C¢)mpany rnglgtratlon nwnb•r (England and Walo•1: Crt1307186 Charlty fvglstratl¢)n numb•r. 266J95 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE (A Company Llmlted by Guarant••) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE INSTrruTE OF EXPORT AND INTERNATIONAL TRADE Cornpany Llmltsd by Guaranto•) CONTENTS Refvrnnm 4nd A¢kninl8trntfv• D•tsl• oftho Ch4rfty. N• TnMt••s and Advh•rn Ch•lrm•n'• SIAl•mont Tru•tw•' R•port Trusto••' R•spon•lbllltlo8 St*tsm•nt Ind•ynd•nt Audltorf8 R•port •n th• Flnan¢lal Statsm•thts Con•olidat•d Stat•mwt of Flnandal Actlvluo 5-10 11 12-15 18 Con*olldat•d ￿anc• 8h••t 17 Chartty 8thn￿ Sh••t Con8didatsd Stsi•m•nt of C•gh Flows 18 19 Note• to th• Flnancial Siat•m•nts 20-43 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE (A cOm￿nY Llmltsd by Guarant••) REFERENCE ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEM8ER 2023 TnJ¥t Terry StJJolw CBE MCIEX. Chalr M8rco1 Landau FCl&¥ (Grad). VWChdr Dominlc Broom MCIEX Caroline Gumble MCIEX Prof Sangeeta Khcfan8 MCIEX Mark Lincokn FCILT. MCIEX Stephen MeQulllan MCIEX John Alty CB, MCIEX Nic*olas Clark FCIEX (Grad) Fikmena Teixelra MCIEX lappointsd 29 Marth 2023) Ja￿kurnar Venkatsraman MCIEX, Hon Treasurer (appowrted 29 Mar¢h 20231 Patron HRH Ihg Duk& ofK8nt. KG Prn•id•nt Lord Gre•n of HurStplgry￿rt Cornpary r•gi•tsrnd number 00307186 Charfty r•gl*teY•d nUm￿r Regl•tw•d office Export HrA8e Mlnwva Bu8lnes6 Park L￿ch Wood Peterborough Cambrfdgeshlre PE2 8FT Man•g•rn•nt Dirgctor Gfjneral- mar￿ F￿￿on$ Director of Strateglc Prol8¢t8 ond Inl•malional Development- Kevin Shake8PW• Chl8f Finandal Offlcer ICFO}- Gary W8tNey (re8igned 1 December 2023} Chi•f Oprallng Offi￿r {COO>- Mwk Gordon Ind•p•nd•nt audltor MHA Ceniury Hou The Lake6 Northampton, Unlt•d lQngdom NN4 7HD Pag• 1 THE INSTrrLrrE OF EXPQRT AND INTERNATIONAL TRADE {A Company Llmit•d by Guarnnt••l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 B•nk•r¥ Barday¥ Bank pk 1 Churth Str881 P¢tthugh. Unilod lfjngdom PE11QP SoMcStor• rtuouo Legal 93 Jemijn Str•et Flccadilty Sl Jam￿.$ London, United Kingdom SW1Y8JE Pag• 2 THE IP18TFTUTE OF EXPORT AND INTERNATK114AL TRADE IA Cornpary Llmlt•d by Gu•rnnt••l CHMRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER X123 It is a gr¥al pleasure to present thg In￿1[rtI of Export & Inlemalional Trado's annual Report and A¢count& rfng vthai has been a drfficutt y•ar lor global trade the In8tibJte h88 (J)ntinued to Mltm8e membernh*. lrnprov• and expaThJ Ser¥￿￿ to mwnber8. enhan¢• tt8 prtsfi￿, 5nu•aso Member 8ali8factlon and attract nw During thg yw lh• In$tilutg sggxed tho Te5pected Investh In People ¢¢rbfi¢ation and w9$ 91so hL￿oured to in the Investors in People Best People Team Awanl wlth the aim, dLrring the wo¢e85 of rna¢u•dltsUon. of •cwlng eovoted Gc4d Standard $t8tu$ in 2024, The year al80 wlb)assed the IrffjlNute ooming remnNl¢Jn 88 a Dlseblllty Confiderrt Employar and ￿nn1￿j two P•t•rf)orough Bu8in8ss Awards for Emph)￿1 cltho Yearand Corrtrftmrflon tv BU￿nO$s. Tho Awards. along vAth s0￿ring ISO 27LYJf. 9001 and 14001 certM¢alS¢)n underlng thg In8tEtut8'8 conlInu￿1 commitment to conWnwu8 imFKovemont, innovation. oparatlonal eX￿lIen¢9 and staff wolf8r•. In 2023 loE&IT Fe￿nda￿On compl81gd ts firsl fill y￿r aB a 8tandalone Charity. The main purpos9 ol the Charfty18 to improve the awareness and educauon of young peoWe in the UK from the aps tsf 1&25 In the $thve benefits and Importon¢* to our nation of intemallonal trade ty th8 p￿￿slon of Ikwicial grants support educalional inMad¥e$ in 8d)ool$, cdleg85 and unWsffj•$. Two malty dI$l￿r$eMents, in Par￿c￿ar. madg to yo￿9 Entryi80 and S¢otti8h Entwprl$o ¢nabfing th¢)8e ¢Xganlsati￿3 to reach out Io CArea 100,000 y￿ung men ond women r￿d wcffk wrth over 100 sd)0018 and 20 Vnfversity and Furiher Educallon Coifow. IndI￿dUal Awards were also made at Ihe Young Entsrprf8è Start Up Flnal8 and lh• Scottlsh Ywng Edge F5n81 to sludents stud￿n9 for th& Instit￿e'S U*¥n ExamInatIc￿ and Legrnln9 Modulg8. The FO￿d¥u0n, tho ltradershlp ot our VK* Chalr, Marcel Landau, can be proud of 8 busy 8nd rewwdkng fwst of operatpjn. In a y•aT marked by glL*al Instsbilty the Instrhrte has demonstrated resilience and adaF4absfty. Arnldsl the chelleng&8 posed by geopolitical len$iDns and the lingerin9 th•ds of thg Covid pandwni¢ Ihg Board of Trust8 continue to miew and refine tho In5titute'y strategy and how bost to focus on and 8UPPJrt our mom￿r$ Und stakehi￿der8. A k•y element of the stratsgy Is our thi 10 8oc#Jr¢ Chartered 6talu8 l am dellghled to repcrt has now beon granted by HI8 Maje8ty King Charlw a¢￿1&d¢ 1$ a lritrArt• to tho wort of the Institute ovar the pa8t 89 y sin¢¢ it was e8tabllshed In 1935 and the excellent wort, sknce he lolned In 2020 of the In8litute'8 Dlrectf General, Mar<>J Forgiom, ond hi$ exeartive team. Membershlp also rwnains very muth at the heart ol our 8lrategy and lo￿3 wilh 8ignifKant Progr•￿ hamng made in grcthrfng and enoaging wth tho m&m￿r$hIp b¥8e •round the county. A malor initlative during the ye4r was the s•lling up of thrae Spedal Intoro81 Groups ISIGS) forJJsing. In￿81￿. on the f¢Kd ar￿ drink and manufacturfng S￿t0[$ and th? thaNenging and often c4jM￿l¢0tsd 8re8 of Export Conlfds. Thoy have be¢omo Important for kn¢y*Aedge sh8￿n9. problem 8oMng and no￿￿rkIng. Other Important Inttla1ives include the 'ABOVE & BEYOND. 1￿Mp#1gn whith attractèd over one hundrnd companies wlhin waek$ of its I￿nth, the Impcft Export Show {IES) and the Inlamalonal Trade Awards IITXJ. Inve8trnent 8180 ¢ontinu8d during the year to enhance th• r•ng• of virtual and oTr$it• tr￿nIng C￿￿¢$ and ¥•rvlces a￿1 rekywntkng members and 8tskeholderts at trad• shows and events around th• c)Juntry. Page 3 THE INSTITUTE OF EXPORT AND Ip¥fERNATIONAL TRADE IA Company Llmltsd by Gu4rant••} CH￿RmAN's STATEMENT {CONTINUEDJ FOR THE YEAR ENDED 31 DECEMBER 2023 Th08e Inldatives abng vAth the InsUiuto'$ Improved Bu8ln&88 Hel￿1n8 and Bu8lne88 Hèalth Chock Report8 ha SUPFrf>rted membership grThv(h of 20% coryjornte and Professlonal members durhg Ihe year and impmv•d mèmber S￿¥1￿0n rates. Profil• and ¢ngagement remain a k•y part of th• Inslttut•'$ •dwity to hfj￿ $acur• a $t•bl• global trading 8nvironment for e￿OrterS aThJ ollk• t•Ath th• Institute at Ihe forefront of key Gmmmort￿ Snitlatfve8 su¢h 4$ the launth, with the Buslness and Trade Socrotary of State Koml B?dinorh and Exports Mlnlster Malojlm Offord, of the E-C¢Nmmw￿ Trado Ccffimrssion. the BorderTarget Owaling Modol {BTOMI the ext•nsNe contsibulion to numérous report8, dl8¢YJ88th8 and Wh￿e Papers. The In8tbtth'8 medl4 8180 Sntreased ¢on8tderaNy during th• s•ar wllh monthty Atlvertl8lng Value Equivalenl exeeedlng £40C*, c4Jfflm8ntary on a ￿de rang8 of to￿ls1on. radlo. pyint and on4ino platfonn8 and substantial In(rn48• of fdlowerB on social media platfonns such 8$ knnkèdln and X Ifom?8dy T¥￿tter). Tho par wa¥ al80 a p05th0 cfie for perftymarKe wth income totalllng £15.7m genergling a $urylu5 of £1.4m. Th13 resutt. al￿g ￿th unr•strlthd ¢a¥h of £25m underpin3 the Boards ¢)Jntinued confid•ne• lo bo aNe to Inv8sl In th8 fulur¥. enhanced $w4iC88 to members and ￿nIlnu9 our mlsdon to Support and enhance fair and unreslrfet8d gbbal trad&. tt r8mains for m•, In ¢lo8ing, to thank our DlroGtry Ggngral. Marco Forglone, and hls exKullvg t•am. my fo11(MT Tlustee Dlrg¢torn their time aThJ 8UPPOrt ond most of all our memb¢r8. the If8blood of thè Inslllule, vthom soak lo sgrve. Thank ytyJ. Tany Scu Chdmian Date.. 2810814 Page 4 THE IN8TrnrrE OF EXPORT AND INTERNATIONAL TRADE (A Cornyny LlmFtsd by Guarwtt••) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees (vtho we a180 t*rectors cl tha Charty far thè purrAi8e8 of the Companies Ad) pr88Ént thèlr r•port and thg audited finandal stgl•m¢nts of The In$Ututs of Export and Intern￿1¢￿￿ Trade (tho "Chaiiv) and tts subsldiarie8. {loaeth8r thg 'Groupl fur the year ended 31 Decembw 2023. Th• Truste89 h8ve adopted the Pro￿￿OnE