Charfty reglstratlon number 01163896 IEngland and Wales) Charrty re9istration number SC047495 IScotl?ndl Company rnglstrntlon number 09617554 (England and Wal•sl THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Stuart Bartfam Bruce Basso S8r8h Davies Alexandre Guerin Kieran Jones Jessica Knoe6 Julian Laville Chns Lockwood Pedro Mairos Davm Miller Cardine Rankin David Roberts Iliam Ross Suzanntr S¢allrffè Cardine Smurthwaite Mark Trumpef Hank Walkin$ IAppDinled 31 March 20231 (Resigned 5 April 20231 (Appointed 29 June 20231 (Appointed 29 June 20231 (Appointed 5 Apnl 20231 (Resigned 5 April 20231 IRe$ign&d 31 March 20231 (Rèsignèd 5 April 20231 (Appointed 5 April 20231 Socr•tary Wenty Wlder Charlty number (England and Wale81 01163896 Charlty numbèr (Scotlandl SC047495 Company numbor 017554 R•gl$t¢Ted offi¢e 71-75 Sheiion Street Covent Garden Londc¥) 2H 9JQ Indopond•nt ox•mln•r Stephen Meredrth FCA DChA Friary Court 1&21 High Street Guil(Iford Suwrey GU130L
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION CONTENTS Pag• Trustees. report Independent examine¢$ rewrt Slalemenl of financial activities Balance sheet Noles lo th¥ financial *aternents 10-18
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their rert and CoUnts for the year ended 31 December 2023. The financial statements have been prepared in accordance th the accwnting polioes set out in note 1 to the financial statements and comply wth the Foundation's Igoveming documentl, the Companies Act 2006, the Charities and Trustee Investrnent (Scotlandl Act 2005. the Charities Ac£ounts Iscotlandl Regulations 2006 las amended) and "Accounting and Reporting by Charities.. Slatement of Recommended Practice applicable to charibe5 pr8paring their accounts in accord8rice wth the Financial Rep(Mtsng StarKlaid aPicable In the UK and Republic of Ireland IFRS 1021. leffeetive 1 January 2019}. Obloctlv•s and aGvItIeS The Insurance Industry CharItae Foundation- London Division I'IICF UK'I exists to ennch lives and enhance local communities by uniting the Insurance induslry in grants. vclunteering and leadership. It furthers those charItae purposes which the trustees rnay from time to bme detemiine. The primary activity ol IICF UK Is th& pfovision ol granls lo registe nonwofit org8nisalion$ In th& UK. The Iru$le&$, also known 0$ the boord of dir¢¢t¢ys, ¢onfim) they have feferr¥d to the Charity Commission's guidanc• on public bènefit when r•Vi1n9 th¥ Foundation'$ aim$ and obiects"ves, In planning future &tivitie$, and in preparing the strategy and prOdureS for grant making. The trustees have paid due regard to guidance issued by the Charrty Comrnission in deciding whal activit the Ftyjndation should undertake. The IICF UK. is a charity regislered the Chanty commison in England and Wales and Office ol the Scottish Regulator IOSCRI. The tru$l¥es havè paid duè re9arl 10 9uilan¢e issued by the Charity commi$$1 in deo¢Jin9 what 8cllvill&$ the Foundats'on should undertake. A¢hl¥vernent$ and performon¢• In 2023, successfully rebuilt revenue and supwt from corporate donors to achieve greater financial stability, the prirnary aim of year one of the thre&year strategy approved by the board in 2022. IICF UK maintained strong support with èxisting and nèw momrS. attractèd naw corporat8 SUPPOrtèrs, and helped to change the lives of more than 1,300 people in communrties in England and Scodand through grants awarded for 2023 proJecl& At the sarne time, the charity CCbnUed to raise fijnds for its community grants programme in 2024. Through investment in fr¢8lance rgsource, IICF UK rofined gr8nts and foundthn poli¢i&s to maintgn str¢ng govemance and strengthened its value proposition by more dearty articulats'ng the charity's purpose and ways in which the foundation is working lo advance swal mobility as part of the soaal pillar of ESG. Achievements re81ised by the Iwslees. committee members and Ex¥xu¢ive Directof in 2023 are dewibed below. The charity's leadership is cornpnsed of an Executive Director, who manages day-tTrday operations and engagement wth grant recipient charities and lourteen tr•)ard of director5. who serve 85 the ch8rity's trustees. Al yearvend, six companies partnered wih IICF UK as affiliate members.. Carbon Underwriting. Kennedys, MedPro International, Sidley. WB Undewiling ar Vrtesse PSP. The Associate Board, 25 earfy-career professionals representing 21 cornpanies. continued to play an integral role in planning fundraising events and volunteering projects. cultivating relationships wth industry associations, and prèparing foundation communicth"on$.
