REGISTERED COMPANY NUMBER: 09868789 (England and Wal•s1 REG18TeRED CHARITY NUMBER.. 1179918 Rtport of th• TruIt• ind Audlt•d FlnmnclBI 3tstsmonl• for th• Y••rEnd•d 31 D•e•mb•r 2024 THE ICMIF FOUNDATrON IA COMPANY LIMITEO BY GUARANTEEI BTMR 'Me¢j Century Building8 14 St Maty8 ParaonAga Manchester M3 2DF
THE ICMIF FOUNDATION Cont•nts of th• Flnanclal Ststeffl•nts forthe Yr Ended 31 De¢ember 2024 P•q• R•port oltho Tn¢8 Report of the Ind•p•nd•nt Audbtorn 4 b 6 ststsm•nt of IPlnanclal Actlvltl• Balan¢• 3h••t Not•• to th• Flnan¢l•l Stat•m•nts 9 to 13 D•tall•d Stst•m•nt of Fln•ncl•l Actlvlll•• 14
THE ICMIF FOUNDATION Report ofth• Trustees forth• Y•ar Ended 31 December 2024 The Irustse8 %tho are also diredorg of the charity for the purpoges of the Companies Act 20C6, present their report vmth the financial statements of the charity for the year ended 31 Decernber 2024. The tru5te?s have adopted the provisions of Accounting and Reporting by Charfti8s." Statement of Recommendeé Practi applicalAe lo charities preparing their accounts in acGordance wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l JanLtary 201gi. OBJECTIVES AND ACTIVITIES Objoctlvex and alms The ICMIF Foundatson was founded by ICMIF whith 18 a global repre$entetive body of the coopernts.ve and mutual insurance geclor ChariU•$ objectives.. The relief of finanrial hardship, in particular in communrties which are socially and econornically disadvantaged and Including those expos8d to ecanornic, sooal and cllmate ghocks or the impact ol conflici, by.. lal supporting the development and use of gffordable mutu81 Insuran products (bl educating the public on the subject of Indusive rnutual insurgnce as 8 mean3 of $•fe9u•rding livelihoodj. Publle bfjneflt The tN8188s have had dua regArd to the Guidance i18ued by the Charity Commlssion en publie benefit. ACHIEVEMENT AND PERFORMANCE Charlt•ble actlvltS•8 During 2024 The ICMIF Fountjatlon continuod its 8UPPOrt of mulual microin8urance project8 in The PhilIpne9 ¥nd Indla thrcugh tethnical and financtal ¥591s1ance and new projects launched under the UNDP ICMIF Insurance Innovation Challtsnge IIICI. Th• tolal nurnber of policies supported by The ICMIF FDundation decreased by 5,376 10 3,514,782. which equates lo ov•1 17.5 million IIv88 irnpacted lassumln9 five individual8 per policyholder househo) 05 81 31 December 2024. The reason for the decrease i• p levelling of ¥nnual gra¥rth r8te ol the MBA Sector in the Philippine8 followng year8 ol rapid Increaie. 2024 Bl$0 $aw the launth of the four micxoinsuranee projed8 8eltel•d undor the firit round of the UNDP ICMIF In8urane• Innovation Challenge IIICI. The IIC, through malthed funding from both orgBni3ation8. Is helping mutual cooperal've Insurers In emerging I dévèloping market8. ta aco1¢ up Innovative, affordable and indusive insurance produclg which $pe(yfically serve the nèeds of under8erved houBehold8 and l or micro. small and medium.sized enle¥pri5eg IMSMES), th a particular l¢xus cn products whlth support women. The four projects are based in Kenya, M8law. Philippines and Sri Lanka and a large part ol the support yiven hgj been ground capacity building, training 