Ch•rlty reglstratlon number 1162712
com￿nY reglstratlon number RC000877 (England and Wale•)
CHARTERED INSTITUTE OF CREDIT MANAGEMENT
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
LEGAL AND ADMINISTRATIVE INFORMATION
Prosldont
S Balster
Trustees
G Bullivant ITroasurorl
L Colb))an
N Jinks
D Nolan (Chairl
A Poole
Chlef Executl
S Chapple
Charlty numb•r
1162712
Company number
RC000877
Prlnclpal addro88
1 Accent Park
Bakewell Road
Orton South9ate
Peterborough
C4mbridgeshir8
United Kingdom
PE2 6XS
R•glster•d offk
1 Accent Park
Bakewell Road
Orton SoLrthgale
Peterborough
Cambridgeshire
United Kingdom
PE2 exs
Audltor
AzetsAudrt Seryices
Westpoint
Lynch Wood
Peterborough
CaMbridg￿h1rO
United Kingdom
PE2 6FZ
nk•rn
National ￿sImin$t￿ 8ank
POBox4
69 Bridge Slmt
Worksop
Nottinghamshire
United Kingdom
S801DG

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
CONTENTS
Pag•
TN8lees' report
Statemont of tru8lees' responsibilitles
Independent aL￿110r,8 report
Statement of financial activities
9-10
Balance sheet
11-14
St*ement of cash flows
1S
Notes to the financial st*¢ments
16-32

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees present theK annual report and finanaal $latemenl$ for the year ended 31 December 2023.
The financial slalemenls have been prepared in accordance Mlh the accounting policies sel out in note 1 to the
finanaal slalemenls and comply wlh the charty's goveming document. the Companies Act 2006 and 'A￿untIng
and Reporting by Charit￿s.. Statement of Recommended Practice applicable lo eh8nties preparing their accounts in
aeLordance with the FinanrAal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffective
1 January 20191".
Objective5 and actlvltlgs
The In51ilute's charitable obj8ctivgs are 11) lo advance the education of the public conceming credit management
and to encourage the study thereof. 121 lo establish 3 hardship fund for the benefit of member5 or former members
of the institute allowing the institute lo make payments andlor assist such members or fomier members or Ihgir
dependanls who are in conditions of need hardship ¢y distress.
The main actiVit￿S undertaken in relation to th•se 0￿.￿CtiveS ar•..
Being the centre of expertise for credit management.
Raising awareness of the impact of late payment and workn'ng with govemmenl and other business bo(kgS
to drive a change in culture
Gaining universal recognition that sound credit management is vital lo business.
Maintaining relev8nl and up-lTrdale qualifi¢aty'ons and 0￿Upational standards.
Making best pracb.ce advice available lo business and the wtdor Community
Being recogni5ed and respected as the voice of the profession.
Supporting the career development of all people who work in credit management.
Improving skills and standards through a growng membership.
Continuously improving ils produets and services and being the firsl-choice provider.
Promoting credit management through lotsl, nats'on81 and international neNvorks.
The trustees have paid due regard to guidance issued by thg Charity Commission in dèciding what activities the
ch8rity sh￿Id undert8ke.
Achlovoments and performance
During 2023 the Inslilute..
Collaborated with business organisalions and the media lo provide information and education on basi
credit management principlès lo th¢ wider business wmmunty.
Continued the promotion ol the benefits of good credit management through webinars, roadshows and 20+
Corporate Partnerships.
Continued lo increase recognition of bèst practice through the development and gr￿￿h of ils CICMQ
quality accreditation scheme through which organisalions have been re￿nIsed. This is being achieved by
active engagement al grass roots level In conjunction with corporate atlainmenl.
Continued lo provide and improve ils range of Ofqual regulated qualificab'ons in Credit Management.
Held meetings of the forward thinking and thought-leading Think.Tank considering and discussiNJ current
issues and trends faang the profession, and commissioning research among the credit prolession to liform
discuswon and debate.
Centr31isgd the funding ol branch actsvity lo HO lo better suppcrft voluntary branch committees and target
scarce resource in line with corporate objectives.
Completed the project to replace the current membership dats system wth a product that both improves
the experience for our members and generate internal efficiencies. The current website was replaced by a
fulty integrated platform that gives members improved access to resources and greater self-seryice.
The Inslitule measures ils achievements and performancÈ using a range of KPIS and SLAS. These indude bul are
not limited to the analysis of membership numbers, measurement of member retention rates and tsrgeled response
times to member conlatx Activity on social media channels is also keenly measured. and the Inslilule monitors
Ovorage by third party organisalions of 118 activty.