of tho Stat•ment of R8ccrfnmended Practice ISORPI 'A¢￿un￿.TrJ aThl Repo￿n9 by Chorltl8s" preparing th• aMu81 rqjort and finanaal statements of the Charfty. Th8 flnarrJg1 statements have b•8n Prgparod In acryJthn¢e vAth tho accounllng poldos set OLrt In not98 lo t ac£wnts and ¢ompty wilh the Charftys govgming document, th• Chaiiknes Act 2011 and Acts)unting •nd ROp￿ftg by Charttit8: Statement of Recommended Practice applicable to ch8ribe8 prepwlng thelr accoun18 a¢¢ordan¢e wilh the Finandal Reporting Standard appNcable In thg UK and R¥putllG of Ireland pub18hod . October 2019. The trustees wtrÈo sw4od in th• y•ar and to th• dats of thls ar• dot•fied in tho referen¢4 d•tals cn pag• 1. SINctur•. Gov•rnanc• wd Manag•m•nt C¢)n•titutlon The Charty 18 registerad as a ctharlt8bl• ￿￿panY fmitod by guarantee gnd does not have O Bhare capllal. Every member of the Charity undertakes lo ¢onlribute 8u¢h an amount a$ 1$ wulred Inot 8xc8eding £1) to the arrtable companls asséts If it Should be wound up while he or she Is o member of the company or within one year of ceasing to b• a m•mber. The C￿ny8d foru$ on the value of export brfng$ Increa8ed expeclaltc￿l and dBmands on th• Chwty whkh tt continu8s to meeL The Charty has lo￿$¥d on 0ducatiL￿ in international trade and ts promotion of international trade and has been successful in both of Ih88e areas. The Charlty h88 a tradlng sub8ldlary. IOEX Ltd. opuates tn th8 UK and $upwl¥ th• trathng acUvlde9 th Grrjjp, and thg $L*¢$pJiary Guild of Export artd Int•madonal Trade Ltd wa8 an addluon In tho prlor yw, (note 16.) b. Il•thod of •ppointm•nt or•l•ctlon olTru•t• N•w Artides of Assooation wwe adoptsd al th• Annual GenoTal Meetlng on 6 Novembèr 2014. and th98e wore re￿8ed by sp8¢ial re8ohJlion ot the knual General Maolng of 18 Nov•mbpr 2015. Tho thtides am¢nd•d by Bpodal resolu￿on 81 the AGM on 26 November 2020. Up lo 12 TTU8ts&Dk￿toT8 VAII con8litule the Board of Directors. Tru8tse•Direciors aro elact•d annualty al Ihe AGM and becorne Immedlolely effectlve. The Board hss Iha pmrto Co-opt 8dditlonal Tn*t¢&Dlrectorn a8 Set oui in the fvtides of Associ81ion. T￿￿teeS are recni(ted tlmgh ¥ lomi41 nomination proc8ss. All duty nomlnatsd eandtdabs. wher• th number of candldat•$ ex￿d$ the number of vacgndes. are put forward to a secr¢t mwnbws, ballol. In addllon. the Board has the rvJht to apwAnt TruslgfrBoard members up to the m￿lMuM allrywed In the ￿tides. Theue co optsd Trusteo Directors are subject to ¢onfimi8tlon at the next AGM. TNBtees hLrfd for a peri¢)d of yoarB, wilh the option to extend a lurth•rthrno yBw8. The Cholr and V1c&Ch￿r eAn oxignd thdr t￿M by a furtherthree year8. Page 5 THE INSTmJrE OF EXPORT AND INTERNATIONAL TIIADE (A Company Limlt•d by Guarants•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 202J Structur•, Govornan￿ and M•n•i•m•nt {contlnu•d) PoNel•* •doffj•d forth• Inductlon •nd hininy of Tru¥JtO TN8tees aro kndU¢t￿ into the Charlty vAlh a spedg18oard m•eling aftor tm AGM eath Jwr. Upon a9r¢sing to loln the Board each member receives a welcomo pack ￿1¢h carries the AJlides ol AssorAation. Bye and Charities Commiysion Infcrnialion 8bo(rt tha rc49 of a Tru81e&Dlrector. MeeUngs wlth the SonlcK Lead8rnhlp Teem. engaging y￿th stsff and partl¢lpallng in a numb•r of BU￿cOmM￿te•S pertlnenl to the stratsgic airns of Ih Charty wovlde a ftAI under¥tandiNJ ol the Charty8 olleclives and the opporlunlty to Infiu•nce fvture strategy. Traknlng is und•rtak8n through Chwity Commls8kJn ￿ats$ and olher r•lgvgnt trdnkng. Org•nl•atloMI *lru¢tur• *nd d•clslon maklng Ex•¢utiv• Board of Dlr8Gtorn #nd Tn Tho management of the affairs and business of the Charty Is vested in the Board vthith ¢onsl8ts of the TNslee Diro¢tors are 8150 tho Dlr8ctor8 who are elKtgd as outtlned p￿iDUSty. The rcle of the DSreclor Generd i8 to delN8r all the polKy and obl8el¥e deosions and develop full bu$lngs$ Flan$ Io on5urn ¢Jelr40ry of these go81s. Tho ACarfeM￿ BoArd 1$ tasked wlth governance and manogement of edueotion 8tandard8 and advis• on al a￿dem￿l$Su￿ and regulation8 as per the ￿ law 5 of the In8lMute. Adminl•tr4tlve Direcfr* G•n•ral hord8 overall rnsponslblrty for administration and management and IB supporied Comrnerc4al 0￿rat￿in¥. St4kehiJlder Engagement and tho CFO. T4•k orAclloA grou The Artydg5 of A¥so(￿tion cixrtain a wovl8lon to supwt Task (xA(*on group8 of members Nthtch reF4ac4d the (4d Sp•ckg1 Interest gr￿p8. groups form the basrs of h¢M the m8mbors me•t and dwelop sclutions to tho chglbrw f4c•d bythe vartèty of dl8drAlnes that f￿1 und¢r thg ausplc•$ of Intematlonal trad•. RJ8k MAnag•m•nt The Tru8tees the mJJor rl¥k$ to the Chwity and the Gro￿ Is exFosed. in parbcular those related to the Operat￿n8 and finances of tha Chadty and arè satlsfied that gyEtem8 and procedur85 ara In plac lo mltf9at• tyjr expDSUrn to th• m•jor ri$h. Tho TN$le￿ consld8r that the Pr1Th￿PaI d$k$ ond un(*rt91nti￿ of the Ch8rlty relats to repul•t5onal damagè, financllll tsk. l￿d ¢omF4iance failure. Th• Trust8•s rAan$ in pl*¢• to rnitigate Ih8Be by rogular T8view of th external affaSrs aclivty via the Dlrgctor Goneral and Tru8tee Board m¢eJngs, FlnAncW rlsks are regul8rty revi￿￿1 by the Final￿￿ ComMM￿ and detalled reporung lo the Trustee Board. Thg Charity uso$ ￿¢1¢1 st8nd8rd Mpoiting processes. procodures and technologies. Clear Ilmtts arè impo8•d on G￿ntraCtual agre8ments, signing authorili•s and two factor 8igna10ri88 Icffle axwjttvo and non-executw) 8re required fer any ¢a3h transfers and inv08tm8nts. Reserves ar8 distribthed 8nd managed by regulated fvnd managerg wih r•gular Th• Charty has a 8yrats Academrc Bwd c￿ryed w6th 1)vers8•lng the a&adeM￿ comph'ancè réquirements of OFQUAL Affang•m•nts fr>r s•ttlng PAY and rnmun#rntlon of Key M￿Agement ￿r*Onn The Tru$lee8 monknr th• pwrom￿Ce against dear strategi¢ and operational targets. Regular appraisal or progws Is uThJertaken. A NominatiDns and R8mun•ralion8 Committee over8ee8 the apwnlment. pay and Conditions for 811 $•nlor team rnembers, thi$ Indudès the DlreL*or General aThJ his first-llw reports. Th8 commlitee wo￿3 whh an extem81 thsorto •n$ure r8muneTabon 18 Te)leckn of market condluons. PBge 8 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE {A Compary Umlt•d by Guarant•e) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 8tNctur•. Gov•Tn*nc• M•n4g•munt {contlnu•dl R•l4t•d parti The Chaiity has a 1￿% Shareholdlng of IOEX Ud a 1￿% tharBIKJlding In Gu1￿j of Export and Intemational Trade Ltd. Inots 181. Obl•ctlv•s and a¢tlvltlo8 Poll¢l•• and obJ•ctlv•8 The charrtable objects regi8ter•d wilh tho Charib88 Commlsslon, forwhlch Iha Chwlty18 establI8￿d wo: To womote industy and commerce and particularly int•maYonal trad• h) good8 and S￿￿¢¢$ of •H klnd$: To advance public educallon as to ¢omm•r¢• and indu8ty and part4CJJIa￿ th• na•d fcf Intematlonal trad• and the method of re81i51ng thg ¥am¢ and fijrlher to educat• thoso w• or bKom• irbvobmd or interestod in Internatlonal trade in all asp8th ofth¥ Same,. and To exarnlne r88•arch and o￿tY$t wc&18ms conn0ct￿ with and commerce and Path'￿1￿ Intemallon81 trade In goods and sthylce$ of all kinds and to pubfish th• of $u¢h work together wlth reff¥nm6ndallon8 and advlce to make the same avaNabl• to al prsons, ffims or Compani￿ whgthw or not Member8 ofthe Chfjrfty. Publlc Int•r•st 8tatsm•nt The sectbn of th18 report atthe entlUed 'Poll¢l•s and oblx41ve8' 8ets tyjt the awn# and prrarille8 of the Chaity. The Trust8•s ha￿ con8Nlered this motter, In ￿nI￿nctiOn wlth Iho guklan¢yJ contsknod In th• Charfty C¢)mmlssion'8 9wierd guldance on publk ￿n￿l. and have conthded thaL' 1. the amm ofthe Charity continue to ￿ tharTtable,' 2. tho alm8 and work perfomi￿ g￿e Ide￿tIftab￿ beneffts to the thwitable 8o¢lor and l)oth kndlrecty and dlr•c* lo inthviduals In need; 3. the beneffts w• for the pUb￿C ond aro not unr¢a80nably rwtri(*od in any way and cartavify not by ablty to pay.. and 4. there18 no dotsiment or