R￿RT AND FINANUAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
REGISTERED COMPANY No 10776032

ThE CAMBRIDGE SECURITY WIITL4TIVE 2017
FINANCIAL STATEMENTS
FOR THE P￿(100 ENDED 31 OC7DBER 2tt24
7-10

THE CAhlBRIDGE SECURITY INMATIVE 2017
REPORT OF THE TRUSTEES
FOR THE PERIOO ENDED 31 OCTOBER 2024
The DirectoTr labo referred to 83 Trustees for the purpose of dwrity kw) prosent their report %Mth the fin￿r￿al
Statements ofthe charitable Company lor Ihe period eThY 31 Oc(ob6r2024. The finaroal statements have be?n
prepared in a(￿ordanCe with th8 xcountir¥J Oicpe5 set out in the notes to the finanraal statement$ and
c￿npty with the chantys trust deed. applicable requirernents of tho Ststement of Rec*mmeThl&J
Practice. °Accounb'TrJ and R8poitirKJ by ChariiBs" 2019 and the CompaniES Act 20LK.
Referen¢e and Admln18tratl¥e Detal
The Cornpany was incorwjratad on 17 May 2017 arKI registered wlh Ihe Charity CC*nMtss￿Tr for EryL8nd 8nd
Wales on 17 Ociober 2017.
Structure, Governance and Managemenl
The operabon of the Chanty governed by ts MemoraTrJum and Arb"des of Assoeiabon. It i8 8 company
Imited by guarantee and a ¢*anty *ith the Charity COmmw￿)rI ol EThJland and Wabes. HM
Revenue Customs h8ve r8cognk88d the L*arity for tax purptsses. s￿Ke the thanty only uses its fiJnd¥ for
charitable pu￿￿9eS no taxation i8 then payabk on the income or gawls. The overall re8poDsibilty lor th?
operations of the Charity and its financ85 ismilh the Direcior
Dire￿015
The Directors wlv) have se￿e￿I duriry the year *we.'
tlrA M Dawson. Sir R B Deartove. Prof S A H*r. Dr S P Mathrnl (wl3r￿d 25 June 20241. A Kncrnk
cUt￿r lapp¢intod 28 August 20241
Appolntment and Tralnlng of D]reclo
The p￿r to appoint and r￿0Ve Dire(lors ￿$t￿y ttE D￿e(￿Or5.
On appointrnent DI￿¢1¢1 T￿l¥e$ C¥•p￿ of Ihe prinupal o)nstityJtr)nal pc4icy do￿rnents of the
Company. with current and foTward finan￿al plannry inforrnalKin. Directors a￿ pThicl&l wth regular upJ8t88
ofrekvant infomth.on from the Chanty Commission aNJ otlw ￿￿Want source&
Cbarftsble obSe¢ts
The objects of the ar8 to thanct educath?n in ￿lati￿n to intemational seDJrty and intellvJenr* Issues
through rg¥earth, provi%K)n of wkncational programrne5 ar¥J cOrA￿ratiOnS in intel*)en￿ St￿yie3. teachir
and research with nation81 and irrternatbjnaf unNer8itEs. tt* L*)vemrnent of the UK and other nations.
Publi¢ Bangflt
The charity was establi8hed in 2017 to offw a unique &1u¢aI￿Tr￿1 prowamm4
The purpose olthi5 unw4ue educabonal progrnmme are h%o-fold.'
lo provxjo an opportunkty frjr uThJergwluate and ￿00￿ate stLthnts and earty<areer professionaL% with an
intelectual or professKinal interest in statecraft and ￿ interlo￿tr9 lh￿e$ of intellvJet¥re,
security, defence and fOre￿n polw to rneet and ￿Ik with kad￿9 xademKS praclitsO￿r5 from t
Inteligen￿ and security communities and to ex￿1￿ the dNeYse arKI (tsfFdex c*allen9es fac&1 by Westem
demc(fa￿,.
Secondly. Ihrough of lunding. to promote tl* sknjy and under8tsndin9 of int￿ger￿e afyj se
issue8.
Themes explored indude..
- How ￿teM intellgen¢% ￿mMUn￿$ can operate ￿ a wylj of seemiThJty SU￿11&[￿8, arvj h)w
they might compete b%ith- or hamess-the revoluh.on in op*nsOUr￿ dats.
- Threats posed by intelKJen￿, Wr ￿drfare. rtdKalk%thn, a¢is of ￿r￿1$m, reg￿TraI in￿Urity and
infomats.on operatwjns.
- Modem ￿l￿ept￿)n9 of traMpa￿TY leM￿r&I by I￿rt￿TIate for 8tate 8e(xecy and the ro￿ of the
Intel&gen￿ and security agen¢ies in a m¢yJem democr*K
-AnalytiLal chdlenges and the ￿lte11￿￿enCe￿l￿ interfa￿.
- Varioug mec*anwns of fftteifKJenee analpts and rfiss&xD)alion. countar4ntellwJ6n¢* aTrJ CLivert
operath"ons.
Achlgvernents
In the summer of 2023 Csi ran another ¥ery s￿lU1 programme at Magdalene CoEkge, Cambridge
focusin9 on theme8 to Intemational Security IntdlvJen￿ for 63 sludents in higher educats.on aTrJ
for earfy career professionaLs. They appfEd from many ts)untr￿, most $L￿￿SsIU1 applicants coming from t
English-speaking workl. in partI￿laT N. Amenca. In the summw of 2￿24, wth 73 students, the Programme
ta Ernmanuel Colkge. In both cases, the Prcyramme vras very well taught and (ec£ived and the
hosprtality aThg ac1￿mod8￿n offered by t#)th o)le9es vas first rate. Five sbjdents in each course ￿e£￿ed
full boibon fee $cholarsh¥)s vthich ollernd on a ¢x)rTWI"iNe basis.
One of the highlighis ol th&se Programmes K4 the IMHJay Csi Conf*erKe èntrtknj 'lntellBJence and National
SecJJrrty ￿ a Changiry World, which offers k¢aures, 'fire4th' conver5ati¢)ns and paneL5 gNen by specialL%ts
from the professions and arad8rn￿. some ofwhom art very senTh and all ofwhLwn are *lWaL£d to explore
the key themes of the COnfe￿n￿. ￿1 ISI St￿nts attend gratis as do 10 alumThi eath year. Attendee¥ from
higher Èdueaiion pay a reducgj rate150%1 of the fvl fee.

