe an outstsnding swdeni winner from each region. There was no spend on these awards in 2020.
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The trusi diStribud copies of ptrsoDal fmance IKMyk #Yoyrmtmey. The iMx)k provides vithl finjncial infonnation for young people on earnin& ynding and savitiB. ]n 2020 the bLM)k w&$ distributed to scINls, universilies whd to CISI commitiees. A iothl of £879 was speni. During the year. the Chariry had no xtiviiies reqiiifin8 di1 wmler S¢ciion 162A of the Charities Act2011. PartherJhlp5 This year the tnjsi Iw pa1Thred with othtr elwities Ixelping yowig pe(5pie accets opportunities. The TaleDt Foundry aims io AncreLse social mobility by working with sotne of the m051 challenged schools in the county. The Young Enrprise emp)wers young people aged 15-19 to Sel up and run a IxLqintss for an xademic year. £9226 was sp¢ni on the Taleffj¢ Foundry WOBTllmm¢ and £5.(KKI was spenl on the Young Enleipri5e programme. FLrruRE ACTIVITIES Th¢ Ethicational Trust Awarts will run again in 20?1 with parlner univusities nominaiing students who will then wTite an esgay on Busin PuryK)se in Financial Service& Tr five widergrathiaie and FW)swathiaie smden from around the county will be awarded an iniiial prize and invitrd ao intuview competiuon in Febnwy 2022 when the lop students will win additional award& The TNst will be workins with Wiservell in 2021 a1 will review and apprvv¢ all con¢eDt JKothcd by Wi5erVest before li is published for use by studEnLS Lnd CherS with soUrS expecd ¢0 b¢ wvailabl¢ for the 51art of academic year 20?1-22. Wiservesi ts g financial ethKation Platfo cruted to help peopl¢ manag¢ their money and learn how to invest. It is advancing fmancial literacy in the UL by makng il more xces5ible for people to ke contml of their fthance& Wiservest commitS¢d ¢0 EIlng and delivering highly engaging fuwicial education conten4 following the coft principk of simplifying invEsling and finjnce rela¢ed concepts. The Covid.19 palei¢ ¢11¢d to Co1 to drive a IgelY cfflline apwoach in 2021 as the TvJ5t in*racts with schoolq and univer5ilies. moving lo a hyEKid model in futtwe. Puge 4
THE CHARTERED INSTITUTE FOR SECURITIFS & INVESTMENT EDUCATIONAL TRUST TRUSTEES, REPORT ICOIYTINUED) PUBLIC BENEF The Trustees confm thai hAv¢ r¢f¢rffd w th¢ 8uidK¢ ¢oDtsined in the Charity Commission's general 8uid8tice on public benefit when revi¢wing the TnL4'S #nd objIly¢S and in planning fvture activiiie5. RESERVES POLICY All the Current fund5 of the chariry which amoun1£120679 (2019: £1,212336) are eottsidered io be restricted ruDth. Since the chaTity's main acliviiie5 are dendent0 a sinsk source ofdoThatiODS. which is not &wr¢d, the Tru5ttts feel thaL at thi5 51age in the life of the charity. a si8nifKant rrscrves buff¢r 15 required io ¢Dabl¢ them to m longer lerni plan5. As the we of the adiviiies t¢com&s trN)re Clety defin¢l 50 loo will the l¢Yel of r¢serve5 that slKJuld be rnaintaine(L There are no m8lerial uncenainii&s aboui the cljarity's ability to contitiue goiDg concern. The Trn5t hol sufficient cash reserve5 to covu in exce OF three years. adivity at the currEnt levd of Spend, Iwhich is discTetionary. RISK MANAGEMENT The TnL8ittS have identified the major risks to whi¢h the Tn is exp)5ed aThl have ensured thai adewie controls exist to mitigate OT eliminate. in so far as p)S5ibl4 those risk& GRAKT MAKING POLICY Other than those relating lo Stephen Cwk< Athw Winckler. Jonathan Timnk& ChaTl&s Hoare Nairne. and the Liver1 Learning Parthership, the funds held by the clwity have been donad by Tr Clwitted InstiMi¢ for Seeuriiies & lrtvesth*n4 and their wqe is restri¢ied under the tern ora letier from the