2021-09-30-accounts

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 Page Contents Trustees, Report (including President's Report) 2to9 Independent Auditor's Report IOto13 Statement of Financial Activities (including Income and Expenditure Accountl 14 Balance Sheet 15 Statement of Cash Flow5 16 Notes to the Accounts 17to23

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 PRESIDENT'S REPORT It has been 3 huge privilege, and a grear pleasure lor me to serve as President of our organisation this year. I would like to thank all those who have supported rne in the role, and who have helped to make this an excellent second yeai ol my two-year tenu¥e. In particular, I thank the CILT International Trustees. who have worked so hard to make theye3r a success. Thank you to the wider CILT lamilyof members and countrieswho have worked with tne. listened to me and followed my lead. In the year the world continued to face a remarkable and vnforgiving virus which brought personal 5ullering and difficulties to almost all our members Eltsbally. l am proud that we have continuÈd to tackle these i55ues with loriitude and togetheTne5s and stood alongside our profession arbd exer£ised leadership in our sectors. I set out these 5 focus areas at the start of my tenure lor CILT- Caring and sharing to reflect inclusivity that everyone in CILT tnatters. 2. Green and Sustainability as a privileEe role that CILT is doing for the future ol the planet. Uncharted te¥ritories lor new countrie5 & new regions to open up OPPOTtunlties Iof young people usinR our excellent CILT education prosrammes Best P¥actice in managing crisis- sharing and collaboration OlgStisation and the new normal adapting at quickest tirne a5 a way forward. In progressing these the leadership in Nexr Gene¥ation and WILAT are drivinE the strong programmes created. We continued reg￿lar ie8ional meetin85 to bring countries together and support regional growth. We sought atthe start of the Covid-19 crisisto share best practice information and research and equip our members, wherever they were. with information and support to enable the continued flow ol goods and people and sale practice in doing so. This has continued through my second year through a now well-established serie5 of bulletins and webinars, that have been cascaded through our country territories and l)ranches. We have created a huge library ol reference material and established new networks to support individuals and corporates on the ground. In education. training and networking we have continued to open up new ways ol communicating, teaching and Èxamination and, importantly, en$u￿d these servlces to members and those starting in the profession have Continued. Again, using the Covid-19 crisis as a lever for ch3nge we h3ve shared new technology and thinking and encouraged digitlsation. We s)lan to locus more stcongly on a lar greater threat to our industry in the future by encouraging platforms and research on susrainabllity issues. Doubtle5S, there Temain many issues and problems for us as transport & logistics professionals to overcome. In lacing thege l am confident we will remain strongei together and further establish our leadership of a profession that 15 critical to deliver what is needed to win the glob81 fight with the virus. Let U5 extend that success then into ever morecritical areas of rebuilding economies, and tackling theglobal climatechange issues. that ultimatelydwarf even Covid-19. Never was transport and l08istlC5 50 irnportant in securely delivering food, medicine aod goods. Never was a professional and 8lobal approach so important to us as people occupyir¥g different countrie5 and cultures across the world. We are CILT. We are stronger together. We will deliver. let us continue to work in 2022 on that task. I wish the incoming President, Paul Sainthouse, every success In doing so. Dato, Ts Abd Ra zak Abd Malek FCILT President Chartered nstitute of Logistics and TYan5POIt

THE CHARTERED INSTITUTE OF LOGISTICSANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 TRUSTEES, REPORT The tru5tee5 Pfesent their report and the audited financial statements for the 12 month5 period ended 30 Seplember 2021. The financial 5tatemeTrts ctsmply with the Insiltute's Charter and Byelaws. the Charities Act 2011 and Accounting and Reporting by Cl)arities'. Statement ol Recommended Practice applicable to charities preparing their accounts in a££OTdance with the Financial Reporting Standard applicable in the UK and Ireland IFRS 1021 which was effective from l January 2016. Purpose Our Royal Cha¥ter state5 our purpose is to'promote. encourage and co-ordinate the study and advancement of the science and art of transport and logistics in all its form5" Actlvitles To achieve our purpose, we provide knowledge on a worldwide basis to people entering, working and connecting with the IoEisEics and tianspoit professlons. Our members work in a number ol areas including global supply chains, freight transport. passenger transport. international trade aTsd Infrastructure and planning. Their profes5itsnal activiiies utilise multiple modes of transport, engage with commercial and public sector orEanis3tions and across international borders. All of them play an important parl in the design. implernent£tion, operation and optimisation of netivork5 and services for the time related positioning of resources. Our members gain knowledge by pursuing accrediled professional educational programmes that lead. with appropriate management experience. to recognlsed professional qualifications. We seek to: Supply excellent people throughout Iheir career to our profe55ions Share best practice with fellow professionals Support lifelong learning with continuing profession)I development Work with accredited educators and trainers to provide learning and practlcal research Promote hollstic logistlcs and transport policy to shape our communitie5 and economies We do this by.. Havi￿8 stimulating meetings, lectures, exhibitions and visits Distributing useful inlorrnation promptly in a variety of formats Building an international network and facilitating beneficial links between members Encouraging energetic young members Celebrating our members. successes f Inanclal Revlew The position lor the pefiod was an unrestricted fund net deficit before investment gains of É52k12020 surplu5 £62kl. The organi5ation has a total of E403k12020 £424kl of unrestricted funds. which 15 Wlthin the reserves policy target. Educational income for the year at £481k wa5 up on the previou5 year of E418k. This was largely led by growth in new markets. even in the light ol the upheaval fiom Covid. Continued tight control ol expenditure ensured that Education margins were maintained. The accounts show a margln increase from £137k to £229k but thi5 included the re<lassilication of £90k of cost. Subscription and fees income reduced to £127k12020 - E143kl reflecting membership reduction in the Covid environment. No fee rate increase was implemented to reflect the uncertainties in many of the Branches and Terrilories although the minimum fee of £500 was applied. fjovernance costs were £393k12020 - £215kl. This included the reallocation ol costs referred to above and wa5 driven by increases in audit and financial support expenditure. Secretary General, presidential and VP costs also increased to E131k iomparÈd to E75k in 2020. Thi5 again reflected the expenditure control and operational changes resulting from the Trustees decisions in relation to the Covid pandemic.

