Ch•rlty regltrallon nuMr 1162712 Compny r•gS#trllon Thumb•r RC0008771England and Wl•*l CHARTERED INSTITUTE OF CREDIT MANAGEMENT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHARTERED INSTITUTE OF CREDIT MANAGEMENT LEGAL AND ADMINISTRATIVE INFORMATION Prwld•nt S Balster G Bumivanl ffreasurerl L Cohman N Jbnks Ichalrl A Poole P Swain P Gonl (Appointed 10 Septemkr 2024) <Appoinl•d 10 Sgpt¢mbgr 2024) Chlef Execullv• S Chapplg Charlty numb•r 1162712 Company numb•r RCIJ00877 Prlnclp*l •ddM•• l AOnI Park Bak8weM Road Orton Soulhgate Pelerborough Cambridgeshire Uni18d Kingdoffl PE2 6XS R•gl•t•r•d offlc• 1 Accent Park Bakewell Road Orton Southgate Peterborough Cambridgeshirè United Kingdom PE2 6XS Audltor Azels Audit SèM¢es Weslpoint LynGh Wood Pgtgrborough Cambridgeshire United Kingdom PE2 6FZ 8•nk•rn N4lion81 lMin$l•f Bank POBox4 69 Bridge Street Worksop Nottinghamshlro Unilgd Kingdom S80 1DG
CHARTERED INSTITUTE OF CREDIT MANAGEMENT CONTENTS P•g• Truslee$' report Sl818ment of truslegs. rèsponslbllilies Indepèndent audito¢s report Slalem•nt of financial activitiès 9-10 Balance shoet Slal&rn&nt ol cash fl¢)w5 15 Note8 to lh8 finandal stalament8 16-30
CHARTERED INSTITUTE OF CREDIT MANAGEMENT TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Iruslees present their annual r&port and financial statements for the year ended 31 December 2024. The financial siatements have been Prepared accordance with the accounting poli¢ie$ Set out in note 1 to the financial statemenls and compty with the chaTty's goveming docurnenl. the Companiès Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applic8ble lo ¢harilies preparin9 their a¢¢ounls in acwrdance with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lefftrdive 1 January 20191" Oblectlves and activities The Inslilule'5 charrt8ble objectives arè111 to advance the education of the public concerning credit management and to encourage the study Ihereol. 121 to establish a hardship fund for the beTrefft of members or former members of the institute allowing the instrtule lo make paymenls andlor assist suth members or former members or their dependanls who are in conditions of need hardship or distres$. The main activities undertaken in relation lo these objectives are.. Being th& ¢&ntre ol expertise for credit management. Raising awarèness of thè impact of late payment and working with govemmenl and other business bodies lo drive a change in Culture Gaining universal recognition that sound credit management is vital lo business. Maintaining relevant and up-Io-d&lè qualifications and occupabonal standards. Making best prath'ce adwce available lo business and the wider community Bèing recognised and respected as the vgice of the profe$$ion. Supporting the career development of all people who work in Credit management. Improving skills and standards Ihrough a growing membership. Continuously impiowng ils products and services and being the first-choice provider. Prornob"ng fftdrt management through local, national and international neorkS. The trustees have paid due regard lo guxlan¢e issued by the Charty Commission in deading what activitie5 the charity should undertake. A¢hiÈvomènts and pèrfornne• During 2024 the Institute.. Collaboraled with bu$iness organisations and the media to provide inforrnalion arKI education on basi credit managemènt principles to the wider business cornmunrty. Continued the promotion of thè benefits of good credit management through webinars. roadshows and Corporate Partnerships. Continued to increase regn(fron ol best practice through the development and growth of rts CICMQ quality accreditation scheme through which organisations have been recognised. This is being achieved by active engagement at grass roots level in conjunction with corporatè attainménl. Continued to provide and improve rts range of Ofyual regulated qualifi¢ations in Credit Management. H&ld further meetings of the forward thinking and thought-leading Think-Tank consideiing and di$¢us$ing unent issues and tr8nds lacing the profession, and comrnissioning research among the credit profession lo infom discussion and debate. Further inlegraled new IT membership sofvare into everyday activrties. This allows Customers more visibilrty of their ac¢ounl. The Instrtute measures rts achievements and performance using 8 range of KPIS and SLAS. These indude bul are nol11mrted to thè analysis of membership numbers. rneasuremenl of mernber retention rates and tsrgele(I response limes lo member ¢onla¢l. Activity on social media channels is also keenly measured, and the Inslilule monitors coverage by third party oiganisats'ons of its actiwty.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnancial r•vi•w The net expenditure of the group for the 12-month period was1£46,0541, reducing lolal charity funds to £1.049.824 8131 Dember 2f)24. The trading subsidiary ietumed a profit of £526.962 which was gift aided to the charity. The E¢onomic dimatè continues lo be a challenge for our members and our industry, and wè continue lo evolve our seNice$ to bettef fft the members. needs. Rèserves Policy". Much of the income received and generated by the Institute is of an unrestricted nature, but certain reslricled funds and reservès are recognised within the accounts. It is the Institute's poli¢y to relain a lèvèl of genefal rèserve that lakes in to account future caprtal investment. unexpeded ffl8intenare expenditure and, in the event of a winding down of the Instite'S acts'wtie5, sufficient reservès to develop. deliver and award the Instilule's qualifications. Based on thè above criteria, the trustees consider an appropriate level of reserve5 to be £255,0(XJ 12023.. £220,000). At 31 December 2024 the level of general reserves of £256.704 was consistent wlh the policy. Benevolent Fund.. This was sel up by the Institute lo help members or forrner members of the Inslitule, or thèir dependanls, in need. hardship OT distress. Applic81ions for a5s1$1ance are considered by a Benevolent Fund Committee which is comprised of four Wi¢e Presidents {previous Chairs) of the Inslilule. Payrnenls lotslling £925 were made during the period. Branches.. The bran¢hes are funded partty by thè