REGISTERED COMPANY NUMBER: 09866769 (England and Wales) REGISTERED CHARITY NUMBER: 1179919
Report of the Trustees and
Audited Financial Statements for the Year Ended 31 December 2022
for
THE ICMIF FOUNDATION (A COMPANY LIMITED BY GUARANTEE)
BTMR Limited Century Buildings 14 St Mary's Parsonage Manchester M3 2DF
THE ICMIF FOUNDATION
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Report of the Independent Auditors | 4 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 13 |
| Detailed Statement of Financial Activities | 14 |
THE ICMIF FOUNDATION
Report of the Trustees for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The ICMIF Foundation was founded by ICMIF which is a global representative body of the cooperative and mutual insurance sector.
Charities objectives: The relief of financial hardship, in particular in communities which are socially and economically disadvantaged and including those exposed to economic, social and climate shocks or the impact of conflict, by:
(a) supporting the development and use of affordable mutual insurance products
(b) educating the public on the subject of inclusive mutual insurance as a means of safeguarding livelihoods.
The Charity's strategy is to identify projects which are suitable for scaling up, it does this through initially a country diagnostic study and a country strategy development phase. Based on the learning so far The Charity has been able to create a project selection criteria, project development cycle and a governance structure to identify future suitable projects that would benefit from financial and technical support.
Public benefit
The trustees have had due regard to the guidance issued by the Charity Commission on public benefit.
During 2022 The ICMIF Foundation continued its support of mutual microinsurance projects in The Philippines and India. Each of these projects delivered financial education, training, and access to mutual microinsurance protection to low-income communities. The current number of policies in force under The Foundation's projects rose by 899,675 to 3,194,671, which equates to almost 16 million lives impacted (assuming five individuals per policyholder household).
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The ICMIF Foundation has facilitated the creation and development of mutual and cooperative insurers in emerging markets through technical and capital support.
During 2022 The Charity supported the delivery of mutual microinsurance to over 3 million policyholders through the provision of financial and technical support. This year project partners have been focusing on helping low-income communities to recover from the severe impact of the pandemic,
On October 25th in Rome, Italy, the United Nations Development Programme (UNDP) and the ICMIF Foundation signed an agreement to launch the Insurance Innovation Challenge Fund. The Fund, equally funded by UNDP and ICMIF Foundation will enable mutual insurance initiatives to strengthen financial resilience of people with low income. Four programs will be supported from this first round of Funding, each receiving 100,000 USD (US Dollar) over two years. The ICMIF Foundation will be the implementing organization of the program.
FINANCIAL REVIEW
Financial position
The Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies are show on pages 8 to 14.
Reserves policy
There is no specific policy in relation to the level of reserves due to the continued and ongoing support of ICMIF.
FUTURE PLANS
2023 will see the launch of the UNDP ICMIF Insurance Innovation Challenge Fund which will raise the profile of The Foundation as an implementation partner. The first round of funding will take place in March 2023 with the possibility of future funding rounds if matching funds can be raised by The Foundation. The Foundation will also continue to develop partnerships with other external donor agencies utilizing this agreement as a blueprint.
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THE ICMIF FOUNDATION
Report of the Trustees for the Year Ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, the articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
The trustees are appointed in accordance with any procedures specified by the board of directors.