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 TRUSTEES, REPORT Icontlnuedl Achievemenls, measure5 of su££ess and plans and slratezles Importantly our focus on diversily and encouraging wider participation In our Institute has continued with a vibrant Blobal WILAT and Next Generation organisation. WILAT continues to grow and expand into new Countries and Territories and 15 increasing the areas covered and niembership numbers, providing a platform for commuThication and training lor women around the World in Logi5tlC5. Transport, and many other related industries To meet the threat of Covid-19 we reviewed our strategy and planThing in Mar<h 2021 and created our Plan on a Page focused on three main areas Leadership in the profession. Membership and Education. Thi5 created a 3Ction-based response within the organisation and the Plan has been revised on a quaiterly basis since. The immediate results have been improved cashflow. cleated strong communications to countries and memLiers and a revised trainin8 & eduiation process, partnering with our traini￿8 partneis globally. As a result. we have rnènaged to maintain our business and give future opporlunities to growth as well as find new way5 to connect members and Ihe organisation through virtual media rather than lace to lace meelin8s and conferences. Impact of Covid-19 The impact of Covid-19 on the ch311ty is dillicult to ascertain. as thi5 depends on how long it is a concern. and how quickly the world's economies recover from this. We have forecasted the impact for the next Iwelve month5. and there may be a reduction in our income. but we are reacting to this by controlling our costs and performin£ regular monthly reforecasts. We firmly believe that Covid will not allect the Charitvs ability to continue a5 a Going Concern due to the combination ol actions tèken to reduee cost, our structure and our financial resources. Further details iegarding the adoption of the Going Concern basis can be found in the Accounting Policies on page 17. Sta¢us and trustees, meetlng The Chartered Institute of Logistics and Transport ICILTI is an incorporated ¢hafity governed by its Royal Charter and Byelaws. It 15 registered a5 a charity in England and Wales, registered number 313376. The trustees of CILT. appointed by the Council. hold the following ollices.. Presldent, Pr@sident-Elect as Chair of the International Management Committee, two UK domiciled Vice Presidents. Honorary Secretary, Honorary Solicitor and Honorary Treasurer. The trustees musi meet a minimum of once 3 year. but in practice meet at least quarterly. Due to Covid the Tru5tee5 have on average been meeting bi-monthly since April 2021. The governing documents ol CILT are its Royal Charter and 8yelaws. Changes to these documeTht5 require the approval of the Privy Council. subsequent to the agreement ol the voting members ol CILT. The Royal Charter was 8r3nted in 1926. The byelaws were most recently revised ITh April 2010. The supreme goveining body of CILT Is the Council, known as the Council of Trustees ICOTI, which comprises the President. the President-Elect, two International Vice Presidenis resident in the UK. the Honorary Treasurer, Honorary Soliciior and Honorary Secretary. The President chairs the COT. COT appoints the President and President-elect, each ol whom 5erve5 a two year term of office and approves the appointment of the International Vice-Presidents. who ordinarily serve a three-year term, which the COT may agree to exiend. COT also appoints the Honor3ryTrustees who serve three-yea¥ terms, which can be extended for another term. The trustees decided in May 2021 to expand their meeting5 to include a number of noTh-votiThg advisors, per the list further down. The trustees maintain an ￿p-to-date knowledge of the responsibilities of being a charity trustee and CILT £3rries indemnity insurance in respect of their role as trustee5. CILT'5 liabilities are limited in the Chartei and Byelaws to the levèl of £1 per memtser. Ke¥ Management Personnel The trustee5 consider the council ol tfU5tees and the senior management team ISecretary-General and Director of Finance) comprise the key management personnel of CILT in charge of directing and controlling, running and operating the Charity tsn a day-to-day basis. The remuneration lor the Secfetary General is set at the annual bud8et