Inslrtute and partly by fundraising actNrtles Carried out by th8 brariches themselves. Funds in IICM." This is Surplus fvnds donated by the IICM on its winding up and is ring fencgd for development of the Iieland branch of CICM. Investment Policy and Financial Relums.. Under the Inslitule's Chartar and By-laws the Executive Board has the power to invest, as il thinks ffit. any monies nol irnmedialély required after considering the Charity's future spending ¢ommttments and planned Capital investmènt. Current investment policy demand5 a proports'on of surplus funds as designated by the trustees from time to lime ara held in readily realisable investments designed to geneiale a return in the short lo ThlM lerm that will at lea51 maintain the real value of the asset. The charity maintains an operational register of risk which is reViad and updated on a regular basis. Possible risks Ident&d include Financial perfom)an¢e. Compeliloi activity. Inclusion, equality and diversity. Heatth & Safety. Apprenticeships. Cyber security. Each risk is scored according to potential impact and likelihood of o¢wrrence. Appropriat8 actions arè recorded in the risk register for each risk identrfied and monitored until implemented. The Executive Board delegates day-to-day responsibility for risk managemenl to the Chief Executive who has responsibility lor identsfying and evaluating risks and implementing appropriate controls.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods The Institute's objectives for the future continue as PTeviously. and speciffic plans indude.. Conlinuing lo promote lo businesses ils CICMQ quality accredrtalion scheme which identifies and recognises best practice in uedit managemenl. Continue to put our m8mbers at Ihe forefront of all we do by focussing on the delivery of &xcoptional mèmber valué. Working Wrth govefnmènl to identify opportunities whère it can support and advise on policy dir&¢tion. Continuing the review and devèlopment of 11$ Èducation schèmè, qualificats'ons and systems. Providing thought-leadership in credf( management through the CICM Think-T8nk. Complelion of the digital Iransformalion of the web511e and 5UPPOrting systems Increasing marketing and PR activity to raise awareness of the importance of effeclNe cash ft)w management among the wider business community. Continuing to develop virtual arning. Growing thè CICM Member Panel, a group of CICM members, customers and credit professionals across industries and Countries, providing feedbad(, input and ideas on current and propos¥d products and services. membeTship beneffts, training and qualffi¢ations, and govèmment consultath'ons. Structurn. governance and management The charity was incorporated as 8 Royal Chartet ¢ompany on 1 January 2015 (Company Number RC000877 Charity Number 11627121. The members of the Execulive Boafd are the directors of the charitable company and its trustees for the purposes of charity law, They are elected by the Advisory Council for a period of years and meet quarterty. New trust6es are provided with an indu¢t¢on pack outlining their dutiès and responsibilities. Ongoing trustee training is provided from lime lo lime. There are Commthees dealin9 wilh the bènevolent fun¢J. education, and tè¢hni¢al matters.11 is thé Executive Board's role lo determine the overall direction and development of the chaiity Ihiough good governance and effective strategic planning. The Executive Board is also Te5pon5ible fof $8feguarding and protecting the assets of the charity, identifying its principal business risks. and ensuring that appropriate syslerns ale in place for Iheir management and mitigation. In addition, the Executive Board oversees the admission and conduct ol members, also the procedure at general meetings of the Institule. The Executive Board delegates day-lo-day responsibility for gov¢rnan¢e, strategic planning, risk management and g&neral day-104ay operations to the Chiel Exacutive. The Chièf Executive is appointèd by the Executivè Board. The Inslilule has a wholly owned subsidiary. CICM {SeMcesl Limited. which promdes uedil related services including training, events, and the supply of learning materials. The accounts show the consolidated pts5th.on of both companies. The subsidiary gifts all its profits lo the charity. AS 8 means of meeting Its prineipal objectives, the Institute runs branches throughout the United Kingdom. Eath of these branthes 1$ 8 geographic grouping of CICM membèrs who èloct a committèe to Pfomotè the Institute at lo¢al level. to prowdè meeting5 01 an educational and training naturè, to èncourage thè exchangé of prolèssional vièws beiween people Working in credit management and lo provide a network ol help, advice, and support. Members of branch committees act in a voluntary capacity and operate within guidelines sel by the Executive Board. In relation to the activrties of the Institute as a whole, the £ value of the voluntary work is not 8 significant percentage. The trustées, who are also the dirèctors for the purposè of company law, and who served during the year and up to the date ol signatL¢re of the fjnancial statements were.. G 8ullivant (Treasuiwl L Coltrnan N Jink5 IChaii} D Nolan A Poole P Swain P Gent (Resigned 10 Seplember 20241 (Appointed 10 September 2024) (Appointed 10 Soptèmber 20241 None of the irustees has any benefscial interest in the cornpany. All of the Iru51ee5 are mernber5 of the company and guarantee to contribute £1 in the event of a winding up.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORn (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Quallfylng thlrd party Ind•mnlty provl•lon• The tharity prowde8 qualifying third paty ind•mntty insurance for the b•nefrt of dlrectors and truslo9$. The pay and remuneration of key management peT8onnel (Chief Exe¢)Jtiv81 1$ dolerniined by the Iruslees taking into account performanco and b8n¢hmartgd data for th8 sector. Audltor In accordanc8 with the ¢ompanVs articles. a resolution proposlng that Azels Audit SeNl¢es be reappointed as ouditor of the company S11 bo put al a General Meeting. The trustees, report wa5 approved by thtr Board of Tru8le&s. ILL LLLL L4 N Jinks (Ghair) Dale..
