INCHI 'fRUST LIMITED FANCIAL STAIEMENfs i?OR T14Eq YEAR I=,NI)ED 31 ST DECEIMBER 2024 CONfENTS AND CHARITY INFORMA'fioN CONTENTS: PAGE: Report of the Trustees Independent FJxaminers Report Statement of Financidl Activities Balance Sheet Notes ts> the Finallcial Statements 10-14 TRUSTEESIDIRF.CTORS., Mr Richard .lohn Icidd Dr Raymond John Boucher (ChaiT) Dr Richard Michael Hartshorn Dr Stcffai Pauly (resigncd 315t December 2024) Dr Ian Bruno Professor Sonja Heidi Marlene FIces-Paw1IS Dr Anne Nijs Dr Dawn Lorraine George Dr Wendy Marie Patterson Dr Pieder Caduff (resigned 30 July 2024) COMPANY SBCRETAKY.. Dr Ian Bnino C'OMPANY REGISTRATION NUMBER.. 06906661 CHARITY IIEGISTRATION NUMBER: 113 8670 RBGISTFRED OFFICF.: 26 '1'wiLkenham Court Cambridge CB4 2Etx INDf.PENDENT EXAMINERS: Ian W Shipley >LCA For and on behrof. Pientis & Co LLP Chartered AccountaDts &lld Illdepondont Examiners 115c Miltun Road Cainbridg CB4 IX BANKBRS.. National Weslminster Bank PLC 21 Pctty Cury Catllbridge CB2 3NE
INCHI I'RUST I.IMI'fED FINANCIAL STATIMLNT8 FOR TI-IB YEAR LN.DED 3 IS-L DECF.MBFR 2024 TRUSTEES R]-.,PORI" lThe Trustses, who are also directors of the charity for the purposes of the Companies Act, present their ai]nual report together with the financial statetnents of InChI'l'rust Limited foi'the year ended 31 stDeceniber 2024. The financial slatements comply with the Charities Act 2011, Ihe Coinpanies Act 2006, th¢ Memo]dum and tICleS of Association Accountlllg aiid Reporting by Ch&rkties: Stalement ofRccommended Practice applicable to charities prepariiig Ibeir accounLs in ¢iccordance witj) the f4iiiancial Repoiting Standard applicable iii the UK andRepublic of -eland (FRS 1020) (effective 1st January 2019). STIIUCTURE, GOVEIiNANCE AND MANAGLMEN'I Constitution InChI Trust Lijnited is registered us a charitable company limiled by guaraiitee and was set up by amemorandwn ol Association dated 15th May 2009. It is a registeird charity nun]ber1138670. b. Mcthods of appointment or election of Truytees I'he management of the Trust is the responsibility of ihe truslces who are elected and Go-opted under the tenns ofthc ArtiGles of Association. Organisational structure and decision-making policies The Trustees set our strategic objeLtives, thes¢ rclal'ed to our technical and developmcnt r(yathnap aro nianagod by our fechnical. Director, Geld Blanl<c, wil'h reference to the Chair, Secreiary and "I'rea8urei' ov¢r questions of policy, strdlegy and 2ny financial implications. d. Policies adopted for I'he induction and training of Trustees Ncw Irustees are directed to the Charity Commission guidance on their responsibilitios (https:l/www.gov.uldTunning-charity/trustLe-role-boaJ'd) andmorc speciffically thg"Fss¢ntial trLlStce" document at {https:IIMryvw.gov.uldgovernmenVuploadslsystcmluploads/attdchmcnl daia/filc14510201CC3.pdO. iiiiancial risk management Tho trustees hav¢ assessed the inajorrisks to which the'l'rust is exposed, in particular those related lo the operations &nd finance of tlie Tnist, and are satisfied that systeins and proccdures aTe iii place tu initigat8 exposure to themajor risks, OB,I[I CTIVLS AND ACI'IVITIES rhe pi-incipal objecl of the TTUbt is to develop and support ib¢ cunent InChI algurithin. The 'frust' s obje¢t8 are specifically restrict¢d to the advallcement of 80icnce for the public bcnefIt, in Pdrticular by.. Developing, reviewing and disserninating tlie intei-nationally ae¢d standard Tepresentation, the Inten]ational Ui)ion of Ijure ]d Applied Chemistry (IUPAC) International Cliemical Id¢ntifier (InC]ll), of d¢fined cheiniciL I structure aiid thell links lo related intormalion. Developing 8n organisational framowurk for impletnttntalion of and compliallLe with such codes of practice; Contributing to the use undei'standing of chen)ical 8lruclui'e standards and r¢lated infortniltion. In selting objectives and pltinniug. for activities, the TrusteLs have giveii due consideration to geiieral guidallC¢ published by tILe Charity CoiJmissioii relating to public beiicfil, tncluding die guidanc¢ 'PLiblio benefit.. running a lhtY (PB2)'.