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Flnancial revlew
The nel expendilurg of thè group for the 12.monlh period was1£49.9751, reducing lolal charity funds to £1.095.878
al 31 December 2023. The trading subsidiary returned a profit of £312.899 which was gift aided lo the charity.
Reserves Policy.. Much of the income received and generated by the Institute is of an unrestricted natu￿, but
certain restricted funds and reserves are recognised within the ￿COUnt$. 11 is the Institute's poI￿Y lo relain a level of
general reserve that lakes in lo account future capital investment. unexpected maintenance expenditure and, in the
ovent of a winding down ol the Institute's aclivilies. SLrfieient reserves lo develop, dgliver and award the Inslilule's
qualificab'ons. At 31 December 2023 the level of general reserve of £221,753 was below the level deemed lo be
sufficient lo meet these criteria The Trustees fully recognise and are commrtted lo dosing this gap, which has
reduced over the coU￿e of 2023. by managing capital investment together wlh careful cost management.
Member Support Fund.. This was sel up by the Institute to help members or forrner meM￿r$ of the Insl¢tule, or their
dependants. in need, hardship or distress. Applications for assistance are considered by a Member Support Fund
Committee which is Compris￿ of four Vice Presidents Iprevious Chairs) of the Insts'tule. Payments Idalling £342
were made dLtring the period.
Funds in IICM. This is surplu5 funds donated by the IICM on its winding up and is ring fenced for development of the
Ireland branch of CICM.
Investment Policy and Financial Retufns." Under the Inslitule's Charter and By-laws the Executive Board has the
power lo invest, as rt thinks fil. any monies not immediately required after considering the Charl￿S future spending
commitments and planned capital investment. Current investment policy demands a proportion of surplus funds as
designated by the trustees from lime to lime are held in readily realisable investrnenls designed to generate a return
in tho short lo medium term that will al least mainlain the real value ol the asset.
The charrty maintains an operation81 register of iisk which is reviewed and updated on a regular basis. Possible
risks identrfied indude
Economic downturn.
Compelilor adiwty.
Inclusion, equalty and diversity.
Health & safety.
Apprenliceships.
Cyber security.
Each risk is scored aeLording lo polenli81 impact and likelihood of owirrence. Appropriate actions are recorded in
the risk register for each risk identified and rnonitored until implemented. The Executive Board delegates day-tO-d8y
responsibility for risk management lo the Chief Executive who has responsibility for identifying and evaluats'ng ri$ks
and implementing appropriate ￿ntrolS.
Plans for future periods
The Inslilule'$ objectsves for the future continue as previousty, and speeific plans include".
Continuing lo promote lo businesses ils CICMQ quality accredrtation scheme which identifies and
recognises best practice in credit management.
Continue to pul our members al the forefront of all we do by focussing on the delivery of excepticnal
member value.
Working with government lo identify opportunities where il can support and advise on policy direclitin.
Continuing the review and development of ils etjucation scheme, qualifications and systems.
Providing Ihoughl-leadership in credit management through the CICM Think-Tank.
Increasing rnarketing and PR activity to raise awareness of the importance of effthe cash fl¢)w
management among the wider business community.
Continuing to develop virtual learning.
Growing ihe CICM Member Panel, a group of CICM members, customers and credit professional$ across
industries and countries, providing feedback, input and idea5 on current and proFosed products and
services, membership benefi15, training and qualifications, and govemment consultations.

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governancg and management
The charity was incorporated as a Royal Charter company on 1 January 2015 (Company Number RC000877
Charity Number 11627121.
The members of the Executive Board are the directors of the charitable company and its trustees for the purposes
of tharity law. They are elected by the Advisory Council for a period of years and meet quarterty. New Iruslees
are provided wlh an indudion pack outlining their duties and responsibilities. Ongoing Iruslee training is provided
from lime lo lime. There are commillees dealing with the benevolent fund. education, and technical matters. 11 is Ihe
Executive Board's role lo delemine the overall directs'on and development of the charity through good govemance
and effe￿1ve strategic planning. The Executive Board is alxj responsible for safeguarding and prot￿lIng the assets
of the charity, identifying ils principal business nsks, and ensuring that appropriate systems are in place for Iheir
management and miligalion. In addition, the Exeeulive Board oversees the admission and conduct of members,
also the procedure al general meetings of the Inslitule. The EXe￿lIve Board delegates day-Io-<lay responsibility for
governance. strategic planning, risk management and general day-lo-day operations lo the Chief Executive. The
Chief Exe¢utive is appointed by the Executive Board.
The Institute has a wholty owned subsidiary, CICM (Servicesl Limited, which provides credit related services
including training, events, and the supply of learning rnalerials. The accounts show the consolidated posrtion of both
mpanies. The subsKliary gifts all Its profits to the charity.
As a means of meeting its principal objectives, the InstilLrte runs branches throughoLrt the United Kingdom. Each of
these branches is 8 geographie grouping of CICM membets who elect a committee lo promote the InslilLrte al local
level, lo provide meelirKJs of an educational and training nature, lo encourage the exchange of professional views
be￿n people working in credit management and lo provide a netsvork of help. advice. and support. ￿rnberS of
branch committees act in a voluntsry capacity and operate within guidelines sel by the Executive Board. In relab'on
lo the aclivilies of the Inslilule as a whole, the £ value of the voluntary work is not a significant percentsge.
The tru$lees, are also the directors for the purpose of company law, and who served during the year and up to
the dale of signature of the ffinancial statements were".
G Bullivanl (Treasurer)
L Collman
N Jink5
D Nolan {Chairl
A Poole
P Rice
(Resigned 31 December 20231
None of the Iruslees has any beneficial intsre51 in the company. All of the trustees are members of the company and
guarantee lo contribute £1 in the event of a winding up.
Quallfylng thlrd party Indemnlty provlslons
The charity provides qualfying third paty indemnity insurance for the b8nefrt of directors and trustees.
The pay and remuneration of key management personnel {Chief Execulivel 1$ delemiined by the Iruslees laking into
account performance and benthmarked data for the sector.
Auditor
In accordance with the company's articles. a resolution pioposing that A2els Audit Services be ieapw'nted as
auditor of the company will be put at a General Meeting.

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
TRUSTEES. REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees, report was approved by the Board of Trustees.
D Nolan {Chairl
Dale..

