A CII spokesperson said: "The CII group accounts for 2022 were signed-off by independent auditors on July 31, 2023.
"The auditor issued an unqualified audit report which includes their conclusion related to going concern that they, ‘have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when they were authorised for issue’."
The CII group accounts recorded a net surplus of £2.2mn in its financial year 2022, similar to 2021, with total funds rising to £30.6mn.
The spokesperson added: "The cash and short-term deposits held by the Institute at the end of 2022 (£14.295mn) was more than sufficient to cover the (£10.858mn) PFS intercompany debt and continues to be so; the institute maintains a cash balance at all times in excess of the PFS intercompany debt it holds, which is monitored by the PFS board.
"The remainder of the PFS reserves are held directly by the PFS.
"The consolidated and institute statement of financial position table on page 29 of the report indicates that the Institute had net assets (reserves) of £9.550m at the end of December 2022. That is net of all liabilities, including the PFS intercompany debt. This figure is higher than at the end of December 2021 (£9.338mn).”
tara.o'connor@ft.com
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