hami alls1￿j the aims or adlthlgs. In Itn• ￿rfth ow charftabl& stalus. the Ch•lty endeav￿j[S to mdnl8NI inv&stmenl in th? educaiion sland8rds to whlth it Is ￿nrnItted to SU￿ Ihose to 8tudents at th• ￿$1 pri¢88 rrfJ8*ble. To thi$ Charly und*tske8 a regular Smieyof the Ma￿etYa￿￿ of simlhr programmo8. Page 7 ThE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE (A Company Llmlt•d by Gu•rants•) TRLISTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 TEGIC REPORT AehI￿m•nts and perfomianc• Golng Con¢•m On 21 Decernber 2023 The In8tlbJte of Export gnd Intam￿onal Trade IIOE&IT) was awarded 4 Royal Charter ty HM King chart￿. On this date, the Chart•r•d In$titul¢ of Export and Intemational Trade VAS cr&atsd. For th• purFQW (* ¢ontlnylng thè work of thg chathy and on 1 July 21f24 all the asséts aThl Ikgbiltie$ of the IOE&IT were trnn3f•rr￿ lo th• Chartered InsllLrte of E¥p(¥i and Inlomationol Trade at book value, 98 8 re$ull of th￿ th9 IOE&IT c•a8ed tradin9 and ￿11 no longer be a going concern. b. R•vlw of Activitle8 Tho Charitls acllvltlè$ ￿ dNid8d into four maln weas.. tralnlng. mombwshlp. and profil• wor th￿alon In 2023, tho intem8tional tradg18nd8cape w88 disrupted by a numb•r of ¢halleng88, th• ongolng war in Ukratr•. ongoing 9￿￿POlIti(sI tsnslons and the Imp8ct of conflld ond envIronm￿tal Chang? on ¥up￿Y thwns. Thg Institute re8pond8d ty cond(Kliig a cornwth￿$l¥• mi•w of btB Se￿ICe9. Ths res￿ in a refresh and realignment of c(yJr88 ¢ontent, leading to the introdu¢llon of now. targeted proyisions. The Ch8rW8 effort8 *1 u¢ation war• ftffthtr strerwiened by18unching now trwning programs. providln9 a r8n9e crf vkiual and OTr8 ur8es. Me i Pmfile Member4￿￿￿¢ 8eNices havè baen significantty enhanced. Coupl￿ wth 8 more actlve member engagemerrt program. These initlallvtt have led to increased levels of m•mber r•t•ntlon 4nd re¢rukni¢nL In 2023, mamber8hlp grew by 20%. drlven by the estsb11shm￿I of thrte Special InteTe8t Groups (SIG81 focuBed on Export Contrds, Food & Drlnk. and M8ntrfacturfng. The CharW8 tha¢h gffort8 and in¢rea8SThJ profilg ha Tesulted in meNI)•rnhip n￿berS reathlng 7.509 by the end ol tho Jwr. w Inereaso of 701 from the pr￿oU5 The Institutè, kn parinèrsNp wllh Maer8k, VApanded its offerfngs through the Global Customs Acaderny, building on the ￿cceSS of the UK Custom8 Academy. Colbborati¢x8 v*ith In5￿tU110n$ such 85 SERC In Northem Ireland d rrc in Afric8 ond Cantral A8ia have signrfic•rtty inw8¢d the In8tiiute'8 reac* and Infiy0n￿. Conlinu8d irw•stmwtt in the membership 1*8m and mwnber 8erylce8 ha8 anh￿Ce￿ member 8ngagfjment and retentbon. Our proactr¥e 0￿ch and hdghtsnod profikn hav• baen pNotsl In dthlng m•mbwshlp Inve•tment pollcy •nd p•rfornianc• ArUd& 15.2(2) emp￿ the Charty to Inv881 mon1•$ immediatdy requlred for It8 purposes In Investrnents, 8ecJJrfles, or property a8 deemed fft, 8ubj•ct to log81 cond6ti¢)n&. During th• ￿r. th• Trust•88 th• f￿ed-teTM dgposits hdd by the Charly and allo¢ated £12,000.(KIO Into threa Investmthtt fund8 aimgd at provldlng ca￿tal se¢urty and a eomwiiiv8 yi•l P4e8 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE IA Comp•ny Llmft•d by Guarant••) TRUSTEE3' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRATEGIC REPORT Icontlnu•d) Financl•l r•vlv IL Fln•ndal r•vl•w Th• yo¥4nd finandal posmlon 16 sound, ￿th su8talnablg gwnlro8 pwfomi*K• and 6ulltd•rt c8sh to l￿d cporgUon$. The Charity has a robust plplln• of opportunitses, holding £2.3ffl In cagh and I￿(tkI IrNeslrnwrtB at ypar-end l(¥)mp8red to £8.9m In 20221. Flnancial management ha8 been enhanced by adopllng & Rl¥k R•gister to Identtfy and manage key ri8k8. Thè Chartiy folluws an Intemal AnancSal Control Procadurns )cument ba8ed on tha Chortty Commiision'l guidanco. R•••rv•• pollcy Th• R•seryes PdKy romalnB unchang•d. roqulrfng malntenance ol slx month8 of opernung ¢xpow$ in cash to cO￿r un¢xpected expenses gnd fvndlro fluthations. At year¥￿d. unrestrided reserv88 totaled £24.&n {up from £23.1m in 2022), suffldanl to mg81 this roquirement and pro￿de add￿one1 funds for rdnvestfflenl kn the Charity. Foll0v￿ftg a 8tral09￿ the Finano Committee recomm￿￿8￿ a $hort-1omi invfj$bngnt approach using Ihe InsignlB Platform to ￿nefft from higher interest rates in FCA-insurod aceounts. The Board agreed on ¢omprehenslvg r8$•rvg8 ond investment 8tralegy to 8n8ure Iho effecti￿ u$& of ro$oUr￿ Fn 8UPPOrt of the Charitys L*4'ecfv•s. Th18 Its a d￿lDn to in¥￿t a of f¢ts￿ in man*J8d fi￿d5. wilh a pro¢xs8 estsbliqhed to 8ol•ct fund managers. Plan8 lor fukn• wrfod• In oady 2￿22. the B￿r￿ rnBfflmi8d a thallonging fv&ye8r stralo9￿ plan, 88tt1ry dear targets for revenue 9gnvAation. member8hlp grovrth, and ra181ng the Institute'8 profik. Tli$ ongolng transforrna￿on *111 wuire Investment in th8 tèam, technology. and inlernaUonal dovelopm•nt. The strategic plan Ks closoly I1￿•d lo th• Charftys mulc￿. wlth pLgns to establish a separate Ch8rftable FO￿datIOn to further 8UPPOrt Its oble¢tIv￿. Pvlnernhlp* •nd The Chaiity has enhanced M¥ ropJtadon and wofile with govemment departmenls, mulbnalional organ￿8￿0￿8, and fundlng agend9$, Metha presB coverage has Incrna¥od $SgnMl¢anUy. rellgdng the hNestment and strategic plan eSta￿lShed. The ad)i8vement of the Investors in P•oplo Bronzè Award hlghlights the In8titut•'8 ommllment to prcle88￿nal￿Fn9 the IOE&fT team. fo8tsrtng a leamlng r￿mUr4 promollng conlknuoug improvement Fundrai•ing No extarn81 fiJndTai8ing is und•rtak•n by the Chwty and no l￿dra￿s8rS ar8 us•d. *Jl fundNsing internally 1$ monSlored by the T￿￿te08. Ind•mn5ty In•urnrKo The Charity malntsin8 Sndemnity in8wance for the Tru8lee8. ¢ovw•w a¢*on8 brou￿1 4air*l them in thelr PaT80nal capacty. •xdudhg fraud or dishonesty. Eng•g•mgntwlth oth•rn The TnJ8leoB have CCffiSK18r•d th• fimp￿ of the Charity on the envlronmgrrt In vthlth It opgrale5 and have regard to lthe irnpact of dedslons In th¢ knng 18mi, relationships 8uppllers. dlgnl$ and othern. They have noted the need to act fairty and to c￿￿￿1erthe irnPaL* of tho Lyer8lon8 ofth• Chedty. Page 9 THE INSTITUTE OF EXPORT AND INTERNATIONAL TR￿jE {A C¢)mpany Llmltsd by Guarnnt••l TRUSTEES. REPORT ICOIrnNUED FOR THE YEAR ENDED $1 DECEMBER 2023 Dhclo•ur• of Inforniatlon to audltor Each of th• por8on5 Tnr8t808 at the Ilrne whon thS$TnJ8te•s' Repffi18 approv￿1 has &￿t￿m•d thaL' $0 far Is that Trust•& 1$ aware, there is no relevant audlt Inlcffmallon of vthlth the Grourf8 audlkn unaware, and the Tru8tee6 have tsk•n al th• st•p$ that OU￿ to have ￿en tak￿ js 8 TnJst•• In ordor to ￿ v•rnre of any relevant audit w)fc*malon and lo •stabliih thatthe Group's audlor is aware ofthat infomiation. AAxob*d ty oth ofth• membern of the 8oard ofTN8ts08 and 8ign•d on thoir b•half by. T•rry Scuoigr CBE. PalEx Chdr Da￿ L8 (0£ ( L* P•ge 10 THE INsnTITfE OF EXPORT AND INTERNATIONAL TRADE IA CarnpAry Llmlt¢d by Guarnnt••) STATEMENT OF TRUSTEE8' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trusteès (who are *so th8 tjiréctors of the Ch&rlty for the purposes of company lawl are re6pon$lbl8 for prgparing the Twste8s' RW iidjdlng the Stratsgic Report and the 1kn8ndg1 gtatements in accordance whh 8ppli¢able law and United KirvJdorn ACcou￿n9 Standards Iunhgd Kingdom Genwally Aaxpt•d Acc#Junting practi￿). Company law requSrgs Trustges to prepare finan(ydl stat8m8nts for ga¢h Ilnan¢lal yoar. Under company law. Truslees must not approv• tho flnanctal stat•m8nts unl8ss they are 8allsfted Ihat lh￿ gN• 8 truo and fwr of the slat• of affairs of the Group and th• Charfty •nd of their incoming r•8our¢8s and applicalcffl of ro¥ourcos. Indudlng thar Income and expondilur•, for that perfod. In preparing these financiol stalgments. thg Truste88 ar• r•quired to.. s•lect $uit*)le accourfThJ polici8s an(J than aFptythem consbtendy, observe the mglhods and prfni?pl85 of tho Charitias SORP IFRS 102)., make judgments and acc￿ntIng 8BtimateB thal are reasonablo gnd prudert stalo vthether appltcable UK A¢¢ounting