CHARTERED INSTITUTE OF CREDIT MANAGEMENT STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also the direclois of Chartered Institutè ol Credit Management for the purpose of company law. are responsible lor preparing the Truslees, Rep(irt and the finanual statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Ac¢epled A¢unting practi). Company Law rèquirès the trust88s to prepare financial statements for each financial year whi¢h give 8 twe and fair vlew of the slate of affairs of the charity and of the incoming reSOurS and application of iesources. induding the Irome and expendiluie. ol the charrtable ¢ompany for thal year. In preparing Ihese financial Statements. the Iruslee$ are rèquired to-. select surtable accounting poliues and then appty them consislenlly.. - obseNe the methods and prirriplas in the Charities SORP., make judgements and eslimales that arg reasonable and prudent., and prepa the financial statements on the going nCern basis unless it is inappropriate to presume Ihal the charty will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wrth r8ason8bl8 a¢¢ura¢y at any lime the financial position of the charity and enable them to ensure that the financial stslemenls with the Companiès Act 2006. They are also responsible for safeguarding the assets of the ¢harty and hence for taking roa50nable steps foi the preventson an¢J deleetion of fraud and other irregulariti'e5.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF CHARTERED INSTITUTE OF CREDIT MANAGEMENT Opinlon We have audited Ihe financial slatements of Chartered Institute of Credit Management Ithe 'ch8rily'l for the year ended 31 December 2024 which comprisè the Group Statement of Financial Activities, the Group & Parent Charitable Company Balance Sheet's, the Group Cash flow Statement and the notes lo the finanaal slatemenls. includin9 a sumtnary of significant accounting pglicies. The finanual reporting framework that has been applied in their pieparation is applicable law and United Kingdom Accounting Standards, includin9 Finanaal Reporting Standard 102 The Finanaal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢¢epled Accounting Praclicel. In our opinion. the financial slalemènts.. give a true and fair wew ol the state of the Group and Parent charitable company's affairs as at 31 December 2024 and of 11$ incoming res(trurces and application of resources, for the year then ended. have been properly prepared in accordan¢e wilh United Kingdom Gènerally Accepted Accounting Practicg.. and have been prepared in accordance wrth the requirements ol the Companies Act 21%J6. 8asis for opinion We conducted our audit in acctsrdance with International Standards on Auditing IUKI IISAS IUK)l and applicable law. Our responsibilities under those standards are further describèd in the Auditors spOnsIbl11t1eS for Ihe audil ol Ihe fingncial statements section ol our report. We are independent of the tharrty in accordan¢e with th• ethical requirements thal are relevant to oui audit of the financial slalements in the UK, including the FRC'S Ethical Standard. and we have fulfillèd our olher ethical responsibilrties in accordance with Ihese requirements. We believe that the audrt ewdence we havè obtained Is suffi¢ient and appropriate to provide a basis for our opinion. Conclu¥ions relating to golng concèm In auditing the finanaal Statemènts, we have concluded that the truslees, Ltse of the going cL*ncem basis of accounting in the preparation of the ffinancial Statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions Ihal, individualty or collectively, may cast signffjcant doubl on the charity's ability to continuè as a 9oing ¢oncem for a period of al least e1ve months from when the financial stslements are authorised for issue. Our responsibili¢iès and the responsibilities of the trustees with respect to going con¢&m are described in thè relevant sections of this report. Other inforniation The other inlormabon comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are sponsible for the other inloTmation conlaineij within the annual report. Our opinion on the finanaal s18lements doe5 not cover the other information and we do not Èxpress any form of assurance conclusign thereon. Our rèsponsibilty Is to read the other information and. in doing so. consider whether the olher infomalion is mat81ially inconsislenl with the financial statements or our knowledge obtained in the course ol the audit. or othewise appears lo be materially misstated. If we identify such material inctsnsistencies or apparent rnaterial misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements thèmselves. If. based on the work we have performed. we ¢ondude Ihat there 1$ a material missialemenl of this other information. we are required lo report that fact. We have nothing lo report in this gard. Matters on which we or• required to r•port by exception We have nothing lo report in respect ol the following matters in relation lo which the Charitses (Accounts and Reports) Regulations 2008 require u$ lo report lo you if, in our opinion.. the infomation given in the financial slalements is ineonsistent in any material fespect with the Iwslees. ceport., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records.. or we have not re¢eived all Ihe information an(J explanations we require for our audit.