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The trustees. are 81s0 the directors of Chartered Institute of Credit Management for the purpose of company
law, are responsible for preparing the Truslees. Report and the financial stslemenls In aecordance wlh applicable
law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Acccmjntsng Practi￿1.
Company Law requires the Iruslees lo prepare financial statements for each financial year which give o true and fair
view of the slate of affairs of the charity and of the incoming resources and applicats'on of resour￿$. including the
income and expendf(ure, of the chantable company for that year.
In preparing these financial stslemenls, the Iruslees are required to..
select suitable a￿OUntIng policies and then apply them consistently.,
- observe the methods and principles in the Charities SORP.,
- make judgements and estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Stsndards have been followed, subject to any material departures
disclosed and explained in the fin8na81 statements,. and
prepare the financial statements on the goirKJ concem basis unless il is inapproprtale lo presume that the charity
wll eonlinue in operation.
The trustees are re$ponsible for keeping adequate accounting records that disdose wlh reasonable aceuracy at
any time the financial position of the charrty and enable them lo ensure that the financial statements comply ￿th the
Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and he￿e for taking
reasonaUe steps for the prevention and detection of fraud and other irregularities.

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF CHARTERED INSTITUTE OF CREDIT MANAGEMENT
Opinion
We have audited the financial statements of Chartered Institute of Credf( Management Ithe '¢harily'l for Ihe year
ended 31 December 2023 which comprise the Group Statement of Financial Activities. the Group & Parent
Charitable Company Balance Sheet's, the Group Cash flow Statement and the notes lo the financ￿1 slalemenl5.
including a summary ol significant accounting policies. The finaneial reporting framework that has teen applied in
Iheir preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting
Stsndard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland Iunrted 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 charitable company'5 affairs as at 31 DeceM￿er
2023 and of ils incoming resources and application of resources. for the year then ended,.
have been properly prepared in ac￿rdanCe with United ￿'ng￿e￿ Generally Accepted Accounting Practi￿,.
and
have been prepared in accordance with the requirements of the CompaniesAct 20C6.
Basls for opinion
We conducted our audit in accordance with Inlernalional Standards on Auditing IUKI IISAS IUK}l and applicable
law. Our responsibililies under those Standards are further described in the Audrforfs responsibilrfies for Ihe 8udil ol
the financial slalemenls Section of our report. We are independent of the Charity in accordance with the ethical
requirements that are relevant lo our audit ol the financial statements in the UK, including the FRC'S Ethical
Standard, and we have lulffilled our other ethical responsibilities in accordance wrth these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Concluslons relating to golng concern
In auditin9 the financial stalemenls, we have eonduded that the trustees. use of the going concem basts of
counting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating lo events or
condition5 that. individually or colkclively, may cast significant doubt on the charty's ability lo continue as a going
ncem for a period ol al least Nvelve months from when the financial slatemenls are aulhorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem are deseribed in the
relevant sections of this report.
Other Inforniation
The other information comprises the infomialion induded in the 8nnual report other than the fInar￿la1 statements
and our auditor's report Ihereon The Iruslees are responsible fer the other information contained wlhin the annual
report. Our opinion on the financial statements does not Cover the other information and we do not express any form
of assurance conclusion Ihereon. Our responsibility is lo read the other infomalion and, in doing so, consider
whether the other information is maleria51y inconsistent wlh the financial slalements or our knowledge obtained in
the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies
or apparent matenal misslalements, we are required to determine whether thi5 gives rise to a materfjl misstatement
In the financial statements themselves. If. based on the work we have performed, we conclude that there is
malerkql misslalemenl of this other infomalion. we are required to report that fact.
We have nothing to report in this regard
Matters on which we are requlred to report by exception
We have nothing lo report In respect of the followng matters in relation lo which the Charities (Accounts and
Reports) Regulations 2008 require us to report to you if. in ou¥ opinion.
the informats'on given in the financial slalemenls is inconsislenl in any malerHI respe¢l with the trustees.
report, or
sufficient accounting records have not been kept., or
the financial ststemenls are not in agreement with the accounting records. or
we have not received all the information and explanations we require for our audit.

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF CHARTERED INSTITUTE OF CREDIT MANAGEMENT
Respon$lbllltle$ of trustees
As explained more fully in the ststemenl of trustees, respon9bililies. the trustees. who are also the dir￿torS of the
charity for the purpose of Company law, 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 delemiine is necessary to
enable the preparation of financial statements that are free from material misstalemenl. whether due lo fraud or
error. In preparing the finanual statements, Ihe trustees are responsible for assesstng the charity's ability lo
continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going
concem basis of accounting unless the trustees either inlend to liquidate the charitsble company or lo cease
operations, or have no realistic alternative bul lo do so.
Auditorfs respon$ibilitle$ for the audlt of the flnanclal statements
have been appointed as audito¥ under seciion 144 01 the Charitie5 Ad 2011 and report in accordan￿ with the
Act and relevant regulations made or having effect therevnder.
A further description of our responsibilities is available on the Financial Reporting Counctl's website al.. hts.'li
www.frc.org.uklauditorsresponsibililies. This description forms part of our audrtor's ieport.
Exlent to which the audit was considered capable of detscting irrngularities, Includlng fraud
Irregularibes. including fraud, a￿ instances of non.compliance with laws 8nd regulations. We design procedures in
line wlh our responsibilities, outlined above and on the Financial Reporting Counal's website, lo delecl material
misstatements in respect of irregularities, Including fraud.
We obtain a￿j UF4Jate our understsnding of the entity, ils activities, rts control environment. and likely future
developments, including in relation lo the legal and regulatory framework applicable and how the entity is complying
with Ih8t framework Based on this understanding, we identfy and assess the risks of material misstalemenl of the
financial slalemenls, whether due lo fraud or error, design and perfomi audit procedures responsive lo those risks,
and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. This includes
nsiderth'on of the risk of acts by the enlily that were contrary lo applicable laws anil regulations, incjuding fraud.
In response to the risk of irregularities and nonwcompliance vthh laws and regulations, includirrfJ fraud, we designed
procedures which Induded..
Enquiry of management and those charged ￿th govemance afound actl￿1 and potential litigation and
claims as well as actual, suspected and alleged fraud.,
Reviewing minutes of meetings of Ih05e Charged with govemance".
Assessing the extent of compli8nce with the laws and regulations consldered to have a direct material
effect on the financial statements or the operations of the enlily through enquiry and inspeelion,.
Reviewing financial statement disclosures and testing lo supporting documentation to assess complrance
with applicable laws and regulations.,
Perfomiing audil work over the risk of management bias and override of controls, including testing ot
journal entries and other adjustments for appropriateness. evaluating the business rationale of 5ignrficant
tronsactions outside the normal ￿Urse of business and reviewing accounting estr'mates for indicators of
potential bias.
Because ol the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading lo a material misslalement in the financial statements or non-compliance with regulation. This nsk
increases the mole that eompliance with a law or regujalion is removed from the events and transath'ons reflected
in the finanaal statements, as we will be less likely to become aware of instances of noTrcompliance. The risk ol
not delecling a material mis$lalemenl resulting from fraud is higher than for one resulling from error. as fraud may
Involve collusion, forgery, intentional omissions, misrepresentations, or the override of inlemal o)ntrol.