Standards {FRS 102) havg Ixon follo￿•d, wbJoct to any mat•rial doparture8 di8dosed and explained in tho finanual statem￿. PrnPAr* th¢ financial 8t*8mont$ on thg golng concern b8sls unle85 InaFproprlato to pr¢8um¢ that 11 Group VAII corfnw in buiin08& Thg Trust•8s v• rnspon8iile for kegplng adequate acc¢unling records that 4re 8ufflcienl lo and explotn the Group and the Charitys trangactions and dlsdosg vlih rea$onable 4cuJrary at any time th• finarti81 po8itOc41 of th* Group and the Chgrtty and enable th&m to ¢n8ure that the finandal 8tatement8 comply vAth th• Companles Ad 2CKE. Thoy ar• also re8pon8lble for safeguarding the a$wts of tho Group and the Chaiity and h8n(* for taklng Tegsonable stsp$ for the prevention and detedion of fraud and other irregularilie8. Approvod by (*dar ofthe Mernbers of th6 Board of TnMtè8# and 8ign•d on 118 ￿half ty. /1.ty4kn0 T•rry Scuol•r CBE. iAIEx Char Page 11 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE IA Compary Llmltad by Guarant••) INDEPENDE14T AUDIToifs REPORT TO THE MEMBERS OF THE INSTrruTE OF EXPORT AND INTERNATIONAL TRAOE Oplnlon Wo havo audlted th• ffinanrAal statemerts of The Insotulg ol Export and Inlernolional Trade lthg 'parent tharltable compan￿) tt8 8ub8idi8rie8 lthe'group'l forthe y8ar endèd 31 0￿Mb¥ 2023 vthich o)mprise t COn8011dat￿ Statèmènt of Fhlandal Actlvftl88. th8 Con8011dal8d Balance She&l. tho Charfty Balanc• Sheét, tha consolidat￿ Slat•ment of CaBh Flows and th8 rnlat•d noto$, in￿lIng significant a¢¢£*untin9 pdirAes. Th ffin8nd81 reporting framewth that h•$ b8•n 8ppll8d In th•lT preparalbn is applicabl? law and Unlled lQngdom ACC￿ntIng Standards. IndL*Jing Flnanthl Reporting Standard 102'Thè Flnandal Reportkng Standard aFplk4bl• In the UK and Republic of IrglAnrf Ivnitod lfjngdcffi G•nera1lyAc￿P1Od ACCOUn￿n9 Prathco). In our opinion the financial stat•menl¥'. glvè a true and fair ￿eW of Ihg stalo of tho Group'$ and of tho parent charftable companl$ aff4￿5 0$ 41 31 O•c8mber 2023 and of th8 Group'5 inrrniiny rg¥our¢o8 and applicalictyn of Te¥oUr￿¥, induding its in¢omo and exp8ndNure for the year thon ended.. have been propèrty p￿Pared in 8￿rdanc0 wlth Unllod lfjngdom G•nwJThy Accepto¢J Acuxnting Pwtie8', aThJ Ave boen Preparod in accardan￿ wllh the rgqwrem¢nts of the Companlos Aca 2008. 8a•l• for aplnlon We C￿d￿Cled our audl in accord8nce wth Interna¥on￿ Slandard8 on A￿l￿n9 (UK) IISAS IUIQ) Op￿*￿trA6 law. Our responslbilitios under those standards arè further d•s¢rfbed in the Auditorfs re$ponsIbll￿8s forthè audit of Iha tln8n¢ial Btatwnents seciion of our report. Wo aro Indepndent of the Group in accurdanco the ethlcAI rnql1l￿Ments that are rgbvart 19 (wr audit of the finanrAal statements In tha Unlted K5ngdorn, induding the nancial Reporting Coundl's EthKal Standard. and we have fu￿111￿ our othar ethical respon8ibilties in acc¥)rdance wllh th898 ￿qUIreMents. We belleve that Ihg audll 8￿dence we hav8 c*talrKd 55 Buffident and approwiate to provid• a ba8l$for rAr opinion. Empha•ts of mait•r. lInan¢￿1 ¥tatem•nts prnparnd on q 1>4•1• oth•r th•n golng ¢onum W• r•fer JK¥u to nots 2.2 of the frnicial stat•m•nts whlth explBlrM that the Charfty was vwarded a Roy Chartership. r•8ulting in 811 assot$ and Ilabilities boing tr8nsf8rred to a nwthv onlNy. GhartW8d Ingltule of Eywrt and Inlernalionol Trade. Thernfm, the Trustee8 do not Consider it appropriat• to adopt the g￿ng concern bBBIB of accounting In prq)aring those Inanctal statements. Accordlngly. th8 flnandal statemants h8ve been prgparn on a ba8iS Other than golng concern as describad in not• 22. Our oplnlon 18 not modlflèd in rosp8Ct of thib mattw. Page 12 THE INSTITUTE OF EXPORT AND INTERNATION￿ TRADE IA Company Llmil¢d by Gu•rnnts•) INDEPENDEiif AUDITOR'S REPORT TO THE MEM8ERS OF THE INSTITUTE OF EXPORT ANO INTERNATIONAL TRADE {CONTINUEDI Oth•r Infomiatlon The other Infom81kn i¥Jmprises the InforniallcA) induded in th8 Annual Report othar than the financial statements and ¢)ur Audltofs Report It*rgon. Tho Tru8lees are responsknle for the other vrfomlati￿ contained in th• Annual Report. Our OF4ni¢)n Dn the finanoal Statem￿ does not ¢ovw the othor inlomiolion and. exc•pt lo tho extent olhen¥lse OXFlidtry stated in our reporL w• do not èxprnsa #nyfomi of A88uranc8 eondusion thoreon. OUT rosponsibllty 1$ to read the other Infomiallon and. In dolng so, ¢onsld8r wheth•r th• othor Information 18 matsrf81ty In¢onsistentwlth Ihg financial statemerts or our kno*rfedge obtalned in the course of the audit or othw*Ase appoars to bo materfolly m183talgd. If we rthntify such material Incon￿$tOnClo8 or apparent materfd ml$$tslement8, WO aro rnquired to d￿OrmIn9 whether th15 gives rfs• lo a mgt•rl81 m￿sta1eMenI in tho finandal $tatemenl8 thems?fv￿. If, b￿d on trte work we hav8 p8rfomigd. w• cond￿10 t￿t thor• 1$ a motertal m15Sta¢•m•rrt of this other Snfom7alion, w• (ts r8qulr•d to roport that fact We hav• noth#w to roport kn thi$ regard. Oplnlon ￿ oth•r mattern PV•Bcrfb•d by th• Companlm Aet 21106 In ow oplrfon. bg8od M the undertak•n In th• ¢ourne oftho audit.. the Informailon glY•n In the Tmstees, Report Indudlng tha Str•togic Report for tho finan£441 y•ar for vthtth the finenrAal sta¢ement8 are prepared 18 Con￿91•￿t￿th the finandal 8talemonts. tho Tru3tees' RAiort and tho Sts8tegiG Report heve be8n ￿￿par0d in acoxdan¢e appllcabl• legel qulrements. In the Ilght ol ow knth￿edge and underst8ndiNJ of the charitable r￿MpanY and Its •nwlronm8nt oblalnad In tha cow ofthe audit, wa havo not rnalgrfal mls8lat8ments In the TN8ts08' Report Indudlng th• Str*ogk Report Matt•r* on whl¢h TW• •r• roquirnd to Trport by •xc•ptlon W• havo nothing to report In of tha folo*lng matt8r6 h rddon to vA)lth Comwk88 Act 2W8 requlr68 us to report to you If. kn our opinion: the parerrt tharilat4• company has not kept adequato and 8uffldent accounlng recr￿d8, or retum8 ad¢quate for our aydit hw• nol been reraved from branches not vilitad by us; or the paTent chaiitabl• Company finan￿81 slatoments not kn agr¢em•nt vhth th• accounung r•cord# and r•tum¥; or c•rtaln disd08ures of TNstso1' r•mun•ration 6po¢afied ty law arn not mado: or TA* h8va not rocoived all the Inforn?don •ThJ •xplanaliims wo roqulrn for our audrt. Page 13 THE INSTITUTE OF EXPORT AND INTERNATIONAL TIiADE IA C¢mpany Llmlt•d by Guarants•) INDEPENDENT AUDrroirs REPORT TO THE MEMBERS OF THE INSTrruTE OF EXPORT AND INTERNATIONAL TRADE {CONTINUEDI R•8pon•lbIlftl￿ of Tntht••s A8 exp18in8d mor¢ fulfy in the Twstses, Responslblliti•s Slat•menL the Tru6teoB {who are a180 th• direclor8 of th? charitable eompany for the purposes of ￿rnpany lawl are responsib￿ for the p￿paratIon of the finandal slatem8nts arKt for being satisfied that Ihey give a true and f￿r vlew, and fcf suth inlemal c(xrtrol a8 th? Tw810&8 delemlne Is necessary lo enabl• tho weParat￿ of ffinancbal statam•nts that are free from materb mls£l8lemont, Ythether du8 to fraud c* érror. In proparkng the finandal 8tal•m8nts. the Tru8to08 are M8wJn8ble for assesslro the Group'8 ond the parent charltabl¢ ¢ompanls abilty to cOn￿n￿O as * going conc8m. dSsclos5ng, as applicabla. malt8rs related to goiThJ )ncem and U￿ng the 9olng ¢oncem ba3r6 of accounting unlgss th• Tru8toe$ erfh•r Intend to Ilquldato the Gro c* thè parent thwltablg ￿MpanY or to etsso op8ralSon$. or have no realisti¢ ahemative bLrtto do 80. Audltsf• M•pon•lbJlltl•• for th• •udlt of th• flnAnclal 8tatsm•nts Our obJe¢U￿ are to obtAln r￿sOnable assurance aboLrt whether the ffinanc￿l slatements a8 a wholè are free from material mlsstatsmrt wknether duo to fraud or grror. and to l¥suo an Auditoff8 Rowjrt that Indude8 our oplnSon. Rea8on8ble a¥wwce 1$ a high lov81 of a8suranc8, bul 4$ not a guarantee that an gudtt eonducaed In accordance wlth I￿ (UK) wll ahmys detect a mAt8rt81 mlsstat8m¢nt then It exists. Mi58l#lements can arfse fffjm fraud or error and are ¢onstdaT•d material if, individu￿tty or in the aggregate. they could Tea3onabty be expected