INCHI TRUST LIMITED PAGE 2 FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 ST DECEMBER 2024 TRUSTEES REPORT........ IcowrINUED I. REVIEW OF ACTtVITIES In 2024 we continued to address our key aims: growing the InChE community, supporting new applications and extensions of the Inchl standard, while providing a governance framework balance standards developmenl with the expectations of our communily. The key strategic aims of the Trust remain: Global adoption and use - increasing the engagement with the chemisty community for the benefit of science and business Maintenance & extension of the InChI and applications discovery and business innovation Governance- lo provide an oaniSatIonal framework that ensures the sustainability of the standard to facilitate rapid and effective research We have prioritised the support of the development and governance framework for Inchl and its applications. while promoting the adoption and use I1)Ugh webinars. attendance at symposia. and regular newsletters. A great summary is provided by'chemisls unite! InChI is now built for collaboration- and scale", a news item produced by one of our members, Elsevier, which summarises both the hisiory and the importance of our new developmenl and governance frameworks, setting us up io be able to provide a transparent and sustainable standard with widest possible application for public benefit. (https:l/www.elsevier.com/connecVchemists-unite-inchi-is-now- buili-for-collaboration-and-scale) Chemists unite! Inchl is now built for collatK)ration- and scale Events and Outreach Onlin¢ Tecl]nical U date 26 March 2024 An online session provided updates on: technical developments, Subcommittee and working group activities, organisational updates from the Inchl T51, and IUPAC CPCDS dek'eRopments (https.'Ilwm¥.yoube.conVWatch?rbs8WJ tD Q) We were also able to sponsor, help organise and participate in a two-day workshop on Sustainable Busine8S Modeling for Digital Standards De.el0pment. This brought together a number of standards projects from related fields, to explore shared challenge.% maintaining and promoting stsndards such as Inchl to acceleraie research and consequent public benefit.
INCHI TRUST LIMITED PAGE 3 FtNANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 TRUSTEES REPORT.... /CONTtNUED Inchl in Action- Aachen Technical Meetin 225 Jul 2024 A two-day technical meeting was held at R wfH Aachen, focusing on.. - Inorganics prototype, inorganic stereochemisty. enhanced (organic) stereochetnisty Programming issues and architecture (Mlnchl, Nlnchl. IUnChI) Industry applications and legislative considerations The event included group reporting. prototype feedback. and discussions on lonnat changes and shared code streams. Technical update summary.. htS:]IwWw.Y0UIubC.¢onwatChgI S5hDu5jPos 11 ACS Fall Meelin - Denver Presentation8 and discussions look place ai the ACS Fall Meeting in Denver. highlighting community engagement and technical progress. Jl
INCHI TRUST LIMITED PAGE 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2024 TRUSTEES REPORT... . ..ICONTtNUED Standard Software development Incht Version 1.07 Released. The latesi Inchl version 1.07 was approved by IUPAC and the InChI Trust in July - a transforniational step in our development to support the slandard. Now on Github. with a standard MIT license fully tested for back- compatibility, bugfixes. and a foundation for future extension and maintenance. Subsequent bugfix versions have also been released, demonstrating the ability now to quickly and release improved versions through a streamlined agile developmeni pipeline and process. We have also, in conjunction with IUPAC. developed a new governance framework that provides oversight of scientific and tecbnical roadmaps. This will build