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF CHARTERED INSTITUTE OF CREDIT MANAGEMENT
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Aeeounts
and Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees
those matters we are required to state to them in an auditor's report and for n¢ other purpose. To the fullest extent
permitted by law, we do not accept or asstjme responsibility to anyone other than the charity and the tharity's
trustees as a body, for our audit work, for this report, or for the opinions we have formed
Mr Mark Jackson FCA DChA (Senlor Statutory AudStorl
for and on behalf of Azets Audlt S&rvicey
Chartèred Accountants
Statutory Audltor
WestKK)inl
Lynch Wood
Pelerborough
Cambridgeshire
United Kingdom
PE2 6FZ
Azels Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as
audrtor of a company under section 1212 of the Companies Act 2006.

Iii"
Iii"
•)w

VJ

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
CONSOLIDATED BALANCE SHEET
AS AT31 DECEMBER 2023
2023
2022
Nots8
Flx•d •$$gts
Intanglbl¢ 8s$el$
Tangible asset8
Investmenls
13
14
16
180,367
634,332
676,391
289,167
814,699
965,558
Curront •$s•ts
Stocks
Deblors
Cash al bank an¢J in hand
16
17
3,542
207,828
551,936
3,324
185,201
535,792
763.308
724,317
Cr•dltorn: amounts falllng due wlthln
on• yoar
{466.348}
1516,9481
Net cJJrrent 888ets
298,958
207,369
Totsl as80ts l•$$ curr•nt Ilabllltl•8
1,111,857
1.172,927
¢redltorn: amounts falllng due after
more than one year
19
115.779}
127,0741
Nol ass•ts
1,095,878
1,145.853
Income fund•
R•strict•d fund5
Designated fvnds
Unrestricted funds
59,426
814,699
221.753
59,202
846,140
240,511
23
24
1,095,878
1,145.853
11

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The company is entitled lo the exemptien from the audit requirement contained in section 477 of the Companies Act
2006, for the year ended 31 December 2023, atthough an audit has been carried out under section 144 01 the
Charities Aet 2011.
The directors acknO￿edge their responsibilth'es for complying with the requirements of the Compaties Act 2006
wlh respect lo accounts'ng records and the proparalion of financial statemenls.
These financial statements have been prepared in accordance with the provisions applicab￿ lo companies subject
to the small e
mpanies re9iffle.
The financi
oY/.o3.1.7024
tements were approved by the Trustees on ... .
GBU
nt
Trusteev
Treasurerl
D Nolan (Chairl
Trustsg
Company RegIStra￿On No. RC000877
12