to Infiuenca the eoJnomiG dedslons of user8 taken on the bask8 of the88 finaniaal 8tatefflents. Irregulariti88. inthdlng fraud, are in8tances of nonkne4ynF4ianc• wilh L7W8 and wulalion& We desion pro¢edure8 in line wilh our rgsponsibillies, outlined abovg. to d¢t•c* mat•rial misstatements In reBpect of IrrtgularltiO8, Induding fraud. The exknl to *thlL* our proc8dur•8 arn ¢apable of detecltng Irregularfues. including fraud . detalled beliw.. EnquIryofrn￿agernenI and Ihose thrged wlh govèmanco an)und 8Ctud and potsntt81 Nlgalkm aThY Enqulry of entity stsff to Idtnbfy any instances of n￿￿)M￿l•n￿ wrth la￿ aTrd regulations; Perfonnlng auditwork over the rlsk of management 0￿rride of ccths. Indudlng tesllng of luJm81 entrios and other •lju61ments for appro￿atene$s, and revlth¥lng accountlng 0Stlmato$ for bla$: Revith¥lng minut&% of meetings of those Charged wlh govemanca: and Reviwng finandal statorn•nt disthures testing lo yupp)rflng doc4meniation to c(*npli9nce wilh aF91￿￿ble10wS and wulation8. A furlhor desc¥lpliM of our r•8ponsiNIIVes for th• audit of thg fin8nd81 stslements IB located on the Fln8nd Reporting Councif8 web¥le al.. Th18 d￿crIption lom8 P8rt of Audhc*8 RewrL Page 14 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE IA CornpAny Llmlt•d by Guarant•81 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE INSTITUTE OF LYPORT AND INTERNATIONAL TRADE (CONTINUED} of our r•port Th18 f¢pL¥i 18 made so18ty10 the Ch￿ta￿le companys members, 8$ 8 boty. In ac￿rdance Chaptor 3 of Part 16 of the Comparlos A¢t 2C(6. Our aud￿ wort ha8 boon und•rtakon so that we might Btats to tha ¢haritabl$ ¢ompanVs members th08e matterB ￿ ara r8quirnd to state to them in an Audiknvs Report and for no olhar puw. To th¢ fulbst e￿nt pennltt8d by ￿w. wo do not 8￿pt or assumo r86p)nBibilty to any￿ne other than the charitsbl• o)mpany and its m8mber¥. as a body, for our au¢*t woth, for thls r•port. or for the coinions we ha¥e forni￿. Reb•c¢a Hughe• Bse IHong1 FCCA {S•niorSt•tutory *￿dItO for and on tehalfof MH4 St*tutory AudltoY• Northarnpton. Unltsd ￿ngdoM D*e'. 4 September 2024 MHA 18 the trading n8m• of madnty￿ Hudocm LLP. a Ilmlted I￿1*Y p&trernlMp in England and W8188 (regi81ered numb•r OC3123131 Page15 THE INSTrruTE OF EXPORT AND INTERNATIONAL TRADE (A Cornpany Llmlt•d by Gu•rnnt••) CONSOUOATED STATEMENT OF FINANCIAL ACTiwfiES ONCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 iknmtrlct•d fund• 2023 Total fund• 2023 Total fund$ 2022 In¢om• from: Charft8bl¥ ocbviti08 {￿her trad5￿ a¢tiwli•s Investm￿13 Other kn¢omo 14,174890 1,OJ8.563 266.53S 23$,206 14174,89J 1,051083 14.887.886 1.318.880 45,353 115.811 236.206 Totsl Inconw 15.736.199 15.736.199 18,385.730 Exp•ndlturn on: Ra5Blng funds CharitabJ8 716,386 14,511,347 716.386 145•1,347 7C4.180 10.849.078 Total •xp•ndlture 15.297.733 15.297.n3 11.553.258 Not In¢orn• boforn not galv￿1¢10￿￿Tr on Snve8trn•nts Net galnslllos￿$) on Investmonts 438A66 7.342 4.812.472 {99,986) M7.342 Not movem•nt In fund• 1.385.808 1,385,808 4,712,486 R•conclllatlon of l￿dI. Totsl fvnd8 brought forward N8t m0￿m￿l In funds 23,140,421 1,3B4808 21140N21 1,385,808 18.427.935 4.712.486 Total lund• ¢arriBd fonvard 24.526.229 24.526.229 23,140,421 Thè Consoldated Stat•m•nt of Flnandal indude6 al galn$ 3nd108888 rec4nl$•d In tho ￿. The not•s on pMp8 20 to 43 forn part of those ffinandal statements. Page 18 THE INSTITUTE OF EXPORT AND INTERNATIONAL TIIAOE {A Cornpany Umlt•d by Guarnnteel REGISTERED NUMBER: 00307180 CONSOUDATED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2023 2022 2022 Flx•d ￿*t8 Intanglbk 898et¥ Tangible assets Inv•slrnen15 14 15 16 190.088 460.379 12.923W3 11,101 677.472 8,900.014 11075.160 9.588.587 Currnnt aM•t• Debtors.. Amounts falling duo wrthin on• year 17 Investrnents 18 Cash at bank and In hond 1,650,768 5.901.854 4.799.944 1.787,228 4.394.191 9.841.939 12,352.366 15.823.358 Credltors: Amount8 falllng due vAhin one yaar 19 11,901.2971 (2.271,524) 10A51.069 13,551,834 Total n•t #•ots 24.V26.229 23,140,421 Group fund* Unrestricted fvnd8 20 ¥S26.229 23.140.421 Total fvnd• ¥526,2 23.140.421 Tho Trust￿ gd(nv•Aedgo tmir reSp￿&bI￿a5 for comptykng the reqvirwnerts cl lh• Compan1￿ Act 2(bJ6 Ith rgspe¢E lo Miunung r8cord& olllnanclal stat*nent8. Thg find ntB were Approved and aulhorf8ed tr i88uè by the TN8tees and 8igned on theff behaw by. T•rry 3cuol•r CBE, MIEX Chdr The n(th on p8ge8 20 to 43 fomi part ofthese st*menls. Page 17 THE INSTMJTE OF EXPORT AND INTeRNATION*L TRADE (A CornpAny Llmltsd by Guar￿0) REGISTERED NUMBER: 00307186 CHARITY 8ALANCE SHEET AS AT 31 DECEMBER 2023 2023 2023 2022 2022 Fix•d u8•1• IntangltAe a388ts Tanglbl8 0s$9ts Irbve8trnenls 14 11,101 67T,4n 8,9CKJ,115 15 16 460.379 12.923.9P4 14,075381 9,588.688 Cuvrnnt aBB4ts Debtors.. Amounts fallng due ￿¢hIn on? Investments Cash at bank in hw)d 17 18 4051.754 W6.921 1302.152 1,975,451 4,051.288 8.882.553 11,12¢834 14,909,2V2 Credltors.. Amounts faling du• within ono 19 11.6643521 (1,937,998) N•t cuTr•nt •Mets 10.155A82 12.971,294 Total not ••#ts 24230.743 22.559,982 Chwity funth Unrnstrfcted fund8 24,2JO.743 22.559.982 Ti*al fw)d• 24230,743 22,559.982 The Ch8riiY$ net mo¥em•rt kn fwds far th8 was £1.670,781 (2022- £6,473,200). The Tnths *￿VAed90 I￿1r ￿ponS￿￿11t10$ for cOmpl￿n9 Vliih the wulrements ofthe Cofflpanles Act 21hX th re8peL* to ace￿Ing r¢trJrds and pr8par￿On offin8nri818tatemerrts. Thefin n¢xal ststoments apwovfjd and wih¢#l8￿l for IS￿ bythg Trust￿ and 8lgned on their bthaif by. T•rry Scouler CB￿ MIEX Chair Dat•: 181 oll iq The notes on pag85 20 to43 forni part ofthese financial stal8m8nts. Page 18 THE INSTITUTE OF EXPORT AND INTERMATIONAL TRADE (A C(wnpany Urnlt•d by Guarnnt••l CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 202J 2023 2022 Ca•h flo￿ from op•rntln9 actlvlti W co8h used in owatr¥ 21 1528.380) 1,027,517 Cash flow• from Invo•tlng •ctlvttl In¥esknent In￿Me Pureh•s• of intangilAe a880ts Purehase oftsngIb￿ ￿ed 888ets Net mo¥ernent on Inv•8lmants 266.535 45.353 12649271 (11,101) 1291.3441 {410.$6• (4023,8791 (3.218.01• 14 15 16 Not ctsh u••d In knvmling adivltl•s 14313,fj151 (3.594,332) Chany ift and ca•h •quivalsnl¥ In th• y•ar Cash ¢wh equvalents at the t*glnnlwJ ofth• )*ar 14,141,995) P.568,814 9,141,931 12.208,754 Cash and •qulv*lBnts at th• of th• yoar 22 4799.944 9.841,939 Th• nckns on paw 20 to 43 fo￿ part 0fth•￿ fmartlal statem Page 19 THE INsnTiyfE OF EXPORT AND IpifERNATIONAL TRADE (A Company Umit•d by Guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 G•nwal Inforniation Th8 In$ltute of &Kport and IntematS￿￿ Trode Is a ¢harltat40 c4mpany fimttod by guar8ntse h¢c￿Orat¢d kn Engkgnd and Wales and rngisl•rnd Companies House (COMp￿Y Rogislration Numbor 003071861 t￿ Charity Comrnlulon Ichaty RegSBtrallon Nurnber. 288395). The address of th• rngisloytd office artd winap81 ￿ace of op•rnllon arn detailed on pfjg• 1. The naturn of the Charitls operallons and principal a¢*¥ilies are that of prL¥notkng gxport and prowdiYJ tralnlng in the areas of exporung. Aec¢untlng polici 11 Ba•1• of PT•parItl(￿ of flnanclal ¥tat•ments Thg flnandal ststom￿lS havo been prepared in acc*)rdar￿a *41h tho Charlltas SORP IFRS 102) - Aco)untlng and Rgporbng by Charitles: Stalom8nt of Rg¢ommgnd$d Practif* applkable to Ch8TIUgs preporing thèlr 8¢rAJunts in occordanco ¥%ilh tho Flnanc491 RewrtlNd Standard gppllc8blo In th• UK and R•publi¢ Qf Ireland IFRS 102). the Flnandal Reporting Standard ap￿￿al￿O kn the UK and Rapu￿Cof Ireland IFRS 102) and th¥ compani￿ Art 20CB. The Institute of Export and Irilgmational Tradg meets the defin￿On of a publlc benefit entlty under FRS 102. AB8ets and Ikqbilffliès Inrtlaly reoJgnis&J al h￿10￿¢01 ¢ost or transaclion value Lmless othervlise stated In tho rolwnt accounllng Oicy. The finand818tatements arg pr￿•ntsd In Pound8 Sterllng t*fiich is the fiJndicThl ujrrentry of the GroLP aTrJ amounts are roundgd to the no8re8t PouThJ St8rfing. Th• Con8011dated Stsl¢m¢nt of Fln&ndal Aclth ISOFA) and Consolid41•d Bal8rtrn Sheet Cons￿date the fin8n¢i•l statements of the Charfty and Its gub8idiary undertaking. The results of Ihfj subsl¢laryarn con8c41dated ￿ a line by lin8 b8818. The Ch¥rity has taken advwe ofth• ¢x¢mptth dlThved under Se(1￿ 408 of the Cunpanie¥ A 2(Ke and ha8 not pra8gntsd tts ovm Statement of Fhanciql Activilies in these finanu81 statements. Th8 income and ¢%￿ndItUre account for th• ￿ dealt ￿1th in the acc¥Jurts of the Charity was 8urrAus of £1,642.093 (2022- £4473,200). The 819nK￿nI accounllng polW￿ 8pplkd In th? pr•paraticm ofthe8è ffinanaal 8tat•ment8 ar• 8Ot out b8knw. The88 pollcle5 ha￿ b8on apF4i8d conJiBtenltyto 811 Jpar8 PTos8nled un18SS Other￿￿58 stated. 