Chority registration number 01163896 (England and Wal￿> Charoty reglstratlon number SC047495 Iscotlandl Company reglstratlon number 09617554 THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION LEGAL AND ADMINISTRATIVE INFORMATION Trustee8 Stuart Bartr8m Kieran Jones Chris Lockw(Kxl Dawn Miller Iliam (Bill) Ross Mark Trumper Julian Laville Bruce Basso Hank Watkins Sardh Davies David Roberts Caroline Smurthwait Jessica Knowles (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 S•¢rotsry ndy Wl¢Jer Charlty numbèr IEn9land and Walul 01163896 Charlty number (Scotlandl SC047495 Company number 09817554 R•gl$t¢f*d offl¢• 71-75 SheAon Street Covent Garden London WC2H 9JQ Ind¥p¢nd•nt •xomln•r Stephen Meredith FCA DChA One Ground Floor 3 London Square Cross Lanes Guildford Suwrey GU1 1UJ THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION CONTENTS Page Trustees. report Indepènd&nt examiners report Slalemenl ol finan¢ig1 a¢tiviti&$ Balance sheet Notes to the financial ststements 9-18 THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees piesent their report and awjunts for the yeaT ended 31 Decembei 2024. The financial statements have been prepared in accordance wrth Ihe accounts.ng poliaes set out in note 1 to the financial statements and compty with the Foundation's A￿"deS of Assoaation. the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Accounts (Scotlandl Regulations 2006 las amended) and Accounb'ng and Reporting by ChJrrties.' Statement of Recommended Practice applicable to charities preparing their accounts in accord8nce wilh the Financi81 Reporting St8nd8rd applic8ble in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. ObJoctlv•• and aetlvltl•s The Insur8nce Industry Charitable Foundabon- London Divi5H)n I'IICF UICI exists to enrich live5 and enhance local ¢ommunitiÈs by uniting the Insurance industry in grants, Volun￿&￿￿9 and leadership. 11 fijrthers th¢$è charitablè purposes whith th¥ Irusl$$s may Irom lim¢ to tim¢ detemine. The primary activity of IICF UK is the provision of grants to registe￿ nonprofit organisations in the UK. The trustees, also known as Ihe board of ¢Jirectors, conffinn they have rèfefred to the Charlty Commlsslon's guidance on public benefit when reviewing the Foun¢Jal￿n.S aims and obiectives. in planning future activities, and in preparing the strategy and procedures lor granl making. The Injslees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake. The IICF UK. is a charity registered wilh the Charity Commission in England and Wales and Office of the Scottish Regulator IOSCRI. PubliG benefit The trustees have paid due regard to guidance issued by ihe Charity Commission in deciding what activities the Foundation should undertake. Achlevements and performanco Significant activities and achievements againsl objectives In 2022, the board ol dIre￿or$ approved a three-year strategy lo grow the ¢harity in the UK. incorporating plans lo slabilise and grow membership in 2023 anij lo ¢reale new opportunities for collaboration and in¢omtr diversification 8$ well 0$ Community impact in 2024 and 2025. 8uilding on momentum created in 2023, IICF UK attracted six new Èxècutivè members and oné nèw affili8té membèr in 2024, strengthening the financial stabilty of the chatrty. At the same time, IICF UK delivered new offerings to drive member engagement and stewardship. In the first half of the year, the charity launched a collaboration befv￿en sighl loss charities and insurance companies lo c￿ate access to careers in Insuran￿ for people with visual impairnient while helping to address the industry's talent gap. IICF fomied a steering group to exchange ideas, plan three industry events and drive awareness and actN)n on this issue. ommuni rants & Im The charity's impact centres around its commvnty grants programme. focusing on social mobility and helping children and young people from less advantaged backgrounds in England and Scotland to succeed in 5¢hool. secure employment and make a new start in lrfe. The Board of Direclors approved grant5 of nearfy £74.000 to eight charities. Bookmark Reading Chanty, Every Youth, Go Live Theatre, Goodwork. Making