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 mm The charity's impact centres around its Communty Gra)ts Programme, focusing on social mobilty and helping individuals and communities in England and Scotland lo continue leaming, secure employment and make a new start in life. The Board of Directors approved grants recommended by IICF UK'S Grants Comrnittee totalling £61.000 lo wghl Gharities". Bookmark Reading Charty. Every Youth. Go Live Theatre Proiectsl halow. Key4Life. St Giles. Viwon Foundthon and Women's Inclusive Team. Grants were avtsrded in December 2023. In 2023. IICF UK raised further fvnds for rts Revrtalising Communities Fund focusing on the costwoI.living crisis and awarded a further £20,0 in grants lo Iwr) ¢harilEs.' Envision and Re8chOut. Connecting corporate and charity partners through community and skills-based volunteering remains an integral part of IICF UK'S story of impact. In October, the charty held rts 51gnature Week of Giving acros5 five divisions in Ihg UK and United States. In the UK. nearfy 200 vdunteèrs cx)ntributÈd an estimated 700 hours and partscipated in projects including conservation work, servin9 lunch to people faang homelessness, writing letters to children in hospital, helping out at food banks and City farms and donabng dothes and lood lo local non•profit organisation5. To expand its volunteering offering, IICF UK launched 'Volunleer th IICF, in 2023. To deliver this prograrnrne, volunteering opportunities centred around a particular theme were announced each quarter, providing supporters with focu5 88 well as flexibility In the way thal they voIleer. In the spring. IICF UK held its Charity Gclf Toumament as well as the annual Step Up Challenge. bringing log&ther hundreds of employees Irom mor8 than 15 ¢ounintrs 10 gei active whiltr raising lunds for IICF UK'S Revitalising Communitiès Fund. In 2022. this ¢ampaign raised fvnd$ lo reduce the digrtal L1ivide by kyovldlng dats an(J d•vic8s to disadvantagèd an¢J vulnèrable young peo8. In September, IICF UK held its Xth annual COnferer on Sou'al Purpose and IndOn at the Tower of London, nvening leeders from a¢ro$$ industry se¢tors on themes induding inclusion and ESG. Many participants regardèd thè programme as onè ol IICF UK'S strLN)gest. starting to position Ihè chanty as a thought lèader on social irnpact, or the S ol ESG, a topic that refiects both IICF UK'S mission and the industry s inherent socAal purpose. IICF plans to further its thought leadership on Ihis topic in 2023. Followng rail strikas in Junè. IICF UK moved Its annual Gala Dinnèr to Odobèr. Thè first In-person dinner sinc& 2019, the event brought together over 200 guest to recognise and celebr8te th& industry's impact in th8 community and served to strengthen supporters. commitment to the foundatson. IICF UK'S leadership is comprised of an Exeujtive Director. vtho manages day-tovday operations and engagement with grant recipient charities and fourteen board of director5. who serve as the charity's trustees. Al year*nd, six companies partnered wlh IICF UK as affiliate members.. Carbon Underwriting. Kennedys, MedPro Intemational, Sidley. WIRIB Underwriting and Vrtesse PSP. The Associate Board, 25 earfy-career professionals representing 21 companies, continued to play an integral role in planning fundraising events and vdunteering prcyects. cultivating relationsh'ps industry associations, and preparing foundation comrnunicats"on5.
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ile IICF UK successfijlty navigated numerous challenges lo achieve success in 2022. the Executive Director and board of directors recognised the need for a new approach In order to realise prevpandemic Income levels and drive fLrture growth. To this end. the ExecuDve Director led a strategic review. working alongsKle the board to avaluata thè currant markèt, the foundation's financial pèrfomancè and stratègic opts.ons for thè fLrturè. Optsons presented to the UK board of directors and IICF UK'S intemational board of govemors included.. 1. Adapt." Retain a presen¢e in the UK through individual membership and Intemational programmes led by the IICF UK charity in the United States le.g.. of Giving) ralher than have a physical presen,. and 2. Invest & Grow.. Secure investment from IICF UK'S affiliated charity in the United States lor freelanc6 resource to support day-tTrday operations as wdl as an investment of rnembers, lirne to drive membership growth. The IICF UK board of directors and intemational board of govemNs agreed to invest and grow the UK charity and to review OptnS again in one year's time. Flnon¢lo1 r¥vl•w The statement of financial activities shows lolal income of £2.504 12022.. £245.1881 and total expenditure of £314,639 12022.. £262.1931. As indicsled above. induded in expendrture are grant commitments of £86,250 12022. £54.6001. The balance sheet shows total lunds of £9.34812022. £27.4631. 311 ol whth was unrestricted. Reservas aré needed to brldge th• gap betsveen the $p8nth"ng and rec•Ning Df income and to cover unplanned grant rnaking expenditure. The trustees cOnder that Ihe ideal level ol reserves as al 31 December 2023 would be £60.000, ¢0 cover six months ol operations. At the period end. free lunrestricted reservesl stood at £9.348 12022.. £27.4831. The charty wll iMement a fcfjnal r&%erves policy once it achieves increase and stabl incoma, èxpected thin two yèars. The board of direct$ established a risk management slr8tegy in Jw)e 2016 and perforrns an annual review this policy. The risk management policy ¢ompri$e$". an annual review of the principal nsks and uncertainties that the charity fac8s, the establishment of pdioes, systems and Kwoce(lures to mibgate nsks Identifie(J in the annual review, and th8 implemèntation of procadur8s d•ggn811 to minimi$è or manage any pot8nts.al impact on tha charity should those risks matenalise. Risk based approach to measuring perfomiance against staled strategies and budget.