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30SEPTEMBER 2021 TRUSTEES, REPORT l¢onllnuedl review and agreed by both the IAC and IMC. Remuneration rates remained at previou5 year's levels. All trustees give of their time freely and no trustee received remuneration in the year. Internalional Countil Internarional Council comprises repre5entatlves of the Territorial Organisatltsns ITOS) and Internatlonal 8ranches IIBS) established around the world. The International Presldent chairs the International Council. It is the forum for the repiesentatives ol all members of CILT to.. Develop CILT'S Elobal strategy.. Establish prole55ional membership and ethical standards,. Establish international standards for professional education and continuing prole55ional development- Confirm the 4ppointments of the Council of Trustees. It meets once a yeai at CILT International Convention. although in 2021 the Convention has had to be cancelled. Iniernatlonal Management Committee IIMCI IMC 15 £1?ar8ed with implementine the strategy developed by the International Council and ensuiing the effective administiation of CILT'5 day-to-day business. IMC comprise5 the President and President-elect, the International Vi£e Presidents and the Honorary Officers. The Secretary-General is a non-voting member ol IMC. IMC must meet minimum ol twice per year but in practice meets quarterly. The President-elect chairs the IMC. Inlernatlonal Audit Commlttee1IACI IAC 15 charged with the oversight of CILT'S activitie5 to ensure they meet the requirements of charity law. financial management best practice and comply with statutory accounting requirements. It is a150 responsible lor the management of CILT'S fvnd5 3nd investments. IAC meets a minimum of twice per year in addition to meeting the CILT'S auditors. In practice, the meetings reflect the cycle of meetings ol trustees and IMC. The Honorary Treasurer chairs the IAC. Internatlonal Educatlon Sub Commlllee IIESCI The IESC is the governing body for education internationally ensuring the alms and objective5 of the organisation in Cfeating programmes and materials to deliver trainlng and education in logistics and transport in global markets. It is responsible lor setting Standards on education including ensuring accrediiation, moderation. examination and ceitification standards meeting delitbed ènd appropriate qualitv standards. A Trustee cliairs the IESC and this currently is Jan Steenberg. Internatlonal Membership Sub Commlttee IIMSCI The IMSC is ihe governing body for membership standèrds internationally. It en5Ufes that membership standards are defined and adhered to globally. Individual membership questions on interpretation and on adherence to standards can be referred to the IMSC. The Membership Guidelines document is the ¥eference document for the organisation. The Internatlonal SÈ¢retarlat The COT appoints a Secretary General, who is the senior executive officer of CILT. The Secretary General is charged with managing the affairs of CILT and the Sec¥etariat and is accountable to the COT. Significant support is provided by certain territorial organisations, namely., CILTIUKI which provldes finance administration. including education finance, treasury, company secretary and legal services.. CILT Hong Kon& whiih manages the administration ol membership worldwide. The other principal oflicei is the Director of Finance. In this capacity. he repoiis to the Secretary-Gener31 and attends meetings ol the IMC and IAC.

THE CHARTERED INSTITUTE OF LOGISTICS ANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 fRiISTEES' REPORT Icontlnuedl The Internatlonal Famlly CIIT has members working in more than Ioocountries. Theie are like-minded Organisations formed by our members in 35 countries, with CILT Korea as a 36, country, being added in May 2021. These are eitherterritorial or£anis3tions or branches formally recognlsed by the Council ol frustees. They are responsible for represeiiting the interests of CILT and its members in the relevant territory. The delegated powers and responsibilities of the Territorial Organisations are set out in CILT'5 byelaws. These organisations are legally and linanci311y independent ol CILT. However, the trustees retain the power to withdraw recognition should the conduct of the territorial organisation be In breach ol, or inconsistent with, CILT'S Royal Charter and Byelaws. Insiiiure Branches are established by resolution of the Council of Trustees, which will determlne the nature and extent of any delegation of powers on a case-by-case basis. with the Secretary-General having oversight ol their acrivities. Both the Territorial Or8an15ations and CILT 8ranches may use the word "Chortere(f in their name and use the International brand and logo ol CILT. subject to the 8yelaws. Publlc Beneflt In setiing the objectives, planning the activities. and reportirng on the performance ol the charity the trustees have given careful consideration to the Charity Commission guidance on public benefit. Efficient logi5tlC5 and transport operalions have a p051tive impact on all our communities. Mobility facilitates trade. prtsvides access to service5 and Improves communications. By disseminating knowledge about logistics and transport, we have a (onstructive inllttence on communities. business and social activities. We also ensure OL¢r members, and the diverse communities we serve, are more aware ol the responsibilities ou professions bear for the environrnental impact of logistics and transport activities and the contiibution we can make to sustainable development- maximising efficiency to miaimise tarbon footprint and c05t5. At the end ol September 2021 there were 4,654 studenis in total who enrolled in CILT education programmes. Wlth a total of 4,629 exiting student receivin8 certification Iqualilications and CPD programrnes). Enrolmenls lor full CILT International Professional qualilirations amounted to 2,324 learners durine the year with the remaining 2,330 participants taking Short courses. endorsed programmes and other training associated with CILT. At September 2021, theie were 123 accredited training partner5 globally aCfOSS over 35 countrie5 Wlth 118 of those activelv promoting and delSvering CILT accredited programme5. Aspire continues as a careers foundation programme that provides financi31 support to those who would otherwise be unable to access professional development education in Log+stics and Transport. Aspire 15 part of CILT IUKI and from an international perspective is focused primarily on supporting students of humanitarian qualifications at present. Trustees. Responsibilities Statemènt The trustees are responsit)le for the preparation of financial statements lor each accounting year that give a tfue and fair view ol the state ol financial affairs of CILT as ol the end of the year. and ol the result for the year. In preparing those financial statements the tIU5tees are required to.. Select sultable accounting policies and then apply them conslstently Make judgements that are reasonable and prudent State whether applicable accounting standards have been followed, subjeit to any material departures disclosed and explained ia the financial statements Prepare the financial statements on a going concern basis unless it Is inappropriate to presume that CILT will continue in business. The trustees conslder that they have complied fully with these requifements in preparing the financial statements on pages 14-16. The trustees have responsibilityfor ensuring that CILT keeps a£eountinE records which disc105e with reasonable accuracy the financial p051tion ol CILT at any tlme and which enable them to ens¥re that the financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charitie5'. Statement ol