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF CHARTERED INSTITUTE OF CREDIT MANAGEMENT Rgsponsibiliti•$ of Irusttres A$ explainèd more lully in the slatement of truslees, respon5ibilitie5. the Iruslee5. who are a150 the directors of the charity foi the purpose of company law, are responsible for the pieparalion of the financial statements and for being satisfied that they give a Iwe and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial slalemenls that are free from matèrial misstalement, whether due to fraud or error. In preparing the financial statements, thè trustèès a responsib for assessing the charity's ability to continue as a going concern. disdosing. a5 applicable. matters rèlated to going ¢on¢ern and using the going concern basis of accounting unless the Iruslees either intend lo liquidatè the charitable company or to cease operats'ons, or have no realislic altemative but to do 80. Auditoe$ rpOnsibl1111es for the audit of thè financlal stat•m•nts We hav$ been appoinled a$ auditor under section 144 01 the Chaiilies Act 2011 and report in accordance wilh the Act and rèlevant regul81ions made or hawng effect thereunder. A further description of our respon5ibilitie$ 1$ available on the Finanaal Rèporting Councif$ w&bsi¢o al.. http$..11 www.frc.org.ukJauditorsresponsibilities. This description foms part of our audilo¢s pOrt. Ext•nt to whlch th• audlt was conslderèd capabl• of d•t•cting irregularities, including fraud IrgUlaritIes, induding fraud, arè instsnces of non-compliance with laws and regulations. We design procedures in line with tsuf responsibilities. oullined abov& and on the Financial Reporting Counal's web$il¢. to dele¢t material misstslemenls in respect ol irregulaiities, induding fratjd. We obtain and update our understanding of the enlily, its activili&s, 11$ Control onvironmenl, and likety fvlure developments, induding in relation to Ihe legal and regul810ry framework appli¢able and how Ihe entity is comptying with thal framework. Based on this understanding, we identify and a55ess the risks of maleiial misstalement of the financial statemenls, whethèr due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidènce that is Sufflent and appropriate to provide a basis for our opinion. This includes Consideration of the risk of acts by the entity that wère contrary to applicable laws and regulations. induding fraud. In Tesponse to the risk of irregularities and non-mplianCe with laws and regylalions. induding fraud, we designed procedures which induded.. Enquiry of management and those charged with govemance around actual and potential litigation and daims as well as actual, Suspecied and alleged fraud.. Rewewing minutes of mèetings of those charged with govemance., Assessing the exlenl of ¢omplianee with thè laws and regulations considered to have a diract material effed on the financial 51alernen15 01 the op&ralitsn$ of the entity through ènquiry and inspèction", Rewewing financial statement disclosures and testing to supporting do¢umenlatfjon lo assess complian¢e wilh applicable laws and regulations.. Perfomiing audil work over the risk of management bia5 and overTide of controls. induding lesling of journal entries and other adjustments for approprialeness, evaluating the busine55 rationale of significant transactions oulsid& the nomial course of business and reviewing arLounling estimates for indicalors of potèntial bias. Because of Ihe inherent limitations of an audit. there 1$ a risk that we will not detect all irregularities, includrng thostr leading lo a material mi5s1atemenl in the financi81 ststements or non-complianee wrth regulation. This risk increase5 the more that compliance with a law or regulation is removed from the events and Irans8¢tions reflected in the financial slalemenls, as we will be le55 likety lo become aware ol instan5 of non-wmpliance. The risk of not detecting a material misstatement resulting from fraud 15 higheT than foi one ie5ulling from error. as fraud may involve collusion, forgery. intentional omissions, mi5repre5eniations, 01 the ovettide of Internal control.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT INDEPENDENT AUDITOR'S REPORT ICONTINUEO) TO THE TRUSTEES OF CHARTERED INSTITUTE OF CREDET MANAGEMENT of our r•port This report 1$ made 801ely lo the charrty's Iru$lees. as a body, in accordance with part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might slate lo tho Gharivs trustees those matters we are required to stste to them In an audilofs report and for no other purpose. To the fulle51 extent permitted by law. we do not accept or assuffle responsibility to anyone other than Ihe charity and the charrty's trustee$ as a body. for our audit work, for this feport, or for the oplnbns we have fomod. Mr Mark Jackson FCA DChA IS•nlor Statutory Audftorl for and on bohalf of Azets Audlt S•rvlt•• Chrt•r•d A¢¢ountsnt• Stslutory Audltor Wèslpoint Lynch Wood Pelerborough Carnbridgeshlre United Klngdom PE2 6FZ zets Audit Servics Is eligible for appointment as aud6tor of the Chadty by ¥4rtue of Ils ?ligibility for appoinkngnl as auditor of ? company under section 1212 of the Companies Act 2006.
