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 ￿'M￿e¢j
Century Building8
14 St Maty8 ParaonAga
Manchester
M3 2DF

THE ICMIF FOUNDATION
Cont•nts of th• Flnanclal Ststeffl•nts
forthe Y￿r 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 PhilIp￿ne9 ¥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 $pe(yfically serve the nèeds of under8erved houBehold8 and l or micro. small and medium.sized
enle¥pri5eg IMSMES), ￿th a particular l¢xus cn products whlth support women. The four projects are based in Kenya,
M8law. Philippines and Sri Lanka and a large part ol the support yiven hgj been ground capacity building, training 8nd
t¢chnic81 support Irom experienced mutual mluoin9uranee pracUlion•rn and guidance provided by the MiuoiThsurancg
Comrnill¢e of the Foundation.
Donor recruitrnent 8nd engagement 8180 increased in 2024 led by the Donor Erya9errent Comrnittee wlh a number ol
lace•to.lace meetings taking place at the end of the year during the ICMIF Blennial Conference in Argentina. A8 a
result. there was 8 total number ol fifteen denor* to the IIC by the end of 2024.
F114ANCIAL REVIEW
Flnanclal positlon
The Statement of Finanaal Activ￿les, the B8lance Sheet and noteg lo the financlal 8t8t•m•n18, includlng a Summary ol
Significant accounting policies gre show on pag¥& 8 to 14.
R•••N•• pollcy
TheTr 16 no Specific policy In relabon to th• I•v81 of r858rveB du8 tD the Continued and ongoing support of ICMIF.
FUTURE PLANS
2025 wll Bee an increase in the provision of South-tD.SDuth technical as5istsnu, in particular rn¥i8wng year one
perfomanees and providing recornmendalion$ 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 c*8rity 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•gl*t•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 ￿$oUr￿5 applic8tion of re¥ource¥. including
the In￿rne and expenditu￿, of the tharitabl¢ wmpany for th8t periixl. In prepanng Ih¢)se flnanclal statements, the
tsustees are required lo
select suitable accounting policies and then apply them consistently.,
observe the methods and pnnaples in the Charity SORP.,
rnake judgem8nls and estirnates that are reasonable and prudent..
prepare the financial Blalements on the going concem basi8 unle88 It is inappropnate to presumts that the eharitsble
ctsmpany ￿111 continue in business.
The trustees are respon￿ble for keeping proper aecounting Mcords %thich di3do$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 ac￿rdance 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 applicfft￿e 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 a￿ord)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, ex￿pt 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 knO￿edge
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 requi￿8 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 communi￿1¢d wrthin the 8udit team ￿gulartY and Ihe team remained a￿rt lo
in$tBnce$ gf nOn￿mpliance 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 kno￿edge 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 kno￿￿edge 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 transa￿lOn8 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 analyti￿1 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 pro￿dUltS 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 reqUI￿d 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 low￿rd
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￿$tri￿￿
fund
Restricted
rund
Netes
CURRENT ASSETS
Debtor3
Cash at bank and In hand
18.380
388,613
16,380
621,￿0
140
509.946
133.447
133,447
404,893
538,340
510,086
CREDITORS
Amounts falling due wthiTr one yep
15.SPZI
19711
18,6631
15.2431
NET CURRENT ASSETS
127.865
403,922
631,777
504,843
TOTAL ASSET¥ LESS CURRENT LIABILMES
127,866
403,922
031,777
504,843
NET AS8ET8
127,115
403,922
631,777
504,843
FUNDS
Un￿StrICted fund>
Restricted fundg
10
127,866
403,922
152,935
351,908
TOTAL FUNI>8
531,777
504,843
The Eharitable company is entill•d to •xernption from audll und•r S￿t￿n 477 of the Cornpanles Act 2008 for the y8ar
end•d 31 December 2024.
The members have not d?po•iled notice, pur8uant to S•dion 476 of the Companlei Aet 2000 r•quirfng an 4udit ol these
financial stalerrents.
The tru$l•&$ 4d(novledge their re8ponilbilitioB for
•n8uring that the charitable company k88p8 accounts'ng recordi that CoM￿Y with Sections 386 and 387 of th&
Companies Act 2006 ond
preparing financial staterngnts which give a I￿e and view of the slate el affair8 of the charitable company as
at the end of each flnana81 year and of its Su￿luS ar deficit for each fi'nancial year In 4ccordan¢4 wth the
reqU1￿MentS 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 p￿pa￿d 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 applIcat￿e 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 p￿pared 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 CO￿orSt10￿ lax on il* ch8ri18ble activities.
Fund •ccoundn9
Unreslr4cted lundj ¢8n tse used in accordan￿ with the tharitable ab1•¢li￿5 ?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 Spe￿ried by the donor or when funds are raised for particular restncted purpo￿5.
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•••' •xpen￿l
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
Unr￿t￿c1•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 ￿p￿senta￿"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 •Xpe￿ed
64,426
122,970
Not Incom•
26,934
23.776
ThiB page does not form part of the 5t&tutory finanaal ¥tsternents
14