donor. The particulars of the restri¢¢ions are detsiled in note 6 the xc(1 IVEMENT POWERS AND PERFORMANCE The Tryslees may deposit OT invest funds with all the p)wtts oran absOlt beneficiAI owrttt, provided that they obthin advice from a financial exwi And have to the suitability of inve5tmenL4 and th¢ need for diver5ificalion. To safeguard the long-icrm value of its ass¢ty in 2018 the TnLStees plac £4,000 of the Chjrity's reseryes in two equal amounts of £2LM).OLM) with each oftwo 5peciali5t charity fund5. At 31 December 2020 the combined value ofthe homings w¥s £549.053. CHARrrY GOVERNANCE CODE The TnLSt tskes ils governance reSnsibilI¢S seriously and aiffts io have L governanc¢ fram¢work thul 15 fil for puryose, Compliant and effKienL Tn are provkled with infornllllion on their dutie5 Jnd r¢5pon&bilitie5 under th¢ Charity Govenwice Code and similar pieces of guidance and leBislation. Page J
THE CHARTERED INSTITUTE FOR SECURITIES & INVEsfMENT EDUCATIONAL-TRUST STATEMENT OF TRusfEES' RESPONSIBILITtES The Trustees are resrKJn5ible for rKeparing the Trus1. Annual Rep)rt and the fmancial staiements in 8ccordBnce 'ith applicable law and Uniied Kingdom Gen¢rnllv Acc¢pied A¢¢ounting Pracii¢¢ (Uniied Kingdom Accouniins Standards). laii. applicablL 10 cliaritirs in England Il'ales rcq¥Jires the Trnatts to prepare finan¢i81 statcments for each financial }ear Mhith give a and fair ofthe st¢ of alTairs of ihe charitv and of Ihe incorning reshurecs and applieation of resourcts of the Charity for 1kn perify£ In PTeparine these financnl stsiemeni& ihe'Tru51ees are required to". • select suitable atcouniing w)licies and then aiq>l¥, them consistentl%': ob5¢r¥e th¢ meihod5 and principles in the Charities SORP: make jud8ments tnd CleS ihat are reasonable and prudeni: aieivhetherapplicable actouniintr 5thndard5 ha%e been follN&"eiL 5ubjeffl io un} mbierial deparrures di5¢105ed and expiaincd in the fancIal stsi¢m¢nts: prcpare the fmaneial siaiemenL% on ihE TraiThgcontern basts unless li is in4)propriaie io pre5urne thar the ch8rit> 111 ¢onTinue in business. ThE TAte¢S are rE5ponsible for keeping adeque accounting rttnrd5 thai are sufficient to show and explain ihe ¢haritN S trpnsactions. disclose il'ith reasonable arcuroc!, ai any iiThe thc financial positi( of the charii). and enable them io ensure thai the finJnciAI siatements compfy, Ivith tlie Chariiies Act ?01 l. the Cllarilies (Accounts and Repon5) Re8ulaiions ?008 end tht provisRons of the chariry s con5tiiiiiion. Thei. are also responsible for safeguarding the asset5 of Ihc chtsril>' 8nd 1ce for iak'iThg ffasonable Meps for the prevention and dere¢tion of frnud Jnd other iesulrIticS. Approi'e(I by ihe Tru51ee5 on ?0 July 20?1 and sioned otl their behalf b rguk fvluxon, Charlered FCS1{Hon) TrUte
THE CHARTERED INSTITUTE FOR SECURITIES & INVEMENT EDUCATIONAL TRUST Independent examiner's report to the trustees of The Chartered Instltute for Securltles and Investment EducationAI Trust I report io the trusths mycuminalion of the accowits of The Chartud Insiinrte forsccuriiies and InveSent Edtschtional Tntst {the Tn¢) for the year ethd 31 December ?0. which are sei oui on pages 8 to 15. This report is made solely to the charity's tt$. as a bcdy. accordance with s¢¢tioffj 154 of the Charities Act 2011. My independeni examiner's work has beert utkn so I mighi sta to the ¢harity'S ¢fuse5 those matlers l am required slate them in an itmkpendenl ¢xamineT'5 rfFW)rt and for no other purySe. To the fulle exient pennitted by law, I do not or assume res1b]Iity lo anyoD¢ oth¢r than th¢ ¢lwity, the ¢hurity'S members a body and the clwiry's tnleeS as a knly formy iDdCpendt examiner's wo& for this re[( OT