8nd t¢chnic81 support Irom experienced mutual mluoin9uranee pracUlion•rn and guidance provided by the MiuoiThsurancg Comrnill¢e of the Foundation. Donor recruitrnent 8nd engagement 8180 increased in 2024 led by the Donor Erya9errent Comrnittee wlh a number ol lace•to.lace meetings taking place at the end of the year during the ICMIF Blennial Conference in Argentina. A8 a result. there was 8 total number ol fifteen denor* to the IIC by the end of 2024. F114ANCIAL REVIEW Flnanclal positlon The Statement of Finanaal Activles, the B8lance Sheet and noteg lo the financlal 8t8t•m•n18, includlng a Summary ol Significant accounting policies gre show on pag¥& 8 to 14. R•••N•• pollcy TheTr 16 no Specific policy In relabon to th• I•v81 of r858rveB du8 tD the Continued and ongoing support of ICMIF. FUTURE PLANS 2025 wll Bee an increase in the provision of South-tD.SDuth technical as5istsnu, in particular rn¥i8wng year one perfomanees and providing recornmendalion$ on strengthening prooress and impact in year Nvo. Focus wll be on engaging morn ICMIF mtsmbers to Support the IIC to enatsle additional rounds to be launched. The Foundation wll also continue to develop partnership5 Wth other external donor agenaes and partners. utili$ing this agreement as blueprint. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng doeument The thanty Is controlKryd by its goveming document, the artick$ Of assooation, and constitutes a Ilmlt8d company, limited by guarantee, as defined by the Cofflpanies Act 20fl6.
THE ICMIF FOUNDATION Report of tho Tru8tee• for the Year Ended 31 Dee•mbor 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recrultment and appointment of new trustee$ The trustees 4re appointed in accordance With any procedur88 specified by the board of trustees. Inductjon and tr•lnlng ol new trustee The charity currently ha5 an annual inductlon and training 8e8sion lor new and exlstlng trnst••s. Rl•k manag•ment The trustees have a duty to idents'ty 8nd rewew the nsks ta which the c8rity is exposed and to ensure apprcyriate contrD15 are In place to provide reasonable assuranc• againsl fraud and errcr. REFERENCE AND AOMINISTRATIVE DETAIL8 R•g15tertd Company number 0986S769 IEngland and Wale$l R•gi•t•r•d Ch•rlty numb•r 1179915 R•glt•r•d offic Danzell Hause Dunham Road Bawdon Altrineham Cheghire WA144QE Tru•ts•• J A Alip lappoinled 16.4.241 S Patel R S Tarbud( Ireslgned 16,4.241 R P Wesseling- Chair S Kamblé N Kurig N Fauvarque (resigned 23.5.241 E L Green lappoinled 16.4.241 A N Seboni (appointed 16,4.241 A Torrance lappoinled 16.4.241 A J Phillips lappolnled 25.7.241 H Vernaillen lappoinle4 25.7.241 Comp•ny S•tr•tsry Z King Audltor• BTMR LSmiled Century Buildings 14 St Mary's Par8on&g• Manchester M3 2DF Bank•r8 HS8C PIC 11 Stamford New Road Alltincharn Cheshire WA14 18W STATEMENY OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the direclcr5 01 The ICMIF Foundation for the purposes of company lawl a responsible for preparing the Report of the Trustees and the finanaal staternents in accordan wth applicable law And united Kingdom Accounb"ng Standards (United Kingdom Generally Accepted Accounting Practice).