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans forfuture periods In 2022, the ard of directors approved a three year strategy to grow the charty in the UK, incorporating plans to slabilise and increase membership in 2023 and to eXOre new opportunities lor collaboration and income diversification in 2024 and 2025. Recognising the importare of creating unique value for both our ¢knrty and corporate partn8rs. pnorities for the corning y8ar indude ExpandAffiliate Membefship Into regional uties by raising awaret7ess through local industry associations and events in cities such as Manchester where there Is a strong insurance presence. Increase the srie of the board of direclors to generate grealer income by cultivating latiOnshIpS and engagernenl at a senior level. Offer tangible ways corporate partners can Cene¢t with IICF U$ grant reupient charth.es to adwdnce social rnobility and indusion. At the same lime, IICF UK will contsnue lo hc4d volunteering and ftJndr8i5ing even15 to drive 51ewardship gf exists'ng members and rai$$ fvnds for IICF UK'S ¢ommunity grant$ programme. To address l¢¢al community needs, the 2024 Revilalising Communibes Fund wll raise funds to help create better futures for yOLng people who feel disernpowered aboul the future by giwng them a voice. for instance through school or community projects. Fundralslng poII¢y The charity undertakes the following fundraising acts'vilies to raise funds for grants to register&J nonwprofit organisalions in the UK.. Hold in person and on4ine fundr8i51ng events and campaigns In¢orpor8ling li¢ket sales and sponsorships as well a$ a raffle or live auction ot the event. Th¥se entS are plne4 by a professional vent$ p19nner and promoted by the Executive Dir8Ctor, the board ol directors and active supporters of the charity. The IICF UK does not engage a professional fundraiser or comrnwcial parlicipalor. The Executs've Director and Executive Commrttee monitor fundraising acti¥rities carried out prior lo and during event5. Run an annual fvjndraising campaign, The Revitalising Communities Fund. to meet specific cornrnunity needs. In 2023. funds ra15ed through per30nal and corporale donatic9 and IICF'S Inlernalion81 Slep Up Challen9& bonofrted youn9 peoF4e parti¢ularty impa¢lod by t1 ¢o$t-of-Ii¥Ang ¢riS1S. Neither the charity mr any person acling on behalf of the charity wa5 Subject to an undertaking to be bound by any voluntary $chème for regulating fvn&rw$ing, or any voluntsry stsndwd of (uThSrai$ing, In Spect ol gth"vilig8 on behalf ol tha charty. Nor did they receive a complaint for the purpose of fundraising. To protect vulnerable people and othef members of the public from behaviour that intrudes on an iThYividual's privacy or aCeS undue pressure on an individual to give money or other resources. the IICF UK reVwS and dean5 ils database of contacts (all ol whryn have attended an event N meeting wth the charity) anrually, gives Individuals the opts.on lo un$ub$cribe from emails and does not pass on indNiduals' contact details to any third party not contracte(I by the charity for a speofic purpose such as ent planning. Structure, governance and management rnin The Insuran Industry Charilable Foundation - London DIVI0 is a company limited by guarantee Ino. 96175541 governed by its Mernorandum and Artides of A5soriation dated 1 June 2015. This docurnenl was amended follown9 aPPTOV81 by the board of directors on 2 Jtjne 2016. 8 December 2016 and 8 Dernber 2022. The first amendments clanfied the charty's objects to refine adivikn.es undertaken by the charty and to register in Scotsand, respectively. It is also registered as a charity wth the Charity Commission of England and Wales Ino. 11638961 and the Office ol the Scottish Charity regulalor Ino. SC0474951. The amendments in 2022 clarified the roles of Observer arKI Delegate and to sperjfy th board meeb.ngs be in person. hybrid or virtual. Each rnember of the company agrees to contritrtrte £1 in the event of Ihe charitsble cornpany wnding up.
