**Registered number: 06906661 Charity number: 1138670** ## **INCHI TRUST LIMITED** **(A company limited by guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2020** ## **INCHI TRUST LIMITED (A company limited by guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Company, its Trustees and advisers**|1| |**Trustees' report**|2 - 8| |**Independent examiner's report**|9| |**Statement of financial activities**|10| |**Balance sheet**|11| |**Notes to the financial statements**|12 - 17| ## **INCHI TRUST LIMITED** ## **(A company limited by guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020** |**Trustees**|Mr Richard Kidd| |---|---| ||Dr Raymond Boucher| ||Dr Richard Michael Hartshorn| ||Dr Steffen Pauly| ||Dr Ian Bruno| ||DrElena Herzog| ||MsLeah Rae McEwen| ||Mr Adam Sanford| |**Company registered**
**number**
06906661
**Charity registered**
**number**
1138670
**Registered office**
26 Twickenham Court
Arbury Road
Cambridge
CB4 2HX
**Company secretary**
Dr Ian Bruno
**Project Director**
Mr Steve Heller
**Independent Examiner**
Mrs K Bretherick FCA
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
**Bankers**
National Westminster Bank PLC
23 Market Street
Cambridge
CB2 3PA|| Page 1 ## **INCHI TRUST LIMITED (A company limited by guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** The Trustees present their annual report together with the financial statements of the Company for the year ended 31 December 2020. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (second edition of the Charities SORP (FRS102) October 2019, effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. ## **Objectives and activities** ## **a. Policies and objectives** The principal object of the Trust is to develop and support the current InChl algorithm. The Trust’s objects are specifically restricted to the advancement of science for the public benefit, in particular by: - Developing, reviewing and disseminating the internationally agreed standard representation, the International Union of Pure and Applied Chemistry (IUPAC) International Chemical Identifier (InChI), of defined chemical structure and their links to related information; - Developing an organisational framework for implementation of and compliance with such codes of practice; - Contributing to the use and understanding of chemical structure standards and related information. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Page 2 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** ## **Objectives and activities (CONTINUED)** ## **b. Activities undertaken to achieve objectives** The Trust developed a strategic plan to inform its future activities and to provide a framework for collaboration and partnership with other organizations. ## _**Our Mission**_ To deliver and support the implementation of the internationally agreed and widely adopted standard machinereadable chemical identifier, the IUPAC InChI, that enables global connections in chemistry for the advancement of science for the public benefit. ## _**Vision**_ - We will have a strong community of InChI advocates and users - We will provide a sustainable organizational framework and the required financial support for the future of the InChI standard ## To achieve this we will - promote the use of InChI and raise awareness amongst researchers and professionals - increase the levels of stakeholder collaboration and partnership - develop new uses and extensions of the InChI standard - provide educational resources supporting the adoption of InChI ## _**To fulfil our mission and vision we are focusing our efforts on three strategic pillars**_ 1. Global adoption and use 2. Maintenance and extension of the InChI standard and its applications 3. Governance 1. Global adoption and use - The InChI Trust is increasing engagement with the chemistry community for the benefit of science and business. _Indicators of Success_ - Market adoption and use of the InChI standard - A growing community of InChI advocates - Being sought out for the Trust’s expertise - Increased participation in educational activities - Broad participation from regions and countries - Increased cooperation with aligned organisations 2. Maintenance and extension of the InChI standard and its applications To maintain and develop extensions of the InChI standard and its applications to facilitate rapid and effective research discovery and business innovation. - _Indicators of Success_ - Continuous improvement of the standard - New extensions to the standard developed - New applications of the standard implemented - Stakeholders participate in our development process - Open and transparent framework for the development of the code - Developments provide demonstrable value to the community Page 3 ## **INCHI TRUST LIMITED (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** ## **Objectives and activities (CONTINUED)** 3. Governance To provide an organizational framework that ensures the sustainability of the standard. _Indicators of Success_ - Sufficient financial resources to secure activities of the Trust - The Trust is seen as open, transparent and aligned with community needs - The Trust Board is diverse and reflects the community it serves - An empowered network of expert volunteers - An effective evaluation process for development proposals - Improved visibility of the Trust The Trust continues to spend time and effort on developing its membership base. The Trust has 17 members and associates, and an extensive list of supporting organizations. The Project Director continues in his efforts to