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
BALANCE SHEET
ASAT31 DECEMBER 2023
2023
2022
Flxed ass•ts
Intsngible assets
Tangible assets
Investments
13
14
15
180,367
634,332
100
676,391
289,267
814,799
965,658
Curr•nt ass•ts
Slo¢k$
Debtors
Cash al bank and In hand
16
17
3.542
64.552
551.936
3.324
81.172
535,792
620,030
620.288
Credltor8: amounts f4111ng du• wlthln
on• year
18
(323,172
1413,0191
Net current as￿$
296.858
207.269
Total assets less current Ilablllll
1,111.657
1,172,927
Cr•dltorn: amount8 falllng due ift•r
more thaft on• yo•r
19
115.779)
(27,0741
Net a•s•ts
1,095,878
1,145,853
Income fund•
Restricted funds
Designated funds
Unrestrlded ftJnd$
22
23
59,426
814,899
221,753
59,202
846,140
240,511
1,095.878
1,145,8S3
13-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act
2006, for the yeaf ended 31 December 2023, although an audit has been ￿rried out under section 144 of the
CharitiesAcl 2011.
The directors acknwledge their responsibilities for Complying with the requirements of the Companies Act 2006
with respeet lo accounting records and the preparation of financial ststements.
These financial statements have bèen prepared in aecordance wfth the provisions applicable to companies subjed
to the small c
mpanies regime.
The financi
temenls were approved by the Trustees on .
oY/.03.1.2024
GBUI
nt,
TrusteÈKi
Treasurer)
D Nolan (Chairl
Trustso
Company Reglstratlon No. RC000877
14-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Not08
Cash flow8 from op•ratlng a¢thilti
Cash (absorbed byllgenerated from
operations
28
{85,220}
55,178
Invntlng actlvltlo•
Purchase of intsn9ible assets
Purchase of tangible fixed assets
Proceed$ from disposal of investnwnls
Investment Income re¢elv•d
(186,8501
12,7381
289,187
13.7>3
(198,9351
5.368
N•t Gash gen•r•t•d froml{us•d In}
Invmtlng a¢tlvttl
113,375
1193,567)
Flnanclng actlvltl
Repayment of bank loans
Payment of obligations under finan¢e lea80$
110,0541
11,957)
110,0001
11,7421
N•t ca•h us•d In Ilnanclng actlvltl•8
{12,0111
111,7421
Net InCrea￿l{de¢rea9èl In cash and ¢ash
ulvalents
16,144
(150,1311
Cash snd rash equivalents al beginning of year
535,792
685,923
Cash and cash •qulval•nts at •nd of year
551,936
535,792
15-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollclgs
Charity information
Chartered Institute of Credit Management is a private company limited by guarantee incorporated in England
and Wales. The registered Offi￿ is 1 Accent Park, Bakewell Road, Orton Southgale, Pelerborough,
Cambridgeshire, PE2 6XS, United Kingdom.
1.1 A¢countlng conventlon
The financial statements have been prepared in aecordance with the charty's governing document, the
Companies Act 2006 and 'Accounting and Reporting by Charities. Ststemenl of Recommended Practice
applicable to charities preparing Iheif accounts in accordance with Ihe Financial Reporting Slandald
applicaL)le in the UK and Republic of Ireland IFRS 102) leffective 1 January 20191" The charity is a Public
Benefit Enlily as defined by FRS 102.
The financial slalemenls are prepared in sterling, which is the fun¢tional currency of the charity. Monetary
8mounls in these financial statements are rounded lo the nearest £.
The financial slalemenls have been prepared under the historical cost ¢onventton. The prinapal accounting
policies adopted are set out below.
1.2 Golng concern
At the lime of approving the financial statements, the trustees have a reasonable expectation that the charity
has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees
contsnue lo adopt the going mncem basis of a¢￿￿ntIng in preparing the finanaal slalements.
1.3 Charitable funds
Unreslricled funds are available for use al the discretion of the trustees in furtheran¢e of their charitable
objectives.
Reslricled funds are subject to specific conditions by donors as to h¢)w they may be used. The purp)ses and
uses of the restricted funds are sel out in the notes to the financial stalemenls.
Endowment funds are subject lo specific conditions by donors that the capitsl must be maintained by the
charity.
1.4 Incomè
Income is recognised when the charty is legally enlilled to it after any pertorm8nce condrtions have been mel,
the amounts can be measured reliably, and it 15 probable that income will be received.
Cash donations are recognise<l on receipt. Other donations are recognised once the charity has been notified
of the donation. unless performance conditions require deferral of the amount. Incoffle lax recoverable in
relation lo donations received under Gift Aid or deeds of covenanl is reeognised al the lime of the donation.
Legacies are recognised on receipt or otherwise if the charty has been notified ol an Impending distribution,
the amount is known, and receipt Is expected. If the amount is not known, the legacy is treated as 8
conlingenl asset.
Membership fees received by the charity are reeognised on reeeipl. A proviwon is made in the a￿Ounts for
the costs as50cialed with providing a monthly magazine to members for the remaining period of their
membership. The element of the membership income that relates lo Iraining is recognised when the training
is delivered.
16-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ounting pollcles
Icontlnuedl
1.5 Expendlture
Expenditure is reeogniseil once there is a legal or constructive cbligation lo transfer economic benefit to a
third party. il is probable that a transfer ol economic benefits will be required in settlement, and the amount of
the obligat￿n can be me8sured reliably.
Expenditure is classrfied by activity. The costs of each activity are made up of the lolal of dir￿1 costs and
shared costs. including support costs involved in undertaking each activity. Direct costs attributable lo a single
activity are allocated directly to that actwity. Shared costs sthich contribute lo more than one activity and
support costs which are not attributable to a single activity a￿ apportioned betr4een those activities on a basis
eonsistent with the use of resources. Central staff costs are albcaled on Ihe basis of lime spent, and
deprectalion charges are aNoc8ted on the portion of the asset's use.
All eypendilure is accounted for on an accruals basis and has been classified under headings that aggregate
all costs related to the category. whe￿ costs cannot be directly attributed lo particular headings they have
been allocated lo activities on a basis consistent wlh use ol resources.
lil Expenditure by subsidiary includes training & edueational services exp*nditure.
lill Services lo members expenditure includes membership, examinations, Credit Management magazine,
advertising, committee services and publicity expendrture.
liiil Branch adivilies include all branch expenditure.
livl Benevolent Fund expenditure includes Benevglenl Fund grants and scholarships.
Ivl Support costs are those incurred in connection wlh services and adminislralion enabling the day-toqlay
functioning of the charity.
Ivil Governance costs include relevant legal, trustee, committee and audit expenditure.
1.6 Intanglble flxed assets other than goodwlll
Intangible assets acquired separately from a business ale recognised at cost and are subsequently measured
at eosl less accumulated amO￿.$allon and a￿umUlated impairment losses.
Amortisalion is recognised so as lo ￿lte off the cost or valuation of assets less their residual values over their
useful lives on the following bases".
Software development
20% straight line
1,7 Tanglble fixed assets
Tangible fixed assets 8re initially measured at cost and subsequenty measured al eL)st or valuation, net of
depreciation and any impaimienl losses.
Depreaalion is recognised so as lo write off the cost or valuation of assets less their residual values over their
useful lives on the followng bases..
Freehold land and buildings
Fixtures and ffttings
Computers
2% slraighl line
1 S% straight line
25% straight line
The gain or loss arising on the disposal of an asset is detemined as the differenee behNeen the sale
proceeds and the carrying value of the asset. and is recognised in the ststemenl of finanual activities.
1.8 Flxed asset inveslments
Fixed asset investments are initialty measured at Iransaetion price excluding Iranwlion costs, and are
subsequently measured al fair value at each Teporting dale. Changes in fair value are recognised in nel
incomellexpenditurel for the year. Transath'on costs are expensed as incurred.
17-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng policies
(Continuodl
1.9 Impairment of Ilxed assets
At each reporting end dale, the charity reviews the carrying amounts of its tangible and intangible 8ssels lo
determine whether there is any indication that those assets have suffered an impairment loss If any such
indication exists, the recoverable amount of the asset is eslimaled in order lo determine the extent of the
impairment loss lif any).
1.10 Stocks
Sl¢xks a￿ slated al the lower of cost and estimated selling price less costs lo complete and sell. Cost
comprises direct materials and, where applicable. direct labour costs and those overheads that have been
ineurred in bringing the stocks lo their present location and condition. Items held for dislribuli¢Jn al no or
nominal consderation are rneasured the lower of replacement cost and cost.
Nel realisable value is the eslimaled selling price less all estimated cosis of eomplelion and costs lo be
incurred in markelir@, selling and distribution.
1.11 Cash and cash equlvalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lemi liquid
investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shovm
within borrowings in current liabilities.
1.12 Flnan¢lal Instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Olher Financial Instrurnenls Issues. of FRS 102 to all of ils finanaal inslrumenls.
Financial instruments are recognised In the charity's balance sheet when the charity becomes paty to the
contractual provisions of the instrument.
Financial assets and liabililies are offset. wth the nel amounts presented in the finoncial stslements, when
there is a legally enforceable right to sel off Ihe reeognised amounts and there 1$ an intention lo settle on a
nel basis or lo realise the asset and settle the liaknlily Simultaneou￿Y.
Basie financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction priee including transaction costs and are subsequently carried al amortised cost u&ng the
effective interest method unless the arrangement conslilules a financing transaction, where the transaction is
measured al the present value of the future receipts discounted al a market rate of interest. Financial assets
classrfied as receivable wthin one year are not amortised.
8asi¢ financial liabilitles
Basic financial liabililies, including creditors and bank loans are inilia11y recognised at transaction price unless
the arrangement consb'tule5 a financing transaction. where the debt instrument is measured at the present
value of the future payments di%ounted al a market rate ol interest. Financial liabilities ¢la5sified as payable
within one year are not amortised.
Debl instruments are subsequently carried al amortised cost, using the effective interest rale method.
Trade creditors are obligations lo pay for 9oods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities rf payment is due wrthin one
year or less. If not, they are presented as non-¢urTenl liabilities. Trade credf(ors are reeognised inil¢ally al
transaction price and subsequently measured at amortised cost using the effective interest method.
Detrycognition of fjnaneial Ilabilities
Financial liabilities are derecogni5ed when the charity's contractual obligations expire or are discharged or
cancelled.
18-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 DECEAIBER 2023
Accountlng pollcles
Icontlnuedl
1.13 Lease$
Leases are clas￿fied as finance leases whenever the terms of the lease transfer subslanlially all the risks and
rewards of ownership to the lessees. All other leases are Classified as operating 5ease$.
Assets held under finanee leases are recognised as assets al the l¢)wer of the assets fair value al the dale of
ineeplwjn and the present value of the minimum lease payments. The related liability is included in the
balance sheet as a finance lease obligation. Lease payments are treated as Con￿$t1ng of capitsl and Inte￿$t
elements. The interest is charged lo nel incomellexpendilurel for the year so as to produce a constwt
per￿le rate of interest on the remaining balance of the liability.
1.14 Fund accountlng
Unrestricted funds are available to spend on 8clivities thil further any of the purposes of the Inslilule.
Designated funds are unrestricted funds of the Inslilule which the trustees have decided al their discretr'on to
sel aside lo use for a specffic purpose.
Restricted funds are donations for which the donor has specified are to be solely used for partiCLAar area$ of
the Institute's work.
Critlcal atcountlng estimates and Judgements
In the application of the charity's accounting policies. the trustees are required to make judgements, eslimales
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and asswiated assumptions are based on historical experience and other factors that
are considered lo be relevant. Actual results may d￿er from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting
eslimales are recognised in the period in which the estimate is revised where the rewsion affects (nly that
period, or in the period of the revision and fLrture periods where the revision affects both current and future
periods.
Donations and l•gacle$
Unrestrlcted Restrlcted
funds
funds
Totsl
Reslricled
fund5
2023
2023
2023
2022
Donations and gifts
8.775
566
9,341
97
Other tradlng actlvltles
Unrestrlcted Unrestricted
fund$
funds
2023
2022
CICM Iserviosl Limited
733.615
880,253
19-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltabl• actlY1t￿
Total
2023
Total
2022
Advertislng. subs and royalties
Education and examinations
Membership subscription¥
Other in¢ome
52,661
248,818
663,749
10
51,276
181,756
640,956
5,308
96S,238
879,296
Inv•stmont Incom•
Total
T¢)tal
2023
2022
Investments
Inlere$l receivable
4,940
8,856
4,322
1,046
13,796
5,368
.20-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Charltsblg actlvltloty
2023
2022
Expenditure by subsidiary
Investment management fe•$
Advertising, subs and royalties
Educatson and examinations
Committee services and publicity
Bran¢h a¢livity
8enevolent fund
420,714
2,135
148,551
404,337
213.908
466.326
2,453
137,172
396,167
219,337
5.883
2,565
342
1,189,987
1.229,903
Share of 8UPPOrt ¢osl$1s•8 not• 81
Share of governance costs Isee Mte 8)
581,362
12,656
493,807
10,750
1.764,005
1,734,460
Analysh by fund
Unrestricted fvnds
Desunaled fund$
Re$lrtcled fvnd$
1,712,383
51.280
342
1.681,401
50.494
2,565
1.764.005
1.734,460
.21