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees. who are a150 Ihe director5 for the purpose of CoMpY law. and served during the year and up lo the dale of signature of the flnanGial statements were". Stuart Bartram Bruce Basso Sarah Davies Alexandre Guerin Kieran Jones Jes&ca Knovles Julian Laville Chris Lockw¢)od Pedro Mairos Dawn Miller Caroline Rankin David Roberts Iliam Ross Suzanne S¢atliffe Caroline Smurthwaite Mark Trumper Hank Watking IApwnted 31 March 20231 (Resigned 5April 20231 IApwnted 29 June 20231 (Apwnted 29 June 20231 {Appted 5Apnl 20231 (Resigned 5April 20231 IRe$igned 31 March 20231 (Resigned SApril 20231 (Apwnted 5AFfftI 20231 As set out in the Artides of Association the trustees can be nominated by Founding members, or Sustaining members, who a firms within the insurance induslry. who are in good standing. and who have made a sufficient financial contribution lo the carity. There is no restriclion on the leTrJlh of apIntment. The board of dir8Ctors, vknich requirès a minimum ol thfeè members. ministers thg ¢harity. The bc8rd me&ls quarterly and holds an annual strategic annIng Se0 at the start of each year. An Executive Director is appointed by the trustees aThJ the CEO of IICF UK to manage the daY-tdaY operations and growth of the charity. To faalilale effective operaknons, the Chiel Executive has delegated authority, wthin terms of delegation approved by the truytees. New trustees participate in orientatson to brief thern on.. their legal obligations under charity ar company law. the Charity Cornrnission guidance on puNic benefrt. and inform them of the content of the Memorandurn and Articles of Association, charity polirjes, decisionvmaking procEsse5. the business plan and strategy. and recent financial perforrnance ol the Gharity. Trustees ore enwtjraged to attend appropriate extemal training event5 ere Ihestr will facilitat8 the undèrtakn.ng of thgir rdè. The directors consider the board of diiector5. who are the Foundation's trustees. and the Executive Director, to be the key management personnel of the charrty reSponsie for leading thè Foundation aThJ managing its day-t day operations. All directors give ol their bme freely and no director recewed remuneration in the year. The pay of the Executive Direclor is set by IICF UK'S Compensth'on Committee, which also rewews the Executive Director's perfomiance each year. Mernbers of this committee indude the IICF UK'S Board Chair. the CEO of IICF UK and Board Chairs of divisiws of IICF UK. the related US non-profit. The charity pays the Executivè Director's salary.
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 None ofthe Foundati.5 trustee5 receive remuner&'on or other nefft from their work wrth the charity. Any connection beNveen a trustee of the charity wtth a reuF¥ent charity, supplier ol services or substantial donor must be disclosed lo the full board ol trustees. In the current year, no such rdated party transactions were reported, other than the relationship to the Insurance Industy charitab Fwndation, a US non-profit body that has provided Inrtial set-up support lo the charity. Statement of trustees. responslbllhles The ch8nly trustees Iwh0 are also the directors of Ihe In5urarKe IrKIusty Chantsbltr Found8b"on - London Division lor thè purposas of company lawl arè rèsponsi1* for prèpanng a trustèes, annual rèport and finanaal statements In accordance wlh apICable law and Uniled lQngdom Accounting Standards Iunited lfj"n9dom GenerallyAccepted Accounting Practice). Company law r8quires the charity trustees to prepare ffinanaal statements for each year which give a true and fair view ol the 51ale of affaiTS of the charitatrAe company and of the incxjming resources and application of resour¢&$. Including the in¢¢)me and expen¢Jiture. lor that pen¢d. In preparing the financial staternts, the trustaès ara requir to". select suitable accounting policies and then apply them consistendy. obsérve the méthods and prinaples in the Charities SORP. make judgem8nls and estimates that ara reasonabl8 and prudent, state whether applicable UK accounting standards have been followed. subject to any moterial departures disclosed and exaIned in the financi slatements and epare the financial slaternents on the going concem basis unless it is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeng proper accounts'ng records that disclose wth reasonable accuracy at any lime the finanrial p051tion of the charity and fo enable them to ensure that the finanual statements cornply with the Companies Act 2006. They are also responsiNe lor safeguarding the assets of the ¢harty and hen¢& taking reasona& $t•p$ for th• prevention and d8t•th"on of fraud and oth•r Irr•guLanb"•$. Thé trustees are rèsponsiblé for thè maintènance and integrity of the corporate and financ4al inlcymation includad on the charitae company's website. Legislation in the Unrted Kingdom goveming the preparation and dissemination ol financial statements may differ from legislation in other jurisdith'ons. This report has been prepad in accordance with the provisions aWicat4e lo companies entitled to the Small cornpanie5 exempts'on. The trustees, report was approved by the Board ofTrustees. Dawn Millèr Trustee Dated. .Iw07.12Q24. ..