promote the InChI standard, and the InChI Trust. He has given a number of papers at conferences about the InChI standard. ## **ACHIEVEMENTS AND PERFORMANCE** ## **a. Review of Activities** In 2020 we continued to address key questions of how to grow the InChI community and support new applications and extensions of the InChI standard, while providing a governance framework that balances the duty of care required for standards development with desires from the community for broader applicability. The key strategic aims of the Trust remain: - Global adoption and use – increasing the engagement with the chemistry community for the benefit of science and business - Maintenance & extension of the InChI and applications – to facilitate rapid and effective research discovery and business innovation - Governance –to provide an organizational framework that ensures the sustainability of the standard ## **Events and Outreach** In support of its strategic objectives, the Trust has organized and supported a series of events over several years (in collaboration with related organisations such as IUPAC) to enable both the ongoing development and application of the InChI standard, and to encourage community input and outreach of its charitable activities. While our ability to support physical events was curtailed by the pandemic, our community have showcased InChI at a number of virtual events: Jonathan Goodman gave a talk “InChI: measuring the molecules” for the AI3SD Network (Artificial Intelligence and Augmented Intelligence for Automated Investigations for Scientific Discovery), which is available on YouTube (1). Jonathan was also interviewed by Jeremy Frey on the same topic (2). _(1) https://www.youtube.com/watch?v=B881b5BasnU_ - _(2) http://dx.doi.org/10.5258/SOTON/P0024_ Page 4 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** ## **ACHIEVEMENTS AND PERFORMANCE (CONTINUED)** ## **b. Events and Outreach** A presentation was delivered by Henry Rzepa and Ian Bruno at the Pidapalooza conference “Connecting chemistry through PIDs” (3) – chosen to connect InChI into a much wider community building connecting infrastructure for information across the web. The InChI open educational resource was discussed (based on a supporting paper) at a session (4) of the ConfChem held by the ACS Computers in Chemical Education group. InChI was featured in the Chemical & Engineering News article “Why we need a common vision for chemistry” (5), and in a paper “Molecular representations in AI-driven drug discovery: a review and practical guide” (6). ## **c. Standard and software development** We were delighted to release the latest version of the main InChI algorithm, 1.06, in December 2020. This version further improved the reliability of the algorithm, as well as expanding the experimental functionality (7). Alex Clark published an article on the coordination InChI work in the RSC’s Chemical Information and Computer Application Group newsletter (8) and we funded a second piece of work to explore the options for organometallics. A paper was published (9) discussing the tautomerism work carried out by Marc Nicklaus’ team at the National Cancer Institute and others – which will inform future developments for us “Toward a Comprehensive Treatment of Tautomerism in Chemoinformatics Including in InChI V2”. The Trust funded a piece of exploratory work with Igor Filippov which was completed in 2020. We are continuing to work closely with the IUPAC InChI Subcommittee and the Committee for Publications and Cheminformatics Data Standards which can effectively act as the scientific prioritization groups for work which needs supporting by the Trust. This will be a significant development for the InChI as the Trust and IUPAC build on the InChI’s success, now encompassing both the core standard as well as new extensions and applications. ## **d. Membership and fundraising** The source for funding in 2020 was membership subscriptions, and we maintained our membership numbers as expected. _(3) https://doi.org/10.5281/zenodo.3648507_ _(4) https://confchem.ccce.divched.org/2020CCCENLP1_ _(5) https://cen.acs.org/acs-news/need-common-vision-chemistry/98/i2_ _(6) https://jcheminf.biomedcentral.com/articles/10.1186/s13321-020-00460-5_ _(7) https://www.inchi-trust.org/downloads/_ _(8) http://rsccicag.org/index_htm_files/CICAG_Newsletter_Winter_2019-20_tcm18-252021.pdf_ - _(9) http://doi.org/dn2w_ Page 5 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** ## **FINANCIAL REVIEW** ## **a. Review** The Trust received income of £143,645, all of which were membership subscriptions (2019: membership subscriptions £164,185, other income £4,008). During the year expenditure was incurred of £137,688 (2019: £114,847), leaving net income of £5,957 (2019: £53,346). All of the Trust's funds are unrestricted. At the end of the year the Trust carried forward funds of £404,566 (2019: £398,609). ## **b. Reserves policy** The Trust has adopted a reserves policy that should allow for two years of operational expenses as reserves, which would allow time to refocus activities should our revenues decline unexpectedly. This equates to $320k, and the current reserves are above this figure. The Trustees will be setting budgets (including in 2021) which will reduce our reserves over the next few years, by increasing our activities. In particular the reserves will enable us to support our proposed new positions for the next 2-3 years (see Future Plans), after which our reserves will be around our target. ## **c. Plans for the future** Our