THE CAMBRIOGE SECURrrf Il•TIAMVE 2Q17
REPQRTOF THE TRUSTEES
FOR THE PERIOD 84DED 31 OCTOBER￿
donalton Of£11.￿ k) tho CwiFlmortofWaFSbth4 KGLfor*nfyhrwkws
Plans forfulure perlods
Flnanclal RBvlew
Inr>JmefDrthe wats£123,15112m fXI,15r.12 TrTh)nth8t 31 May2)23) arKI ExFw¥kn YAS
£e17.￿ (%J7& £3X687 12 mortskn 31 Ilwy 3)fJ) h¥ Th*wF4u8forth> r￿£1[￿.895 (2CQ:
£q5YJ netdeklt 12mthtD 31 May
Rl$k Mwaggnwt
24 Mllkngknu Road. c#mL¥￿. CB3
Pr¥C￿).
finftrthl gtatsmenlB. the OwEdDTrqWe ryVEd kn:
-oÈÉeTrp tho rng1tr￿ts and #) th¥ SORP..
atanytM&, th& financial ofthe c*Ariktle 0)M￿NY wd *)ot4• tham*) gWT8 thatts ffinanMI
Apwu4*d Dlr•thon.--.-
And sW￿d belMVbJ'.

THE CAMBRIDGE SECURITY INfnAnVE 2017
INDEPENDENT EXAAYNER'S REPORTTO THE TRiISTEES
I rwJrt*otha dwlty1ntst￿s0n my Qyan￿￿)n knrthb ondèd
31 OGknker3JZ4 are Sat￿tI.¢]n Mes4t*"9.
P8rt16 ofth¥ XUsAL1ar￿ r8VCtofmy
IMDEPENDEIU STATEIAENT
JX16 or
app￿#b￿ inth• UK4￿1 R*￿**￿1[81¥￿d IFRS 102)P
i¢h alknlKJn enablg a rnporw*Jèrslandry ofthp
P8uI chUbbW￿ FG
Ch8tsrAkn LLP
7 Quy C￿rt
CoSti•ts Lan&
c￿25 9AU

THE CAMBRI[￿ 8ECURIThINITIATIVE 2017
STATEMENT OF FINANCIALACTMIJES EXpeWkn•4￿urt
FOR ThE PERII)D ENDED31 (￿ToBER 2024
Totsl
2024
2023
LhJnalJortsaTrJ l￿d88
Chalirab￿ 8c*¥ity
71&494
. no494 296.964
4.￿7
193
TolallD¢o
151
297.1¥1
617.456
617.458 303.￿7
Totsl Expomdlthre
617.456
303.687
105.th5
los.￿5
ie.sy)I
rals forthe
21,G33 24163
127328
127.328
21.SJ3