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Support Costs
Support Gov8mance
costs
costs
2023
Support Governance
eosls
¢osts
2022
Depreaalion
Governance
Legal and profesgonal
Propety expenses
Insurance
Printing and stslionery
Postage
Telephone & IT
Staff costs
Staff expenses
Other
51.280
51,280
12.656
12,586
24.181
5.663
10,401
8.354
82.549
335,940
20,987
9,421
45.524
45,524
10,750
14.9021
30,732
3,540
7,730
8,913
58,915
312.453
21,937
8.￿5
12.656
10,750
12.586
24.181
5.663
10.401
8,354
82,549
335,940
20.987
9,421
14,9021
30,732
3,540
7,730
8,913
58.915
312,453
21.937
8,965
561.362
12.656
574,018
493,807
10,750
504.557
Analysed betsveen
Charitable activrties
561.362
12,656
574,018
493.807
10,750
504.557
Governan¢e eosls includes payments lo the audrtors of £10,54012022- £10,4001 for audit fees.
Trustees
A lolal of £3,948 12022 £2.5401 was paid lo Iruslee5 in respect of reimbursed expenses for Ir8vel and
subsistence when carrying out business on behalf of the Inslilule. None of the trustees have been pad any
remuneration or received any other benefits from any employment wlhin the Inslrtule.