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 TRUSTEES, REPORT Itontinuedl Recommended Practice applicable ro cl?arities preparing their accounts in accoidance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 lellective I january 20161 (Charitie5 SORP IFRS 10211, Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The trustees have general iesponsibilily lor taking such SEeps reasonably open to them to safeguard the 3s5ets of CILT and to prevent and detect fraud and other irregularitie5. The trustees have taken all the necessary steps to make vs aware. 35 trustees. of any relevant audit information and to establish that the auditors are aware ol the information. Risk Management CILT'S strategic review ha5 produced a plan setting out the major opportunities available to the charity and the risks to wliich it is exposed. The Trusteos monitor progress against the strategic objectives set out in the plan that is reviewed annually. Reserves Pollcy and Un¥estrlcted Funds Unrestricted funds. represented by the General Fund, are those utilised by the trustees without specific conditions imposed upon them except for the irnper3tive that they are used for the furtherance of CILT'S charitable objectives. These lund5 represent the free reserves ol the chaflty. The trusiees have considered the appropriate level of free reserves together with the incidence ol costs within the General Fund. The trustees have decided that free reserve5 will be largeted to fall within an acceptable operating range ol a minimum of the equivalent of six months. annual expenditure and a maximum ol ihe equivalent ol twoyears. annual expenditure as dis£10sed in the latest audited accounts. Theyear-end general fund balance is £435k, which represents > 6 month5 of the budgeted 2021 annual expenditure, and the trustees consider this level of reserves tts be sullicient for the continuing operations of the charity. The trustee5 note that over 90% 01 the investment5 held can be realised into liquid funds within 24 hours. Website The tru5tee5 are responsible for the corporate and financial information included on the CILT web5ile. Endowment Funds In November 2002, The Charity Commissioners for England and Wales approved a new endowment fund for CILT. Like its predecessors, income from the fund is used in the furtherance of CILf5 priRclpal charSty obleciive ol education. Further details are set out in Note 12 to the accounis. Investment Powei and Pollcy Our Royal Charter or Byelaws do not re5trtct CILf5 investment powers. We have granted discretionary powers to the investment manaÉer, Investec Wealth and Investment. Investec Wealth and Investment have manaEed CILT'S investment5 Since Septernber 2011. The investments are classified as fixed assets and are held to provide income lo CILT with mediurn risk. To achieve this objective. the fund man3ger now holds two diver5ilied portfolios of suitable investments. Changes in the Investment portfolio ale set out in Note 7 to the accounls. Audiiors A resolution to reappoint Ma2ars LLP as auditors will be proposed at the foithcorning Annual General Meeting.

THE CHARTERED INSTITUTE OF LOGISTICS ANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 TRUSTÉÉS, REPORT Icontinuedl Trustees Tho following trustees have served durin8 the year.. Alan Jones Rupert Nichols (Resigned 30 September 20211 David Pugli Paul Sainihouse Jan Steenberg Jane Green Dato Radzak Malek Officer5 The following officers have served during the year.. President Dato Radzak Malek Paul Saillthou5e Malaysia (until Dec 31sI 20211 UK Ifrom lan 151 20212 Iniernaiional VPS lane Green AlaTh Jones Fiona Knight Romesh David Tom Maville Sunny Ho Dato Radzak Malek Rarnli Arnir Francis Ehiguese Finba¥r Cleary Dr Newton Demba UK UK New Zealand Sri Lanka Canada Hong KonR Malaysia lup to Dec 31" 20201 Malaysia Ilrom Jan 1, 20211 Nige¥ia l¥eland Chair Africa Forum Honorary Solicitor Honorary TreaSu￿r Honorary Secretary Secretary fjeneral Director of Finance Rupeit Nichols IResiBned 30 September 20211 David Pugh Jan SteenberE Keith Newton Tom Naylor Advlsors Auditors Mazars LLP 90 Vietoria street 8ristol. BSI 6DP Barclays Bank plc 8 Market Place. Kettering, Northants Inve5tec Wealth and 5nvestment Limited 2 Gresham Street. London Stone King LLP 16 St John's Lane, London Bankers Investment Managers Registered offlce and prlnclpal address.. The Chartered Institute of logistics and Transport Earlstrees Court Ear15tree5 Road Corby Norihanis NN17 4AX United Kingdom

THE CHARTERED INSTITUTE OF LOGISTICS ANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 TRUSTEES. REPORT Icontlnuedl Membership of Governing Group5 The membership of tlie governing group lor the forthcoming year $5 35 follow5.. Name De51gnation Countrv Grouplsl COT (Chairl. IMC. IAC Inon-votingl (until 310ecember 20211 COT (Chairl, IMC, IAC Inon-votingl Ilrom 31 December 20221 COT. IMC. IAC (Chairl Dato Radiak Malek President Malaysia Paul Sainthouse President UK Oavid Pugh Chief Teete Owusu- Nortey lan Sleenberg lane Green Honorary T¥easurer UK Speci31 Advisor for Africa Honorary Secretary Ivp GH COT Inon-votingl COT. IMC. IAC, IESC (Chairl COT. IMC COT, IMC IMC sc ux Alan Jones IVP and Chair IMC UK Romesh David Ivp SL Tom Maville Sunny Ho Fiona Knight Ramli Amir Ivp NA IMC Ivp HK IMC Ivp NZ IMC Ivp ML IMC Francis Ehiguese Dr Newton Demba Ivp NIG IMC Chair Africa Forum ZIM IMC Finbarr Cleary Gayanl De Alwls Dorothy Chan Emma Ross Ivp IRL IMC WILAT Convenor SL IMC, COT Inon-votingl IMC, COT Inon-votingl IMC. COT InoTh-votingl IAC IMC Inon-votingl IMC Inon-votingl IMC Inon-votingl IMC, IAC Iboth non-votingl COT, IMC. IAC (all non-votingl resigned COT. IMC. IAC (all non-votingl Advisor to Trustees HK Next Generation Convenor UK Mike Pesterell Audit Commiltee UK Harriet LeunR Kevin Richardson HK Executive Manager UK CEO HK VK Abi Sofian Malaysia IBF lead Director of Finance Malaysia UK Tom Naylo Keith Newton Secretary-General Secretary-General UK Mark Armitage UK By order of the Trustees Jan Steenberg Jan Steenberg Secretary to the Trustees