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INSURANCE INDUSTRY CHARITABLE FOUNDATION- LONDON DIVISION I report to the trustees on my examination of the accounis of The Insurance Industy Charitae FoJndation- London Division (the Foundation) for the year ended 31 December 2023. R•sponslbllltlès and basls of report As the trustees ol the Foundation land also its directors lor the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the Tequirements of the cnpanIeS Act 2006 Ilhe 2006 Acti. Having satisfied mysetr that the accounts of the Foundation are Th)t wuired to be audited under Part 16 01 ihe 2006 Act and are eligible for independent examination. I report in respect of my examination of the Foundation's accounts carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicatye Directn$ givèn by the Chanty Commi$$itsn under section 14515llbl ol thg 2011 Act. Independent examlner's Statement Sinc8 th8 Foundation Is requiréd by company law to prepare its accounts on an accruals basis and registered as a charity in Scotland your examiner must be a member ol a body listed in Regulats'on 11121 ol Ihe Charities Accounls Iscotlandl Regulats'ons 2006 las amended). I confirm that l am qualified to undertake ihe examination because l am a mernber of ICAEW. which is one of the lisled bodies. I hov8 completéd my examination. I confirm that no matters have rne to my attention in connection with th8 examination giving rne cause to believe.. accounting records were not kepl In f•sp•d ol th• Foundation as raquired by saction 386 01 the 20C6 Act., or the ¥¢counls ¢Jo not 8¢¢ord wrth thoge re¢ord$". the accounts do not cornply wlh the accounting wuirements ol secbon 396 01 ihe 2006 Act other than any requirement thal Ihe ae¢ounls give 8 true and lar view vthi¢h is not a m8¢ter eonsidtrred as part tsf an ndgpend$nl ¥x?mination." or the account5 have not been prepared in accordance wrth the meih¢>Js and prinaples of the Statement of Recommended Practice for a¢¢ounling and rèwthng by ¢haritiès applicable tty ¢hariti?s prèpanng their acctsunts in accordancè swth the Financial ReportJn9 Stan¢Jard applicablè In the UK and Republic ol Ireland IFRS 1021. I have no concern8 and have corne acr035 no other matters in connection wilh the examination lo which ttenlion Should b& drawn in this rewt in Lyder lo enable ¥ proper understsntjing of the ¥¢¢wnl$ to bo raached. Slyl.. Stephen Meredith FCA DChA Friary Court 1&21 High Street Guildford Surrey GU13DL Dated". 1510712024
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Unrestricted funds fvnds 2023 2022 Not•s Donations and legacies Other trading activities Inveslrnents 123,029 173,469 137,680 107,505 Total Ineom• 296,504 245,188 Raising funds 172,088 185,021 Charilablg a¢tivilie$ 142,551 97,172 Total exp•ndltur• 314,639 262,193 Net expendlture for the yearl N•t mov•m8nt In lund$ 118,1351 117,0051 Fund balances at 1 January 2023 27,483 44,488 Fund balon¢•$ at 31 D¢¢*mbor 2023 9,348 27.483 The $tslem&nt ¢1 finanual 8¢tivib&s irKlude$ ¥ll gains #nd lo$se$ re¢ognised in the year. The staternent of financial activibes iludeS all gains and losses recognised in the year. AJI incorne and expenditure derive frorn conts'nuing activities. The stslernenl ol finanri81 activities also Crynplies Wth the requirernents for #n incr)rne and eXndItUre a¢Unt under the Compani¥sA¢t 2006.