THE IGMIF FOUNDATION Report of the Tru¥¢ees lor the Year Ended 31 D•cember 2024 STATEMEt4T OF TRUSTEES. RESPONSIBILITIES- eontlnued Company law requires the trustees to prepare financial slalements for each finan081 year which give a true and fair view of the state of affairs of tho charitable company and of the incoming $oUr5 applic8tion of re¥ource¥. including the Inrne and expenditu, of the tharitabl¢ wmpany for th8t periixl. In prepanng Ih¢)se flnanclal statements, the tsustees are required lo select suitable accounting policies and then apply them consistently., observe the methods and pnnaples in the Charity SORP., rnake judgem8nls and estirnates that are reasonable and prudent.. prepare the financial Blalements on the going concem basi8 unle88 It is inappropnate to presumts that the eharitsble ctsmpany 111 continue in business. The trustees are responble for keeping proper aecounting Mcords %thich di3do$e with reasonable accuracy at any time the financial position ol the charitsble company and lo enablp Iheln lo ensure thal the ftnanoal 8tat8rn8nts comply with the Companies Act 2006. Th8y 8re al¥0 responsible for safeguaiding the a55et8 of Ihe ch3ritsbl¢ ¢ompany and hence for taking reasonable 81eps for th? prgv•nty'on and detecty.cn ol fraud and other Irregularits•s. In 80 far 88 tho trusia88 are Bwa.. the i* no relevanl audit infomation ol 1¢h the charitable CDmpany'8 auditors are unaware,. and the trustee8 have lak&n all steps that they ought to have taken to make them8elves awsre of any relevant 8udll infornation Njnd to establi8h that th• •uditors are aware of that information. W.2025 Approved by ord•r of Ihe board ol trust••s on ............ . .............................. and $4ned on its behalf by." S P8t•l - Tru8¢e¥
Roport of the Independent Audltorn to the Trusto88 of Th• ICMIF Foundation Oplnlon We have audited the finzncial statements of The ICMIF Foundation Ithe 'charitable cornpanll for the year ended 31 Decernber 2024 whlch cornprise the Statement of Finanoal A¢ti¥Aties, the 8alance Sheet and notes lo the financial glalements. including a summary of significant accounbng policieg. The financial reportyng framework that has been applied in their prepar8tion is applicable law and Unlted Kingdom Accounb'ng SlandardB (United Kingdorn Generally A¢pIed Accounting Practice). In our opinion the fJn8nci81 staternenls. give a true and fair view ol the state of the charita wmpany's affairs as at 31 December 2024 and of its incoming resource8 and appliGqlion of resources, induding Its ineome and expenditure. for the year then endeil., have been properly prepBred in accordance with United Kingdom G£n8rally Acc8Pt8d Accounting Practica". and have b88n prep8red In acrdance wih the Quirements ol the Ccrnpanies Act 2006. BaslJ for oplnlon We conducted our audit in accord&ne& International Standards on Auditing IUKI IISAS IUKII 8nd applicffte law. Our responsibilities under those standard5 a further descnbed in th8 Auditors, re8ponsibililies for the audit of the financial 5t8tern8nts section of our pOrt. We are independent ol th¢ ¢harilabl¢ company in aord)nce wlh the ethical reouirernents that are relevant to our audrt of the fi'nanaal statements in the UK, Induding the FRC'8 Ethical St8ndard, and we hove lulfilled Dur other ethlul responsibilitie& in accordance wrth these requirement8. Wt bèlieve that thè audit evidence have obtained 18 sufficient and 8ppropriate to prowde a Iia8is for our opinien. Conclu•loni r•latlng to golng concern In auditing the fin8ncial stalernents, we have concluded that the tru$t¢•$' of th• going concern basis of occounlin9 in thé preparation of the financial Jlatemen18 18 appropriala. Based on the work we have perfomed, we have not identified any material uncertainties lating lo ev&ntJ er conditsons that, indiwdually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of al lea9t bh*lvè months frorn when the flnJncial Statements are authoriged for issue. Our rn5ponsibililies and the respon5ibililie8 01 the trust•81 respèd to going ¢on¢•rn are described in th? relevant