THE CHARTERED INSTITUTE OF LOGISTICS ANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT Opinion We have audited the financial statements olThe Chartered Institute of Logistics and Transport Ithe'charit¢l for the year ended 30 September 2021 which comprise the Statement ol Financial Activities. Balance Sheet, Statement ol cash flows and notes to the financial statements, including a summary ol significant accounting policies. The financial reportln8 framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" (United Kingdom Generally Accepted AccounlinE Practice). In oui opinion, the financial statements.. give a true aad lair view ol the state of the eharitvs affairs as at 30 September 2021 and of it5 profit for the yeai then ended- have been properly prepared in accordance with Unlted Kingdom GenerallyAccepted Accounting Praclice,. and have beell prepared in accordance with the requirements of the Charities Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibiliries under those standards are further described in the 'AuditOT'S responsibilities for the audit ol the financial statemeals" 5ectioll ol our report. We are independent of the chaity in accordance wtth the ethical requiremenls that are relevant to our audit ol the financial staternents in the UK, including the FRC'S Ethlcal Standard, and we have fulfilled our other ethiial responsibililies in accordance with these reouirements. We believe that the audit evidence we have obtained $5 sufficient 3nd appropriate to provide a basis for our opinion. Conclusions relating to going tontern In auditing the financial statements. we have concluded that the trustees, use ol the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relèting to events or conditions that, IndSvidually or collectively, may cast $18nificant doubt on the charity'5 ability to continue as a goirig concern for 3 period ol at least twelve months from when the financlal statements are authorised for issue. Our responsibilities and the responsibilities of the trusiees with respect to going concern are described in the relevant sections ol thi5 report. Other information The other information comprises the information included in the Trustees report. other than the financial siatements and our auditor's report thereon. The trustees are responsible for the other Information contained 10

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30SEPTEMBER 2021 INDEPENDENT AUDITOR'S REPORT Icontlnuedl within the annual report. Ouroplnion on the linancial statemeThts does noi cover the other information and, except to the exlent OtherW￿se explicitly stated ¢n our repoft, we do nol express any form of assurance conclusion thereon. Our responsibility 15 to read the other information and, in doing so. consTder whether the other information Is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit. or otherwise appear5 to be materlally misstated. 11 we identify such materlal inconsistencies or apparent material miss¢atements, we are required to determine whether thls elves rise lo a material missiatement in Ihe lin3ncial statements themselves. 11, based on the work we have performed, we conclude that there is a material mi55tatement ol thi5 Other information, we are required to report that fact. We have nothing to feport this re8ard. Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understandlng of the charity and its environment obtained in the course ol the aLtdit, we have not identified material misstatements in the 5trate8ic report or the trustee5' report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion= adequate accounting record5 have not been kept, or returns adequate lor our audlt have not been received from br3nches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustee5' remuneration specifSed by law are not made.. OT we have not re£eived all the information and explanatlOn5 we require for our audit. Responslbllltles ol Trustees As explained more fully in the tru5tee5' responsibilities siètement set out on page 4. the trustees are responsible for the preparatlon of the financia￿ statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the prepafarion of financial statements that are free from mateflal misstatement, whether due to fraud or errol. In preparing the financial statements. the trustees are responsible for assessing the charity'5 ability to continue a5 3 going concern. disclosin8* as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operation5, or have no realistic alternative but to do 50. AudIt0￿5 responslbllliles for the audlt ol the Ilnancial s¢atemenlS Our objectives are to obtain reasonable assurance about whether the linancièl statements as a whole are free Irom materi31 misstatement. whether due to Iravd or error. and to 1$5ue an auditor's report that includes our opinion. 11

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 INDEPENDENT AUDITOR'S REPORT Iconilnuedl Reasonable a55urance Ss a high level ol assurance but is not a gvarantee that an audit conducted in accordance with ISAS IUKI W￿11 always detect 3 material misstatement when it exists. Misstatements can arise from fraud orerror and are consideTed material il, individually or in the aggregate. they could reasonably be expected to influente the economic decisions ol user5 taken on the basis ol the financial statement5. The extent to which our procedures are capable of detectin8 Srregularities, including fraud i5 detailed below. Irfegularitie5. including fraud, are instances ol non-compliance with laws and regulations. We design procedures in linewith our responsibilities. outlined above. to detect material misstatements sn respect of irregularities. in£luding l¥aud. Based on our ullderstanding of the charity and its industiy, we con5ideied that non-compliance with the following laws and regulations might have a material effect on the financial statemenl5.' employment rÈÉulation. health and Safety regulation, anti-money laundering regulation. non-compliance with implementation of govefnment support schemes relating to COVID-19. To help u5 identify instances of non-compliance with these laws and regulations, and in identifying and assessin8 the risks of material misstatement in iespect to non-compliance, our procedures included, but were not limited to.. Inquiring ol management and, where appropr*ate. those ¢harEed with governance. as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws anrl regulations; Inspeciing correspondence, if any, with relevant licensing or regulatory a￿thOritIes.. Communicating ideniilied laws and regulations to the engagement team and remaining alert to any indications ol non-compliance throughout our audit.. and Considerlng the risk ol acts by the charity which were contrary io applicable laws and regularions, including fraud. We also considered those laws and iegulaiions that have a direct ellect on the preparation of the financial statements, such as tax legislation, pension legislation. the Charities Act 2011. In addition, we evaluated the trustees and m3nagemenV5 incentlves and opporlunities for fraudulent manipulation ol ihe financial Statements, includin8 the risk of management override ol controls, and determined that the principal risks related to posting manual journal entries to manipulate financial peflormance, management bias through judgements and assumptions in ssgnilicant accounting estimates, in pariicular in relation to revenue recognition (which we pinpointed to the cut off risk, and significant one-off or unusual tfansactions. Our audit procedures in ielation to ffaud included but were llot limited to.. Making enquiries of the trustees and management on whethèr they had knowledge of any actual, suspected or alleged fraud; GaininR an understanding of the internal CO￿trol$ established to mitieate risks related to fraud,. Discussing amongst the engagement team the risks of Ir8ud.' and Addre55illg the risks ol fraud through management override ol contro15 by perlorminE journal entry testing. 12