2.2 Golw conc•rn Ckn 21 Dec8mber2023 Th? In8titute of Export and Int•rrAb"cmal Trndo IIOE&IT) was awarded a Roy41 Chartw by HM KirvJ CharfeB. On this dfjle. the Chortwod In8trtut• of Eygort and Inl$m•14ono1 Trad• was created. the purpose8 of cL)ntinuing th• work of the c*8rity and on 1 Juty 2024 all the a88ets and Ir4bilities of the IOE&IT w8re tran$ferrod lo tho Chartered Insbtuie of Export and Intsmational Tradè al book value, as a result of this tho IOE&IT ceased trading and wll no h)nger be a g￿n9 con¢sm. Page 20 THE INSTITLrrE OF EXPORT AND INTERNATIONAL TRADE (A Company Umltad by Gu4rnnto•1 IIOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEceMBER 2023 *xcounling policlm (Gontlnu•d) 2.3 Incom• Jr Sncome18 roCognL*￿1 onc8 Ihg Grovp ha8 entitl￿)￿nt to t￿ I1￿ome, rt h wthabl? that the Incomg 11 bo r￿eNed and th8 anounl of Inetyn¢ r8¢¢iva￿e ￿ bo measured relbabty. Incom& from tradlng aclthes Indude8 In¢om8 e8med from m8mb8rshlp. tralnlny tradlng triities to rnlso fund8 for th• Group. Income is reco￿ In gxthang• for supplylrg goods in ordor to ralse frjnds and 18 reeognlsed when ontitlom•nt ha$ oMrred. Oth•r IrKrMn8 inrJude8 items such as galns on dl¥p09als of langiblo •$8th8. Educatiffi income is d•f•rr•d In a¢£crfdan¢e with Iho Charfvs pollcy. An I￿1 SYY• of th• oducalion inrorne16 recognised at lh• stsrt of the course, the remainder is deferred and relea8eA over the temi of tho cour￿. In accordance TftAth the p)IIGy. an 9¥OT8ge tomi of 16 mc*th$ lo u8•J. for I￿ndation cour388 vthleh are a definad 12 month tomi. mèmbwshlp hKr*no Is defwrod and rel•a$•d over the tsmi ofthe rnernberslmp. Th• training courso IrKom& rgcdv•d prbrlo tho ctyJrs• ￿Ing held IB deftrrgd and releas￿ ¥rt￿n tho COUrn8 18 delN8red. 2.4 EXp•ndI￿n •Xp￿d￿ur• is for on an ac(YuglB bo$l8 and has b•en da8$lfied undw hoadkn98 that aggregate all ￿$ts rd8ted lo the category. Exp8nditure is recogniwl where there 18 a legal or Constructi￿ otllgatlon to rnak8 paymont8 to Ihlrd Pa￿•8, tt 18 probable that th& 8etttwnent wThl b r•qulr•d and the arnount of th• Obl19atk￿ ¢an bo measured rdiabty. It 16 thoiised under tho followtng heading8: . Co8ts of rnlslng fund8 indudes the costs of provSdtng tralnlng., • Expenditurn on charftalAe acts￿e8 Indude membwshlp$ and 4ducathJn: and . Other •xpondiiuro Topfos•nts thos• ￿m5 notlaling Into th• Cat•gorf￿ abtsw. Irregmrable VAT 1$ ¢hwged ￿ an expense agalnst the actmtyfor ¥thlth exp8ndllure aro80. Exp8ndrture charltablE adivrties Is IneJJrred on dir•• und•rtaklng th• aclvllles whlch fvrthw th• Group's oW•cllv8s, 0$ well as arby a8wKl*d $upport C48t•. IS Support ¢o•ts alo¢atlon Support are th08e th•t 4881st the work of t￿ Group but do not directy repTe8ent d￿ritable activitie8 and Indudo offifx o>st8, govemancg c06ts. admln581rall¥e. and pa￿011 ￿81& T￿ 8r8 InrJJrred directy in support of expendi￿re on the obieci8 of th• Group and includa proi8C management carrl8d out #t Headquarters. Where support ¢08ts c¥nnot ￿ dI￿th 8llrlW Io particajlar heallngs they have b80n alocatod lo Cost of railing fvndB and ?xpendTtUTe on c*arilablp act1￿8# on a ba8L8 can8i8tent Ibilh u¥e ofthe resour￿. The anal￿13 of th880 costs is induded In Note 9. Pap21 THE INSTmJrE OF EXPORT PJ4D INTERNATIONAL TRADE {A Company Llmltsd by Guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 untlng pollclos Icontlnugdl 2.6 F¢rnlqn ¢urrnnel Monetsry 88set8 ￿dI1￿￿￿o6 denomknated In foreffjn f￿rren￿e& are IM8laled Into 8tsrfhg ai la￿0 of exthang8 rullng atthe rq)orknng dato. Transarlons In forelgn ￿llen￿8$ arn translalad Into 8tsrfkng at tho ratg on tho dats of thè tranS￿Orn Ex¢hang8 gains and10sso6 arn rwnlsed In ￿ cons￿dated Stat8ment of Finandal A¢Uvlllos. 2.7 Taxatlon The Charlty 1$ con8hJered to pass the te8ts Set out in Parngraph 1 Sth8dule 8 of the Finarrn 2010 and therefcfe it rneets the definttlon of a chorttsLrfe Comwy for UK co￿OratIon tsx purposés. A¢cordlngty, the Charity is pot8nli81ty ex•mpt tsxalion in fegpect of in¢om• or galns r￿1¥•d wilhln categorf88 cover¢d by Chapter 3 Part 11 of the CoTporation Tax Act 2010 or So¢tlon 256 of the Taxalk)n of Chary•&blg Gains Ad 1992. to the ext￿ that SLth IrKome or gains are applied exdu8lvely to tharltable purpo￿. In Iha to 31 Decernb8r 2023. IOEX Ltd, th• trading the Chaiity, paid £NIL In rF￿ati￿ tsx, f2022- £NIL). 18 Int•nglbl• ••8et• amord•atlon Intsngible 888&ts 8rn initialty Teccsniaed at ojst. After reewllion. und•r cost model, intangit4e as60ts are measured at cost les8 any accumulaled amortisaiion and any ac￿MUlated impalrmwrt lossu. AmorJsation 18 wovklod on Intongible auet8 at rate8 Cal¢%1a￿ to wrft8 off Ihb co81 of oath 88set on 4 8traight-h.ne basis over b expethd usoful AJnortis8lon h pro￿ded on thfr kllrythng bw: Web¥ite development Education d￿010pMent 10 y*ars on cost 7 J*ar¥ on cost Pap 22 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE (A Company Umlt•d by Guarants•l NOTES TO THE FINhJ4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2Q23 ¢ountlng pollcl•B {contlnu•dl 19 Tanglbl• Ilx•d asMt• and d•w•clatl Tanglbl8 888Ot8 ar• Inmiaty r•o)gth88d at CO8t. After rèeo0nrfi￿. under tr* c081 model, langlW• f￿ad assets are mo8$ured al c06t less accumulated d8pr8aation and any acojmulated Impairment Ios8es. AJI costs In¢urr¢d to bmg a tangibje ftled asset into ils Intanded workwq condibon should Indudod In tho measurement of ¢ogl. Land is not dewedd1￿. DepreddM on othw a￿ets Is ¢hwpd 80 a8 lo ar10￿ th? co31 c(14ngltrle ed assets less thfjlr re$￿U01 valug over thelr e81imat¢d useful five8, using t¥)th the thht-lin• method and the reduring balanco basfis. DepTerAalion is p￿￿ded on the folt>wng basil: Fr￿h¢￿d building F￿r9$ and ffitting8 Office oquiwnent C(Thputer eqLMpm8nt CRM database 2% on cwt 10% on east 25Vo on ¢wl 33% on net bcok va*Je 25% on cotst 2.10 Inv••lm•nts FIX￿ a8$8t inve8lrnents ar• a forni ol ffinondd iistrum•nt ?￿d ar• irmbally wi8•d at th•lr tran88don cost and subsgqufjnty measurnd al fetr value at the BaL4nce Sheet dats, unlB3B the valu• Cannot be measured rnlkqbty In whk* ca8& 118 measur8d at COBt1os8 impalnnorrt. Inv8stmerrt galn# end 108se8, whether T•8IL8¢d or unmli8ed, are combined and we8ented as 'GairnllLos8es) on Investfflonl$' in Ihe Consoltht￿ Statement of Flnandal Adv￿08. Inv88tmon18 In 8ub8ldarfe8 are valued al coBt le88 p￿￿¥10n for Imp8lrni•nL 111 Debtorn Trade and other debtors are re¢ognised at the setuefflont amount after any trado d15COWrt offw•d. Prepayments are val[￿d at Ihe amount prwld net of any trade discounts due. 2.12 Ca•h at b•nk and In Cash al bank in h8nd Indudes cash and short-lem highlyliquid inveslments wilh a short maturity of thrno months or less from trte date of 4¢qul$thon or openlng of the dwsit or Bimtlar acDyJnL 1.13 Currnnt •u•t InvMtrn•nt• Asgot inve¥tmerrt# a￿ Tepresenled by funds h8ld on th•t maturn In mor• th8n thra• rnonths from the dalts of dep0511 bjt ulbmatdy mature within one year of deposit. IntwgBt eamed th¢r8w 1$ 4¢csued D￿r the p•riod of tho tspDslt and rocognb8ed In th• Con%4lid•tsd Stth•)I Flnanctal Activities. Page 23 THE INSTITiTfE OF EXPORT AND INTERNATIONAL TIiADE (A Comp•ny Llmlt•d by Guar4nt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 AGcountlng