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10 Employees
Nurn￿r of •mpk>y••$
The average monthly number of employees durlng the year was..
2023
NuM￿r
2022
Number
24
21
Employment costs
2023
2022
Wages and 8alarles
Social security costs
Other pension costs
792,469
84,782
36.311
765.233
77,637
34,341
913,582
877,211
The number of employees whose annual remuneration was £60.000 or more were..
2023
Numb•r
2022
Number
£60,001- £70,000
£80.001 £90,000
£90.001- £1¢)0.000
11 Tax•tlon
The InstrtLrte is a Tegistered charity and the trustees consider that its income dogs not fall %wihin the scope ol
corporation tax.
12 N¢t ga1nllll￿￿SI on InveJbnent•
Unr¢•trl¢led
funds
2023
Totsl
2022
Revaluation of invgslments
17,960)
(32,1021
-23-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2023
13 Intsnglble flxed assets
Tolal
Cost
At 1 January 2023
Additions - Softw8￿ development- separately a¢quired
186.850
At 31 December 2023
186,850
Amortlsation and Impalm)ent
At 1 January 2023
Amortisalion charged for the year
6,483
At 31 De￿rnber 2023
6.483
Carrying amount
At 31 December 2023
180.367
At 31 Detsmber 2022
14 Tanglblo flxed assets
Group and Charlty
Freehold Flxtures and Computers
land and
fltting$
buildlngs
Total
Cost
At 1 January 2023
Additions
503,186
176,189
226,203
2,738
905.578
2,738
At 31 December 2023
503.186
176.189
228,941
908,316
Depreclatlon and Impalrment
At 1 January 2023
Depreciation charged in the year
9,941
10.064
19,683
26,428
199,563
8,305
229.187
44,797
At 31 December 2023
20.005
46,111
207,868
273.984
Carrylng amount
At 31 December 2023
483,181
130,078
21.073
634.332
Al 31 December 2022
493,245
156,5C6
26.640
676,391
-24-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16 Flx•d a8i•t Investrnonts
Group
Llst•d Inv•stm•nt In
Inv•stments
subsldlary
Total
Cost or valuatlon
At 1 January 2023
Di$￿SalS
289.167
1289,1871
289,167
1289,1671
At 31 De¢ember 2023
Carrylng arnounl
Al 31 December 2023
Al 31 December 2022
289,167
289,167
Charlty
Llsted Investment In
Inv•stmonts
$ubsldlary
Totsl
Cost or valuatlon
At 1 January 2023
Disposals
289.167
{289.1671
100
289,287
1269.1671
At 31 December 2023
100
11x1
Carrylng amount
Al 31 December 2023
100
100
Al 31 Oecember 2022
2B9,167
100
289,267
16 Stocks
Group and Charlty
2023
2022
Finished goods and goods for resale
3.542
3,324

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17 Dobtor8
Group
Amounts fJlllng due wlthln oft• year.
1023
2022
Trade debtors
Prepayments arKI a¢crued income
120.064
87,764
114.017
71.184
207,828
185.201
Charlty
Amounts falllng due wlthln on• y••r:
2023
2022
Trade debtors
Prepayments and accrued incomo
18,242
48,310
44.514
36,658
64,552
81.172
18 Credltoys: amounts f•lllng due wlthln on• yfrar
Group
2023
2022
Notss
Bank loan$
Obligations undef finance leases
Other laxalion and soctal security
Tradè ¢redilors
Other credrtors
Accruals and deferred income
10,000
1,241
35,842
34,492
10,000
1.957
44,359
86,721
4,874
369,037
21
384,773
466,348
518,948
Charlty
2023
2022
Bank loan$
Obligations under finance leases
Other laxalion and So￿al security
Trade C￿ljItorS
Amounts owed lo subsdlary undertakings
Other credrtors
Accrual$ and deferred income
10,000
1,241
35,842
21,383
104,764
10,000
1,957
44,359
49.972
161.796
4,874
140,C61
21
149,962
323,172
413.019