Jectioni elthi¥ rgport. Oth?r Inforfflatlon The truglees are sponSIble lor the other informakn'on. Th? other information compnse& the inforrnalicffj inoluded in the Annu•l Report. other than the financial •tat8m8n18 and Dur Report of the Indep¢nd•nt Auditor5 Ihereon. Our opinion on the financial Statements does not cover the other Inforrnglion and, expt Ict lh• •xt•nt oth?rwi¥? explicrtly Alat•d in our report, we do not express any form ol a8suranc• conclu8ion th8r80n. In cL)nnection bmth our audlt cf the finan¢i•l stslernenls, our re6ponsibility 18 to read Ihe other Inlomatson gThJ, In doing &9, consider whether the other infomiation 15 materially incon8lStent wllh the financial statements or our knOedge gblained In the &udit or othewge appesrs to b• materially rni95laled. If we identify Juch material inconglstenaes or Bpparent material misgtalements, are required tc deteThine whether this gives rise to a m8teri81 mi6stalemenl in th8 finanoèl stalernen18 themselves. If. based on the work wo have performed, we conclude Ihal there IB 8 rnalerial miS8lat¢m¢nt of this other Information. are qUired t¢ report that fact. We h8v8 nothing to report In thi5 reg8rd. Mattern on whlch •r• r•qulrnd ¢0 rfrport by oxc•ptlon We have nothing to report In Mspecl of the followng matterg where the Charities IAcLounl8 and Reports) Ragulations 2008 requi8 us lo pOrt to you If, In eur opinion,. the Information given in the Report of the Tru¥t¢¢¥ is inc?n3i$ten¢ in any rnalerial respect the financial tBternents". or Iht chariiable company has not kept adequat• aceounting record8, or the fin8nrJ81 statements are not In agreement wth the accounting recurdy and retum8', or have not r•caived all th& inforn¥tion and explanations we require for ¢yJr audit. Responsibillties of trustees As explained MO lully In the Statam•nt of Tru8tees' Responsibilits'es. the trustee8 Ivtho are also the director8 ol th• charitable company for the purposes of wmp3ny lawl are responsible for the preparation of the financial staternents and for being $81isfied that they give a true and fair view, 8nd for such inlernal control as the tru51ees detemine is ne$sary to enable the preparats'on of financial 3tat•m•nts that are free Irorn material mi$sl8ternent. whether due to fraud or error. In preparing the financial slalemenis, the trustees are responsible for 4s8e5sing the charitable rornpany'g gbilily ¢c continue ag 8 going eoneèm, disclosing. 88 applicable. matters related to going coneem and using the going concem basi8 of accounting unless the trustee8 either intend to liquidate the chantable company or to cease ¢)perations. or have no realistic allemats've but to do so.
Report of the Independent Audltoyg to the Trustees of Th? ICMIF Founddtion r re8ponslbllltlEs for the audit tsf the financial •tstements We hove been appointed a5 auditors under Section 144 of the Charities Act 2011 and r8POrt in accordance wth the Act and relevant regulations made or hawng 8ffect thereunder. Our objectives are to abtain reasonable 8ssuranEe about whether the financial Blatemenis as a whole are free from material misstai•ment, wh8th8r due to traud or error, and to Issue a Fleport of the Independent Auditors that in¢lude$ our opinion. Reasonable 855uranee Is a high level of assuran, bul Is not a guarantee that an audit conducted in accordance th ISAS IUKI will alway5 detecl a rnaterial migstatement when il exists. Misstatements can arise frorn fraud or error and are conside material if. individually or In the oggregale, they could reasonabty be expected lo influence Ihe economic decisions of users taken on the basis ¢1 these financial statements. The extent to which our procedures are capable of detethng Irregulanties. Induding fraud i¥ delgiled belovr. Our approach to Klentifying and assessing th8 risks of material mi$$¢atemenl in rtspecl of irr•gularitr'•s, includlng fraud 8nd non-compliance with law8 and regulations. was as follows.. we idvnlified the significBnt law8 and regulations applicabl8 to tha eharilable company whlch we consid¢red could have a direct materlal