poli¢i•¥ Icontlnuod) 2.14 Llabllltlm and provl•l¢n• LlablhJ88 aro recogrf$&J Wh￿ thfjrnlo an obligalknn at Ihe 88l#n¢e Sheet dats 88 8 re8uM of a past 8vent, it 1$ probable that a transfer of e¢¢oom* benefit vAll be req￿red In 60tllwngnt, and the arno￿ ol the 8etllement can be estlmatsd r•fiabty. Liabilrfies are r8cognl#od at tho am0￿1 that the Group anlltypat&s il will pay lo settl• th• d•bt or th• 8mounl11 ha8 ro¢av•J as advanced payments for the 9ood8 or $eMceB it musl provtd•. mea8ured at the b￿t wUmoto oftho amount8 T•qUiTod to 58tU• tho oWati)n. Whern th8 effect of the time value of monoy 18 material, the provlslon18 bosed on the preBent vdue ofthose 4mounls. di8count8d at tho prtrtox d18o)unl rato that refl￿ts tho rl$k$ spedfi¢ lo th8 Ilabillty. The unwinding of the dl£¢ounl 18 rocogn18ed In the consol￿01ed Staternenl of FinoncAal ActMireB a8 nance cosL 2.15 FInancI￿ Irrntswm•nts The Group onty hag financAal as8ets and fln8ndal Ilabil￿83 of a kind Ihat quejrfy as ba6lc fin￿￿81 Instrum•nts. Basic finandol In$trum¥nts arn initialty reccsnised at transact1￿ value and Fubsequentry measured at thgir sgttlement value with the exwlon of b8nk ban$ Mthi¢* oro sub88qU8rrtly moa8ur8d at amoth8ed cost U8lng th• thctive intergBt method. 118Op•rntlng I￿•8• Rentsls pald under oper8tlng laases are thÈTged to the CcmsoThdated Sl*ment of Fi￿(#￿1 Athwties on a sI￿g￿-llne b0618 o¥er the lea88 lenn. 117 P•n•lo When employees have rendered seThice to tho Group. short-tenn em￿oyee benefrts to the are entiued are r•ccgnl8ed al th• undiEcounted amount expeoled to be pafd In the exrA)ange for that s•pAe•. The GTOUP ￿Orat•S a defined c¢xthibullon pw8lon Flan lor thè bon¥fft ol it8 emplo>*•8. Contribubons are expen8èd as thay b￿A)mo pay￿•. 2.18 Fund accountlng G￿eral fijnds 8re unrestiict¥d fvnds whith are avalabl& for u80 at th8 discrnb'on of the Trust••8 In fvrtherance of the 9en•r81 objectives of the Group and whl¢h hav¢ not b¢on ￿￿10nat0d for oth Irpose8. De8Igna￿l fund8 ¢ompri8e unre8tri¢Xed fvndl that have been set a￿de by the Trustees for par￿1 purF4JS•S. Th• am and u68 doslgn•tod fLmd 18 $Ot (wt In nLtss ts thg flnanool statements. Page 24 THE INSTITUTE OF EXPC*T AND INTERNATIONAL TRADE {A Company Llmit•d by Guarantw) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Crfilcal accountkng •Atlmat•B and avw ofJudgm•nt ES￿m￿laS and judgments arg ¢orfnu8lly evalualod and arn based on hi$tOT[c￿ exwience and other fact￿ iidudir¥J exF4da¢lon$ of future ￿Onts Ihat are believed lo be TeaBonablo under th Critlcal a¢eourfng gslimates and assump￿$. The GrrMJp mak•$ •slinates arKI 48sumpkn$ (xJncamlrwJ th• firturn. Th? resumlng a¢¢oun￿n0 esllmal and as8umptions ￿11. by definillon, S*￿0M equal th8 rg18bd ac*Jal r•8ukB. The ￿lIMate5 and assump￿on$ that h*va a 8lgnifi¢ant d8k of (zu8ing fj ma1•￿81 ad&￿tMent to the c8ffwno amounts of a&s*s and liabilrfte8 vAthln th• n•xt finanrAal yaar are dls¢u88¢d Crf¢o1 •reas Of1￿Ment.. Dsferr•d In¢om• EthJc4Ul￿ in¢crfne F8 deferred In a¢¢ordance T*ilh the polky •12.3. JLtdg•ment is rwur•d in d•t0miin￿g the percwtsge ￿cOgnISed at the 8lart of each COUTS8 and thg amourrtB rele88ed overthe rernalnder of the cours•. Cost *ll¢¢ation Support ￿$ts ar¥ al￿￿81ed to thgrllablo aciivibes. Judgment bj requlr•d In dot•milnhg the ¢o¥l allocallon appropriate for 08th category. Page 25 THE IN8TrruTE OF EXPORT AND INTERNATIONAL TRADE IA C(xnpany Umlted by Gu•rnnts•) NOTES TO THE FINAJICIAL STATEME14TS FOR THE YEAR ENDED 31 DECEMBER 2023 In¢om• from charllAbl• actlvlll Unro•trl¢t•d fund• 2023 Totsl fund• 2023 Educalicffi. m￿b8￿h1P and prnfile work 14,174.895 14174,890 Unr08tricted funds 2022 Tot fvnds EdU￿tiOn, momb8rshlp and profile work 14.887.886 14,887,88S Incom• frnm oth•rtr•dlng •¢tl¥lll•• funds 2023 fvnd• zoij Tralnirva income 1,058.563 1.051.563 Unr¢8tsl¢ted funds 2022 fvnds 2022 TralnlNJ income 1.316,680 1.316.680 Durirvj th• prfor ￿ar. trte cofflpany Iwn¢h•d and delivered an 'Accel8T8tor Programme- Inlrc4Juc15on to Export,. The everrt was attended by 89 12022 - 511) m￿beT Participants and was providod for of ¢hary• a voucher redomplion 8cherno. H￿1 a normal comm•rdal foe been chsryed th1$ programme. this would hava r•8uhed in addition￿ Income gan•rated of £220.00012022.. £1,277,500). Page 26 THE INSTrruTE OF EXPORT AND INTERNATIONAL TRADE (A C(¥npany Umltsd by Guarnnt••) NOTES TO THE FINATrICIAL STATEMENTS FOR THE YEAR ENDED 310ECEPIIBER 2023 ￿￿1m￿Trt Incom• Unr•Btsl¢tod fvnds 2023 fvnd* 2023 Bank Inler8st mJpiable 2￿,535 286,535 Unrestrided fund8 2022 Total ftJnd8 Bank Interest rec8ivabl8 45,353 Oth•r Incom• Unrn¥trl¢l¢d fund• 2023 Tot41 fund& 2023 Other 238.206 rJ6.206 UrTr8tslL*ed funds 2022 funds 2022 11S.811 115.811 P890 27 THE INSTITUTE OF EXPORT AND INTERNATIOMAL TRADE (A C¢)mp•ny Llmlt•d by Gu*rnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 DECEMBER 2023 Exp•nditurn on rnl•lng fvnd• Unr••trlct¢d fund 2023 Tot•1 fvnd• 2023 Trniiing costs 718,386 716,306 funds 2022 funds 2022 Tralnlng Cast8 704,180 704,180 Page 28 THE INSTITUTE QF EXPORT AND IIITERNATIONAL TRADE IA Company Llmlt•d by GuaMnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 20Z3 Analy•i8 of •xp•ndltyro on ch•rltabl• a¢ll¥ll1￿. by typ• A¢tivill undertakon dlrncthy 2023 Support fund8 2023 1023 MembèT3hipa Edu¢atKJn 254,290 805,319 308,383 56167J T,413,&￿ 14,014674 6,859.809 7.721.738 14581.347 Advluos undertsken dlrg 2022 S￿PpOrt f4Tnd$ membe￿h1p$ Educaoon 256,234 1535,368 162,298 418,532 3.895,178 10,430,546 6,791.602 4,057,476 10,849,078 Page 29 THE IN8TITirre OF Expoirr AND INTERNATIONAL TRADE (A Cornpany Llmlt•d by Guarant••} NOTES TO THE FINA14CIAL STATEAIENTS FOR THE YEAR ENDED 31 DECEMBER 2023 An•￿14 ol•xp•ndltur• on c￿￿￿bI& •cthiltlo•- by typ• i¢ontlnu•d) An4ly•l• of >upport ¢o•ts M•Mb•rnhlp Educltlon 2023 2023 fund• 2023 staff Lvats Depredation w￿¢￿1 Flnanc• Infomialion TKhno109y HUM￿ Re8tyJrces Offlce ¢08ts 162,8OB 1985,008 3,743 89,834 20,449 217.184 4147.617 93.577 21,301 226.233 254.171 108D.155 784583 10.187 84.e42 32,797 1.995.513 752,786 108,577 Oth 308,383 7.413.355 7.721,738 emberships 2ff22 Education 2022 fvnd8 2￿22 staff Depredthn arnortimlion Flngnce Infomiation T•thnc4ogy Human R¥$our Offth costs 88.325 1,802 2.119.804 43,242 20,315 153,786 279,238 1.027.950 178.018 72045 2,208,129 21,161 160.1n 29D.873 1.070.781 185.435 75,880 8.407 11,835 42.831 7.417 Oth 162,298 3,895,178 4,057,478 Page 30 THE INSThTE OF EXPORT AND INTERNATIONAL TRADE (A Cornpany Llmltsd by GuaAnt••} MOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Govornanc• co•ts 2023 Audilofs Temunor8thon- Audll of lh• fin8niio1 statsm•nts Audrtorf8 Temunèrnlon- Olh•r #erv￿$ Trustoe¥ expenses Con$ulkncyfee8 L•gd fe88 2.500 31075 35&323 50.276 2.500 25,868 55,701 460,174 185.43S 11. AudltoVJ nmun•rntlon 2023 2tr22 Fees payat4• 10 th• chari￿8 audkn the audh ofthe CharW8 ￿nual accounts 2¢000 24,OfyJ Fees payaL4e to th8 Charfty¥ authtor in fespect of.. All non-audrt seNcas not irt4Lpded above Audtt of the ffiand81 statgmenls of the 8ubsidiary Isoo 14SOO 15.￿0 Page 31 THE INSTITUTE OF EXPORT AND INTERNATIOMAL TRADE {A cOm￿nY Limit•d by Guaranl••l NOTES TO THE FIMAMCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. 