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CHARTERED INSTITUTE OF CREDIT MANAGEMENT CONSOLIDATED BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Not•• Flxed 4••ots Intangible assets Tangible assets 13 14 142,997 591,666 180,387 634,332 734,663 814,699 Stocks Debtors Cash at bank and In hand 1$ 16 2.201 204.383 592.27S 3.542 207,828 $51.936 798,859 763,306 Crèdltors". amounls falllng duo wlthln one ye4r 17 1477,1981 {466,348) Nat currant assets 321,861 296,958 Tot1 a•8•ts l••• cuvrnnt Ilabllltl•s 1,056,324 1.111,657 Cr•dltor: amounts falllng du• aft•r mor• than on• y•ar 18 I6,SL) 115.7791 1,049,824 1,095.878 Incom• fund• RgslfiGtfjd funils Designated funds Unre8trfct¢d funds 21 22 23 58.457 734,663 256.704 59,426 814.699 221.753 1,049,824 1,095.878 11
CHARTERED INSTITUTE OF CREDIT MANAGEMENT CONSOLIDATED BALANCE SHEET (CONTINUED) ASAT31 DECEMBER 2024 The company Is enlilled lo the exemption from thé audit requirement contained in section 477 of the Compani8$ A¢1 2006, for the year ended 31 December 2024, although In audit has baon earri8d out under section 144 of the Charities Act 2011. The directors acknowledge thelr responslbllitles for complying with the r8quir8rn8nis of the Companies Act 2006 with regpe¢t lo a¢¢ounting reMrds and the preparation offinanaal ststements. These ffn tothes naal $t4ternent$ have b8en prepared in acoordance wlth tha provlslons applicable lo companies subject 11 companies ragima. Thèfing '8181atemenl8 wèrè appfoved by the Truslegs on ... . ' LLG LLLLA vanl (Trea$ur&rl ru•ts• N Jinks (Chairl Tru•t•• Company R•gistrltion Ilo. RC000877 12-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Flx•d auets Intangible ass8ls Tangible assets Inveslmènls 13 14 142,997 591,686 100 1BO,367 634,332 100 734,763 814,799 Curr•nt •••ts Slod($ ogbtgrs Cash al bank and In hand 16 16 2,201 94,191 592.27S 3,542 64,552 $51,938 688,067 620,030 Crndttorn: amounts flling du• wlthln on• y••r 17 1367.1081 1323,1721 Net cuttent assets 321,561 298,858 Totsl a850ts l••• turrnnt Ilabllltl•s 1,056,324 1,111.657 Cr•dltoY¥: amounts lalllng du• aft•r mor• than one y••r 16,5WI {15,7791 N•t •M•ts 1.049,824 1,095,878 Incomtr fund• Reslrtded funds Designated funds Unr89tricted funds 21 22 23 58,457 734.863 256.704 59,426 814.699 221,753 1.049.824 1,095.878 13-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT BALANCE SHEET (CONTINUED) AS AT31 DECEMBER 2024 The company entitJ8d to the gxgmplion from the gudit requlrement contalned In sectlon 477 of the Companieskt 2C>06, for Ihg y9ar gnded 31 December 2024, ahhough an audit has been Caled out under Section 144 of the CharftiesAct 2011. Th8 directors acknowledge Ihgir rgspon$ibilitlg$ for cornplying with the fequiremenls of the Companies Act 2C#)6 with respect 19 a¢¢ounting records and the preparation of financial slalements. Th08e financial slalements have been prepar8d in acrLTrrdanc8 with thg provisions applicable to Gompanles subject to the Small mpanie5 regime. The finan 1gmenl$ were approved by the Trustees on .... VLLLLLLL (Treasurer} N Jink5 Ichairl Trn8ts• Tru•tsg i Company R•giBtration RC000877 14-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Nots8 C•$h flows from op•rtlng actlvltl•• Cash generated froml{gbsorbeil by) operations 27 40,81B 185.2201 Inv•stlng actlvttle• Purchase of intangiblè a$set8 Pur¢hase of langiblg fixed assets Pro¢eed$ fr¢)m disposal of inStMentS Invg$tmenl income receivèd 1186,850} 12,7381 289,187 13.796 13,793 13,834 N•t c••h g•Mrnt•d from Inv•stlng 10.041 113.375 Fln•nclng aGti¥iti•• Rtrpayment of bank108ns Payment of obligations und&r finance leases 19.2791 11.241) 110.0541 11.957) N•t cash ui•d in flnncing *¢tlvltl¢8 110,5201 112.0111 Net Incr•a¥e In u¥h •nd ¢•¥h •qulvaknits 40,339 16,144 Cash and cash èquivalents at beginnkng of year 551,936 S35,792 C•$h and cash •qulvalonts at •nd of y••r 592,275 551,936 15-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting poll¢le8 Charity inforniatlon Chartered Institute of Credit Managem8nt is a privata company limited by guarantee Fn¢owiraled in England and Wales. The registered office is 1 Aecenl Park. Bakèwell Road. Orton Southgale. Pelerborough, Cambridgeshire. PE2 6XS. United Kingdom. 1.1 Accounting convention The fiftanaal 5talemenls have been prepared in accordance with the charl$ governing documènt, Ihtr Companies Acl 20( and "AcLounling and Reporting by Charities.. Stalemenl of Recommended Practice applicable to charitses preparing their accounts in aOrdance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ifeland IFRS 1021 Ieffèell 1 January 20191" The charty is a Public Egnefrt Entity as definèd by FRS 102. The financjal slalernents are prepared in sterfing, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The ffinancial slemenls have been prepared under the historal cost convention. The principal accounting policies 8dopletJ are sel out below. 1.2 Going concem Al the lime of approving the financial statements, the trustees have a reasonable èxpectation that the charty has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going concern basis of accounting in preparing Iho finan¢i81 slalemenls. 1.3 Charitsble funds Unre5tricled funds are available for use at the discret¢'on of the trustees in furtherancè of their ¢harilable objectives. Restricted funds are subject lo specific conditions by donors as to how they may be usèd. Thè purpcse$ and uses of the restricted funds are set out in tha notes to the financial slat8menls. Endowment funds are subject lo specAfic conditions by donors that the capital must bè maintained by the charity. 