effect on the financial 8lalement6 or the operation8 of the charitable company S¥ld la%wd and regu18tions include but #re not limited lo, the Companies Act 2006, taxation legislalicn and d8ta protection, anli-bribery and èmployment legislation, the idenlifiedlows and reoulalions tre communi1¢d wrthin the 8udit team gulartY and Ihe team remained art lo in$tBnce$ gf nOnmpliance thfoughoul the iudit. W• assessed the Su)ptibllItY of the charitable company's Iinanaal 318l•ments to materi81 miyslatement, induding obtaining an understanding of how fraud might occur. We 81&0 addressed tho nsk ol fraud through rnanagernenl biai and override of controls by., updating and revwng our knoedge of the charitable company. Its officer& 6nd internal finanoal functlon, together with their 8y8tem8 and internal controls. Thi8 included makin9 8nqUlrt88 of m8nagernent aj to their knoedge of actual. suspected and alleged fraud. and considering the Ini•rnal controls in place lo miligale nsks of fraud and nonarnpliance laws and regulations. concluded th81 whilst the charit8bl8 company had contro19 In place thal weie appropriate to its size and the nature of Ils a¢livitieg. we could not rely on those systema and internal controls exclusively lor the purpas•s ¢1 our audit 1. Wa therefore adopted a subslonlive and transaeiicnal approach to our audit. seeking lo verify figure8 In the balance sheel to third party evidence gnd trans8Ctlon6 wlhin the Incom• Slaiem8nt lo external independent docurnenl8tson', We did not review every transaction However, we adopted an approach based on leBling a sample of lrnn•actlon•, In choosing our 8Ample, we tested tran88clions thal tro rnalerlal in nature and in addition a random J8mple of other transaction. By choesing tran8actions of 8 m8terial nature, our audit woth is dèsigned lo detect matenal mi88taternent3. The uge ol random testing on other transalOn8 ig designed to delect other irregularitie• and the ep&ralien ol the charitabl? company8 Intemal control 5yslern5 generally. If exceptions We noted. our audit work wab expanded lo test more ¢ronJadions wlh a viewto delenrining wh•iher the exception w88 of an isolated nature., We performed analyti1 procedures lo Identify any unu$ual tsr unèxpteted relationships,. We 18Sled journal entrKg9 to identify unuauil tr•naaction¥ and invq¥Joated the rats'onale behind signiflcant or unugual transactions. There are Inherent limitations in our sudit prKedureg described above. The more removed that laws and f•9ulatlons are from finBnuo1 transactions, the le58 likely il 18 that would become awa ol non-compliance. Auditing ilandards aljo limit the audit prodUltS required tc identify non-campliance th law& and regulation8 to enquiry ¢1 the director• and other mana9emenl and the inspection ol regulatory and l¢g?I corr*sponden. if any. Matenal rni55tal¢mentB that ari8e due lo fraud can be hgrdar to datèct than th068 that ariBe from error as Ih?y may Involv• deliberate concealrnent or collugion. A further description ef eur responsibilibes for the audit of the financial statements is located on the FinanrAs1 Reporling Council'8 website at Ww.f.crg.UkIaud1IcrSreSpon3lbll1¢leS. This descnption forms part of our Report ol the Independent Auditor?.
Report of the Independent Audliora to th• TNst•è8 of The ICMIF Foundation U•? of our report This Rpert is made 801ely to the charitable cornpanws trustee5, 85 a bcéy, in 8CcOrdan %%ith Part 4 of the Chanties IAcrAunl$ 8nd Reports) Regulations 2008. Our audit woth has been undertaken so that we mighl st8te to Ih? tharitable cornpanV8 tru¥¢ees those matter5 are reqUId to stste to them in an 8udilors' report and for no other purpose. T the fullest extent pemiilled by law, we do not accept ar a5surne responsibility ta anyone other than the Eharitable cornpany and the charitable company's tw$tee$ a$ a body, for our audit for this report, or for the opinions we have fomied. 8TMR Limited Eligible lo act as an auditor In krms of Sects'on 1212 01 the Companies Act 20C Century Building3 14 Sl Mary's Par8onage Manchester M3 2DF Date..