THE CHARTERED INSTITUTE OF LOGISTICSANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 INDEPENDENT AUDITOR'S REPORT l¢ontlnuedl There are inherent limitatlOn5 in the audit procedures described above and the primary responsibility for the prevention and detection ol irre£ularitiÈs including fraud rests wilh management. Aswith anyaudit, there remained a risk of non-detection of irregularities. as these may involve collusion, forgery, intentional omissions. misrepresentations or the override of internal controls. A further description of our responsibilitie5 for the audit of the financlal statements is located on the Financial Reporting Council's website at www.lrc.or auditorsres onsibilities. This description forms part of our auditorfs report. Use of the audlt report We have been appointed as auditor unde¥ section 144 of the Ch3r*ties Act 2011 and repoit in accordanie with the Act and regulations made or having effect thereunder. Our responsibility is to audit and express 3n opinion on the financial statement5 in accordance with applicable law and International Standards on Auditing IUKI. Those standards require us to comply with the Financial Reporting Council's Ethic31 Standa¥d. Ouf audit work has been undertaken so thèt we rni8ht state to the char¢tY'S trustees those matters we are required to state to them in an auditorfs report and lor no other purpose. To the fullest extent permitted by law, we do noi accept or assume respDnsibilily to anyone other than the charity and the charitl trustees as a body lor our audit work. lor this report, or for the opinion5 we have formed. Jonathan Marchant Jonathan Marchant (Senior Statutory Auditor) for and on behalf of Maiars Llp Chartered Accountants and Statutory Auditor go Victoria Street BSI 6DP Date 13

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 STATEMENT OF FINANCIAL ACTIVITIES lincluding Income and Expenditure Account) VnFQ%trki ds Iv41ds No Income and endowments from.. Charitable activities £000 608 £000 £000 608 £000 561 £000 £000 561 Investments 13 18 15 21 Total Income 613 13 626 567 15 582 Eypendlture on: Raising funds Charitable activities 665 672 499 16 515 Total expendlture 667 li 678 500 20 520 Net surplus Ideflcltl before investment gains Nel gainslllossesl on investments 1541 1521 67 62 33 79 112 181 1161 1241 Transfer between funds 151 Net surpluslldeficitl 1211 81 60 54 1161 38 Reconciliatlon of funds Funds bought forward 01 October 2020 424 540 964 370 556 926 Funds carried forward 30 September 2021 403 621 1,024 424 540 964 The notes on pages 17 to 23 form part of these accounts. The income relates to continuing activities. 14

THE CHARTERED INSTITUTE OF LOGISTICS ANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 BALANCE SHEET Notes 2021 2020 £000 £000 FIKed assets Investments Intangible asset 869 758 Current assets Debtors Cash at bank and in hand 89 321 410 55 185 240 Curient liabilities Creditors folling due within one year io 12111 1341 199 1341 Current assets less current 1,102 206 Non-current liabilitie5 li 1461 Total assets less Current 1,024 964 Endowment funds Unrestricted income funds 12 12 621 403 540 424 1,024 964 The notes on page5 17 to 23 form parl of these accounts Signed on behalf of the trustees on Jan Steenberg Secretary to the Trustees Jan Steenberg David Pugh Honorary Treasurer David Pugh 15

THE CHARTERED INSTITUTE OF LOGISTICS ANDTRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENOED 30 SEPTEMBER 2021 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 305EPTEMBER 2021 2021 £000 2020 £000 Cash flows from operating activitles Net cash used in operating activities 120 87 Cash flows from investlng acllvltles Dividends, interests and rents from investments 18 21 Purchase ol tangible assets 121 Proceeds frorn sale of Investments 177 276 Pur<hase ol investments 11771 12581 Net cash used In Investlng actlvltles 16 39 Change In cash and tash equlvalents In the year 136 126 Cash and Cash equivalents at the be8innin8 of the year 185 59 Cash and cash equivalents at the end of the year 321 185 16

