THE INASMUCH TRUST Charity No 1186258 Annual Report and Flnancial Statements Forthe year ended 20 December 2020
The Inasmuch Trust Contents Pa9e Reference and Administrative Details Tru5tees' Report Independent Examiners Report Receipts and Payments Account Statement of Assets and Llabilities Notes to the Accounts
The Inasmuch Trust Reference and Adrnlnlstratlve D¢tslls Charlty Name The Inasmuch Trust Charity Reglstratlon Number 1186258 Reglstered and Admlnlstrative Office 8 Belmont Hlll London SE13 5BD Ttte$ Richard Gatti Adrian Greenwood Peter King Yvonne Emery Secret•ry Jud5 Feasey Sollcltors Solomon Taylor & Shaw 3 Coach House Yard Hampstead High Street London NW3 IQF Bankers Reliance Bank Ltd Faith House 23-24 Lovat Lane London EC3R 8EB Independent Examlners Field Sullivan 70 Royal Hill Greenwlch London SEIO 8RF Page I
Repart of the Trustee5 for the perlod endlng 31 December 2020 The Trustees present their annual report and financial ststements of the charity for the year eniiing 31 December 2020. The financial statements have been prepared in accordance with the relevant accountlng policies and Charities Act 2011 Section 132. Structure, Governance and Management The Trust was incorporated on 11 November 2019 as a Charitable Incorporated Organisation to replace the unincorporated Trust. of the sarne name. The objects of the trust are to- Relieve sickness, old age and poverty, 11. To advance the Christian falth by but not limited to, the provision of homes, refuges. rest homes and community homes primarily but not exclusively for retired Chrlstian workers and persones in need. engaged in Christian ministry or In tralnlng for Christian ministry and Christian work. The Trust has ownershlp of two properties in South East London. Both properties were owned by a foundlng Trustee, Beryl Woodley of the former Trust. She gifted one property to the Trust when it wa5 constituted In 1987. The second was gifted to the Trust in Beryl's will following her death in 2015. The rents recelved from these propertles are used as an outworking of the objertlves and for furtherance of the objects. The Trust does not enga9e in active fundraising. The rent on both properties is substantially below that of a market level renL Frorn 2019 33.3386 of one of the properties was sold to the tenant on a shared ownership basis. The current Trustees were all appolnted in November 2019 and glve their time freely and no Trustee remuneration was paid. Trustee5 are changed when required on the retlrement of a Trustee. Trustees meet formerly once a year but communicate regularly via electronic format to make decisions on the Trust activlties during the year. Adminlstration of the Trust and management of the properties and tenants is carried out by the Secretary as part of her duties as the Operations Manager of Mission Housin9 Ltd IMH). No management fee or remuneration is paid for this tlme, whlch is considered as a gift by MH to the Inasmuch Trust. Rlsk Management The Trustees are aware of the major risks to which the Trust 15 exposed. These include the catastrophic loss or damage to a property or a long-term void. Refurbishment of both properties has been undertaken in recent year5 to minimi5e major maintenance in the next few year5. Rent levels cUentlY more than cover the regular maintenance costs, even though they are at a low level. Pa9e 2
Reserves are maintained to cover work to the properties and no major expenditure is made to the properties without the careful consideration of the Trustees. Current and Future Plans The Trust is looking to work alongside Mission Housing Ltd and to use its assets to provlde grants to those who apply to Mission Housing and need sUPPOrt with housln9 in line with the objects of the TrusL The Trustees will also conslder other artivities that could benefit from 9rants and small loans in keeping wlth the objects for future development. Trustees, respon5ibllltles In reljtlon to the fln•nclal statements The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards. The Trustees are responsible for keeping accountlng record5 Wlth disclose with reasonable accuracy the financial posltion of the Trust. The Trustees are responsible for safeguarding the assets of the charity and tsking reasonable Steps to prevent and detect fraud and other irre9ularities. In accordance with The Charitie5 Act 20115ection 145 the accounts have been Independently examined. Approved by the Trustees and signed on their behalf by: A Greenwood Trustee Date: Page 3