the Leap, Northarnpton Saints Foundation, Reachout and Tutois Unrted. Grants were awarded in December 2024. In 2024, IICF UK continued lo raise funds for ils Revitalising Communities Fund, established in 2020 to meet immediate community needs. Following discussions with three grant reapient charities. IICF UK chose to raise funds for projects that gave young people a Vol￿ in their school and communty. thereby ernpowering them to develop new skills and access to employrnent opportuntties. Through this fund. IICF UK aw8rded a fijrther £28,000 in grants to Envision, Key4Lrfe and halow in December 2024. THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 eiin Connecting corporate and charty partners through community and skills-based volunteering remains an integral part ol IICF UK'S proposibon. In October. the charity held its signature Week of Giving across five divisions in the UK and Unrted States. In the UK, an estimated 200 volunleers parb'c4Pated in projects induding conservation work. cornpleting digital maps for humanitarian aid efftirts. vniting letters to children in h05PIt81, helping out at fo¢xl banks and Cty f8rrns and donating clothes and food to k)cal non-profit organisations. In the second half of the year. IICF UK designed and piloled a new volunteering platform developed by Team Kinetic lo en8ble member employees lo directty 8cce55 and report on volunteer projects wrth charities vetted by the charty. Fundral8lng actlvltl•8 and polley The charity undertakes the following fijndraising aciNities to raise fijnds for grants to registered non-profit organisations in the UK.. Hold in person and on4ine ftjndraising events and ¢amp8igns incorporating lickel $8le$ and sponsorships 8$ well as a raffle or live audion al the event. These events artr planned by a profe$$ion81 evenl$ p18nn?r and promoted by the Executive Director, the board ol directors and active supporters ol the charty. IICF UK does not engage a professional fundraiser or commercial participator. The Executive Director and Executive Committee monitor fijndraising activrties carried out prior to and during events. Run an annual fundraising campaign to meet speak community needs. In 2024. funds ralsed through personal and corporate donations and IICF'S Inlemational Step Up Challenge helped less advantaged young people to gain skills and confidence to achieve sucrEss in 8chool and enter empbymenl. Neither the charity nor any person acting on behaff of Ihe charity was subject lo an undertaking to be bound by any voluntary scheme lor regulating fund-raising, or any volunlary standard of fund-raising, in respect ol activities on behaw of the charity. Nor did they receive a complaint for the purpose of fundraising. To protect vulnerable people and other members ol the public from behaviour that intrudes on an 1nd￿hdual,S prlvacy or places undue p￿SSu￿ on an individual lo give money or other ￿SourCes. IICF UK reviews its database of contacts (all of whom have attended an event or meeting wlh the charity) annualty. gives individuals the option to unsubscribe from ernails and does not pas5 on indNiduals' contsct details to any Ihird party not con¢r8Cted by the charity for a sperific purpose su¢h a$ event planning. Fln8nelal r•vl•w The slaternenl ol financial aciNilJes show5 total income 01 £372.904 12023.. £296.5041 and total expendrture of £353.05412023.' £314.6391. A8 indicated 8bove. induded in expenditure 8re grant commrtments of £107,00012023'. £86,250). The balance sheet shows total fvnds of £29.19812023: £9.3481. all of which was unrestricted. R6seffv6s policy Reserves are needed to bridge the gap betr￿en the spending and receiving of income and to cover unplanned grant making expendilure. The trustees consider thal the ideal level of reserves as at 31 De￿mber 2024 would be £60,000, to cover six months of operabons. At the pewiod end. free lunTestricted feservesl stood at £29.198 12023." £9,348). THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risk rnana ement The board of directors established a risk management strategy in June 2016 and perfomis an annual review this policy. The nsk