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 NOTES TO THE ACCOUNTS Accountlng policles The prificipal accounting policie5 adopted. judgements and key sources of estimation uncertainty in the preparation of the charSty's financial statement5 are as follows.. B351s of preparatlon The fi113ncial 5taternents have been prepared in accordante with the Charities Act 2011 and Accountirng and Reptsriing by Charities.. Stètement ol Re£ommended Practice applicable to charitie5 preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20161 (Charities SORP IFRS 10211. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charity meets the definition ol a publii benefit entity under FRS 102. A55ets and liabilities are initially recognlsed at historical cost or transaction value unles5 Otherwise srated in the relevant accounting policy. Golng concern The financial statements have been prepared on the ba515 Ihat the ch3rity is a going concern. The trustees consider that there ale no material uncertainties on the charitV'5 abilily to continue its activities for tlie foreseeable future. They have approved a detailed income and expenditure budget lor y/e 30 September 2021, the charily has a regular st¥eam ol income. and it5 reserves policy means that it will be able to meet it5 obligations and have sullicient time to mitlEate against any unforeseen circumstances. This is alter taking account of the experienced and expected impacts ol COVIO-19. Income Membership fee income is recognlsed when received and membexship lee income received in advance Is carried forward and recognised at the start of the pÈriod to which it relates. Expendlture All expenditure is recoEnised in the Statement of Financial Activities on the accrua15 basis and has been classified under headings that agoregate all cost5 related to the category. Where costs cannot be directly attfibuted to particular headings they have been allocated to activities on a ba515 consisieni with the use ol resource5. Costs of generating lund5 are resouries used by the charity to provide fflembership services. Including costs relating to the Dlrector General and Vice Presidents. and other business costs. The apportionment and allocation ol c05tS Ltnder governance c05t5 follow recommendations included in the SORP. Cost headings include any irrecoverable VAT attributable 10 thai particular aclivity. Investments Investments held as flxed assets are a form of basic financial instrument and are initially recognised at thoir transaclion value and subsequently stated at their lair value at the balance sheet date using the closing quoted market price. Incorne arlslng from investments is recognised as it arises and allocated to the appropriate lund on a proportionate basis agreed by the trustees. The Statement of Finèncial Activities includes the net gains and losses arising on revaluation and disposals throughout the year, again allocated to the appropriate fund on 3 proportion3te basis agreed by the trustees. The charity does not acouire options. derivatives or other complex flnancial instrument5. Fund atcountln8 Unrestricted lund5 are Charitable funds without any specifled purpose and can be used in accordance with the charitws objects. The Endowment fund is used lor the specific purpose o13dvan¢inÉ education in the rields of logistics and transport by the provision of funds for educatior>al purposes. Dèbtors and accrued income Debtor5 and accrued income are recoBnised where the charity has a reasornable expectation of realisinE an amount due from a past event where that amount can be measured or estimated reliably. Debtors and accrued income are normally re£ognised at their re31i5ed amount. 17

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 NOTESTO THE ACCOUNTS Icontinuedl Cash at bank and In hand Cash at bank and in hand inclLtde5 cash and short-term baNk dep051ts. Foreign currencies Foreien currency transactions are translated at an average rate for the day. Assets and liabilitie5, expressed in foreign turrencies, are translated at the rates of exchange prevailing at the balance sheet date. Exchange gains or1055es are charged or credited to the Statement ol Financial Activities. Credltors and provislons Creditors and provisions are recognised where the charity has a present obligation re5ultin8 from a past event that will probably result in the tfansfer of funds to 3 third paTty and the amouiit due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recoEnised at their 5ettlernent amouftt. Financlal Instruments The charity only has financial assets of a kind that qua15fy as basic lin3ncial instruments. Basic financial instruments are initially recogni5ed at transaciion value and subsequently measured at their settlement value. Income from Charltable Actlvltles uThds Fur￿5 IOIL £000 127 481 608 £000 £000 127 481 608 £000 143 418 561 £000 £000 143 418 561 Subscriptions and fees Educat¢on Income generated from subscriptions and actlvltles with territortal organ1s31ions and branche5. are accounted for in the United Kingdom and receivable in 5terlinE. Income from Inveslmenls Vrtfwtrkied EadOwffj￿¢ Fvnd5 io £000 £000 £000 £000 £000 £000 Income frorn managed portfollo 13 18 Is 21 The investment portfolio 15 managed by Investec Wealth and Investment limited. Detai15 of the valuation. asset allocation and the analysis between unrestricted funds and endowment funds are contained within note 7. 18

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT ANO ACCOUNTS YEAR ENDED 305EPTEMBER 2021 NOTESTOTHE ACCOUNTS Icontinuedl C05t of Raising Funds FuThs Fu￿% IOIL £000 £000 £000 £000 £000 £000 Investment mana8ement fees Cost ol Charitable Acilvitles FLYA5 F￿rA5 FurJs ZV21 io £000 £000 £000 £000 £000 £000 Education.. Moderation fees 122 122 47 47 Licence fee 90 90 Development anil administration Bad debt 138 138 107 107 37 37 Total: 252 252 281 281 Governance: Secretary general cost Presidential and VP activity Communications and website 99 99 63 63 32 32 12 12 33 33 43 43 Audit & Professional 52 52 13 13 Flnance and business support Secretarial support Membership administration Total.. 91 91 81 81 70 70 393 393 215 215 Awards 20 27 16 19 19 20 27 16 665 672 499 16 515 Key Management Personnel CILT does employ stall for Prole55ional Development services and a150 enter into contract5 Wlth indivlduals for Secretary-General services and Secretarial Support services. Included wtthin resources expended are fees and expenses in respect of these contracts totalling £316k12020.. £207kl. There were 7 Individuals ronsidered to be key management personnel during the year12020.. 71 and these include the trustees and senior management team Isecretary General and Director ol Finance). Total 19