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Current aSS0ts Debtors Cash at bank and in hand 14 17.178 25.621 30,319 39,783 42,799 70.102 Crndltorn: amounts lalllng du• thI one year 16 133,4511 142,6191 Net current assets 9,348 27,483 N•t a$ts •x¢ludlng p•n$lon11oblllty 9,348 27,483 The fund5 of the Foundatlon Unrestricted funds 9,348 27,483 9.348 27,483 The cornpany is entiued io the exemption from audrt requirement ntained in section 477 of ihe Companies Act 2006, for the year ended 31 December 2023. The tru$lee$' are r¥$ponsble for ensuring that the Charity ke¥p$ a0ntityj ro¢ord$ which comply ¥Mth $o¢tion 386 ol the Act and for preparing accounts which give a true and fair wew of the slate ol affairs of the company as at the end of the finanaal year and of its income and expendilure for the financial year in accordance wth the requirernents of sections 394 and 395 and which otherwse comply with the requirernents of the Companitss Act 2006 relalin9 to accounts. so lar as applicable IL) the ¢ompany. The mernbers have not required the company to obtain an audit of its finanaal ststements for the year in question in accordance with section 476. These financial st8temer)ts IT8ve been pPa in 8¢¢ordan¢e with Ihe provision$ 8pplicaNe to compantes $ubje¢t to the small companies regime, as set out in Financial Repth"ng Standard 102 sectk)n 1A and part 15 of the CompaniesAct 20[ applicable to small companies. The financial ststements were approved by tnjstees ..15JO?1.24 Dawn Miller Trust•• Company registration numtrRr 017554 (England and Wales)
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Charlty Infomatlon The Insurance Induslry Charitable FoUndab"0Lond0n Division is a private company Iirnited by guarantee Incorporated In England and Wales. The iegistered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. 1.1 Accounting convention The financial statements have been prepared in accordance th the Foundation's goveming document, the Cornpanies Act 2006. the Charibes and Trustee Investment Iscouandl Act 2005, the Charities Accounts (Scotlandl Regulations 201% la5 amended) and 'Accounbng and Reporbng by Charities.. Statement of Recommended Pr8Cti¢e 8pplicable to tharitse5 preparing their accounts in accordance vmth the Financial Reporting Standard apICable In the UK aryl Republi¢ of Ireland IFRS 1021. The Foundats"on is 8 Publlc Benefit Entity as defineil by FRS 102. The Foundation has taken advantage of the provisons in the SORP for charities applying FRS 102 Update Bulltrlin 1 not to prèparè a Staiemènl ol Cash Flows. The financial statements a pPared in sterling. 1th is the fijnctional Curren ofthe Foundation. Monetary arnounts in these financial 51alemenls are rounded to the nearest £. The a¢counl$ have been prepared under hislori¢al ¢osl w)ventson. Th¢ pnnupal a¢counlir@ pol'eies adopte<l 8r¢ out below. 1.2 Golng concorn Al th8 limè of approving thè finanaal stateménts. the trustèès have a rèasona18 axpactstion that th8 Foundation has adequate reSoUrS lo continue In operational existence lor the foreseeable lulure. Thus the trustees continue to adopl the going concem basis ol accounting in preparing the financial 5tatemen(s. 1.3 Charltablo funds Unrestricted funds are available lor use at th& discrth.on of Ihe trustees In furtherance of their charitable objectives. 1.4 Incomè Income is re¢JniSd when the Foundat is18gally entrtled to il after wy perforn8n ¢ondili¢ns have been met, the 8mcyJnt$ can be measured reliably, ar)d rt 1$ probab th8t in¢ome will be re¢ewed. Cash donations arè r&cognised on recèipt. Othèr donatsons arè recognisèd oncé tha Foundation has bèèn notified of the donation, unless perfomiance condrtions require deferral of the amount. Income tax recoverable in relation to donations receNed under Gift Aid or deeds ol covenant is recognised at the tirne of the donation. Legacies are recognised on receipt crf oiherwse il Ihe Foundaiion has been notified ol an impending distribution, the amount 15 known, and receipt is expected. If the amount is not known. ihe legacy is treated as a contingent asset. here services are provided to the charity as a donation that would nomially be purchased frorn suppliers, the contribution 15 induded In the fin8nrial sfernents as both income and expendilure at its e3tinKqted fair value based on the value of the contribution tr) the charity. 10-