THE CAM8RIDGE SECURITh II¥IIATrVE 2017
BALANCE SHEET
AS AT 31 OCTOBER 2024
(RElaSTERED COMPANY NUMBER 10771032
31 Ocknlb¢r
2•24
JI May
FIXED ASSETS
Tangibb assgts
874
CURRENT AS8ET8
Debtrjrs
C*sh at bank
43.144
1WI.T22
317.376
CIJRRENT LL4BILITIES
Credib)rs duewilhin one ygar
295.743
NEf GURRENT A88ETS
127,328
TOTAL A8SETS LESS CURRE14T UABIUTIES
FUNDS OF THE CHARirY=
127.328
TOTAL FUNDS
21.6
*nall coryanias.
pemd end 31 OL*)bar 2024.
al $nsurir¥J th•ttr* &oriiabk I7)M￿nY actyxmlwwJ c￿r￿Y7￿￿th Saction 386 and 387 of
Ihe Cornpan￿ Act2￿8 and
bl Fxepartng financial stalemontswhKh and slats of affa[￿0f1he dMiilabkn oJmp8ny
85 atthe end of88th ffinancial year ofilswofftor ksss fDreath yearin auyJTilantx the
r8qUiT8m8nts of S6cb)n 394 and 395 and whi¢h otheThase c4JWy*ilhlhe rewRvn*ntsof the C¢)mpanies
A¢t 2006 r•la*"n9 tr) fin$n¢xl Slatell￿nN so fai as IJ thg comFqny.
ApFYov8d byth8 Board ofTnJsts8s and tstr
DrA
141

THE CAMBRIDGE SECURTfYiMTIATniE 2017.
STATEMENT OF CASH FLOW8
FOR THE PERIOD ENDED 31 OCTOBER 2024
3t Othber Jt
14L3.KKI
128.078
11.049
Chang• ¢ath *4ul¥thats kn fl• Y•p
1144W 124078
. 2747d2 14Q154 .
I29￿3 274232
31 OGtolv M May
lo5.￿5
DewBciafon L*aYuÈs
175
41.bJS
0331
.475) Is7￿ .
{f43W)) 128.078
At31
Ca5hatl*nkand in FHnd
274232 (144.849) 1￿.￿4
274232
144.849

ThE CAmBRI[￿E 8ECURtrYHrnATI¥E 2917
NOTES TO THE FINANCIAL STATEIIENTS
FOR TNE PEPJOD ENDED 31 OCTOBER2024
ID Ihtr UKand Rewt4ic of lrnhrKJ IFRS 1W21 ijweé in OL*>bw2019.th8 Fr￿￿¥&1 R*pyJbng SlaThJar
appJicaY* inthè UK4rtd Rèwt* ottrdarxl (FRS 1021 ** C￿1*8&Ad￿J11.fft• ¢￿$￿t2
12 Golng GODGOM basls
theirfirMrK*I ￿xt12 b 18 Th￿aTrd onthatl)•sth8 Ch8r4¥i& a gory corKXm.
1J Fundg
IA TaTrglhl•llx•d assets
Expendltyu¢
to Pa￿￿nIS￿l thrd itiswob*bknthat#w 2111&7*rt*4 b• re* ond tho arTh￿[rt0fkn&
1.7 TaxalloTh

THE cAMBRIl￿E 8ECURiff IPITIAMVE 2017
NOTES TO THE FINANGIAL STATEMENTS
FOR THE pE￿0D ￿DED 31 IXTOBER ￿21
Funds
31 Octt>l>w 31 Alay
2023
4111T4
412.174
193.847
sa￿￿8￿ 3)
31￿£
knlyttcal reportfeas
31
F*inting. statton8ry andoJWr
T78
I.￿7
31194 .
157
149
178
133
IngJrarte
Mawkv
B¥nk
jryexP￿J&P9
J1194
1S1
149
11,IrJ
131
4JminiBfra1v)n
175
175
pp¢xtcosts
To181
617.456
617,
.687
31.1

THE CAhlBRIQGE SECUIUTYIMITIATIVE J17
NOTES TO THÉ FINANCIAL STATEMEKrs
FOR THE PÈRIOD ENDED 31 OCTOBER 2024
Tolal
BrQughtfrJn￿rt at1 knB 215ZJ
1.7T4
1.774
1.049
31 OcknE*r2024
Brou￿tfo￿￿￿Td at 1 21123
cha￿ br y
1,774
175
1.774
175
hX31 O*bEr2024
At31 O¢*b8r2024
874
874
At31 May1023
DEBTORB
J1 OG*>b•r
31 May
40JO
43.144
REDITORS
31 OG*•b¢r
24
31 May
2023
Mlag88, PAYE and
743
134,9
134.
B81fft* at¥Thl ofthe

THE CAMBRIDGE SECURITY INITIATNE 2017
NOTE8 TO THE FINANCIAL 8TATEMEi¥f8
FOR THE PERIOD ENDED 31 OCTOBER 2•24
ANALY816 OF NEFA88Ef8 BETV•W Fvlllls
Totsl Fwmls Totsl Funds
31 thlay
Funds
Tangibte assats
874
12Q454
874
1*454
127
121
10