ThE ICMIF FOUNDATION Statement ol Flnanelal Actlvltle¥ for th• Year Ended 31 Oecember 2024 31.12.24 Totsl fund8 31.12.23 Total funds Unrtstrlcied fund Restn"cted fvnd Notes INCOME AND ENDOWMENTS FROM Don8liony and legaue3 89,886 89,885 145,733 Ir¢vegtmenl inc¢)rne 1,494 1,494 1,013 Tot•1 1,494 89,866 91.359 146,746 EXPENDITURE ON Charft•blE actlvltl•* Projects 28,674 27.aS1 64,426 122,970 NET INCOMEIIEXPENOITUREI 126,0801 52,014 26,934 23,776 RECONCILIATION OF FUNDS Total fvnds brought lowrd 152,928 361,908 S04,043 481,067 TOTAL FUNDS CARRIED FORWARD 127,065 403,922 631.777 504,843 The nDtes fom part ofthese finan¢ial statements
THE ICMIF FOUNDAlloN 8•l•n¢e Sheet 31 December 2024 31.12.24 Total fund• 31.12.23 Total ftJnd8 Un$tri fund Restricted rund Netes CURRENT ASSETS Debtor3 Cash at bank and In hand 18.380 388,613 16,380 621,0 140 509.946 133.447 133,447 404,893 538,340 510,086 CREDITORS Amounts falling due wthiTr one yep 15.SPZI 19711 18,6631 15.2431 NET CURRENT ASSETS 127.865 403,922 631,777 504,843 TOTAL ASSET¥ LESS CURRENT LIABILMES 127,866 403,922 031,777 504,843 NET AS8ET8 127,115 403,922 631,777 504,843 FUNDS UnStrICted fund> Restricted fundg 10 127,866 403,922 152,935 351,908 TOTAL FUNI>8 531,777 504,843 The Eharitable company is entill•d to •xernption from audll und•r Stn 477 of the Cornpanles Act 2008 for the y8ar end•d 31 December 2024. The members have not d?po•iled notice, pur8uant to S•dion 476 of the Companlei Aet 2000 r•quirfng an 4udit ol these financial stalerrents. The tru$l•&$ 4d(novledge their re8ponilbilitioB for •n8uring that the charitable company k88p8 accounts'ng recordi that CoMY with Sections 386 and 387 of th& Companies Act 2006 ond preparing financial staterngnts which give a Ie and view of the slate el affair8 of the charitable company as at the end of each flnana81 year and of its SuluS ar deficit for each fi'nancial year In 4ccordan¢4 wth the reqU1MentS ol SBction8 394 and 395 and which oth•Mis8 cornply wth the requirem•ntg of tho Companie# A 2006 lating to flnancial $talem?ntS. 90 far Bs applic8bl• to th• charil8ble company. Those finanagl ?latements have been audit•d under the requirements ol Sèc¢ion 145 of the Charilie$ Act 2011, The8e flnanclal statements have been ppad In acccrdjnce wilh the prcvi8ion$ applicable lo th¥rilable companiel $ubject to the small cornpanie8 regime. The financial 8tatomentS Were 8pproved by Ihts B¢8rd of TruB¢ees and authori lor 18iu• and wera slgn•d on rts behalf by.. on S Patel- Trustee The notes form part of these financial statem8nt¥
THE ICIAIF FOUNDATION Not05 to the Fininclal Statementg for the Ytor Ended 31 December 2024 A¢¢OUNTING POUCIES Basls of preparlng the flnanclal stalernentJ The financial statements ol the charitable company. which ig a public benefit entity under FRS 102, have been prepared in accordan wth the Charities SORP IFRS 1021 'A¢counling and Reporting by Charities" Sialement ol RecDfflmended Practice applIcate lo charities preparing their accounts In accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 2Q191', Financial Reporting Standard 102 'The Finanrial Reporting Standard applic8ble in the UK and Republic of Ireland, and the Companies Act 2006 The finan¢i81 statements have been ppared under the historical cost convention. Income All income Is recognisecl in the Sta18rnenl of Financial Activities onca the charity h85 entid8ment to the fvnds, 14 probable that th• incorn8 will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure 8$ $oon as there is a leqal or constructive obligation committing the ehanty lo that expenditu. it is probable Ihal o transfer of economic nefitS 11 be requi in seluemenl and the amount of the obligation can be measured