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 NOTES TO THE ACCOUNTS Icontinuedl remuneration to key management personnel durinE the year was £95.20012020.. £53,666). The Trustees do not receive any remuneration. Investments 2021 £000 2020 £000 Cost or valuation.. At l October 2020 Additions 0i5P05a15 Management Charges Net investment eains Cash 758 177 799 258 12761 Isi 161 1121 124 At 30 September 2021 869 758 Hlstorlcal c05t at 30 September 2021 646 603 The segfeeated funds are managed on a di5cfetlonary basis and are lield to provide an income and eapital investment return lor CILT. Th@ asset allocation of the porrlolio at 30 Septembei 2021 was... fOOO 318 315 113 81 42 UK Equities Overseas Equities Fixed Interest Infrastructure Properly Cash All the investments were quoted on recognised stock exchanges. At 30 September 2021 there were 6 investments each ol which exceeded S% of the por¢folio value. They were.. 136%) 136%) 113%1 19%) 15%) Link Fund Sol Ltd LF lindsell Train UK Eqty Threadneedle Inves UK Equity Income L GBP Dis Spdr S&PS00 Etf Tr S&P 500 Etf USD Dis Artemls Fd Mngrs Income E GBP Dis Baillie Gifford American W3 Dis IPMorgan Funds Ltd US Equity Inc K GBP Net Inc Liontru5t Fund Par Special Situats Ins Inc The Fund Manager mènages funds represented by the Unrestricted "General" Fund and the Endowment Fund. The Endowment Fund balance 15 lully attributed to Investment5 and the balance of the Inve5trnents is attributable to the General Fund. The inveslment income, costs, and unrealised gains / Ilossosl are attriburable lo the split ol the Funds basets on the Fund and Investment values at the start olthe accounting period - l October 2020. The split lor 2020121 was 7J.20% EndowmeTrt Fund and 28.80¥. General Fund 12019120 69.55%1230.45%1. The split for 2021121 will similarly be based on the Fvnd and Investment values at l October 2021. 2021 £000 404 32 620 2020 £000 424 Gener81 Fund Designated Fund Endowment Fund 540 Total at 30 September 2021 1.0SG 964 20

THE CHARTERED INSTITUTE OF LOGISTICS ANO TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEM8ER 2021 NOTES TO THE ACCOUNTS Icontinuedl Intangible asset 2021 £000 2020 £000 Software Total at 30 September 2021 Debtors 2021 £000 2020 £000 Trade debtors Accrued income Prepayments 82 so 89 ss io. Creditors.. Amounts falling due within one year 2021 £000 2020 £000 Trade Creditois Accruals Bank loan 25 182 13 21 211 34 ii. Non-current liabilities 2021 £000 2020 Bank loan 46 46 Government bounce back loan of £SQk tèken out in May-2021 and is repayable over 5 years from May 2022. 12. Funds Funds Balance blf £000 Income £000 Expenditure £000 Galns &Losses £000 Balance clf £000 Unrestricted Endowment 424 613 16671 33 404 620 540 13 79 Total 964 626 16781 112 1.024 On 5 NovembÈr 2002 The Charity Commissioners lor England alld Wales approved a new endowment fund lor CILT, the Education and Endowmenl Fund. The object of the fund is to advance education in the field of transport and logistics by the provision ol scholarshlps and prizes, lecture5. libraries and such other edu<ational facilities and activities as shall be considered appTopriate by the trustees. 21

THE CHARTERED INSTITUTE OF LOGISTICS AND TRANSPORT ANNUAL REPORT AND ACCOUNTS YEAR ENDED 30 SEPTEMBER 2021 NOTES TO THE ACCOUNTS Icontinuedl The fund was eslablished to give CILT more flexibility in the use ol the resource5 available from endowments, both past and present, while continuing to respect the wishes of past donor5. It 15 managed by CILT'S trustees and the Audlt and Finance Cornmittee which in turn is advised on awar￿5 and pri2es by speciali51 sub-committee. 13. Analysls of net assets between funds Unrestrlcted Funds General Éooo Restricted Funds Endowment £000 Total Funds £000 Investment5 230 26 256 540 80 620 770 106 876 Net assets at 30 September 2021 14. Reconclllation of net movement In funds to net cash flow from operatlng aclivities 2021 000 2020 £000 Net income for the year las per Statement of Financial Activities) 92 38 Ad ustments for.. Losses Igainsl on investrnents Dividend5. intere5t5 3ad ¥ents from investment5 Iincre3selldecreès@ in dÈbtors Increa5elldecfeasel in creditors 11121 1181 1351 192 24 49 Net cash provided byllused in) operating activities 119 87 15. Related Party Transactlons Within rosouries expended is a total of nil12020.. £5741 of expenses reimbursed to trustee512020.. 11 lor travel & subsistence for governance and development activitie5. None ol the trustees received anv remuneration durin8 the year12020.. nonel. CILT holds the Royal Charter and has worldwide membership thiough a number of territorial organi5ation5 and branche5 01 more than 30.000 profe55iona15 and students connected with the lo£istics and transport industries. Set out below are the territorial organisations which have provided specific 3dministr3tive duties on behalf ol CILT in the period ended 30 September 2021. These amounts are included wiihin resource5 expended. 2021 £000 2020 £000 CILT IUKI- Busines5 support CILT IUKI- Licence lee CILT Hong Kong Imembe¥5hip admini5trationl 60 90 65 95 22

Signature: Jan Steenberg Jan Steenberg (Sep 14, 2022 09:40 GMT+8)

Email: [e-mail]

Signature: David Pugh (Sep 14, 2022 10:21 GMT+1) Email: [e-mail]

Signature:

Jonathan Marchant (Sep 14, 2022 11:44 GMT+1)

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2021 09 30 CILT Report and Accounts final RM

signed

Final Audit Report

2022-09-14

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