INDEPENDENT EXAMINEifs UNQUALIFIED REPORT UNINCORPORATED CHARrrY ORCIO (ACCOUNTS PREPARED ON A RECEIPTS AND PAYMENTS BASIS) Independent Examlnerfs Report tothe Trustees of InasmuchTrust I report to the iruaees on my examination of the accounts of Inasmuth Trust {'the tharitv) for the year ending 20 December 2020 which comprSse the Summary of reIpts and payments and the statement of assets and liabilities. Thi5 report is made soletytothe charwstrustees. as a body, In accordan with secrlon 145 ofthe Charities Act 2011. My work has been undertaken so that l rni8ht stste to the charivs trustees those matters l am required to state to them In this port and for no other purpose. To the fullest extent perrnitted by law, I do not accept or assume Tespongbillty to anyone other than the charity ar the tha11$ trustees as a body, for my work, for thi5 report. or for the opinions I have formed. Responslbllltle5 and basis of report As the trustee5 of the ¢h3rlty you are resp)nslble for the preparatrn of the accounts In accordance wlth the requirement5 of the Charlties Act 20111'the ACVI. I report in respecr of my examlnation of the charitvs accounis cairled out under sertion 145 of the Art and in carrying out my examinatlon I have fdlowed all the applicable Directlons given by the Charity Commission under sedion 14515llbl of the Act. An Independent examinaiion does not Involve gathering all the evfjdenthat would be iequired in an audlt and consequentty does not cover all the mattefs that an audltor considers In glvlng theSr oplnlon on the accounts. The plannbng and conduct of an audit goes beyorbd the limited assurance that an Independent examination can provlde. consequent l express no audit opinlon on the accounts and my report Is Ilmlted to those specific matters set out in the independent examinerfs statement. Ind¢p•nd•nt examlnees statement I have completed my exarnination. l ¢onflrm that no material matters have come to my attentlon in connection with the examination 8ivin8 me cause to believe that in any material respect:
attountlng record5 were not kept in respert of the charity 3$ required by sectlon 130 of the Act,. or the accounts do noi accord wlth those record5. I have no concerns and have come across no othef matters in conneciion with the examination to which atteniion should be drawn in this report in order to enable a proper understanding of the accounts to be reach@d. Tlmothy Sulllvan FCA Field Sullivan Limited 70 Royal Hill 1910912019 Page 4
The Inasmuch Trust CIO Statement of Receipts and Payments for Year Ended 31 December 2020 Unrestiitted Restiicted Funds Funds Totsl 2020 Totsl Nov- Dec 2019 Receipts Rents Received Gift in Klnd Ill Bank Interest From The Inasmuch Trust 33,810 39,610 33,810 39,610 Sub Totsl Flxed Asset Sale Proceeds Total Receipts 39,610 39.610 Payments Refurbishment Property Maintenance Building Insurance Admini5tration111 Professional Fees 388 2.232 3,620 Sub Total 3.620 Asset Purchases Total Payments 3.620 3,620 Excess of receipts over payments Transfer Cash at bank 31.12.19 surplusldeficit thls year Cash at bank 31.12.20 35.99) 35,990 35,990 3S.990 35,990 35,990 Sl8n9d on b•h¥lf ¢*f th• Trust••s o Adrian Greenwood Peter Kin8 Page 5
Inasmuch Trust Statement of Assets and Liabilities for Year Ended 31 December 2020 Tt)tsl Bank Balances Bank Current Account 35,990 35,990 Flxed Ass•ts As at 11 Nov 2019 Trartsfer of propereites Disp05als As at 20 December 2020 1,178.355 1,178.355 Net Book Value As at 11 Nov 2019 As at 31 December 2020 1,178,355 1,178,355 Debtors Crtdltors Independent ExamlnatioTr Note to th• Flnancl•l Statsm•ntsfor the year ended 31 DKember 2020 Related Party TrabWrtlon$ None l. Administration of the Trust is carried out by the Secretary as part of her duties as the Operations Manager of Mission Housing. This is an estimated £I,rj and is considered a Gift by Mission Houslng to the Trust, 2, All A55et5 anij Lldblllues were iiansFerrvd from the unitorporated The Inasmuch Trust durin8 2020 Page 6