for the opinions I haye fornied. Respollslbllltles •4d b•$i5 repw¢ A5 the clwiry Intt$ of the Trusi YC are respmsThi le forthe pttpornlion of the eourtL4 in #ceordartce with the requirements oEthe Chariiiu Aci 2011 I'the Aci.). I repon in Tespeci of my examinaiiort of the Trnst's aecounts earried out UD(ler Section 145 of the 2011 Acl and in carrying out my examination I have followed all the aEryJlicableDircction5 given by the Charity Commission under section 145(51(b) of the Aci. Indendl mIner'S Slloment I have completed my examinaiion. I CODfinn tha¢ w wtuial wtter5 have come w my allenlion in COeCtIon with the examination givin8 me Ca to believe thal in maleTiJI TespecL accouryting rffords w¢re not kepl in re4)eci of the Tw5t as Tequired by section 130 of the Aci; or 2. ac¢ounts (k) not xrord with those rttoTds; or 3. th¢ ocrounts do nol comply with the applicable requiremeatsconcerning the fomi and conieni of aceounts s¢1 oul in the Charities (Accounts and Remi ReBulauons 2(108 other than any requirement thai the accounts give a'true and fairview which is notamatierconsideredaspartof an independleXaminatl0rn. I no wncerns and have come across Tr) other maNers in cowKctiM WAth the examinoiion to which attention should be drawn in this repon in order enable a pfow of the AecounLS to be reached. Tina Allison FCCA Chanered Accountsnt Crowe U.K. LLP 55 Ludga* Hiu London EC4M 7JW 10 SÈptember2021 Poge 7
THE CHARTERED INSTITUTE FOR SECURITIES & INVESTMENT EDUCATIONAL TRUST STATEMENT OF FINANCIAL A1VllES Year ended 31 December 2020 Restricted Finds Restrlcted F•nds 21120 2019 Note INCOME Donatiolls Investment iocoine 160.(KJ) 6.984 200.0 9.081 TOTAL INCOME 166,984 209.081 EXPENDITURE Charithble activities 212.156 214.871 TOTAL EXPENDITURE 211156 214.871 et Invesimellt %*irts 39.715 77.664 NET IEXPENDITURE) INCOME (5.457) 71.873 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 1212J36 1.140.463 TOTAL FUNDS CARRIED FORWARD 1 ?11336 All incom¢ and ap¢Nliwre in 20?0 was thrnigh wes¢n"cted fiMKI5. The note5 on Pages 1110 15 forni pml of these fllknncial emen15 Page 8
THE CH.4RTERED INSTITLfTE FOR SECURITIES & INVESThIE .EDUCATIONAL TRUST- BALANCE SHEET A5 at 31 December 2020 Notes ?o?o ?019 FIXED A&SETS Inve51n)ents 549.053 507.354 CURRENT ASSETS Bank llnd de[511 balan¢es Debtor5 660.??6 712J87 660.?26 71?38? CREDITORS: awnounts falling due i%ithin onl )'ear Accrued eipenses (?.400) 1?.4thJ) NF.TCURRF.NT ASSET5 657.8?6 7119.98? TOTAL NET ASSETS 1 ?06.879 l ?1? j36 FUNDS OFTHE CHARITI. Re5trtcied fund5 1 ?06.879 111)336 1 ?06.879 l 71? 336 These financial 513tem¢nls i%ere appmved And 0uihoiised for issue by the Board ofTN51ces on ?0 Jul>. ?IL? I Signed on behalf ofthe Board 0fTrutes." rank fvlo¥on. ChaTtered FCSI (14on) Trnstee I'he nole5 on PaRes I I to li forni pan of these financial sta*rnents Pugc• Sl
THE CHARTERED INSTITUTE FOR SECURrrILS & INVESTMENT EDUCATIONAL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 Total fimds Prior year tunds Note Casb llows Irom operthig etAvldes: Net ¢osh (used irt) i)perniing ¥livilies (52.156) (22.9691 Cuh Ilows (rom Investing ¢tivi¢ies Dividend5 and inkmi and rents from Iv#Thents 6.984 9.081 PuTcha5e of investments. ai c051 6.984 6.906 Net fA5h proiided by iive51inE •ctivilies 2.175 Change tn cash and c&th equivalents in the reporting period (52.1561 (?0.794) Cash and c&sh equivalenL% the iryintiins of the rewting period 711382 733.176 C¥sh And tsb equivthnts •t the ¢Dd •lthe reporiln¥ period 6f4)326 712.382 Page 10