on our existing responsibilities and partnership with IUPAC, with a scientffific steering group reporting into IUPAC CPCDS cofflmiltee, and a technical implementation group reporting to the InChI Trust. Both groups will work together define, develop. tes1 and approve new releases of the sLqndard to ensure ba¢kward compatibtlity and that li meets the needs of the scienlifi¢ community. Membership and fundraising The source for funding in 2024 was membership subscriptions, and we mainthined our membership nutnbers as expected. CCDC ccs CHINESE CHEMICAL OCIETY CAS NIH Nisr ' jOpenEye I.LSEVIER ontOiliei11 ROYAL SOCIETY OF CHEMISTRY SpRINGER NATURE OWILEY We are con8idertng additional routes for project support. such as benefit in-kind resources as these are just as valuable to the project as paid InChI Tnk5t memberships. The support of the HeFres-Pawlis Lab at Aachen University from the Volkswagenstiftung, DALIA and NFD14Chem has and will continue to contribute major developments to the project. The Beil%tein-Inslitul has also provided cheminfonnalics resource forthe project, which has been crucial to the recenl mornentum. This has allowed the Trust to concentraie our support on the technical coordination of the project through our Technical Director, Gerd Blanke. who ive alw thank for his expertise and contributions.
rNcHI TRUST LtMITED PAGE 5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ST DECEMBER 2024 TRUSTEES REPORT............ICONttNUED UP,'IIJF BEILSTEIN INSTITUT (•D NFD14Chem Volkswagenstiftung Oata Lttezacy Alllance 2. FINANCIAL REVIEW The Trnst received income of £145,377, ¢OTnprising restricted donation income of £NIL (2023.. £NIL) and membership subscriptions of £144,289 (2023.. £121,850). During the year, expendittLre was incurred of £107,598 (2023: £231,731) leaving net incorne of £37.779 (2023.. nel expenditure of £97,815). All of the Trust's funds are unrestricted. Ai the end of the year, the T1 carried forward funds of £305,015 (2023.. £267,236). 3. RESERVES POLICY The Trnst has operated a reseeS 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 S320k (converted to £255k) and the current reserves at the end 012024 are above this flgure. However, ourbudgei is aimed atreducing the reserves to around our target. We expect lo reconsider our'steady state, of commitsnents and the reserves policy in 2025. 4. PLANS FOR THE FUTURE These ,111 prirnarily be io support the scientific and technical roadmap - being able to release and support new versions with additional funclionalily. and to do so in a more open and transparent development enviromnent. Development of prototypes for molecular inorganics Extended stereochemistry representation Exploration of new architecture layers, consideration of unified data forniats and shared codebases {MlnChl, NInChl. RInChl) Emphasis on test environments and sustainable development practices Applying new govcrnan¢e processes to cover scientific and ie¢lmical oversight of the standard Workshops and symposia have proven successful as a way to support our community and maintain scientific progress while bringing in a wider audience and these will continue. 5. STABLITY OF THE TRUST AS A GOThG CONCERN Our fmances have continued lo be stable into 2025, with the majority of ourmembership income already received as usual. The rapidly changing publishing and economic eni.-ironment has the potential lo cause a slight dip in our membership revenue in 20?6 and so we haTre budgeted accordingly, with forecasts oul to 2029. Our fll)ancial and in- kind support comes from publishing, academia. goi'ernment and the life science industy thus minimising our reliance on any one sector. The Trust remains fmancially solvent and sees no immediate threat to our ability to operate as a going concern.
