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 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 Pural 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 FuTh*s Fu￿% IOIL £000 £000 £000 £000 £000 £000 Investment mana8ement fees Cost ol Charitable Acilvitles FLYA5 F￿rA5 Fur*Js 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