reliably. Expenditure Is 8ccounled for on an 8ccruals basis and has been clas51fied under headings that 8ggregale all cost rtlaled to th• category. Where costs cannat be Ireclly attribut•d to particular h•adingJ they have been allocated to activities ba¥ig ¢on¥15t?nl with the use of 8ources. Gran18 offered 5ubjecl to condSlioni %%ich hAve nct been rne¢ at the year end date are noted AS a commitrn•nl but not aecrued 8& expenditure. Tanglbl Ilx•d ••••t• Depreciation is provlded at the lollowing onnu•l rates in order lo write off each 918el over It# a$timated ujeful Computer equiprnent 33% on eolt Fixed auets are record¢d at cost. Taxailon The ch8rily 1$ exempt from COorSt10 lax on il* ch8ri18ble activities. Fund •ccoundn9 Unreslr4cted lundj ¢8n tse used in accordan with the tharitable ab1•¢li5 ?t the di$crets'on of the truBlee$. Restrlcted fvnds can only be used for particular restricted purpos•s within the object¥ gf the charity. Reslricts'ong arise vthen Speried by the donor or when funds are raised for particular restncted purpo5. Further explanation ol the natur• and purpose oleach fund i• induded in the notes to th• finaneial slal•menl8. P•n•lon eoots and gthtr po•t.r•tlr•m•nt beneflts The charilable company contributes to a defined ccntribution pentyion h¢m. Conlributy'onB payable to the pension $¢heme 8re charyeLI to the Slatement ol FinaneAal Acl¥it188 in the period to thich they rel8te. For administrative purpose5, the employee of the company is included wlhin the payroll of ICMIF. All paymen¢8 relating to their employment are met by The ICMIF Foundation and 4mbUr8ed 10 ICMIF. Flnaneial InBiryment• Financial Inslwments are dassified and accounted for, ?OrdIng ta the substance of the Eontractuul Brrangement, 8$ either financial assets, finanoal liabilitie8 or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets ol th• Company after deduding all of its liabilities. continued..
ThE ICMIF FOUNDATION Not08 to the Fin¥n¢lal Statsrnonts- contlnu•d for the Year End•d 31 Oecefflber 2024 DONATIONS AND LEGACIES 31.12.24 31.12.23 Donations Contribut+on b operatlng cost 89.88S 120,733 25.000 89,866 145,733 Contrlbvtlonl to op•ratlng costs 31.12.24 31.12.23 ICMIF 25,000 25,OOe INVESTME14T INCOME 31.12.24 31.12.23 Deposlt gccounl Interest 1N•4 1.013 NET INCOMEIIEXPENDITUREI Nel incL¥nelleyndllurel18 gtaled ofter eharglngllcM¢YltSngl.' 31.12.24 31.12.23 Auditorn. r•muneration Auditor$' r•muneralion for non audit work 2,660 2,660 2.400 2,400 TRUSTees' REMUNeRAnON AND BENEFITS There were no trusta•i' r•muneration or other benefits for the year ended 31 December 2024 nor for tho yoar ended 31 Decemter 2023. Tru•t•••' •xpenl During the year trustees were reimbursed for any •xpensu incurred. 8TAFF COST8 The •ver4ge monthly number ol employees during the year was as folloM'. 31.12.24 31.12.23 ETnployeeg Consultant No ernployee8 rec6ived emolumènts in exce&8 of £eo,(wo. 10 contlnuod...
THe ICMIF FOUNDATION Not•$ to the Flnanclal Statements- continueil ft>r the Ye•r Ended 310eeember 2024 TANGIBLE FIXED ASSETS Ccmputer oqulpmant COST At 1 J8nuary 2024 and 31 December 2024 641 OEPRECIATK)N Al 1 January 2024 and 31 December 2024 841 NET 800K VALue At 31 Oecember 2024 Al 31 O¢c•mber 2023 DE8TORS.' AMOUNTS FALLINQ DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade débtors Other debtors 16,380 140 16,380 140 CReDrroRS.. AMOUNTS FALLING DUE WITHIN 014E YEAR 31.12.24 31.12.23 Tr8de uedllors Othtr creditorB Accrued expen3es 140 172 4,931 6,218 6.683 5,243 MOVEMENT IN FUNDS N•1 movement In funds Al 31.12.24 A11.1.24 UTrr••trlct•d fund• G8ner81 fund 162.936 120.0801 127,BS6 R••lrf¢¢•d fund• Restricted 301,901 62,014 403.•22 TOTAL FUNDS 604.843 28,•34 631.777 continued..