INCHI I'JIUSI. LIMITL7D PAGE 6 r,'INANCIAL SY'ATL'MEKrs roR I'HE YIAR ENDI"'I) 11 ST Df,Lfr:Mkll.':512024 I'RUS'fL, ES RLIPOR"I'.,. ,.IcotrrriNLTr.I) TKll8'fEFS RF.SPON,SXIJII.rnF.S SI"ATEMirvT Trustees (whu ar¢also ihe directors ofth¢'fiusL fortsi¢ piui)oses of coinpatsy l&w) rxsponsil)l¢ forprepJxin thL TnLStttts' Report the fmancirtl in a¢¢oi'daiic¢ with 4¥llble l&w aiid Iltsil$d Kin8duni Accounting stand&8 (United Kin¥doin Cienerdlly A¢e¢pted A¢knounting ProLlicL). Conipttny rharity law ri'4uir¢s tlie'frusfy¢s Io pi'Lpar¢ I'1114tllLlitl st&leFii¢nts foi, eu¢li fin&ncial ysar whiLh give true and fair view of tlL¢ Slatv ol'affairs of the Lhilable£0mp&l]Y kind of the incoming resources applicalioll of r¢sourr¢y, iti¢Liiding thtr inLuii)e wid ¢xp¢rAdiiur¢, of the cl)¥li'liable compuDy for that p¢riod, Iii prep&rIi.i hes¢ fr"ll)Aiicial slotemeiil, Ilio ITU5tees ate requii'ed to,. selerl Sliilable accoiinling polici¢s &nLt then &pi?Iy them Lonsislently; observ¢ metliuds and prinotple9 iu th¢ Clittril), SORI). make judgLY(ients #nd vstiinatvs that are F1&bIt prii(leni'. stat¢ wliethw, applthbl¥ U.K accowitmig &tsiidiLrds hav# b¢#itt follow¢d. siibj¢¢t t¥) (illy nuterial depamres disclosed @nd &YplaiYLed in the financial stAt¢ments' pi'epwty the finaneiHI statements on the goi1 ¢ollcerll bdSi.s unlegs it 1$ uiapprupriut¢ lo preume the cljantabk ¢oinpany will continu¢ in op¢raÉiun. Tli¢'fnL4tees ire respoi)xible fui. I(èepll ad¥quate accountin&r¢LtsrdsthL<c di8¢losL¥ wiLh reasonable &tcouraey at any tinie the financial positkon (If tl)c cbtwiknbk c(InipiMy and 6nable tlium ID en%ure thot the fman¢ialstatLlli¢Jil% eumply with the CoEnpaiiT¢S Ac't 2006, They artt Also r¢spoiJslble lar %ittiguardingih¢a55ety i)f th# Lbarit4bl# cou)w&rny lot takiit8 r¢&sonalil¢ slLps lor Ibe prev¢D.tioll and d¢M'tion of fraud th¢y if¢EIWÈl¢ts. Tlie'frustees a I'¢$p0tt5ible foi. m&illlen&3ce kMiLI Inteirity uhuritablo aiid fill4rneial illfonnalion lu(l¢d Im the charliy's web$il¢. 'rhis rtti)nrt' was approvLd by thts trust¢ey (In 26 Augu512025 anil signed on th¢ir half, by., MR IUQ'HAR.D KIDD 'I"IIUSTEE & lllFASURE,'R
INCHI TRUST LIMITED PAGE 7 FINANCLAL STATEMEKFS FOR THE YEAIi ENDED 3 1ST DECEMBER 2024 INDEPELYDENT EXAMINER'S REPORT TO THE TRUSTEES ofi INCHI TRUST LIMEYED I report to the charity TnL8tees on tny examitiation of the accounts of the Charitabl¢ Company for the year ended 31 D¢¢¢mber 2024. RESPONSIBILITES AND BASIS OF REPORT As the ch&ritVs Trustees of the Charitable Company (and also it8 directors