Induction and training of new trustees
The charity currently has an annual induction and training session for new and existing trustees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
09866769 (England and Wales)
Registered Charity number 1179919
Registered office
Denzell House Dunham Road Bowdon Altrincham Cheshire WA14 4QE
Trustees
J A Alip (resigned 4.4.22) S Patel R S Tarbuck Ms A M Tibblin R P Wesseling - Chair G Doutrelepont (resigned 2.9.22) Ms S Kamblé N Kuria (appointed 25.3.22) N Fauvarque (appointed 21.10.22)
Company Secretary
Ms Z King
Auditors
BTMR Limited Century Buildings 14 St Mary's Parsonage Manchester M3 2DF
Bankers
HSBC Plc 11 Stamford New Road Altrincham Cheshire WA14 1BW
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The ICMIF Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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THE ICMIF FOUNDATION
Report of the Trustees for the Year Ended 31 December 2022
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
25/05/2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.................................................................... S Patel - Trustee
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Report of the Independent Auditors to the Trustees of The ICMIF Foundation
Opinion
We have audited the financial statements of The ICMIF Foundation (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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Report of the Independent Auditors to the Trustees of The ICMIF Foundation
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of The ICMIF Foundation
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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we identified the significant laws and regulations applicable to the charitable company which we considered could have a direct material effect on the financial statements or the operations of the charitable company. Said laws and regulations include but are not limited to, the Companies Act 2006, taxation legislation and data protection, anti-bribery and employment legislation;
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the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We also addressed the risk of fraud through management bias and override of controls by;
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updating and reviewing our knowledge of the charitable company, its officers and internal financial function, together with their systems and internal controls. This included making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We concluded that whilst the charitable company had controls in place that were appropriate to its size and the nature of its activities, we could not rely on those systems and internal controls exclusively for the purposes of our audit work. We therefore adopted a substantive and transactional approach to our audit, seeking to verify figures in the balance sheet to third party evidence and transactions within the Income Statement to external independent documentation;
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We did not review every transaction. However, we adopted an approach based on testing a sample of transactions. In choosing our sample, we tested transactions that were material in nature and in addition a random sample of other transaction. By choosing transactions of a material nature, our audit work is designed to detect material misstatements. The use of random testing on other transactions is designed to detect other irregularities and the operation of the charitable company's internal control systems generally. If exceptions were noted, our audit work was expanded to test more transactions with a view to determining whether the exception was of an isolated nature;
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We performed analytical procedures to identify any unusual or unexpected relationships;
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We tested journal entries to identify unusual transactions and investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of The ICMIF Foundation
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
BTMR Limited Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Century Buildings 14 St Mary's Parsonage Manchester M3 2DF 31/05/2023 Date: .............................................
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THE ICMIF FOUNDATION
Statement of Financial Activities for the Year Ended 31 December 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 25,000 Investment income 3 97 Total 25,097 EXPENDITURE ON Charitable activities Projects 51,127 NET INCOME/(EXPENDITURE) (26,030) RECONCILIATION OF FUNDS Total funds brought forward 169,306 TOTAL FUNDS CARRIED FORWARD 143,276 |
Restricted fund £ 269,371 - 269,371 94,208 175,163 162,628 337,791 |
31.12.22 31.12.21 Total Total funds funds £ £ 294,371 224,542 97 6 294,468 224,548 145,335 186,700 149,133 37,848 331,934 294,086 481,067 331,934 |
|---|---|---|
The notes form part of these financial statements
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THE ICMIF FOUNDATION
Balance Sheet 31 December 2022
| Unrestricted fund Notes £ CURRENT ASSETS Cash at bank and in hand 148,002 CREDITORS Amounts falling due within one year 8 (4,726) NET CURRENT ASSETS 143,276 TOTAL ASSETS LESS CURRENT LIABILITIES 143,276 NET ASSETS 143,276 FUNDS 9 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 337,791 - 337,791 337,791 337,791 |
31.12.22 Total funds £ 485,793 (4,726) 481,067 481,067 481,067 143,276 337,791 481,067 |
31.12.21 Total funds £ 338,281 (6,347) 331,934 331,934 331,934 169,306 162,628 331,934 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 25/05/2023
............................................. S Patel - Trustee
The notes form part of these financial statements
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THE ICMIF FOUNDATION
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost
Fixed assets are recorded at cost.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
For administrative purposes, the employee of the company is included within the payroll of ICMIF. All payments relating to their employment are met by The ICMIF Foundation and reimbursed to ICMIF.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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continued...