1.4 Income In¢omè is recognised whèn the charity is legally entitled to it after any performance conditions have béen mèt. the amounts can be measured reliably. and it is probable that income will be received. Cash donations alè reeognisèd on receipt. Other donations are recognised once Ihe charity has been notified of the donation, unless performance condition5 require deferral ol the amount. Income tax recoverable in relation lo donations received under Gift Aid oi deeds of covenanl is recognised al the lime of the donation. Legacies are recognised on receipt oi OtheiSe if the c*arity has been notified of an irnpending distribution, the amounl is known, and receipt 15 expected. If the amount is not known, the legacy is trgated as a conlingenl asset. Membership fees received by the charity are recognised on receipt. A provision 15 made in the acunt5 for the ¢05t5 associated with providing a Monthly magazine to members lor the remaining period of their membership. The element ol the membership income that relates to training is recognised when the training 15 delivered. 16-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies IContlnu•dl 1.5 Expenditure Expenditure is regnIsd once thare is a legal or o)nslructive obligation to Iiansfèr economic benefit to a third party, it 1$ probable that a tiansfer of economic benefits will be required in settlement. and the amount of the obligalion can be mea5ufe(J reliabty. Expenditure is classified by activity. The costs of ea¢h adiwty are made up of the total of direct costs and $har&d costs, including support cos15 inVoed in undertaking each activity. Direct costs attributable to a single aCtilty are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs which 3r8 not altributable lo a single activity are 8PPOrtionèd b&lwgen those aciivities on a basis con51slent with the use of rèsources. Central slaff cos15 are allocated on thè basis of time spent, and depreciation charges are allocated on the portion of the asset's use. All expenditure 1$ ac¢ounted lor on an accruals basis and has been da$$ified under headings that aggregate all costs related lo the category. ere costs cannot be directly attributed Its p8rti¢ul8r heading$ they hav8 been allocated lo activities on a basis consistent wilh use of resources. {il Expenditure by subsidiary includes training & èducational serwces expenditure. (ill Services to members expendf(ure in¢lude$ membership, examinations. cdit Mana9emenl magazine. advertising, committee services and publicrty expendrture. liiil Branch activities include all branch expendrture. livl Benevolent Fund expenditure include5 Benevolent Fund grants and $¢holar$hip$. Iv) Support Costs are those incurred in connection with service5 and administration enabling the day-tO&day functioning of the charity. Ivil Governance c051s include relevant legal, trustee, committee and audit expenditure. 1.6 Intangible fixed •s¥ets oth•r than goodwill Intangible assets acquired separately from a business a recognisèd at cost and are subsequently measured al cost less 8¢¢umulaled amortisation and accumulated imp8tment losses. Amortisalion is recognised so as to write off Ihe cost tsr valuation of assets less their residual values over their usèful lives on the following bases.. Software devèlopment 20•h Straht linè 1.7 Tanglbla Ilx•d assets Tangible fixed assets are ini11811y rneasured at cost and subsequently measured al cost OT valuation, nel of depCiatIon and any impairmenl10sse5. Depfeciats'on is recognised so as lo write off the cosl or valuation of assets less their Tesidual values over their useful lives on the following base5.' Fhold land and buildings Fixtures and tting$ Computers 2% straight line 15.kn straight line 250A straight line The gain or loss arising on the disposal of an a$$et is detemiined as the difference between the sale proceeds and the carrying value of the as5el. and is rèwnised in the statement ol financial activities. 1.8 Impalrn)ant of fixed assets At each reporting end dale. tre charty reviews Ihe carrying amounts of its tangible and intangible assets lo determine whether Ihere is any indicats.on that those assets have suffered an impaimienl loss. If any such indication exists. the recovefable amount of the asset is estimated in order to determine the exleni of the impaimènt loss lif any}. 17
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.9 Stocks Stocks are slated at the lower of cosl and estimated selling price léss cost5 lo COMpte and sell. Cost comprises direcl materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing Ihe stocks lo their presènt location and condition. Items held for distribution al no or norninal con$Kleralion are measured the lower ol replacement cost and cost. Nel realisable value is ihe estimated selling price less all estimated costs of completion and costs lo be incurrèd in marf(8ting, salling and distribLrtion. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held 81 c811 with banks. ott)er short-lerm liquid investments with original rnalurilies of three mtsnlhs or less. and bank overdrafts. Bank overdrafts are shown thin borrowings in Current liabilities. 