main new activity is to fund two new roles in 2021 and beyond to achieve our core aims: a Technical Director to plan and manage the development roadmap of the standard, and a Marketing and Outreach Director to build links with and support our growing community of InChI users. Together with our Project Director, we see these three positions as being able to maximise the impact and application of the InChI. We will continue to extend the standard through extensions to the standard as well as new applications. Supporting our community through workshops and Symposia have been successful in maintaining the scientific progress while trying to bring in a wider audience. Our Open Educational Resources group will advise and build on the educational material to support students and educators. ## **d. Impact of Coronavirus on the Trust and going concern** The InChI Trust has been relatively unaffected by the continuing Coronavirus pandemic as of August 2021. We are fortunate to not be reliant on public fundraising, nor are our operations dependent on person-to-person contact. Most scientific conferences have been cancelled, and this has had an effect on our intended funding of workshop events which are usually held alongside such conferences. As a result we have been able to support virtual-only meetings to maintain engagement and progress. Our finances have been stable into 2021, with the majority of our membership income already received – while an economic squeeze may affect our revenue in 2022 and beyond, the situation looks more stable than feared in 2020. Our community and membership covers publishing, academia and the life science industry, and these are likely to be affected in different ways. The Trust remains financially solvent and sees no immediate threat to our ability to operate as a going concern. The Trustees will actively monitor the wider environment the Trust works in to gauge the likely future effects. Page 6 ## **INCHI TRUST LIMITED (A company limited by guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **a. Constitution** InChI Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 15 May 2009. It is a registered charity number 1138670. ## **b. Methods of appointment or election of Trustees** The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. ## **c. Organisational structure and decision-making policies** The Project Director is Steve Heller, who carries out the bulk of the day-to-day InChI Trust activities, with reference to the Chair, Secretary and Treasurer over questions of policy, strategy and any financial implications. ## **d. Policies adopted for the induction and training of Trustees** New Trustees are directed to the Charity Commission guidance on their responsibilities (https://www.gov.uk/running-charity/trustee-role-board) and more specifically the “Essential trustee” document at (https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/451020/CC3.pdf). ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 7 **INCHI TRUST LIMITED (A company limited by guarantee)** **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020** Approved by order of the members of the board of Trustees and signed on their behalf by: ................................................ **Mr Richard Kidd** Date: 23/9/21 Page 8 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020** ## **Independent examiner's report to the Trustees of InChI Trust Limited ('the Company')** I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2020. ## **Responsibilities and basis of report** As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed: Dated: 27 September 2021 Mrs K Bretherick FCA ## **Peters Elworthy & Moore** Chartered Accountants Salisbury House Station Road Cambridge CB1 2LA Page 9 ## **INCHI TRUST LIMITED (A company limited by guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2020** |**Note**
**INCOME FROM:**
Charitable activities
2
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
3
**TOTAL EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2020**
**£**
**143,645**
**143,645**
**137,688**
**137,688**
**5,957**
**398,609**
**5,957**
**404,566**|**Total**
**funds**
**2020**
**£**
**143,645**
**143,645**
**137,688**
**137,688**
**5,957**
**398,609**
**5,957**
**404,566**|Total
funds
2019
£
168,193| |---|---|---|---| ||||168,193| ||||114,847| ||||114,847| ||||53,346| ||||345,263
53,346| ||||398,609| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 12 to 17 form part of these financial statements. Page 10 ## **INCHI TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 06906661** ## **BALANCE SHEET AS AT 31 DECEMBER 2020** |**Note**
**CURRENT ASSETS**
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due within one
year
7
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Unrestricted funds
**TOTAL FUNDS**|**41,596**
**392,374**
**433,970**
**(29,404)**|**2020**
**£**
**404,566**
**404,566**
**404,566**
**404,566**|25,277
398,808
424,085
(25,476)|2019
£