THE ICMIF FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
2. DONATIONS AND LEGACIES
| Donations Contribution to operating cost Contributions to operating costs ICMIF 3. INVESTMENT INCOME Deposit account interest 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration Auditors' remuneration for non audit work |
31.12.22 £ 269,371 25,000 294,371 31.12.22 25,000 25,000 31.12.22 £ 97 31.12.22 £ 2,000 2,500 |
31.12.21 £ 209,810 14,732 224,542 31.12.21 14,732 |
31.12.21 £ 209,810 14,732 |
|---|---|---|---|
| 224,542 | |||
| 14,732 | |||
| 31.12.21 £ 6 31.12.21 £ 2,000 2,500 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
During the year trustees were reimbursed for any expenses incurred.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.22 | 31.12.21 | |
|---|---|---|
| Employees | 1 | 1 |
| Consultant | 1 | 1 |
| 2 | 2 |
No employees received emoluments in excess of £60,000.
For administrative purposes, the employees of the company are included within the payroll of ICMIF. All payments relating to their employment are met by The ICMIF Foundation and reimbursed to ICMIF.
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continued...
THE ICMIF FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
7. TANGIBLE FIXED ASSETS
| COST At 1 January 2022 and 31 December 2022 DEPRECIATION At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Accrued expenses 9. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
At 1.1.22 £ 169,306 162,628 331,934 Incoming resources £ 25,097 269,371 294,468 |
Computer equipment £ 641 641 - - 31.12.22 31.12.21 £ £ 19 - 4,707 6,347 4,726 6,347 Net movement At in funds 31.12.22 £ £ (26,030) 143,276 175,163 337,791 149,133 481,067 Resources Movement expended in funds £ £ (51,127) (26,030) (94,208) 175,163 (145,335) 149,133 |
|---|---|---|
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THE ICMIF FOUNDATION
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
9. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.21 £ Unrestricted funds General fund 206,087 Restricted funds Restricted 87,999 TOTAL FUNDS 294,086 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 14,738 Restricted funds Restricted 209,810 TOTAL FUNDS 224,548 |
At 1.1.21 £ 206,087 87,999 294,086 |
Net movement in funds £ (36,781) 74,629 37,848 |
|---|---|---|
10. RELATED PARTY DISCLOSURES
At the end of the year an amount of £nil (2021: £nil) was due to ICMIF, which is a global representative body of the cooperative and mutual insurance sector. The ICMIF Foundation is partly funded by ICMIF.
11. LIMITED BY GUARANTEE
The company is limited by guarantee and the liability of the Members is limited to £1. Every Member of the Company undertakes to contributed to the assets of the Company in the event of it being wound up while that person is a Member within one year of him/her ceasing to be a Member. The contribution shall be for payment of the debts and liabilities of the Company contracted while that person was a Member and of the costs, charges or expenses of winding up and for the adjustments of the rights of the contributions amongst themselves. Each Member's contribution shall not exceed £1.
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THE ICMIF FOUNDATION
Detailed Statement of Financial Activities for the Year Ended 31 December 2022
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 269,371 | 209,810 |
| Contribution to operating cost | 25,000 | 14,732 |
| 294,371 | 224,542 | |
| Investment income | ||
| Deposit account interest | 97 | 6 |
| Total incoming resources | 294,468 | 224,548 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to individuals | 107,476 | 134,876 |
| Support costs | ||
| Management | ||
| Wages | 22,565 | 20,182 |
| Social security | 1,914 | 1,603 |
| Pensions | 1,623 | 1,476 |
| Medical insurance | 903 | 915 |
| Advisor | 7,549 | 12,652 |
| Staff training | - | 50 |
| Accountancy | 4,094 | 2,950 |
| Telephone & internet | 305 | 343 |
| Software | 95 | 167 |
| Website development | 210 | 193 |
| Professional fees | 5,799 | 5,433 |
| Foreign exchange gains & losses | (15,873) | 164 |
| Management liability insurance | 819 | 800 |
| External relations | 2,871 | - |
| 32,874 | 46,928 | |
| Finance | ||
| Bank charges | 485 | 396 |
| Governance costs | ||
| Auditors' remuneration | 2,000 | 2,000 |
| Auditors' remuneration for non audit work | 2,500 | 2,500 |
| 4,500 | 4,500 | |
| Total resources expended | 145,335 | 186,700 |
| Net income | 149,133 | 37,848 |
This page does not form part of the statutory financial statements
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