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19 Crodltord: amounts falllng due after moro than on• year
Group and ¢h•rlty
2023
2022
Nots•
Bank loans
Obllgatlon8 under finance leases
15.779
25,833
1,241
21
15,779
27,074
20 Loans and overdrafts
Group and ¢hartty
2023
2022
Bank loans
25,779
35,833
Payabte within one year
Payable after one year
10.000
15,779
10,000
25,833
21 Flnan¢¢ lea80 ¢ommllrnent•
Group and charlty
Future minimum lease payments due urKler finance leases:
2023
2022
thin one year
thln tsvo artd five years
1,241
1.957
1.241
1.241
3,198
It is the charity's policy to leaso certain equipment under financ•16ases. The average lease term is 5 years.
The average effective borrowing rale foi the y8ar was 33%. Inleresl rates are fixed al the contract dale. All
leases are on a fixed r8paym8nl ba51$.
-27-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS ICONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22 Restrfctgd funds
The income of the group 8nd charity includes restricted funds comprising the following unexpended bala￿e5
of donalions and grants held on trust for specific purposes.
Movement In funds
In¢omlng Resour¢e8
8alanco •t
resources
expend¢d1 January 2023
Movement in funds
Incomln9 Re80urc
resour¢•s expendgd
Bal¥nce at
1 Janu*ry 2022
8alance at
31 Dec8mb8r
2023
Member
support fund
Ireland
branch
58,550
97
12,5651
56,082
566
1342
56,306
3,120
3,120
3,120
61.670
97
12,5651
59,202
566
13421
59,426
The Member Support Fund was sel up by the Institute lo provide assistsnce to members or fornier members
of the Instilule, or their dependanls, in need, hardship or dislre$s. Applications for assistsnce a￿ CA)nsidered
by the Member Support Fund Committee which is comprised of four Vice Presidents.
The Ireland branch fund was sel up from surplus funds donated by the IICM on its winding up and is ring
fen￿d for development of the Ireland branch of CICM.
23 Deslgnaled funds
The income of the group and charity includes the following designated funds which h8ve been sel aside ￿1 of
unrestricted funds by the trustees for specific purposes..
Balance at Resources
1 January 2022
exF4nded
Trnn8f8r
Balance at Rosoyr¢es
1 Jènuary 2023
expended
Transfo
Balan¢• at
31 Do¢omber
2023
Branch
Fixed asset
fund
46.017
126,6831
415
19,749
{19,7491
540.410
123,8111
159,792
676.391
151,2801
189,588
814,699
infrastructure
lund
Office fil-out
fund
150,000
150,000
1150,0001
199.623
1199,6231
936.050
ISO,494)
139,4161
846,140
151,2801
19,839
814,699
The branches are funded partly by the Institute and partly by fundraising ath'vrties carried out by the bfanches.
During the year all branch accounts were closed and funds Iiansferred.
-28-

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23 D•slgnatsd funds
Icontlnuod)
Tho fixod ass•1 fund has b¢•n sel up lo a$$isl in idonlfying those funds that ar• not free funds and il
presents the net book value of langibk assets.
The IT Infrastructu￿ fund was set up for the purcha$¢ of IT equipment and devolopm•nt of the Y￿b518 which
has now been completed.
Tho office fil-oul fund was for the fit-out of the rth premises which is now complete.

ij (N
J ￿ ¢
li il}}Ii

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2S Operating lease commitments
Al the reporting end date the charity had oulstsnding commitments for future minimum lease payments under
non<ancellable operaing leases. which fall due as follows..
2023
2022
thin one year
Be￿e9￿ t￿0 and five years
5,601
15.139
5,601
20,740
20,740
26,341
26 Rolatsd party transactlons
Remuneration of key mana9ernent petsonnel
The remuneration of key management personnel is as follows.
2023
2022
Aggregate compensation
338,622
299,405
Key management petsonnel consists of 5 employees12022- 61.
The trustees are elected from the members of the charity. They therefore have transactions with charty in
Ihe normal course of the Charity's business, including membership fees and participation in training. These
transactions are on Ihe same terms as for other members.
During the year a donation lolalling £8,02512022.. £Nill was received from Collman Warner Cranston LLP, an
entity in whith a Trustee has an interest.
27 Subsidiaries
These finanual ststement$ are consolthled charty finan¢ial stslements for Chartered Institute of Credit
Management and ils subsidiary.
Details of the charity's subsKliaries al 31 De￿mber 2023 are a$ follow5..
Name of undertaklng
Registered
office
Nature of buslness
Class of
sharos hgld
% Held
Dlrecl Indlrect
CICM (Services) Limrted
UK
Educational courses and
training
Ordinary
100.00
-31

CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
28 C•sh g•neratsd from oporatlons
2023
2022
Deficit for the year
149,9751
11,5481
Adjustments for..
Investment in¢ome recognised in statement of financial actlvrtie$
IGainllloss on dlsposal of tangible fixed asset$
Fair value gains and1088es on inve51menls
Depreciation and impaiment oftangible fixed assets
{13,7961
{5,3681
26,759
27.913
38,196
51,280
Movements in working capital..
Ilncreasel in stocks
{In¢rea$e)/decrease in debtors
IDecrea8el in er•ditors
12181
122.6271
{49,8841
(3311
12,861
141,3041
Cash14bsorb8d by)Igeneratsd from operatlons
185,2201
55,178
29 Anatysl$ of ¢hang•$ In not funds
At 1 Jan￿ry
2023
Ca•h Ilo** At 310o¢•mb•r
2023
Cash at bank and in hand
535,792
16,144
551,936
Loans falling due ￿thin one year
Loans falling due after more than one year
ot4Igallons under finance lea8es
20
20
21
{10.0001
125,8331
3,198}
110,0001
115,7791
11,2411
10.054
1,957
496,761
28,155
524,916