for tbe purposes of company law) you are respon8ibl¢ for the preparation of the accoullts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,) Having satisfied myself that the accounts of the Charitable Company aTe not required to be audited under Part 16 of the 2006 Act and are eligible for Indepetettt examination, I report irt respect of my examination of your charity's accounts as carried out under 8ection 145 of the Clwitie8 Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Dire¢tion8 given by the Charity Con)mission under gection 145{5)(b) of the 2011 Act, INDEPENDENT EKIMINER'S STATEMENTS I have completed my exan)ination. I Gonfjrni that no matters have come to my attention in connection with tho examination giving me cause to believe: l. accounting record8 were not kept in re8PeCt of the Charitable Compatty as required by section 386 of the 2006 A¢t' or 2. the accounts do not accord with thos¢ records" or 3. the accounts do not comply with the aocounting tequiretnents of section 396 of the 2006 Act other than any requiretnent that the accounts give a'trne and fair view which is not a matter considered as part of an independent eAamination,' or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recotnmended Practice for accounting and reporting by charities (applicable to ch&rities preparing their accounts in accordance with the Financial Reporting Staudard applicable in the UK and Republic of Ireland (FRS 102). I have no cortcerns and have come acTOSS no Oth matters in connection with th¢ exan]ination to which attention 8hould be drawll in this report in OTdeT to enable a proper understanding of accounts to be reached. This report 18 made solely to the Tnt'S Trustees, as a body, in accordance with Part 4 of ihe Charities (Accounts and Reports) Regulations 2008. My worlc has been undertaken so that I might state to the Trnst's Trustees those matters l am required to state to them in an independent examiner'g report and for no other PUTP08e. To the fullest extent pern]itted by law, I do no accept responsibility to anyon¢ other than ihc Trnst aud the Trnst'8 Trustees as a body, for my work or for this POrt. IAN W SHIPLEY FCCA FOR AND ON BEHALF OF,. PRENTIS & CO LLP CKARTERED ACCOUNfANrs & 11Sc Milton Road Cambridge CB4 IXE
