The CISI paid £366,160 to “acquire the members and intellectual property” of the Institute of Financial Planning, it was revealed today.

An agreement to merge the two professional bodies was completed last November when the two organisations merged with the 2,000 members of the IFP transferring to the CISI.

The CISI annual report for 2015/16, released today, showed how much the CISI spent on the deal.

The report stated: “During the year, the Institute acquired the members and intellectual property of the IFP for a consideration of £366,160. As well as swelling our membership by over 2,000, this has given the CISI access to a vibrant professional community and a respected programme of Financial Planning exams.”

The CISI’s group funds increased by £844,706 during the year compared to a rise of £1,469,401 the year before. This brought net assets up to £11,240,299, from £10,395,593 last year.

The highest paid CISI director earned between £310,000 to £320,000 during the year.

The average number of persons employed by the group in 2016 was 153, compared to 134 in 2015. Total wages and salaries for 2016 stood at £5,557,915.

The organisation moved to new premises at the Walkie Talkie building in August. The CISI reported in its accounts, however, that the lease for its former 8 Eastcheap offices will run to August 2017.

The report stated: “Attempts to negotiate a deal in advance of that date proved difficult as the overall future of the building is uncertain, and in January 2016 the decision was taken to look for alternative premises, even if that meant a period of ‘double running’.

“A suitable location has been found at 20 Fenchurch Street, which will keep the Institute in the very heart of the City at a reasonable cost while providing over 20% more floor space and bringing all the staff onto a single floor. The lease has been signed and commenced on 8 April 2016.”