1.11 Financlal Instrumènts The charily has elected to apply the provisions of SecUon 11 'Basic Finanaal Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of rts financial instruments. Financial in51rumenls are fecognised in the chaiity's balance sheet when the charity becomes party lo the contractual provi5N)n5 of the Inslrumenl. Financial assets and liabilities are offset, with the nel arnoLtnts presented in the financial stalemenls. when the is a legally enforceable right to set off the recognised amounts and there 15 an intention to settle on a net basis or lo realise Iha assèt and settle tha liability simultaneously. Bas1¢ finan¢lal assets Basic financial assèts. which indude debtors and cash and bank balancès. are inth'ally measured 81 transaction pfice including Ifansaction ¢osl$ and are subsequently ¢affied al amortised cost using the effective interest method unle55 the arTangemenl conslilules a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a mawket rale ol interest. Financial assets classified as receivable within one year are not amortised. Basle finanelal liabllllles Basic financial liabilities, induding creditors and bank loans are initiaNy recognised at transaction pr* unless the arrangement constitutes a financing transaclion, where the debt instrument is measured at the present value of the future payments discount•d at a market rale ol interest. Financial liabilili&s classified as payabla within one year are not amortised. Debt instruments are subsequènlty ¢arried al amortisèd cost, using thè effè¢tive interest rale method. Trade creditors are obligations lo pay for goods 01 services that have been acquired in the ordinary o)urse of operations from supplieTs. Amounts payable are cl85sified as current liabilities if payment is due within one year or less. 11 not. they are presented as non-current liabilities. Trade creditors are recognised initsally at transaction price and subsequentty measured at amortised cost using the effedive interest method. Dere¢ognftlon of finanelalllabllltles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or ¢ancelled. 18-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting poli¢le$ Icontlnuèdl 1.12 L•a¥•s Leases ale classified as finan leases whenever the tem)s of the lease transfer substantially all thè risks and reward5 of ownership lo the lessees. All other ltrast$ artr ¢la$$ifitrd as operating leases. Asset5 held under finance leases are recognised as assets al the lower of the assets fair value al the dale of inception 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 consisting ol capital and interest elements. The interest is charged to net incornellexpenditure) for the year so as lo produ a constant periodic ratè of interest on the femaining balanc8 of the liabilty. 1.13 Fund a¢¢ounting Unrestiicted fvnds are 8v8ilable lo spend on acliviliès that further any of the purposes of the Institule. Designated lunds are unreslTi¢ted funds of the Insts"lute whid) the Iwslees have deoded al their dis¢relK>n lo set aside to use for a specific puipose. ReStrted funds are donattons fof which the donor has spe¢rfd are lo be solely used for particular areas of the Institute's work. crftlc41 a¢¢ountlng estlmats¥ and Judg•ments In the application of the charrty's accounling policies, the Iruslee5 are required lo m8ke judgemen15. eslimales and assumptions about Ihe carrying amount of assels and liabilities that are not readily apparent from other sources. The estimates and associated assumplions are based on historical experience and other factors that are considèred to be relevant. Actual results may drffer from these estimates. The eslimales and undèdying assumptions are revi•wed on an ongoing basis. Rèvisions to accounting eslirnale5 are recognised in the period In which the èslimale is revised where the revision affects only that period. or in the perK)d of the revisitsn and lulure n0$ where the r&vislon affects both Curn1 and future periods. 19-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ¢)th•r tradlng actfvlll•• Unyo•trktsd Unrestricted lunds funds 2024 2023 CICM ISeNicesl Llmited 908,S74 733,615 Charltsble thit Tot1 2024 Total 2023 Adveth'sin9, subs and royalties Education and examinations Membership subsulpllons Other Income 54.118 227.220 643.911 1.800 52,661 248,818 663,749 10 927.047 965,238 Investment In¢om• Total Total 2024 2023 Investmenls Interest receivable 74 13.760 4,940 8.856 13,834 13,796 21
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitsblè activitie$ 2024 2023 Expendrture by subsidi8ry Investment management fees Advertising, subs and royaltps Education and examination5 Committee seNices and publicbty Benevolent fund 381,609 420,714 2,135 148,551 404,337 213,908 342 172,346 429.897 242,378 2,520 1,228,750 1,189,987 Share of support costs (see note 81 Share of governance costs (see note 8) 656.763 13.352 561,362 12.656 1,898,865 1.764,005 Analys59 by fvnd Unrestricted funds Designated funds Restricted funds 1.812.515 83,830 2,520 1.712.383 51,280 342 1,898,865 1,764.005 Support costs Support GoYemanc• tosts ¢o$ts 2024 Support Govemance costs cost$ 2023 Depreaation Govemance Legal and professional Property expenses Insurance Printing and stationery Postage Telephone & IT Staff costs Staff expensès Other 83,830 83,830 13,352 15,723 23.311 5,564 5,960 7.597 87.540 398,346 20.193 8.699 51,280 51.280 12.656 12.586 24,181 5,663 10.401 8,354 82,549 335.940 20.987 9,421 13,352 12,656 15,723 23.311 5,564 5,960 7,597 B7,540 398,346 20,193 8,699 12,586 24,181 5,663 10,401 8.354 82.549 335,940 20,987 9.421 656.763 13.352 670.115 561.362 12.656 574,018 Analysed belweèn Charitablè actIv.e5 656.763 13.352 670.115 561.362 12,656 574,018 GoveTnan¢e costs indudgs payments to the auditors of £10,5401202> £10,4C¥)I for audit fees. -22-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR TrIE YEAR ENDED 31 DECEMBER 2024 TnMt••s A total of £1,710 12023 - £3,948) wa$ paid to trusleeg in respect of reimbursed expenses for travel and subsi$ten¢e when ¢arrying oul busin•$$ on b8haW of the Institute. None of the tru51ees have been paid any remuneration or received any other beneffts from any empkjyment within the Institute. 