THE CHARTERED INSTITUTE FOR SECURITIES & INVmENT EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENrs YEAR ENDED 31 DECEMBER 2020 CHARITY INFORMATION The Charity is unin¢orpora¢ed registered with the Charity Commission number 1139712, which is ieEisred in England and is & public lyenefil entity. The athlress ofthe re8i5tered office is ?0 Fenchurch StreeL Londoo EC3M 3BY. ACCOUNTING POLICIES The pri1paI accounlin8 wjlicies alq>ted uilicai ar ofiudg¢uMts are a5 follows.. ) Bsls of Pr¢p•ratlo The accounts (frncial swetDenLS) have LKen preparol iti aeeordatte with the Clwritits SORP (FRS1021 applicable to clwiiies pyeparing their xcounts in accordance with FRS102 the Fin8n¢ial Reporting SwidaTd awlicable in the UK and Republic of Ireland alld the ChaTilie5 A¢¢ 2011 and UK Generally Accepied Practice as li applies from l January 2015. The accounts (fmancial statemeDtsI have been pwepared give a 'lrue and fair. view and have departed from the Charities (Accounts and Remi ReguiatioThs VKJ8 only to the extent Tequired to provide a 'tse and fair wew.. This departure itivolved followirtg the StstemeDt of Recommended Practice applicable to charities preparin8 theiracclMts in accordanc¢ with th¢ FiDan¢ial Reporting Swidard applicable in the UK and Republic of Irel3[ (FRS 102) iswed on 16 July ?014 Tather than the previous Slement of Recommended Practice: Accouniirtg attd Rwing byCbaritie5 whi¢h was efFective from l April 2(K15 bui which ha5 since been withwn. ets and liabilitits are initialty rwixd ai his[1 cost or transxtion value unless otherwise 514t¢d in the l¢v&ni a¢¢i)unting )I1¢Y no. The ChaffeTed Initu for Securities & Inve5uneDts EdUatiOn Tn meets the definition t>f 4 publi befil ¢ntity un(kr FRS 10? lo continue its aciiyiues for foffseeable furt. A¢cordiD8ly. thry ¢oDtinu¢ to #dry the going concern b&8is in preparing the accoun The Tntstees aTC satisfRd that Pr[5¢& are in plJ¢e lo identify. ren and remedy any wsthined losses. and therE 5ignifKant re5erve5 available cash thai can be utilised if required The Tnlee5 will eontinue review this p)sitiott regularly. laking into consideration the implications ofcovi&l9. b) FunctionPreSeat1tlolll1 eurnry The fimciionol ctsffettcy of The Clwttred IAstithte lor Securities & Inve5thients Educational Tn1 is considered be ID poun(b s¢eTling b¢¢ause thai 15 the currency of the primary economic environment in which the charity opaatc& e) VoluntAry IntoTh¢ Donation5. grants and other income aCCted forort a tteeivabie btsi d) Investment IDeome Investment inconK is Kc(XtCd lor on all a¢¢nlS basis when the atnixurt caD be tnE&wred reliably by the chjrity this i5nonnallyupon MKifKaiion of the iDTeMreceived orrtteivabk from the InvcsthieDtManager or Bank. Pu elj
THE CHARTERED INSTrfuTE FOR SECURITIFS & INVESTMENT EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ETr4DED 31 DECEMBER 2020 e) Chrlt#ble Aetlvltles Th¢ Jrorua15 basis of arUting is Y5ed for expavJittw& lThecoveAble VAT is includol with the item of to which it rvlat¢5. Conthined withsn chaTitable xuvitie5 are all costs which are direcily attrIbU]e the objects of the harity. Grants awarded and cAher penSeS are Tecognised wIn a COfLSWthCtive or legal obligation io the recipient ha5 been Creaied by the chaTity. Govemantt costs comprise the costs of StOry compliJncE. including legal adviK indet examinalioA fees and the costs ofpteparing the stawtory accoun l) Fund5 Unrestricwl funds are funds which are available for use at the di5creli¢)n ofthe Tnts¢ees in furtlrnce of the general objectives of the clwi.ty and whKb have Lot becn designed forotherpurpjw. Restricted fimds are subjeci to Slf restriciiotis by the (kIno These fun& are accounted for Separately and aTe only avai]able io be used fcr the specific Pu[SeS for which tly werE given. Investment income and all exdine are aJl(Kad the 