management policy comprises". an annual review of the pnncipal risks and uncertainties that the charity faces, the establishment ol policies, systems and pfocedures to mib.gate risks identrf*d in the annual review, and the implèmentation ol procedures designed to minimise or manage any potential impact on thè charity should those risks materialise. Rlsk based approach to measuring pèrfoman¢e against statèd $tratÈ9*s and bud9&t. Plans lor lutur• perlods In 2025. IICF will ￿lebrate rts 10th anniversary in the UK while prionti8ing Strategic initiatives th81 enable the charity lo Strengthen rt$ olfèring. Recognisin9 the importance of deliv&ring valu¢ fof CO￿Or$I* partners as well as grant rècipient Cha￿tleS, priorrties lor the coming year indude.. Amplfy the charty's impact by inueasing funds raised for communty grants and delivering a campaign featuring leaders who've followed diverse career palhways into insurance to bring lo life IICF UK'5 focus on social mobility and irnpact over 10 years. Renew efforts lo expand Affiliale Membership into regional rities by raising 8w8renes$ through local industry associations and events in crties such as Manchester where thefe Is a strong insurance presence. Strengthen stewardship and engagement ol IICF UK'S affiliale and executive members, lor Instance, by fomially18unching and growing the volunteemg platfomi. Alongside its community grants programme. IICF UK will conlinue to raise funds to add￿$$ local community needs. This year, the Revrtalising Communilies Fund, now known 85 the Creaiing Better Futures Campaign, will raise funds lor projects that help addre$$ the growing lrteracy gap in the UK.. for instance. by providing books lo schools in deprived ¢ommunrtlo$ 8nd h¥lping child￿n lo l¢arn lo ￿al, setting them up fof fuluig sy¢¢o$s. Fundralslng pollcy The charity undertakes the following fvndraising aclNilies lo raise fijnds lor grants to registered nonf)rofit organisations in the UK.. Hold in person and on4in& luntlraising events and ¢amp8ign$ incorporating ticket $8le$ and $pon$orships 88 well 8$ a raffle or Iwe 8U¢tion 8t the evènt. Thesè events arè planned by 8 professional events p18nnèr and promoted by the Executive Director. the boar¢J of directors and active supporters of the charty. The IICF UK does not engage a professional fundraiser or commeraal participator. The Executive Director and Executive Committee monitor fundraising activrties carried out prior lo and during events. Run an annual fijndraising campaign. The Revitalising Communrties Fund, to meet specffic community needs. In 2023. funds raised through personal and corporate donations and IICF'S Intemational Step Up Challenge benefited young people particularty impacled by the costrf4iving crisis. Neither the charty nor any person acting on behaw of the charity was subject to an undertaking to be bound by any voluntary scheme lor regulating fun¢*raising. or any volunlary slandard of fund-raising, in respect of activities on behalf of the charity.Nor did Ihey receive a complaint lor the purpose of lundraising. To proteci vulnerable people and other members ol the public from behaviour thal intrudes on an indwidual's privacy or places undue pressure on an individual to give money or oiher resources. the IICF UK reviews and deans its database of contacts lall of whom have atlended an evenl or meeling wrth the charity) annually. gives individuals the option lo un5ub5cribe frorn ernails and doe5 nol pass on individu815' contact detsils lo any third party not contiacted by the chaity foi a spectfic purpose such as event planning. THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. 