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlno pollcl•s Icontlnuèdl 1.5 Expenditure Expenditu is recognised when a liability is incurred. Contractual arrangements and perfomiance related grants are recognised as goods or SeICeS are SUPFlied. Other grant payments are recognised vthen a constructive obligation arises that resutt in the payment bw'ng Unavoldae. All resources expended are dasstheil under activty headin9S that aggre9ate all costs related to the category. lrrecoverae VAT is charged against the category of resources expended fw lch it was incurred. Expenditure on charitable activrties indu¢Jes expendiiure assoaated wth the research activities and include both the direct costs, supwt cosis and governance cosis rdating to these actives. Overhead costs have been allocated as follow5 Fundraising Charrtable acth'vilies 67% 33% 1.6 Cash and ca¥h ¢qulval¢nt• Cash and cash equivalents indude cash in hand. deposrts held at call wrth banks. other short.term liquid investments with original maturits'e5 01 three Mth5 or less. and bank overdrafts. Bank overdrafts are shown wbthin bcfrowing$ in ¢urrenl Iiabilrti¥s. 1.7 Flnanclal Instrum•nts The Ftsundalion has elected 10 apY the prowsions of Section 11 'Baw¢ Finanual Instruments, 8nd Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finanaal instruments. Financial instruments are recwnised in the Foundabon's balar Sheet when the Foundation becomes party lo the ¢onlra¢tu81 provisions of the inslwmenl. Financial assets and liabilities are offset, with the net amounts presented in the financ181 statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intents'on to settle on a net baS or to realise the asset and settle the liability simullaneously. Basie finanelal asséts Basic finanrial assets. which include debtors and cash and b8nk balance5. are inib'ally measured at transaction pricè including transaction costs and arè subsèquènlly cafflèd at amortisèd cost using thè Èff8ctiv8 Interest method unless the arrangement constitutes a finanang transaction. where the transaction is measured at the present value ol the future recapts discounted at a market rate of interest Finanaal assets dassth'ed as receivable within one year are nol amortised. Basi¢ finan¢ial liabilities Basic financial liabilities. including creditors ar bank loans are initially recognised at transaction price unles5 the arrangement constitutes a financing transaction. where the debl instrument is rneasured at the present value of the future payrnents discounted at a market rate of Interest. Financial liabilities classified as payable within one year are not amortised. Debt instrumen15 are subsequentty carried at aMtised cost. using ihe effeth've interest rate method. Trade creditors are obligth.ons to pay for gd$ or seryices that have been acquired in the ordinary course of operations from suppliers. Amounts paYae afe dassified as current liabilities il payment is due wthin one year or less. If not, they are psented as nortrllcurrent liabilities. Trade creditors are recognised initialty at transaciion price and SUbseqnI nasUred at amorbsed c#)st uwng Ihe efftIVe Interesi rne¢hod. 11
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlno pollcl•s Icontlnuèdl Derecognition of financialliabilities Financial liabilities are dwecognised when the Fjnda)n'S contractual olgab.0nS expire or are disd)arged or cancelled. 1.8 Employ•¢ b•n•fits Terrnination benefrts are recognised immediatety as an expense en the Foundation is demonstrably commrtted lo lemiinate the emF4oyrnent of an employee or to prowde tennin8tion benefits. 1.9 Retlr8m•nt b•n•ffts Paymènts to defined eonlribution rèliremenl bentrfft sthemes are Charged 8$ an tsxp#n$e as thèy fall duè. Crltlcal accountlng •stlmat•s and ludg•m•nts In the application of the FCjndat'S accounting policies, the Injstees are required to make judgernents, e$tim3te8 and 8$surnption5 about the ¢arrying amount of assets and li8bilitie$ that are not readily apparent from other sotJr¢es. Thtr trslimates and ass¢Kiated assumption$ artr based ¢n histoncal exporieneo and oth•r factors that are conSided to fekvanl. Actual resLIts may differ from these estimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting e$timate$ are recognised in the penoJ In whi¢h the estimate is wised where the revision affects lY that priod. or in th& period of the rwiwon and luture period$ Wh the mi$ion aff&¢ts both ¢urr&nl an¢ future periods. CrStlcal ludgementg Def•rr¢(I In¢om• Deferred incorne arises when payment has be received in advance for a service to be delivered in a fvture p&riod. Sorne tr¥n58Ctions require iud9emenl on Ihe penoJ lo whith that service rel8le5 and therefore the element ol In¢omo lo be deferred. Th& CaNn9 amount of defgrrgd Inm• al 31 Do¢&mb&r 2023 was £0 12022- £01. Key sources of estlmatlon uncertalnty Ac¢ru•d exp•ndltur• Delemiining expenditure thal should be accnjed for requires sorne estimation lo future liabilities. The estimates are rnade by reference to previous tran58Ctions ol a 51milar naitjre. The carrying amount of 8ccrual$ at 31 Decgmbar 2023 was £23,940 {2022- £8,230). Donatlons and legacles 2023 2022 Donations and grfts 123.029 137,680 123,029 137.680 12-
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other trading actlvltles 2023 2022 Fundraising events 173.469 107,505 In¢om• Irom Inv•$tm•nts Unre8trlct•d Unrestrlctsd funds funds 2023 2022 Interest re¢eivable Ralslng fund• Unrestrlct•d Unrestricted fund$ funds 2023 2022 S$aking donations, grants and le9aaes Other ndraIsing costs Support costs 2,948 59,485 109,655 2,948 79,876 82,197 Fundraising and pulAirity 172,088 165,021 ExpendSture on charltable actbvbtles 2023 2022 Dirèct costs Grant fvnding of activities (see note 81 86.250 54,600 Sham ol Support and gov•maneè costs {s•è not• 9 Support Govemance 54.827 1,474 41,098 1,474 142.551 97,172 Analysis by fund Unrestricted funds 142.551 97,172 13-