398,609| |---|---|---|---|---| |||||| |||||398,609| |||||398,609| |||||| |||||398,609| The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ ## **Mr Richard Kidd** ## Date: 23/9/21 The notes on pages 12 to 17 form part of these financial statements. Page 11 **INCHI TRUST LIMITED** **(A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. ACCOUNTING POLICIES** ## **1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition of the Charities SORP (FRS102) October 2019, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. InChI Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. There were no significant judgements or estimates made by management in preparing these financial statements. ## **1.2 COMPANY STATUS** The Trust is a company limited by guarantee. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £10 per member of the Trust. ## **1.3 GOING CONCERN** The Trustees have reviewed the financial position of the charity, including the impact of Coronavirus and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis. ## **1.4 FUND ACCOUNTING** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. ## **1.5 INCOME** All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the Bank. Membership subscriptions are recognised in the year in which they are received except where there is an element relating to a future year, which is allocated accordingly between the two financial periods with future income being carried forward as deferred income. Entitlement to the income is deemed to be probable when the membership organisation has completed its internal approval process and is usually followed directly by the payment. Page 12 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **1. ACCOUNTING POLICIES (CONTINUED)** ## **1.6 EXPENDITURE** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements. All expenditure is inclusive of irrecoverable VAT. ## **1.7 DEBTORS** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **1.8 CASH AT BANK AND IN HAND** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.9 LIABILITIES AND PROVISIONS** Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. ## **1.10 FINANCIAL INSTRUMENTS** The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.11 FOREIGN CURRENCIES** Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the statement of financial activities. Page 13 ## **INCHI TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **2. INCOME FROM CHARITABLE ACTIVITIES** |**Unrestricted**
**funds**
**2020**
**£**
Membership subscriptions
143,645
InChI Certification Suite income
-
**TOTAL 2020**
143,645
TOTAL 2019
168,193|**Total**
**funds**
**2020**
**£**
**143,645**
**-**
**143,645**
168,193|Total
funds
2019
£
164,185
4,008| |---|---|---| |||168,193| |||| ## **3. ANALYSIS OF EXPENDITURE BY ACTIVITIES** |InChI algorithm
TOTAL 2019|**Activities**
**undertaken**
**directly**
**2020**
**£**
134,559
110,978|**Support**
**costs**
**2020**
**£**
3,129
3,869|**Total**
**funds**
**2020**
**£**
**137,688**
114,847|Total
funds
2019
£
114,847| |---|---|---|---|---| |||||| Page 14 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **3. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)** ## **ANALYSIS OF DIRECT COSTS** |Research contracts
Research project expenses
Project director's expenses
Project director's fees
Other project costs
Insurance
Foreign Exchange differences
Bank charges
Computer costs
Miscellaneous costs
Symposium costs
Bad debt (membership subscription written off)
**TOTAL 2020**
TOTAL 2019
**ANALYSIS OF SUPPORT COSTS**
Accountancy fees (governance)
Independent examiner's fee (governance)
Secretarial expenses
**TOTAL 2020**
TOTAL 2019|**Activities**
**2020**
**£**
23,214
15,688
3,604
46,057
11,772
2,254
26,314
279
211
1,374
-
3,792
134,559
110,978
**Activities**
**2020**
**£**
2,440
560
129
3,129
3,869|**Total**
**funds**
**2020**
**£**
**23,214**
**15,688**
**3,604**
**46,057**
**11,772**
**2,254**
**26,314**
**279**
**211**
**1,374**
**-**
**3,792**
**134,559**
110,978
**Total**
**funds**
**2020**
**£**
**2,440**
**560**
**129**
**3,129**
3,869|Total
funds
2019
£
11,813
-
15,741
45,081
11,780
2,214
481
382
514
2,247
20,725
-| |---|---|---|---| ||||110,978| ||||Total
funds
2019
£
2,700
546
623| ||||3,869| ||||| Page 15 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **4. INDEPENDENT EXAMINER'S REMUNERATION** ||**2020**|2019| |---|---|---| ||**£**|£| |Fees payable to the Company's independent examiner for the independent||| |examination of the Company's annual accounts|**560**|546| |Fees payable to the Company's independent examiner in respect of:||| |All taxation advisory services not included above|**-**|330| |All accountancy services not included above|**2,440**|2,370| ## **5. KEY MANAGEMENT PERSONNEL, TRUSTEES' REMUNERATION AND EXPENSES** The Trust considers its key management personnel to be the Trustees and the Project Director, Steve Heller. The operational activities of the Trust are undertaken by a group comprising the Chairman, Treasurer and Project Director. The Trustees all give their time and expertise without any remuneration or other benefits in kind (2019: £nil). The Project Director is contracted on a freelance basis and is not an employee of the Trust. During the year, Trustees received no reimbursement of expenses or had expenses paid directly to a third party on their behalf (2019: two Trustees £803 reimbursed for InChI Trust expenditure that had been settled personally). ## **6. DEBTORS** |**DUE WITHIN ONE YEAR**
Prepayments and accrued income|**2020**
**£**
**41,596**
**41,596**|2019
£
25,277| |---|---|---| |||| |||25,277| Page 16 **INCHI TRUST LIMITED (A company limited by guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** ## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Accruals and deferred income
Deferred income at 1 January 2020
Membership income deferred during the year
Amounts released from previous periods|**2020**
**£**
**29,404**
**2020**
**£**
**16,626**
**20,852**
**(16,626)**
**20,852**|2019
£
25,476
2019
£
16,616
16,626
(16,616)
16,626| |---|---|---| ## **8. RELATED PARTY TRANSACTIONS** There were no related party transactions during the current or previous year. Page 17