INCI41 TIiUST LIMITED PAGE 8 FINANCIAL STATEMENTS FOR fHE YLAR ENDED 31 ST DECEMBER 2024 STATEMBNT OF FINANCIAL ACI'IVITIF.S Unreslricted Total Funds Fund5 2024 2024 Unrestrictgd Restricted Funds Funds 2023 2023 Total 2023 Noto INCOME FIIOM: DoThatÈons alld legacies Charitable activities Interesl. received 12,066 12,066 121,850 144,289 1,088 144,289 1,088 121,850 TOTAL INCOME 145,377 145,377 121,850 12,066 133,916 EXPlli IYDITURE ON: Charitable activities 107,598 107,598 231,731 231,731 TOTAL EXI)ENDITURE 107,598 107,598 231,731 231,731 NET JNCOMEI l(EXPENDI'fuRE) Transfers between funds 37,779 (109,881) 12,066 12,066 (12,066) (97,815) NET MOVEMENT IN fiUNDS 37,779 37,779 (97,815) (97,815) RLI CONCILIATION of4 FUNDS 'rotal fundg brought Fonvard Net mov¢inent in funds 267,236 37,779 267.236 37,779 365,051 (97,815) 267,236 365,051 (97,815) TOTAL FUNDS CARRIED FORWARD 305,015 305,015 267,236 'rhe Statein¢nt of Financial Activitics includes all g&in8 and losses reLognis¢d in the year, The notes on pages 10 to 14 fornL Piirt olthese financial staterncllts.
INCkll TRUST I.IM11'F,D I,'LTrIANL'IAI. S'L'AI'FMF.wrs FOR'fH.I-. YLAR F.NDED 3 IS1. DECLM13PII 2024 BALANCE SEIPEI- 2024 2023 Note CURREN], ASSLTS l)ebturs C8sh al bank 17,214 31.4,381 24,560 274,279 TOTAL CIIRRWNT ASSETS 3J1,595 298,819 CREDTI'ORS: aroounts fa]lit]g du¢ wiihin one y¥ar 26&0 31,603 NE'f CURRENI, Assf,TS 305,015 267,236 THF. .VUNDS OF THF CIIARtTY Ulirestricted Income funds 305,015 267,236 TOT AL CHtiRITY FtrNDS 30.i,OlS 267236 directors Cunsider Ehit the company 1% ¢niilled to #x¢nwtion from th¢ t¢quireinent to Iiiive an audit llder IhL provi8iorJ8 <Jf SKtion 477j l) of the Lompallios Act, 7006. M¢mber8 havt iiotrttquiytd the comp&i)y Sk¢lion 476 of Ihe Cc)rnpalliLs Act 2006, to ublaiFJ an audil f(ii' thtt year #llded 31 SL Deeemb#i' 2024. Tl14 dir¢otors aoknvwledge their I'eypoJsibllili¢y for ensi1]g khat th¢ co1npally Lteps ttceouiilin¥ rBcords wl)ich ¢oinpl} wtth SpoLioii 386 and 387 uf thL Compank¢S ALt 2006 an(1 for prcparii)g finllncial statements wliich &iv¢ u true 4iid fai view of the State of uffairs vl the company dl 31s't Dttcembr 2ll24 and of its $urplus tor ye4w then ¢iid¢d 11) &¢¢ofdaL)C¢ With the requir¢tn¥rylg of S¢¢tion 396 and whi¢b (ytli¢i'iYise coinply with th¢3 roquiruinenL% of the Act rolating to the ti¢1&1 ut#tem¢nts as far as applicable to thtt ¢omp&ny. The tin£iiicLal stareinents. wljirh have been w¢p8r¢d in a¢cardaEice wlih thu speciul Provisions rttlating l() llic coinpaaits subject to tho Slllall ¢oinpaMi£s regiine withiii Part lfj of th¢ LOp[L1#s A¢1 21106, woro approv¢d by Ilio bO.d 2fj August 2025 sign¢d on ils bilialf. MR RILFIARI) KIDD TRUSTBE & TRFASURLK 1.he note, <)n page5 10 10 14 forin pait of th¢se fin2nclal 4iatements.