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payoble 2023 2022 Grants to institutions-. Bookmark ReadiThJ charity Every Youth Go Live Theatrè Halow Project Key4Life St Giles Trust Vision Foundation Wornen's Indusive Team Envision Reach Out Youth Other < £1,000 grants Kids Out Wornans Indusive Break charity The Spartans Communty Ignite Hub Friends of Dorothy 10,000 10,000 5,000 5,000 10,000 12,500 10,000 1,180 10,000 10,000 2,570 6,800 500 7,100 10,000 9,300 10,000 5,900 s,000 86,250 54,600 14-
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Governance costs costs 2023Support costs Govemance costs 2022 staff costs Exchange Lossesllgainsl Adrninislralive Support Printing, postage & stationery Telephone A¢¢ountan¢y Computer running $ts Consuhing M¢tor and Irav¢l expenses Insuran¢e Bank charges 124.457 534 292 124.457 534 292 109,928 11121 163 109,928 163 266 443 12,490 631 20,189 266 443 12.490 631 20.189 558 6,564 446 2,217 558 6,584 446 2,217 3,607 1,499 74 3,607 1.499 74 1,959 1,247 199 1,959 1,247 199 A¢counlancy 4.422 4.422 4,422 4,422 164,482 4,422 168.904 123,295 4,422 127,717 Analysed beNveen Fundraising Charitable activrt*s 109,655 54.827 2,948 1.474 112.603 56.301 82,197 41,098 2,948 1,474 85,145 42,572 164,482 4,422 168.904 123,295 4,422 127,717 15-
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Net movement in funds 2023 2022 The net movement in lunds is stated after chargingllcredth"ngl'. Exchange106sesllgainsl 534 11121 11 Trustees None ¢1 the Iruslees lor any persons conne¢od wlh them) recNed any Temunoration ty benefits frtsm the Foundation during the year. 12 Employ••s The averagè monthly number of emF4oyees during the yo8r was.. 2023 Numb•r 2022 Numbar Employmont costs 2023 2022 Wages and salaries Social security costs Other pen¥ion costs 112.386 8,734 3.337 99,385 8.038 2,505 124,4S7 109,928 The number ol emoYeeS wh)se annual remuner*"on was than £60,000 is as follows.. 2023 Number 2022 Number £100,000- £109,999 R•mun•ratlon of key managem•nt p•rnonnel The remuneration of key rnanagement personnel was as fdlows.. 2023 2022 Aggregate cornpensation 124.457 109.928 16-
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Taxatlon The Insurance Industy CharrtatAe Foundation is a cegistered chanty and therefore is not liable to income tax or corporation tax on income derived from ts charrtatle activibes, as It lalls wrthin the various exemptions available to registered charities. 14 D•bt¢rs 2023 2022 Amounts falllng du• thIn on• y•ar. Trade debtors Other debtors Prepayments and a¢cr[ In¢om• 11.000 405 5.773 29,263 100 956 17.178 30,319 18 Loans and ov•rdraft• 2023 2022 Other l¢ans 30,000 Payable within one ye8r 30,000 16 Cr•dltors: amounts falllng due wlthln onfr year 2023 2022 8orrowngs Other taxation and social security Trade creditors other creditors Accruals and deferred income 30,000 3,579 510 300 8,230 3.531 5,225 755 23.940 33.451 42,619 17 R•tir•mènt bènefrt schem•s 2023 2022 Deflned contrlbutlon schemes Charge to profit or loss in resCt of deffined ntributIOn schemes 3.337 2,505 The Foundation operates a defined contribution penson scherne for all qualifying employees. The assets of the sGherne 8re held separately Irotn those gf the Foundation in an IrKlependently administered lund. 17-
THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Unrestrfcted fund¥ The unrestricted funds of the charity comprise the unexpended balances of donations and grants which arè not subject lo specific conditions by donors and grantors as lo how they may be used. Tliese inclu(Je designated funds which have been set aside out of unrestricied fvnds by the trustee5 for specific purposes. At 1 January 2023 Incomlng resources Rèsourc•$ •xpend8d At31 December 2023 G&neral funds 27,483 296,504 1314.6391 9,348 Prevlous year: At 1 January 2022 Incomlng resources Resources expended At31 December 2022 General fut)d$ 44,488 245,188 1282,1931 27,483 19 R•lat•d pabty transactlons Transactlons th related partles During the y88r the FouThJation entered into thè fdlowing transaci•Jns wth r81ated p8rti8$'. The Insurance Industry Chantablè Foundation. a Unrtad States 501lcll31 noprOfit organisation IIICFI is related to IICF London, as Mr. William Ross. a director of IICF London, is Chief Executive Officer ol IICF. In 2015 IICF provided initial funding by way ol donation to IICF London. In 2020, the United Siales foundation made an InteSt f, unsecured loan of £30,000 to IICF London which was converted to a donation lo the charty thjring the current year. Al the year end IICF London owed £nil to the Unrted States foundaknon12022'. £30.0001. 20 Control The Trustees make up the members of the ¢h8rrtaNe mpanY. There 1$ no overall ¢ontrolling party. 21 Members Llablllty Each rnember ol the charitaUe company vndertakes to contrit&Jte to the assets of the company in the event of It being wound up while he or She Is a emr. or Wh1n one year after he or she ceases to be 8 rnerrtjer, an amount not èXe8eding £1. 18-