THE ICAIIF FOUNOATION Note$ to th? Flnanelal Statements. contlnued forth• YeAr Ended 31 De¢ember 2024 MOVEhlENT IN FUND8 . ¢ontlnu•d Net movement in fvnds. induded in the above are as follows". Incomin9 re8ources Reseurees expended Movement in ftjnd Unrestrfeted lund# General fund 1,494 128.6741 126,0801 Rostrlcted fund• Restncteil 89,866 (J7,8611 52.014 TOTAL FUNDS 91,369 164.4261 26,934 Comparatlv•• for rnov•mont In fund• Net movement In funds At1.1.23 31.12,23 Unrtc1•d fund• G*ner81 fund 143,275 9,860 152,935 R•¥trfct•d fund• Rellricted 337,792 14,116 351,808 TOTAL FUNDS 481.C67 23,778 504,843 Comparab"v• net rnoV•t in funds, induded in the above are a3 follow5.. Incomln9 Tegourc•¥ Resources expended Movement in fund• Unr••trlct•d fvnd• Gèneral lund 38,380 128,7201 9,680 R••trlct•d lund• Regtri¢#ed 108,388 194,2501 14,116 TOTAL FUNDS 146,746 1122,9701 23,778 12 continued...
THE ICMIF FOUNDATION Notes to the Flnanclal Ststements- ¢ontlftued for the Year Ended 31 Decernb•r 2024 11. RELATED PARTY DISCLOSURES Al the end gf the year an amount ol £nil12023. £nill wa¥ due to ICMIF. vkni¢ 15 a global psenta"Ve botty of the cooperative and mutu81 insurance sector. The ICMIF Foundation 15 partly funded by ICMIF. ICMIF $upport8 the ICMIF Found8tion by prowding 8t8ff and Offi space. The total value ol thli $upport In lh year to 31 Oecember 2024 was £121,49612023 .. £118.8481. 12. LIMITED 8Y GUARANTEE The company Is limited by guarantee and the liability ol the Mbern Is Ilmrted to £1. Every Mernbgr of th• Company undertakes lo contribute tD the assets of the Company in the event of il being wound up while that person is a Mber within one year of himlher caasing lo b8 a Member. The contribution shall be for payment of the dabls and liabilitie¥ r)f the Company contracta Whi Ihat per8on was a Member and of the costs. charge8 or expense8 of wnding up and for the adiuslments of the rights of the Contributions pmDrigst themselves. Each Memborf* contnbubon shall not exceed £1. 13
THE ICMIF FOUNDATION Detslled Ststement ol Flnunclal Actlvltl¢• for the Ye&r Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Oonation8 and l•gAclg• tk)naknon8 Contribution to operatiry C05t 89,865 120,733 25,C¥)O 89.86S 14S,733 In¥e•tm•nt incom Daposit account interest 1N94 1.013 Totsl Incomlng ro•ourc•• 81,359 146.746 EXPENDITURE Chatltabl• 8ctlvttl•a Granls to Indiwduals 46,870 Support cost• Manallèmènt Wago Social g•cunty Pengions Meilical Insur•nce Advisor Accountancy Technical a6518tanry TElephone & In*ernel Software Webgile development Profe8Jional fee6 F¢reign exch8nge gaini al08• Manag8menl liakn'lity In8uran Ext8rnBI ralation$ 8ank charge• 5.684 502 433 237 34,720 3,375 43,093 3,931 3,624 338 285 382 201 3,628 18,452 392 1,507 175 207 7,822 18.0911 368 2,440 67,176 69,079 Fln•ncg B•nk thargei 403 447 Govemaneo co•t• Auditors, remuneration Auditors, remuneration for non audrt work Board meets'ng costs 2,660 2,6SO 1.746 2,400 2,400 1,774 6,846 6.574 Total r•&oure•s •Xpeed 64,426 122,970 Not Incom• 26,934 23.776 ThiB page does not form part of the 5t&tutory finanaal ¥tsternents 14