9overnanc¥ and rnono9gment Governin Document The Insurance Industry Charitable Foundabon - London Division is a company limiled by guarantee Ino. 96175541 govemed by its Artides ofAssoTration d8led 1 June 2015 and last 8mended on 4 June 2024. The original document was amended following approval by the board on 2 June 2016 and 8 Oecembef 2016 tts darfy the charity's objects and activities un¢Jertaken by the charrty and to regisler in Scouand, respectively. Amendments approved by the board on 8 December 2022 danfied the roles of ObseNer and Delegate and specified that board rneelings can be in person. hybrid of virtual. In June 2024, the board of directors approved a change in structure to improve charity operations and govemance. The original execub've committee. comprising of the board chair and cornmrttee Chairs. re¢ain Iheir role on the board of directors Itrusteesl. Other bo8rd mernbers are now executive rnembeTS, who ￿rry oul their role as wmmittee mefflbers for govemanGe purposes. Each director of the company agrees lo contribute £1 in the event of the charitable company winding up. The trustees, who are 81$0 the directors for the purpose of Company law, and who servtrd during thtr ytrar an¢J up tts the date ol signature of the financial stslemenl$ were". Stuart Bartram Kieran Jones Chris Lockwood Dawn Miller William (Bill) Ross Mark Trumper Julian Lavillè Bruce Basso Hank Watkins Sarah Davies David Roberts Caroline Smurthwaile Jessica Knowles (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 (Resigned 6 June 20241 Recruitment 8nd appointment ollru$tses L dershi The board ol directors. which requires a minimum of three members, administer5 the charity. The board meets quarterfy and holds an annual strategic planning session wrth executive members at the start of each year. An Executive Director is appointed by Ihe Iruslees and Ihe CEO of IICF UK to manage Ihe day-to4ay operations. stakeholder relationships and growth of the chanty. To faciltste effective operations, the Chief Executive has delegated aulhorty. within terms of delegation approved by the trustees. OrgknisaD¢)nèl strn¢tu The charity's Executive Director and board of directOTS, who serve as the charity's irustees, work logether to set and deliver foundation stralegy. Following a change lo the charity's slwuclure. outlined below. seven Irustees served on the board at yearend. Alongside the board. the charity has 11 executive members. who contribute to fovndalion strategy and growth. and six affiliate members who volunteer vAlh and lab5e fvnd5 for IICF UK grant rerypient charities Ihrou9h company-led fundraising events and campaigns. IICF UK also h85 an Associale Board. made up of 26 earty-career profrssional$ representing 17 cornpanie5 who play 8n integr81 role in planning fvndiai5ing events and IICF Week of Gmng in October. cuttNabng ielationships industry assoaations to raise the d)arrty's profile and produang foundab.on communications. THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Induclion 8nd training of truste8$ ointment of trustees As set out in the Articles of Associatyon. the trustees be nominated by the Foundation's members. who are firms within the insurance industry. who are in good standing. and who have made 8 sufficient fin8ncial contribution lo the charity. A temi of three consecutive years is re¢A)mmended wrth an option to renew the term. New trustees participate in orientation to bnel them on their le9al obligatitsns undei charity and company law, thè Charity Commission guidance on public benefit, and inlomi them ol Ihe content of the Artides olAssociation, charity policies, decision-making processes, the business plan and slrategy. and recent financial performance of the charity. Trustees are encouraged to attend appropriate extemal training events where these will facilitate the undertaking of their role. Remuner81ion policy None ol the Foundation's trustees receive remuneralion or oiher beneffit from their work wrth the charity. Any connectlon befvleen a trustee ol the charity with a recipient charity, supplier of services or substantlal donor must be disclosed to the full board of Iruslees. In the current year. no such related paty transactions were reported, other than the relationship lo the Insurance Industry Chaiitsble Foundat*)n. a US non-profit organisation that has provided initial support and inveslment in the charty. Paypolicy for seniorstaff The directors consider the board of directors. vtho are Ihe Foundation's trustees, and the Executive Director. to be the key management personnel of Ihe charity responsible for leading Ihe Foundats'on and rnanaging ts