THE INASMUCH TRUST Charity No 1186258 Annual Report and FinarKial Slalemenls For the year ended 31 tk¢ember 2024
The Inasmuch Trust Contents Page Referen and Adminislralive Details Trustees, Report Independent Examiners Report Receipts and Payments Account Slalemenl of Assets and Liabilities Notes lo the AcUTrts
The Inasmuch Trust Referenc& and Administrative Details Charity Name The Inasmuch Trust Charity Registration Number 1186258 Reglstered and Administrative Office 8 Belmont Hill London SE13 5BD Truste88 Richard Gatti Adrian Greenwood Peter King Yvonne Emery (Rg¥dJ?4j Secretary Judi Feasey Sollcllors Solomon Taylor & Shaw 3 Coach House Yard Hampslead High Street London NW31QF Bankers Reliance Bank Ltd Faith House 23-24 Loval Lane London EC3R 8EB Independent Examlners Field Sullivan 9 Hare and Bi11el Road Blackheath London SE3 ORB Page 1
Report of the Trustees for the period ending 31 Dècembgr 2024 The Trustees present their annual report and financial slalemenls of the charity lor the year ending 31 Dember 2024. The financial statements have been prepared in accordance with the relevant accounting policies and Charities Act 2011 Section 132. Oble¢llves and Activities The objects ol the trust are lo., Relieve sickness, old age and poverty, To advance the Christian lailh by bul not limited lo, the provision of hoffles, refuges, rest homes a community homes prirnarily bul not exclusively for reliied Christian workers and persons in need, engaged in Christian mini51ry or in training lor Christian rninislry and Christian work. The CIO has ownership ol two properties in South East London. Both properties were owned by a founding Trustee, Beryl Wiy)dley ol the former Trust. The rents received from these properties are used as an outworking of the objectives and for furthera ol the objects. The CIO does not engage in active fundraising. The rent on both properties is subslanlially below that of a market level rent. From 2019 33.330/0 of one ol the properties was sold lo the lenanl on a shared ownership basis. During the year grants were issued lo support rent paylllenls of Christian workers lo the value of £4,757. Grant applications are considered and agreed by the Trustees. Structure, Governance and Management The organisalion was incorporated on 11 November 2019 as a Charitable Incorporated Organisation lo replace the unincorwraled Trust of the same name. The current Trustees were all appointed in November 2019 and give their lime freely and no Trustee remuneration was paid. Trustees are changed when required on the retirement of a Trustee. During 2024 Yvonne Emery decided lo retire from her role as a Trustee. Trustees rneel formerfy once a year bul cotnmunicate regularly via electronic format lo make decisions on the CIO activities during the year. Adminislralion of the CIO and management ol the properknes and tenants is carried out by the Secretary as part of her duties as the Operations Manager ol Mission Housing Ltd. No fflanagemenl fee or rernuneralion is paid lorlhis lime, which is considered as a gift by Mission Housing lo the Inasmuch Trust. Rlsk Management The Trustees are aware of the major risks lo whh the CIO is exposed. These include the Catastroph loss or daMe lo a property or a long-leim void. Relurbishmenl of tolh proFerties has been undertaken in renI years lo minimise fflajor maintenance in the next few years. Rent levels currently more than cover the regular rnainlenance costs, even though they are al a low level. Page 2
Report ol the Trustees forthe period ending 31 December 2024. continued Reserves Policy Reserves are Maintain lo cover ¥vork lo the properties al no maior expenditure is made lo the prOpertS wilhoul the careful consideration ol the Trustees. Sutveys are undertaken on a quinquennial basis lo pul together a planned maintenae programme lo ensure there are sufficient reserves. Bath properties are also visited annually, Current and Future Plans The Trust is looking lo work abng5ide Mission Housing Ltd and the grants are provided lo those who need in support in meeting rent payments and who meet the objects of the Trust. Or lo those who apply lo Mission Housing and only need rent Support. This can be as a one-off paytllenl or regular smaller suThs lor a sel period, The Trustees will also consider other activities that could benefit from grants in keeping with the objects Ing mindful DI the changing financial situation. Tru5tees' re$pon$ibilitie5 In relation to the financial statements The Trustees are responsible for preparing the Trustees, Report and the financial slalements in accordance with the applicable law and United Kingdom Accounting Standards, The Trustees a responsible for keeping counting records with disclose with reasonable accuracy the financial position of the CIO. The Trustees are iesponsible lor safeguarding the assets ol the charity and taking reasonable steps lo prevent and delecl fraud and other irregularities. In accordance with The Charities Act 2011 Section145 the accounts have been independently examined. 