8taff ¢ost¥ Group 2023 Group Chathy 2023 Charity 2tr22 Wag&8 arm1 sthii08 Sodal $ocurfty¢03ts cn8.110 8,888.992 9JO,746 829.620 430,$38 232,324 8.330.110 920.746 406,838 6,53S.891 788,099 223.477 10,149,494 7,950,936 9.657A94 7.547.467 Durlng Ihe there were threg t•milnalton8 and one redundanty. Tothl eosts rdalng to the8e were £21.483 and £33,125 respectwy. The avwagg number ofper8on8 an￿OYed by th8 Charlty durfng th9 yearwa8 a8 folkm: Group 2023 GTOUP 2022 No. Raislng funds Ch8rllat40 ac1pi￿¢S Govwnan¢o 42 120 136 Page 32 THE INSTrruTE OF EXPORT AND INTERNATION￿ TRAOE (A Company Llmlt•d by Guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 Staff co•t• IMntlnu•dl The number of employee8 whos• •mployee benefft8 lexduding employtr pension c*8t8) exceeded £80.ChJO was.. Group 2023 Group No. In th8 bonil £60,IX11- £70.000 In the band £70.1)01 - £80,orAJ In the band £80.001- £90,(KIO In tho band £1Crf).001- £110,CK#) In thg band £110,1)01- £120,coo In tho band £120,OD1- £130.CIXI In th• band £130,OJ1- £140,CiJO In the band £140,rKJ7 - £150.IJOO In tho band £150,001- ei60,000 In Iho band £170,001- £18D.OOD In the band £180,001- £1￿.c In the band £240.001- £2￿,C￿j In the band £280.LJJ1- £270,￿) 13 Th• total amount of employee benefits r6ceNed by Key IAanagement ￿rSonn￿ Is £986.S94 12022 - £BB4,3931. The Trusto91 ¢on$id•r th? Key Managgmont p￿90nnel COM￿$0 of Iho DIr￿lor G￿er01, the Academy Dirnctor. chi￿ Operating Officer and th8 Chl•f Fln4nual Officer, and the trusts•s, who recw no r¢muner811on. Pago 33 THE INSrnITE OF EXPORT AND INTERNATIONAL TPADE IA CoM￿nY Umltsd by GuaMnt••} NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 OECEMBER 2023 13. TnMt••s' r•mun•ratlon and •xp•n• D￿n9 th• ￿r. no TNsts88 rgcthgd any remungralion or cdher beneftts{2￿- £NIL). Durlng t￿ yaar, 9 (2￿22 - 7) Trust¥￿ were r8lmbur¥ed travellng and sub8iStence exp￿883 I acuuon of Trusta•s' wponsibilib•s totaling £33,075 (2022- £25.888). l& Int￿gibl• u••ts Group and Chartty W¢bslt• Ed￿￿tIon d•v•lopm•nt d•volopm•nl Cornwtsr •oftwar• Totsl Al 1 January 2023 Additior Trnnsfer from tsnglt49 ￿ed ass•ts 11,1DI 21049 780 238,878 11,851 264,927 418.044 411044 At 31 Docember 2023 37.1SO 239,828 418,044 6M.822 knorti¥rtlon At 1 January 2023 CFwrg9 lorts yoar 750 2.809 750 3.144 378 At 31 D•c•mb8r 21Y23 375 3.JSg N•t book valu• At 31 Dwibw 2023 34775 238.069 41¢1)44 690,888 At 31 D•cwnber 2022 11,101 11,101 Page 34 THE INSTrruTE OF EXPORT AND INTERNATIONAL TRADE (A Company Umlt•d by Guarnnt••) NOTES TO THE FINANCIAL STATEPIIENTS FOR THE YEAR ENDED 31 DECEhlBER 2023 T*nolbl• Ilx•d ••••ts Group and Charfty Flxthm and Comput•r Froohold fftuny •nd •qulpn•nt land and and CRM bulldlnp equlw•nt D*t*l)a•• Total Co•t Al 1 January 2023 AddHlon8 TTanBfwto Inlanglt40 ILYed a88d8 287.529 51.505 773.194 291.344 (418,0441 249.479 141&044) At 31 De(*mbar 2023 287,529 93,370 288,0 646,994 D•pv•clatl( At 1 January2023 Charye for the yefjr 46.791 8,617 16,796 40,807 68,733 96.22Z 90,393 At 31 December 2￿23 52,662 2U13 101,$40 106,615 N•t I￿0k¥alu• Al 31 Decembor2023 234,667 68,907 158.555 60,379 At 31 Deewnb•r2022 240,731 393,853 e77,472 FI￿d ￿•t Irbve•lm•nta inv••tsn•nts Group Co•tOrV￿U•Il0n At 1 January 2023 Add￿on8 Disposals Revaluallon8 8.900.014 6.890,944 (3,814,767} 947,702 At 31 December 2023 11923.893 Page 35 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE (A C¢rnpany Llmltsd by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 16. Flx•d ••8•t Inve•lm•nt• Icontlnu•d) Inv•stm•nt In •uhldl•ry U•t ¢oMp*ny Inv••tmenl• T4)ts1 Chwity Co Al 1 January 2 A1drftL￿6 Dlsposal$ Revabjalicffls 100 B.900.014 ¢9NI,114 6,890,9M 6.890.946 13,814,767) {3.814.787) 947,702 947.7D2 At 31 Dac•xbÉr 2tr23 101 12,923.893 12,923,994 Prlnclpal 8thldlarf Thè fo11¢7Wtng were suhithwy undertaking5 ofth• Charfty: Nam Comyny R•gl•l•r•d fjffl￿ Prfnclpal numb•r or pvlnclp•l plat• •etlvlty ol bu￿n• Clau ol Holdlng In¢lud•d In •harn• eon¥alld•tlon IOEX Lld 01335229 Ex￿rt Hou89. Pro￿¥1)n of Ordlnary Mln8rNa Bu$in•s$ ¥ervices and Park, L￿ch Wood. bu8lnes P•tertJorough. requirements Cambridoeshire. rdall1￿ lo PE26 export Guild of Export and Wesl End Tow•rs. Provlslon of Orthn8ry Intsrnatlonal Trado Ltd ￿UxReEG Waryaki W￿. 8eThrfces and We$Uond$ Dotric( bu$inoss Naircbi, K•nJry. requiremerrts relating lo ort 1th)% Yes 100% Y•$ Page 38 A THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE IA CornpAny Limit•d ty Gu•rnnt••) NOTES TO THE FINAJ4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Dobtorn: *JTrounts hlling du• wlthin on• year Group 2023 Group 2022 Charlty 2023 Chwity Trado debtorn ArnO￿ts by wp underl&klng¥ othgr debtors Prepa￿￿entS and &uu•d Incc*ne 161717 83,725 1611.796 79.849 1.376.384 154,251 374,278 35,375 1,411,547 103,004 1.379.047 35,375 1,411.547 1.650.768 1.787.228 4.051.754 1.975.451 CuTrgnt aM•t 1n￿1M•rrt• Group 2023 Group 3)22 Charlty 2023 Cha71ty 2022 901,654 4,394,191 SA66.928 4.051.288 Page 38 THE INsTrruTE OF EXPORT AND IKfERNATIOPIAL TRADE IA Company Lirnlt•d by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEhlBER 2023 19. Crndltorn: Amounts hlllng du• wllhln onè y••r Gn)up 2023 Group 2022 Ch4rfty 2023 Chwlty 21Y22 Trad8 ¢red*orn Other taxatic￿ and ￿al 8ecurfty othor ¢redito Atcruals and deferred Irmno 178,734 764N34 59.223 898,906 118,305 781,772 49.893 1,321.554 177.45# 739.634 5Y.223 889,036 115.616 727,079 49,893 1,045.410 1.901.297 2.271.524 1,fj64352 1.937.998 Group 2023 Gr(￿P 2022 2023 2022 Def•mid Incomo Defèrred inc4Jm8 at 1 January Resourc88 deferred oljring the year knounts rfjl￿ed from previou8 wiod# 1.0¥363 1.410,197 762.591 1,151,772 711.618 1.034.363 537.539 762,591 (1,0343631 11,410.19n 1761B91) 11.151.T12) D•f•rr•d In¢om• at 31 D•umbgr 711.668 1.034.363 837,J39 782.591 Inwne ha8 boon d6ferr8d for mamberthips (wh8rn th¥ t￿rn finishes after thg y08r Ond). 9￿¢•t1 Iwhere the wJrse ends after the year ￿d) and training {whl¢h ha8 been irh¥oic*d but not taken at end). in a¢¢or￿c• wth the accounling poliw d•tailBd at Note 2.3. Page 30 THE INSTrruTE OF EXPORT AND INTERNATIONAL TRADE IA Company Llmlt•d by Guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Stal•m•nt offunds st4t•mont of fund•- ¢urr•nt y•ar 8alanc• at 31 Galn•l D•c•mlxr Incom• Expgndltur• (LO￿•￿) 2013 Balanco at I January 2023 Unre•tslet•d funds General Funds- al fvnd$ 23.140A21 14736.19• (15.297.733) 947.342 24.528.22> statsmqnt of fvnd•. prfor y•ar Balanco at 31 GOIn￿ Dgc•rnb8r (Lotse•) Balan￿ #t 1 January 2022 Inv)me Expendituro Unrnstri¢t•d fund• Ger￿￿1 Funds 18,427,935 16,385,730 {11.553.258) (99.988) 23,140.421 Page 40 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE (A Compary Umlt•d ty Guar4nt••) NOTES TO THE FINA￿CIAL STATEMENTS FOR TIIE YEAR ENDED 31 DECEMBER 2023 21. R•conclllatlon of n•t m0￿M9Tht kn fund• to n•t cash fiow Ir¢m op•rntlng a¢lfvltt•• Group 2023 Group 2022 Net i￿om• fortho year la8 Por Slat•m•nl of Flnandal AcilvNl8ts) 1,384801 4.712.488 j￿￿￿Ont• for Depr•¢ialNm charg98 knortisavon tharges Inv08tm¢nt Inc4rne Deuease In sloc Decrease in debtors Decrea8e in credrtorn Incre886 In current a880t investrnents 90.393 3.184 1266.5351 (45,353> 4.824 136.460 1.623.948 1370,227) (1.262.144) (1,507A631 14.051.288) Not ¢￿h provldad tyllu••d inl Op•Tr￿n9 actlvftlo• (52&380) 1.027.517 Analpi• of c••h and cmh •quivalonts Group 2023 Group 2022 Cash In hand 4799,944 9.841,939 An￿y￿1¥ of ¢h•ng8• In n•t d•bt At31 January 2023 Cuh flo 2023 Cash at bank and in hand quld Investments 9,841,939 14841.9951 4799,944 4394191 1.507A63 6.901.854 14,038.130 (3,334S321 10,701,591 Pag• 41 THE INSTITUTE OF EXPORT AND INTERNATIONAL TRADE IA Company Llmlt•d ty Guarnnto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Pon￿0￿ commlirnqnt• The Group oparatos A dO￿ned contribution p8nslon plan ft¢ its *M￿Oye*s. The amount recogni89d ￿ an •xpen&e In Ihe period wa8 £408.251 12022- £232.3241. At the BalarKe Sheet date. arnounts of £36,352 12022- £46.6881 were payable to tho lund induded in other (¥e(filors. 25. Operatlng l•a•• ¢ommltm•nts At 31 tkcember 2023 th• Group and the Charfty had ¢<)mMkn)ent8 to make fuiur¥ mlnlmum 18uo payThents under noTre4rttllafAe 0￿rating lea888 as folky￿.. Group 1023 Group 2022 Charlty 2023 Charity 2022 Not ltsth#n 1 year Laterlhan 1 year and not latarthan S ￿ar8 125.000 128,500 82,769 129.CQO 120.000 128.600 129.000 253,500 211.769 283,800 211.500 Th• folknwing18ase pa￿1￿nts and ¢hange8 In leg80 p4ymgnts have been rewn184d In th& COn￿Ndated Statement of Financial ActsWe8: Group 2023 Group 2022 Op•r•ting l•aBe rentals 12J,234 123,538 R•latod party tranuctlon• The Chwity has taken advantage of th• exemption in Secbon 33.1A In FRS 102 fr