INCI-11 TRUST LIMITED PAGE 10 FINANCIAL s'fATEIIIE4NTS FOR TFIF. YLAEi ENDED 31 SI. DECFJqBER 2024 NOTES TO 'fFIEI FINANCIAL STATFMLNTS ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL ,STATEMEI Nrs The financial statements have been prepared in accordance with the Charities SQIiP (F.RS 102) - Accounting and Reporting by Charities.. Statement of Recomtnended Practice applicable to charities preparing their accounts in accordttnce with the Financial Reporting Standard applicable in the UK and Republic of IrLland (FRS 102) {secund edition of tlie Charities SORP (FRS 102) October 2019. effectkve l January 2019), the financial Reporting Standard applicable in the UIC dnd Republic of Irelalld (FRS 102) and the Cojnpanies Act 2006. InChI Trust Limited meels the definition of a public benefit under FRS 102. Assets and liabililies are initially recognised at liistorical cost or transaction value unless othenvise stated in ihe relevant. aecounting poIiGy. The fLmCtional dnd piEs¢niational currency of the Charity is pound sterling. Thero were no significaLt judgements or estimates made by magement in preparing these fmancial statements. J..2 COMPANY STA TUS The Inchl Tst is a company limited guaratltee and illLorpuraled in England and Wale8. In the eveiit of the Trust being wound up, th.e .liabilily in i'espect of the guarantee is limited lo £10 per member of the I'rust. The address of ils rewlered office is disclosed on the Contents and Cojllpany Infoiinalion page, 1.3 GOING CONCERN The Trust'ee5 have reviewed the financial posRtion of the frust and have a ieasonable expectation thal. tb¢ Trust has adequate resour¢¢s I'o continiie in operational existence for the foreseeable futhi'e. Accurdingly, the fjnancial siatemeDI's continue to b¢ prepared on the going concern basis. There are no i]]&terial uThc¢rtainties in relation I'o going coiicem. 1.4 f<UND ACCOUNTING General funds are unrcstTlCted funds which arc avai lable foT Use al tlie discretion of the tntstees in furthernnce of the g¢n¢ral objectives of ihe Trusl and whicli have not bccn designated for other purposes. Restricted lldS are funds which are to be li¥ in accoi'dance with specific restrictions iinposed by donors or which have been raised by the Trnst for parLiculaT purposes. The costs of raibing and administerllig siich funds are charged agaiitst tlie specific fund. 'fhe aim and use of each restiicted fund is set out ill the notes to the financial 8tatemenls. 1.5 INCOME All income is r¢cognis¢d onc¢ th¢ Trust has entitl¢rnent to tli¢ incoin¢, it is probablc that the illcoino will be received the an)ount of inLome receivable can be measured i'ellably. Grants are included in the ,%iatement of Financial Aclivitics oil a reLeivabl¢ basis. I'h¢ balance of income received for specific piirposes bul not expended duriiig the period is showii in the relevant fuiids on die balancc shLcl. Whcrc incomc is reccived in advance of enlitlement of thc i'eceipl, its i'ecognition is deferred and included in creditors as deferred llLoine. Where entitlement OCCLirs before income is rcceived, the income is accrued,
INCHI TRUST LIMITED PACJE I I rINANCIAL STATEMENTS FOR'f14F YBAR ENDED 31 ST DECIMBEII 2024 NOITS TO THE FANCIAL STATEMEN'rs ACCOUNTtNG POLIcIESI...................CONTullD 1.5 1NCOIVIE/.................................COIYTINUED Interest on funds lield on depusit is included when receivable and the amount can b¢ measured reliably by the I'rust. tbis is normally upon notification of thc interest paid or payable by Ihe Bank, Membership subscriptions al'e recognAsed in tlie year in whiuh they re¢¢ivod exc¢pt wbere there is ali element relating lo a future year, which is allo¢at¢d accordingly beiwe¢n the two financial periods with future incomo being carried forward as deferred income, Entitlement to the income is deemed to be probable when the membership organisation has completed ils internal approval process and is usually followed directly by the payment. 1.6 EXPENDTURE Expendilure is recogni5ed once there is a legal or constructive obligation to trdnsfer economic benefit to a thu-d party, it is probable tl)at a transfcr of economic b¢nofits will b¢ required in settlernent and the amount of obligation can be ineasured r¢liably, Expenditure on charitable artivities is inciuTed in dire¢tly undertaking th¢ activities which rther the Trust's objectives, as well as ]Y associaled support Costs. Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements. All expendilure is inclusive of in'ecovcrable VA T. 1.7 DEI IITORS I"rade and otber debtors are recognised at the settlen]ent amoutjt after aiiy Irade discowit offercd. Prepayments valucd al th¢ tunount prepald nel of lY Irad¢ discouiits due. 1.8 CASH AT BANK IIND IIN IIAND Cash at bank and in hand includes cash and short-teTm highly liquid investtllents witb a short maturity of three moDths or Icss from the date of acquisilion or opening of the deposil. or similar account. 1.9 LIABLLITIES AND PROVI,SIONS Liabilities are recogLiised when th¢re is an obligation at the balallce skLeet date as a result of a past event, it is prob(Ible ihat a trdnster of economic benefit WILI be required ill settlement, and the amount of the s¢ttl¢ment can be estimated r¢li&bly, Liabililies are recogiiised at the naunt that the Trust anticipates it" will pay to sottle the debt or die amounL is has reccived advanced paynents for lh¢ goods or services it must provide. 1.10 FINANCIAL INSTRUMETr4TS 'rhe 'frust only bas finaticial assets and financial liabilities of a kind that qualify as basic financ2al instnllnents. BasRc fanCIal instruments ar¢ Initially recognised al a transaction value and subsequently m¢asured at their s¢ttl¢ment value with the exception of b<mk loans which are subsequently measured at amortised cost using th¢ effective intsr¢sl mothod.