11 should be noted that all three Trustees are also Directors of Mission Housing Limited. Approved by the Trustees and signed on their behalf by.. A Greenwo Trustee Dale, 11 II ILOL Page 3
INDEPENDENT EXAMINER'S UNQUALIFIED REPORT CIO IACCOUNT5 PREPARED ON A RECEIPTS AND PAYMENTS BASIS) Independent ExamIneS Report to the Trusteès of Inasmuch Trust I report to the trustees on my examination of the accounts of Inasmuch Trust I'the charity'l for the year ending 31 December 2024 which comprise the summary of receipts and paynents and thè statemènt of assets and liabilities. Thi5 report is made stslelyto the charity's trustees, a5 a body, in acCOrdanWIth section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those Matter51 am required to state to them in this report and for no other PUTpose. To the fullest extent permitted by law. I do not accept or a55ume responsibility to anyone other than the charlty and the chariW5 trustee5 as a body, for my work. for this report, or for the opinions I have formed. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparatlon of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l- I report in respect of my examination of the charity's accounts carried out under Section 145 of the Act and in CHTrying out my examination I have followed all the applicable Directions given by the Charitv Commission under section 14515llbl of the Act. An independent examination does not involve gathering 311 the evidence that would be required in an audit and consequently does not Covèr all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination tan provide. Consequently l express no audit opinion on the accounts and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examlnees statement I have completed my examination. I confirrn that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the charity as requlred by settion 130 of the Act; or the accounts do not accord with those record5. I have no concerns and have come across no other matters in connection with the examination to whith attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Timothy Sullivan FCA Field Sullivan Limited 9 Hare & Billet Road, B12ckheath. SE3 ORB Dale...4g/F4. f.,....,....,..,... Page 4
The Inasmuch Trust CIO Statement of Receipts and Payments for Year Ended 31 Deeember 2024 Unrestricted Restricted Funds Funds Note Total 2024 Total 2023 Re¢elpts Rents Received Giftin Kind Bank Interest 16,488 1.000 16,488 1.000 15,408 1.000 Total Receipts 17.488 17,488 16,408 Payments Refurbishment Property Maintenance Building Insurance Bank Charges Grants Administration Professional Fees 252 252 1,764 512 82 4,000 1,000 1,122 8,480 527 527 103 4,757 1,000 1,200 7,839 103 4,757 1,000 1,200 7,839 Total Payments Excess of receipts over payments Transfer Cash at bank 31.12.23 surplus/deficit this year Cash at bank 31.12.24 9,649 9.649 7.928 57,913 9,649 67,562 57,913 9,649 67,562 49,985 7,928 57,913 Signed on behalf of the Trustees on /QÉ&tLsdd Adrian Greenwood Peter King Page 5
Inasmuch Trust Statement of Assets and Liabilitie5 for Year Ended 31 December 2024 Note 2024 Total 2023 Total All Unrestricted All Unrestrirted Bank Balances Bank Current Account 67.562 67,562 57.913 57,913 Fixed Assets As 3t l January 2024 Addition5 Disposals As at 31 December 2024 1.178.355 1.178.355 1,178,355 1,178.355 Net Book Value As at l January 2024 As at 31 December 2024 1,178,355 1,178,355 1,178,355 1,178,355 Debtors Prepayments 264 256 Creditor5 Accrua15 1,248 1,200 Note to the Financial Statements for the year ended 31 December 2024 Rèlated Party Transactlons 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 £1,000 and is considered a Gift by Mission Housing to the Trust. 2. Properties were not revalued during 2024 so the historic valuation from transfer to the CS0 is stated. Propertie5 will be valued on a quinquennial basis Page 6