day-lo-day operations. All directors gwe 01 their limtr freety and no director received remuneration in Ihtr year. The pay of the Executive Director is sel by IICF'S Compensalion Committee. which also reviews the Executive Dire¢tor's performan¢È È8¢h year. Members ol Ihis committee indude Ihe IICF UK'S Board Ch8ir. Ihtr CEO of IICF an¢J Board Chairs ol divi$ion$ ol IICF, Ihtr relat&d US non-profit. Th¢ Chanty pays th¢ EX¢￿tI¥¥ Dire¢tor'$ $018ry. Relationship with mlated p&rti6s None of the Foundation's trustees receive remuneralion or olher beneffit from their work wrth the charity. Any connethon between a trustee ol the charrty with a recipient chanty, suppl*r of services or substantlal donor must be disclosed to the full board of Irustees. In the current year. no such related paty transactions were reported. other than the ￿la￿'OnShip to the Insurance Induslry Charitable Foundats'on, a US non-profit body that has provided initial sel-up support to the charity. This report has been prepared in accordance wilh the provisions applicabk to companies entitled to the small cornpanie5 exempl￿n. The tiustee5' report was approved by the Board ofTruslee$. M..L T.- .kIyASs.TFuryFor.l￿￿ao..￿o25. 5".31wnl Mark Trumper Tru#tt• 30 Jun 2025 Date.. 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 accounts of The Insurance Industry Charitsble Foundation- London Division Ithe Foundation) for the year ended 31 De￿mber 2024. Rgsponslbilities and basis of report As the trustees ol the Foundation land also its direclors for the purposes of company lawl you are responsible lor the preparation ol the accounls in accordance Ihe requirements of the Companies Act 2006 (the 2006 Act). H8ving satisfied my$eW that the accounts ol the Foundation are not required to be 8udiled under Part 16 of the 2006 Act and are eligible lor independent examination. I report in respect ol my examination of the Foundation's accounts carried out under seclion 145 01 U)e Charities Act 2011 (the 2011 Actl. In carrying out my exarnination I have followed all the applicable Direclions gwen by the Charty Commission under section 1451Sllbl of the 2011 Act. Independont examlnerfs stal?ment Since the Foundation has prepared rts financial statements on an accruals basis and is also reglstered in Scotland. or the Foundation's gross income exceeded £250.000. the independent examiner must be a member of a body listed in Regulation 11121 of the Charilies Accounts IScotl8ndl Regulations 2(X)6 and section 145 of the Charities Ad 2011. 1 confirm that l am qualffied to undertake the examination because l am a rnember of ICAEW, which 18 one ol the listed bodies. I have Complgtgd my gxaminalion. l ¢onfim Ih8t no matters have ¢om8 lo my attention In connection with th& examination giving me cause to believe.. 8¢¢ounting records were not kept in respect ol the Foundation 8$ required by section 386 of the 20Cfj Ael., or the account5 do not 8￿rd wrth Ihose records.. or the accounts do not comply wrth the accounlin9 requiremènts of S￿l0n 396 01 the 2008 Act othèr than any requirement that the accounts give a true and lair view whith is not a matter considered as part of an independent examination., or the a¢¢ounts hav¥ not been pr&p8r&d in a¢¢ordan¢e wth the method$ and prin¢ipl&s of the Statemtrnt of Recommended Practice for accounting and reporting by charibes applicable to charities preparing their accounts in accordance wrth Ihe Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 and have come across no other malters in connection vthh Ihe examination lo which attention should be drawn in this report in order lo enable 8 proper understanding of the accounts to be reached. One Ground Floor 3 London Square Cross Lanes Guildford SurTey GU1 1UJ 08 Jul 2025 Dated.. THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unregtrlcted Unrestricted funds lunds 2024 2023 Not•8 Donations and legacies Other Ir8ding activities Investments 219,662 153.239 123.029 173.469 Total Incom? 