4)pnyri#te fund. g) Staff and pension c051s All those who WO for theT haveioinl contractsofenwloymeni with Chartered Insiitute for Securities & Inveslment. The costs of their empknymeni are charEed to the Trnst by Chartered IllUte for Securities & Inve5mient Tefleci the lime spent on the Tn.5 1vilIeS. Chartered Irt111e for Securities & Invesunent cOntyibu fixed percentsge Ta of salary. xcording to Age, io an Employtts, Personal Pension Scheme and has no further liabiliry for the SclKme. which ts administered on behr0( Cbkrtered In5tiNte for Securiiie5 & Invesunen('s employtts by an independent manager. h) Inv¢5tmeNts Inves¢ments are a form ofb&5ic ruWla1 insmuneni and are initially recognised at their traLqaction value nd $ub5equendy measured at their fair value as ai the balance shert dale using the closing quoied market price. The slJlemenl of fuwicial adiviiies includes the gains loues arising on revaluation and disposaL% througlwi the y¢aT. All 8Ains and lo&se5 are tak¢n the StatellKnl of Financial Acuyiiies they arise. tiealised gains and losses un inve51m¢nts ¥re 1lted a5 the ditreTence be¢weeA sales woceeds and their opening carrying value or their pu1¢ value if wuired subsequeni the day of the fmancial year. Unrealised gains and losses are cal¢ulated the difference be¢¢ the fair 571ue at the year eThJ and their corrying value or cost if purchased irt the ycar. Reali5ed and unrealued inveslmenl gains and losses are combined in the Sthtemeni of Financi#l Activities. The Charityhas fmhincial assets and FuwKial liabiliiies ora kiThJ that qualify as basic fthancial instsumertts. Basi¢ fin1la1 instnlments are inits'ally recognised ai trartion value and subsequenily me&sured ai amortised wsl. Financial assets held at amonised coa comprise c&sh ai bank and in hand. Financi&l liabililie5 held al omonised com comprise the xcruals aThJ othercreditors. No discounting been applied lo these fuwicial inslnmnents on the basis thai the Per over which amounts will be settled tre such thit any discounting would be imma*riaL Page 12
THE CHARTERED INsTUTE FOR SECURITIFS & INVESTMENT EDUCATIONAL TRUST NOTES TO THE FtNANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 S) Crlticjl xcouAtEMgJudgemeN15 key of e5¢imaliom WAeertthty In the application of the clwiry's xcouniing polici4 are required make judgements, esiimas and assumptions all1 the carying values of a&sets and liabilities that ore not readily apparent from othtt 50urce5. The estimates and underlyingassiunpuonsare based on hiSrical experience andother factors that are considered io be relevani. Actual results may differ from these estInleS. The estimas and underlying assumption5 are reviewed on an oTrsoing basis. Revisions to xcountijig estimates art recognised in the period in which the esiimate is revised ilthe revision affects only tha1peri or in thepEriod of the revisiots and periods if the revision affttts the curreni and fithtye pcriLWts. In the view of theTru5tee4 no a55umplion5 Concerning the futyreor esiimaiion uncenainty affeciing assets liabilities at the balance 5heetdaieare likely lo Tesult in a adju5tmeni io their carrying amounts in the next fmarteial year. 3. CHARITABLE ACTIVITI&S 2•211 2019 Sponsored ieochin8 Training SchDlarships and award8 Staff costs Partnerships Publications Events othErSts Governe cosls 36.096 36.981 1.811 49.434 111.606 ?6.711 1?9.073 879 10.185 2.564 288 2.(1 214,871 656 2.539 212,156 4. GOVERNANCE COSTS 2020 2•19 Independeni examiner's fees Trusltts. eXPe$eS 2J40 1.370 631 2.539 2.001 No Trusl¢e rec¢ived remuneTrtion from the TnM during the year l?019.' none). During the year two (2019: five) of the Tn(teS w¢r¢ for tsavel and subsis*nce expense5 as noted above. Stsff of the Tnjst all have joini employm¢nt contrxts with Chartered Insliluie lorSecwrilie5 & Inv&suneni. The cos(s of these staff are borne by Chartered Instiiu¢e for Securi¢ie5 & Inveslmeni and are reclwged io the Tn monthly. Sthff COSLq reFYesent thrtt employees who Worked direcdy on the acuviiies of the Tn the yur. Includ¢d io 4aff costs are eorttributions to a deflld conln"iwJuon pension scheme. PtTge IJ