10 Employ• Numb•r of •mployw• The averag• monlhty numbgr of gmploy•es during th8 year was.. 2024 Nymhr 2023 Number 24 Employm•nt ¢wts 2024 2023 Wage8 and salarfes Social security costs Oth8r pension cos16 851.256 83,747 38,359 792.469 84.782 38,311 973,362 913,562 Th& number of employegs whose annual remuneration was £60.000 or were.. 2024 Numb•r 2023 Numb8r £60.001- £70.000 £70.001- £80,000 £W,001- £100,000 11 Tax•tlon Thè Inslttule Is a reglslered charfty and Ihg ITu$l89s cons*Jer that its does not fall wthin the scope of ts)rporalKin tax. 12 N•t ga1Th611108••81 on Inv•8tm•nts Unr•8trl¢tsd lund• 2024 Total 2023 Revaluation of investments 17.9001 -23-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 13 Intsnglbl• flx•d assets Total Cost Al 1 January 2024 and 31 December 2024 186.850 Amortisation and Impalmnt Al 1 January 2024 Arnorlisalion charged for the year 6,483 37.370 Al 31 December 2024 43.853 Carying amount Al 31 December 2024 142.997 Al 31 De¢wnber 2023 180,367 14 Tangible fixd a$$ets Group #nd Charity Freehold Fixtures and Computsrs land and fittings buildlngs Totsl Cost At 1 January 2024 Additions 503.186 176,189 228.941 3.793 908.316 3.793 Al 31 December 2024 503,186 176.189 232,734 912,109 D•pr•¢latlon and Impalrnwnt Al l January 2024 DèpiÈiiation chaiged in the year 20.004 10.064 46,113 26.428 207,868 9.966 273.985 46,4S8 Al 31 December 2024 30,068 72,541 217,834 320.443 Carying amount At 31 December 2024 473,118 103,648 14.9LX) 591,666 Al 31 Deeèmbei 2023 483.181 130.078 21.073 834,332 15 Sto¢k$ Group and Charlty 2024 2023 Finished goods and goods for cesale 2,201 3,542 .24-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Debtors Group Amounts falling du• wlthln one year. 2024 2023 Trade debtors Prepayments and a¢¢ru•d incom• 99,756 104,627 120,064 87,764 204,383 207,828 Charlty Amounts falling due within one year. 2024 2023 Trade debtors Prepayments and accrued income 30,925 63,266 16.242 48,310 94.191 64.552 17 Creditors: amounts tslling due within on• yèar Group 2024 2023 Nots$ Bank loans Obligations under finance leases Other taxation and social securty Trade eAedilors Awiuals and deferie<l income 19 20 10,000 10.000 1.241 35,842 34.492 384.773 45.370 71,807 350.021 477,198 466.348 Charfty 2024 2023 Notes Bank loans oblatIOnS under finance leases Other taxation and soaal $èeurrty Trade creditors Amounts owed to subsidiary undertaking$ Accruals and deferred income 19 20 10,000 10,000 1,241 35.842 21,363 104,764 149,962 45,370 38.971 121,250 151,515 367,106 323,172 18 Crndltors: amounts falllng du• after more than one year Group and char5ty 2024 2023 Notes Bank loans 19 6,500 15,779 25-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 19 Loans and ov•rdr•fts Group and charfty 2024 2023 Bank loans 16,500 25,n9 Payable within one year Payable after tsne year 10.000 6.500 10,CM)O 15.779 20 Flnance lease commltments Group and ¢harfty Futu minimum lease payments due undèr finance leases.. 2024 2023 Wthin one year 1.241 21 R•strICt funds The income of the group and charity includes restricted funds comprising the following unexpended balances of donalions and gran15 held on trust for specific purposes.. Movement in funds Incomlrbg R•8ourco$ Balance at oxpondèd1 J•rbUJry 2024 Movèm•nt in fund$ Balanco at 1 January 2023 Incoffling R¢¥ource¥ resourcos 8XPgndod Bolanco at 31 D•c•mb•r 2024 Mombei support ftjnd Ireland branth 56,062 566 13421 56.306 1,551 {2,5201 55.337 3,120 3.120 3,120 59,202 566 13421 59,426 1,551 12,5201 58.457 The Member Support Fund was set up by the Institute to prowde a$sislan¢e lo rnernbers or forrner members of the Institute, or their dependants, in need, hardship or distrèss Applications for assistance are considered by the Memb¢r Support Fund Committee which is mpriSed offour Vice Presidents. The Ireland branch fund was sel up from surplu5 lunds donated by the IICM on its winding up and is ring fenced for development of the Ireland branch of CICM. 26-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 D•sSgnat•d fund# The Income of the group and tharity in¢deS the fdltrwing designated funds whi¢h have bgen set asidg of unrestricted funds by Ihg trustees for sp0Qf purposes: 8il*n¢• at 1 J•nuqry 2023 TraMf• B•lonc• •t RMour¢ f J•ny•ry 2024 oxpended n¥f• B•l•n¢• 3108¢b•r 2024 •xp•nd•d Branch Fixed as$¥t fund 19,749 {19.7491 676.391 151,280) 189,$88 814,699 183.8291 3,793 734,663 infrastructurè fiJnd 150.[ 1150.CWI 846,140 151,2801 19,839 814.699 183,8291 3,793 734,003 The branches are funded partty by Ihg In$titut8 and partly by fundraising actiwlies carried out by the branches. During the prior year all branch accounts were dosed and funds transferred. The fix•d asset fund has been sel up lo assist in Id•nlfyin9 those funds Ihal are not free frjnds and it represents tho nat book value of tangible assets. The IT infr8slrudur¥ fLtnd was up for the purchase of IT equipment and development of the wobsile whith has now bèen compbele(l. -27-
¢DN-
CHARTERED INSTITUTE OF CREDIT MANAGEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 DECEMBER 2024
24 Operating lease commitments
Al the reporting end dale the charity had outstanding commiiments for future minimum lease payrnenls under
non
CHARTERED INSTITUTE OF CREDIT MANAGEMENT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Cash genernt•d from operallo 2024 2023 DèfScil for the year 148,054) (49.9751 Adjuslmenls for.. Investment income cognised in statem&nt of fin#wal act&5 {Gainlno$s on disposal of tangibl& fmod assèts Fair value gains and1055es on investments Depreciation and impairment of tangible fixed assets 113.834) (13,7961 17.431 3.771 51,280 83,830 Movemgnl$ in worklng Capital.. Oecrea$81lin¢rease) in slo¢ks Oe¢roasellinu•asg1 in debtors Increaselldecreasel in c¥&drtors 1.340 12181 122.6271 {49,8841 12.091 C••h g•n•rnt•d froml{ab#orbod by) operntlon• 40,818 (64,0181 28 Anafy#l• of ¢hanll In n•1 fvn Al 1 JIThry 1024 C••h fflow• At 31 D•comb•r 24 Cash at bank and in hand 551,936 40,339 592,275 Nots• 20 20 21 Loans falling due wthin one year Loan5 falling due after more than one yoaf Obligations undw finance leasès {10,IKJOI 115.7791 {1,2411 110,¢)00} 16,5001 9,279 1,241 524.916 50.859 575,775 -30-