372.904 296.504 endltLrr Raising funds 182,930 172,088 Charitable activities 170,124 142,SS1 Totsl •xpendltur• 353,054 314,639 Nèt Incomèll•xpondltur•l lor th• y•arl Net movement In fund• 19,850 118.1351 Fund balan￿$ al 1 January 2024 9,348 27,483 Fund balanc•• at 31 Doc•mb•r 2024 29,196 9,348 Th8 slalement olfinan¢i81 adivilies indudes all gains 8nd losses ￿¢09n1$e￿ in the year. The statement of finanaal activities indudes all gains and losses recognis8d In the year. AJI Income and expenditure derive from continuing activities. The slalement of financial activities also complies the wuiremenls for an income and expenditure account under the Companies Ac¢ 20(￿. THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flx•d a#s•ts Tangible assets 14 355 Current a$$ets Debtors Cash at bank and in hand 1S 20.555 .737 17.178 25,621 111,292 42.799 Credltors.. arnounts falllng due ¥Athln on• yoar 16 182.4491 133,4511 Nèt eurmnt a88èts 28,843 9,348 Totsl a8S•t8 1•88 eurr•nt Ilabllltl•8 29,198 9,348 Th• fund$ ol th• Foundatlon Unrestricted funds 18 29.198 9,348 29.198 9.348 The company is entitled to the exernption Irom the audrt requ1￿ment conlained in section 477 of (he Companies Act 2006. for the year ended 31 December 2024. The Iru$lees' are responsible lor ensuring Ihai ¢h& tharity keeps accounting records which ¢¢mply wrth section 386 of th8 Act and for pr6p8ring accounts whid) give a true and laif vièw of the stale of affairs of the company 8S 81 the end ol the financial year and of Its Income and expendrture for the finanual year in accordance wrth the requirements of sections 394 and 395 and which 01he￿iSe compty with the requirements of the Companies Act 2006 relating to accounts. so far as applicable to the company. The members have not required the company lo obtain an audit of 11$ finanrAal Statements for the year in que3tion in ac¢ord8nce with section 476. These flnancial statements have been prepared in accordance with the provisions applicabbe to companies subject to the small companies regime, as sel out in Financial Reporb"ng Standard 102 seth.on 1A and part 15 of the Companies Act 20(￿ ap￿ICable lo small companies. 30 Jun 2025 The financial statement5 were approved by the truslees on ......................... ffl..L T_ MaT￿r.￿￿o￿￿.I4th.8G..&25 S 31pmi Mark Trumper Trustee Company registration numbei 09617554 IEngland and Wdles) THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ounting polici9¥ Chartty Inlomiatlon The Insurance Industry Charit8ble Foundation-London Division is a priv8te company limited by gu8r8ntee incorporated in England and Wdles. The Tegistered office 15 71-75 Shetton Street. Covent Garden, London, WC2H 9JQ. 1.1 Accountlng conventlon The finanry81 slalernents have been prepared in accordance with the Foundation's governing docurnenl, the Companies Act 20C6, the chari￿es and Trnstee Investment Iscollandl Act 2005, the Charities Accounts Iscollandl Regulations 20(￿ las amended) and "Accountsng and Reporting by Charities". Statement ol Recommendeil Practice applicable lo charib.es preparing Iheir accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Foundation is a Public Benefit Entity as defined by FRS 102. The Foundation has taken advantage ol the pro¥i$ion$ in Ihe SORP for charities apptying FRS 102 Update Bulletin 1 not to prèparè a Statemènt of Cash Flow$. The financial slalements are prepared in sterting. which is the functional OJIren￿ of the Foundats'on. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared vnder Ihe historical cost C4Jnvenlion. The principal accounting policies adopted a￿ Stsl out below. 1.2 Golng ¢on¢•m At the time of approving the financial slatemenls. the Irvstees have a reasonable expectation that the Foundation has adequale resources to continue in operabonal exislence for the foreseeable futu￿. Thus the Iruslees ￿ntinUe lo adopt the going ¢on¢em basis of 8¢¢ounling in prepafin9 the fin8n¢ial stslemenl$. 1.3 Charttable funds Unrestricted funds ar8 available for use at the discrab.on of the trustees in furthèranc8 of thalr charttable objectives. 