THE CHARTERED INSTrruTE FOR SECURITILS & INVESTMEwr EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEME YEAR ENDED 31 DECEMBER 2020 FIXED ASSETS INVESTMEiYfS 2020 2019 Balance ai mArkei value at stsrt of r9ill8 I(KI Reinvested income Unrealised Eain s? J54 417.784 6.906 77.64 39.715 Balance at rnarkei value at end of rEwrkng 549.053 50?.354 The investments above comprise 196,184 units in the Sarasin Alpha CIF for Elldowments and 1,427 unsts in th¢ CCLA COIF investment and 8Te list al market value ai the year en RESTRicfED FUNDS BAlaAce •t 01-J*n l•eome 2020 Investment Blllanee At 31-Dec 2020 ExpendiivTe SCHOLARSHIP FUNDS Jonathan fimm5 Memorial Fund Siephen Cooke Memorial Fund Andrew WinckleT I Euroclear Prize Fund Hoare Nairne Scholarship Fund Liverpool Leaming Parthetship CISI DONATED FUNDS TOTAL i.cv)) 1.092 502 1.488 1.488 94245 (3584) 90.661 10,(KK) io.(M)J (?0.1) 188372 {?12,156) 1.105.rx19 1.212,336 156.984 166.984 39.715 39.715 1,113.136 1,206,879 The Stephen Cooke Memorial Scholarsh4) Futhd was e5tabb'5hed during 1997fy8 with the puryN)se of usin8 the fund5 donated contribuie the anrtual fees of stu(knts undEnknng courses relevanl to the financial services industry. The Andrew Winckleri'EuTociear Prize Fund WLS &)natcd by Eumclearso that a prize could be given at the CISI annual awards ceremony to conunemornte the IAie Andrew Winckler. The Hoare Nairn¢ S¢ho18r5hip Fund was ¢5th1ished by Charles Hoare Nairne with donaiions of £IOO,000 durinB 2013-2018. Th¢ funds are used to wovjde scholarships io B&sisi the successful candidates with Witi(m and exam entry eosts rehiing to theirCISI Masters in Wealth Mamgemeni snleS The Jonathan fimms Memorial Furyj w45 donated via the In51ituie of Financial Planning, who had previously administered the ful. atd provides annual prize for thebesi resuli in the CISI'S Diploma in FinanciAi Planning Page 14
THE CHARTERED INSTITUTE FOR SECURITIFS & INVESTMENT EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020 The Livewl Learning PaTther5hip fiwd is the Second of two inSlments of£io.(KM) for the joini funding of a programme to deliver Securities and Investments exams in schools in Liverp1. The CISI donated fimds are the subieci of & leiter from C151. whi¢b defines the wiys in whi¢h the funds ¢an be used. The principal objeciives AS d¢fined in th¢ let*r ¢ be 05: To fo¢us on deYelopingtTrnsfaable5kil]s in the xhools and funhereducaiionpafts of the fmancial seryices serlor, with a viewalgj reviewing Wofkai undergrthaie and apprenuceship level4 including the training oftuiof5 and teache. PToviding them w5th 5UPPOrt aThl ntiallY. spjnsorship. RECONCILIATION OF NET (EXPENDfTUREyINCOME TO NET CASH FLOW FROM OPERATING ACTivrriES 20211 21119 Nei {expendiiure) income for the repffi1 wiod (0$ per the Stakment of Financial Aaiviiies) (5.457) 71.873 Adjustments for. Nel investsneni gains Dividends. interesi and rents from itiVCStiDeDts Decrease in debtors (Decrease> in credIS (39.715) 177.664> {9.081) 3.002 (11.1001 (6,984) Nel cash (used in) oFerating acliviti&s ANALYSIS OF CASH AND CASH EQUIVALENTS 202• 2019 Cash in hand Notice deposits (kss than 3 nnths> 660,?7 712,382 Tothl ¢ash And cash eqUiV¢ts 660,227 712,38? RELATED PARTY TRANSACTIONS Page JS