INC'HI. TRUS'I. LIMITED PAGE 12 FINANCIAI, STATEMENTS FOR THB YEAR ENDED 31 ST DF.CEMBER 2024 No.s I"0 TIIE FINANCIAL S'I"ATFMENTS ACCOUNTING POLICIfiSI.................,.coNfINUFD 1.11 Tr OREICN CURRLINCIES Monetary assets and liabilities denoininated in foreign currencies are traiislated into sterling at rates of exchange ruling at the reporting date. Transaction in foreigll currencies aTe translated into sterling ilt the rate rulillg on the dal'e of the transaction. Exchange gains and losses are recognised in the Slateiiient of Financial Activitie8. 1.12 CASH FLOW STATFMENT EXEMI?I'ION The Trust ha5 talcen advantage of exemptions under Lharities SORP and Section 7 of FRI 02 lo not produce a Stateinent of Cash flows. DONATIONS ANI) LEGACIES 'rotal Fund3 2024 Total 2023 Grants 12,066 INCOME FIIOM CHARI'IAJ3LF ACTIVITIES Total Total 2024 2023 Membership subscription8 144,289 121,850 AIK income froiii ¢harilablL aLtivitios in 2024 and 2023 wa8 unr¢stricted. EXPENDITURF B Y ACTIVITIES Direct Costs 2024 Support Costs 2024 Total I,'iind8 2024 InCliJ algorithin 88,962 18,636 107,598 Total 2023 185,689 46,042 231,731 ANALYSIS OF DlliECT cosrs 2024 2023 Directors, expenses Directors, fee8 Insurallce Foreign exchange differcnce8 Bank clL2rges Coinputer costs Misccllaneous costs Conlcrencc Costs WorlL%hops Consultallcy 13,659 74,154 2,562 (3,211) 291 794 ss 625 20,475 135,716 2,226 17,616 279 609 245 519 8,004 185,689 88,962
INCHI TRUSI. LIMrrED PAGE 13 FINANCIAL STATEMENTS FOR THE YEAII ENDF.D 31 ST DECEMBFR 2024 NOTES TO THE FINANCIAL STA'fEMEN'rs ANALYSIS OF SUPI)ORT COSTS 2024 2023 liidependent examiner's fee (governance) S¢cr¢tarial expens¢s VAT payable under the rev¢Tse charge 3,360 1,007 l4,269 7,918 1,472 36,652 18,636 46,042 KFY MANAGEMII NT PERSONNEI L, TRUSTEESI RII MUNERA TION AND EXI)fi NSES I'be Trust considers its Icey management pergonnel lo be the Tntgtees and the Technical Direcl'or. The operational activities of th'e Trust are uiidertalcen by a group coinprising tlie Chaimian, Secretary, 'rr¢asurer and Technical Director. The Trustees all give their timc and expertise without ally remuneration or other benefits in Icind (2023.. £Nll). The Directoi's ure contracted Oll a freelanGe basis and &rg not employees of the Trust. During t1 year, frustees received, no reimbui'sement of expenses or had expensLs paid directly to a third party on their behalf (2023.. £Nil). DEI BTORS DUE WITIIIN ONE YEAR Prepayjnents and accrued income 2024 2023 17,214 24,560 CRII DIIOIIS: AMOUNTS FALLING DIJE WITITIN ONE YEAR 2024 2023 Other taxation and social security Accruals and doferrcd inwrno 3,310 23,270 5,980 25,623 26,580 31,603 2024 2023 Deferred income al Isl jIllY Membership incojne deferred during the year Ajnounls ieleased fi'om previous peiiods Deferrgd income at 31st Decerllber 21,663 22,851 21,350 21,663 (21,663) (22,851) 21,350 21,663 Deferred income represents membei'ship fees received in Ivance. STATFMENT OF FUNDS . CURREN'f YEAR Bltlance at 1st Januai'y 2024 Balance at 31st December 4xpenditwe 2024 InLome UNIiESTRICTED FUNDS General fund 267,236 145,377 (107,598) 305,015
INCHI IRUS'I, LIMITF,D PAGE 14 FINANCIAL STAT'L7MENTS FOR THF YE,AR FNDED 318 r DECEMBFR 2024 NOTES TO THE FINANCIAJ. STATEMENTS STAI'EIIrfENT OF FUNDS - PRIOR YEAR Balance at 1st January 2023 Balance at Transfers 3 IBt Decetllber inlout 2023 Income F,xp¢nditure UNRCSTRICI'ED fiJNDS General fund 365,051 121,850 (231,731) 12,066 267,236 RESTRICTED FUNDS IUPAC Fund 12,066 (12,066) TOTAL fuNDS 365.051 133,916 (231,731) 267,236 IUPAC Fullding towards travol and venue hir¢ expenses assoLiated with LnChI conferencl, which toolc place betwecn 17th and 19th June 2022. The transfeT to the Gencral Fund is intended to compensate that fund for the travel and venue hir¢ expenseg incurred by the Tru%t during 2022. RII LATFD I)ARTY TRANSACTIOLYS Th¢ Tru3t has not entered into any relat¢d party transaction during the year, nor are there any outstanding balances owing between related parties and the Trust at 31 st Deccmber 2024 (2023.. none)-