1.4 Incom• Income is recognised when the Foundaiion is legalty entiued to it after any performance conditions have been mel. the amounts can be me83ured reliabty. and il is probable Ihat incorne will be received. Cash donal￿n$ are re￿nised on receipt. Other donalions are recognised once the Foundation has been notified of the donation. unless performance Condrtions require deferral of the amount. Income tax recover8ble in relabon lo donations received under Gfft Aid or deeds of coven8nt is recogni5ed 8t the lime of thè donation. Legacies are recognised on receipl or otherwise rf the Foundation has been notified of 8n impending distribub'on. the arnounl is known. and receipt 1$ expected. If Ihe ar￿)Unt Is not kn¢)wn. the legacy Is Iieated 85 a contingent asset. INhere service5 are provided to the ch8rrty as a donation th8t would n9rm811y be purchased from suppliers, the contribub'on is included in the financial 5tatement5 as bolh incorne and expenditure at its esb'rnated fair value based on the value of the contribution to the charty. THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng pollel•s IContlnu•(11 1.S Expenditure Expenditure is recognised ¥then a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable. All resources expended are cl8ssffied un(Jer adivty headin9S that aggregate 811 costs iel8led to the c*egory. Irre¢overAbl& VAT 1$ Charged against thtr ¢ateg9ry of iesi)ur¢g$ expended for whi¢h il was in¢urrgd. Expenditure on charitable activrties indudes expenditure assorialed wth the research activities and indude both the direct ¢osis, support ￿$ts an¢J goveman¢e rtsl8ts.ng to these activities. Overhead eosls have been allocated A$ lollows". Fundraising Charitable activities 67% 33% 1.6 Tanglblg lIx￿ 8$¥et• Tangible fixed assets are inttiaty meaSU￿d at cosl and subsequenty measured al ryjst or valuation, net ol depreciation and any imp8irmenl losses. DeprecAabon is recognised so as to write off the Ujst or valuabon of assets less Iheir residual values over their useful lives on the followng bases.. Computers 4 years Stra￿ht line The gain or Ioss 8rising on the di$po881 of an 8ssel 1$ delemined 8$ the dIffe￿nCe be￿8n th¥ $8le proceeds and the carrying value ol the asset. and is recognised In the statement of financial actwities. 1.7 Imp•lm*nt of lIx￿ •$$¥t• At each reporting end date. Ihe Foundation ￿vIewS the carrying amounts of rts (angible assets lo deterrnine whether there is any indicalion thal Ih05e assets have suffered an impaimient loss. 11 any such indication eKlSts. Ihe recoverable amounl of Ihe asset is eslimate(J in order lo delermine the extent of the impairment 108$ lil any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash In hand, deposrts held at call with banks. other short-term Ilqul(J investments wth original maturities ol three months or less, and bank overdrafts. Bank overdrafts are shown wrthin borrowngs in ojrrent liah'lities. 1.9 Flnanclal Instruments The Foundation has elected (o appty the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Finanaal Instrumenls Issues, of FRS 102 to all of its finanaal instruments. Financial instruments are recognised in the Foundalion's balan¢x sheel when the Foundation becgmes party lo the contr8Ctual provisions of the instrument. Financial assets and liabilities are offset, wrth the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to setde on net basis or to realise the asset and setue the liability simullaneousty. 10- THE INSURANCE INDUSTRY CHARITABLE FOUNDATION-LONDON DIVISION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng pollel•s IContlnu•(11 Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initialfy measured at transaction price induding transaction costs and a￿ subsequentty carried al amortised cost using the effective interest method unless the arrangement constrtutes a finanung transaction. where the transaction is measured at the present value of the firture receipts discounted at 8 market rate of interest. Financial asset5 cI8S5ified as receivable wrthin one year are not 8mort15ed. Basle flnanelal Ilabllltl•s Basic financial liabilities. including credrtors and bank loans are inibalty recognised at transaction price unless the arrangement constitutes a finarbryng transaction. where the deb¢ in5trurnent 15 rneasured at the present value of the luture payrnenls di$¢ounted at a markel rale of interesl. Finan